Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 02, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-36369 | |
Entity Registrant Name | Bluerock Residential Growth REIT, Inc. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 26-3136483 | |
Entity Address, Address Line One | 1345 Avenue of the Americas, 32nd Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10105 | |
City Area Code | 212 | |
Local Phone Number | 843-1601 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001442626 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Class A common stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class A Common Stock, $0.01 par value per share | |
Trading Symbol | BRG | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 26,411,287 | |
Cumulative Redeemable Preferred Stock | Series C [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 7.625% Series C Cumulative Redeemable Preferred Stock, $0.01 par value per share | |
Trading Symbol | BRG | |
Security Exchange Name | NYSE | |
Cumulative Redeemable Preferred Stock | Series D [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 7.125% Series D Cumulative Preferred Stock, $0.01 par value per share | |
Trading Symbol | BRG | |
Security Exchange Name | NYSE | |
Class C Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 76,603 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Net Real Estate Investments | ||
Land | $ 251,691,000 | $ 279,481,000 |
Buildings and improvements | 1,703,536,000 | 1,889,471,000 |
Furniture, fixtures and equipment | 75,488,000 | 78,438,000 |
Total Gross Real Estate Investments | 2,030,715,000 | 2,247,390,000 |
Accumulated depreciation | (187,066,000) | (186,426,000) |
Total Net Operating Real Estate Investments | 1,843,649,000 | 2,060,964,000 |
Operating real estate held for sale, net | 144,878,000 | 36,213,000 |
Total Net Real Estate Investments | 1,988,527,000 | 2,097,177,000 |
Cash and cash equivalents | 136,766,000 | 83,868,000 |
Restricted cash | 36,308,000 | 35,093,000 |
Notes and accrued interest receivable, net | 165,654,000 | 157,734,000 |
Due from affiliates | 667,000 | 339,000 |
Accounts receivable, prepaids and other assets, net | 40,783,000 | 29,502,000 |
Preferred equity investments and investments in unconsolidated real estate joint ventures, net | 86,328,000 | 83,485,000 |
In-place lease intangible assets, net | 1,531,000 | 2,594,000 |
Non-real estate assets associated with operating real estate held for sale | 271,000 | 145,000 |
TOTAL ASSETS | 2,456,835,000 | 2,489,937,000 |
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | ||
Mortgages payable | 1,343,454,000 | 1,490,932,000 |
Mortgages payable associated with operating real estate held for sale | 93,137,000 | 38,773,000 |
Revolving credit facilities | 33,000,000 | |
Accounts payable | 1,972,000 | 1,317,000 |
Other accrued liabilities | 34,677,000 | 31,025,000 |
Due to affiliates | 635,000 | 618,000 |
Distributions payable | 13,879,000 | 13,421,000 |
Liabilities associated with operating real estate held for sale | 1,135,000 | 383,000 |
Total Liabilities | 1,488,889,000 | 1,609,469,000 |
Stockholders' Equity | ||
Additional paid-in-capital | 362,507,000 | 304,710,000 |
Distributions in excess of cumulative earnings | (303,960,000) | (313,392,000) |
Total Stockholders' Equity | 125,704,000 | 58,406,000 |
Noncontrolling Interests | ||
Operating partnership units | 18,751,000 | (3,272,000) |
Partially owned properties | 24,022,000 | 24,666,000 |
Total Noncontrolling Interests | 42,773,000 | 21,394,000 |
Total Equity | 168,477,000 | 79,800,000 |
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | 2,456,835,000 | 2,489,937,000 |
Preferred Stock [Member] | ||
Stockholders' Equity | ||
Preferred Stock Value | 0 | 0 |
Class A common stock | ||
Stockholders' Equity | ||
Common Stock Value | 289,000 | 220,000 |
Noncontrolling Interests | ||
Total Equity | 289,000 | 220,000 |
Class C Common Stock [Member] | ||
Stockholders' Equity | ||
Common Stock Value | 1,000 | 1,000 |
Noncontrolling Interests | ||
Total Equity | 1,000 | 1,000 |
Cumulative Redeemable Preferred Stock | Series A [Member] | ||
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | ||
Redeemable Preferred Stock | 54,332,000 | |
Cumulative Redeemable Preferred Stock | Series C [Member] | ||
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | ||
Redeemable Preferred Stock | 56,627,000 | 56,462,000 |
Cumulative Redeemable Preferred Stock | Series D [Member] | ||
Stockholders' Equity | ||
Preferred Stock Value | 66,867,000 | 66,867,000 |
Redeemable Preferred Stock [Member] | Series B [Member] | ||
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | ||
Redeemable Preferred Stock | 327,124,000 | 469,907,000 |
Redeemable Preferred Stock [Member] | Series T | ||
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | ||
Redeemable Preferred Stock | $ 415,718,000 | $ 219,967,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 197,900,000 | 197,900,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Redeemable Preferred Stock [Member] | Series B [Member] | ||
Preferred Stock, Dividend Rate, Percentage | 6.00% | 6.00% |
Temporary Equity, Liquidation Preference Per Share | $ 1,000 | $ 1,000 |
Temporary Equity, Shares Authorized | 1,225,000 | 1,225,000 |
Temporary Equity, Shares Issued | 360,608 | 513,489 |
Temporary Equity, Shares Outstanding | 360,608 | 513,489 |
Redeemable Preferred Stock [Member] | Series T | ||
Preferred Stock, Dividend Rate, Percentage | 6.15% | 6.15% |
Temporary Equity, Liquidation Preference Per Share | $ 25 | $ 25 |
Temporary Equity, Shares Authorized | 32,000,000 | 32,000,000 |
Temporary Equity, Shares Issued | 18,353,252 | 9,717,917 |
Temporary Equity, Shares Outstanding | 18,353,252 | 9,717,917 |
Cumulative Redeemable Preferred Stock | Series A [Member] | ||
Preferred Stock, Dividend Rate, Percentage | 8.25% | 8.25% |
Temporary Equity, Liquidation Preference Per Share | $ 25 | $ 25 |
Temporary Equity, Shares Authorized | 10,875,000 | 10,875,000 |
Temporary Equity, Shares Issued | 0 | 2,201,547 |
Temporary Equity, Shares Outstanding | 0 | 2,201,547 |
Cumulative Redeemable Preferred Stock | Series C [Member] | ||
Preferred Stock, Dividend Rate, Percentage | 7.625% | 7.625% |
Temporary Equity, Liquidation Preference Per Share | $ 25 | $ 25 |
Temporary Equity, Shares Authorized | 4,000,000 | 4,000,000 |
Temporary Equity, Shares Issued | 2,295,845 | 2,295,845 |
Temporary Equity, Shares Outstanding | 2,295,845 | 2,295,845 |
Cumulative Redeemable Preferred Stock | Series D [Member] | ||
Preferred Stock, Liquidation Preference Per Share | $ 25 | $ 25 |
Preferred Stock, Shares Authorized | 4,000,000 | 4,000,000 |
Preferred Stock, Shares Issued | 2,774,338 | 2,774,338 |
Preferred Stock, Shares Outstanding | 2,774,338 | 2,774,338 |
Preferred Stock, Dividend Rate, Percentage | 7.125% | 7.125% |
Class A common stock | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 747,509,582 | 747,509,582 |
Common stock, shares issued | 28,861,937 | 22,020,950 |
Common stock, shares outstanding | 28,861,937 | 22,020,950 |
Class C Common Stock [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 76,603 | 76,603 |
Common stock, shares issued | 76,603 | 76,603 |
Common stock, shares outstanding | 76,603 | 76,603 |
Series A Preferred Stock [Member] | ||
Preferred Stock, Dividend Rate, Percentage | 8.25% |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | ||||
Rental and other property revenues | $ 49,721 | $ 47,695 | $ 100,803 | $ 98,047 |
Interest income from mezzanine loan and ground lease investments | 4,114 | 5,338 | 8,835 | 11,227 |
Total revenues | 53,835 | 53,033 | 109,638 | 109,274 |
Expenses | ||||
Property operating | 18,909 | 18,571 | 38,841 | 37,870 |
Property management fees | 1,247 | 1,194 | 2,528 | 2,488 |
General and administrative | 6,595 | 5,303 | 13,240 | 11,674 |
Acquisition and pursuit costs | 3 | 423 | 15 | 1,691 |
Weather-related losses, net | 0 | 0 | 400 | |
Depreciation and amortization | 19,926 | 20,067 | 40,250 | 40,990 |
Total expenses | 46,680 | 45,558 | 95,274 | 94,713 |
Operating income | 7,155 | 7,475 | 14,364 | 14,561 |
Other income (expense) | ||||
Other income | 57 | 19 | 209 | 59 |
Preferred returns on unconsolidated real estate joint ventures | 2,329 | 2,834 | 4,616 | 5,249 |
Provision for credit losses | (26) | 0 | (567) | 0 |
Gain on sale of real estate investments | 19,429 | 57,843 | 88,342 | 58,096 |
Loss on extinguishment of debt and debt modification costs | (647) | (13,985) | (3,687) | (13,985) |
Interest expense, net | (13,460) | (13,859) | (27,294) | (28,774) |
Total other income | 7,682 | 32,852 | 61,619 | 20,645 |
Net income (loss) | 14,837 | 40,327 | 75,983 | 35,206 |
Preferred stock dividends | (14,367) | (14,237) | (28,984) | (27,784) |
Preferred stock accretion | (7,290) | (3,602) | (14,312) | (7,527) |
Net (loss) income attributable to noncontrolling interests | ||||
Operating partnership units | (1,978) | 5,413 | 8,182 | (409) |
Partially-owned properties | 587 | 1,985 | 6,353 | 1,707 |
Net income (loss) attributable to noncontrolling interests | (1,391) | 7,398 | 14,535 | 1,298 |
Net income (loss) attributable to common stockholders | $ (5,429) | $ 15,090 | $ 18,152 | $ (1,403) |
Net income (loss) per common share - Basic | $ (0.21) | $ 0.61 | $ 0.68 | $ (0.09) |
Net income (loss) per common share - Diluted | $ (0.21) | $ 0.61 | $ 0.68 | $ (0.09) |
Weighted average basic common shares outstanding | 28,129,862 | 24,307,147 | 25,623,537 | 24,197,479 |
Weighted average diluted common shares outstanding | 28,129,862 | 24,345,034 | 25,688,530 | 24,197,479 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) | Additional Paid-in Capital [Member] | Cumulative Distributions [Member] | Net Income to Stockholders [Member] | Noncontrolling Interests [Member] | Class A common stock | Class C Common Stock [Member] | Series D Preferred Stock [Member] | Total |
Balance at Dec. 31, 2019 | $ 311,683,000 | $ (259,254,000) | $ 6,122,000 | $ 48,170,000 | $ 234,000 | $ 1,000 | $ 68,705,000 | $ 175,661,000 |
Balance (in shares) at Dec. 31, 2019 | 23,422,557 | 76,603 | 2,850,602 | |||||
Issuance of Class A common stock, net | 1,972,000 | 0 | 0 | 0 | $ 2,000 | $ 0 | $ 0 | 1,974,000 |
Issuance of Class A common stock, net (in shares) | 169,255 | 0 | 0 | |||||
Issuance of Class A common stock due to Series B warrants exercise | 121,000 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | 121,000 |
Issuance of Class A common stock due to Series B warrants exercise (in shares) | 11,172 | 0 | 0 | |||||
Issuance of Class A common stock for executive salaries | 147,000 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | 147,000 |
Issuance of Class A common stock for executive salaries (in shares) | 25,174 | 0 | 0 | |||||
Repurchase of Class A common stock | (11,597,000) | 0 | 0 | 0 | $ (10,000) | $ 0 | $ 0 | (11,607,000) |
Repurchase of Class A common stock (in shares) | (1,028,293) | 0 | 0 | |||||
Issuance of restricted Class A common stock, net of shares withheld for employee taxes | 221,000 | 0 | 0 | $ 1,000 | $ 0 | $ 0 | 222,000 | |
Issuance of restricted Class A common stock, net of shares withheld for employee taxes (in shares) | 78,865 | 0 | 0 | |||||
Repurchase of Series A, Series C and Series D Preferred Stock, net | 511,000 | 0 | 0 | $ 0 | $ 0 | $ (1,838,000) | (1,327,000) | |
Repurchase of Series A, Series C and Series D Preferred Stock, net (In shares) | 0 | 0 | (76,264) | |||||
Issuance of restricted Class A common stock | 221,000 | 0 | 0 | $ 1,000 | $ 0 | $ 0 | 222,000 | |
Issuance of restricted Class A common stock (in shares) | 78,865 | 0 | 0 | |||||
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation | 0 | 0 | 0 | 343,000 | $ 0 | $ 0 | $ 0 | 343,000 |
Issuance of LTIP Units for executive bonuses | 0 | 0 | 0 | 2,196,000 | $ 0 | $ 0 | $ 0 | 2,196,000 |
Issuance of LTIP Units for executive bonuses (in shares) | 0 | 0 | 0 | |||||
Vesting of LTIP Units for compensation | 0 | 0 | 0 | 3,228,000 | $ 0 | $ 0 | $ 0 | 3,228,000 |
Issuance of LTIP Units for expense and capitalized cost reimbursements | 0 | 0 | 0 | 943,000 | 0 | 0 | 0 | 943,000 |
Common stock distributions declared | 0 | (7,920,000) | 0 | 0 | 0 | 0 | 0 | (7,920,000) |
Series A Preferred Stock distributions declared | 0 | (5,830,000) | 0 | 0 | 0 | 0 | 0 | (5,830,000) |
Series A Preferred Stock accretion | 0 | (501,000) | 0 | 0 | 0 | 0 | 0 | (501,000) |
Series B Preferred Stock distributions declared | 0 | (15,614,000) | 0 | 0 | 0 | 0 | 0 | (15,614,000) |
Series B Preferred Stock accretion | 0 | (6,227,000) | 0 | 0 | 0 | 0 | 0 | (6,227,000) |
Series C Preferred Stock distributions declared | 0 | (2,210,000) | 0 | 0 | 0 | 0 | 0 | (2,210,000) |
Series C Preferred Stock accretion | 0 | (180,000) | 0 | 0 | 0 | 0 | 0 | (180,000) |
Series D Preferred Stock distributions declared | 0 | (2,514,000) | 0 | 0 | 0 | 0 | 0 | (2,514,000) |
Series T Preferred Stock distributions declared | 0 | (1,616,000) | 0 | 0 | 0 | 0 | 0 | (1,616,000) |
Series T Preferred Stock accretion | 0 | (619,000) | 0 | 0 | 0 | 0 | 0 | (619,000) |
Distributions to Operating Partnership ("OP") noncontrolling interests | 0 | 0 | 0 | (3,252,000) | 0 | 0 | 0 | (3,252,000) |
Distributions to partially owned noncontrolling interests | 0 | 0 | 0 | (3,826,000) | 0 | 0 | 0 | (3,826,000) |
Conversion of Operating Partnership Units ('OP Units") into Class A common stock | 131,000 | 0 | 0 | (132,000) | $ 1,000 | $ 0 | $ 0 | 0 |
Conversion of Operating Partnership Units ('OP Units") into Class A common stock (in shares) | 69,713 | 0 | 0 | |||||
Holder redemption of Series T Preferred Stock and conversion into Class A common stock | 36,000 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | 36,000 |
Holder redemption of Series T Preferred Stock and conversion into Class A common stock (in shares) | 7,499 | 0 | 0 | |||||
Holder redemption of Series B Preferred Stock and conversion into Class A common stock | 3,740,000 | 0 | 0 | 0 | $ 5,000 | $ 0 | $ 0 | 3,745,000 |
Holder redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 515,142 | 0 | 0 | |||||
Company redemption of Series B Preferred Stock and conversion into Class A common stock | 15,779,000 | 0 | 0 | 0 | $ 13,000 | $ 0 | $ 0 | 15,792,000 |
Company redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 1,334,501 | 0 | 0 | |||||
Cash redemption of Series B Preferred Stock | 8,000 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | 8,000 |
Series B warrant activity and exercise, net | (21,000) | 0 | 0 | 0 | 0 | 0 | 0 | (21,000) |
Transfer of noncontrolling interest to controlling interest | 0 | 0 | 0 | (775,000) | 0 | 0 | 0 | (775,000) |
