Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 28, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Black Creek Diversified Property Fund Inc. | ||
Entity Central Index Key | 0001327978 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 0 | ||
Class E | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 65,424,530 | ||
Class T | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 6,512,829 | ||
Class S | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 21,884,388 | ||
Class D | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 3,655,345 | ||
Class I | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 44,921,217 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Net investment in real estate properties | $ 1,612,632 | $ 1,507,112 |
Debt-related investments, net | 2,575 | 10,680 |
Cash and cash equivalents | 97,772 | 10,008 |
Restricted cash | 10,010 | 7,030 |
DST Program loans | 19,404 | 660 |
Other assets | 35,872 | 45,612 |
Total assets | 1,778,265 | 1,581,102 |
Liabilities | ||
Accounts payable and accrued expenses | 35,226 | 31,580 |
Debt, net | 846,567 | 1,001,298 |
Intangible lease liabilities, net | 43,503 | 47,196 |
Financing obligations, net | 258,814 | 52,336 |
Other liabilities | 43,867 | 37,679 |
Total liabilities | 1,227,977 | 1,170,089 |
Commitments and contingencies (Note 13) | ||
Stockholders’ equity: | ||
Preferred stock, $0.01 par value—200,000 shares authorized, none issued and outstanding | 0 | 0 |
Additional paid-in capital | 1,257,147 | 1,199,736 |
Distributions in excess of earnings | (775,259) | (867,849) |
Accumulated other comprehensive (loss) income | (14,662) | 522 |
Total stockholders’ equity | 468,631 | 333,718 |
Noncontrolling interests | 81,657 | 77,295 |
Total equity | 550,288 | 411,013 |
Total liabilities and equity | 1,778,265 | 1,581,102 |
Class E | ||
Stockholders’ equity: | ||
Common stock | 668 | 774 |
Class T | ||
Stockholders’ equity: | ||
Common stock | 59 | 28 |
Class S | ||
Stockholders’ equity: | ||
Common stock | 206 | 105 |
Class D | ||
Stockholders’ equity: | ||
Common stock | 35 | 28 |
Class I | ||
Stockholders’ equity: | ||
Common stock | $ 437 | $ 374 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Class E | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 66,804,000 | 77,390,000 |
Common stock, shares outstanding (in shares) | 66,804,000 | 77,390,000 |
Class T | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 5,852,000 | 2,783,000 |
Common stock, shares outstanding (in shares) | 5,852,000 | 2,783,000 |
Class S | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 20,593,000 | 10,516,000 |
Common stock, shares outstanding (in shares) | 20,593,000 | 10,516,000 |
Class D | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 3,499,000 | 2,778,000 |
Common stock, shares outstanding (in shares) | 3,499,000 | 2,778,000 |
Class I | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 43,732,000 | 37,385,000 |
Common stock, shares outstanding (in shares) | 43,732,000 | 37,385,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues: | |||||||||||
Rental revenues | $ 184,441 | $ 189,631 | $ 196,518 | ||||||||
Debt-related income | 227 | 694 | 828 | ||||||||
Total revenues | $ 44,824 | $ 44,230 | $ 44,920 | $ 50,694 | $ 49,390 | $ 49,675 | $ 46,633 | $ 44,627 | 184,668 | 190,325 | 197,346 |
Operating expenses: | |||||||||||
Rental expenses | 61,060 | 61,667 | 66,532 | ||||||||
Real estate-related depreciation and amortization | 57,342 | 57,866 | 68,070 | ||||||||
General and administrative expenses | 8,985 | 8,817 | 9,235 | ||||||||
Advisory fees, related party | 17,413 | 14,149 | 13,285 | ||||||||
Impairment of real estate property | 113 | 14,648 | 1,116 | ||||||||
Total operating expenses | 39,482 | 35,650 | 34,297 | 35,484 | 36,210 | 42,706 | 35,575 | 42,656 | 144,913 | 157,147 | 158,238 |
Other income (expenses): | |||||||||||
Interest expense | (48,170) | (48,358) | (42,305) | ||||||||
Gain on sale of real estate property | 160,537 | 14,093 | 83,057 | ||||||||
Gain on extinguishment of debt and financing commitments, net | 1,002 | 0 | 0 | ||||||||
Other income (expenses) | 153 | (251) | (462) | ||||||||
Total other income (expenses) | 52,908 | (743) | 72,681 | (11,324) | (12,372) | (10,726) | (56) | (11,362) | 113,522 | (34,516) | 40,290 |
Net income (loss) | 58,250 | 7,837 | 83,304 | 3,886 | 808 | (3,757) | 11,002 | (9,391) | 153,277 | (1,338) | 79,398 |
Net (income) loss attributable to noncontrolling interests | (10,726) | 101 | (7,182) | ||||||||
Net income (loss) attributable to common stockholders | $ 54,259 | $ 7,291 | $ 77,399 | $ 3,602 | $ 748 | $ (3,465) | $ 10,115 | $ (8,635) | $ 142,551 | $ (1,237) | $ 72,216 |
Weighted-average shares outstanding-basic (in shares) | 136,925 | 128,740 | 142,349 | ||||||||
Weighted average shares outstanding-diluted (in shares) | 147,316 | 139,674 | 154,156 | ||||||||
Net (loss) income attributable to common stockholders per common share—basic and diluted (in dollars per share) | $ 0.39 | $ 0.05 | $ 0.57 | $ 0.03 | $ 0.01 | $ (0.03) | $ 0.08 | $ (0.07) | $ 1.04 | $ (0.01) | $ 0.51 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 153,277 | $ (1,338) | $ 79,398 |
Net unrealized loss from available-for-sale securities | (100) | (100) | 0 |
Change from cash flow hedging derivatives | (16,315) | 1,303 | 6,337 |
Comprehensive income (loss) | 136,862 | (135) | 85,735 |
Comprehensive (income) loss attributable to noncontrolling interests | (9,495) | 116 | (7,523) |
Comprehensive income (loss) attributable to common stockholders | $ 127,367 | $ (19) | $ 78,212 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Distributions in Excess of Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests |
Beginning Balances (in shares) at Dec. 31, 2016 | 150,636 | |||||
Beginning balance at Dec. 31, 2016 | $ 608,091 | $ 1,506 | $ 1,361,638 | $ (839,896) | $ (6,905) | $ 91,748 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 79,398 | 72,216 | 7,182 | |||
Unrealized gain (loss) from derivative instruments | 6,337 | 5,996 | 341 | |||
Issuance of common stock, net of offering costs (in shares) | 5,752 | |||||
Issuance of common stock, net of offering costs | 40,531 | $ 58 | 40,473 | |||
Share-based compensation, net of forfeitures (in shares) | (99) | |||||
Share-based compensation, net of forfeitures | (648) | $ (1) | (647) | |||
Redemptions of common stock (in shares) | (23,823) | |||||
Redemptions of common stock | (178,432) | $ (238) | (178,194) | |||
Amortization of share-based compensation | 1,730 | 1,730 | ||||
Distributions declared on common stock and noncontrolling interests | (57,804) | (50,928) | (6,876) | |||
Contributions from noncontrolling interest | 106 | 106 | ||||
Redemptions of noncontrolling interests | (6,583) | (939) | (5,644) | |||
Ending Balances (in shares) at Dec. 31, 2017 | 132,466 | |||||
Ending balance at Dec. 31, 2017 | 492,726 | $ 1,325 | 1,224,061 | (818,608) | (909) | 86,857 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | (1,338) | (1,237) | (101) | |||
Unrealized gain (loss) from available-for-sale securities | (100) | (100) | ||||
Unrealized gain (loss) from derivative instruments | 1,303 | 1,318 | (15) | |||
Issuance of common stock, net of offering costs (in shares) | 21,227 | |||||
Issuance of common stock, net of offering costs | 146,568 | $ 212 | 146,356 | |||
Share-based compensation, net of forfeitures (in shares) | 42 | |||||
Share-based compensation, net of forfeitures | (85) | (85) | ||||
Redemptions of common stock (in shares) | (22,883) | |||||
Redemptions of common stock | (170,933) | $ (228) | (170,705) | |||
Amortization of share-based compensation | 918 | 918 | ||||
Distributions declared on common stock and noncontrolling interests | (51,987) | (47,791) | (4,196) | |||
Redemptions of noncontrolling interests | (6,059) | (809) | (5,250) | |||
Ending Balances (in shares) at Dec. 31, 2018 | 130,852 | |||||
Ending balance at Dec. 31, 2018 | 411,013 | $ 1,309 | 1,199,736 | (867,849) | 522 | 77,295 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 153,277 | 142,551 | 10,726 | |||
Unrealized gain (loss) from available-for-sale securities | (100) | (100) | ||||
Unrealized gain (loss) from derivative instruments | (16,315) | (15,084) | (1,231) | |||
Issuance of common stock, net of offering costs (in shares) | 25,955 | |||||
Issuance of common stock, net of offering costs | 177,779 | $ 260 | 177,519 | |||
Share-based compensation, net of forfeitures (in shares) | 86 | |||||
Share-based compensation, net of forfeitures | 637 | $ 1 | 636 | |||
Redemptions of common stock (in shares) | (16,413) | |||||
Redemptions of common stock | (120,580) | $ (165) | (120,415) | |||
Amortization of share-based compensation | (111) | (111) | ||||
Distributions declared on common stock and noncontrolling interests | (53,874) | (49,961) | (3,913) | |||
Redemptions of noncontrolling interests | (1,438) | (218) | (1,220) | |||
Ending Balances (in shares) at Dec. 31, 2019 | 140,480 | |||||
Ending balance at Dec. 31, 2019 | $ 550,288 | $ 1,405 | $ 1,257,147 | $ (775,259) | $ (14,662) | $ 81,657 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities: | |||
Net income (loss) | $ 153,277 | $ (1,338) | $ 79,398 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Real estate-related depreciation and amortization | 57,342 | 57,866 | 68,070 |
Straight-line rent and amortization of above- and below-market leases | (11,026) | (18,220) | (4,858) |
Gain on sale of real estate property | (160,537) | (14,093) | (83,057) |
Lease termination fee | 0 | 16,221 | 0 |
Impairment of real estate property | 113 | 14,648 | 1,116 |
Gain on extinguishment of debt and financing commitments, net | (1,002) | 0 | 0 |
Other | 7,783 | 7,842 | 8,136 |
Changes in operating assets and liabilities | 3,398 | 4,590 | (9,885) |
Net cash provided by operating activities | 49,348 | 67,516 | 58,920 |
Investing activities: | |||
Real estate acquisitions | (396,901) | (55,431) | (39,538) |
Capital expenditures | (45,217) | (39,073) | (34,086) |
Proceeds from disposition of real estate property, net of property-level loans | 341,677 | 77,650 | 178,191 |
Principal collections on debt-related investments | 8,104 | 438 | 4,020 |
Other | (574) | (1,569) | (2,132) |
Net cash (used in) provided by investing activities | (92,911) | (17,985) | 106,455 |
Financing activities: | |||
Proceeds from mortgage notes | 62,000 | 0 | 300,469 |
Repayments of mortgage notes | (35,075) | (2,361) | (162,461) |
Net repayments of line of credit | (131,000) | (11,000) | (94,000) |
Proceeds from term loan | 50,000 | 0 | 0 |
Redemptions of common stock | (120,580) | (170,933) | (178,496) |
Distributions on common stock | (29,117) | (28,737) | (37,530) |
Proceeds from issuance of common stock | 172,309 | 141,092 | 19,861 |
Proceeds from financing obligations | 194,778 | 42,496 | 9,558 |
Offering costs for issuance of common stock and private placements | (12,186) | (8,763) | (4,706) |
Distributions to noncontrolling interest holders | (3,913) | (4,207) | (7,607) |
Redemption of OP Unit holder interests | (1,438) | (6,057) | (6,206) |
Other | (11,471) | (3,039) | (6,387) |
Net cash provided by (used in) financing activities | 134,307 | (51,509) | (167,505) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 90,744 | (1,978) | (2,130) |
Cash, cash equivalents and restricted cash, at beginning of period | 17,038 | 19,016 | 21,146 |
Cash, cash equivalents and restricted cash, at end of period | $ 107,782 | $ 17,038 | $ 19,016 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | 1. DESCRIPTION OF BUSINESS Unless the context otherwise requires, the “Company”, “we,” “our” or “us” refers to Black Creek Diversified Property Fund Inc. and its consolidated subsidiaries. Black Creek Diversified Property Fund Inc. is a Maryland corporation formed on April 11, 2005. We are primarily focused on investing in and operating a diverse portfolio of real property. Although we generally target investments in four primary property categories (office, retail, multi-family, and industrial), our charter and bylaws do not preclude us from investing in other types of commercial property, real estate debt, or real estate-related equity securities. As of December 31, 2019 , our real estate portfolio consisted of 48 properties, which includes nine properties that are part of the DST Program, as defined in “ Note 5 .” We operate four reportable segments: retail, office, multi-family, and industrial. As used herein, the term “commercial” refers to our office, retail and industrial properties or tenants, as applicable. See “ Note 14 ” for information regarding the financial results by segment. We believe we have operated in such a manner as to qualify as a real estate investment trust (“REIT”) for federal income tax purposes, and we intend to continue to operate in accordance with the requirements for qualification as a REIT. We utilize an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) organizational structure to hold all or substantially all of our assets through an operating partnership, Black Creek Diversified Operating Partnership LP (the “Operating Partnership”), of which we are the sole general partner and a limited partner. We are currently offering shares pursuant to a public offering and intend to operate as a perpetual-life REIT, which means that we intend to offer shares continuously through our ongoing primary offerings and our distribution reinvestment plan. See “ Note 8 ” for detail regarding our public offerings. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, the accompanying consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. Basis of Consolidation The consolidated financial statements include the accounts of Black Creek Diversified Property Fund Inc., the Operating Partnership, their wholly-owned subsidiaries, including a taxable REIT subsidiary, and their consolidated joint ventures, as well as amounts related to noncontrolling interests. See “Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests. All material intercompany accounts and transactions have been eliminated. The Operating Partnership meets the criteria of a variable interest entity (“VIE”) as the Operating Partnership’s limited partners do not have the right to remove the general partner and do not have substantive participating rights in the operations of the Operating Partnership. Pursuant to the operating partnership agreement, we are the primary beneficiary of the Operating Partnership as we have the obligation to absorb losses and receive benefits, and the power to control substantially all of the activities which most significantly impact the economic performance of the Operating Partnership. As such, the Operating Partnership continues to be consolidated within our consolidated financial statements. Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they are determined to be necessary. Reclassifications Certain items in our consolidated statements of cash flows for 2018 and 2017 have been reclassified to conform to the 2019 presentation. Straight-line rent and amortization of above- and below-market leases have been reclassified from previous line items within operating activities to be shown separately on one line item on the consolidated statements of cash flows. Investment in Real Estate Properties We first determine whether an acquisition constitutes a business or asset acquisition. Upon either a business or asset acquisition, the purchase price of a property is allocated to land, building, and intangible lease assets and liabilities. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is determined by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-place leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. No debt was assumed in connection with our 2019 or 2018 acquisitions. Transaction costs associated with the acquisition of a property are capitalized as incurred in an asset acquisition and are allocated to land, building and intangible lease assets on a relative fair value basis. Properties that are probable to be sold are to be designated as “held for sale” on the consolidated balance sheets when certain criteria are met. The results of operations for acquired properties are included in the consolidated statements of operations from their respective acquisition dates. Intangible lease assets are amortized to real estate-related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenues over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenues over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a tenant terminates a lease before the stated lease expiration date. During the years ended December 31, 2019 , 2018 and 2017 , we recorded $2.0 million , $0.5 million and $2.1 million , respectively, related to write-offs of unamortized intangible lease assets and liabilities due to early lease terminations. Land, building, building and land improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of our real estate assets are capitalized as incurred. These costs include capitalized interest, insurance, real estate taxes and certain general and administrative expenses if such costs are incremental and identifiable to a specific activity to prepare the real estate asset for its intended use. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as describe in the following table: Land Not depreciated Building 40 years Building and land improvements 10-40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible in-place lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and we will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. Refer to “ Note 3 ” for detail regarding the non-cash impairment charges recorded during the years ended December 31, 2019 , 2018 and 2017 . Debt-Related Investments Debt-related investments are considered to be held for investment, as we have both the intent and ability to hold these investments until maturity. Accordingly, these assets are carried at cost, net of unamortized loan origination costs and fees, discounts, repayments and unfunded commitments unless such loans or investments are deemed to be impaired. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less, such as money market mutual funds or certificates of deposit. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk. Restricted Cash Restricted cash consists primarily of lender and property-related escrow accounts. Derivative Instruments We record our derivative instruments at fair value. The accounting for changes in fair value of derivative instruments depends on whether it has been designated and qualifies as a hedge and, if so, the type of hedge. Our interest rate swap derivative instruments are designated as cash flow hedges and are used to hedge exposure to variability in expected future interest payments. The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) on the consolidated balance sheets and is subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transaction affects earnings, which is when the interest expense is recognized on the related debt. Our interest rate cap derivative instruments are not designated as hedges and therefore, changes in fair value must be recognized through income. We do not use derivative instruments for trading or speculative purposes. Deferred Financing Costs Deferred financing costs include fees and costs incurred to obtain long-term financing, including costs associated with financing obligations. These fees and costs are amortized to interest expense over the expected terms of the related credit facilities. Unamortized deferred financing costs are written off if debt is retired before its expected maturity date. Accumulated amortization of deferred financing costs was approximately $9.1 million and $10.6 million as of December 31, 2019 and 2018 , respectively. Our interest expense for the years ended December 31, 2019 , 2018 and 2017 included $6.9 million , $4.1 million and $2.8 million , respectively, of amortization of financing costs. Distribution Fees Distribution fees are paid monthly. Distribution fees are accrued upon the issuance of Class T, Class S and Class D shares. As of the balance sheet date, we accrue for: (i) the monthly amount payable, and (ii) the estimated amount of distribution fees that we may pay in future periods. The accrued distribution fees are reflected in additional paid-in capital in stockholders’ equity . See “ Note 10 ” for additional information regarding when distribution fees become payable. Noncontrolling Interests Due to our control of the Operating Partnership through our sole general partner interest and our limited partner interest, we consolidate the Operating Partnership. The remaining limited partner interests in the Operating Partnership are owned by third-party investors and are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. Revenue Recognition When a lease is entered into, we first determine if the collectability from the tenant is probable. If the collectability is not probable, we recognize revenue when the payment has been received. If the collectability is determined to be probable, we record rental revenue on a straight-line basis over the full lease term. Certain properties have leases that offer the tenant a period of time where no rent is due or where rent payments change during the term of the lease. Accordingly, we record receivables from tenants for rent that we expect to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. We evaluate collectability from our tenants on an ongoing basis. If the assessment of collectability changes during the lease term, any difference between the revenue that would have been recognized under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to rental revenues. When we acquire a property, the term of each existing lease is considered to commence as of the acquisition date for purposes of this calculation. As of December 31, 2019 and 2018 , our straight-line rent and tenant receivables were approximately $25.6 million and $31.6 million , respectively, and our allowance for doubtful accounts was approximately $0.8 million and $0.6 million , respectively. These amounts are included in our other assets on the consolidated balance sheets. In connection with property acquisitions, we may acquire leases with rental rates above or below estimated market rental rates. Above-market lease assets are amortized as a reduction to rental revenue over the remaining lease term, and below-market lease liabilities are amortized as an increase to rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability by reassessing the estimated remaining useful life of such intangible lease asset or liability when it becomes probable a tenant will terminate a lease before the stated lease expiration date. Upon disposition of a real estate asset, we will evaluate the transaction to determine if control of the asset, as well as other specified criteria, has been transferred to the buyer to determine proper timing of recognizing gains or losses. Income Taxes We elected under the Internal Revenue Code of 1986, as amended, to be taxed as a REIT beginning with the tax year ended December 31, 2006. As a REIT, we generally are not subject to federal income taxes on net income we distribute to our stockholders. We intend to make timely distributions sufficient to satisfy the annual distribution requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate tax rates. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property and federal income and excise taxes on our undistributed income. Net Income (Loss) Per Share Basic net income (loss) per common share is determined by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per common share includes the effects of potentially issuable common stock, but only if dilutive, including the presumed exchange of partnership interest in the Operating Partnership (“OP Units”). See “ Note 11 ” for additional information regarding net income (loss) per share. Fair Value Measurements Fair value measurements are determined based on assumptions that market participants would use in pricing of assets or estimating liabilities. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that we could realize upon settlement. The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: • Quoted prices for similar assets/liabilities in active markets; • Quoted prices for identical or similar assets/liabilities in non-active markets (e.g., few transactions, limited information, non-current prices, high variability over time); • Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatilities, default rates); and • Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data. Concentration of Credit Risk As our revenues predominately consist of rental payments, we are dependent on our tenants for our source of revenues. Concentration of credit risk arises when our source of revenue is highly concentrated from certain of our tenants. As of December 31, 2019 , no tenants represented more than 10.0% of our total annualized base rent. Recently Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Subtopic 842)” (“ASU 2016-02”), which provides guidance for greater transparency in financial reporting by organizations that lease assets such as real estate, airplanes and manufacturing equipment by requiring such organizations to recognize lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Additional guidance and targeted improvements to ASU 2016-02 were made through the issuance of supplemental ASUs. In January 2018, the FASB issued ASU No. 2018-01, “Leases (Subtopic 842): Land Easement Practical Expedient for Transition to Topic 842” (“ASU 2018-01”), which updated ASU 2016-02 to include land easements under the updated guidance, including the option to elect the practical expedient discussed above. In December 2018, the FASB issued ASU No. 2018-20, “Narrow—Scope Improvements for Lessors” (“ASU 2018-20”), which updated 2016-02 by providing the option to elect a practical expedient for lessors to exclude sales and other similar taxes from the transaction price of the contract, allows lessors to exclude from revenue and expense lessor costs paid directly to a third party by lessees, and clarifies lessors’ accounting for variable payments related to both lease and non-lease components. We adopted ASU 2016-02 and its supplemental ASUs when they became effective for us using the modified retrospective transition approach as of the reporting period beginning January 1, 2019, and we elected the practical expedients available for implementation under the standards. Under the practical expedients election, we were not required to reassess: (i) whether an expired or existing contract met the definition of a lease; (ii) the lease classification at January 1, 2019 for existing leases; and (iii) whether costs previously capitalized as initial direct costs would continue to be amortized. We also adopted the practical expedient that allowed us to not separate tenant reimbursement revenue from rental revenue if certain criteria were met. We assessed the criteria and concluded that the timing and pattern of transfer for rental revenue and the related tenant reimbursement revenue are the same and the lease component, if accounted for separately, would be classified as an operating lease. As such, we account for and presented rental revenue and tenant reimbursement revenue as a single component in the consolidated statements of operations. The adoption of these standards did not have a material effect on our consolidated financial statements. In July 2019, the FASB issued ASU No. 2019-07, “Codification Updates to SEC Sections” (“ASU 2019-07”), which updates various codification topics by clarifying or improving the disclosure requirements to align with the SEC’s regulations. We adopted this standard immediately upon its issuance. The adoption did not have a material effect on our consolidated financial statements. Recently Issued Accounting Standards In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326)” (“ASU 2016-13”), which introduces a new model for recognizing credit losses for certain financial instruments, including loans, accounts receivable and debt securities. The new model requires an estimate of expected credit losses over the life of exposure to be recorded through the establishment of an allowance account, which is presented as an offset to the related financial asset. The expected credit loss is recorded upon the initial recognition of the financial asset. In November 2018, the FASB issued ASU No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses” (“ASU 2018-19”), which clarifies the scope of the guidance in the amendments in ASU 2016-13. Both ASU 2016-13 and ASU 2018-19 will be effective for annual and interim reporting periods beginning after December 15, 2019, with earlier adoption permitted. The guidance will generally be adopted on a modified retrospective basis, with exceptions for certain types of financial assets. We plan on adopting ASU 2016-13 and ASU 2018-19 as of the reporting period beginning on January 1, 2020. We do not expect the adoption to have a significant impact on our consolidated financial statements. |
Investments in Real Estate Prop