Acquisition of noncontrolling interest | (2,876,000) | 0 | 0 | 0 | 0 | 0 | 0 | (2,876,000) |
Adjustment for noncontrolling interest ownership in Operating Partnership | 2,118,000 | 0 | 0 | (2,118,000) | 0 | 0 | 0 | 0 |
Net income (loss) | 0 | 0 | 33,908,000 | 1,298,000 | 0 | 0 | 0 | 35,206,000 |
Balance at Jun. 30, 2020 | 321,973,000 | (302,485,000) | 40,030,000 | 46,075,000 | $ 246,000 | $ 1,000 | $ 66,867,000 | 172,707,000 |
Balance (in shares) at Jun. 30, 2020 | 24,605,585 | 76,603 | 2,774,338 | |||||
Balance at Mar. 31, 2020 | 318,802,000 | (280,639,000) | 7,101,000 | 43,100,000 | $ 240,000 | $ 1,000 | $ 68,705,000 | 157,310,000 |
Balance (in shares) at Mar. 31, 2020 | 24,015,484 | 76,603 | 2,850,602 | |||||
Issuance of Class A common stock, net | 7,000 | 0 | 0 | $ 0 | $ 0 | $ 0 | 7,000 | |
Issuance of Class A common stock, net (in shares) | 1,857 | 0 | 0 | |||||
Issuance of Class A common stock for executive salaries | 147,000 | 0 | 0 | $ 0 | $ 0 | $ 0 | 147,000 | |
Issuance of Class A common stock for executive salaries (in shares) | 25,174 | 0 | 0 | |||||
Repurchase of Class A common stock | (1,000) | 0 | 0 | $ 0 | $ 0 | $ 0 | (1,000) | |
Repurchase of Class A common stock (in shares) | 0 | 0 | 0 | |||||
Repurchase of Series A, Series C and Series D Preferred Stock, net | 511,000 | 0 | 0 | $ 0 | $ 0 | $ (1,838,000) | (1,327,000) | |
Repurchase of Series A, Series C and Series D Preferred Stock, net (In shares) | 0 | 0 | (76,264) | |||||
Issuance of restricted Class A common stock, net of shares withheld for employee taxes | 79,000 | 0 | 0 | $ 1,000 | $ 0 | $ 0 | 80,000 | |
Issuance of restricted Class A common stock, net of shares withheld for employee taxes (in shares) | 78,865 | 0 | 0 | |||||
Issuance of LTIP Units for executive bonuses | 0 | 0 | 0 | 2,196,000 | $ 0 | $ 0 | $ 0 | 2,196,000 |
Issuance of LTIP Units for executive bonuses (in shares) | 0 | 0 | 0 | |||||
Vesting of LTIP Units for compensation | 0 | 0 | 0 | 1,370,000 | $ 0 | $ 0 | $ 0 | 1,370,000 |
Issuance of LTIP Units for expense and capitalized cost reimbursements | 0 | 0 | 0 | 438,000 | 0 | 0 | 0 | 438,000 |
Common stock distributions declared | 0 | (4,007,000) | 0 | 0 | 0 | 0 | (4,007,000) | |
Series A Preferred Stock distributions declared | 0 | (2,880,000) | 0 | 0 | 0 | 0 | (2,880,000) | |
Series A Preferred Stock accretion | 0 | (296,000) | 0 | 0 | 0 | 0 | (296,000) | |
Series B Preferred Stock distributions declared | 0 | (7,766,000) | 0 | 0 | 0 | 0 | (7,766,000) | |
Series B Preferred Stock accretion | 0 | (2,794,000) | 0 | 0 | 0 | 0 | (2,794,000) | |
Series C Preferred Stock distributions declared | 0 | (1,103,000) | 0 | 0 | 0 | 0 | (1,103,000) | |
Series C Preferred Stock accretion | 0 | (101,000) | 0 | 0 | 0 | 0 | (101,000) | |
Series D Preferred Stock distributions declared | 0 | (1,245,000) | 0 | 0 | 0 | 0 | (1,245,000) | |
Series T Preferred Stock distributions declared | 0 | (1,243,000) | 0 | 0 | 0 | 0 | (1,243,000) | |
Series T Preferred Stock accretion | 0 | (411,000) | 0 | 0 | 0 | 0 | (411,000) | |
Distributions to Operating Partnership ("OP") noncontrolling interests | 0 | 0 | 0 | (1,661,000) | 0 | 0 | 0 | (1,661,000) |
Distributions to partially owned noncontrolling interests | 0 | 0 | 0 | (3,419,000) | 0 | 0 | 0 | (3,419,000) |
Conversion of Operating Partnership Units ('OP Units") into Class A common stock | 131,000 | 0 | 0 | (132,000) | $ 1,000 | 0 | 0 | 0 |
Conversion of Operating Partnership Units ('OP Units") into Class A common stock (in shares) | 69,713 | |||||||
Holder redemption of Series T Preferred Stock and conversion into Class A common stock | 36,000 | 0 | 0 | $ 0 | $ 0 | $ 0 | 36,000 | |
Holder redemption of Series T Preferred Stock and conversion into Class A common stock (in shares) | 7,499 | 0 | 0 | |||||
Holder redemption of Series B Preferred Stock and conversion into Class A common stock | 2,562,000 | 0 | 0 | $ 4,000 | $ 0 | $ 0 | 2,566,000 | |
Holder redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 406,993 | 0 | 0 | |||||
Company redemption of Series B Preferred Stock and conversion into Class A common stock | 15,000 | 0 | 0 | $ 0 | $ 0 | $ 0 | 15,000 | |
Company redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 0 | 0 | 0 | |||||
Cash redemption of Series B Preferred Stock | 2,000 | 0 | 0 | $ 0 | $ 0 | $ 0 | 2,000 | |
Transfer of noncontrolling interest to controlling interest | 0 | 0 | 0 | (775,000) | 0 | 0 | 0 | (775,000) |
Acquisition of noncontrolling interest | (2,760,000) | 0 | 0 | 0 | 0 | 0 | (2,760,000) | |
Adjustment for noncontrolling interest ownership in Operating Partnership | 2,440,000 | 0 | 0 | (2,440,000) | 0 | 0 | 0 | 0 |
Net income (loss) | 0 | 0 | 32,929,000 | 7,398,000 | 0 | 0 | 0 | 40,327,000 |
Balance at Jun. 30, 2020 | 321,973,000 | (302,485,000) | 40,030,000 | 46,075,000 | $ 246,000 | $ 1,000 | $ 66,867,000 | 172,707,000 |
Balance (in shares) at Jun. 30, 2020 | 24,605,585 | 76,603 | 2,774,338 | |||||
Balance at Dec. 31, 2020 | 304,710,000 | (350,154,000) | 36,762,000 | 21,394,000 | $ 220,000 | $ 1,000 | $ 66,867,000 | 79,800,000 |
Balance (in shares) at Dec. 31, 2020 | 22,020,950 | 76,603 | 2,774,338 | |||||
Issuance of Class A common stock, net | 19,000 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | 19,000 |
Issuance of Class A common stock, net (in shares) | 1,740 | 0 | 0 | |||||
Issuance costs for Class A common stock ATM | (626,000) | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | (626,000) |
Issuance of Class A common stock due to Series B warrants exercise | 228,000 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | 228,000 |
Issuance of Class A common stock due to Series B warrants exercise (in shares) | 20,908 | 0 | 0 | |||||
Company redemption of Series A Preferred Stock | 0 | (710,000) | 0 | 0 | $ 0 | $ 0 | $ 0 | (710,000) |
Repurchase of Class A common stock | (85,744,000) | 0 | 0 | 0 | $ (81,000) | $ 0 | $ 0 | (85,825,000) |
Repurchase of Class A common stock (in shares) | (8,163,160) | 0 | 0 | |||||
Issuance of restricted Class A common stock, net of shares withheld for employee taxes | 61,000 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | 61,000 |
Issuance of restricted Class A common stock, net of shares withheld for employee taxes (in shares) | 27,631 | 0 | 0 | |||||
Issuance of restricted Class A common stock | 61,000 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | 61,000 |
Issuance of restricted Class A common stock (in shares) | 27,631 | 0 | 0 | |||||
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation | 0 | 0 | 0 | 374,000 | $ 0 | $ 0 | $ 0 | 374,000 |
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation (in shares) | 0 | 0 | 0 | |||||
Issuance of LTIP Units for executive bonuses | 0 | 0 | 0 | 2,170,000 | $ 0 | $ 0 | $ 0 | 2,170,000 |
Issuance of LTIP Units for executive bonuses (in shares) | 0 | 0 | 0 | |||||
Issuance of LTIP Units for executive salaries | 0 | 0 | 0 | 439,000 | $ 0 | $ 0 | $ 0 | 439,000 |
Vesting of LTIP Units for compensation | 0 | 0 | 0 | 3,785,000 | 0 | 0 | 0 | 3,785,000 |
Issuance of LTIP units for expense reimbursements | 0 | 0 | 0 | 786,000 | 0 | 0 | 0 | 786,000 |
Contributions from noncontrolling interests, net | 0 | 0 | 0 | 4,147,000 | 0 | 0 | 0 | 4,147,000 |
Common stock distributions declared | 0 | (8,720,000) | 0 | 0 | 0 | 0 | 0 | (8,720,000) |
Series A Preferred Stock distributions declared | 0 | (706,000) | 0 | 0 | 0 | 0 | 0 | (706,000) |
Series A Preferred Stock accretion | 0 | (35,000) | 0 | 0 | 0 | 0 | 0 | (35,000) |
Series B Preferred Stock distributions declared | 0 | (12,907,000) | 0 | 0 | 0 | 0 | 0 | (12,907,000) |
Series B Preferred Stock accretion | 0 | (10,051,000) | 0 | 0 | 0 | 0 | 0 | (10,051,000) |
Series C Preferred Stock distributions declared | 0 | (2,188,000) | 0 | 0 | 0 | 0 | 0 | (2,188,000) |
Series C Preferred Stock accretion | 0 | (165,000) | 0 | 0 | 0 | 0 | 0 | (165,000) |
Series D Preferred Stock distributions declared | 0 | (2,470,000) | 0 | 0 | 0 | 0 | 0 | (2,470,000) |
Series T Preferred Stock distributions declared | 0 | (10,713,000) | 0 | 0 | 0 | 0 | 0 | (10,713,000) |
Series T Preferred Stock accretion | 0 | (3,351,000) | 0 | 0 | 0 | 0 | 0 | (3,351,000) |
Distributions to Operating Partnership ("OP") noncontrolling interests | 0 | 0 | 0 | (3,589,000) | 0 | 0 | 0 | (3,589,000) |
Distributions to partially owned noncontrolling interests | 0 | 0 | 0 | (11,144,000) | 0 | 0 | 0 | (11,144,000) |
Redemption of Operating Partnership Units | (4,000) | 0 | 0 | (1,000) | 0 | 0 | 0 | (5,000) |
Conversion of Operating Partnership Units ('OP Units") into Class A common stock | (23,000) | 0 | 0 | 24,000 | $ 1,000 | $ 0 | $ 0 | 2,000 |
Conversion of Operating Partnership Units ('OP Units") into Class A common stock (in shares) | 62,023 | 0 | 0 | |||||
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 14,592,550 | |||||||
Holder redemption of Series T Preferred Stock and conversion into Class A common stock | 1,187,000 | 0 | 0 | 0 | $ 1,000 | $ 0 | $ 0 | 1,188,000 |
Holder redemption of Series T Preferred Stock and conversion into Class A common stock (in shares) | 110,893 | 0 | 0 | |||||
Holder redemption of Series B Preferred Stock and conversion into Class A common stock | 2,091,000 | 0 | 0 | 0 | $ 2,000 | $ 0 | $ 0 | 2,093,000 |
Holder redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 188,402 | 0 | 0 | |||||
Company redemption of Series B Preferred Stock and conversion into Class A common stock | 150,534,000 | 0 | 0 | 0 | $ 146,000 | $ 0 | $ 0 | 150,680,000 |
Company redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 14,592,550 | 0 | 0 | |||||
Series B warrant activity and exercise, net | (95,000) | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | (95,000) |
Company redemption of Series A Preferred Stock costs | 22,000 | 0 | 0 | 0 | 0 | 0 | 0 | 22,000 |
Adjustment for noncontrolling interest ownership in Operating Partnership | (9,853,000) | 0 | 0 | 9,853,000 | 0 | 0 | 0 | 0 |
Net income (loss) | 0 | 0 | 61,448,000 | 14,535,000 | 0 | 0 | 0 | 75,983,000 |
Balance at Jun. 30, 2021 | 362,507,000 | (402,170,000) | 98,210,000 | 42,773,000 | $ 289,000 | $ 1,000 | $ 66,867,000 | 168,477,000 |
Balance (in shares) at Jun. 30, 2021 | 28,861,937 | 76,603 | 2,774,338 | |||||
Balance at Mar. 31, 2021 | 332,926,000 | (375,748,000) | 81,982,000 | 36,510,000 | $ 251,000 | $ 1,000 | $ 66,867,000 | 142,789,000 |
Balance (in shares) at Mar. 31, 2021 | 25,110,432 | 76,603 | 2,774,338 | |||||
Issuance of Class A common stock, net | 9,000 | 9,000 | ||||||
Issuance of Class A common stock, net (in shares) | 941 | |||||||
Issuance costs for Class A common stock ATM | (626,000) | (626,000) | ||||||
Issuance of Class A common stock due to Series B warrants exercise | 1,000 | 1,000 | ||||||
Issuance of Class A common stock due to Series B warrants exercise (in shares) | 20 | |||||||
Repurchase of Class A common stock | (45,060,000) | $ (45,000) | (45,105,000) | |||||
Repurchase of Class A common stock (in shares) | (4,605,598) | |||||||
Issuance of restricted Class A common stock, net of shares withheld for employee taxes | 1,000 | 1,000 | ||||||
Issuance of restricted Class A common stock, net of shares withheld for employee taxes (in shares) | 38,721 | |||||||
Issuance of restricted Class A common stock | 1,000 | 1,000 | ||||||
Issuance of restricted Class A common stock (in shares) | 38,721 | |||||||
Issuance of LTIP Units for executive salaries | 219,000 | 219,000 | ||||||
Vesting of LTIP Units for compensation | 1,969,000 | 1,969,000 | ||||||
Issuance of LTIP units for expense reimbursements | 389,000 | 389,000 | ||||||
Contributions from noncontrolling interests, net | 4,147,000 | 4,147,000 | ||||||
Common stock distributions declared | (4,765,000) | (4,765,000) | ||||||
Series B Preferred Stock distributions declared | (5,818,000) | (5,818,000) | ||||||
Series B Preferred Stock accretion | (5,206,000) | (5,206,000) | ||||||
Series C Preferred Stock distributions declared | (1,094,000) | (1,094,000) | ||||||
Series C Preferred Stock accretion | (94,000) | (94,000) | ||||||
Series D Preferred Stock distributions declared | (1,235,000) | (1,235,000) | ||||||
Series T Preferred Stock distributions declared | (6,220,000) | (6,220,000) | ||||||
Series T Preferred Stock accretion | (1,990,000) | (1,990,000) | ||||||
Distributions to Operating Partnership ("OP") noncontrolling interests | (1,748,000) | (1,748,000) | ||||||
Distributions to partially owned noncontrolling interests | (2,795,000) | (2,795,000) | ||||||
Redemption of Operating Partnership Units | (4,000) | (1,000) | (5,000) | |||||
Holder redemption of Series T Preferred Stock and conversion into Class A common stock | 547,000 | 547,000 | ||||||
Holder redemption of Series T Preferred Stock and conversion into Class A common stock (in shares) | 54,736 | |||||||
Holder redemption of Series B Preferred Stock and conversion into Class A common stock | 714,000 | $ 1,000 | 715,000 | |||||
Holder redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 71,927 | |||||||
Company redemption of Series B Preferred Stock and conversion into Class A common stock | 79,473,000 | $ 82,000 | 79,555,000 | |||||
Company redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 8,190,758 | |||||||
Adjustment for noncontrolling interest ownership in Operating Partnership | (5,474,000) | 5,474,000 | ||||||
Net income (loss) | 16,228,000 | (1,391,000) | 14,837,000 | |||||
Balance at Jun. 30, 2021 | $ 362,507,000 | $ (402,170,000) | $ 98,210,000 | $ 42,773,000 | $ 289,000 | $ 1,000 | $ 66,867,000 | $ 168,477,000 |
Balance (in shares) at Jun. 30, 2021 | 28,861,937 | 76,603 | 2,774,338 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities | ||
Net income | $ 75,983,000 | $ 35,206,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 42,005,000 | 42,825,000 |
Amortization of fair value adjustments | (578,000) | (220,000) |
Preferred returns on unconsolidated real estate joint ventures | (4,616,000) | (5,249,000) |
Gain on sale of real estate investments | (88,342,000) | (58,096,000) |
Loss on extinguishment of debt and debt modification costs | 3,687,000 | 13,985,000 |
Provision for credit losses | 567,000 | 0 |
Amortization of deferred interest income on mezzanine loan | (997,000) | 0 |
Distributions of income and preferred returns from preferred equity investments and unconsolidated real estate joint ventures | 5,884,000 | 7,007,000 |
Share-based compensation attributable to equity incentive plan | 4,159,000 | 3,571,000 |
Share-based compensation attributable to executive salaries | 439,000 | 147,000 |
Share-based compensation attributable to restricted stock grants | 190,000 | 269,000 |