Investments in Real Estate Properties | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Investments in Real Estate Properties | 3. INVESTMENTS IN REAL ESTATE PROPERTIES The following table summarizes our consolidated investments in real estate properties: As of December 31, (in thousands) 2019 2018 Land $ 418,037 $ 421,531 Buildings and improvements 1,375,192 1,271,773 Intangible lease assets 264,121 315,429 Investment in real estate properties 2,057,350 2,008,733 Accumulated depreciation and amortization (444,718 ) (501,621 ) Net investment in real estate properties $ 1,612,632 $ 1,507,112 Acquisitions During the years ended December 31, 2019 and 2018 , we acquired 100% of the following properties, all of which were determined to be asset acquisitions: ($ in thousands) Property Type Acquisition Date Total Purchase Price 2019 Acquisitions: Tri-County Distribution Center Industrial 2/13/2019 $ 20,729 Florence Logistics Center Industrial 5/14/2019 18,629 World Connect Logistics Center Industrial 9/27/2019 43,971 Tri-County DC II A Industrial 10/1/2019 9,821 Aurora DC Industrial 12/13/2019 8,548 The Daley Multi-family 7/2/2019 95,305 Juno Winter Park Multi-family 7/9/2019 84,549 Perimeter Multi-family 12/19/2019 117,170 Total 2019 acquisitions $ 398,722 2018 Acquisitions: Stafford Grove Industrial 4/9/2018 $ 37,420 Kaiser Industrial 12/10/2018 18,678 Total 2018 acquisitions $ 56,098 During the years ended December 31, 2019 and 2018 , we allocated the purchase price of our acquisitions to land, building and intangible lease assets and liabilities as follows: As of December 31, ($ in thousands) 2019 2018 Land $ 53,756 $ 14,680 Building 328,928 36,070 Intangible lease assets 16,480 5,484 Above-market lease assets 265 55 Below-market lease liabilities (707 ) (191 ) Total purchase price $ 398,722 $ 56,098 The weighted-average amortization period for the intangible lease assets and liabilities acquired in connection with our acquisitions during the years ended December 31, 2019 and 2018 , as of the respective date of each acquisition, were 5.4 years and 5.3 years, respectively. Dispositions During the year ended December 31, 2019 , we sold five office properties (655 Montgomery, Rialto, Campus Road Office Center, One Park Place, and Austin-Mueller), two retail properties (Holbrook and Brockton Westgate Plaza), and two outparcels for net proceeds of approximately $341.7 million , which is net of the property-related debt repayment described in Note 4 . We recorded a net gain on sale of approximately $160.5 million . During the year ended December 31, 2018 , we sold one office property (Joyce Blvd.), two retail properties (CB Square and Brockton Eastway Plaza), one building from a two -building office property (Park Place 3) and two outparcels that were part of a retail property for net proceeds of approximately $77.7 million . We recorded a net gain on sale of approximately $14.1 million . Intangible Lease Assets and Liabilities Intangible lease assets and liabilities as of December 31, 2019 and 2018 include the following: As of December 31, 2019 As of December 31, 2018 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible lease assets $ 242,704 $ (200,623 ) $ 42,081 $ 282,961 $ (238,768 ) $ 44,193 Above-market lease assets 21,417 (20,859 ) 558 32,468 (31,382 ) 1,086 Below-market lease liabilities (80,002 ) 36,499 (43,503 ) (82,060 ) 34,864 (47,196 ) The following table details the estimated net amortization of such intangible lease assets and liabilities, as of December 31, 2019 , for the next five years and thereafter: As of December 31, 2019 (in thousands) 2020 2021 2022 2023 2024 Thereafter Total Intangible lease assets $ 11,161 $ 7,571 $ 6,103 $ 4,397 $ 3,208 $ 9,641 $ 42,081 Above-market lease assets 116 81 73 61 46 181 558 Below-market lease liabilities (3,041 ) (2,669 ) (2,559 ) (2,424 ) (2,306 ) (30,504 ) (43,503 ) Rental Revenue and Depreciation and Amortization Expense The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities, and real estate-related depreciation and amortization expense: For the Year Ended December 31, (in thousands) 2019 2018 2017 Increase (decrease) to rental revenue: Straight-line rent adjustments (1) $ 7,776 $ 14,508 $ 1,855 Above-market lease amortization (792 ) (1,096 ) (2,392 ) Below-market lease amortization 4,042 4,808 5,395 Real estate-related depreciation and amortization: Depreciation expense $ 40,824 $ 38,091 $ 39,212 Intangible lease asset amortization 16,518 19,775 28,858 (1) The straight-line rent adjustment amount for the years ended December 31, 2019 and 2018 includes $6.1 million and $10.1 million , respectively, related to early lease termination payments that are being recognized to rental revenues on a straight-line basis over the remaining term of the respective lease. Future Minimum Rentals Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to us from our commercial tenants under the terms of non-cancelable operating and ground leases in effect as of December 31, 2019 and December 31, 2018 , excluding rental revenues from the potential renewal or replacement of existing leases, were as follows for the next five years and thereafter: As of December 31, (in thousands) 2019 2018 Year 1 $ 112,685 $ 133,999 Year 2 104,968 116,145 Year 3 86,934 104,997 Year 4 71,983 88,136 Year 5 54,446 74,661 Thereafter 177,566 323,040 Total $ 608,582 $ 840,978 Leases for our multi-family tenants are generally 12 months or less and are therefore excluded from the table above. Real Estate Property Impairment During the year ended December 31, 2019 , we recorded an incremental impairment of $0.1 million due to additional costs incurred which related to the retail property located in the Holbrook, Massachusetts market that had been previously impaired during 2018, which is described below. During the year ended December 31, 2018, we recorded a $1.2 million non-cash impairment charge related to a consolidated retail property located in the Greater Boston market. Prior to the disposition, we reevaluated the fair value of the property and determined that the net book value of the property exceeded the respective contract sales price less costs to sell the property, resulting in the impairment. The property was disposed of in December 2018. Also during the year ended December 31, 2018, we recorded a total of $13.4 million of non-cash impairment charges related to two retail properties, one located in the Jacksonville, Florida market, which was disposed of in October 2018, and one located in the Holbrook, Massachusetts market, which was disposed of in August 2019. The impairment was a result of shortened hold periods based on the consideration of potential disposition options for these properties. Both ultimately resulted in the reduction of our estimated future cash flows below our net book value. During the year ended December 31, 2017, we recorded a $1.1 million non-cash impairment charge related to a consolidated retail property located in the Greater Boston market. Prior to the disposition, we reevaluated the fair value of the property and determined that the net book value of the property exceeded the respective contract sales price less costs to sell the property, resulting in the impairment. The property was disposed of in May 2017. We have determined that our impairments are non-recurring fair value measurements that fall within Level 3 of the fair value hierarchy. See “ Note 2 ” for further discussion of the fair value hierarchy. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | 4. DEBT Our debt is currently comprised of borrowings under our line of credit, term loans and mortgage notes. Borrowings under our non-recourse mortgage notes are secured by mortgages or deeds of trust and related assignments and security interests in collateralized and certain cross-collateralized properties, which are generally owned by single purpose entities. Three of our mortgage notes are currently partial recourse to us, for which we provide the following limited guaranties: $4.1 million , $2.0 million , and $0.3 million that are each guaranteed until we meet certain lender-specified thresholds at the respective collateralized property. Other than these limited guarantees, the assets and credit of each of our consolidated properties pledged as collateral for our mortgage notes are not available to satisfy our debt and obligations, unless we first satisfy the mortgages note payable on the respective underlying properties. A summary of our debt is as follows: Weighted-Average Effective Interest Rate as of Balance as of ($ in thousands) December 31, 2019 December 31, 2018 Maturity Date December 31, 2019 December 31, 2018 Line of credit (1) 3.16% 4.05% January 2023 $ — $ 131,000 Term loan (2) 3.04% 3.52% January 2024 325,000 275,000 Term loan (3) 3.29% 3.79% February 2022 200,000 200,000 Fixed-rate mortgage notes (4) 3.52% 3.57% September 2021 - December 2029 200,857 173,932 Floating-rate mortgage notes (5) 4.01% 4.97% January 2020 127,000 225,600 Total principal amount / weighted-average (6) 3.36% 3.98% $ 852,857 $ 1,005,532 Less: unamortized debt issuance costs $ (6,535 ) $ (4,627 ) Add: mark-to-market adjustment on assumed debt 245 393 Total debt, net $ 846,567 $ 1,001,298 Gross book value of properties encumbered by debt $ 535,196 $ 598,978 (1) The effective interest rate is calculated based on the London Interbank Offered Rate (“LIBOR”), plus a margin ranging from 1.30% to 2.10% , depending on our consolidated leverage ratio. As of December 31, 2019 , the unused and available portions under the line of credit were approximately $450.0 million and $246.0 million , respectively. The line of credit is available for general business purposes including, but not limited to, refinancing of existing indebtedness and financing the acquisition of permitted investments, including commercial properties. (2) The effective interest rate is calculated based on LIBOR, plus a margin ranging from 1.25% to 2.05% , depending on our consolidated leverage ratio. Total commitments for this term loan are $325.0 million . There are no amounts unused or available under this term loan as of December 31, 2019 . The weighted-average interest rate is the all-in interest rate, including the effects of interest rate swap agreements relating to approximately $150.0 million in borrowings under this term loan. (3) The effective interest rate is calculated based on LIBOR, plus a margin ranging from 1.25% to 2.05% , depending on our consolidated leverage ratio. Total commitments for this term loan are $200.0 million . There are no amounts unused or available under this term loan as of December 31, 2019 . The weighted-average interest rate is the all-in interest rate and is fixed through interest swap agreements. (4) The amount outstanding as of December 31, 2019 includes a $51.0 million floating-rate mortgage note that is subject to an interest rate spread of 1.65% over one-month LIBOR, which we have effectively fixed using an interest rate swap at 2.85% until the designated cash flow hedge expires in July 2021. This mortgage note matures in August 2023. (5) The effective interest rate is calculated based on LIBOR plus a margin. In conjunction with the disposition of 655 Montgomery in May 2019, we repaid approximately $98.6 million of property-level loans that would have matured in September 2020. As of December 31, 2019 and 2018 , our floating-rate mortgage notes were subject to a weighted-average interest rate spread of 2.25% and 2.47% , respectively. Amount includes a mortgage note originally scheduled to expire in January 2020. Subsequent to December 31, 2019, we exercised one of the one -year extension options extending maturity to January 2021. The mortgage note may still be extended an additional one year, subject to certain conditions. (6) The weighted-average remaining term of our borrowings was approximately 3.4 years as of December 31, 2019 , excluding the impact of certain extension options. As of December 31, 2019 , the principal payments due on our debt during each of the next five years and thereafter were as follows: (in thousands) Line of Credit Term Loans Mortgage Notes (1) Total 2020 $ — $ — $ 129,766 $ 129,766 2021 — — 11,627 11,627 2022 (2) — 200,000 2,478 202,478 2023 (3) — — 48,484 48,484 2024 — 325,000 1,844 326,844 Thereafter — — 133,658 133,658 Total principal payments $ — $ 525,000 $ 327,857 $ 852,857 (1) Includes a $127.0 million floating-rate mortgage note originally scheduled to expire in January 2020. Subsequent to December 31, 2019, we exercised one of the one -year extension options extending the maturity to January 2021. The mortgage note may still be extended an additional one year, subject to certain conditions. (2) The term of this term loan may be extended pursuant to two one -year extension options, subject to certain conditions. (3) The term of the line of credit may be extended pursuant to two six -month extension options, subject to certain conditions. LIBOR is expected to be discontinued after 2021. As of December 31, 2019 , our line of credit, term loans and a $51.0 million mortgage note are our only indebtedness with initial maturity dates beyond 2021 that have exposure to LIBOR. The agreements governing the line of credit, term loans and mortgage note provide procedures for determining a replacement or alternative base rate in the event that LIBOR is discontinued. However, there can be no assurances as to whether such replacement or alternative base rate will be more or less favorable than LIBOR. We intend to monitor the developments with respect to the potential phasing out of LIBOR after 2021 and work with our lenders to seek to ensure any transition away from LIBOR will have minimal impact on our financial condition, but can provide no assurances regarding the impact of the discontinuation of LIBOR. Debt Covenants Our line of credit, term loans and mortgage note agreements contain various property-level covenants, including customary affirmative and negative covenants. In addition, the line of credit and term loan agreements contain certain corporate-level financial covenants, including leverage ratio, fixed charge coverage ratio, and tangible net worth thresholds. We were in compliance with our debt covenants as of December 31, 2019 . Derivative Instruments To manage interest rate risk for certain of our variable-rate debt, we use interest rate derivative instruments as part of our risk management strategy. These derivatives are designed to mitigate the risk of future interest rate increases by either providing a fixed interest rate or capping the variable interest rate for a limited, pre-determined period of time. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the interest rate swap agreements without exchange of the underlying notional amount. Interest rate caps involve the receipt of variable amounts from a counterparty at the end of each period in which the interest rate exceeds the agreed fixed price. Interest rate caps are not designated as hedges. Certain of our variable-rate borrowings are not hedged, and therefore, to an extent, we have on-going exposure to interest rate movements. During the next 12 months, we estimate that approximately $2.7 million will be reclassified as an increase to interest expense related to active effective hedges of existing floating-rate debt, and we estimate that approximately $0.1 million will be reclassified as an increase to interest expense related to terminated hedges where the likelihood of the originally hedged interest payments remains probable. The following table summarizes the location and fair value of our derivative instruments on our consolidated balance sheets: Fair Value ($ in thousands) Number of Contracts Notional Amount Other Assets Other Liabilities December 31, 2019 Interest rate swaps (1) 14 $ 601,005 $ 288 $ 13,308 Interest rate caps 1 146,600 — — Total derivative instruments 15 $ 747,605 $ 288 $ 13,308 December 31, 2018 Interest rate swaps (1) 15 $ 634,565 $ 6,692 $ 3,220 Interest rate caps 4 338,450 25 — Total derivative instruments 19 $ 973,015 $ 6,717 $ 3,220 (1) Includes four interest rate swaps with a combined notional amount of $200.0 million that became effective in January 2020 and three interest rate swaps with a combined notional of $150.0 million that expired in January 2020. The following table presents the effect of our derivative instruments on our consolidated financial statements: For the Year Ended December 31, (in thousands) 2019 2018 2017 Derivative instruments designated as cash flow hedges: (Loss) gain recognized in AOCI $ (13,341 ) $ 317 $ 1,509 (Gain) loss reclassified from AOCI into interest expense (1,600 ) 986 4,828 Gain reclassified from AOCI due to hedged transactions becoming probable of not occurring (1,374 ) — — Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded 48,170 48,358 42,305 Derivative instruments not designated as cash flow hedges: (Loss) gain recognized in income $ (25 ) $ 49 $ (119 ) |
DST Program
DST Program | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DST Program | 5. DST PROGRAM We have a program to raise capital through private placement offerings by selling beneficial interests in specific Delaware statutory trusts holding real properties (the “DST Program”). Under the DST Program, each private placement offers interests in one or more real properties placed into one or more Delaware statutory trust(s) by the Operating Partnership or its affiliates (“DST Properties”). DST Properties may be sourced from properties currently indirectly owned by the Operating Partnership or newly acquired properties. The underlying interests of real properties sold to investors pursuant to such private placements are leased-back by an indirect wholly owned subsidiary of the Operating Partnership on a long-term basis. These master lease agreements are fully guaranteed by the Operating Partnership. Additionally, the Operating Partnership retains a fair market value purchase option giving it the right, but not the obligation, to acquire the interests in the Delaware statutory trusts from the investors at a later time in exchange for OP Units. Under the master lease, we are responsible for subleasing the property to occupying tenants and all underlying costs associated with operating the property, and are responsible for paying rent to the Delaware statutory trust that owns such property. As such, 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 payment obligations taking the place of the cost of equity and debt capital. Accordingly, 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 item on the consolidated statements of operations. Consistent with the foregoing, rental payments made to the Delaware statutory trusts pursuant to the master lease agreements are accounted for using the interest method whereby a portion is accounted for as interest expense and a portion is accounted for as an accretion or amortization of the outstanding principal balance of the financing obligations. The net amount we receive from the underlying properties subject to the master lease may be more or less than the amount we pay to the investors of the DST Program and could fluctuate over time. Consistent with the financial reporting position described herein, the proceeds from each private placement under the DST Program are accounted for as a financing obligation on the consolidated balance sheets due to the fact that we have an option (which may or may not be exercised) to purchase the interests in the Delaware statutory trusts and thereby acquire the real property owned by the Delaware statutory trusts. Consistent with the financial reporting position described herein, upfront costs incurred for services provided by Black Creek Diversified Property Advisors LLC (the “Advisor”) and its affiliates related to the DST Program are accounted for as deferred loan costs and are netted against the financing obligation. In order to facilitate additional capital raise through the DST Program, we may offer loans (“DST Program Loans”) to finance a portion of the sale of beneficial interests (the “DST Interests”) in the trusts holding DST Properties to potential investors. As of December 31, 2019 , we have made approximately $19.4 million in DST Program Loans to partially finance the sale of DST Interests in the DST Program. DST Program Loans are evidenced by promissory notes from the investor and are secured by the investor’s DST Interests based on commercially reasonable terms. DST Program Loans bear interest at market rates that may be fixed or based on LIBOR and are non-recourse to the investor (except for certain non-recourse carve-outs). Accordingly, we include our investments in DST Program Loans separately on our consolidated balance sheets in the “DST Program loans” line item and we include income earned from DST Program Loans in “other income” on our statements of operations. We do not have a significant credit concentration with any individual purchaser as a result of DST Program Loans. During the years ended December 31, 2019 , 2018 and 2017 , we sold approximately $212.7 million , $43.2 million and $9.6 million , respectively, in interests related to the DST Program. During the years ended December 31, 2019 , 2018 and 2017 , we incurred rent obligations of approximately $7.0 million , $1.1 million and $0.3 million , respectively, under our master lease agreements with the investors who have participated in the DST Program. Refer to “ Note 10 ” for detail relating to the fees paid to the Advisor and its affiliates for raising capital through the DST Program. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 6. FAIR VALUE We estimate the fair value of our financial instruments using available market information and valuation methodologies we believe to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of the amounts that we would realize upon disposition. Fair Value Measurements on a Recurring Basis The following table presents our financial instruments measured at fair value on a recurring basis: (in thousands) Level 1 Level 2 Level 3 Total December 31, 2019 Assets: Derivative instruments $ — $ 288 $ — $ 288 Total assets measured at fair value $ — $ 288 $ — $ 288 Liabilities: Derivative instruments $ — $ 13,308 $ — $ 13,308 Total liabilities measured at fair value $ — $ 13,308 $ — $ 13,308 December 31, 2018 Assets: Derivative instruments $ — $ 6,717 $ — $ 6,717 Total assets measured at fair value $ — $ 6,717 $ — $ 6,717 Liabilities: Derivative instruments $ — $ 3,220 $ — $ 3,220 Total liabilities measured at fair value $ — $ 3,220 $ — $ 3,220 The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Derivative Instruments. The derivative instruments are interest rate swaps and interest rate caps whose fair value is estimated using market-standard valuation models. Such models involve using market-based observable inputs, including interest rate curves. We incorporate credit valuation adjustments to appropriately reflect both our nonperformance risk and respective counterparty’s nonperformance risk in the fair value measurements, which we have concluded are not material to the valuation. Due to these derivative instruments being unique and not actively traded, the fair value is classified as Level 2. See “ Note 4 ” above for further discussion of our derivative instruments. Nonrecurring Fair Value Measurements As of December 31, 2019 and 2018 , the fair values of cash and cash equivalents, tenant receivables, due from/to affiliates, accounts payable and accrued liabilities, and distributions payable approximate their carrying values because of the short-term nature of these instruments. The table below includes fair values for certain of our financial instruments for which it is practicable to estimate fair value. The carrying values and fair values of these financial instruments were as follows: As of December 31, 2019 As of December 31, 2018 (in thousands) Carrying Fair Carrying Fair Assets: Debt-related investments $ 2,578 $ 2,604 $ 10,682 $ 10,709 DST Program loans 19,404 19,404 660 660 Liabilities: Line of credit $ — $ — $ 131,000 $ 131,000 Term loans 525,000 525,000 475,000 475,000 Mortgage notes 327,857 326,447 399,532 398,117 (1) The carrying amount reflects the principal amount outstanding. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. INCOME TAXES We have concluded that there was no impact related to uncertain tax positions from our results of operations for the years ended December 31, 2019 , 2018 and 2017 . We had a gross deferred tax asset of approximately $5.3 million and $3.9 million as of December 31, 2019 and 2018 , respectively, which is offset by a full valuation allowance. The U.S. is the major tax jurisdiction for us and the earliest tax year subject to examination by the taxing authority is 2016. Distributions Distributions to stockholders are characterized for federal income tax purposes as: (i) ordinary income; (ii) non-taxable return of capital; or (iii) long-term capital gain. Distributions that exceed our current and accumulated tax earnings and profits constitute a return of capital and reduce the stockholders’ basis in the common shares. To the extent that a distribution exceeds both current and accumulated earnings and profits and the stockholders’ basis in the common shares, the distributions will generally be treated as a gain from the sale or exchange of such stockholders’ common shares. Under the new tax laws effective January 1, 2018, all distributions (other than distributions designated as capital gain distributions and distributions traceable to distributions from a taxable REIT subsidiary) which are received by a pass-through entity or an individual, are eligible for a 20% deduction from gross income. This eligibility for a 20% deduction will expire as of 2025. At the beginning of each year, we notify our stockholders of the taxability of the distributions paid during the preceding year. In any given year, the overall taxability of distributions could be higher or lower than the preceding year. The following unaudited table summarizes the annual information reported to investors regarding the taxability of distributions on common stock, as a percentage of total distributions, for the years ended December 31, 2019 , 2018 and 2017 . This information assumes that an investor owned shares of our common stock for the full 2019 calendar year. For the Year Ended December 31, 2019 2018 2017 Ordinary income (1) 22.78 % 42.22 % 50.01 % Non-taxable return of capital 61.01 57.78 — Capital gain (2) 16.21 — 49.99 Total distributions 100.00 % 100.00 % 100.00 % (1) Our overall taxability decreased in 2019 as compared to 2018 primarily due to reduced taxable income from operations. (2) Capital gain taxability increased in 2019 due to increased disposition activity in 2019. Notwithstanding, DPF utilized 1031 tax deferred exchanges in relation to certain dispositions in order to defer capital gains treatment. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | 8. STOCKHOLDERS' EQUITY Public Offering As a net asset value (“NAV”)-based perpetual life REIT, we intend to conduct ongoing public primary offerings of our common stock on a perpetual basis. We also intend to conduct an ongoing distribution reinvestment plan offering for our stockholders to reinvest distributions in our shares. From time to time, we intend to file new registration statements on Form S-11 with the SEC to register additional shares of common stock so that we may continuously offer shares of common stock pursuant to Rule 415 under the Securities Act of 1933, as amended. Currently, we have the following registration statements effective with the SEC: • A public offering of up to $3.0 billion in Class T, Class S, Class D and Class I shares of common stock, consisting of up to $2.5 billion offered in our primary offering and up to $500.0 million offered under our distribution reinvestment plan. We may reallocate amounts between the primary offering and distribution reinvestment plan. As of December 31, 2019 , $2.8 billion remained unsold under this registration statement. • A public offering of Class E shares under our distribution reinvestment plan. As of December 31, 2019 , $103.5 million remained unsold under this registration statement. The Class T, Class S, Class D, Class I and Class E shares, all of which are collectively referred to herein as shares of common stock, generally have identical rights and privileges, including identical voting rights, but have differing fees that are payable on a class-specific basis. While gross distributions are the same for all share classes, the payment of class-specific fees results in different amounts of net distributions being paid with respect to each class of shares. A summary of our public offerings (including shares sold through the primary offering and distribution reinvestment plan (“DRIP”)) for the year ended December 31, 2019 , is as follows: (in thousands) Class T Class S Class D Class I Class E Total Amount of gross proceeds raised: Primary offering $ 28,000 $ 81,660 $ 7,712 $ 54,937 $ — $ 172,309 DRIP 648 2,691 590 7,863 8,803 20,595 Total offering $ 28,648 $ 84,351 $ 8,302 $ 62,800 $ 8,803 $ 192,904 Number of shares sold: Primary offering 3,298 10,926 1,050 7,881 — 23,155 DRIP 88 366 80 1,069 1,197 2,800 Total offering 3,386 11,292 1,130 8,950 1,197 25,955 Common Stock The following table describes the changes in each class of common shares during each of the years ended December 31, 2019 , 2018 and 2017 : (in thousands) Class T Class S Class D Class I Class E Total Balance as of December 31, 2016 2,001 N/A 2,271 34,039 112,325 150,636 Issuance of common stock: Primary shares 134 64 267 2,181 — 2,646 Distribution reinvestment plan 63 — 73 1,036 1,934 3,106 Share-based compensation — — — (99 ) — (99 ) Redemptions of common stock (136 ) — (101 ) (3,022 ) (20,564 ) (23,823 ) Balance as of December 31, 2017 2,062 64 2,510 34,135 93,695 132,466 Issuance of common stock: Primary shares 878 10,414 531 6,865 — 18,688 Distribution reinvestment plan 64 81 68 941 1,385 2,539 Share-based compensation — — — 42 — 42 Redemptions of common stock (221 ) (43 ) (331 ) (4,598 ) (17,690 ) (22,883 ) Balance as of December 31, 2018 2,783 10,516 2,778 37,385 77,390 130,852 Issuance of common stock: Primary shares 3,298 10,926 1,050 7,881 — 23,155 Distribution reinvestment plan 88 366 80 1,069 1,197 2,800 Share-based compensation — — — 86 — 86 Redemptions of common stock (317 ) (1,215 ) (409 ) (2,689 ) (11,783 ) (16,413 ) Balance as of December 31, 2019 5,852 20,593 3,499 43,732 66,804 140,480 (1) On September 1, 2017, we amended our charter and restructured our outstanding share classes as part of a broader restructuring. As part of the restructuring, we, among other things, changed our outstanding unclassified shares of common stock (which, since 2012, we referred to as “Class E” shares ) to a new formally designated class of Class E shares; changed our outstanding Class A, Class W and Class I shares of common stock to Class T, Class D and a new version of Class I shares of common stock, respectively; and created a new class of common stock called Class S shares. When we refer to our share classes in this table with respect to dates prior to September 1, 2017, we are referring to our shares under our prior share structure, and when we refer to our share classes in this table with respect to dates on or after September 1, 2017, we are referring to our shares under our new share structure. Distributions Prior to the third quarter of 2017, distributions were paid on a quarterly basis and were calculated for each day the stockholder had been a stockholder of record during such quarter. Beginning with the third quarter of 2017, cash distributions have been paid on a monthly basis and are calculated as of monthly record dates. Cash distributions for stockholders who had elected to participate in our distribution reinvestment plan were reinvested into shares of the same class of our common stock as the shares to which the distributions relate. The following table summarizes our distribution activity (including distributions to noncontrolling interests and distributions reinvested in shares of our common stock) for the periods below: Amount (in thousands, except per share data) Declared per Common Share (1) Common Stock Distributions Paid in Cash Other Cash Distributions (2) Reinvested in Shares Total Distributions 2019 March 31 $ 0.09375 $ 7,198 $ 1,244 $ 4,997 $ 13,439 June 30 0.09375 7,303 1,312 5,180 13,795 September 30 0.09375 7,302 1,351 5,270 13,923 December 31 0.09375 7,412 1,396 5,294 14,102 Total $ 0.37500 $ 29,215 $ 5,303 $ 20,741 $ 55,259 2018 March 31 $ 0.09375 $ 7,240 $ 1,127 $ 4,789 $ 13,156 June 30 0.09375 7,137 1,221 4,710 13,068 September 30 0.09375 7,157 1,174 4,738 13,069 December 31 0.09375 7,180 1,202 4,814 13,196 Total $ 0.37500 $ 28,714 $ 4,724 $ 19,051 $ 52,489 (1) Amount reflects the total quarterly distribution rate, subject to adjustment for class-specific fees. (2) Includes other cash distributions consisting of: (i) distributions paid to holders of OP Units in the Operating Partnership; (ii) regular distributions made to our former joint venture partners; and (iii) ongoing distribution fees paid to Black Creek Capital Markets, LLC (the “Dealer Manager”) with respect to certain classes of our shares. See “ Note 10 ” for further detail regarding the current and historical ongoing distribution fees. Redemptions and Repurchases Below is a summary of redemptions and repurchases pursuant to our share redemption program for the years ended December 31, 2019 , 2018 and 2017 . Also included in the summary below is the impact of stock repurchases pursuant to our two self-tender offers. Our board of directors may modify, suspend or terminate our current share redemption programs if it deems such action to be in the best interest of our stockholders. For the Year Ended December 31, (in thousands, except for per share data) 2019 2018 2017 Number of shares requested for redemption or repurchase 16,413 22,883 23,823 Number of shares redeemed or repurchased 16,413 22,883 23,823 % of shares requested that were redeemed or repurchased 100.0 % 100.0 % 100.0 % Average redemption or repurchase price per share $ 7.35 $ 7.47 $ 7.48 |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | 9. NONCONTROLLING INTERESTS OP Units As of December 31, 2019 and 2018 , the Operating Partnership had issued OP Units to third-party investors, representing 6.8% and 7.4% , respectively, of limited partnership interests. Currently, all of the third-party investors own Class E OP Units, but we may in the future cause the Operating Partnership to issue Class T, Class S, Class D or Class I OP Units to third-party investors. The following table summarizes the number of OP Units issued and outstanding to third-party investors: As of December 31, (in thousands) 2019 2018 Number of OP Units issued and outstanding to third-party investors 10,286 10,482 Estimated maximum redemption value (unaudited) $ 77,080 $ 77,962 Subject to certain restrictions and limitations, the holders of OP Units may redeem all or a portion of their OP Units for either: shares of the equivalent class of common stock, cash or a combination of both. If we elect to redeem OP Units for shares of our common stock, we will generally deliver one share of our common stock for each such OP Unit redeemed (subject to any redemption fees withheld), and such shares may, subsequently, only be redeemed for cash in accordance with the terms of our share redemption program. If we elect to redeem OP Units for cash, the cash delivered will equal the then-current NAV per unit of the applicable class of OP Units (subject to any redemption fees withheld), which will equal the then-current NAV per share of our corresponding class of shares. The following table summarizes the number of OP Units redeemed during the years presented below: For the Year Ended December 31, (in thousands) 2019 2018 2017 Number of OP Units redeemed 196 810 756 Aggregate amount of OP Units redeemed $ 1,438 $ 6,059 $ 5,643 The Operating Partnership’s net income and loss will generally be allocated to the general partner and the limited partners in accordance with the respective percentage interest in the OP Units issued by the Operating Partnership. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 10. RELATED PARTY TRANSACTIONS We rely on the Advisor, a related party, to manage our day-to-day activities and to implement our investment strategy pursuant to the terms of the amended and restated advisory agreement, effective as of May 1, 2019, by and among us, the Operating Partnership and the Advisor (the “Advisory Agreement”). The current term of the Advisory Agreement ends April 30, 2020, subject to renewals by our board of directors for an unlimited number of successive one -year periods. The Dealer Manager provides dealer manager services in connection with our public offerings pursuant to the terms of the third amended and restated dealer manager agreement, effective September 1, 2017 (the “Dealer Manager Agreement”) by and among us, the Advisor and the Dealer Manager. Black Creek Diversified Property Advisors Group LLC (the “Sponsor”), which owns the Advisor, is presently directly or indirectly majority owned by the estate of John A. Blumberg, James R. Mulvihill and Evan H. Zucker and/or their affiliates, and the Sponsor and the Advisor are jointly controlled by the estate of Mr. Blumberg, Mr. Mulvihill and Mr. Zucker and/or their affiliates. The Dealer Manager is presently directly or indirectly majority owned, controlled and/or managed by the estate of Mr. Blumberg, Mr. Mulvihill and/or Mr. Zucker and/or their affiliates. The Advisor and the Dealer Manager receive compensation from us in the form of fees and expense reimbursements for certain services relating to our public offerings and for the investment and management of our assets and our other activities and operations. Advisory Agreement, Dealer Manager Agreement and Operating Partnership Agreement The following is a description of the fees and expense reimbursements payable to the Advisor and the Dealer Manager. This summary does not purport to be a complete summary of the Advisory Agreement; the Dealer Manager Agreement; and the limited partnership agreement of the Operating Partnership (the “Operating Partnership Agreement”), and is qualified in its entirety by reference to such agreements, which are incorporated by reference as exhibits to this Annual Report on Form 10-K. Selling Commissions, Dealer Manager Fees and Distribution Fees. We pay the Dealer Manager upfront selling commissions with respect to Class T and Class S shares sold in the primary offering and dealer manager fees with respect to Class T shares sold in the primary offering. The upfront selling commissions and dealer manager fees are calculated as a percentage of the transaction price (generally equal to the most recent monthly NAV per share) at the time of purchase of such shares. All or a portion of the upfront selling commissions and dealer manager fees will be retained by, or reallowed to, participating broker dealers. In addition, the Dealer Manager is entitled to receive ongoing distribution fees based on the NAV of all outstanding Class T, Class S and Class D shares, including shares issued under our distribution reinvestment plan. The distribution fees will be payable monthly in arrears and will be paid on a continuous basis from year to year. The Dealer Manager will reallow all or a portion of the distribution fees to participating broker dealers and broker dealers servicing accounts of investors who own Class T, Class S, and/or Class D shares. The following table details the selling commissions, dealer manager fees and distribution fees applicable for each share class. Class T Class S Class D Class I Selling commissions (as % of transaction price) up to 3.00% up to 3.50% —% —% Dealer manager fees (as % of transaction price) 0.50% —% —% —% Distribution fees (as % of NAV per annum) 0.85% 0.85% 0.25% —% We will cease paying the distribution fees with respect to individual Class T, Class S and Class D shares when they are no longer outstanding, including as a result of a conversion to Class I shares. Each Class T, Class S or Class D share held within a stockholder’s account shall automatically and without any action on the part of the holder thereof convert into a number of Class I shares at the applicable conversion rate on the earliest of: (i) a listing of any shares of our common stock on a national securities exchange; (ii) our merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of our assets; and (iii) the end of the month in which the Dealer Manager, in conjunction with our transfer agent, determines that the total upfront selling commissions, upfront dealer manager fees and ongoing distribution fees paid with respect to all shares of such class held by such stockholder within such account (including shares purchased through the distribution reinvestment plan or received as stock dividends) equals or exceeds 8.75% (or a lower limit set forth in any applicable agreement between the Dealer Manager and a participating broker dealer, provided that the Dealer Manager advises our transfer agent of the lower limit in writing) of the aggregate purchase price of all shares of such class held by such stockholder within such account and purchased in a primary offering. Additional Underwriting Compensation and Primary Dealer Fee. We pay directly, or reimburse the Advisor and the Dealer Manager if they pay on our behalf, certain additional items of underwriting compensation, including legal fees of the Dealer Manager, costs reimbursement for registered representatives of participating broker-dealers to attend educational conferences sponsored by us or the Dealer Manager, attendance fees for registered persons associated with the Dealer Manager to attend seminars conducted by participating broker-dealers, and promotional items. In addition to this additional underwriting compensation, the Advisor may also pay the Dealer Manager additional amounts to fund certain of the Dealer Manager’s costs and expenses related to the distribution of our public offering, which will not be reimbursed by us. Also, the Dealer Manager may pay supplemental fees or commissions to participating broker-dealers and servicing broker-dealers with respect to Class I shares sold in the primary offering, which will not be reimbursed by us. Through June 30, 2017, we paid to the Dealer Manager primary dealer fees in the amount of 5.0% of the gross proceeds raised from certain sales of Class I shares in the primary offering. We currently do not intend to pay additional primary dealer fees in our public offerings. Organization and Offering Expense Reimbursement. We pay directly or reimburse the Advisor and the Dealer Manager if they pay on our behalf, any issuer organization and offering expenses (meaning organization and offering expenses other than underwriting compensation) as and when incurred. After the termination of the primary offering and again after termination of the offering under our distribution reinvestment plan, the Advisor has agreed to reimburse us to the extent that total cumulative organization and offering expenses (including underwriting compensation) that we incur exceed 15% of our gross proceeds from the applicable offering. Advisory Fee and Operating Expense Reimbursement. The advisory fee consists of a fixed component and a performance component. The fixed component of the advisory fee includes a fee that will be paid monthly to the Advisor for asset management services provided to on our behalf. The following table details the fixed component of the advisory fee: Fixed Component % of applicable monthly NAV per Fund Interest (as defined below) x the weighted-average number of Fund Interests for such month (per annum) 1.10% % of consideration received by us or our affiliates for selling interests in DST Properties (as defined in “Note 5”) to third-party investors, net of up-front fees and expense reimbursements payable out of gross sale proceeds from the sale of such interests 1.10% The performance component of the advisory fee is a performance-based amount that will be paid to the Advisor. This amount is calculated on the basis of the overall investment return provided to holders of Fund Interests (i.e., our outstanding shares and OP Units held by third-party investors) in any calendar year such that the Advisor will receive the lesser of (1) 12.5% of (a) the annual total return amount less (b) any loss carryforward, and (2) the amount equal to (x) the annual total return amount, less (y) any loss carryforward, less (z) the amount needed to achieve an annual total return amount equal to 5% of the NAV per Fund Interest at the beginning of such year (the “Hurdle Amount”). The foregoing calculations are calculated on a per Fund Interest basis and multiplied by the weighted-average Fund Interests outstanding during the year. In no event will the performance component of the advisory fee be less than zero. Accordingly, if the annual total return amount exceeds the Hurdle Amount plus the amount of any loss carryforward, then the Advisor will earn a performance component equal to 100% of such excess, but limited to 12.5% of the annual total return amount that is in excess of the loss carryforward. The “annual total return amount” referred to above means all distributions paid or accrued per Fund Interest plus any change in NAV per Fund Interest since the end of the prior calendar year, adjusted to exclude the negative impact on annual total return resulting from our payment or obligation to pay, or distribute, as applicable, the performance component of the advisory fee as well as ongoing distribution fees (i.e., our ongoing class-specific fees).The “loss carryforward” referred to above will track any negative annual total return amounts from prior years and offset the positive annual total return amount for purposes of the calculation of the performance component of the advisory fee. The loss carryforward is zero as of December 31, 2019 . Additionally, the Advisor will provide us with a waiver of a portion of its fees generally equal to the amount of the performance component that would have been payable with respect to the Class E shares and the Series 1 Class E OP Units held by third parties until the NAV of such shares or units exceeds $10.00 a share or unit, the benefit of which will be shared among all holders of Fund Interests. As of December 31, 2019 , all of the Class E OP Units issued and outstanding to third-party investors are Series 1 Class E OP Units. Refer to “ Note 9 ” for detail regarding the Class E OP Units. On January 1, 2019, we, our Operating Partnership, and the Advisor amended the advisory agreement and limited partnership agreement of the Operating Partnership. The Operating Partnership also issued to Black Creek Diversified Property Advisors Group LLC (“BCDPAG”), for $1,000 in consideration, 100 partnership units in the Operating Partnership constituting a separate series of partnership interests with special distribution rights, or the “Special Units.” These agreements were amended, and the Special Units were issued, so that, at the election of BCDPAG, the performance component of the advisory fee previously payable to the Advisor may be paid instead to BCDPAG as a performance participation allocation with respect to the Special Units. If BCDPAG does not elect on or before the first day of a calendar year to have the performance component of the advisory fee paid as a fee to the Advisor, then it will be paid as a distribution on the performance participation interest to BCDPAG, as the holder of the Special Units. In such case, the performance component of the advisory fee will be payable in cash or Class I OP Units, at the election of BCDPAG. If BCDPAG elects to receive such distributions in Class I OP Units, the number of Class I OP Units to be issued to BCDPAG will be determined by dividing an amount equal to the value of the performance component of the advisory fee by the net asset value per Class I OP Unit as of the date of the distribution. BCDPAG may request the Operating Partnership to repurchase such OP Units from BCDPAG at a later date. Any such repurchase requests will not be subject to any holding period, early redemption deduction, volume limitations or other restrictions that apply to other holders of OP Units under the limited partnership agreement of the Operating Partnership Agreement or to our stockholders under our share redemption program. In the event the performance component of the advisory fee is paid in cash to BCDPAG as an allocation and distribution in its capacity as holder of the Special Units, such amount will not be deductible by the Operating Partnership although it will reduce the cash available for distribution to holders of common OP Units and we believe that taxable income allocated to BCDPAG as holder of the Special Units should reduce the amount of taxable income allocable to the holders of common OP Units for the taxable period of the allocation. In addition, in the event the Operating Partnership commences a liquidation of its assets during any calendar year, BCDPAG will be distributed the performance participation allocation as its liquidation distribution, or the Advisor will receive payment of the performance component of the advisory fee, as applicable, prior to the distribution of the remaining liquidation proceeds to the holders of OP Units. The Special Units do not receive Operating Partnership distributions or allocations except as described above. Holders of Special Units do not share in distributions paid to holders of common OP Units and are not allocated income or losses of the Operating Partnership except to the extent of taxable income allocated to them in their capacity as holders of the Special Units. Subject to certain limitations, we reimburse the Advisor or its affiliates for all of the costs they incur in connection with the services they provide to us under the Advisory Agreement, including, without limitation, our allocable share of the Advisor’s overhead, which includes but is not limited to the Advisor’s rent paid to both third parties and affiliates of the Advisor, utilities and personnel costs; provided, that we will not reimburse the Advisor or its affiliates for services for which the Advisor or its affiliates are entitled to compensation in the form of a separate fee, and commencing as of September 1, 2017, we will not reimburse the Advisor for compensation it pays to our named executive officers. Fees from Other Services. We retain certain of the Advisor’s affiliates, from time to time, for services relating to our investments or our operations, which may include property management services, leasing services, corporate services, statutory services, transaction support services, construction and development management, and loan management and servicing, and within one or more such categories, providing services in respect of asset and/or investment administration, accounting, technology, tax preparation, finance, treasury, operational coordination, risk management, insurance placement, human resources, legal and compliance, valuation and reporting-related services, as well as services related to mortgage servicing, group purchasing, healthcare, consulting/brokerage, capital markets/credit origination, property, title and/or other types of insurance, management consulting and other similar operational matters. Any fees paid to the Advisor’s affiliates for any such services will not reduce the advisory fees. Per the terms of the agreement, any such arrangements will be at market rates or a reimbursement of costs incurred by the affiliate in providing the services. DST Program DST Program Dealer Manager Fees. In connection with the DST Program, as described in “ Note 5 ,” Black Creek Exchange LLC (“BCX”), a wholly-owned subsidiary of our taxable REIT subsidiary that is wholly-owned by the Operating Partnership, entered into a dealer manager agreement with the Dealer Manager, pursuant to which the Dealer Manager agreed to conduct the private placements for interests reflecting an indirect ownership of up to $1.0 billion of interests. The Advisor, Dealer Manager and certain of their affiliates receive fees and reimbursements in connection with their roles in the DST Program, which costs are substantially funded by the private investors in that program, through one or more purchase price “mark-ups” of the initial estimated fair value of the DST Properties to be sold to investors, fees paid by the investors at the time of investment, or deductions from distributions paid to such investors. BCX will pay certain up-front fees and reimburse certain related expenses to the Dealer Manager with respect to capital raised through the DST Program. BCX is obligated to pay the Dealer Manager a dealer manager fee of up to 1.5% of gross equity proceeds raised and a commission of up to 5.0% of gross equity proceeds raised through the private placements. In addition, with respect to certain classes of interests (or the corresponding classes of OP Units or shares for which they may be exchanged in certain circumstances) we, the Operating Partnership or BCX will pay the Dealer Manager ongoing fees in amounts up to 0.85% of the equity investment or net asset value thereof per year. The Dealer Manager may re-allow such commissions, ongoing fees and a portion of such dealer manager fees to participating broker dealers. In addition, pursuant to the dealer manager agreement for the DST Program, we, or our subsidiaries, are obligated to reimburse the Dealer Manager for (a) customary travel, lodging, meals and reasonable entertainment expenses incurred in connection with the private placements; (b) costs and expenses of conducting educational conferences and seminars, attending broker-dealer sponsored conferences, or educational conferences sponsored by BCX; (c) customary promotional items; and (d) legal fees of the Dealer Manager. Pursuant to the Advisory Agreement, DST Properties are included when calculating the fixed and performance components of the advisory fee due to the Advisor. Furthermore, because the Advisor funds certain Dealer Manager personnel costs that are not reimbursed under the DST Program dealer manager agreement, we have also agreed to pay the Advisor a fee equal to the mark-up paid by DST Program investors for these costs, which is up to 1.5% of the total equity amount paid for the interests. DST Manager Fees. BC Exchange Manager LLC (the “DST Manager”), a wholly owned subsidiary of the Operating Partnership, acts, directly or through a wholly-owned subsidiary, as the manager of each Delaware statutory trust holding a DST Property, but has assigned all of its rights and obligations as manager (including fees and reimbursements received) to BC Exchange Advisor LLC (“DST Advisor”), an affiliate of the Advisor. While the intention is to sell 100% of the interests to third parties, BCX may hold an interest for a period of time and therefore could be subject to the following description of fees and reimbursements paid to the DST Manager. The DST Manager will have primary responsibility for performing administrative actions in connection with the trust and any DST Property and has the sole power to determine when it is appropriate for a trust to sell a DST Property. For its services, DST Advisor will receive, through the DST Manager, (i) a management fee equal to a stated percentage (e.g., 1.0% ) of the gross rents payable to the trust, with such amount to be set on a deal-by-deal basis, (ii) a disposition fee of up to 1.0% of the gross sales price of certain DST Properties sold to a third party, subject to the terms of the applicable DST Program offering documents, (iii) a loan fee of up to 1.0% for any financing provided by us in connection with the DST Program (in which case a subsidiary of ours would provide the debt financing and earn interest thereon), (iv) reimbursement of certain expenses associated with the establishment, maintenance and operation of the trust and DST Properties and the sale of any DST Property to a third party, and (v) up to 1.0% of the gross equity proceeds as compensation for developing and maintaining the DST Program technology and intellectual property. Furthermore, to the extent that the Operating Partnership exercises its fair market value purchase option to acquire the interests from the investors at a later time in exchange for OP Units, and such investors subsequently submit such OP Units for redemption pursuant to the terms of the Operating Partnership, a redemption fee of up to 1.0% of the amount otherwise payable to a limited partner upon redemption will be paid to DST Manager (or such other amount as may be set forth in the applicable DST Program offering documents). Product Specialist Pursuant to a product specialist agreement with BCG Advisors LLC (“BCG Advisors”), BCG Advisors provides advisory services related to our investments in real estate securities. Pursuant to this agreement, a portion of the fixed component of the advisory fee that the Advisor receives from us (as described above) related to investments in real estate securities is reallowed to BCG Advisors in exchange for the services provided. Summary of Fees and Expenses The following table summarizes the fees and expenses incurred by us for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services described above, and any related amounts payable: For the Year Ended December 31, Payable as of December 31, (in thousands) 2019 2018 2017 2019 2018 Upfront selling commissions (1) $ 2,094 $ 1,199 $ 34 $ — $ — Dealer manager fees (2)(3) — — 306 — — Ongoing distribution fees (1)(3) 1,387 501 108 147 76 Advisory fees - fixed component (4) 11,879 11,599 13,191 1,245 988 Advisory fees—performance component 3,776 2,237 — 3,776 2,237 Advisory fees related to the disposition of real properties (5) — — 1,763 — — Other expense reimbursements—Advisor (6)(7) 10,601 8,801 8,393 2,240 1,411 Other expense reimbursements—Dealer Manager 527 878 401 — — DST Program advisory fees (8) 1,758 313 94 — — DST Program selling commissions (1) 2,668 1,097 466 — — DST Program dealer manager fees (1) 451 293 143 — — DST Program other reimbursements—Dealer Manager 881 212 137 — — DST Program facilitation and loan origination fees 2,988 356 — — — Total $ 39,010 $ 27,486 $ 25,036 $ 7,408 $ 4,712 (1) All or a portion of these amounts will be retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers. (2) Includes upfront dealer manager fees, as well as ongoing dealer manager fees that were paid under the Dealer Manager Agreement in effect prior to September 1, 2017. (3) The distribution fees accrue daily and are payable monthly in arrears. Additionally, we accrue for future estimated amounts payable related to ongoing distribution fees. The future estimated amounts payable of approximately $14.5 million and $7.9 million as of December 31, 2019 and 2018 , respectively, are included in other liabilities on the consolidated balance sheets. Prior to September 1, 2017, the future estimated amounts payable included ongoing dealer manager fees. (4) Amount reported for the years December 31, 2018 and 2017 include approximately $0.5 million and $0.7 million , respectively, that we were not obligated to pay in consideration of the issuance of 0.6 million and 0.5 million Class I shares, respectively. (5) Amount for the year ended December 31, 2017 includes approximately $1.7 million and is included in gain on sale of real property on the consolidated statements of operations. For the year ended December 31, 2017 , we paid the Advisor approximately $1.4 million in consideration for disposition services rendered prior to September 1, 2017 for which the Advisor had not otherwise been paid a fee, of which $1.2 million is included in gain on sale of real property on the consolidated statements of operations and $0.2 million was deferred in other assets on the consolidated balance sheets until the occurrence of future dispositions. Additionally, for the year ended December 31, 2017 , amount includes approximately $45,000 paid to the Advisor for advisory fees associated with the disposition of real properties, which are included in impairment of real estate property on the consolidated statements of operations. Pursuant to the Advisory Agreement, effective September 1, 2017, the Advisor no longer receives disposition fees. (6) Amounts include approximately $8.5 million , $6.6 million and $6.6 million for the years ended December 31, 2019 , 2018 and 2017 , respectively, related to the reimbursement of a portion of the salary, bonus and benefits for employees of the Advisor, including our named executive officers, for services provided to us for which the Advisor does not otherwise receive a separate fee. A portion of compensation received by certain employees of the Advisor and its affiliates may be in the form of a restricted stock grant awarded by us. We show these as reimbursements to the Advisor to the same extent that we recognize the related share-based compensation on our consolidated statements of operations. The balance of such reimbursements is made up primarily of other general overhead and administrative expenses, including, but not limited to, allocated rent paid to both third parties and affiliates of the Advisor, equipment, utilities, insurance, travel and entertainment, and other costs, which are included in general and administrative expenses on the consolidated statements of income. As of September 1, 2017, we no longer reimburse salary, bonus and benefits of our named executive officers. However, we reimbursed the Advisor for bonuses of our named executive offers for services provided to us prior to September 1, 2017 upon the final determination and payment of such bonuses to our named executive officers during the first quarter of 2018. (7) Includes costs reimbursed to the Advisor related to the DST Program. (8) Amount for the years December 31, 2019 , 2018 and 2017 included in advisory fees, related party on the consolidated statements of operations. Equity Incentive Plans Our equity incentive plans provide for the potential granting of cash-based awards and stock-based awards, including stock options, stock appreciation rights, restricted stock, and stock units to our employees (if we have any in the future), our independent directors, employees of the Advisor or its affiliates, other advisors and consultants of ours and of the Advisor selected by the plan administrator for participation in the equity incentive plans, and any prospective director, officer, employee, consultant, or advisor of the Company and the Advisor. Any such stock-based awards, including stock options, stock appreciation rights, restricted stock, and stock units, if granted, will provide for exercise prices, where applicable, that are not less than the fair market value of shares of our common stock on the date of the grant. Prior to December 31, 2019, at each annual meeting of stockholders the independent directors automatically, upon election, received an award, pursuant to our equity incentive plans, of $75,000 in RSUs with respect to Class I shares of our common stock, with the number of RSUs based on the NAV per Class I share as of the end of the day of the annual meeting. Additionally, on December 10, 2019, our board of directors, including all of our independent directors, approved a one-time catch-up payment totaling $450,000 to be made effective December 31, 2019. Of that amount, $225,000 is comprised of cash and $225,000 is comprised of RSUs with respect to Class I shares of our common stock, with the number of RSUs based on the NAV per Class I share as of October 31, 2019, which vest and settle immediately. Transactions with Affiliates We initially contributed $2,000 into the Operating Partnership in exchange for 200 OP Units, representing the sole general partner interest in the Operating Partnership. Subsequently, we contributed 100% of the gross proceeds received from our public offerings of common stock to the Operating Partnership in exchange for OP Units representing our interest as a limited partner of the Operating Partnership. As of December 31, 2019 and 2018 , we held a 93.2% and 92.6% , respectively, limited partnership interest in the Operating Partnership. The remaining limited partnership interests in the Operating Partnership are held by third-party investors, which are classified as noncontrolling interests on the consolidated balance sheets. See “ Note 9 ” for detail regarding our noncontrolling interests. |