Share-based expense to BRE - LTIP Units | 786,000 | 943,000 |
Changes in operating assets and liabilities: | ||
Due to affiliates, net | 117,000 | 2,597,000 |
Accounts receivable, prepaids and other assets | (5,083,000) | (5,516,000) |
Notes and accrued interest receivable | (1,813,000) | 317,000 |
Accounts payable and other accrued liabilities | 7,631,000 | 5,552,000 |
Net cash provided by operating activities | 40,019,000 | 43,338,000 |
Cash flows from investing activities: | ||
Acquisitions of real estate investments | (76,998,000) | (109,460,000) |
Capital expenditures | (10,130,000) | (8,951,000) |
Investment in notes receivable and ground lease | (27,228,000) | (13,552,000) |
Repayments on notes receivable | 12,426,000 | 29,000,000 |
Proceeds from sale of real estate investments | 224,051,000 | 158,448,000 |
Proceeds from sale and redemption of unconsolidated real estate joint ventures | 31,412,000 | 35,542,000 |
Purchase of interests from noncontrolling interests | (3,651,000) | |
Investment in unconsolidated real estate joint venture interests | (34,881,000) | (17,119,000) |
Net cash provided by investing activities | 118,652,000 | 70,257,000 |
Cash flows from financing activities: | ||
Distributions to common stockholders | (7,599,000) | (7,742,000) |
Distributions to noncontrolling interests | (14,541,000) | (6,654,000) |
Distributions to preferred stockholders | (29,838,000) | (27,428,000) |
Contributions from noncontrolling interests | 4,147,000 | 0 |
Borrowings on mortgages payable | 12,880,000 | 70,845,000 |
Repayments on mortgages payable including prepayment penalties | (87,501,000) | (135,141,000) |
Proceeds from credit facilities | 30,000,000 | 276,189,000 |
Repayments on credit facilities | (63,000,000) | (163,689,000) |
Payments of deferred financing fees | (1,139,000) | (2,946,000) |
Net proceeds from issuance of Class A common stock | 19,000 | 1,974,000 |
Miscellaneous issuance costs | (626,000) | 0 |
Repurchase of Class A common stock | (85,825,000) | (11,607,000) |
Shares withheld for employee taxes upon vesting of awards | (129,000) | (47,000) |
Repurchase of Series A, Series C and/or Series D Preferred Stock | 0 | (6,103,000) |
Payments to redeem Operating Partnership Units | (5,000) | 0 |
Net cash (used in) provided by financing activities | (104,558,000) | 77,337,000 |
Net increase in cash, cash equivalents and restricted cash | 54,113,000 | 190,932,000 |
Cash, cash equivalents and restricted cash, beginning of year | 118,961,000 | 50,768,000 |
Cash, cash equivalents and restricted cash, end of period | 173,074,000 | 241,700,000 |
Reconciliation of cash, cash equivalents and restricted cash | ||
Cash and cash equivalents | 136,766,000 | 211,968,000 |
Restricted cash | 36,308,000 | 29,732,000 |
Total cash, cash equivalents and restricted cash, end of period | 173,074,000 | 241,700,000 |
Supplemental disclosure of cash flow information | ||
Cash paid for interest (net of interest capitalized) | 26,516,000 | 27,686,000 |
Supplemental disclosure of non-cash investing and financing activities | ||
Distributions payable - declared and unpaid | 13,879,000 | 14,498,000 |
Mortgages assumed upon property acquisition | 45,515,000 | 30,997,000 |
Mortgages assumed by buyer upon sale of real estate assets | (67,268,000) | 0 |
Capital expenditures held in accounts payable and other accrued liabilities | 595,000 | (536,000) |
Series A Preferred Stock [Member] | ||
Cash flows from financing activities: | ||
Retirement of Redeemable Preferred Stock | (55,055,000) | 0 |
Series B Preferred Stock [Member] | ||
Cash flows from financing activities: | ||
Retirement of Redeemable Preferred Stock | (79,000) | (290,000) |
Net proceeds from exercise of Warrants associated with the 6.0% Series B Redeemable Preferred Stock | 179,000 | 115,000 |
Payments to redeem Redeemable Preferred Stock | (28,000) | (93,000) |
Series D Preferred Stock [Member] | ||
Cash flows from operating activities | ||
Net income | 0 | 0 |
Series T Preferred Stock [Member] | ||
Cash flows from financing activities: | ||
Retirement of Redeemable Preferred Stock | (126,000) | (24,000) |
Net proceeds from issuance of 6.150% Series T Redeemable Preferred Stock | 193,714,000 | 89,978,000 |
Payments to redeem Redeemable Preferred Stock | $ (6,000) | $ 0 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) | 6 Months Ended |
Jun. 30, 2021 | |
Series A Preferred Stock [Member] | |
Preferred Stock, Dividend Rate, Percentage | 8.25% |
Series T Preferred Stock [Member] | |
Preferred Stock, Dividend Rate, Percentage | 6.15% |
6.0% Redeemable Preferred Stock | |
Preferred Stock, Dividend Rate, Percentage | 6.00% |
Organization and Nature of Busi
Organization and Nature of Business | 6 Months Ended |
Jun. 30, 2021 | |
Organization and Nature of Business | |
Organization and Nature of Business | Note 1 – Organization and Nature of Business Bluerock Residential Growth REIT, Inc. (the “Company”) was incorporated as a Maryland corporation on July 25, 2008. The Company’s objective is to maximize long-term stockholder value by acquiring and developing well-located institutional-quality apartment properties in knowledge economy growth markets across the United States. The Company seeks to maximize returns through investments where it believes it can drive substantial growth in its core funds from operations and net asset value primarily through its Value-Add and Invest-to-Own investment strategies. As of June 30, 2021, the Company held sixty real estate investments, consisting of thirty-five consolidated operating properties and interests in twenty-five properties held through preferred equity, mezzanine loan or ground lease investments. Of the properties in which our interests are held through preferred equity, mezzanine loan or ground lease investments, eight are under development and seventeen are stabilized. The sixty investments contain an aggregate of 17,928 units, comprised of 11,532 consolidated multifamily operating units and 6,396 units through preferred equity, mezzanine loan or ground lease investments. Of the 6,396 units held through preferred, mezzanine loan or ground lease investments, 5,876 are multifamily units and 520 are single-family residential homes. As of June 30, 2021, the Company’s consolidated operating properties were approximately 96.2% occupied. The Company has elected to be treated, and currently qualifies, as a real estate investment trust (“REIT”) for federal income tax purposes. As a REIT, the Company generally is not subject to corporate-level income taxes. To maintain its REIT status, the Company is required, among other requirements, to distribute annually at least 90% of its “REIT taxable income,” as defined by the Internal Revenue Code of 1986, as amended (the “Code”), to the Company’s stockholders. If the Company fails to qualify as a REIT in any taxable year, it would be subject to federal income tax on its taxable income at regular corporate tax rates. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Basis of Presentation and Summary of Significant Accounting Policies | |
Basis of Presentation and Summary of Significant Accounting Policies | Note 2 – Basis of Presentation and Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The Company operates as an umbrella partnership REIT in which Bluerock Residential Holdings, L.P. (its “Operating Partnership”), or the Operating Partnership’s wholly-owned subsidiaries, owns substantially all the property interests acquired and investments made on the Company’s behalf. As of June 30, 2021, limited partners other than the Company owned approximately 28.28% of the common units of the Operating Partnership (15.64% is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 12.64% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”), including 5.53% which are not vested at June 30, 2021). Because the Company is the sole general partner of the Operating Partnership and has unilateral control over its management and major operating decisions (even if additional limited partners are admitted to the Operating Partnership), the accounts of the Operating Partnership are consolidated in its consolidated financial statements. The Company also consolidates entities in which it controls more than 50% of the voting equity and in which control does not rest with other investors. In cases where the Company holds a preferred equity investment in real estate joint ventures where the preferred equity interest must be redeemed by the issuing entity or is redeemable at the Company’s option, the preferred equity investment is accounted for as a held to maturity debt security. These preferred equity investments have a mandatory redemption provision, and the Company has the intent and ability to hold the investment until redemption. The preferred equity investments are included in the Company’s consolidated financial statements as “Preferred equity investments and investments in unconsolidated real estate joint ventures.” All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. The Company will consider future preferred equity investments and mezzanine loan investments for consolidation in accordance with the provisions required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810: Consolidation. Certain amounts in prior year financial statement presentation have been reclassified to conform to the current period presentation. Significant Risks and Uncertainties At the present time, one of the most significant risks and uncertainties is the potential adverse effect of the current pandemic of the novel coronavirus (“COVID-19”). The Company’s tenants may experience financial difficulty due to the loss of their jobs and some have requested rent deferral or rent abatement during this pandemic. Experts have predicted that the outbreak will trigger, or has already triggered, a period of global economic slowdown or a global recession. The COVID-19 pandemic could have material and adverse effects on the Company’s financial condition, results of operations and cash flows in the near term due to, but not limited to, the following: ● reduced economic activity may impact the employment of the Company’s tenants and their ability to pay their obligations to the Company, thus requesting modifications of such obligations, resulting in increases in uncollectible receivables and reductions in rental income; ● the negative financial impact of the pandemic could impact the Company’s future compliance with financial covenants of its credit facilities and other debt agreements; ● weaker economic conditions could require that the Company recognize impairment in value of its real estate assets due to a reduction in property income; ● the Company’s inability to maintain occupancy or leasing rates, or increase these rates at stabilizing development properties, including due to possible reduced foot traffic and lease applications from prospective tenants at the Company’s properties as a result of the shelter-in-place orders and similar government guidelines; and ● concentration of the Company’s properties in markets that may be more severely affected by the COVID-19 pandemic due to its significant negative impact on certain key economic drivers in those markets, such as travel and entertainment. The extent to which the COVID-19 pandemic impacts the Company’s operations and those of its tenants will depend on future developments, which are uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. The Company believes it currently has a stable financial condition: as of June 30, 2021, the Company collected 98% of rents from its multifamily properties for the three months ended June 30, 2021. In 2020, the Company had provided rent deferral payment plans as a result of hardships certain tenants experienced due to the impact of COVID-19; for the six months ended June 30, 2021, the Company did not provide rent deferral payment plans, compared to the onset of the COVID-19 pandemic (quarter ended June 30, 2020) in which 1% of the tenant base was on payment plans. Although the Company may receive tenant requests for rent deferrals in the coming months, the Company does not expect to waive its contractual rights under its lease agreements. Further, while occupancy remains strong at 96.2% as of June 30, 2021, in future periods, the Company may experience reduced levels of tenant retention, and reduced foot traffic and lease applications from prospective tenants, as a result of the impact of COVID-19. Summary of Significant Accounting Policies Refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the Securities and Exchange Commission (“SEC”) on February 23, 2021 for discussion of the Company’s significant accounting policies. During the six months ended June 30, 2021, there were no material changes to these policies. Interim Financial Information The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with GAAP for interim financial reporting, and the instructions to Form 10-Q and Article 10-1 of Regulation S-X. Accordingly, the financial statements for interim reporting do not include all the information and notes or disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for interim periods should not be considered indicative of the operating results for a full year. The balance sheet at December 31, 2020 has been derived from the audited financial statements at that date but does not include all the information and disclosures required by GAAP for complete financial statements. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in our audited consolidated financial statements for the year ended December 31, 2020 contained in the Annual Report on Form 10-K as filed with the SEC on February 23, 2021. Use of Estimates The preparation of the financial statements in conformity with 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. New Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06 “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”). The guidance in ASU 2020-06 simplifies the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments in the ASU 2020-06 also simplify the guidance in ASC Subtopic 815-40, Derivatives and Hedging: Contracts in Entity’s Own Equity In January 2021, the FASB issued ASU No. 2021-01 “Reference Rate Reform (Topic 848)” (“ASU 2021-01”). The amendments in ASU 2021-01 permit entities to elect certain optional expedients in connection with reference rate reform activities and their impact on debt, contract modifications and derivative instruments as it is expected the global market will transition from LIBOR and other interbank offered rates to alternative reference rates. The amendments in ASU 2021-01 can be applied retrospectively to interim periods that include or are subsequent to March 12, 2020 or applied prospectively through December 31, 2022. The Company is currently evaluating the impact of this new guidance. |