Net Income (Loss) Per Common Sh
Net Income (Loss) Per Common Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Common Share | 11. NET INCOME (LOSS) PER COMMON SHARE The computation of our basic and diluted net income (loss) per share attributable to common stockholders is as follows: For the Year Ended December 31, (in thousands, except per share data) 2019 2018 2017 Net income (loss) attributable to common stockholders—basic $ 142,551 $ (1,237 ) $ 72,216 Net income (loss) attributable to OP Units 10,726 (105 ) 6,117 Net income (loss) attributable to common stockholders—diluted $ 153,277 $ (1,342 ) $ 78,333 Weighted-average shares outstanding—basic 136,925 128,740 142,349 Incremental weighted-average shares effect of conversion of OP Units 10,391 10,934 11,807 Weighted-average shares outstanding—diluted 147,316 139,674 154,156 Net income (loss) per share attributable to common stockholders: Basic $ 1.04 $ (0.01 ) $ 0.51 Diluted $ 1.04 $ (0.01 ) $ 0.51 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Supplemental Cash Flow Information | 12. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: For the Year Ended December 31, (in thousands) 2019 2018 2017 Cash paid for interest $ 39,515 $ 42,048 $ 37,473 Distributions reinvested in common stock 20,595 18,988 23,282 Change in accrued future ongoing distribution fees 6,540 6,052 (2,058 ) Repayment of property-level loans upon disposition of real estate property 98,600 — — Increase in DST loans receivable through DST capital raising 18,744 660 — Restricted Cash Restricted cash consists of lender and property-related escrow accounts. The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the consolidated statements of cash flows: For the Year Ended December 31, (in thousands) 2019 2018 2017 Beginning of period: Cash and cash equivalents $ 10,008 $ 10,475 $ 13,864 Restricted cash 7,030 8,541 7,282 Cash, cash equivalents and restricted cash $ 17,038 $ 19,016 $ 21,146 End of period: Cash and cash equivalents $ 97,772 $ 10,008 $ 10,475 Restricted cash 10,010 7,030 8,541 Cash, cash equivalents and restricted cash $ 107,782 $ 17,038 $ 19,016 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. COMMITMENTS AND CONTINGENCIES We and the Operating Partnership are not presently involved in any material litigation nor, to our knowledge, is any material litigation threatened against us or our investments. Environmental Matters A majority of the properties we acquire are subject to environmental reviews either by us or the previous owners. In addition, we may incur environmental remediation costs associated with certain land parcels we may acquire in connection with the development of the land. We have acquired certain properties in urban and industrial areas that may have been leased to or previously owned by commercial and industrial companies that discharged hazardous materials. We may purchase various environmental insurance policies to mitigate our exposure to environmental liabilities. We are not aware of any environmental liabilities that we believe would have a material adverse effect on our business, financial condition, or results of operations as of December 31, 2019 . |
Segment Financial Information
Segment Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Financial Information | 14. SEGMENT FINANCIAL INFORMATION Our four reportable segments are office, retail, multi-family and industrial. Factors used to determine our reportable segments include the physical and economic characteristics of our properties and the related operating activities. Our chief operating decision makers rely on net operating income, among other factors, to make decisions about allocating resources and assessing segment performance. Net operating income is the key performance metric that captures the unique operating characteristics of each segment. Items that are not directly assignable to a segment, such as certain corporate items, are not allocated but reflected as reconciling items. The following table sets forth the financial results by segment for the years ended December 31, 2019 , 2018 and 2017 : (in thousands) Office Retail Multi-family Industrial Corporate Consolidated 2019 Rental revenues $ 93,826 $ 70,462 $ 6,418 $ 13,735 $ — $ 184,441 Rental expenses (37,905 ) (17,357 ) (2,864 ) (2,934 ) — (61,060 ) Net operating income (loss) $ 55,921 $ 53,105 $ 3,554 $ 10,801 $ — $ 123,381 Real estate-related depreciation and amortization $ 26,194 $ 20,317 $ 4,028 $ 6,803 $ — $ 57,342 Total assets $ 458,583 $ 652,707 $ 293,498 $ 207,844 $ 165,633 $ 1,778,265 2018 Rental revenues $ 108,421 $ 73,416 $ — $ 7,794 $ — $ 189,631 Rental expenses (42,544 ) (17,618 ) — (1,505 ) — (61,667 ) Net operating income $ 65,877 $ 55,798 $ — $ 6,289 $ — $ 127,964 Real estate-related depreciation and amortization $ 33,335 $ 20,616 $ — $ 3,915 $ — $ 57,866 Total assets $ 724,875 $ 671,007 $ — $ 111,230 $ 73,990 $ 1,581,102 2017 Rental revenues $ 108,305 $ 81,871 $ — $ 6,342 $ — $ 196,518 Rental expenses (44,520 ) (20,388 ) — (1,624 ) — (66,532 ) Net operating income $ 63,785 $ 61,483 $ — $ 4,718 $ — $ 129,986 Real estate-related depreciation and amortization $ 41,283 $ 24,216 $ — $ 2,571 $ — $ 68,070 Total assets $ 775,917 $ 705,696 $ — $ 58,657 $ 67,836 $ 1,608,106 We consider net operating income to be an appropriate supplemental performance measure and believe net operating income provides useful information to our investors regarding our financial condition and results of operations because net operating income reflects the operating performance of our properties and excludes certain items that are not considered to be controllable in connection with the management of the properties, such as real estate-related depreciation and amortization, general and administrative expenses, advisory fees, impairment charges, interest expense, gains on sale of properties, other income and expense, gains and losses on the extinguishment of debt and noncontrolling interests. However, net operating income should not be viewed as an alternative measure of our financial performance since it excludes such items, which could materially impact our results of operations. Further, our net operating income may not be comparable to that of other real estate companies, as they may use different methodologies for calculating net operating income. Therefore, we believe net income, as defined by GAAP, to be the most appropriate measure to evaluate our overall financial performance. The following table is a reconciliation of our reported net income attributable to common stockholders to our net operating income for the years ended December 31, 2019 , 2018 and 2017 . For the Year Ended December 31, (in thousands) 2019 2018 2017 Net income (loss) attributable to common stockholders $ 142,551 $ (1,237 ) $ 72,216 Debt-related income (227 ) (694 ) (828 ) Real estate-related depreciation and amortization 57,342 57,866 68,070 General and administrative expenses 8,985 8,817 9,235 Advisory fees, related party 17,413 14,149 13,285 Impairment of real estate property 113 14,648 1,116 Other (income) expense (153 ) 251 462 Interest expense 48,170 48,358 42,305 Gain on sale of real estate property (160,537 ) (14,093 ) (83,057 ) Gain on extinguishment of debt and financing commitments, net (1,002 ) — — Net income (loss) attributable to noncontrolling interests 10,726 (101 ) 7,182 Net operating income $ 123,381 $ 127,964 $ 129,986 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | 15. QUARTERLY FINANCIAL DATA (UNAUDITED) Selected quarterly financial data is as follows: For the Quarter Ended (in thousands, except per share data) March 31 June 30 September 30 December 31 2019 Total revenues $ 50,694 $ 44,920 $ 44,230 $ 44,824 Total operating expenses $ (35,484 ) $ (34,297 ) $ (35,650 ) $ (39,482 ) Total other (expenses) income $ (11,324 ) $ 72,681 $ (743 ) $ 52,908 Net income $ 3,886 $ 83,304 $ 7,837 $ 58,250 Net income attributable to common stockholders $ 3,602 $ 77,399 $ 7,291 $ 54,259 Net income attributable to common stockholders per common share—basic and diluted (1) $ 0.03 $ 0.57 $ 0.05 $ 0.39 2018 Total revenues $ 44,627 $ 46,633 $ 49,675 $ 49,390 Total operating expenses $ (42,656 ) $ (35,575 ) $ (42,706 ) $ (36,210 ) Other expenses $ (11,362 ) $ (56 ) $ (10,726 ) $ (12,372 ) Net (loss) income $ (9,391 ) $ 11,002 $ (3,757 ) $ 808 Net (loss) income attributable to common stockholders $ (8,635 ) $ 10,115 $ (3,465 ) $ 748 Net (loss) income attributable to common stockholders per common share—basic and diluted (1) $ (0.07 ) $ 0.08 $ (0.03 ) $ 0.01 (1) Quarterly net income per common share amounts do not total the annual net income per common share amount due to changes in the number of weighted-average shares outstanding calculated on a quarterly and annual basis and included in the net income per share calculation. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. SUBSEQUENT EVENTS Acquisition of Property Subsequent to December 31, 2019, we had acquired (excluding properties related to our DST Program) one retail property located in Birmingham, Alabama, one industrial property located in Fort Worth, Texas and one industrial property located in San Antonio, Texas for a total aggregate purchase price of approximately $62.9 million . Acquisition Under Contract On January 15, 2020, we entered into a contract to acquire an industrial property located in Sterling, Virginia with a purchase price of approximately $5.0 million . On March 2, 2020, we entered into a contract to acquire an industrial property located in Denver, Colorado with a purchase price of approximately $12.3 million . There can be no assurance that we will complete the acquisitions of the properties under contract. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2019 Initial Cost to Company Gross Amount Carried at December 31, 2019 ($ in thousands) Location No. of Buildings Debt (1) Land Buildings and Improvements (2) Total Costs Cost Capitalized or Adjustments Subsequent to Acquisition (4) Land Buildings and Improvements (2) Total Costs (3, 4) Accumulated Depreciation (4, 5) Acquisition Date Depreciable Life (Years) Office properties: Bala Pointe Bala Cynwyd, PA 1 $ — $ 10,115 $ 27,516 $ 37,631 $ 10,819 $ 10,115 $ 38,335 $ 48,450 $ (19,108 ) 8/28/2006 1-40 1300 Connecticut Washington, DC 1 51,005 25,177 41,250 66,427 5,617 25,177 46,867 72,044 (27,599 ) 3/10/2009 2-40 1st Avenue Plaza Denver, CO 2 — 15,713 65,252 80,965 6,921 15,713 72,173 87,886 (17,918 ) 8/22/2014 1-40 CityView Austin, TX 2 — 4,606 65,250 69,856 5,472 4,606 70,722 75,328 (16,714 ) 4/24/2015 1-40 Eden Prairie Eden Prairie, MN 1 — 3,538 25,865 29,403 125 3,538 25,990 29,528 (10,561 ) 10/3/2008 5-40 Preston Sherry Plaza Dallas, TX 1 — 7,500 22,303 29,803 11,223 7,500 33,526 41,026 (15,495 ) 12/16/2009 1-40 3 Second Street Jersey City, NJ 1 127,000 16,800 193,742 210,542 32,602 16,800 226,344 243,144 (99,736 ) 6/25/2010 3-40 Venture Corporate Center Hollywood, FL 3 — 10,961 34,151 45,112 3,198 10,961 37,349 48,310 (11,028 ) 8/6/2015 1-40 Bank of America Tower Boca Raton, FL 1 — 5,030 30,917 35,947 1,426 5,030 32,343 37,373 (6,345 ) 12/11/2015 1-40 Total office properties 13 $ 178,005 $ 99,440 $ 506,246 $ 605,686 $ 77,403 $ 99,440 $ 583,649 $ 683,089 $ (224,504 ) Retail properties: Bandera Road San Antonio, TX 1 $ — $ 8,221 $ 23,472 $ 31,693 $ 7,495 $ 8,221 $ 30,967 $ 39,188 $ (11,680 ) 2/1/2007 1-40 Beaver Creek Apex, NC 1 — 12,426 31,375 43,801 (734 ) 10,727 32,340 43,067 (12,544 ) 5/11/2007 1-40 Braintree Braintree, MA 1 — 9,270 31,266 40,536 5,591 9,270 36,857 46,127 (12,929 ) 8/1/2007 1-40 Kingston Kingston, MA 1 — 8,580 12,494 21,074 5,459 8,580 17,953 26,533 (6,430 ) 8/1/2007 1-40 Manomet Manomet, MA 1 — 1,890 6,480 8,370 1,982 1,890 8,462 10,352 (3,066 ) 8/1/2007 2-40 Orleans Orleans, MA 1 — 8,780 23,683 32,463 775 8,780 24,458 33,238 (9,646 ) 8/1/2007 1-40 Sandwich Sandwich, MA 1 — 7,380 25,778 33,158 762 7,380 26,540 33,920 (10,430 ) 8/1/2007 1-40 Wareham Wareham, MA 1 — 12,972 27,030 40,002 3,425 12,972 30,455 43,427 (12,378 ) 8/1/2007 1-40 Abington Abington, MA 1 — 14,396 594 14,990 — 14,396 594 14,990 (594 ) 8/1/2007 — Hyannis Hyannis, MA 1 — 10,405 917 11,322 — 10,405 917 11,322 (618 ) 8/1/2007 18-68 Mansfield Mansfield, MA 1 — 5,340 16,490 21,830 — 5,340 16,490 21,830 (6,282 ) 8/1/2007 16-86 Initial Cost to Company Gross Amount Carried at December 31, 2019 ($ in thousands) Location No. of Buildings Debt (1) Land Buildings and Improvements (2) Total Costs Cost Capitalized or Adjustments Subsequent to Acquisition (4) Land Buildings and Improvements (2) Total Costs (3, 4) Accumulated Depreciation (4, 5) Acquisition Date Depreciable Life (Years) Meriden Meriden, CT 1 — 6,560 22,014 28,574 — 6,560 22,014 28,574 (8,843 ) 8/1/2007 13-43 Weymouth Weymouth, MA 2 — 5,170 19,396 24,566 (44 ) 4,913 19,609 24,522 (7,539 ) 8/1/2007 4-40 Whitman 475 Bedford Street Whitman, MA 1 — 3,610 11,682 15,292 — 3,610 11,682 15,292 (4,600 ) 8/1/2007 16-56 New Bedford New Bedford, MA 1 6,009 3,790 11,152 14,942 — 3,790 11,152 14,942 (4,054 ) 10/18/2007 22-40 Norwell Norwell, MA 1 2,349 5,850 14,547 20,397 — 5,850 14,547 20,397 (5,658 ) 10/18/2007 15-65 270 Center Washington, DC 1 70,000 19,779 42,515 62,294 880 19,781 43,393 63,174 (18,303 ) 4/6/2009 1-40 Springdale Springfield, MA 1 — 11,866 723 12,589 8 11,866 731 12,597 (557 ) 2/18/2011 6-62 Saugus Saugus, MA 1 — 3,783 9,713 13,496 120 3,783 9,833 13,616 (5,104 ) 3/17/2011 3-40 Durgin Square Portsmouth, NH 2 — 7,209 21,055 28,264 1,941 7,209 22,996 30,205 (7,285 ) 5/28/2014 1-40 Salt Pond Narragansett, RI 2 — 8,759 40,233 48,992 1,150 8,759 41,383 50,142 (9,896 ) 11/4/2014 1-40 South Cape Mashpee, MA 6 — 9,936 27,552 37,488 4,394 10,307 31,575 41,882 (6,367 ) 3/18/2015 1-40 Shenandoah Davie, FL 3 9,494 10,501 27,397 37,898 221 10,501 27,618 38,119 (5,490 ) 8/6/2015 1-40 Chester Springs Chester, NJ 4 — 7,376 51,155 58,531 4,643 7,376 55,798 63,174 (10,434 ) 10/8/2015 1-40 Yale Village Tulsa, OK 4 — 3,492 30,655 34,147 143 3,492 30,798 34,290 (5,115 ) 12/9/2015 3-40 Suniland Shopping Center Pinecrest, FL 4 — 34,804 33,902 68,706 1,185 34,804 35,087 69,891 (6,260 ) 5/27/2016 1-40 Total retail properties 45 $ 87,852 $ 242,145 $ 563,270 $ 805,415 $ 39,396 $ 240,562 $ 604,249 $ 844,811 $ (192,102 ) Multi-family properties: The Daley Rockville, MD 4 $ 62,000 $ 15,139 $ 80,500 $ 95,639 $ 180 $ 15,139 $ 80,680 $ 95,819 $ (2,211 ) 7/2/2019 1-40 Juno Winter Park Winter Park, FL 1 — 9,129 75,420 84,549 (2 ) 9,129 75,418 84,547 (1,831 ) 7/9/2019 1-40 Perimeter Sandy Springs, GA 1 — 17,407 99,763 117,170 — 17,408 99,762 117,170 — 12/19/2019 1-40 Total Multi-family properties 6 $ 62,000 $ 41,675 $ 255,683 $ 297,358 $ 178 $ 41,676 $ 255,860 $ 297,536 $ (4,042 ) Industrial properties: South Columbia Campbellsville, KY 1 $ — $ 730 $ 25,092 $ 25,822 $ 5,157 $ 730 $ 30,249 $ 30,979 $ (15,229 ) 6/25/2010 4-40 Vasco Road Livermore, CA 1 — 4,880 12,019 16,899 (698 ) 4,880 11,321 16,201 (1,645 ) 7/21/2017 3-40 Northgate North Las Vegas, NV 1 — 3,940 20,715 24,655 16 3,942 20,729 24,671 (1,921 ) 7/26/2017 10-40 Initial Cost to Company Gross Amount Carried at December 31, 2019 ($ in thousands) Location No. of Buildings Debt (1) Land Buildings and Improvements (2) Total Costs Cost Capitalized or Adjustments Subsequent to Acquisition (4) Land Buildings and Improvements (2) Total Costs (3, 4) Accumulated Depreciation (4, 5) Acquisition Date Depreciable Life (Years) Stafford Grove Stafford, TX 3 — 8,540 28,879 37,419 1,642 8,586 30,475 39,061 (2,263 ) 4/9/2018 4-40 Kaiser Business Center Folcroft, PA 2 — 6,140 12,730 18,870 16 6,140 12,746 18,886 (1,011 ) 12/10/2018 2-40 Tri-County DC Schertz, TX 1 — 2,346 18,400 20,746 46 2,346 18,446 20,792 (953 ) 2/13/2019 1-40 Florence Logistics Center Florence, KY 1 — 1,791 16,968 18,759 — 1,791 16,968 18,759 (502 ) 5/14/2019 1-40 World Connect Logistics Center Indianapolis, IN 1 — 4,983 39,172 44,155 — 4,983 39,172 44,155 (419 ) 9/27/2019 1-40 Tri-County DC II A Schertz, TX 1 — 1,280 8,562 9,842 — 1,280 8,562 9,842 (127 ) 10/1/2019 1-40 Aurora DC Aurora, IL 1 — 1,681 6,887 8,568 — 1,681 6,887 8,568 — 12/13/2019 1-40 Total industrial properties 13 $ — $ 36,311 $ 189,424 $ 225,735 $ 6,179 $ 36,359 $ 195,555 $ 231,914 $ (24,070 ) Grand total 77 $ 327,857 $ 419,571 $ 1,514,623 $ 1,934,194 $ 123,156 $ 418,037 $ 1,639,313 $ 2,057,350 $ (444,718 ) (1) These properties are encumbered by mortgage notes. Amounts reflects principal amount outstanding as of December 31, 2019 . See “ Note 4 to the Consolidated Financial Statements ” in Item 8, “Financial Statements and Supplementary Data” for more detail regarding our borrowings. (2) Includes gross intangible lease assets. (3) As of December 31, 2019 , the aggregate cost for federal income tax purposes of investments in property was approximately $1.3 billion (unaudited). (4) Amount is presented net of impairments and other write-offs of tenant-related assets that were recorded at acquisition as part of our purchase price accounting. Such write-offs are the result of lease expirations and terminations. (5) Includes intangible lease asset amortization. The following table summarizes investment in real estate properties and accumulated depreciation and amortization activity for the periods presented below: For the Year Ended December 31, 2019 2018 2017 Investments in real estate properties: Balance at the beginning of period $ 2,008,733 $ 2,028,906 $ 2,204,322 Acquisitions of properties 399,428 56,289 41,554 Improvements 44,103 46,973 33,332 Disposition of properties (394,711 ) (107,292 ) (242,424 ) Impairment of real estate (113 ) (14,648 ) (1,116 ) Write-offs of intangibles and tenant leasing costs (90 ) (1,495 ) (6,762 ) Balance at the end of period $ 2,057,350 $ 2,008,733 $ 2,028,906 Accumulated depreciation and amortization: Balance at the beginning of period $ 501,621 $ 488,636 $ 492,911 Real estate depreciation and amortization expense 57,342 57,866 68,070 Above-market lease assets amortization expenses 792 1,096 2,392 Disposition of properties (114,948 ) (44,482 ) (67,975 ) Write-offs of intangibles and tenant leasing costs (89 ) (1,495 ) (6,762 ) Balance at the end of period $ 444,718 $ 501,621 $ 488,636 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, the accompanying consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. |
Basis of Consolidation | Basis of Consolidation The consolidated financial statements include the accounts of Black Creek Diversified Property Fund Inc., the Operating Partnership, their wholly-owned subsidiaries, including a taxable REIT subsidiary, and their consolidated joint ventures, as well as amounts related to noncontrolling interests. See “Noncontrolling Interests” below for further detail concerning the accounting policies regarding noncontrolling interests. All material intercompany accounts and transactions have been eliminated. The Operating Partnership meets the criteria of a variable interest entity (“VIE”) as the Operating Partnership’s limited partners do not have the right to remove the general partner and do not have substantive participating rights in the operations of the Operating Partnership. Pursuant to the operating partnership agreement, we are the primary beneficiary of the Operating Partnership as we have the obligation to absorb losses and receive benefits, and the power to control substantially all of the activities which most significantly impact the economic performance of the Operating Partnership. As such, the Operating Partnership continues to be consolidated within our consolidated financial statements. |
Use of Estimates | Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they are determined to be necessary. |
Reclassifications | Reclassifications Certain items in our consolidated statements of cash flows for 2018 and 2017 have been reclassified to conform to the 2019 presentation. Straight-line rent and amortization of above- and below-market leases have been reclassified from previous line items within operating activities to be shown separately on one line item on the consolidated statements of cash flows. |
Investment In Real Estate Properties | Investment in Real Estate Properties We first determine whether an acquisition constitutes a business or asset acquisition. Upon either a business or asset acquisition, the purchase price of a property is allocated to land, building, and intangible lease assets and liabilities. The allocation of the purchase price to building is based on management’s estimate of the property’s “as-if” vacant fair value. The “as-if” vacant fair value is determined by using all available information such as the replacement cost of such asset, appraisals, property condition reports, market data and other related information. The allocation of the purchase price to intangible lease assets represents the value associated with the in-place leases, which may include lost rent, leasing commissions, tenant improvements, legal and other related costs. The allocation of the purchase price to above-market lease assets and below-market lease liabilities results from in-place leases being above or below management’s estimate of fair market rental rates at the acquisition date and are measured over a period equal to the remaining term of the lease for above-market leases and the remaining term of the lease, plus the term of any below-market fixed-rate renewal option periods, if applicable, for below-market leases. Intangible lease assets, above-market lease assets, and below-market lease liabilities are collectively referred to as “intangible lease assets and liabilities.” If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. No debt was assumed in connection with our 2019 or 2018 acquisitions. Transaction costs associated with the acquisition of a property are capitalized as incurred in an asset acquisition and are allocated to land, building and intangible lease assets on a relative fair value basis. Properties that are probable to be sold are to be designated as “held for sale” on the consolidated balance sheets when certain criteria are met. The results of operations for acquired properties are included in the consolidated statements of operations from their respective acquisition dates. Intangible lease assets are amortized to real estate-related depreciation and amortization over the remaining lease term. Above-market lease assets are amortized as a reduction in rental revenues over the remaining lease term and below-market lease liabilities are amortized as an increase in rental revenues over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability when a tenant terminates a lease before the stated lease expiration date. During the years ended December 31, 2019 , 2018 and 2017 , we recorded $2.0 million , $0.5 million and $2.1 million , respectively, related to write-offs of unamortized intangible lease assets and liabilities due to early lease terminations. Land, building, building and land improvements, tenant improvements, lease commissions, and intangible lease assets and liabilities, which are collectively referred to as “real estate assets,” are stated at historical cost less accumulated depreciation and amortization. Costs associated with the development and improvement of our real estate assets are capitalized as incurred. These costs include capitalized interest, insurance, real estate taxes and certain general and administrative expenses if such costs are incremental and identifiable to a specific activity to prepare the real estate asset for its intended use. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as describe in the following table: Land Not depreciated Building 40 years Building and land improvements 10-40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible in-place lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options Real estate assets that are determined to be held and used will be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, and we will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. Refer to “ Note 3 ” for detail regarding the non-cash impairment charges recorded during the years ended December 31, 2019 , 2018 and 2017 . |
Debt-Related Investments | Debt-Related Investments Debt-related investments are considered to be held for investment, as we have both the intent and ability to hold these investments until maturity. Accordingly, these assets are carried at cost, net of unamortized loan origination costs and fees, discounts, repayments and unfunded commitments unless such loans or investments are deemed to be impaired. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less, such as money market mutual funds or certificates of deposit. We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash equivalents with high credit-quality institutions to minimize credit risk. |
Restricted Cash | Restricted Cash Restricted cash consists primarily of lender and property-related escrow accounts. |
Derivative Instruments | Derivative Instruments We record our derivative instruments at fair value. The accounting for changes in fair value of derivative instruments depends on whether it has been designated and qualifies as a hedge and, if so, the type of hedge. Our interest rate swap derivative instruments are designated as cash flow hedges and are used to hedge exposure to variability in expected future interest payments. The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) on the consolidated balance sheets and is subsequently reclassified into earnings as interest expense for the period that the hedged forecasted transaction affects earnings, which is when the interest expense is recognized on the related debt. Our interest rate cap derivative instruments are not designated as hedges and therefore, changes in fair value must be recognized through income. We do not use derivative instruments for trading or speculative purposes. |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs include fees and costs incurred to obtain long-term financing, including costs associated with financing obligations. These fees and costs are amortized to interest expense over the expected terms of the related credit facilities. Unamortized deferred financing costs are written off if debt is retired before its expected maturity date. |
Distribution Fees | Distribution Fees Distribution fees are paid monthly. Distribution fees are accrued upon the issuance of Class T, Class S and Class D shares. As of the balance sheet date, we accrue for: (i) the monthly amount payable, and (ii) the estimated amount of distribution fees that we may pay in future periods. The accrued distribution fees are reflected in additional paid-in capital in stockholders’ equity . See “ Note 10 ” for additional information regarding when distribution fees become payable. |
Noncontrolling Interests | Noncontrolling Interests Due to our control of the Operating Partnership through our sole general partner interest and our limited partner interest, we consolidate the Operating Partnership. The remaining limited partner interests in the Operating Partnership are owned by third-party investors and are presented as noncontrolling interests in the consolidated financial statements. The noncontrolling interests are reported on the consolidated balance sheets within permanent equity, separate from stockholders’ equity. |
Revenue Recognition | Revenue Recognition When a lease is entered into, we first determine if the collectability from the tenant is probable. If the collectability is not probable, we recognize revenue when the payment has been received. If the collectability is determined to be probable, we record rental revenue on a straight-line basis over the full lease term. Certain properties have leases that offer the tenant a period of time where no rent is due or where rent payments change during the term of the lease. Accordingly, we record receivables from tenants for rent that we expect to collect over the remaining lease term rather than currently, which are recorded as a straight-line rent receivable. We evaluate collectability from our tenants on an ongoing basis. If the assessment of collectability changes during the lease term, any difference between the revenue that would have been recognized under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to rental revenues. When we acquire a property, the term of each existing lease is considered to commence as of the acquisition date for purposes of this calculation. As of December 31, 2019 and 2018 , our straight-line rent and tenant receivables were approximately $25.6 million and $31.6 million , respectively, and our allowance for doubtful accounts was approximately $0.8 million and $0.6 million , respectively. These amounts are included in our other assets on the consolidated balance sheets. In connection with property acquisitions, we may acquire leases with rental rates above or below estimated market rental rates. Above-market lease assets are amortized as a reduction to rental revenue over the remaining lease term, and below-market lease liabilities are amortized as an increase to rental revenue over the remaining lease term, plus any applicable fixed-rate renewal option periods. We expense any unamortized intangible lease asset or record an adjustment to rental revenue for any unamortized above-market lease asset or below-market lease liability by reassessing the estimated remaining useful life of such intangible lease asset or liability when it becomes probable a tenant will terminate a lease before the stated lease expiration date. Upon disposition of a real estate asset, we will evaluate the transaction to determine if control of the asset, as well as other specified criteria, has been transferred to the buyer to determine proper timing of recognizing gains or losses. |
Income Taxes | Income Taxes We elected under the Internal Revenue Code of 1986, as amended, to be taxed as a REIT beginning with the tax year ended December 31, 2006. As a REIT, we generally are not subject to federal income taxes on net income we distribute to our stockholders. We intend to make timely distributions sufficient to satisfy the annual distribution requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate tax rates. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property and federal income and excise taxes on our undistributed income. |
Net Income (Loss) Per Share | Net Income (Loss) Per Share Basic net income (loss) per common share is determined by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per common share includes the effects of potentially issuable common stock, but only if dilutive, including the presumed exchange of partnership interest in the Operating Partnership (“OP Units”). |