Sale of Real Estate Assets and
Sale of Real Estate Assets and Held for Sale Properties | 6 Months Ended |
Jun. 30, 2021 | |
Sale of Real Estate Assets and Held for Sale Properties | |
Sale of Real Estate Assets and Held for Sale Properties | Note 3 – Sale of Real Estate Assets and Held for Sale Properties Sale of ARIUM Grandewood On January 28, 2021, the Company closed on the sale of ARIUM Grandewood located in Orlando, Florida. The property was sold for approximately $65.3 million, subject to certain prorations and adjustments typical in such real estate transactions. ARIUM Grandewood was encumbered by a $39.1 million senior mortgage through the Master Credit Facility Agreement (refer to Note 9 for further information). Under the agreement, the Company had the option to forgo the repayment of the principal balance and any related prepayment penalties and costs by substituting the collateral securing the senior mortgage with collateral of the same or higher value. The Company elected to substitute the ARIUM Grandewood collateral with its Falls at Forsyth property and the transaction was completed on February 18, 2021. After consideration of the $39.1 million senior mortgage and payment of closing costs and fees of $1.1 million, the sale of ARIUM Grandewood generated net proceeds of approximately $25.1 million and a gain on sale of approximately $27.7 million. The Company recorded debt modification costs of $0.1 million related to the collateral substitution transaction. Sale of James at South First On February 24, 2021, the Company closed on the sale of James at South First located in Austin, Texas. The property was sold for $50.0 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of existing mortgage indebtedness encumbering the property in the amount of $25.6 million, the payment of early extinguishment of debt costs of $2.5 million and payment of closing costs and fees of $0.5 million, the sale of the property generated net proceeds of approximately $21.1 million and a gain on sale of approximately $17.4 million. The Company’s pro rata share of the proceeds was approximately $18.1 million. The Company recorded a loss on extinguishment of debt of $2.6 million related to the sale. Sale of Marquis at The Cascades On March 1, 2021, the Company closed on the sale of the Marquis at The Cascades properties, located in Tyler, Texas, pursuant to the terms and conditions of two separate purchase and sales agreements. The properties were sold for approximately $90.9 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of the existing mortgage indebtedness encumbering the properties in the amount of $53.6 million and payment of closing costs and fees of $0.3 million, the sale of the properties generated net proceeds of approximately $37.3 million and a gain on sale of approximately $23.7 million. The Company’s pro rata share of the proceeds was approximately $32.6 million. The Company recorded a loss on extinguishment of debt of $0.3 million related to the sale. Sale of The Conley Interests On March 18, 2021, The Conley, the underlying asset of an unconsolidated joint venture located in Leander, Texas, was sold. Upon the sale, the Company’s preferred equity investment was redeemed by the joint venture for $16.5 million, which included its original preferred investment of $15.2 million and accrued preferred return of $1.3 million. Sale of Alexan Southside Place Interests On March 25, 2021, Alexan Southside Place, the underlying asset of an unconsolidated joint venture located in Houston, Texas, was sold. In April 2021, the Company received $9.8 million of its $10.1 million preferred equity investment, which is net of the $15.9 million provision for credit loss recorded in the fourth quarter 2020. The remaining $0.3 million is expected to be received before year end and represents a holdback for a six-month representations and warranty period related to the sale. This amount was recorded as a related party receivable and is included in due from affiliates in the Company’s consolidated balance sheet. Sale of Plantation Park On April 26, 2021, the Company closed on the sale of Plantation Park located in Lake Jackson, Texas. The property was sold for $32.0 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for assumption of the existing mortgage indebtedness encumbering the property in the amount of $26.6 million and payment of closing costs and fees of $0.4 million, a loss on the sale of $1.1 million was incurred. The sale of the property generated net proceeds of approximately $4.9 million, of which the Company’s pro rata share of the proceeds was approximately $2.7 million. The Company recorded a loss on extinguishment of debt of $0.2 million related to the sale. Sale of The Reserve at Palmer Ranch On June 10, 2021, the Company closed on the sale of The Reserve at Palmer Ranch located in Sarasota, Florida. The property was sold for $57.6 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for assumption of the existing mortgage indebtedness encumbering the property in the amount of $40.6 million and payment of closing costs and fees of $0.9 million, the sale of the property generated net proceeds of approximately $16.6 million and a gain on sale of approximately $20.5 million. The Company recorded a loss on extinguishment of debt of $0.5 million related to the sale. The Company sold The Reserve at Palmer Ranch to its unaffiliated third-party joint venture partner in the Strategic Portfolio (the “Strategic JV”), and in conjunction with the sale, the Company used a portion of its net proceeds to make an additional preferred equity investment in the Strategic JV for The Reserve at Palmer Ranch. Refer to Note 7 for further information. Sale of Vickers Historic Roswell On June 29, 2021, Vickers Historic Roswell, a property located in Roswell, Georgia, was sold. Upon the sale, the mezzanine loan provided by the Company was paid off in the amount of $12.9 million, which included principal repayment of $12.4 million and accrued interest of $0.5 million. Held for Sale The Company entered into two separate purchase and sale agreements for the sales of the following properties: Park & Kingston, located in Charlotte, North Carolina, and The District at Scottsdale, located in Scottsdale, Arizona. The Company has classified both properties as held for sale as of June 30, 2021. Refer to Note 15 for further information. |
Investments in Real Estate
Investments in Real Estate | 6 Months Ended |
Jun. 30, 2021 | |
Investments in Real Estate | |
Investments in Real Estate | Note 4 – Investments in Real Estate As of June 30, 2021, the Company held sixty real estate investments, consisting of thirty-five consolidated operating properties and interests in twenty-five properties held through preferred equity, mezzanine loan or ground lease investments. The following tables provide summary information regarding the Company’s consolidated operating properties and preferred equity, mezzanine loan and ground lease investments. Consolidated Operating Properties Number of Date Built / Ownership Multifamily Community Name Location Units Renovated (1) Interest ARIUM Glenridge Atlanta, GA 480 1990 90 % ARIUM Westside Atlanta, GA 336 2008 90 % Ashford Belmar Lakewood, CO 512 1988/1993 85 % Avenue 25 Phoenix, AZ 254 2013 100 % Burano Hunter’s Creek, formerly ARIUM Hunter’s Creek Orlando, FL 532 1999 100 % Carrington at Perimeter Park Morrisville, NC 266 2007 100 % Chattahoochee Ridge Atlanta, GA 358 1996 90 % Chevy Chase Austin, TX 320 1971 92 % Cielo on Gilbert Mesa, AZ 432 1985 90 % Citrus Tower Orlando, FL 336 2006 97 % Denim Scottsdale, AZ 645 1979 100 % Elan Austin, TX 270 2007 100 % Element Las Vegas, NV 200 1995 100 % Falls at Forsyth Cumming, GA 356 2019 100 % Gulfshore Apartment Homes Naples, FL 368 2016 100 % Navigator Villas Pasco, WA 176 2013 90 % Outlook at Greystone Birmingham, AL 300 2007 100 % Park & Kingston Charlotte, NC 168 2015 100 % Pine Lakes Preserve Port St. Lucie, FL 320 2003 100 % Providence Trail Mount Juliet, TN 334 2007 100 % Roswell City Walk Roswell, GA 320 2015 98 % Sands Parc Daytona Beach, FL 264 2017 100 % The Brodie Austin, TX 324 2001 100 % The Debra Metrowest, formerly ARIUM Metrowest Orlando, FL 510 2001 100 % The District at Scottsdale Scottsdale, AZ 332 2018 99 % (2) The Links at Plum Creek Castle Rock, CO 264 2000 88 % The Mills Greenville, SC 304 2013 100 % The Preserve at Henderson Beach Destin, FL 340 2009 100 % The Sanctuary Las Vegas, NV 320 1988 100 % Veranda at Centerfield Houston, TX 400 1999 93 % Villages of Cypress Creek Houston, TX 384 2001 80 % Wayford at Concord Concord, NC 150 2019 83 % Wesley Village Charlotte, NC 301 2010 100 % Windsor Falls Raleigh, NC 276 1994 100 % Yauger Park Villas Olympia, WA 80 2010 95 % Total 11,532 (1) (2) Depreciation expense was $18.4 million and $18.0 million, and $37.1 million and $36.2 million, for the three and six months ended June 30, 2021 and 2020, respectively. Intangibles related to the Company’s consolidated investments in real estate consist of the value of in-place leases. Amortization expense related to the in-place leases was $1.4 million and $2.1 million, and $2.9 and $4.8 million for the three and six months ended June 30, 2021 and 2020, respectively. Preferred Equity, Mezzanine Loan and Ground Lease Investments Actual / Actual / Estimated Actual / Estimated Planned Initial Construction Investment/Community Name Location Number of Units Occupancy Completion Development Investments (1) Zoey Austin, TX 307 1Q 2022 2Q 2022 Reunion Apartments Orlando, FL 280 1Q 2022 3Q 2022 Willow Park Willow Park, TX 46 (2) 2Q 2022 4Q 2022 Avondale Hills Decatur, GA 240 1Q 2023 1Q 2023 The Hartley at Blue Hill, formerly The Park at Chapel Hill Chapel Hill, NC 414 4Q 2021 1Q 2023 Deerwood Apartments Houston, TX 330 4Q 2022 2Q 2023 Encore Chandler Chandler, AZ 208 2Q 2023 3Q 2023 Wayford at Innovation Park Charlotte, NC 210 1Q 2023 2Q 2024 Total development units 2,035 Multifamily Community Name Location Number of Units Operating Investments (1) Alexan CityCentre Houston, TX 340 Belmont Crossing (3) Smyrna, GA 192 Deercross Indianapolis, IN 372 Domain at The One Forty Garland, TX 299 Georgetown Crossing (3) Savannah, GA 168 Hunter’s Pointe (3) Pensacola, FL 204 Mira Vista Austin, TX 200 Motif Fort Lauderdale, FL 385 Park on the Square (3) Pensacola, FL 240 Peak Housing Various, Texas 474 (2) Sierra Terrace (3) Atlanta, GA 135 Sierra Village (3) Atlanta, GA 154 The Commons (3) Jacksonville, FL 328 The Reserve at Palmer Ranch (3) Sarasota, FL 320 The Riley Richardson, TX 262 Thornton Flats Austin, TX 104 Water’s Edge (3) Pensacola, FL 184 Total operating units 4,361 Total units 6,396 (1) Properties in which the Company has a mezzanine loan, preferred equity or ground lease investment. Operating investments represent stabilized operating properties. Refer to Note 6 and Note 7 for further information. (2) Willow Park and Peak Housing are preferred equity investments made by the Company in portfolios of single-family residential homes. The actual/planned number of units shown represents the number of single-family residential homes within each respective portfolio . (3) These nine operating properties are collectively known as the Strategic Portfolio. Refer to Note 7 for further information. |
Acquisition of Real Estate
Acquisition of Real Estate | 6 Months Ended |
Jun. 30, 2021 | |
Acquisition of Real Estate | |
Acquisition of Real Estate | Note 5 – Acquisition of Real Estate The following describes the Company’s significant acquisition activity and related new financing during the six months ended June 30, 2021 (dollars in thousands): Ownership Purchase Property Location Date Interest Price Mortgage Yauger Park Villas Olympia, WA April 14, 2021 95 % $ 24,500 $ 15,077 (1) Wayford at Concord Concord, NC June 4, 2021 83 % 44,438 — (2) Windsor Falls Raleigh, NC June 17, 2021 100 % 48,775 27,442 (3) (1) Mortgage balance includes a $10.5 million senior loan assumption and a $4.6 million supplemental loan assumption secured by the Yauger Park Villas property. (2) Purchase price was funded in full by the Company and its unaffiliated joint venture partner upon acquisition. (3) Mortgage balance represents a loan assumption secured by the Windsor Falls property. Purchase Price Allocation The real estate acquisitions above have been accounted for as asset acquisitions. The purchase prices were allocated to the acquired assets and assumed liabilities based on their estimated fair values at the dates of acquisition. The following table summarizes the assets acquired and liabilities assumed at the acquisition date for acquisitions made during the six months ended June 30, 2021 (amounts in thousands): Purchase Price Allocation Land $ 14,498 Building 87,960 Building improvements 2,790 Land improvements 13,665 Furniture and fixtures 1,769 In-place leases 1,831 Total assets acquired $ 122,513 Mortgages assumed $ 42,519 Fair value adjustments 2,996 Total liabilities assumed $ 45,515 |
Notes and Interest Receivable
Notes and Interest Receivable | 6 Months Ended |
Jun. 30, 2021 | |
Notes and Interest Receivable | |