Fair Value Measurements | Fair Value Measurements Fair value measurements are determined based on assumptions that market participants would use in pricing of assets or estimating liabilities. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that we could realize upon settlement. The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: • Quoted prices for similar assets/liabilities in active markets; • Quoted prices for identical or similar assets/liabilities in non-active markets (e.g., few transactions, limited information, non-current prices, high variability over time); • Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatilities, default rates); and • Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data. |
Concentration of Credit Risk | Concentration of Credit Risk As our revenues predominately consist of rental payments, we are dependent on our tenants for our source of revenues. Concentration of credit risk arises when our source of revenue is highly concentrated from certain of our tenants. As of December 31, 2019 , no tenants represented more than 10.0% of our total annualized base rent. |
Recently Adopted Accounting Standards and Recently Issued Accounting Standards | Recently Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Subtopic 842)” (“ASU 2016-02”), which provides guidance for greater transparency in financial reporting by organizations that lease assets such as real estate, airplanes and manufacturing equipment by requiring such organizations to recognize lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Additional guidance and targeted improvements to ASU 2016-02 were made through the issuance of supplemental ASUs. In January 2018, the FASB issued ASU No. 2018-01, “Leases (Subtopic 842): Land Easement Practical Expedient for Transition to Topic 842” (“ASU 2018-01”), which updated ASU 2016-02 to include land easements under the updated guidance, including the option to elect the practical expedient discussed above. In December 2018, the FASB issued ASU No. 2018-20, “Narrow—Scope Improvements for Lessors” (“ASU 2018-20”), which updated 2016-02 by providing the option to elect a practical expedient for lessors to exclude sales and other similar taxes from the transaction price of the contract, allows lessors to exclude from revenue and expense lessor costs paid directly to a third party by lessees, and clarifies lessors’ accounting for variable payments related to both lease and non-lease components. We adopted ASU 2016-02 and its supplemental ASUs when they became effective for us using the modified retrospective transition approach as of the reporting period beginning January 1, 2019, and we elected the practical expedients available for implementation under the standards. Under the practical expedients election, we were not required to reassess: (i) whether an expired or existing contract met the definition of a lease; (ii) the lease classification at January 1, 2019 for existing leases; and (iii) whether costs previously capitalized as initial direct costs would continue to be amortized. We also adopted the practical expedient that allowed us to not separate tenant reimbursement revenue from rental revenue if certain criteria were met. We assessed the criteria and concluded that the timing and pattern of transfer for rental revenue and the related tenant reimbursement revenue are the same and the lease component, if accounted for separately, would be classified as an operating lease. As such, we account for and presented rental revenue and tenant reimbursement revenue as a single component in the consolidated statements of operations. The adoption of these standards did not have a material effect on our consolidated financial statements. In July 2019, the FASB issued ASU No. 2019-07, “Codification Updates to SEC Sections” (“ASU 2019-07”), which updates various codification topics by clarifying or improving the disclosure requirements to align with the SEC’s regulations. We adopted this standard immediately upon its issuance. The adoption did not have a material effect on our consolidated financial statements. Recently Issued Accounting Standards In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326)” (“ASU 2016-13”), which introduces a new model for recognizing credit losses for certain financial instruments, including loans, accounts receivable and debt securities. The new model requires an estimate of expected credit losses over the life of exposure to be recorded through the establishment of an allowance account, which is presented as an offset to the related financial asset. The expected credit loss is recorded upon the initial recognition of the financial asset. In November 2018, the FASB issued ASU No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses” (“ASU 2018-19”), which clarifies the scope of the guidance in the amendments in ASU 2016-13. Both ASU 2016-13 and ASU 2018-19 will be effective for annual and interim reporting periods beginning after December 15, 2019, with earlier adoption permitted. The guidance will generally be adopted on a modified retrospective basis, with exceptions for certain types of financial assets. We plan on adopting ASU 2016-13 and ASU 2018-19 as of the reporting period beginning on January 1, 2020. We do not expect the adoption to have a significant impact on our consolidated financial statements. |
DST Program | We have a program to raise capital through private placement offerings by selling beneficial interests in specific Delaware statutory trusts holding real properties (the “DST Program”). Under the DST Program, each private placement offers interests in one or more real properties placed into one or more Delaware statutory trust(s) by the Operating Partnership or its affiliates (“DST Properties”). DST Properties may be sourced from properties currently indirectly owned by the Operating Partnership or newly acquired properties. The underlying interests of real properties sold to investors pursuant to such private placements are leased-back by an indirect wholly owned subsidiary of the Operating Partnership on a long-term basis. These master lease agreements are fully guaranteed by the Operating Partnership. Additionally, the Operating Partnership retains a fair market value purchase option giving it the right, but not the obligation, to acquire the interests in the Delaware statutory trusts from the investors at a later time in exchange for OP Units. Under the master lease, we are responsible for subleasing the property to occupying tenants and all underlying costs associated with operating the property, and are responsible for paying rent to the Delaware statutory trust that owns such property. As such, 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 payment obligations taking the place of the cost of equity and debt capital. Accordingly, 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 item on the consolidated statements of operations. Consistent with the foregoing, rental payments made to the Delaware statutory trusts pursuant to the master lease agreements are accounted for using the interest method whereby a portion is accounted for as interest expense and a portion is accounted for as an accretion or amortization of the outstanding principal balance of the financing obligations. The net amount we receive from the underlying properties subject to the master lease may be more or less than the amount we pay to the investors of the DST Program and could fluctuate over time. Consistent with the financial reporting position described herein, the proceeds from each private placement under the DST Program are accounted for as a financing obligation on the consolidated balance sheets due to the fact that we have an option (which may or may not be exercised) to purchase the interests in the Delaware statutory trusts and thereby acquire the real property owned by the Delaware statutory trusts. Consistent with the financial reporting position described herein, upfront costs incurred for services provided by Black Creek Diversified Property Advisors LLC (the “Advisor”) and its affiliates related to the DST Program are accounted for as deferred loan costs and are netted against the financing obligation. In order to facilitate additional capital raise through the DST Program, we may offer loans (“DST Program Loans”) to finance a portion of the sale of beneficial interests (the “DST Interests”) in the trusts holding DST Properties to potential investors. As of December 31, 2019 , we have made approximately $19.4 million in DST Program Loans to partially finance the sale of DST Interests in the DST Program. DST Program Loans are evidenced by promissory notes from the investor and are secured by the investor’s DST Interests based on commercially reasonable terms. DST Program Loans bear interest at market rates that may be fixed or based on LIBOR and are non-recourse to the investor (except for certain non-recourse carve-outs). Accordingly, we include our investments in DST Program Loans separately on our consolidated balance sheets in the “DST Program loans” line item and we include income earned from DST Program Loans in “other income” on our statements of operations. We do not have a significant credit concentration with any individual purchaser as a result of DST Program Loans. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Depreciation and Amortization Computed on Straight-Line Basis over Estimated Useful Lives | Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as describe in the following table: Land Not depreciated Building 40 years Building and land improvements 10-40 years Tenant improvements Lesser of useful life or lease term Lease commissions Over lease term Intangible in-place lease assets Over lease term Above-market lease assets Over lease term Below-market lease liabilities Over lease term, including below-market fixed-rate renewal options |
Investments in Real Estate Pr_2
Investments in Real Estate Properties (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Schedule of Consolidated Investments in Real Property | The following table summarizes our consolidated investments in real estate properties: As of December 31, (in thousands) 2019 2018 Land $ 418,037 $ 421,531 Buildings and improvements 1,375,192 1,271,773 Intangible lease assets 264,121 315,429 Investment in real estate properties 2,057,350 2,008,733 Accumulated depreciation and amortization (444,718 ) (501,621 ) Net investment in real estate properties $ 1,612,632 $ 1,507,112 |
Schedule of Asset Acquisitions | During the years ended December 31, 2019 and 2018 , we acquired 100% of the following properties, all of which were determined to be asset acquisitions: ($ in thousands) Property Type Acquisition Date Total Purchase Price 2019 Acquisitions: Tri-County Distribution Center Industrial 2/13/2019 $ 20,729 Florence Logistics Center Industrial 5/14/2019 18,629 World Connect Logistics Center Industrial 9/27/2019 43,971 Tri-County DC II A Industrial 10/1/2019 9,821 Aurora DC Industrial 12/13/2019 8,548 The Daley Multi-family 7/2/2019 95,305 Juno Winter Park Multi-family 7/9/2019 84,549 Perimeter Multi-family 12/19/2019 117,170 Total 2019 acquisitions $ 398,722 2018 Acquisitions: Stafford Grove Industrial 4/9/2018 $ 37,420 Kaiser Industrial 12/10/2018 18,678 Total 2018 acquisitions $ 56,098 |
Allocation of Purchase Price Allocations | During the years ended December 31, 2019 and 2018 , we allocated the purchase price of our acquisitions to land, building and intangible lease assets and liabilities as follows: As of December 31, ($ in thousands) 2019 2018 Land $ 53,756 $ 14,680 Building 328,928 36,070 Intangible lease assets 16,480 5,484 Above-market lease assets 265 55 Below-market lease liabilities (707 ) (191 ) Total purchase price $ 398,722 $ 56,098 |
Intangible Lease Assets and Liabilities | Intangible lease assets and liabilities as of December 31, 2019 and 2018 include the following: As of December 31, 2019 As of December 31, 2018 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible lease assets $ 242,704 $ (200,623 ) $ 42,081 $ 282,961 $ (238,768 ) $ 44,193 Above-market lease assets 21,417 (20,859 ) 558 32,468 (31,382 ) 1,086 Below-market lease liabilities (80,002 ) 36,499 (43,503 ) (82,060 ) 34,864 (47,196 ) |
Expected Amortization During Next Five Years and Thereafter Related to Acquired Above-Market Lease Assets, Below-Market Lease Liabilities and Acquired In-Place Lease Intangibles | The following table details the estimated net amortization of such intangible lease assets and liabilities, as of December 31, 2019 , for the next five years and thereafter: As of December 31, 2019 (in thousands) 2020 2021 2022 2023 2024 Thereafter Total Intangible lease assets $ 11,161 $ 7,571 $ 6,103 $ 4,397 $ 3,208 $ 9,641 $ 42,081 Above-market lease assets 116 81 73 61 46 181 558 Below-market lease liabilities (3,041 ) (2,669 ) (2,559 ) (2,424 ) (2,306 ) (30,504 ) (43,503 ) |
Schedule of Adjustments to Rental Revenue Related to Amortization of Above-Market Lease Assets, Below-Market Lease Liabilities, and for Straight-Line Rental Adjustments | The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities, and real estate-related depreciation and amortization expense: For the Year Ended December 31, (in thousands) 2019 2018 2017 Increase (decrease) to rental revenue: Straight-line rent adjustments (1) $ 7,776 $ 14,508 $ 1,855 Above-market lease amortization (792 ) (1,096 ) (2,392 ) Below-market lease amortization 4,042 4,808 5,395 Real estate-related depreciation and amortization: Depreciation expense $ 40,824 $ 38,091 $ 39,212 Intangible lease asset amortization 16,518 19,775 28,858 (1) The straight-line rent adjustment amount for the years ended December 31, 2019 and 2018 includes $6.1 million and $10.1 million , respectively, related to early lease termination payments that are being recognized to rental revenues on a straight-line basis over the remaining term of the respective lease. |
Future Minimum Rental Receivable Under Non Cancelable Operating and Ground Leases | Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to us from our commercial tenants under the terms of non-cancelable operating and ground leases in effect as of December 31, 2019 and December 31, 2018 , excluding rental revenues from the potential renewal or replacement of existing leases, were as follows for the next five years and thereafter: As of December 31, (in thousands) 2019 2018 Year 1 $ 112,685 $ 133,999 Year 2 104,968 116,145 Year 3 86,934 104,997 Year 4 71,983 88,136 Year 5 54,446 74,661 Thereafter 177,566 323,040 Total $ 608,582 $ 840,978 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings | A summary of our debt is as follows: Weighted-Average Effective Interest Rate as of Balance as of ($ in thousands) December 31, 2019 December 31, 2018 Maturity Date December 31, 2019 December 31, 2018 Line of credit (1) 3.16% 4.05% January 2023 $ — $ 131,000 Term loan (2) 3.04% 3.52% January 2024 325,000 275,000 Term loan (3) 3.29% 3.79% February 2022 200,000 200,000 Fixed-rate mortgage notes (4) 3.52% 3.57% September 2021 - December 2029 200,857 173,932 Floating-rate mortgage notes (5) 4.01% 4.97% January 2020 127,000 225,600 Total principal amount / weighted-average (6) 3.36% 3.98% $ 852,857 $ 1,005,532 Less: unamortized debt issuance costs $ (6,535 ) $ (4,627 ) Add: mark-to-market adjustment on assumed debt 245 393 Total debt, net $ 846,567 $ 1,001,298 Gross book value of properties encumbered by debt $ 535,196 $ 598,978 (1) The effective interest rate is calculated based on the London Interbank Offered Rate (“LIBOR”), plus a margin ranging from 1.30% to 2.10% , depending on our consolidated leverage ratio. As of December 31, 2019 , the unused and available portions under the line of credit were approximately $450.0 million and $246.0 million , respectively. The line of credit is available for general business purposes including, but not limited to, refinancing of existing indebtedness and financing the acquisition of permitted investments, including commercial properties. (2) The effective interest rate is calculated based on LIBOR, plus a margin ranging from 1.25% to 2.05% , depending on our consolidated leverage ratio. Total commitments for this term loan are $325.0 million . There are no amounts unused or available under this term loan as of December 31, 2019 . The weighted-average interest rate is the all-in interest rate, including the effects of interest rate swap agreements relating to approximately $150.0 million in borrowings under this term loan. (3) The effective interest rate is calculated based on LIBOR, plus a margin ranging from 1.25% to 2.05% , depending on our consolidated leverage ratio. Total commitments for this term loan are $200.0 million . There are no amounts unused or available under this term loan as of December 31, 2019 . The weighted-average interest rate is the all-in interest rate and is fixed through interest swap agreements. (4) The amount outstanding as of December 31, 2019 includes a $51.0 million floating-rate mortgage note that is subject to an interest rate spread of 1.65% over one-month LIBOR, which we have effectively fixed using an interest rate swap at 2.85% until the designated cash flow hedge expires in July 2021. This mortgage note matures in August 2023. (5) The effective interest rate is calculated based on LIBOR plus a margin. In conjunction with the disposition of 655 Montgomery in May 2019, we repaid approximately $98.6 million of property-level loans that would have matured in September 2020. As of December 31, 2019 and 2018 , our floating-rate mortgage notes were subject to a weighted-average interest rate spread of 2.25% and 2.47% , respectively. Amount includes a mortgage note originally scheduled to expire in January 2020. Subsequent to December 31, 2019, we exercised one of the one -year extension options extending maturity to January 2021. The mortgage note may still be extended an additional one year, subject to certain conditions. (6) The weighted-average remaining term of our borrowings was approximately 3.4 years as of December 31, 2019 , excluding the impact of certain extension options. |
Schedule of Borrowings Reflects Contractual Debt Maturities | As of December 31, 2019 , the principal payments due on our debt during each of the next five years and thereafter were as follows: (in thousands) Line of Credit Term Loans Mortgage Notes (1) Total 2020 $ — $ — $ 129,766 $ 129,766 2021 — — 11,627 11,627 2022 (2) — 200,000 2,478 202,478 2023 (3) — — 48,484 48,484 2024 — 325,000 1,844 326,844 Thereafter — — 133,658 133,658 Total principal payments $ — $ 525,000 $ 327,857 $ 852,857 (1) Includes a $127.0 million floating-rate mortgage note originally scheduled to expire in January 2020. Subsequent to December 31, 2019, we exercised one of the one -year extension options extending the maturity to January 2021. The mortgage note may still be extended an additional one year, subject to certain conditions. (2) The term of this term loan may be extended pursuant to two one -year extension options, subject to certain conditions. (3) The term of the line of credit may be extended pursuant to two six -month extension options, subject to certain conditions. |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table summarizes the location and fair value of our derivative instruments on our consolidated balance sheets: Fair Value ($ in thousands) Number of Contracts Notional Amount Other Assets Other Liabilities December 31, 2019 Interest rate swaps (1) 14 $ 601,005 $ 288 $ 13,308 Interest rate caps 1 146,600 — — Total derivative instruments 15 $ 747,605 $ 288 $ 13,308 December 31, 2018 Interest rate swaps (1) 15 $ 634,565 $ 6,692 $ 3,220 Interest rate caps 4 338,450 25 — Total derivative instruments 19 $ 973,015 $ 6,717 $ 3,220 (1) Includes four interest rate swaps with a combined notional amount of $200.0 million that became effective in January 2020 and three interest rate swaps with a combined notional of $150.0 million that expired in January 2020. |
Effect of Derivative Financial Instruments on Financial Statements | The following table presents the effect of our derivative instruments on our consolidated financial statements: For the Year Ended December 31, (in thousands) 2019 2018 2017 Derivative instruments designated as cash flow hedges: (Loss) gain recognized in AOCI $ (13,341 ) $ 317 $ 1,509 (Gain) loss reclassified from AOCI into interest expense (1,600 ) 986 4,828 Gain reclassified from AOCI due to hedged transactions becoming probable of not occurring (1,374 ) — — Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded 48,170 48,358 42,305 Derivative instruments not designated as cash flow hedges: (Loss) gain recognized in income $ (25 ) $ 49 $ (119 ) |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents our financial instruments measured at fair value on a recurring basis: (in thousands) Level 1 Level 2 Level 3 Total December 31, 2019 Assets: Derivative instruments $ — $ 288 $ — $ 288 Total assets measured at fair value $ — $ 288 $ — $ 288 Liabilities: Derivative instruments $ — $ 13,308 $ — $ 13,308 Total liabilities measured at fair value $ — $ 13,308 $ — $ 13,308 December 31, 2018 Assets: Derivative instruments $ — $ 6,717 $ — $ 6,717 Total assets measured at fair value $ — $ 6,717 $ — $ 6,717 Liabilities: Derivative instruments $ — $ 3,220 $ — $ 3,220 Total liabilities measured at fair value $ — $ 3,220 $ — $ 3,220 |
Nonrecurring Fair Value Measurements | The carrying values and fair values of these financial instruments were as follows: As of December 31, 2019 As of December 31, 2018 (in thousands) Carrying Fair Carrying Fair Assets: Debt-related investments $ 2,578 $ 2,604 $ 10,682 $ 10,709 DST Program loans 19,404 19,404 660 660 Liabilities: Line of credit $ — $ — $ 131,000 $ 131,000 Term loans 525,000 525,000 475,000 475,000 Mortgage notes 327,857 326,447 399,532 398,117 (1) The carrying amount reflects the principal amount outstanding. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Preliminary Taxability of Distributions on Common Shares | The following unaudited table summarizes the annual information reported to investors regarding the taxability of distributions on common stock, as a percentage of total distributions, for the years ended December 31, 2019 , 2018 and 2017 . This information assumes that an investor owned shares of our common stock for the full 2019 calendar year. For the Year Ended December 31, 2019 2018 2017 Ordinary income (1) 22.78 % 42.22 % 50.01 % Non-taxable return of capital 61.01 57.78 — Capital gain (2) 16.21 — 49.99 Total distributions 100.00 % 100.00 % 100.00 % (1) Our overall taxability decreased in 2019 as compared to 2018 primarily due to reduced taxable income from operations. (2) Capital gain taxability increased in 2019 due to increased disposition activity in 2019. Notwithstanding, DPF utilized 1031 tax deferred exchanges in relation to certain dispositions in order to defer capital gains treatment. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Summary of Public Offering | A summary of our public offerings (including shares sold through the primary offering and distribution reinvestment plan (“DRIP”)) for the year ended December 31, 2019 , is as follows: (in thousands) Class T Class S Class D Class I Class E Total Amount of gross proceeds raised: Primary offering $ 28,000 $ 81,660 $ 7,712 $ 54,937 $ — $ 172,309 DRIP 648 2,691 590 7,863 8,803 20,595 Total offering $ 28,648 $ 84,351 $ 8,302 $ 62,800 $ 8,803 $ 192,904 Number of shares sold: Primary offering 3,298 10,926 1,050 7,881 — 23,155 DRIP 88 366 80 1,069 1,197 2,800 Total offering 3,386 11,292 1,130 8,950 1,197 25,955 |
Information of Share Transactions | The following table describes the changes in each class of common shares during each of the years ended December 31, 2019 , 2018 and 2017 : (in thousands) Class T Class S Class D Class I Class E Total Balance as of December 31, 2016 2,001 N/A 2,271 34,039 112,325 150,636 Issuance of common stock: Primary shares 134 64 267 2,181 — 2,646 Distribution reinvestment plan 63 — 73 1,036 1,934 3,106 Share-based compensation — — — (99 ) — (99 ) Redemptions of common stock (136 ) — (101 ) (3,022 ) (20,564 ) (23,823 ) Balance as of December 31, 2017 2,062 64 2,510 34,135 93,695 132,466 Issuance of common stock: Primary shares 878 10,414 531 6,865 — 18,688 Distribution reinvestment plan 64 81 68 941 1,385 2,539 Share-based compensation — — — 42 — 42 Redemptions of common stock (221 ) (43 ) (331 ) (4,598 ) (17,690 ) (22,883 ) Balance as of December 31, 2018 2,783 10,516 2,778 37,385 77,390 130,852 Issuance of common stock: Primary shares 3,298 10,926 1,050 7,881 — 23,155 Distribution reinvestment plan 88 366 80 1,069 1,197 2,800 Share-based compensation — — — 86 — 86 Redemptions of common stock (317 ) (1,215 ) (409 ) (2,689 ) (11,783 ) (16,413 ) Balance as of December 31, 2019 5,852 20,593 3,499 43,732 66,804 140,480 (1) On September 1, 2017, we amended our charter and restructured our outstanding share classes as part of a broader restructuring. As part of the restructuring, we, among other things, changed our outstanding unclassified shares of common stock (which, since 2012, we referred to as “Class E” shares ) to a new formally designated class of Class E shares; changed our outstanding Class A, Class W and Class I shares of common stock to Class T, Class D and a new version of Class I shares of common stock, respectively; and created a new class of common stock called Class S shares. When we refer to our share classes in this table with respect to dates prior to September 1, 2017, we are referring to our shares under our prior share structure, and when we refer to our share classes in this table with respect to dates on or after September 1, 2017, we are referring to our shares under our new share structure. |
Total Distributions Declared and Portion of Each Contribution Paid in Cash and Reinvested | The following table summarizes our distribution activity (including distributions to noncontrolling interests and distributions reinvested in shares of our common stock) for the periods below: Amount (in thousands, except per share data) Declared per Common Share (1) Common Stock Distributions Paid in Cash Other Cash Distributions (2) Reinvested in Shares Total Distributions 2019 March 31 $ 0.09375 $ 7,198 $ 1,244 $ 4,997 $ 13,439 June 30 0.09375 7,303 1,312 5,180 13,795 September 30 0.09375 7,302 1,351 5,270 13,923 December 31 0.09375 7,412 1,396 5,294 14,102 Total $ 0.37500 $ 29,215 $ 5,303 $ 20,741 $ 55,259 2018 March 31 $ 0.09375 $ 7,240 $ 1,127 $ 4,789 $ 13,156 June 30 0.09375 7,137 1,221 4,710 13,068 September 30 0.09375 7,157 1,174 4,738 13,069 December 31 0.09375 7,180 1,202 4,814 13,196 Total $ 0.37500 $ 28,714 $ 4,724 $ 19,051 $ 52,489 (1) Amount reflects the total quarterly distribution rate, subject to adjustment for class-specific fees. (2) Includes other cash distributions consisting of: (i) distributions paid to holders of OP Units in the Operating Partnership; (ii) regular distributions made to our former joint venture partners; and (iii) ongoing distribution fees paid to Black Creek Capital Markets, LLC (the “Dealer Manager”) with respect to certain classes of our shares. See “ Note 10 ” for further detail regarding the current and historical ongoing distribution fees. |
Redemption Activity | Our board of directors may modify, suspend or terminate our current share redemption programs if it deems such action to be in the best interest of our stockholders. For the Year Ended December 31, (in thousands, except for per share data) 2019 2018 2017 Number of shares requested for redemption or repurchase 16,413 22,883 23,823 Number of shares redeemed or repurchased 16,413 22,883 23,823 % of shares requested that were redeemed or repurchased 100.0 % 100.0 % 100.0 % Average redemption or repurchase price per share $ 7.35 $ 7.47 $ 7.48 |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Schedule of Noncontrolling Interest Balances | The following table summarizes the number of OP Units redeemed during the years presented below: For the Year Ended December 31, (in thousands) 2019 2018 2017 Number of OP Units redeemed 196 810 756 Aggregate amount of OP Units redeemed $ 1,438 $ 6,059 $ 5,643 The following table summarizes the number of OP Units issued and outstanding to third-party investors: As of December 31, (in thousands) 2019 2018 Number of OP Units issued and outstanding to third-party investors 10,286 10,482 Estimated maximum redemption value (unaudited) $ 77,080 $ 77,962 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Dealer Manager Fees | The following table details the selling commissions, dealer manager fees and distribution fees applicable for each share class. Class T Class S Class D Class I Selling commissions (as % of transaction price) up to 3.00% up to 3.50% —% —% Dealer manager fees (as % of transaction price) 0.50% —% —% —% Distribution fees (as % of NAV per annum) 0.85% 0.85% 0.25% —% |
Schedule of Fixed Component for Advisory Fee | The following table details the fixed component of the advisory fee: Fixed Component % of applicable monthly NAV per Fund Interest (as defined below) x the weighted-average number of Fund Interests for such month (per annum) 1.10% % of consideration received by us or our affiliates for selling interests in DST Properties (as defined in “Note 5”) to third-party investors, net of up-front fees and expense reimbursements payable out of gross sale proceeds from the sale of such interests 1.10% |