Notes and Interest Receivable | Note 6 – Notes and Interest Receivable Following is a summary of the notes and accrued interest receivable due from mezzanine loan investments as of June 30, 2021 and December 31, 2020 (amounts in thousands): June 30, December 31, Property 2021 2020 Avondale Hills $ 12,153 $ 1,021 Domain at The One Forty 24,826 24,315 Motif 80,521 75,436 Reunion Apartments 10,769 8,161 The Hartley at Blue Hill, formerly The Park at Chapel Hill 37,920 36,927 Vickers Historic Roswell — 12,048 Total $ 166,189 $ 157,908 Provision for credit losses (1) (535) (174) Total, net $ 165,654 $ 157,734 (1) Refer to the Provision for Credit Losses table below. Provision for Credit Losses As of June 30, 2021, the Company’s provision for credit losses on its mezzanine loan investments was $0.5 million on a carrying amount of $166.2 million of these investments. The provision for credit losses of the Company’s mezzanine loan investments for the three and six months ended June 30, 2021 are summarized in the table below (amounts in thousands): Three Months Six Months Ended Ended June 30, 2021 June 30, 2021 Beginning balance as of April 1 and January 1, 2021, respectively $ 575 $ 174 Provision for credit loss on pool of assets, net (1) (40) 361 Ending balance $ 535 $ 535 (1) Under Current Expected Credit Losses (CECL), a provision for credit losses for similar assets is calculated based on a historical default rate applied to the remaining life of the assets. The decrease in the provision during the three months ended June 30, 2021 was primarily the result of the removal of Vickers Historic Roswell from the pool of assets as the property was sold and a slight decrease in the trailing twelve-month historical default rate. Following is a summary of the interest income from mezzanine loan and ground lease investments for the three and six months ended June 30, 2021 and 2020 (amounts in thousands): Three Months Ended Six Months Ended June 30, June 30, Property 2021 2020 2021 2020 Arlo (1) $ — $ 1,068 $ — $ 2,087 Avondale Hills 286 — 403 — Domain at The One Forty 244 325 483 647 Motif (2) 1,488 2,297 3,862 4,697 Novel Perimeter (1) — 795 — 1,566 Reunion Apartments 303 — 593 — The Hartley at Blue Hill 1,035 384 2,058 1,320 Vickers Historic Roswell (1) 463 430 903 859 Zoey (3) 295 39 533 51 Total $ 4,114 $ 5,338 $ 8,835 $ 11,227 (1) In the fourth quarter 2020, the Arlo and Novel Perimeter properties were sold. In the second quarter 2021, the Vickers Historic Roswell property was sold. Each mezzanine loan provided by the Company was paid off in full upon the sale of each property. (2) The Motif interest income amounts for the three and six months ended June 30, 2021 are net of a ($1.0) million adjustment for straight line income recognition. The adjustment results from a reduced loan rate in the upcoming years as part of the amended and restated mezzanine loan agreement as noted below. (3) The ground lease project is under development and the full leasehold improvement allowance of $20.4 million as committed by the Company has been fully funded and is included within accounts receivable, prepaids and other assets in the Company’s consolidated balance sheets. The occupancy percentages of the Company’s mezzanine loan investment properties at June 30, 2021 and December 31, 2020 are as follows: June 30, December 31, Property 2021 2020 Avondale Hills (1) (2) Domain at The One Forty 95.0 % 92.6 % Motif 94.8 % 62.1 % Reunion Apartments (1) (2) The Hartley at Blue Hill (1) (2) (1) The development had not commenced lease-up as of June 30, 2021. (2) The development had not commenced lease-up as of December 31, 2020. Motif Financing On January 27, 2021, the Motif property owner entered into a $88.8 million bridge loan (the “Motif Bridge Loan”) secured by the Motif property and used the proceeds in part to pay off the outstanding balance, in full, of the Motif Construction Loan. The Motif Bridge Loan matures on August 1, 2023, contains a six-month extension option, subject to certain conditions, and bears interest at a floating basis of LIBOR + 3.70%, subject to a minimum interest rate of 3.85%, with interest-only payments through the term of the loan. The Motif Bridge Loan may be prepaid, subject to an exit fee, without prepayment penalties beginning (i) August 1, 2021 if prepayment is being made in connection with the lender providing a permanent mortgage loan, or (ii) February 1, 2022 otherwise. On March 29, 2021, the Company entered into an amended and restated mezzanine loan agreement (the “Motif Mezz Loan”) with BR Flagler JV Member, LLC (“Motif JV Member”) to increase its loan commitment to $88.6 million, of which $79.7 million had been funded as of June 30, 2021. As part of the agreement, the Company agreed to reduce, after December 31, 2021, the Motif Mezz Loan’s current fixed rate of 12.9% per annum as follows: 9.0% per annum for the calendar year 2022 and 6.0% per annum for the calendar year 2023 and thereafter. In conjunction with entering the amended and restated Motif Mezz Loan, the Company entered into an amended operating agreement for Motif JV Member with Bluerock Special Opportunity + Income Fund II, LLC (“Fund II”) and Bluerock Special Opportunity + Income Fund III, LLC (“Fund III”). In consideration for the Company reducing the Motif Mezz Loan interest rate, Fund II and Fund III agreed to (a) admit BRG Flagler Village Profit Share, LLC (the “Motif PS”), a wholly-owned subsidiary of the Company, as an additional member of Motif JV Member, (b) grant Motif PS a 50% participation in any profits achieved in a sale after repayment of the Motif Mezz Loan and the Company, Fund II and Fund III each receive full return of their respective capital contributions, and (c) grant the Company a right to compel Motif JV Member to refinance and/or sell the Motif property beginning January 1, 2023. The Motif Mezz Loan matures on March 29, 2026 and can be prepaid without penalty. Domain at The One Forty Mezzanine Financing On June 29, 2021, the Company entered into an amended and restated mezzanine loan agreement (the “Domain Mezz Loan”) with BR Member Domain Phase I, LLC, an affiliate of BRG Manager, LLC, the Company’s former Manager, to increase the Company’s mezzanine loan commitment from $24.5 million to $27.4 million, of which $24.7 had been funded as of June 30, 2021. Additionally, the amended and restated Domain Mezz Loan extended the initial term date of the loan to June 29, 2024. There were no other changes in terms from the previous loan. Vickers Historic Roswell Mezzanine Financing The Vickers Historic Roswell property was sold on June 29, 2021. Refer to Note 3 for further information. |
Preferred Equity Investments an
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | 6 Months Ended |
Jun. 30, 2021 | |
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | Note 7 – Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures The carrying amount of the Company’s preferred equity investments and investments in unconsolidated real estate joint ventures as of June 30, 2021 and December 31, 2020 is summarized in the table below (amounts in thousands): June 30, December 31, Property 2021 2020 Alexan CityCentre $ 16,678 $ 15,063 Alexan Southside Place (1) — 26,038 Deercross 4,000 — Mira Vista 5,250 5,250 Peak Housing 10,705 — Strategic Portfolio (2) 38,454 27,054 The Conley (3) — 15,036 The Riley 6,961 — Thornton Flats 4,600 4,600 Wayford at Concord (4) — 6,500 Other 68 97 Total $ 86,716 $ 99,638 Provision for credit losses (5) (388) (16,153) Total, net $ 86,328 $ 83,485 (1) On March 25, 2021, Alexan Southside Place, the property underlying the Company’s preferred equity investment, was sold. Refer to Note 3 for further information. (2) Belmont Crossing, Georgetown Crossing, Hunter’s Pointe, Park on the Square, Sierra Terrace, Sierra Village, The Commons, The Reserve at Palmer Ranch and Water’s Edge are collectively known as the Strategic Portfolio. (3) On March 18, 2021, the Company’s preferred equity investment in The Conley was redeemed. Refer to Note 3 for further information. (4) On June 4, 2021, the Company’s preferred equity investment in Wayford at Concord was redeemed. Refer to the Wayford at Concord Interests disclosure below for further information. (5) Refer to the Provision for Credit Losses table below. Provision for Credit Losses As of June 30, 2021, the Company’s provision for credit losses on its preferred equity investments was $0.4 million on a carrying amount of $86.7 million of these investments. The provision for credit losses of the Company’s preferred equity investments for the three and six months ended June 30, 2021 are summarized in the table below (amounts in thousands): Three Months Ended Six Months Ended June 30, June 30, 2021 2021 Beginning balance as of April 1 and January 1, 2021, respectively $ 315 $ 16,153 Provision for credit loss on pool of assets, net (1) 73 165 Provision for credit loss – Alexan Southside Place (2) — (15,930) Ending balance $ 388 $ 388 (1) Under Current Expected Credit Losses (CECL), a provision for credit losses for similar assets is calculated based on a historical default rate applied to the remaining life of the assets. The increase in the provision during the three months ended June 30, 2021 was the result of a net increase resulting from changes to the pool of assets as three new investments were made and one property underlying an investment was sold. (2) On March 25, 2021, Alexan Southside Place, the property underlying the Company’s preferred equity investment, was sold. Refer to Note 3 for further information. As of June 30, 2021, the Company, through wholly-owned subsidiaries of the Operating Partnership, had outstanding equity investments in thirteen joint ventures. Eleven of the thirteen equity investments, Alexan CityCentre, Deercross, Deerwood Apartments, Encore Chandler, Mira Vista, Peak Housing, Strategic Portfolio, The Riley, Thornton Flats, Wayford at Innovation Park and Willow Park, are preferred equity investments that are classified as held to maturity debt securities as the Company has the intention and ability to hold the investments to maturity. The Company earns a fixed return on these investments which is included within preferred returns on unconsolidated real estate joint ventures in its consolidated statements of operations. The joint venture is the controlling member in an entity whose purpose is to develop or operate a property. Two of the thirteen equity investments, Domain at The One Forty and Motif, represent a remaining 0.5% common interest in joint ventures where, in some cases, the Company had previously redeemed its preferred equity investment in the joint ventures and provided a mezzanine loan. Refer to Note 6 for further information. The preferred returns on the Company’s unconsolidated real estate joint ventures for the three and six months ended June 30, 2021 and 2020 are summarized below (amounts in thousands): Three Months Ended Six Months Ended June 30, June 30, Property 2021 2020 2021 2020 Alexan CityCentre $ 714 $ 616 $ 1,377 $ 1,207 Alexan Southside Place — 318 — 632 Deercross 6 — 6 — Helios (1) — — — (159) Mira Vista 134 134 267 268 Peak Housing 235 — 235 — Riverside Apartments — 421 — 829 Strategic Portfolio 791 544 1,501 841 The Conley — 485 405 961 The Riley 194 — 257 — Thornton Flats 103 103 205 206 Wayford at Concord 152 213 363 408 Whetstone Apartments — — — 56 Total preferred returns on unconsolidated joint ventures $ 2,329 $ 2,834 $ 4,616 $ 5,249 (1) Of the ($159) loss incurred at Helios for the six months ended June 30, 2020, ($143) pertains to costs related to the sale of Helios. The occupancy percentages of the Company’s unconsolidated real estate joint ventures at June 30, 2021 and December 31, 2020 are as follows: June 30, December 31, Property 2021 2020 Alexan CityCentre 96.5 % 94.1 % Deercross 96.8 % — Deerwood Apartments (1) — Encore Chandler (1) (2) Mira Vista 95.5 % 95.0 % Peak Housing 93.0 % — Strategic Portfolio: Belmont Crossing 95.8 % 91.7 % Georgetown Crossing 98.2 % 88.7 % Hunter’s Pointe 98.0 % 99.0 % Park on the Square 97.5 % 97.5 % Sierra Terrace 97.0 % 89.6 % Sierra Village 94.2 % 87.7 % The Commons 98.8 % 93.9 % The Reserve at Palmer Ranch 98.1 % — Water’s Edge 97.8 % 99.5 % The Riley 97.3 % — Thornton Flats 97.1 % 88.5 % Wayford at Innovation Park (1) — Willow Park (1) — (1) The development had not commenced lease-up as of June 30, 2021. (2) The development had not commenced lease-up as of December 31, 2020. Alexan Southside Place Interests On March 25, 2021, Alexan Southside Place, the property underlying the Company’s preferred equity investment, was sold. Refer to Note 3 for further information. Deercross Interests On June 25, 2021, the Company made a $4.0 million preferred equity investment in a joint venture (the “Deercross JV”) with an unaffiliated third party for Deercross, a 372-unit, stabilized property located in Indianapolis, Indiana. The Company earns a 7.0% current return and a 3.5% accrued return on its investment, for a total preferred return of 10.5% per annum. The current return shall be paid monthly to the extent the property generates cash flow in excess of operating costs, and any amount of the current return not paid monthly shall be accrued. The Deercross JV is required to redeem the Company’s preferred equity interest plus any accrued preferred return on the earlier date of: (i) the sale of the property, (ii) the refinancing of the senior mortgage loan (refer to below), or (iii) the maturity date of the senior mortgage loan. In conjunction with the Deercross investment, the Deercross property owner, which is owned by an entity in which the Company has an equity interest, entered into an $18.9 million senior mortgage loan. The loan matures on June 1, 2033 and is secured by the fee simple interest in the Deercross property. The loan bears interest at a fixed rate of 4.66% with interest-only monthly payments through June 2025 and future monthly payments based on thirty-year amortization. The loan can only be prepaid in full and is subject to yield maintenance or a 1% prepayment penalty until December 1, 2032. Deerwood Apartments Interests On June 16, 2021, the Company entered into a joint venture agreement with an unaffiliated third party (the “Deerwood JV”) to develop an approximately 330-unit, Class A apartment community located in Houston, Texas to be known as Deerwood Apartments. The Company has made a commitment to invest $16.5 million of preferred equity interests in the Deerwood JV, of which none had been funded as of June 30, 2021. The Company will begin funding capital once the unaffiliated third party has contributed its full common equity commitment. The Company will earn an 11.5% per annum accrued return on outstanding capital contributions with payments to be remitted when the property generates cash flow in excess of operating costs and/or there are available net proceeds from financing, refinancing or sale of the property. The Deerwood JV is required to redeem the Company’s preferred equity interest plus any accrued preferred return on the date the construction loan is due and payable (as noted below) or earlier upon the occurrence of certain events. In conjunction with the Deerwood Apartments development, the Deerwood Apartments property owner, which is owned by an entity in which the Company has an equity interest, entered into a $39.5 million construction loan, of which none was outstanding as of June 30, 2021. The loan matures on June 16, 2026 and is secured by the fee simple interest in the Deerwood Apartments property. The loan contains a one-year extension option, subject to certain conditions, and can be prepaid without penalty. The loan bears interest on a floating basis on the amount drawn based on the greater of 3.35% or one-month LIBOR plus 2.75%, with the potential for a reduced spread upon achieving a certain debt service coverage ratio. Regular monthly payments are interest-only through June 2025, with future monthly payments based on thirty-year amortization. Peak Housing Interests On April 12, 2021, the Company made a $10.7 million preferred equity investment in the operating partnership of Peak Housing REIT (the “Peak REIT OP”), an unaffiliated private REIT. Peak Housing’s portfolio consists of 474 single-family residential homes located in Texas. The Company earns a 7.0% current return and a 3.0% accrued return on its investment, for a total preferred return of 10.0% per annum. The current return shall be paid monthly to the extent the property generates cash flow in excess of operating costs, and any amount of the current return not paid monthly shall be accrued at a rate of 15% per annum. The properties in Peak Housing’s portfolio are subject to individual mortgage debt in the aggregate amount of $53.6 million. The Peak REIT OP is required to redeem the Company’s preferred equity interest plus any accrued preferred return in each property, on a pro rata basis, on the earlier date of: (i) April 12, 2024, with the option for two (2) one-year extensions, subject to certain conditions, (ii) the sale of a property, (iii) the refinancing of the loan related to a property, or (iv) the maturity date of a property loan. Strategic Portfolio Interests On June 10, 2021, the Company made an additional preferred equity investment of $11.4 million in a joint venture (the “Strategic JV”) with an unaffiliated third party for The Reserve at Palmer Ranch, a 320-unit, stabilized property located in Sarasota, Florida. The Reserve at Palmer Ranch was previously owned by the Company and sold on June 10, 2021 to its partner in the Strategic JV (refer to Note 3 for further information). The Reserve at Palmer Ranch, together with Belmont Crossing, Georgetown Crossing, Hunter’s Pointe, Park on the Square, Sierra Terrace, Sierra Village, The Commons and Water’s Edge, are collectively known as the Strategic Portfolio. For its investment related to The Reserve at Palmer Ranch, the Company earns a 6.35% current return and a 5.15% accrued return on its investment, for a total preferred return of 11.5% per annum. The current return shall be paid monthly to the extent the property generates cash flow in excess of operating costs, and any amount of the current return not paid monthly shall be accrued. The Strategic JV is required to redeem the Company’s preferred equity interest plus any accrued preferred return in each property on the earlier date of: (i) the sale of the property, (ii) the refinancing of the loan related to the property, or (iii) the maturity date of the property loan. The properties in the Strategic Portfolio are subject to individual property mortgage debt in the aggregate amount of $161.0 million. The Conley Interests On March 18, 2021, the Company’s preferred equity investment in The Conley was redeemed. Refer to Note 3 for further information. The Riley Interests On March 1, 2021, the Company made a $7.0 million preferred equity investment in a joint venture (the “Riley JV”) with an unaffiliated third party for a stabilized property in Richardson, Texas known as The Riley. The Company earns a 6.0% current return and a 5.0% accrued return on its investment, for a total preferred return of 11.0% per annum. The Riley JV is required to redeem the Company’s preferred equity interest plus any accrued preferred return on the earlier date of: (i)(a) the refinancing or (b) maturity of the property loan, detailed below, (ii) the sale of the property, or (iii) any other acceleration event. In conjunction with The Riley investment, The Riley property owner, which is owned by an entity in which the Company has an equity interest, entered into a $44.1 million senior mortgage loan. The loan matures on March 9, 2024, contains two (2) one-year extension options, subject to certain conditions, and is secured by the fee simple interest in The Riley property. The loan bears interest at a floating basis of the greater of LIBOR or 0.15%, plus 3.35%, with interest-only payments during the initial term of the loan. The loan can only be prepaid in full and is subject to yield maintenance through June 9, 2022. Wayford at Concord Interests On June 4, 2021, the Company, along with an unaffiliated third party, purchased the interests in the Wayford at Concord property, the underlying asset of the Company’s unconsolidated joint venture (the “Wayford JV”) located in Concord, North Carolina, from the Company’s Wayford JV partner for $44.4 million. The Company acquired an 83% interest in Wayford at Concord. In conjunction with the sale, the Company’s preferred equity investment was redeemed by the Wayford JV for $7.0 million, which included its original preferred investment of $6.5 million and accrued preferred return of $0.5 million. Upon the redemption of its preferred investment and the purchase of Wayford at Concord, the Company began consolidating the property’s statement of operations and balance sheet. Wayford at Innovation Park Interests On June 17, 2021, the Company entered into a joint venture agreement with an unaffiliated third party (the “Wayford IP JV”) to develop an approximately 210-unit, Class A apartment community located in Charlotte, North Carolina to be known as Wayford at Innovation Park. The Company has made a commitment to invest in $11.7 million of preferred equity interests in the Wayford IP JV, of which none had been funded as of June 30, 2021. The Company will begin funding capital once the unaffiliated third party has contributed its full common equity commitment. The Company will earn a 12.5% per annum accrued return on outstanding capital contributions with payments to be remitted when the property generates cash flow in excess of operating costs and/or there are available net proceeds from financing, refinancing or sale of the property. The Wayford IP JV is required to redeem the Company’s preferred equity interest plus any accrued preferred return on June 17, 2026 or earlier upon the occurrence of certain events. Willow Park Interests On June 17, 2021, the Company entered into a joint venture agreement with Peak Housing REIT (the “Willow Park JV”) to develop approximately 46-built for rent, single-family residential homes in Willow Park, Texas. The Company made a commitment to invest $3.8 million of preferred equity interests in the Willow Park JV, of which none had been funded as of June 30, 2021. The Company will begin funding capital once the unaffiliated third party has contributed its full common equity commitment. The Company will earn a 13% per annum accrued return on outstanding capital contributions with payments to be remitted when the properties generate cash flow in excess of operating costs and/or there are available net proceeds from financing, refinancing or sale of properties. The Willow Park JV is required to redeem the Company’s preferred equity interests plus any accrued preferred return on the date the future construction loan is due and payable or earlier upon the occurrence of certain events. Construction loan financing is expected to close in the third quarter 2021. |
Revolving Credit Facilities
Revolving Credit Facilities | 6 Months Ended |
Jun. 30, 2021 | |
Revolving Credit Facilities | |
Revolving Credit Facilities | Note 8 – Revolving Credit Facilities The outstanding balances on the revolving credit facilities as of June 30, 2021 and December 31, 2020 are as follows (amounts in thousands): June 30, December 31, Revolving Credit Facilities 2021 2020 Amended Senior Credit Facility $ — $ 33,000 Second Amended Junior Credit Facility — — Total $ — $ 33,000 Amended Senior Credit Facility On March 6, 2020, the Company entered into the Amended Senior Credit Facility. The Amended Senior Credit Facility provides for a revolving loan with an initial commitment amount of $100 million, which commitment contains an accordion feature to a maximum total commitment of up to $350 million. Borrowings under the Amended Senior Credit Facility bear interest, at the Company’s option, at LIBOR plus 1.30% to 1.65% or the base rate plus 0.30% to 0.65% , depending on the Company’s leverage ratio. The Company pays an unused fee at an annual rate of 0.15% to 0.20% of the unused portion of the Amended Senior Credit Facility, depending on the borrowings outstanding. The Amended Senior Credit Facility matures on March 6, 2023 and contains two one-year extension options, subject to certain conditions. The Amended Senior Credit Facility contains certain financial and operating covenants, including a maximum leverage ratio, minimum liquidity, minimum debt service coverage ratio and minimum tangible net worth. At June 30, 2021, the Company was in compliance with all covenants under the Amended Senior Credit Facility. The Company has guaranteed the obligations under the Amended Senior Credit Facility and has pledged certain assets as collateral. The Amended Senior Credit Facility provides the Company with the ability to issue up to $50 million in letters of credit. While the issuance of letters of credit does not increase the Company’s borrowings outstanding under the Amended Senior Credit Facility, it does reduce the availability of borrowings. At June 30, 2021, the Company had one outstanding letter of credit of $0.8 million. Second Amended Junior Credit Facility On November 6, 2019, the Company entered into the Second Amended Junior Credit Facility. The Second Amended Junior Credit Facility provides for a revolving loan with a maximum commitment amount of $72.5 million. Borrowings under the Second Amended Junior Credit Facility bear interest, at the Company’s option, at LIBOR plus 2.75% to 3.25% or the base rate plus 1.75% to 2.25% , depending on the Company’s leverage ratio. The Company pays an unused fee at an annual rate of 0.35% to 0.40% of the unused portion of the Second Amended Junior Credit Facility, depending on the borrowings outstanding. The Second Amended Junior Credit Facility matures on December 21, 2021 and contains certain financial and operating covenants, including a maximum leverage ratio, minimum liquidity, minimum debt service coverage ratio, minimum debt yield, minimum tangible net worth and minimum equity raise and collateral values. At June 30, 2021, the Company was in compliance with all covenants under the Second Amended Junior Credit Facility. The Company has guaranteed the obligations under the Second Amended Junior Credit Facility and has pledged certain assets as collateral. As it matures in 2021, the Company is engaged in discussions to amend and extend the Second Amended Junior Credit Facility. The availability of borrowings under the revolving credit facilities at June 30, 2021 is based on the collateral and compliance with various ratios related to those assets and was approximately $107.7 million. |
Mortgages Payable
Mortgages Payable | 6 Months Ended |
Jun. 30, 2021 | |
Mortgages Payable | |
Mortgages Payable | Note 9 – Mortgages Payable The following table summarizes certain information as of June 30, 2021 and December 31, 2020, with respect to the Company’s senior mortgage indebtedness (amounts in thousands): Outstanding Principal As of June 30, 2021 June 30, December 31, Interest-only Property 2021 2020 Interest Rate through date Maturity Date Fixed Rate: ARIUM Westside $ 52,150 $ 52,150 3.68 % August 2021 August 1, 2023 Ashford Belmar 100,675 100,675 4.53 % December 2022 December 1, 2025 Avenue 25 (1) 36,566 36,566 4.18 % July 2022 July 1, 2027 Burano Hunter’s Creek (2) 70,189 70,871 3.65 % (3) November 1, 2024 Carrington at Perimeter Park (4) 31,273 31,301 4.16 % (4) July 1, 2027 Chattahoochee Ridge 45,338 45,338 3.25 % December 2022 December 5, 2024 Citrus Tower 40,263 40,627 4.07 % (3) October 1, 2024 Denim (5) 101,205 101,205 3.41 % August 2024 August 1, 2029 Elan (6) 25,541 25,574 4.19 % (6) July 1, 2027 Element 29,260 29,260 3.63 % July 2022 July 1, 2026 Falls at Forsyth (7) 19,426 — 4.35 % (3) July 1, 2025 Gulfshore Apartment Homes 46,345 46,345 3.26 % September 2022 September 1, 2029 James on South First — 25,674 Navigator Villas (8) 20,515 20,515 4.56 % (3) June 1, 2028 Outlook at Greystone 22,105 22,105 4.30 % (3) June 1, 2025 Park & Kingston — 19,600 Plantation Park — 26,625 Providence Trail 47,950 47,950 3.54 % July 2021 July 1, 2026 Roswell City Walk 49,551 50,043 3.63 % (3) December 1, 2026 The Brodie 33,215 33,551 3.71 % (3) December 1, 2023 The Debra Metrowest (2) 64,481 64,559 4.43 % (3) May 1, 2025 The Links at Plum Creek 39,248 39,578 4.31 % (3) October 1, 2025 The Mills 25,006 25,275 4.21 % (3) January 1, 2025 The Preserve at Henderson Beach 48,490 48,490 3.26 % September 2028 September 1, 2029 The Reserve at Palmer Ranch — 40,977 The Sanctuary 33,707 33,707 3.31 % Interest-only August 1, 2029 Wesley Village 39,084 39,438 4.25 % (3) April 1, 2024 Windsor Falls 27,442 — 4.19 % November 2022 November 1, 2027 Yauger Park Villas (9) 15,056 — 4.86 % (3) April 1, 2026 Total Fixed Rate $ 1,064,081 $ 1,117,999 Floating Rate (10) : ARIUM Glenridge $ 49,500 $ 49,500 1.42 % September 2021 September 1, 2025 Chevy Chase 24,400 24,400 2.41 % September 2022 September 1, 2027 Cielo on Gilbert (11) 58,000 58,000 2.62 % January 2026 January 1, 2031 Falls at Forsyth (7) 19,358 — 1.49 % (3) July 1, 2025 Fannie Facility Advance 13,936 13,936 2.69 % June 2022 June 1, 2027 Fannie Facility Second Advance (11) 12,880 — 2.71 % March 2023 March 1, 2028 Marquis at The Cascades I — 31,668 Marquis at The Cascades II — 22,101 Pine Lakes Preserve 42,728 42,728 3.07 % July 2025 July 1, 2030 The District at Scottsdale — 75,577 Veranda at Centerfield 26,100 26,100 1.34 % July 2021 July 26, 2023 (12) Villages of Cypress Creek 33,520 33,520 2.64 % July 2022 July 1, 2027 Total Floating Rate $ 280,422 $ 377,530 Total $ 1,344,503 $ 1,495,529 Fair value adjustments 8,922 6,489 Deferred financing costs, net (9,971) (11,086) Total continuing operations $ 1,343,454 $ 1,490,932 Held for Sale ARIUM Grandewood (7)(13) $ — $ 19,585 ARIUM Grandewood (7)(13) — 19,529 Park & Kingston 19,600 — 3.32 % November 2024 November 1, 2026 The District at Scottsdale (14) 73,778 — 1.85 % (3) July 11, 2021 (15) Deferred financing costs, net (241) (341) Total held for sale 93,137 38,773 Total mortgages payable $ 1,436,591 $ 1,529,705 (1) The principal balance includes a $29.7 million senior loan at a fixed rate of 4.02% and a $6.9 million supplemental loan at a fixed rate of 4.86% . (2) Burano Hunter’s Creek and The Debra Metrowest, formerly ARIUM Hunter’s Creek and ARIUM Metrowest, respectively. (3) The