Schedule of Fees and Other Amounts Earned by Advisor | The following table summarizes the fees and expenses incurred by us for services provided by the Advisor and its affiliates, and by the Dealer Manager related to the services described above, and any related amounts payable: For the Year Ended December 31, Payable as of December 31, (in thousands) 2019 2018 2017 2019 2018 Upfront selling commissions (1) $ 2,094 $ 1,199 $ 34 $ — $ — Dealer manager fees (2)(3) — — 306 — — Ongoing distribution fees (1)(3) 1,387 501 108 147 76 Advisory fees - fixed component (4) 11,879 11,599 13,191 1,245 988 Advisory fees—performance component 3,776 2,237 — 3,776 2,237 Advisory fees related to the disposition of real properties (5) — — 1,763 — — Other expense reimbursements—Advisor (6)(7) 10,601 8,801 8,393 2,240 1,411 Other expense reimbursements—Dealer Manager 527 878 401 — — DST Program advisory fees (8) 1,758 313 94 — — DST Program selling commissions (1) 2,668 1,097 466 — — DST Program dealer manager fees (1) 451 293 143 — — DST Program other reimbursements—Dealer Manager 881 212 137 — — DST Program facilitation and loan origination fees 2,988 356 — — — Total $ 39,010 $ 27,486 $ 25,036 $ 7,408 $ 4,712 (1) All or a portion of these amounts will be retained by, or reallowed (paid) to, participating broker-dealers and servicing broker-dealers. (2) Includes upfront dealer manager fees, as well as ongoing dealer manager fees that were paid under the Dealer Manager Agreement in effect prior to September 1, 2017. (3) The distribution fees accrue daily and are payable monthly in arrears. Additionally, we accrue for future estimated amounts payable related to ongoing distribution fees. The future estimated amounts payable of approximately $14.5 million and $7.9 million as of December 31, 2019 and 2018 , respectively, are included in other liabilities on the consolidated balance sheets. Prior to September 1, 2017, the future estimated amounts payable included ongoing dealer manager fees. (4) Amount reported for the years December 31, 2018 and 2017 include approximately $0.5 million and $0.7 million , respectively, that we were not obligated to pay in consideration of the issuance of 0.6 million and 0.5 million Class I shares, respectively. (5) Amount for the year ended December 31, 2017 includes approximately $1.7 million and is included in gain on sale of real property on the consolidated statements of operations. For the year ended December 31, 2017 , we paid the Advisor approximately $1.4 million in consideration for disposition services rendered prior to September 1, 2017 for which the Advisor had not otherwise been paid a fee, of which $1.2 million is included in gain on sale of real property on the consolidated statements of operations and $0.2 million was deferred in other assets on the consolidated balance sheets until the occurrence of future dispositions. Additionally, for the year ended December 31, 2017 , amount includes approximately $45,000 paid to the Advisor for advisory fees associated with the disposition of real properties, which are included in impairment of real estate property on the consolidated statements of operations. Pursuant to the Advisory Agreement, effective September 1, 2017, the Advisor no longer receives disposition fees. (6) Amounts include approximately $8.5 million , $6.6 million and $6.6 million for the years ended December 31, 2019 , 2018 and 2017 , respectively, related to the reimbursement of a portion of the salary, bonus and benefits for employees of the Advisor, including our named executive officers, for services provided to us for which the Advisor does not otherwise receive a separate fee. A portion of compensation received by certain employees of the Advisor and its affiliates may be in the form of a restricted stock grant awarded by us. We show these as reimbursements to the Advisor to the same extent that we recognize the related share-based compensation on our consolidated statements of operations. The balance of such reimbursements is made up primarily of other general overhead and administrative expenses, including, but not limited to, allocated rent paid to both third parties and affiliates of the Advisor, equipment, utilities, insurance, travel and entertainment, and other costs, which are included in general and administrative expenses on the consolidated statements of income. As of September 1, 2017, we no longer reimburse salary, bonus and benefits of our named executive officers. However, we reimbursed the Advisor for bonuses of our named executive offers for services provided to us prior to September 1, 2017 upon the final determination and payment of such bonuses to our named executive officers during the first quarter of 2018. (7) Includes costs reimbursed to the Advisor related to the DST Program. (8) Amount for the years December 31, 2019 , 2018 and 2017 included in advisory fees, related party on the consolidated statements of operations. |
Net Income (Loss) Per Common _2
Net Income (Loss) Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Details of Numerator and Denominator Used to Calculate Diluted Net Income Per Common Share | The computation of our basic and diluted net income (loss) per share attributable to common stockholders is as follows: For the Year Ended December 31, (in thousands, except per share data) 2019 2018 2017 Net income (loss) attributable to common stockholders—basic $ 142,551 $ (1,237 ) $ 72,216 Net income (loss) attributable to OP Units 10,726 (105 ) 6,117 Net income (loss) attributable to common stockholders—diluted $ 153,277 $ (1,342 ) $ 78,333 Weighted-average shares outstanding—basic 136,925 128,740 142,349 Incremental weighted-average shares effect of conversion of OP Units 10,391 10,934 11,807 Weighted-average shares outstanding—diluted 147,316 139,674 154,156 Net income (loss) per share attributable to common stockholders: Basic $ 1.04 $ (0.01 ) $ 0.51 Diluted $ 1.04 $ (0.01 ) $ 0.51 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Supplemental cash flow information | Supplemental cash flow information and disclosure of non-cash investing and financing activities is as follows: For the Year Ended December 31, (in thousands) 2019 2018 2017 Cash paid for interest $ 39,515 $ 42,048 $ 37,473 Distributions reinvested in common stock 20,595 18,988 23,282 Change in accrued future ongoing distribution fees 6,540 6,052 (2,058 ) Repayment of property-level loans upon disposition of real estate property 98,600 — — Increase in DST loans receivable through DST capital raising 18,744 660 — |
Schedule of restricted cash and cash equivalents | The following table presents the components of the beginning of period and end of period cash, cash equivalents and restricted cash reported within the consolidated statements of cash flows: For the Year Ended December 31, (in thousands) 2019 2018 2017 Beginning of period: Cash and cash equivalents $ 10,008 $ 10,475 $ 13,864 Restricted cash 7,030 8,541 7,282 Cash, cash equivalents and restricted cash $ 17,038 $ 19,016 $ 21,146 End of period: Cash and cash equivalents $ 97,772 $ 10,008 $ 10,475 Restricted cash 10,010 7,030 8,541 Cash, cash equivalents and restricted cash $ 107,782 $ 17,038 $ 19,016 |
Segment Financial Information (
Segment Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Revenue and Components of Net Operating Income | The following table sets forth the financial results by segment for the years ended December 31, 2019 , 2018 and 2017 : (in thousands) Office Retail Multi-family Industrial Corporate Consolidated 2019 Rental revenues $ 93,826 $ 70,462 $ 6,418 $ 13,735 $ — $ 184,441 Rental expenses (37,905 ) (17,357 ) (2,864 ) (2,934 ) — (61,060 ) Net operating income (loss) $ 55,921 $ 53,105 $ 3,554 $ 10,801 $ — $ 123,381 Real estate-related depreciation and amortization $ 26,194 $ 20,317 $ 4,028 $ 6,803 $ — $ 57,342 Total assets $ 458,583 $ 652,707 $ 293,498 $ 207,844 $ 165,633 $ 1,778,265 2018 Rental revenues $ 108,421 $ 73,416 $ — $ 7,794 $ — $ 189,631 Rental expenses (42,544 ) (17,618 ) — (1,505 ) — (61,667 ) Net operating income $ 65,877 $ 55,798 $ — $ 6,289 $ — $ 127,964 Real estate-related depreciation and amortization $ 33,335 $ 20,616 $ — $ 3,915 $ — $ 57,866 Total assets $ 724,875 $ 671,007 $ — $ 111,230 $ 73,990 $ 1,581,102 2017 Rental revenues $ 108,305 $ 81,871 $ — $ 6,342 $ — $ 196,518 Rental expenses (44,520 ) (20,388 ) — (1,624 ) — (66,532 ) Net operating income $ 63,785 $ 61,483 $ — $ 4,718 $ — $ 129,986 Real estate-related depreciation and amortization $ 41,283 $ 24,216 $ — $ 2,571 $ — $ 68,070 Total assets $ 775,917 $ 705,696 $ — $ 58,657 $ 67,836 $ 1,608,106 |
Reconciliation of Net Operating Income to Reported Net Income | The following table is a reconciliation of our reported net income attributable to common stockholders to our net operating income for the years ended December 31, 2019 , 2018 and 2017 . For the Year Ended December 31, (in thousands) 2019 2018 2017 Net income (loss) attributable to common stockholders $ 142,551 $ (1,237 ) $ 72,216 Debt-related income (227 ) (694 ) (828 ) Real estate-related depreciation and amortization 57,342 57,866 68,070 General and administrative expenses 8,985 8,817 9,235 Advisory fees, related party 17,413 14,149 13,285 Impairment of real estate property 113 14,648 1,116 Other (income) expense (153 ) 251 462 Interest expense 48,170 48,358 42,305 Gain on sale of real estate property (160,537 ) (14,093 ) (83,057 ) Gain on extinguishment of debt and financing commitments, net (1,002 ) — — Net income (loss) attributable to noncontrolling interests 10,726 (101 ) 7,182 Net operating income $ 123,381 $ 127,964 $ 129,986 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Data (Unaudited) | Selected quarterly financial data is as follows: For the Quarter Ended (in thousands, except per share data) March 31 June 30 September 30 December 31 2019 Total revenues $ 50,694 $ 44,920 $ 44,230 $ 44,824 Total operating expenses $ (35,484 ) $ (34,297 ) $ (35,650 ) $ (39,482 ) Total other (expenses) income $ (11,324 ) $ 72,681 $ (743 ) $ 52,908 Net income $ 3,886 $ 83,304 $ 7,837 $ 58,250 Net income attributable to common stockholders $ 3,602 $ 77,399 $ 7,291 $ 54,259 Net income attributable to common stockholders per common share—basic and diluted (1) $ 0.03 $ 0.57 $ 0.05 $ 0.39 2018 Total revenues $ 44,627 $ 46,633 $ 49,675 $ 49,390 Total operating expenses $ (42,656 ) $ (35,575 ) $ (42,706 ) $ (36,210 ) Other expenses $ (11,362 ) $ (56 ) $ (10,726 ) $ (12,372 ) Net (loss) income $ (9,391 ) $ 11,002 $ (3,757 ) $ 808 Net (loss) income attributable to common stockholders $ (8,635 ) $ 10,115 $ (3,465 ) $ 748 Net (loss) income attributable to common stockholders per common share—basic and diluted (1) $ (0.07 ) $ 0.08 $ (0.03 ) $ 0.01 (1) Quarterly net income per common share amounts do not total the annual net income per common share amount due to changes in the number of weighted-average shares outstanding calculated on a quarterly and annual basis and included in the net income per share calculation. |
Description of Business (Detail
Description of Business (Details) | 12 Months Ended |
Dec. 31, 2019propertysegment | |
Variable Interest Entity [Line Items] | |
Number of properties | 48 |
Number of reportable segments | segment | 4 |
DST Program | |
Variable Interest Entity [Line Items] | |
Number of properties | 9 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Significant Accounting Policies [Line Items] | |||
Straight-line rent and tenant receivables | $ 25.6 | $ 31.6 | |
Allowances on receivables | 0.8 | 0.6 | |
Accumulated amortization of deferred financing costs | 9.1 | 10.6 | |
Amortization of financing costs | 6.9 | 4.1 | $ 2.8 |
Leases, Acquired-in-Place | |||
Significant Accounting Policies [Line Items] | |||
Impairment of intangible assets | $ 2 | $ 0.5 | $ 2.1 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Depreciation and Amortization Computed on Straight-Line Basis over Estimated Useful Lives) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Building | |
Property, Plant and Equipment [Line Items] | |
Depreciable Life (in years) | 40 years |
Building and Land Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Depreciable Life (in years) | 10 years |
Building and Land Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Depreciable Life (in years) | 40 years |
Investments in Real Estate Pr_3
Investments in Real Estate Properties (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($)propertyretail_property | Dec. 31, 2017USD ($) | |
Real Estate Properties [Line Items] | |||
Intangible lease assets and liabilities acquired | 5 years 4 months 27 days | 5 years 3 months 7 days | |
Proceeds from disposition of real estate property, net of property-level loans | $ | $ 341,677 | $ 77,650 | $ 178,191 |
Gain on disposition of real estate property | $ | 160,537 | 14,093 | 83,057 |
Impairment charges | $ | $ 113 | 14,648 | 1,116 |
Number of properties | 48 | ||
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | Retail Segment | |||
Real Estate Properties [Line Items] | |||
Impairment charges | $ | $ 13,400 | ||
Number of properties | 2 | ||
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | Retail Segment | Retail Property, Greater Boston Market | |||
Real Estate Properties [Line Items] | |||
Impairment charges | $ | $ 1,200 | $ 1,100 | |
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | Retail Segment | Retail Property, Jacksonville, Florida Market | |||
Real Estate Properties [Line Items] | |||
Number of properties | 1 | ||
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | Retail Segment | Retail Property, Holbrook, Massachusetts | |||
Real Estate Properties [Line Items] | |||
Impairment charges | $ | $ 100 | ||
Number of properties | 1 | ||
2018 Dispositions | |||
Real Estate Properties [Line Items] | |||
Proceeds from disposition of real estate property, net of property-level loans | $ | $ 77,700 | ||
Gain on disposition of real estate property | $ | $ 14,100 | ||
2018 Dispositions | Retail Segment | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties sold | retail_property | 2 | ||
2018 Dispositions | Office Property | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties sold | 1 | ||
2018 Dispositions | Building | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties sold | 1 | ||
2018 Dispositions | Land | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties sold | 2 | ||
2018 Dispositions | Office | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties sold | 2 | ||
2019 Dispositions | |||
Real Estate Properties [Line Items] | |||
Proceeds from disposition of real estate property, net of property-level loans | $ | 341,700 | ||
Gain on disposition of real estate property | $ | $ 160,500 | ||
2019 Dispositions | Retail Segment | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties sold | 2 | ||
2019 Dispositions | Office Property | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties sold | 5 | ||
2019 Dispositions | Land | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties sold | 2 |
Investments in Real Estate Pr_4
Investments in Real Estate Properties (Consolidated Investments in Real Property) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Real Estate Properties [Line Items] | ||
Investment in real estate properties | $ 2,057,350 | $ 2,008,733 |
Accumulated depreciation and amortization | (444,718) | (501,621) |
Net investment in real estate properties | 1,612,632 | 1,507,112 |
Land | ||
Real Estate Properties [Line Items] | ||
Investment in real estate properties | 418,037 | 421,531 |
Building and Building Improvements | ||
Real Estate Properties [Line Items] | ||
Investment in real estate properties | 1,375,192 | 1,271,773 |
Intangible In-Place Lease Assets | ||
Real Estate Properties [Line Items] | ||
Investment in real estate properties | $ 264,121 | $ 315,429 |
Investments in Real Estate Pr_5
Investments in Real Estate Properties (Property Acquisitions) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||
Total acquisitions | $ 398,722 | $ 56,098 |
Tri-County Distribution Center | ||
Business Acquisition [Line Items] | ||
Total acquisitions | 20,729 | |
Florence Logistics Center | ||
Business Acquisition [Line Items] | ||
Total acquisitions | 18,629 | |
World Connect Logistics Center | ||
Business Acquisition [Line Items] | ||
Total acquisitions | 43,971 | |
Tri-County DC II A | ||
Business Acquisition [Line Items] | ||
Total acquisitions | 9,821 | |
Aurora DC | ||
Business Acquisition [Line Items] | ||
Total acquisitions | 8,548 | |
The Daley | ||
Business Acquisition [Line Items] | ||
Total acquisitions | 95,305 | |
Juno Winter Park | ||
Business Acquisition [Line Items] | ||
Total acquisitions | 84,549 | |
Perimeter | ||
Business Acquisition [Line Items] | ||
Total acquisitions | $ 117,170 | |
Stafford Grove | ||
Business Acquisition [Line Items] | ||
Total acquisitions | 37,420 | |
Kaiser | ||
Business Acquisition [Line Items] | ||
Total acquisitions | $ 18,678 |
Investments in Real Estate Pr_6
Investments in Real Estate Properties (Purchase Price Allocation) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Real Estate [Abstract] | ||
Land | $ 53,756 | $ 14,680 |
Building | 328,928 | 36,070 |
Intangible lease assets | 16,480 | 5,484 |
Above-market lease assets | 265 | 55 |
Below-market lease liabilities | (707) | (191) |
Total purchase price | $ 398,722 | $ 56,098 |
Investments in Real Estate Pr_7
Investments in Real Estate Properties (Intangible Leased Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Intangible lease assets | ||
Real Estate Properties [Line Items] | ||
Gross | $ 242,704 | $ 282,961 |
Accumulated Amortization | (200,623) | (238,768) |
Net | 42,081 | 44,193 |
Above-market lease assets | ||
Real Estate Properties [Line Items] | ||
Gross | 21,417 | 32,468 |
Accumulated Amortization | (20,859) | (31,382) |
Net | 558 | 1,086 |
Below-market lease liabilities | ||
Real Estate Properties [Line Items] | ||
Gross | (80,002) | (82,060) |
Accumulated Amortization | 36,499 | 34,864 |
Net | $ (43,503) | $ (47,196) |
Investments in Real Estate Pr_8
Investments in Real Estate Properties (Estimated Net Amortization of Intangible Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Intangible lease assets | ||
Real Estate Properties [Line Items] | ||
2020 | $ 11,161 | |
2021 | 7,571 | |
2022 | 6,103 | |
2023 | 4,397 | |
2024 | 3,208 | |
Thereafter | 9,641 | |
Net | 42,081 | $ 44,193 |
Above-market lease assets | ||
Real Estate Properties [Line Items] | ||
2020 | 116 | |
2021 | 81 | |
2022 | 73 | |
2023 | 61 | |
2024 | 46 | |
Thereafter | 181 | |
Net | 558 | 1,086 |
Below-market lease liabilities | ||
Real Estate Properties [Line Items] | ||
2020 | (3,041) | |
2021 | (2,669) | |
2022 | (2,559) | |
2023 | (2,424) | |
2024 | (2,306) | |
Thereafter | (30,504) | |
Net | $ (43,503) | $ (47,196) |
Investments in Real Estate Pr_9
Investments in Real Estate Properties (Amortization Expense for Intangible Lease Assets and Adjustments to Rental Revenue for Above-Market Lease Assets and Below-Market Lease Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Straight-line rent adjustments | $ 7,776 | $ 14,508 | $ 1,855 |
Depreciation expense | 40,824 | 38,091 | 39,212 |
Intangible lease asset amortization | 16,518 | 19,775 | 28,858 |
Early lease termination revenue | 6,100 | 10,100 | |
Above-market lease assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Lease amortization | (792) | (1,096) | (2,392) |
Below-Market Lease Liabilities | |||
Finite-Lived Intangible Assets [Line Items] | |||
Lease amortization | $ 4,042 | $ 4,808 | $ 5,395 |
Investments in Real Estate P_10
Investments in Real Estate Properties (Future Minimum Rental Receivable Under Non Cancelable Operating and Ground Leases) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Real Estate [Abstract] | ||
Year 1 | $ 112,685 | |
Year 2 | 104,968 | |
Year 3 | 86,934 | |
Year 4 | 71,983 | |
Year 5 | 54,446 | |
Thereafter | 177,566 | |
Total | $ 608,582 | |
Future Minimum Payments Due | ||
Year 1 | $ 133,999 | |
Year 2 | 116,145 | |
Year 3 | 104,997 | |
Year 4 | 88,136 | |
Year 5 | 74,661 | |
Thereafter | 323,040 | |
Total | $ 840,978 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)loan | Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | ||
Number of partial recourse mortgage notes | loan | 3 | |
Long-term debt, gross | $ 852,857 | $ 1,005,532 |
Estimated decrease to interest expense related to active effective hedges of floating rate debt | 2,700 | |
Performance Guarantee | Partial Recourse 1 | ||
Debt Instrument [Line Items] | ||
Current guarantor obligations | 4,100 | |
Performance Guarantee | Partial Recourse 2 | ||
Debt Instrument [Line Items] | ||
Current guarantor obligations | 2,000 | |
Performance Guarantee | Partial Recourse 3 | ||
Debt Instrument [Line Items] | ||
Current guarantor obligations | 300 | |
Interest Rate Swaps | ||
Debt Instrument [Line Items] | ||
Estimated increase to interest expense related to termination of hedging instrument | 100 | |
Fixed-Rate Mortgages | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 200,857 | $ 173,932 |
Fixed-Rate Mortgages | Mortgage Note, Preston Sherry Plaza | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 51,000 |
Debt (Schedule of Borrowings) (
Debt (Schedule of Borrowings) (Details) | 1 Months Ended | 2 Months Ended | 12 Months Ended | |
May 31, 2019USD ($) | Mar. 05, 2020extension | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | ||||
Weighted-Average Effective Interest Rate | 3.36% | 3.98% | ||
Principal Balance | $ 852,857,000 | $ 1,005,532,000 | ||
Less: unamortized debt issuance costs | (6,535,000) | (4,627,000) | ||
Add: mark-to-market adjustment on assumed debt | 245,000 | 393,000 | ||
Total debt, net | 846,567,000 | 1,001,298,000 | ||
Gross book value of properties encumbered by debt | $ 535,196,000 | $ 598,978,000 | ||
Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Weighted-Average Effective Interest Rate | 3.16% | 4.05% | ||
Principal Balance | $ 0 | $ 131,000,000 | ||
Current borrowing capacity | 450,000,000 | |||
Available portions under the line of credit | 246,000,000 | |||
Term Loan | ||||
Debt Instrument [Line Items] | ||||
Principal Balance | $ 525,000,000 | |||
Term Loan | Term Loan Due January 2024 | ||||
Debt Instrument [Line Items] | ||||
Weighted-Average Effective Interest Rate | 3.04% | 3.52% | ||
Principal Balance | $ 325,000,000 | $ 275,000,000 | ||
Available portions under the line of credit | 0 | |||
Maximum borrowing capacity | 325,000,000 | |||
Long-term line of credit | $ 150,000,000 | |||
Term Loan | Term Loan Due February 2022 | ||||
Debt Instrument [Line Items] | ||||
Weighted-Average Effective Interest Rate | 3.29% | 3.79% | ||
Principal Balance | $ 200,000,000 | $ 200,000,000 | ||
Fixed-Rate Mortgages | ||||
Debt Instrument [Line Items] | ||||
Weighted-Average Effective Interest Rate | 3.52% | 3.57% | ||
Principal Balance | $ 200,857,000 | $ 173,932,000 | ||
Available portions under the line of credit | 0 | |||
Maximum borrowing capacity | 200,000,000 | |||
Fixed-Rate Mortgages | Mortgage Note, Preston Sherry Plaza | ||||
Debt Instrument [Line Items] | ||||
Principal Balance | $ 51,000,000 | |||
Outstanding borrowings interest rate spread over LIBOR | 1.65% | |||
Effective interest rate | 2.85% | |||
Floating-Rate Mortgages | ||||
Debt Instrument [Line Items] | ||||
Weighted-Average Effective Interest Rate | 4.01% | 4.97% | ||
Principal Balance | $ 127,000,000 | $ 225,600,000 | ||
Mortgage Notes | ||||
Debt Instrument [Line Items] | ||||
Principal Balance | $ 327,857,000 | |||
Extension term | 1 year | |||
Minimum | Line of Credit | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Outstanding borrowings interest rate spread over LIBOR | 1.30% | |||
Minimum | Term Loan | Term Loan Due January 2024 | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Outstanding borrowings interest rate spread over LIBOR | 1.25% | |||
Minimum | Fixed-Rate Mortgages | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Outstanding borrowings interest rate spread over LIBOR | 1.25% | |||
Maximum | Line of Credit | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Outstanding borrowings interest rate spread over LIBOR | 2.10% | |||
Maximum | Term Loan | Term Loan Due January 2024 | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Outstanding borrowings interest rate spread over LIBOR | 2.05% | |||
Maximum | Fixed-Rate Mortgages | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Outstanding borrowings interest rate spread over LIBOR | 2.05% | |||
Maximum | Floating-Rate Mortgages | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Outstanding borrowings interest rate spread over LIBOR | 2.25% | 2.47% | ||
655 Montgomery | Floating-Rate Mortgages | ||||
Debt Instrument [Line Items] | ||||
Repayments of floating rate mortgage notes | $ 98,600,000 | |||
Assets Held-for-sale | ||||
Debt Instrument [Line Items] | ||||
Weighted average maturity of our debt investments | 3 years 4 months 17 days | |||
Subsequent Event | Mortgage Notes | ||||
Debt Instrument [Line Items] | ||||
Number of extensions exercised | extension | 1 | |||
Extension term | 1 year |
Debt (Summary of Borrowings Ref
Debt (Summary of Borrowings Reflects Contractual Debt Maturities Footnote) (Details) | 2 Months Ended | 12 Months Ended | |
Mar. 05, 2020extension | Dec. 31, 2019USD ($)extension | Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | |||
2020 | $ 129,766,000 | ||
2021 | 11,627,000 | ||
2022 | 202,478,000 | ||
2023 | 48,484,000 | ||
2024 | 326,844,000 | ||
Thereafter | 133,658,000 | ||
Total principal payments | 852,857,000 | $ 1,005,532,000 | |
Line of Credit | |||
Debt Instrument [Line Items] | |||
2020 | 0 | ||
2021 | 0 | ||
2022 | 0 | ||
2023 | 0 | ||
2024 | 0 | ||
Thereafter | 0 | ||
Total principal payments | $ 0 | $ 131,000,000 | |
Line of Credit | $275 Million Term Loan | |||
Debt Instrument [Line Items] | |||
Extension term | 1 year | ||
Number of one year extensions | extension | 2 | ||
Term Loan | |||
Debt Instrument [Line Items] | |||
2020 | $ 0 | ||
2021 | 0 | ||
2022 | 200,000,000 | ||
2023 | 0 | ||
2024 | 325,000,000 | ||
Thereafter | 0 | ||
Total principal payments | $ 525,000,000 | ||
Term Loan | Gain reclassified from AOCI due to hedged transactions becoming probable of not occurring | |||
Debt Instrument [Line Items] | |||
Extension term | 6 months | ||
Number of one year extensions | extension | 2 | ||
Mortgage Notes | |||
Debt Instrument [Line Items] | |||
2020 | $ 129,766,000 | ||
2021 | 11,627,000 | ||
2022 | 2,478,000 | ||
2023 | 48,484,000 | ||
2024 | 1,844,000 | ||
Thereafter | 133,658,000 | ||
Total principal payments | $ 327,857,000 | ||
Extension term | 1 year | ||
Mortgage Notes | Gain reclassified from AOCI due to hedged transactions becoming probable of not occurring | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 127,000,000 | ||
Subsequent Event | Mortgage Notes | |||
Debt Instrument [Line Items] | |||
Number of extensions exercised | extension | 1 | ||
Extension term | 1 year |
Debt (Gross Fair Value of Deriv
Debt (Gross Fair Value of Derivative Financial Instruments as Well as Their Classification) (Details) $ in Thousands | Jan. 31, 2020USD ($)contract | Dec. 31, 2019USD ($)contract | Dec. 31, 2018USD ($)contract |
Derivatives, Fair Value [Line Items] | |||
Number of Contracts | contract | 15 | 19 | |
Notional Amount | $ 747,605 | $ 973,015 | |
Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative asset | 288 | 6,717 | |
Other Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative liability | $ 13,308 | $ 3,220 | |
Interest Rate Swaps | |||
Derivatives, Fair Value [Line Items] | |||
Number of Contracts | contract | 14 | 15 | |
Notional Amount | $ 601,005 | $ 634,565 | |
Interest Rate Swaps | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative asset | 288 | 6,692 | |
Interest Rate Swaps | Other Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative liability | $ 13,308 | $ 3,220 | |
Interest Rate Caps | |||
Derivatives, Fair Value [Line Items] | |||
Number of Contracts | contract | 1 | 4 | |
Notional Amount | $ 146,600 | $ 338,450 | |
Interest Rate Caps | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative asset | 0 | 25 | |
Interest Rate Caps | Other Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative liability | $ 0 | $ 0 | |
Subsequent Event | Interest Rate Swaps | |||
Derivatives, Fair Value [Line Items] | |||
Number of Contracts | contract | 4 | ||
Notional Amount | $ 200,000 | ||
Subsequent Event | Interest Rate Swap Expiring Jan 2020 | |||
Derivatives, Fair Value [Line Items] | |||
Number of expiring contracts | contract | 3 | ||
Notional amount expiring | $ 150,000 |
Debt (Effect of Derivative Fina
Debt (Effect of Derivative Financial Instruments on Financial Statements) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain reclassified from AOCI due to hedged transactions becoming probable of not occurring | $ (1,374) | $ 0 | $ 0 |
Total interest expense presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded | 48,170 | 48,358 | 42,305 |
Designated Hedges | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
(Loss) gain recognized in AOCI | (13,341) | 317 | 1,509 |
(Gain) loss reclassified from AOCI into interest expense | (1,600) | 986 | 4,828 |
Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
(Loss) gain recognized in income | $ (25) | $ 49 | $ (119) |
DST Program (Details)
DST Program (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Variable Interest Entity [Line Items] | |||
DST Program loans | $ 19,404 | $ 660 | |
Rent obligations | 48,170 | 48,358 | $ 42,305 |
DST Program | |||
Variable Interest Entity [Line Items] | |||
DST Program loans | 19,400 | ||
Proceeds from private placement | 212,700 | 43,200 | 9,600 |
Rent obligations | $ 7,000 | $ 1,100 | $ 300 |
Fair Value (Assets and Liabilit
Fair Value (Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Derivative instruments | $ 288 | $ 6,717 |
Total assets measured at fair value | 288 | 6,717 |
Liabilities | ||
Derivative instruments | 13,308 | 3,220 |
Total liabilities measured at fair value | 13,308 | 3,220 |
Level 1 | ||
Assets | ||
Derivative instruments | 0 | 0 |
Total assets measured at fair value | 0 | 0 |
Liabilities | ||
Derivative instruments | 0 | 0 |
Total liabilities measured at fair value | 0 | 0 |
Level 2 | ||
Assets | ||
Derivative instruments | 288 | 6,717 |
Total assets measured at fair value | 288 | 6,717 |
Liabilities | ||
Derivative instruments | 13,308 | 3,220 |
Total liabilities measured at fair value | 13,308 | 3,220 |
Level 3 | ||
Assets | ||
Derivative instruments | 0 | 0 |
Total assets measured at fair value | 0 | 0 |
Liabilities | ||
Derivative instruments | 0 | 0 |
Total liabilities measured at fair value | $ 0 | $ 0 |
Fair Value (Nonrecurring Fair V
Fair Value (Nonrecurring Fair Value Measurements) (Details) - Fair Value, Measurements, Nonrecurring - Fair Value, Inputs, Level 3 - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Carrying Value | ||
Assets: | ||
Debt-related investments | $ 2,578 | $ 10,682 |
DST Program loans | 19,404 | 660 |
Liabilities: | ||
Line of credit | 0 | 131,000 |
Term loans | 525,000 | 475,000 |
Mortgage notes | 327,857 | 399,532 |
Fair Value | ||
Assets: | ||
Debt-related investments | 2,604 | 10,709 |
DST Program loans | 19,404 | 660 |
Liabilities: | ||
Line of credit | 0 | 131,000 |
Term loans | 525,000 | 475,000 |
Mortgage notes | $ 326,447 | $ 398,117 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Gross deferred tax assets | $ 5.3 | $ 3.9 |
Income Taxes (Preliminary Taxab
Income Taxes (Preliminary Taxability of Distributions on Common Shares) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Ordinary income | 22.78% | 42.22% | 50.01% |
Non-taxable return of capital | 61.01% | 57.78% | 0.00% |
Capital gain | 16.21% | 0.00% | 49.99% |
Total distributions | 100.00% | 100.00% | 100.00% |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Stockholders Equity Note Disclosure [Line Items] | |
Registration offering amount | $ 3,000 |
Common Class T, Common Class S, Common Class D and Common Class I | |
Stockholders Equity Note Disclosure [Line Items] | |
Amount of registration statement remaining unsold | 2,800 |
Primary offering | |
Stockholders Equity Note Disclosure [Line Items] | |
Amount of registration statement offering | 2,500 |
DRIP | |
Stockholders Equity Note Disclosure [Line Items] | |
Amount of DRIP offering | 500 |
DRIP | Class E | |
Stockholders Equity Note Disclosure [Line Items] | |
Amount of registration statement remaining unsold | $ 103.5 |
Stockholders' Equity (Summary o
Stockholders' Equity (Summary of Public Offering) (Details) shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)shares | |
Subsidiary, Sale of Stock [Line Items] | |
Amount of gross proceeds raised | $ | $ 192,904 |
Number of shares sold (in shares) | shares | 25,955 |
Primary offering | |
Subsidiary, Sale of Stock [Line Items] | |
Amount of gross proceeds raised | $ | $ 172,309 |
Number of shares sold (in shares) | shares | 23,155 |
DRIP | |
Subsidiary, Sale of Stock [Line Items] | |
Amount of gross proceeds raised | $ | $ 20,595 |
Number of shares sold (in shares) | shares | 2,800 |
Class T | |
Subsidiary, Sale of Stock [Line Items] | |
Amount of gross proceeds raised | $ | $ 28,648 |
Number of shares sold (in shares) | shares | 3,386 |
Class T | Primary offering | |
Subsidiary, Sale of Stock [Line Items] | |
Amount of gross proceeds raised | $ | $ 28,000 |
Number of shares sold (in shares) | shares | 3,298 |
Class T | DRIP | |
Subsidiary, Sale of Stock [Line Items] | |
Amount of gross proceeds raised | $ | $ 648 |
Number of shares sold (in shares) | shares | 88 |
Class S | |
Subsidiary, Sale of Stock [Line Items] | |
Amount of gross proceeds raised | $ | $ 84,351 |
Number of shares sold (in shares) | shares | 11,292 |
Class S | Primary offering | |
Subsidiary, Sale of Stock [Line Items] | |
Amount of gross proceeds raised | $ | $ 81,660 |
Number of shares sold (in shares) | shares | 10,926 |
Class S | DRIP | |
Subsidiary, Sale of Stock [Line Items] | |
Amount of gross proceeds raised | $ | $ 2,691 |
Number of shares sold (in shares) | shares | 366 |
Class D | |
Subsidiary, Sale of Stock [Line Items] | |
Amount of gross proceeds raised | $ | $ 8,302 |
Number of shares sold (in shares) | shares | 1,130 |
Class D | Primary offering | |
Subsidiary, Sale of Stock [Line Items] | |
Amount of gross proceeds raised | $ | $ 7,712 |
Number of shares sold (in shares) | shares | 1,050 |
Class D | DRIP | |
Subsidiary, Sale of Stock [Line Items] | |
Amount of gross proceeds raised | $ | $ 590 |
Number of shares sold (in shares) | shares | 80 |
Class I | |
Subsidiary, Sale of Stock [Line Items] | |
Amount of gross proceeds raised | $ | $ 62,800 |
Number of shares sold (in shares) | shares | 8,950 |
Class I | Primary offering | |
Subsidiary, Sale of Stock [Line Items] | |
Amount of gross proceeds raised | $ | $ 54,937 |
Number of shares sold (in shares) | shares | 7,881 |
Class I | DRIP | |
Subsidiary, Sale of Stock [Line Items] | |
Amount of gross proceeds raised | $ | $ 7,863 |
Number of shares sold (in shares) | shares | 1,069 |
Class E | |
Subsidiary, Sale of Stock [Line Items] | |
Amount of gross proceeds raised | $ | $ 8,803 |
Number of shares sold (in shares) | shares | 1,197 |
Class E | Primary offering | |
Subsidiary, Sale of Stock [Line Items] | |
Amount of gross proceeds raised | $ | $ 0 |
Number of shares sold (in shares) | shares | 0 |
Class E | DRIP | |
Subsidiary, Sale of Stock [Line Items] | |
Amount of gross proceeds raised | $ | $ 8,803 |
Number of shares sold (in shares) | shares | 1,197 |
Stockholders' Equity (Informati
Stockholders' Equity (Information of Share Transactions) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Primary shares (in shares) | 3,298 | 878 | 134 |
Class T | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance (in shares) | 2,783 | 2,062 | 2,001 |
Distribution reinvestment plan (in shares) | 88 | 64 | 63 |
Share-based compensation (in shares) | 0 | 0 | 0 |
Redemptions of common stock (in shares) | (317) | (221) | (136) |
Ending balance (in shares) | 5,852 | 2,783 | 2,062 |
Class S | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance (in shares) | 10,516 | 64 | |
Primary shares (in shares) | 10,926 | 10,414 | 64 |
Distribution reinvestment plan (in shares) | 366 | 81 | 0 |
Share-based compensation (in shares) | 0 | 0 | 0 |
Redemptions of common stock (in shares) | (1,215) | (43) | 0 |
Ending balance (in shares) | 20,593 | 10,516 | 64 |
Class D | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance (in shares) | 2,778 | 2,510 | 2,271 |
Primary shares (in shares) | 1,050 | 531 | 267 |
Distribution reinvestment plan (in shares) | 80 | 68 | 73 |
Share-based compensation (in shares) | 0 | 0 | 0 |
Redemptions of common stock (in shares) | (409) | (331) | (101) |
Ending balance (in shares) | 3,499 | 2,778 | 2,510 |
Class I | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance (in shares) | 37,385 | 34,135 | 34,039 |
Primary shares (in shares) | 7,881 | 6,865 | 2,181 |
Distribution reinvestment plan (in shares) | 1,069 | 941 | 1,036 |
Share-based compensation (in shares) | (86) | 42 | 99 |
Redemptions of common stock (in shares) | (2,689) | (4,598) | (3,022) |
Ending balance (in shares) | 43,732 | 37,385 | 34,135 |
Class E | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance (in shares) | 77,390 | 93,695 | 112,325 |
Primary shares (in shares) | 0 | 0 | 0 |
Distribution reinvestment plan (in shares) | 1,197 | 1,385 | 1,934 |
Share-based compensation (in shares) | 0 | 0 | 0 |
Redemptions of common stock (in shares) | (11,783) | (17,690) | (20,564) |
Ending balance (in shares) | 66,804 | 77,390 | 93,695 |
Common Stock | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning balance (in shares) | 130,852 | 132,466 | 150,636 |
Primary shares (in shares) | 23,155 | 18,688 | 2,646 |
Distribution reinvestment plan (in shares) | 2,800 | 2,539 | 3,106 |
Share-based compensation (in shares) | (86) | 42 | 99 |
Redemptions of common stock (in shares) | (16,413) | (22,883) | (23,823) |
Ending balance (in shares) | 140,480 | 130,852 | 132,466 |
Stockholders' Equity (Distribut
Stockholders' Equity (Distributions) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Equity [Abstract] | ||||||||||
Declared per Common Share (in dollars per share) | $ 0.09375 | $ 0.09375 | $ 0.09375 | $ 0.09375 | $ 0.09375 | $ 0.09375 | $ 0.09375 | $ 0.09375 | $ 0.375 | $ 0.375 |
Common Stock Distributions Paid in Cash | $ 7,412 | $ 7,302 | $ 7,303 | $ 7,198 | $ 7,180 | $ 7,157 | $ 7,137 | $ 7,240 | $ 29,215 | $ 28,714 |
Other Cash Distributions | 1,396 | 1,351 | 1,312 | 1,244 | 1,202 | 1,174 | 1,221 | 1,127 | 5,303 | 4,724 |
Reinvested in Shares | 5,294 | 5,270 | 5,180 | 4,997 | 4,814 | 4,738 | 4,710 | 4,789 | 20,741 | 19,051 |
Total Distributions | $ 14,102 | $ 13,923 | $ 13,795 | $ 13,439 | $ 13,196 | $ 13,069 | $ 13,068 | $ 13,156 | $ 55,259 | $ 52,489 |
Stockholders' Equity (Redemptio
Stockholders' Equity (Redemption Table) (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity [Abstract] | |||
Number of shares requested for redemption or repurchase (in shares) | 16,413 | 22,883 | 23,823 |
Number of shares redeemed or repurchased (in shares) | 16,413 | 22,883 | 23,823 |
% of shares requested that were redeemed or repurchased | 100.00% | 100.00% | 100.00% |
Average redemption or repurchase price per share (in dollars per share) | $ 7.35 | $ 7.47 | $ 7.48 |
Noncontrolling Interests (Narra
Noncontrolling Interests (Narrative) (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Operating Partnership Units | ||
Noncontrolling Interest [Line Items] | ||
Ownership percentage owned by third-party investors | 6.80% | 7.40% |
Noncontrolling Interests (Summa
Noncontrolling Interests (Summary of Balances) (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Noncontrolling Interest [Line Items] | |||
Number of OP Units redeemed | 16,413 | 22,883 | 23,823 |
Operating Partnership Units | |||
Noncontrolling Interest [Line Items] | |||
Number of OP Units issued to third-party investors (in shares) | 10,286 | 10,482 | |
Number of OP Units outstanding to third-party investors (in shares) | 10,286 | 10,482 | |
Estimated maximum redemption value (unaudited) | $ 77,080 | $ 77,962 | |
Number of OP Units redeemed | 196 | 810 | 756 |
Aggregate amount of OP Units redeemed | $ 1,438 | $ 6,059 | $ 5,643 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) | Jan. 01, 2019 | Jun. 30, 2017 | Dec. 31, 2019 | Dec. 10, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Related Party Transaction [Line Items] | |||||||
Advisory agreement contract renewal term | 1 year | ||||||
Maximum primary dealer fee as percentage of gross proceeds from sale of class I shares | 5.00% | ||||||
Class I | |||||||
Related Party Transaction [Line Items] | |||||||
Common stock, shares issued | 43,732,000 | 37,385,000 | 34,135,000 | 34,039,000 | |||
DST Properties | |||||||
Related Party Transaction [Line Items] | |||||||
Percent of interests intended to be sold to third parties | 100.00% | ||||||
Management fee upon disposition, percent of gross sale price | 1.00% | ||||||
Management loan fee, percent of financing arranged | 1.00% | ||||||
Management fee, percent of equity proceeds | 1.00% | ||||||
DST Properties | Private Placement | |||||||
Related Party Transaction [Line Items] | |||||||
Private placement, dealer fee, percent of gross equity proceeds | 1.50% | ||||||
Amended And Restated Operating Partnership Agreement | |||||||
Related Party Transaction [Line Items] | |||||||
Redemption fee, payable to manager | 1.00% | ||||||
Director | Class I | Restricted Stock Units (RSUs) | |||||||
Related Party Transaction [Line Items] | |||||||
Board approved amount of annual grant | $ 75,000 | ||||||
Catch up grant amount | $ 450,000 | ||||||
Cash portion of catch up grant | 225,000 | ||||||
Stock portion of catch up grant | $ 225,000 | ||||||
Affiliated Entity | Distribution fees | |||||||
Related Party Transaction [Line Items] | |||||||
Distribution fees threshold to cease payment | 8.75% | ||||||
Black Creek Exchange LLC | Dealer Manager Agreement | Private Placement | |||||||
Related Party Transaction [Line Items] | |||||||
Amount of interests placed with dealer | $ 1,000,000,000 | ||||||
Percent of gross equity proceeds | 5.00% | ||||||
Private placement, dealer fee, percent of gross equity proceeds | 1.50% | ||||||
Ongoing dealer manager fees associated with private placement offering | 0.85% | ||||||
Advisor | Affiliated Entity | Advisory Fees | |||||||
Related Party Transaction [Line Items] | |||||||
Maximum Advisor reimbursement of cumulative organization and offering costs as a percentage of gross proceeds from the Offering | 15.00% | ||||||
Threshold for performance component of advisory fee | 12.50% | ||||||
Threshold of annual total return as % of NAV | 5.00% | ||||||
Performance component equal | 100.00% | ||||||
Loss carryforward | $ 0 | ||||||
Class E Dealer Manager fee portion waived under NAV per share threshold | $ 10 | ||||||
Black Creek Diversified Property Advisors | Affiliated Entity | Amended And Restated Operating Partnership Agreement | Operating Partnership Units | |||||||
Related Party Transaction [Line Items] | |||||||
Consideration received | $ 1,000 | ||||||
Number of shares issued (in shares) | 100 | ||||||
Partnership Interest | Operating Partnership Units | |||||||
Related Party Transaction [Line Items] | |||||||
Contributed capital | $ 2,000 | ||||||
OP Units held by general partner | 200 | ||||||
Contributed of gross proceeds of common stock to the operating partnership | 100.00% | ||||||
Limited partner ownership interest | 93.20% | 92.60% |
Related Party Transactions (Sel
Related Party Transactions (Selling Commissions, Dealer Manager Fees and Distribution Fees) (Details) - Dealer Manager - Affiliated Entity | 12 Months Ended |
Dec. 31, 2019 | |
Class T | |
Related Party Transaction [Line Items] | |
Selling commissions (as % of transaction price) | 3.00% |
Dealer manager fees (as % of transaction price) | 0.50% |
Distribution fees (as % of NAV per annum) | 0.85% |
Class S | |
Related Party Transaction [Line Items] | |
Selling commissions (as % of transaction price) | 3.50% |
Dealer manager fees (as % of transaction price) | 0.00% |
Distribution fees (as % of NAV per annum) | 0.85% |
Class D | |
Related Party Transaction [Line Items] | |
Selling commissions (as % of transaction price) | 0.00% |
Dealer manager fees (as % of transaction price) | 0.00% |
Distribution fees (as % of NAV per annum) | 0.25% |
Class I | |
Related Party Transaction [Line Items] | |
Selling commissions (as % of transaction price) | 0.00% |
Dealer manager fees (as % of transaction price) | 0.00% |
Distribution fees (as % of NAV per annum) | 0.00% |
Related Party Transactions (Adv
Related Party Transactions (Advisory Fee) (Details) - Advisor - Affiliated Entity - Advisory Fees | Dec. 31, 2019 |
Related Party Transaction [Line Items] | |
% of applicable monthly NAV per Fund Interest (as defined below) x the weighted-average number of Fund Interests for such month (per annum) | 1.10% |
% of consideration received by us or our affiliates for selling interests in DST Properties (as defined in “Note 5”) to third-party investors, net of up-front fees and expense reimbursements payable out of gross sale proceeds from the sale of such interests | 1.10% |
Related Party Transactions (Sum
Related Party Transactions (Summary of Fees and Other Amounts Earned by Advisor and Its Related Parties) (Details) - USD ($) $ in Thousands, shares in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Related party transaction expense | $ 39,010 | $ 27,486 | $ 25,036 |
Related party payables | 7,408 | 4,712 | |
Upfront selling commissions | |||
Related Party Transaction [Line Items] | |||
Related party transaction expense | 2,094 | 1,199 | 34 |
Related party payables | 0 | 0 | |
Dealer manager fees | |||
Related Party Transaction [Line Items] | |||
Related party transaction expense | 0 | 0 | 306 |
Related party payables | 0 | 0 | |
Ongoing distribution fees | |||
Related Party Transaction [Line Items] | |||
Related party transaction expense | 1,387 | 501 | 108 |
Related party payables | 147 | 76 | |
Ongoing distribution fees | Other Liabilities | |||
Related Party Transaction [Line Items] | |||
Related party payables | 14,500 | 7,900 | |
Advisory fees - fixed component | |||
Related Party Transaction [Line Items] | |||
Related party transaction expense | 11,879 | 11,599 | 13,191 |
Related party payables | 1,245 | 988 | |
Advisory fees - fixed component | Company Advisor | Restricted Stock Units (RSUs) | Class I | |||
Related Party Transaction [Line Items] | |||
Related party transaction expense | $ 500 | $ 700 | |
Issuance of common stock, net of offering costs (in shares) | 0.6 | 0.5 | |
Advisory fees - performance component | |||
Related Party Transaction [Line Items] | |||
Related party transaction expense | 3,776 | $ 2,237 | $ 0 |
Related party payables | 3,776 | 2,237 | |
Advisory fees related to disposition of real properties | |||
Related Party Transaction [Line Items] | |||
Related party transaction expense | 0 | 0 | 1,763 |
Related party payables | 0 | 0 | |
Advisory fees related to disposition of real properties | Company Advisor | |||
Related Party Transaction [Line Items] | |||
Deferred payables | 200 | ||
Advisory fees related to disposition of real properties | Gains on sale of real property | |||
Related Party Transaction [Line Items] | |||
Related party transaction expense | 1,700 | ||
Other expense reimbursements - Advisor | |||
Related Party Transaction [Line Items] | |||
Related party transaction expense | 10,601 | 8,801 | 8,393 |
Related party payables | 2,240 | 1,411 | |
Other expense reimbursements - Dealer Manager | |||
Related Party Transaction [Line Items] | |||
Related party transaction expense | 527 | 878 | 401 |
Related party payables | 0 | 0 | |
DST Program advisory fees | |||
Related Party Transaction [Line Items] | |||
Related party transaction expense | 1,758 | 313 | 94 |
Related party payables | 0 | 0 | |
DST Program selling commissions | |||
Related Party Transaction [Line Items] | |||
Related party transaction expense | 2,668 | 1,097 | 466 |
Related party payables | 0 | 0 | |
DST Program dealer manager fees | |||
Related Party Transaction [Line Items] | |||
Related party transaction expense | 451 | 293 | 143 |
Related party payables | 0 | 0 | |
DST Program other reimbursements—Dealer Manager | |||
Related Party Transaction [Line Items] | |||
Related party transaction expense | 881 | 212 | 137 |
Related party payables | 0 | 0 | |
DST Program facilitation and loan origination fees | |||
Related Party Transaction [Line Items] | |||
Related party transaction expense | 2,988 | 356 | 0 |
Related party payables | 0 | 0 | |
Advisor Fees, Reimbursements For Portion Of Compensation Costs | |||
Related Party Transaction [Line Items] | |||
Related party transaction expense | $ 8,500 | $ 6,600 | 6,600 |
Advisor Fees, Reimbursements For Portion Of Compensation Costs | Company Advisor | |||
Related Party Transaction [Line Items] | |||
Related party transaction expense | 45 | ||
Advisor | Affiliated Entity | Consideration Paid For Disposition Services Rendered | Company Advisor | |||
Related Party Transaction [Line Items] | |||
Related party transaction expense | 1,400 | ||
Advisor | Affiliated Entity | Consideration Paid For Disposition Services Rendered | Gains on sale of real property | Company Advisor | |||
Related Party Transaction [Line Items] | |||
Related party transaction expense | $ 1,200 |
Net Income (Loss) Per Common _3
Net Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Net income (loss) attributable to common stockholders—basic | $ 54,259 | $ 7,291 | $ 77,399 | $ 3,602 | $ 748 | $ (3,465) | $ 10,115 | $ (8,635) | $ 142,551 | $ (1,237) | $ 72,216 |
Net income (loss) attributable to OP Units | 10,726 | (105) | 6,117 | ||||||||
Net income (loss) attributable to common stockholders—diluted | $ 153,277 | $ (1,342) | $ 78,333 | ||||||||
Weighted-average shares outstanding-basic (in shares) | 136,925 | 128,740 | 142,349 | ||||||||
Incremental weighted average shares effect of conversion of OP Units (in shares) | 10,391 | 10,934 | 11,807 | ||||||||
Weighted average shares outstanding-diluted (in shares) | 147,316 | 139,674 | 154,156 | ||||||||
Net income (loss) per share attributable to common stockholders: | |||||||||||
Basic (in dollars per share) | $ 1.04 | $ (0.01) | $ 0.51 | ||||||||
Diluted (in dollars per share) | $ 1.04 | $ (0.01) | $ 0.51 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Noncash Investing and Financing Items [Abstract] | ||||
Cash paid for interest | $ 39,515 | $ 42,048 | $ 37,473 | |
Distributions reinvested in common stock | 20,595 | 18,988 | 23,282 | |
Change in accrued future ongoing distribution fees | 6,540 | 6,052 | (2,058) | |
Repayment of property-level loans upon disposition of real estate property | 98,600 | 0 | 0 | |
Increase in DST loans receivable through DST capital raising | 18,744 | 660 | 0 | |
Supplemental disclosure of non-cash investing and financing activities: | ||||
Cash and cash equivalents | 97,772 | 10,008 | 10,475 | $ 13,864 |
Restricted cash | 10,010 | 7,030 | 8,541 | 7,282 |
Cash, cash equivalents and restricted cash | $ 107,782 | $ 17,038 | $ 19,016 | $ 21,146 |
Segment Financial Information_2
Segment Financial Information (Revenue and Components of Net Operating Income) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | segment | 4 | ||
Rental revenues | $ 184,441 | $ 189,631 | $ 196,518 |
Rental expenses | (61,060) | (61,667) | (66,532) |
Net operating income | 123,381 | 127,964 | 129,986 |
Real estate-related depreciation and amortization | 57,342 | 57,866 | 68,070 |
Total assets | 1,778,265 | 1,581,102 | 1,608,106 |
Operating Segments | Office | |||
Segment Reporting Information [Line Items] | |||
Rental revenues | 93,826 | 108,421 | 108,305 |
Rental expenses | (37,905) | (42,544) | (44,520) |
Net operating income | 55,921 | 65,877 | 63,785 |
Real estate-related depreciation and amortization | 26,194 | 33,335 | 41,283 |
Total assets | 458,583 | 724,875 | 775,917 |
Operating Segments | Retail | |||
Segment Reporting Information [Line Items] | |||
Rental revenues | 70,462 | 73,416 | 81,871 |
Rental expenses | (17,357) | (17,618) | (20,388) |
Net operating income | 53,105 | 55,798 | 61,483 |
Real estate-related depreciation and amortization | 20,317 | 20,616 | 24,216 |
Total assets | 652,707 | 671,007 | 705,696 |
Operating Segments | Multi-family | |||
Segment Reporting Information [Line Items] | |||
Rental revenues | 6,418 | 0 | 0 |
Rental expenses | (2,864) | 0 | 0 |
Net operating income | 3,554 | 0 | 0 |
Real estate-related depreciation and amortization | 4,028 | 0 | 0 |
Total assets | 293,498 | 0 | 0 |
Operating Segments | Industrial | |||
Segment Reporting Information [Line Items] | |||
Rental revenues | 13,735 | 7,794 | 6,342 |
Rental expenses | (2,934) | (1,505) | (1,624) |
Net operating income | 10,801 | 6,289 | 4,718 |
Real estate-related depreciation and amortization | 6,803 | 3,915 | 2,571 |
Total assets | 207,844 | 111,230 | 58,657 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Rental revenues | 0 | 0 | 0 |
Rental expenses | 0 | 0 | 0 |
Net operating income | 0 | 0 | 0 |
Real estate-related depreciation and amortization | 0 | 0 | 0 |
Total assets | $ 165,633 | $ 73,990 | $ 67,836 |
Segment Financial Information_3
Segment Financial Information (Reconciliation of Net Operating Income to Reported Net Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of net operating income attributable to common shareholders | |||||||||||
Net income (loss) attributable to common stockholders | $ 54,259 | $ 7,291 | $ 77,399 | $ 3,602 | $ 748 | $ (3,465) | $ 10,115 | $ (8,635) | $ 142,551 | $ (1,237) | $ 72,216 |
Debt-related income | (227) | (694) | (828) | ||||||||
Real estate-related depreciation and amortization | 57,342 | 57,866 | 68,070 | ||||||||
General and administrative expenses | 8,985 | 8,817 | 9,235 | ||||||||
Advisory fees, related party | 17,413 | 14,149 | 13,285 | ||||||||
Impairment of real estate property | 113 | 14,648 | 1,116 | ||||||||
Other (income) expense | (153) | 251 | 462 | ||||||||
Interest expense | 48,170 | 48,358 | 42,305 | ||||||||
Gain on sale of real estate property | (160,537) | (14,093) | (83,057) | ||||||||
Gain on extinguishment of debt and financing commitments, net | (1,002) | 0 | 0 | ||||||||
Net income (loss) attributable to noncontrolling interests | 10,726 | (101) | 7,182 | ||||||||
Net operating income | $ 123,381 | $ 127,964 | $ 129,986 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 44,824 | $ 44,230 | $ 44,920 | $ 50,694 | $ 49,390 | $ 49,675 | $ 46,633 | $ 44,627 | $ 184,668 | $ 190,325 | $ 197,346 |
Total operating expenses | (39,482) | (35,650) | (34,297) | (35,484) | (36,210) | (42,706) | (35,575) | (42,656) | (144,913) | (157,147) | (158,238) |
Total other (expenses) income | 52,908 | (743) | 72,681 | (11,324) | (12,372) | (10,726) | (56) | (11,362) | 113,522 | (34,516) | 40,290 |
Net income | 58,250 | 7,837 | 83,304 | 3,886 | 808 | (3,757) | 11,002 | (9,391) | 153,277 | (1,338) | 79,398 |
Net income attributable to common stockholders | $ 54,259 | $ 7,291 | $ 77,399 | $ 3,602 | $ 748 | $ (3,465) | $ 10,115 | $ (8,635) | $ 142,551 | $ (1,237) | $ 72,216 |
Net (loss) income attributable to common stockholders per common share—basic and diluted (in dollars per share) | $ 0.39 | $ 0.05 | $ 0.57 | $ 0.03 | $ 0.01 | $ (0.03) | $ 0.08 | $ (0.07) | $ 1.04 | $ (0.01) | $ 0.51 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands | 2 Months Ended | 10 Months Ended | 12 Months Ended | |||
Mar. 05, 2020USD ($)property | Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Subsequent Event [Line Items] | ||||||
Number of properties | property | 48 | |||||
Real estate acquisitions | $ | $ 396,901 | $ 55,431 | $ 39,538 | |||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Real estate acquisitions | $ | $ 62,900 | |||||
Retail | Retail Property, Birmingham, Alabama | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Number of properties | property | 1 | |||||
Industrial | Industrial Property, San Antonio, Texas | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Number of properties | property | 1 | |||||
Industrial | Industrial Property, Fort Worth, Texas | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Number of properties | property | 1 | |||||
Forecast | Industrial | Industrial Property, Sterling, VA | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Purchase price | $ | $ 5,000 | |||||
Forecast | Industrial | Industrial Property, Denver, Colorado | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Purchase price | $ | $ 12,300 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 77 | |||
Debt | $ 327,857 | |||
Initial Cost to Company, Land | 419,571 | |||
Initial Cost to Company, Building & Improvements | 1,514,623 | |||
Initial Cost to Company, Total | 1,934,194 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 123,156 | |||
Gross Amount Carried, Land | 418,037 | |||
Gross Amount Carried, Building and Improvements | 1,639,313 | |||
Real Estate, Gross, Total Cost | 2,057,350 | $ 2,008,733 | $ 2,028,906 | $ 2,204,322 |
Accumulated Depreciation | (444,718) | $ (501,621) | $ (488,636) | $ (492,911) |
Aggregate cost of investments in real property for federal income tax purposes | $ 1,300,000 | |||
Office | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 13 | |||
Debt | $ 178,005 | |||
Initial Cost to Company, Land | 99,440 | |||
Initial Cost to Company, Building & Improvements | 506,246 | |||
Initial Cost to Company, Total | 605,686 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 77,403 | |||
Gross Amount Carried, Land | 99,440 | |||
Gross Amount Carried, Building and Improvements | 583,649 | |||
Real Estate, Gross, Total Cost | 683,089 | |||
Accumulated Depreciation | $ (224,504) | |||
Office | Bala Pointe | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 1 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 10,115 | |||
Initial Cost to Company, Building & Improvements | 27,516 | |||
Initial Cost to Company, Total | 37,631 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 10,819 | |||
Gross Amount Carried, Land | 10,115 | |||
Gross Amount Carried, Building and Improvements | 38,335 | |||
Real Estate, Gross, Total Cost | 48,450 | |||
Accumulated Depreciation | $ (19,108) | |||
Office | 1300 Connecticut | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 1 | |||
Debt | $ 51,005 | |||
Initial Cost to Company, Land | 25,177 | |||
Initial Cost to Company, Building & Improvements | 41,250 | |||
Initial Cost to Company, Total | 66,427 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 5,617 | |||
Gross Amount Carried, Land | 25,177 | |||
Gross Amount Carried, Building and Improvements | 46,867 | |||
Real Estate, Gross, Total Cost | 72,044 | |||
Accumulated Depreciation | $ (27,599) | |||
Office | 1st Avenue Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 2 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 15,713 | |||
Initial Cost to Company, Building & Improvements | 65,252 | |||
Initial Cost to Company, Total | 80,965 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 6,921 | |||
Gross Amount Carried, Land | 15,713 | |||
Gross Amount Carried, Building and Improvements | 72,173 | |||
Real Estate, Gross, Total Cost | 87,886 | |||
Accumulated Depreciation | $ (17,918) | |||
Office | CityView | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 2 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 4,606 | |||
Initial Cost to Company, Building & Improvements | 65,250 | |||
Initial Cost to Company, Total | 69,856 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 5,472 | |||
Gross Amount Carried, Land | 4,606 | |||
Gross Amount Carried, Building and Improvements | 70,722 | |||
Real Estate, Gross, Total Cost | 75,328 | |||
Accumulated Depreciation | $ (16,714) | |||
Office | Eden Prairie | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 1 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 3,538 | |||
Initial Cost to Company, Building & Improvements | 25,865 | |||
Initial Cost to Company, Total | 29,403 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 125 | |||
Gross Amount Carried, Land | 3,538 | |||
Gross Amount Carried, Building and Improvements | 25,990 | |||
Real Estate, Gross, Total Cost | 29,528 | |||
Accumulated Depreciation | $ (10,561) | |||
Office | Preston Sherry Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 1 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 7,500 | |||
Initial Cost to Company, Building & Improvements | 22,303 | |||
Initial Cost to Company, Total | 29,803 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 11,223 | |||
Gross Amount Carried, Land | 7,500 | |||
Gross Amount Carried, Building and Improvements | 33,526 | |||
Real Estate, Gross, Total Cost | 41,026 | |||
Accumulated Depreciation | $ (15,495) | |||
Office | 3 Second Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 1 | |||
Debt | $ 127,000 | |||
Initial Cost to Company, Land | 16,800 | |||
Initial Cost to Company, Building & Improvements | 193,742 | |||
Initial Cost to Company, Total | 210,542 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 32,602 | |||
Gross Amount Carried, Land | 16,800 | |||
Gross Amount Carried, Building and Improvements | 226,344 | |||
Real Estate, Gross, Total Cost | 243,144 | |||
Accumulated Depreciation | $ (99,736) | |||
Office | Venture Corporate Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 3 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 10,961 | |||
Initial Cost to Company, Building & Improvements | 34,151 | |||
Initial Cost to Company, Total | 45,112 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 3,198 | |||
Gross Amount Carried, Land | 10,961 | |||
Gross Amount Carried, Building and Improvements | 37,349 | |||
Real Estate, Gross, Total Cost | 48,310 | |||
Accumulated Depreciation | $ (11,028) | |||
Office | Bank of America Tower | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 1 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 5,030 | |||
Initial Cost to Company, Building & Improvements | 30,917 | |||
Initial Cost to Company, Total | 35,947 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 1,426 | |||
Gross Amount Carried, Land | 5,030 | |||
Gross Amount Carried, Building and Improvements | 32,343 | |||
Real Estate, Gross, Total Cost | 37,373 | |||
Accumulated Depreciation | $ (6,345) | |||
Office | Minimum | Bala Pointe | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 1 year | |||
Office | Minimum | 1300 Connecticut | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 2 years | |||
Office | Minimum | 1st Avenue Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 1 year | |||
Office | Minimum | CityView | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 1 year | |||
Office | Minimum | Eden Prairie | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 5 years | |||
Office | Minimum | Preston Sherry Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 1 year | |||
Office | Minimum | 3 Second Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 3 years | |||
Office | Minimum | Venture Corporate Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 1 year | |||
Office | Minimum | Bank of America Tower | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 1 year | |||
Office | Maximum | Bala Pointe | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Office | Maximum | 1300 Connecticut | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Office | Maximum | 1st Avenue Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Office | Maximum | CityView | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Office | Maximum | Eden Prairie | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Office | Maximum | Preston Sherry Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Office | Maximum | 3 Second Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Office | Maximum | Venture Corporate Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Office | Maximum | Bank of America Tower | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Retail | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 45 | |||
Debt | $ 87,852 | |||
Initial Cost to Company, Land | 242,145 | |||
Initial Cost to Company, Building & Improvements | 563,270 | |||
Initial Cost to Company, Total | 805,415 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 39,396 | |||
Gross Amount Carried, Land | 240,562 | |||
Gross Amount Carried, Building and Improvements | 604,249 | |||
Real Estate, Gross, Total Cost | 844,811 | |||
Accumulated Depreciation | $ (192,102) | |||
Retail | Bandera Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 1 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 8,221 | |||
Initial Cost to Company, Building & Improvements | 23,472 | |||
Initial Cost to Company, Total | 31,693 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 7,495 | |||
Gross Amount Carried, Land | 8,221 | |||
Gross Amount Carried, Building and Improvements | 30,967 | |||
Real Estate, Gross, Total Cost | 39,188 | |||
Accumulated Depreciation | $ (11,680) | |||
Retail | Beaver Creek | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 1 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 12,426 | |||
Initial Cost to Company, Building & Improvements | 31,375 | |||
Initial Cost to Company, Total | 43,801 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | (734) | |||
Gross Amount Carried, Land | 10,727 | |||
Gross Amount Carried, Building and Improvements | 32,340 | |||
Real Estate, Gross, Total Cost | 43,067 | |||
Accumulated Depreciation | $ (12,544) | |||
Retail | Braintree | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 1 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 9,270 | |||
Initial Cost to Company, Building & Improvements | 31,266 | |||
Initial Cost to Company, Total | 40,536 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 5,591 | |||
Gross Amount Carried, Land | 9,270 | |||
Gross Amount Carried, Building and Improvements | 36,857 | |||
Real Estate, Gross, Total Cost | 46,127 | |||
Accumulated Depreciation | $ (12,929) | |||
Retail | Kingston | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 1 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 8,580 | |||
Initial Cost to Company, Building & Improvements | 12,494 | |||
Initial Cost to Company, Total | 21,074 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 5,459 | |||
Gross Amount Carried, Land | 8,580 | |||
Gross Amount Carried, Building and Improvements | 17,953 | |||
Real Estate, Gross, Total Cost | 26,533 | |||
Accumulated Depreciation | $ (6,430) | |||
Retail | Manomet | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 1 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 1,890 | |||
Initial Cost to Company, Building & Improvements | 6,480 | |||
Initial Cost to Company, Total | 8,370 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 1,982 | |||
Gross Amount Carried, Land | 1,890 | |||
Gross Amount Carried, Building and Improvements | 8,462 | |||
Real Estate, Gross, Total Cost | 10,352 | |||
Accumulated Depreciation | $ (3,066) | |||
Retail | Orleans | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 1 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 8,780 | |||
Initial Cost to Company, Building & Improvements | 23,683 | |||
Initial Cost to Company, Total | 32,463 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 775 | |||
Gross Amount Carried, Land | 8,780 | |||
Gross Amount Carried, Building and Improvements | 24,458 | |||
Real Estate, Gross, Total Cost | 33,238 | |||
Accumulated Depreciation | $ (9,646) | |||
Retail | Sandwich | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 1 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 7,380 | |||
Initial Cost to Company, Building & Improvements | 25,778 | |||
Initial Cost to Company, Total | 33,158 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 762 | |||
Gross Amount Carried, Land | 7,380 | |||
Gross Amount Carried, Building and Improvements | 26,540 | |||
Real Estate, Gross, Total Cost | 33,920 | |||
Accumulated Depreciation | $ (10,430) | |||
Retail | Wareham | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 1 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 12,972 | |||
Initial Cost to Company, Building & Improvements | 27,030 | |||
Initial Cost to Company, Total | 40,002 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 3,425 | |||
Gross Amount Carried, Land | 12,972 | |||
Gross Amount Carried, Building and Improvements | 30,455 | |||
Real Estate, Gross, Total Cost | 43,427 | |||
Accumulated Depreciation | $ (12,378) | |||
Retail | Abington | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 1 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 14,396 | |||
Initial Cost to Company, Building & Improvements | 594 | |||
Initial Cost to Company, Total | 14,990 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 0 | |||
Gross Amount Carried, Land | 14,396 | |||
Gross Amount Carried, Building and Improvements | 594 | |||
Real Estate, Gross, Total Cost | 14,990 | |||
Accumulated Depreciation | $ (594) | |||
Retail | Hyannis | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 1 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 10,405 | |||
Initial Cost to Company, Building & Improvements | 917 | |||
Initial Cost to Company, Total | 11,322 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 0 | |||
Gross Amount Carried, Land | 10,405 | |||
Gross Amount Carried, Building and Improvements | 917 | |||
Real Estate, Gross, Total Cost | 11,322 | |||
Accumulated Depreciation | $ (618) | |||
Retail | Mansfield | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 1 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 5,340 | |||
Initial Cost to Company, Building & Improvements | 16,490 | |||
Initial Cost to Company, Total | 21,830 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 0 | |||
Gross Amount Carried, Land | 5,340 | |||
Gross Amount Carried, Building and Improvements | 16,490 | |||
Real Estate, Gross, Total Cost | 21,830 | |||
Accumulated Depreciation | $ (6,282) | |||
Retail | Meriden | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 1 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 6,560 | |||
Initial Cost to Company, Building & Improvements | 22,014 | |||
Initial Cost to Company, Total | 28,574 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 0 | |||
Gross Amount Carried, Land | 6,560 | |||
Gross Amount Carried, Building and Improvements | 22,014 | |||
Real Estate, Gross, Total Cost | 28,574 | |||
Accumulated Depreciation | $ (8,843) | |||
Retail | Weymouth | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 2 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 5,170 | |||
Initial Cost to Company, Building & Improvements | 19,396 | |||
Initial Cost to Company, Total | 24,566 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | (44) | |||
Gross Amount Carried, Land | 4,913 | |||
Gross Amount Carried, Building and Improvements | 19,609 | |||
Real Estate, Gross, Total Cost | 24,522 | |||
Accumulated Depreciation | $ (7,539) | |||
Retail | Whitman 475 Bedford Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 1 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 3,610 | |||
Initial Cost to Company, Building & Improvements | 11,682 | |||
Initial Cost to Company, Total | 15,292 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 0 | |||
Gross Amount Carried, Land | 3,610 | |||
Gross Amount Carried, Building and Improvements | 11,682 | |||
Real Estate, Gross, Total Cost | 15,292 | |||
Accumulated Depreciation | $ (4,600) | |||
Retail | New Bedford | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 1 | |||
Debt | $ 6,009 | |||
Initial Cost to Company, Land | 3,790 | |||
Initial Cost to Company, Building & Improvements | 11,152 | |||
Initial Cost to Company, Total | 14,942 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 0 | |||
Gross Amount Carried, Land | 3,790 | |||
Gross Amount Carried, Building and Improvements | 11,152 | |||
Real Estate, Gross, Total Cost | 14,942 | |||
Accumulated Depreciation | $ (4,054) | |||
Retail | Norwell | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 1 | |||
Debt | $ 2,349 | |||
Initial Cost to Company, Land | 5,850 | |||
Initial Cost to Company, Building & Improvements | 14,547 | |||
Initial Cost to Company, Total | 20,397 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 0 | |||
Gross Amount Carried, Land | 5,850 | |||
Gross Amount Carried, Building and Improvements | 14,547 | |||
Real Estate, Gross, Total Cost | 20,397 | |||
Accumulated Depreciation | $ (5,658) | |||
Retail | 270 Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 1 | |||
Debt | $ 70,000 | |||
Initial Cost to Company, Land | 19,779 | |||
Initial Cost to Company, Building & Improvements | 42,515 | |||
Initial Cost to Company, Total | 62,294 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 880 | |||
Gross Amount Carried, Land | 19,781 | |||
Gross Amount Carried, Building and Improvements | 43,393 | |||
Real Estate, Gross, Total Cost | 63,174 | |||
Accumulated Depreciation | $ (18,303) | |||
Retail | Springdale | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 1 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 11,866 | |||
Initial Cost to Company, Building & Improvements | 723 | |||
Initial Cost to Company, Total | 12,589 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 8 | |||
Gross Amount Carried, Land | 11,866 | |||
Gross Amount Carried, Building and Improvements | 731 | |||
Real Estate, Gross, Total Cost | 12,597 | |||
Accumulated Depreciation | $ (557) | |||
Retail | Saugus | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 1 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 3,783 | |||
Initial Cost to Company, Building & Improvements | 9,713 | |||
Initial Cost to Company, Total | 13,496 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 120 | |||
Gross Amount Carried, Land | 3,783 | |||
Gross Amount Carried, Building and Improvements | 9,833 | |||
Real Estate, Gross, Total Cost | 13,616 | |||
Accumulated Depreciation | $ (5,104) | |||
Retail | Durgin Square | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 2 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 7,209 | |||
Initial Cost to Company, Building & Improvements | 21,055 | |||
Initial Cost to Company, Total | 28,264 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 1,941 | |||
Gross Amount Carried, Land | 7,209 | |||
Gross Amount Carried, Building and Improvements | 22,996 | |||
Real Estate, Gross, Total Cost | 30,205 | |||
Accumulated Depreciation | $ (7,285) | |||
Retail | Salt Pond | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 2 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 8,759 | |||
Initial Cost to Company, Building & Improvements | 40,233 | |||
Initial Cost to Company, Total | 48,992 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 1,150 | |||
Gross Amount Carried, Land | 8,759 | |||
Gross Amount Carried, Building and Improvements | 41,383 | |||
Real Estate, Gross, Total Cost | 50,142 | |||
Accumulated Depreciation | $ (9,896) | |||
Retail | South Cape | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 6 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 9,936 | |||
Initial Cost to Company, Building & Improvements | 27,552 | |||
Initial Cost to Company, Total | 37,488 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 4,394 | |||
Gross Amount Carried, Land | 10,307 | |||
Gross Amount Carried, Building and Improvements | 31,575 | |||
Real Estate, Gross, Total Cost | 41,882 | |||
Accumulated Depreciation | $ (6,367) | |||
Retail | Shenandoah | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 3 | |||
Debt | $ 9,494 | |||
Initial Cost to Company, Land | 10,501 | |||
Initial Cost to Company, Building & Improvements | 27,397 | |||
Initial Cost to Company, Total | 37,898 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 221 | |||
Gross Amount Carried, Land | 10,501 | |||
Gross Amount Carried, Building and Improvements | 27,618 | |||
Real Estate, Gross, Total Cost | 38,119 | |||
Accumulated Depreciation | $ (5,490) | |||
Retail | Chester Springs | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 4 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 7,376 | |||
Initial Cost to Company, Building & Improvements | 51,155 | |||
Initial Cost to Company, Total | 58,531 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 4,643 | |||
Gross Amount Carried, Land | 7,376 | |||
Gross Amount Carried, Building and Improvements | 55,798 | |||
Real Estate, Gross, Total Cost | 63,174 | |||
Accumulated Depreciation | $ (10,434) | |||
Retail | Yale Village | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 4 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 3,492 | |||
Initial Cost to Company, Building & Improvements | 30,655 | |||
Initial Cost to Company, Total | 34,147 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 143 | |||
Gross Amount Carried, Land | 3,492 | |||
Gross Amount Carried, Building and Improvements | 30,798 | |||
Real Estate, Gross, Total Cost | 34,290 | |||
Accumulated Depreciation | $ (5,115) | |||
Retail | Suniland Shopping Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 4 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 34,804 | |||
Initial Cost to Company, Building & Improvements | 33,902 | |||
Initial Cost to Company, Total | 68,706 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 1,185 | |||
Gross Amount Carried, Land | 34,804 | |||
Gross Amount Carried, Building and Improvements | 35,087 | |||
Real Estate, Gross, Total Cost | 69,891 | |||
Accumulated Depreciation | $ (6,260) | |||
Retail | Minimum | Bandera Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 1 year | |||
Retail | Minimum | Beaver Creek | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 1 year | |||
Retail | Minimum | Braintree | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 1 year | |||
Retail | Minimum | Kingston | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 1 year | |||
Retail | Minimum | Manomet | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 2 years | |||
Retail | Minimum | Orleans | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 1 year | |||
Retail | Minimum | Sandwich | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 1 year | |||
Retail | Minimum | Wareham | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 1 year | |||
Retail | Minimum | Hyannis | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 18 years | |||
Retail | Minimum | Mansfield | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 16 years | |||
Retail | Minimum | Meriden | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 13 years | |||
Retail | Minimum | Weymouth | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 4 years | |||
Retail | Minimum | Whitman 475 Bedford Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 16 years | |||
Retail | Minimum | New Bedford | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 22 years | |||
Retail | Minimum | Norwell | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 15 years | |||
Retail | Minimum | 270 Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 1 year | |||
Retail | Minimum | Springdale | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 6 years | |||
Retail | Minimum | Saugus | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 3 years | |||
Retail | Minimum | Durgin Square | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 1 year | |||
Retail | Minimum | Salt Pond | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 1 year | |||
Retail | Minimum | South Cape | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 1 year | |||
Retail | Minimum | Shenandoah | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 1 year | |||
Retail | Minimum | Chester Springs | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 1 year | |||
Retail | Minimum | Yale Village | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 3 years | |||
Retail | Minimum | Suniland Shopping Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 1 year | |||
Retail | Maximum | Bandera Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Retail | Maximum | Beaver Creek | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Retail | Maximum | Braintree | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Retail | Maximum | Kingston | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Retail | Maximum | Manomet | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Retail | Maximum | Orleans | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Retail | Maximum | Sandwich | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Retail | Maximum | Wareham | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Retail | Maximum | Hyannis | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 68 years | |||
Retail | Maximum | Mansfield | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 86 years | |||
Retail | Maximum | Meriden | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 43 years | |||
Retail | Maximum | Weymouth | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Retail | Maximum | Whitman 475 Bedford Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 56 years | |||
Retail | Maximum | New Bedford | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Retail | Maximum | Norwell | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 65 years | |||
Retail | Maximum | 270 Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Retail | Maximum | Springdale | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 62 years | |||
Retail | Maximum | Saugus | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Retail | Maximum | Durgin Square | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Retail | Maximum | Salt Pond | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Retail | Maximum | South Cape | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Retail | Maximum | Shenandoah | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Retail | Maximum | Chester Springs | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Retail | Maximum | Yale Village | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Retail | Maximum | Suniland Shopping Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Multi family properties | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 6 | |||
Debt | $ 62,000 | |||
Initial Cost to Company, Land | 41,675 | |||
Initial Cost to Company, Building & Improvements | 255,683 | |||
Initial Cost to Company, Total | 297,358 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 178 | |||
Gross Amount Carried, Land | 41,676 | |||
Gross Amount Carried, Building and Improvements | 255,860 | |||
Real Estate, Gross, Total Cost | 297,536 | |||
Accumulated Depreciation | $ (4,042) | |||
Multi family properties | The Daley | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 4 | |||
Debt | $ 62,000 | |||
Initial Cost to Company, Land | 15,139 | |||
Initial Cost to Company, Building & Improvements | 80,500 | |||
Initial Cost to Company, Total | 95,639 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 180 | |||
Gross Amount Carried, Land | 15,139 | |||
Gross Amount Carried, Building and Improvements | 80,680 | |||
Real Estate, Gross, Total Cost | 95,819 | |||
Accumulated Depreciation | $ (2,211) | |||
Multi family properties | Juno Winter Park | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 1 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 9,129 | |||
Initial Cost to Company, Building & Improvements | 75,420 | |||
Initial Cost to Company, Total | 84,549 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | (2) | |||
Gross Amount Carried, Land | 9,129 | |||
Gross Amount Carried, Building and Improvements | 75,418 | |||
Real Estate, Gross, Total Cost | 84,547 | |||
Accumulated Depreciation | $ (1,831) | |||
Multi family properties | Perimeter | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 1 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 17,407 | |||
Initial Cost to Company, Building & Improvements | 99,763 | |||
Initial Cost to Company, Total | 117,170 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 0 | |||
Gross Amount Carried, Land | 17,408 | |||
Gross Amount Carried, Building and Improvements | 99,762 | |||
Real Estate, Gross, Total Cost | 117,170 | |||
Accumulated Depreciation | $ 0 | |||
Multi family properties | Minimum | The Daley | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 1 year | |||
Multi family properties | Minimum | Juno Winter Park | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 1 year | |||
Multi family properties | Minimum | Perimeter | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 1 year | |||
Multi family properties | Maximum | The Daley | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Multi family properties | Maximum | Juno Winter Park | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Multi family properties | Maximum | Perimeter | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Industrial Property | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 13 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 36,311 | |||
Initial Cost to Company, Building & Improvements | 189,424 | |||
Initial Cost to Company, Total | 225,735 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 6,179 | |||
Gross Amount Carried, Land | 36,359 | |||
Gross Amount Carried, Building and Improvements | 195,555 | |||
Real Estate, Gross, Total Cost | 231,914 | |||
Accumulated Depreciation | $ (24,070) | |||
Industrial Property | South Columbia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 1 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 730 | |||
Initial Cost to Company, Building & Improvements | 25,092 | |||
Initial Cost to Company, Total | 25,822 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 5,157 | |||
Gross Amount Carried, Land | 730 | |||
Gross Amount Carried, Building and Improvements | 30,249 | |||
Real Estate, Gross, Total Cost | 30,979 | |||
Accumulated Depreciation | $ (15,229) | |||
Industrial Property | Vasco Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 1 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 4,880 | |||
Initial Cost to Company, Building & Improvements | 12,019 | |||
Initial Cost to Company, Total | 16,899 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | (698) | |||
Gross Amount Carried, Land | 4,880 | |||
Gross Amount Carried, Building and Improvements | 11,321 | |||
Real Estate, Gross, Total Cost | 16,201 | |||
Accumulated Depreciation | $ (1,645) | |||
Industrial Property | Northgate | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 1 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 3,940 | |||
Initial Cost to Company, Building & Improvements | 20,715 | |||
Initial Cost to Company, Total | 24,655 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 16 | |||
Gross Amount Carried, Land | 3,942 | |||
Gross Amount Carried, Building and Improvements | 20,729 | |||
Real Estate, Gross, Total Cost | 24,671 | |||
Accumulated Depreciation | $ (1,921) | |||
Industrial Property | Stafford Grove | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 3 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 8,540 | |||
Initial Cost to Company, Building & Improvements | 28,879 | |||
Initial Cost to Company, Total | 37,419 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 1,642 | |||
Gross Amount Carried, Land | 8,586 | |||
Gross Amount Carried, Building and Improvements | 30,475 | |||
Real Estate, Gross, Total Cost | 39,061 | |||
Accumulated Depreciation | $ (2,263) | |||
Industrial Property | Kaiser Business Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 2 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 6,140 | |||
Initial Cost to Company, Building & Improvements | 12,730 | |||
Initial Cost to Company, Total | 18,870 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 16 | |||
Gross Amount Carried, Land | 6,140 | |||
Gross Amount Carried, Building and Improvements | 12,746 | |||
Real Estate, Gross, Total Cost | 18,886 | |||
Accumulated Depreciation | $ (1,011) | |||
Industrial Property | Tri-County DC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 1 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 2,346 | |||
Initial Cost to Company, Building & Improvements | 18,400 | |||
Initial Cost to Company, Total | 20,746 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 46 | |||
Gross Amount Carried, Land | 2,346 | |||
Gross Amount Carried, Building and Improvements | 18,446 | |||
Real Estate, Gross, Total Cost | 20,792 | |||
Accumulated Depreciation | $ (953) | |||
Industrial Property | Florence Logistics Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 1 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 1,791 | |||
Initial Cost to Company, Building & Improvements | 16,968 | |||
Initial Cost to Company, Total | 18,759 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 0 | |||
Gross Amount Carried, Land | 1,791 | |||
Gross Amount Carried, Building and Improvements | 16,968 | |||
Real Estate, Gross, Total Cost | 18,759 | |||
Accumulated Depreciation | $ (502) | |||
Industrial Property | World Connect Logistics Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 1 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 4,983 | |||
Initial Cost to Company, Building & Improvements | 39,172 | |||
Initial Cost to Company, Total | 44,155 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 0 | |||
Gross Amount Carried, Land | 4,983 | |||
Gross Amount Carried, Building and Improvements | 39,172 | |||
Real Estate, Gross, Total Cost | 44,155 | |||
Accumulated Depreciation | $ (419) | |||
Industrial Property | Tri-County DC II A | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 1 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 1,280 | |||
Initial Cost to Company, Building & Improvements | 8,562 | |||
Initial Cost to Company, Total | 9,842 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 0 | |||
Gross Amount Carried, Land | 1,280 | |||
Gross Amount Carried, Building and Improvements | 8,562 | |||
Real Estate, Gross, Total Cost | 9,842 | |||
Accumulated Depreciation | $ (127) | |||
Industrial Property | Aurora DC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Number of Buildings | property | 1 | |||
Debt | $ 0 | |||
Initial Cost to Company, Land | 1,681 | |||
Initial Cost to Company, Building & Improvements | 6,887 | |||
Initial Cost to Company, Total | 8,568 | |||
Cost Capitalized or Adjustments Subsequent to Acquisition | 0 | |||
Gross Amount Carried, Land | 1,681 | |||
Gross Amount Carried, Building and Improvements | 6,887 | |||
Real Estate, Gross, Total Cost | 8,568 | |||
Accumulated Depreciation | $ 0 | |||
Industrial Property | Minimum | South Columbia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 4 years | |||
Industrial Property | Minimum | Vasco Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 3 years | |||
Industrial Property | Minimum | Northgate | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 10 years | |||
Industrial Property | Minimum | Stafford Grove | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 4 years | |||
Industrial Property | Minimum | Kaiser Business Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 2 years | |||
Industrial Property | Minimum | Tri-County DC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 1 year | |||
Industrial Property | Minimum | Florence Logistics Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 1 year | |||
Industrial Property | Minimum | World Connect Logistics Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 1 year | |||
Industrial Property | Minimum | Tri-County DC II A | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 1 year | |||
Industrial Property | Minimum | Aurora DC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 1 year | |||
Industrial Property | Maximum | South Columbia | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Industrial Property | Maximum | Vasco Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Industrial Property | Maximum | Northgate | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Industrial Property | Maximum | Stafford Grove | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Industrial Property | Maximum | Kaiser Business Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Industrial Property | Maximum | Tri-County DC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Industrial Property | Maximum | Florence Logistics Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Industrial Property | Maximum | World Connect Logistics Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Industrial Property | Maximum | Tri-County DC II A | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years | |||
Industrial Property | Maximum | Aurora DC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Life (years) | 40 years |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation (Activity of Real Estate and Accumulated Depreciation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments in real estate properties: | |||
Balance at the beginning of period | $ 2,008,733 | $ 2,028,906 | $ 2,204,322 |
Acquisitions of properties | 399,428 | 56,289 | 41,554 |
Improvements | 44,103 | 46,973 | 33,332 |
Disposition of properties | (394,711) | (107,292) | (242,424) |
Impairment of real estate | (113) | (14,648) | (1,116) |
Disposition of properties | (90) | (1,495) | (6,762) |
Balance at the end of period | 2,057,350 | 2,008,733 | 2,028,906 |
Accumulated depreciation and amortization: | |||
Balance at the beginning of period | 501,621 | 488,636 | 492,911 |
Real estate depreciation and amortization expense | 57,342 | 57,866 | 68,070 |
Above-market lease assets amortization expenses | 792 | 1,096 | 2,392 |
Disposition of properties | (114,948) | (44,482) | (67,975) |
Write-offs of intangibles and tenant leasing costs | (89) | (1,495) | (6,762) |
Balance at the end of period | $ 444,718 | $ 501,621 | $ 488,636 |
Uncategorized Items - ck0001327
Label | Element | Value |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ 492,726,000 |
Retained Earnings [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | (818,821,000) |
AOCI Attributable to Parent [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | (696,000) |
Additional Paid-in Capital [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 1,224,061,000 |
Noncontrolling Interest [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 86,857,000 |
Common Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ 1,325,000 |
Common Stock, Shares, Outstanding | us-gaap_CommonStockSharesOutstanding | 132,466,000 |
Accounting Standards Update 2017-12 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 0 |
Accounting Standards Update 2017-12 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (213,000) |
Accounting Standards Update 2017-12 [Member] | AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 213,000 |