loan requires monthly payments of principal and interest. (4) The principal balance includes a $27.5 million senior loan at a fixed rate of 4.09% and a $3.8 million supplemental loan at a fixed rate of 4.66% . The senior loan has monthly payments that are interest-only through July 2024, whereas the supplemental loan has monthly payments of principal and interest. Both loans have a maturity date of July 1, 2027. (5) The principal balance includes a $91.6 million senior loan at a fixed rate of 3.32% and a $9.6 million supplemental loan at a fixed rate of 4.22% . (6) The principal balance includes a $21.2 million senior loan at a fixed rate of 4.09% and a $4.4 million supplemental loan at a fixed rate of 4.66% . The senior loan has monthly payments that are interest-only through July 2024, whereas the supplemental loan has monthly payments of principal and interest. Both loans have a maturity date of July 1, 2027. (7) Refer to the Master Credit Facility with Fannie Mae disclosure below for further information regarding the senior mortgage substitution of collateral. (8) The principal balance includes a $14.8 million senior loan at a fixed rate of 4.31% and a $5.7 million supplemental loan at a fixed rate of 5.23% . (9) The principal balance includes a $10.5 million senior loan at a fixed rate of 4.81% and a $4.6 million supplemental loan at a fixed rate of 4.96 %. (10) Other than Cielo on Gilbert, the Fannie Facility Second Advance and The District at Scottsdale, all the Company’s floating rate loans bear interest at one-month LIBOR + margin. In June 2021, one-month LIBOR in effect was 0.09% . LIBOR rate is subject to a rate cap. Please refer to Note 11 for further information. (11) The Cielo on Gilbert loan and the Fannie Facility Second Advance bear interest at a floating rate of the 30-day average SOFR + 2.61% and + 2.70% , respectively. In June 2021, the 30-day average SOFR in effect was 0.01% . SOFR rate is subject to a rate cap. Please refer to Note 11 for further information. (12) The loan has two (2) one-year extension options subject to certain conditions. (13) At December 31, 2020, ARIUM Grandewood had a fixed rate loan with a principal balance of $19.6 million and a floating rate loan with a principal balance of $19.5 million. (14) The loan bears interest at a floating rate of one or three-month LIBOR + margin at the Company’s discretion. The loan is not subject to a rate cap. (15) The loan has two (2) three-month extension options subject to certain conditions. Deferred financing costs Costs incurred in obtaining long-term financing are amortized on a straight-line basis to interest expense over the terms of the related financing agreements, as applicable, which approximates the effective interest method. Loss on Extinguishment of Debt and Debt Modification Costs Upon repayment of or in conjunction with a material change (i.e. a 10% or greater difference in the cash flows between instruments) in the terms of an underlying debt agreement, the Company writes-off any unamortized deferred financing costs and fair market value adjustments related to the original debt that was extinguished. Prepayment penalties incurred on the early repayment of debt and costs incurred in a debt modification that are not capitalized are also included within loss on extinguishment of debt and debt modification costs on the consolidated statements of operations. Loss on extinguishment of debt and debt modification costs were $0.6 million and $14.0 million, and $3.7 million and $14.0 million for the three and six months ended June 30, 2021 and 2020, respectively. Master Credit Facility with Fannie Mae On April 30, 2018, the Company, through certain subsidiaries of the Operating Partnership, entered into a Master Credit Facility Agreement (the “Fannie Facility”), which was issued through Fannie Mae’s Multifamily Delegated Underwriting and Servicing Program. The Fannie Facility includes certain restrictive covenants, including indebtedness, liens, investments, mergers and asset sales, and distributions. The Fannie Facility also contains events of default, including payment defaults, covenant defaults, bankruptcy events, and change of control events. Each note under the Fannie Facility is cross-defaulted and cross-collateralized and the Company has guaranteed the obligations under the Fannie Facility. As of June 30, 2021, the mortgage loans secured by The Debra Metrowest (formerly ARIUM Metrowest), Falls at Forsyth and Outlook at Greystone were issued under the Fannie Facility. On May 27, 2020, the Company, through certain subsidiaries of the Operating Partnership, entered into a $13.9 million floating rate advance (the “Fannie Facility Advance”) originated under the Fannie Facility and collateralized by the properties issued under the Fannie Facility. The Fannie Facility Advance matures on June 1, 2027 and bears interest at LIBOR plus 2.60%, subject to an interest rate cap,with interest-only payments through June 2022 and then monthly payments based on thirty-year amortization. The Fannie Facility Advance may be prepaid without prepayment or yield maintenance beginning March 1, 2027. On February 18, 2021, the Company, through certain subsidiaries of the Operating Partnership, entered into a $12.9 million floating rate advance originated under the Fannie Facility (the “Fannie Facility Second Advance”). Upon the sale of ARIUM Grandewood (refer to Note 3 for further information), the Company had the option to forgo the repayment of the principal balance and any related prepayment penalties and costs by substituting the collateral securing the senior mortgage with collateral of the same or higher value. As such, the Company elected to substitute the ARIUM Grandewood collateral on the Fannie Facility with its Falls at Forsyth property. As the collateral value of Falls at Forsyth exceeded the collateral value of ARIUM Grandewood, the Company elected to receive this incremental difference in collateral value as an advance under the Fannie Facility. The Fannie Facility Second Advance matures on March 1, 2028 and bears interest at the 30-day average SOFR plus 2.70%, subject to an interest rate cap, with interest-only payments through March 2023 and then monthly payments based on thirty-year amortization. The Fannie Facility Second Advance may be prepaid without prepayment or yield maintenance beginning December 1, 2027. The Company may request future fixed rate advances or floating rate advances under the Fannie Facility either by borrowing against the value of the mortgaged properties (based on the valuation methodology established in the Fannie Facility) or adding eligible properties to the collateral pool, subject to customary conditions, including satisfaction of minimum debt service coverage and maximum loan-to-value tests. The proceeds of any future advances made under the Fannie Facility may be used, among other things, for general operating purposes and the acquisition and refinancing of additional properties to be identified in the future. Debt maturities As of June 30, 2021, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): Year Total 2021 (July 1-December 31) (1) $ 79,082 2022 13,449 2023 126,051 2024 201,447 2025 331,380 Thereafter 686,472 $ 1,437,881 Add: Unamortized fair value debt adjustment 8,922 Subtract: Deferred financing costs, net (10,212) Total $ 1,436,591 (1) $73.8 million relates to The District at Scottsdale, a property which was sold on July 7, 2021. Refer to Note 15 for further information. The net book value of real estate assets providing collateral for these above borrowings, including the Amended Senior Credit Facility, Second Amended Junior Credit Facility and Fannie Facility, was $2,011.5 million as of June 30, 2021. The mortgage loans encumbering the Company’s properties are generally nonrecourse, subject to certain exceptions for which the Company would be liable for any resulting losses incurred by the lender. These exceptions vary from loan to loan but generally include fraud or a material misrepresentation, misstatement or omission by the borrower, intentional or grossly negligent conduct by the borrower that harms the property or results in a loss to the lender, filing of a bankruptcy petition by the borrower, either directly or indirectly, and certain environmental liabilities. In addition, upon the occurrence of certain events, such as fraud or filing of a bankruptcy petition by the borrower, the Company or our joint ventures would be liable for the entire outstanding balance of the loan, all interest accrued thereon and certain other costs, including penalties and expenses. The mortgage loans generally have a period where a prepayment fee or yield maintenance would be required. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value of Financial Instruments | |
Fair Value of Financial Instruments | Note 10 – Fair Value of Financial Instruments Fair Value Measurements For financial assets and liabilities recorded at fair value on a recurring or non-recurring basis, fair value is the price the Company would expect to receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date under current market conditions. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction. In determining fair value, observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions; preference is given to observable inputs. In accordance with accounting principles generally accepted in the Unites States of America (“GAAP”) and as defined in ASC Topic 820, “Fair Value Measurement”, these two types of inputs create the following fair value hierarchy: ● ● ● If the inputs used to measure the fair value fall within different levels of the hierarchy, the fair value is determined based upon the lowest level input that is significant to the fair value measurement. Whenever possible, the Company uses quoted market prices to determine fair value. In the absence of quoted market prices, the Company uses independent sources and data to determine fair value. Financial Instrument Fair Value Disclosures As of June 30, 2021 and December 31, 2020, the carrying values of cash and cash equivalents, restricted cash, accounts receivable, due to and due from affiliates, accounts payable, accrued liabilities, and distributions payable approximate their fair value based on their highly-liquid nature and/or short-term maturities. The carrying values of notes receivable approximate fair value because stated interest rate terms are consistent with interest rate terms on new deals with similar leverage and risk profiles. The fair values of notes receivable are classified in Level 3 of the fair value hierarchy due to the significant unobservable inputs that are utilized in their respective valuations. Derivative Financial Instruments The estimated fair values of derivative financial instruments are valued using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and volatility. The fair value of interest rate caps is determined using the market-standard methodology of discounting the future expected cash receipts which would occur if floating interest rates rise above the strike rate of the caps. The floating interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The inputs used in the valuation of interest rate caps fall within Level 2 of the fair value hierarchy. Fair Value of Debt As of June 30, 2021 and December 31, 2020, based on the discounted amount of future cash flows using rates currently available to the Company for similar liabilities, the fair value of the Company’s mortgages payable is estimated at $1,483.1 million and $1,586.0 million, respectively, compared to the carrying amounts, before adjustments for deferred financing costs, net, of $1,446.8 million and $1,541.1 million, respectively. The fair value of mortgages payable is estimated based on the Company’s current interest rates (Level 3 inputs of the fair value hierarchy) for similar types of borrowing arrangements. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Financial Instruments | |
Derivative Financial Instruments | Note 11 – Derivative Financial Instruments Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash payments principally related to the Company’s borrowings. The Company’s objectives in using interest rate derivative financial instruments are to add stability to interest expense and to manage the Company’s exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate caps as part of its interest rate risk management strategy. Interest rate caps involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The Company has not designated any of the interest rate derivatives as hedges. Although these derivative financial instruments were not designated or did not qualify for hedge accounting, the Company believes the derivative financial instruments are effective economic hedges against increases in interest rates. The Company does not use derivative financial instruments for trading or speculative purposes. As of June 30, 2021, the Company had interest rate caps which effectively limit the Company’s exposure to interest rate risk by providing a ceiling on the underlying floating interest rate for $280.4 million of the Company’s floating rate mortgage debt. The table below presents the classification and fair value of the Company’s derivative financial instruments on the consolidated balance sheets as of June 30, 2021 and December 31, 2020 (amounts in thousands): Derivatives not designated as hedging Fair values of derivative instruments under ASC 815 ‑ 20 Balance Sheet Location instruments June 30, December 31, 2021 2020 Interest rate caps Accounts receivable, prepaids and other assets $ 106 $ 14 The table below presents the classification and effect of the Company's derivative financial instruments on the consolidated statements of operations for the three and six months ended June 30, 2021 and 2020 (amounts in thousands): Derivatives not designated as hedging Location of Gain or (Loss) The Effect of Derivative Instruments instruments under ASC 815 ‑ 20 Recognized in Income on the Statements of Operations Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Interest rate caps Interest Expense $ (20) $ 2 $ 15 $ 31 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions | |
Related Party Transactions | Note 12 – Related Party Transactions Administrative Services Agreement In October 2017, the Company entered into an Administrative Services Agreement (the “Administrative Services Agreement”) with Bluerock Real Estate, LLC and its affiliate, Bluerock Real Estate Holdings, LLC (together “BRE”). Pursuant to the Administrative Services Agreement, BRE provides the Company with certain human resources, investor relations, marketing, legal and other administrative services (the “Services”). The Services are provided on an at-cost basis, generally allocated based on the use of such Services for the benefit of the Company’s business, and are invoiced on a quarterly basis. In addition, the Administrative Services Agreement permits certain employees of the Company to provide or cause to be provided services to BRE, on an at-cost basis, generally allocated based on the use of such services for the benefit of the business of BRE, and otherwise subject to the terms of the Services provided by BRE to the Company under the Administrative Services Agreement. Payment by the Company of invoices and other amounts payable under the Administrative Services Agreement will be made in cash or, in the sole discretion of the Company’s board of directors (the “Board”), in the form of fully-vested LTIP Units. The term of the Administrative Services Agreement expires on October 31, 2021 unless the Company renews. The Administrative Services Agreement will automatically terminate (i) upon termination by the Company of all Services, or (ii) in the event of non-renewal by the Company. Pursuant to the Administrative Services Agreement, BRE is responsible for the payment of all employee benefits and any other direct and indirect compensation for the employees of BRE (or their affiliates or permitted subcontractors) assigned to perform the Services, as well as such employees’ worker’s compensation insurance, employment taxes, and other applicable employer liabilities relating to such employees. The Company and BRE also entered into a Leasehold Cost-Sharing Agreement (the “Leasehold Cost-Sharing Agreement”) with respect to the lease for their New York headquarters (the “NY Lease”) to provide for the allocation and sharing between BRE and the Company of the costs thereunder, including costs associated with tenant improvements. The NY Lease permits the Company and certain of its respective subsidiaries and/or affiliates to share occupancy of the New York headquarters with BRE. Under the NY Lease, the Company, through its Operating Partnership, issued a $750,000 letter of credit as a security deposit, and BRE is obligated under the Leasehold Cost-Sharing Agreement to indemnify and hold the Company harmless from loss if there is a claim under such letter of credit. Payment by the Company of any amounts payable under the Leasehold Cost-Sharing Agreement to BRE will be made in cash or, in the sole discretion of the Board, in the form of fully-vested LTIP Units. Recorded as part of general and administrative expenses, operating expenses paid by BRE on behalf of the Company of $0.7 million and $0.7 million, and $1.5 million and $1.4 million were expensed during the three and six months ended June 30, 2021 and 2020, respectively. Operating expense reimbursements of $0.4 million for the first quarter 2021 were paid to BRE through the issuance of 41,031 LTIP Units on May 11, 2021. Pursuant to the terms of the Administrative Services Agreement, the Company paid operating expenses on behalf of BRE of $0.6 million and $0.6 million, and $1.5 million and $1.1 million for the three and six months ended June 30, 2021 and 2020, respectively. Operating expense reimbursements for the first quarter 2021 were paid to the Company in cash during the second quarter 2021. Pursuant to the terms of the Administrative Services Agreement and the Leasehold Cost-Sharing Agreement, summarized below are the net related party amounts payable to BRE as of June 30, 2021 and December 31, 2020 (amounts in thousands): June 30, December 31, 2021 2020 Amounts Payable to BRE under the Administrative Services Agreement, net Operating and direct expense reimbursements $ 341 $ 338 Offering expense reimbursements 108 89 Total expense reimbursement amounts payable to BRE, net $ 449 $ 427 Amounts Payable to BRE under the Leasehold Cost-Sharing Agreement Operating and direct expense reimbursements $ 186 $ 191 Total expense reimbursement amounts payable to BRE $ 186 $ 191 Total $ 635 $ 618 As of June 30, 2021 and December 31, 2020, the Company had $0.7 million and $0.3 million, respectively, in receivables due from related parties other than BRE. Of the $0.7 million balance at June 30, 2021, $0.2 million represents accrued preferred returns on unconsolidated real estate investments. The remaining amount represents the Company’s preferred equity investment in Alexan Southside Place. On March 25, 2021, the property underlying the Company’s investment in Alexan Southside Place was sold, and in April 2021, the Company received $9.8 million of its $10.1 million preferred equity investment. The remaining amount is expected to be received before year end and is classified as a related party receivable. Refer to Note 3 for further information. Selling Commissions and Dealer Manager Fees In conjunction with its offering of the Series T Preferred Stock (the “Series T Preferred Offering”), the Company engaged a related party as dealer manager, and pays up to 10% of the gross offering proceeds from the offering as selling commissions and dealer manager fees. The dealer manager re-allows the substantial majority of the selling commissions and dealer manager fees to participating broker-dealers and incurs costs in excess of the 10%, which costs are borne by the dealer manager without reimbursement by the Company. For the six months ended June 30, 2021 and 2020, the Company has incurred $15.2 million and $7.0 million, respectively, in selling commissions and discounts and $6.5 million and $3.0 million, respectively, in dealer manager fees and discounts related to its Series T Preferred Offering. In addition, BRE was reimbursed for offering costs in conjunction with the Series T Preferred Offering of $0.6 million and $0.5 million during the six months ended June 30, 2021 and 2020, respectively. The selling commissions, dealer manager fees, discounts and reimbursements for offering costs were recorded as a reduction to the proceeds of the offering. Notes and interest receivable The Company provides mezzanine loans, in some cases, to related parties in conjunction with the developments of multifamily communities. At June 30, 2021, the following mezzanine loan investments were provided to related parties: Domain at The One Forty, Motif and The Hartley at Blue Hill (formerly The Park at Chapel Hill). Please refer to Note 6 and the Company’s Form 10-K for the year ended December 31, 2020 for further information. Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures The Company invests, in some cases, with related parties in various joint ventures in which the Company owns either preferred or common interests. At June 30, 2021, the Alexan CityCentre preferred equity investment involved related parties. Please refer to Note 7 and the Company’s Form 10-K for the year ended December 31, 2020 for further information. |
Stockholders' Equity and Redeem
Stockholders' Equity and Redeemable Preferred Stock | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity and Redeemable Preferred Stock | |
Stockholders' Equity and Redeemable Preferred Stock | Note 13 – Stockholders’ Equity and Redeemable Preferred Stock Net (Loss) Income Per Common Share Basic net (loss) income per common share is computed by dividing net (loss) income attributable to common stockholders, less dividends on restricted stock and LTIP Units expected to vest, by the weighted average number of common shares outstanding for the period. Diluted net (loss) income per common share is computed by dividing net (loss) income attributable to common stockholders by the sum of the weighted average number of common shares outstanding and any potential dilutive shares for the period. Net (loss) income attributable to common stockholders is computed by adjusting net (loss) income for the non-forfeitable dividends paid on restricted stock and non-vested LTIP Units. The Company considers the requirements of the two-class method when preparing earnings per share. The Company has two classes of common stock outstanding: Class A common stock, $0.01 par value per share, and Class C common stock, $0.01 par value per share. Earnings per share is not affected by the two-class method because the Company’s Class A and C common stock participate in dividends on a one-for-one basis. The following table reconciles the components of basic and diluted net (loss) income per common share (amounts in thousands, except share and per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net (loss) income attributable to common stockholders $ (5,429) $ 15,090 $ 18,152 $ (1,403) Dividends on restricted stock and LTIP Units expected to vest (384) (342) (767) (666) Basic net (loss) income attributable to common stockholders $ (5,813) $ 14,748 $ 17,385 $ (2,069) Weighted average common shares outstanding (1) 28,129,862 24,307,147 25,623,537 24,197,479 Potential dilutive shares (2) — 37,887 64,993 — Weighted average common shares outstanding and potential dilutive shares (1) 28,129,862 24,345,034 25,688,530 24,197,479 Net (loss) income per common share, basic $ (0.21) $ 0.61 $ 0.68 $ (0.09) Net (loss) income per common share, diluted $ (0.21) $ 0.61 $ 0.68 $ (0.09) (1) Amounts relate to shares of the Company’s Class A and Class C common stock outstanding. (2) For the three months ended June 30, 2021, potential vesting of restricted stock to employees for 53,988 shares of Class A common stock are excluded from the diluted shares calculation as the effect is antidilutive. For the six months ended June 30, 2021, the following are included in the diluted shares calculation: a) Warrants outstanding from issuances in conjunction with the Company’s Series B Preferred Stock offerings that are potentially exercisable for 11,932 shares of Class A common stock, and b) potential vesting of restricted stock to employees for 53,061 shares of Class A common stock. For the three months ended June 30, 2020, potential vesting of restricted stock to employees for 37,887 shares of Class A common stock are included in the diluted shares calculation. For the six months ended June 30, 2020, potential vesting of restricted stock to employees for 53,330 shares of Class A common stock are excluded from the diluted shares calculation as the effect is antidilutive. The effect of the conversion of OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A common stock on a one-for-one basis. The income allocable to such OP Units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these OP Units would have no net impact on the determination of diluted earnings per share. Series T Redeemable Preferred Stock Offering During the six months ended June 30, 2021, the Company issued 8,657,663 shares of Series T Preferred Stock under its continuous registered Series T Preferred Offering with net proceeds of approximately $194.8 million after commissions, dealer manager fees and discounts of approximately $21.6 million, along with 25,437 shares issued under the dividend reinvestment plan with total proceeds of $0.6 million. During the life of the Series T Preferred Offering, the Company has issued a total of 18,407,429 shares of Series T Preferred Stock for net proceeds of approximately $414.2 million after commissions, dealer manager fees and discounts. During the six months ended June 30, 2021, the Company, at the request of holders, redeemed 47,514 shares of Series T Preferred Stock through the issuance of 110,893 shares of Class A common stock and redeemed 251 shares of Series T Preferred Stock in cash. Series B Redeemable Preferred Stock During the six months ended June 30, 2021, the Company, at the request of holders, redeemed 2,093 shares of Series B Preferred Stock through the issuance of 188,402 shares of Class A common stock and redeemed 30 shares of Series B Preferred Stock in cash. In November 2019, the Company began initiating redemptions of Series B Preferred Stock, and during the six months ended June 30, 2021, redemptions initiated by the Company resulted in 150,758 shares of Series B Preferred Stock redeemed through the issuance of 14,592,550 shares of Class A common stock. As of June 30, 2021, the Company had 445,870 outstanding Warrants from its offering of Series B Preferred Stock. The Warrants are exercisable by the holder at an exercise price of 120% of the market price per share of Class A common stock on the date of issuance of such Warrant, with a minimum exercise price of $10.00 per share. The market price per share of our Class A common stock was determined using the volume weighted average price per share of our Class A common stock for the 20 trading days prior to the date of issuance of such Warrant, subject to the minimum exercise price of $10.00 per share (subject to adjustment). Each Warrant is exercisable by the holder to purchase 20 shares of Class A common stock. The Warrants are exercisable one year following the date of issuance and expire four years following the date of issuance. As of June 30, 2021, a total of 7,349 Warrants had been exercised into 70,912 shares of Class A common stock. The outstanding Warrants have exercise prices ranging from $10.00 to $15.89 per share. At-the-Market Offerings In September 2019, the Company and its Operating Partnership entered into an At Market Issuance Sales Agreement with respect to the offering and sale of up to $100,000,000 in shares of Class A common stock in “at the market offerings” as defined in Rule 415 under the Securities Act, including without limitation sales made directly on or through the NYSE American, or on any other existing trading market for Class A common stock or through a market maker (the “Class A Common Stock ATM Offering”). The Company did not issue any shares through the Class A Common Stock ATM Offering during the first and second quarters 2021. During the life of the Class A Common Stock ATM Offering, the Company has issued a total of 621,110 shares at a weighted average price of $12.01 per share with net proceeds of $7.3 million. Stock Repurchase Plans In October 2020, the Board authorized new stock repurchase plans for the repurchase, from time to time, of up to an aggregate of $75 million in shares of the Company’s Class A common stock, 8.250% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share (“Series A Preferred Stock”), 7.625% Series C Cumulative Redeemable Preferred Stock, $0.01 par value per share (“Series C Preferred Stock”), and/or 7.125% Series D Cumulative Preferred Stock, $0.01 par value per share (“Series D Preferred Stock”) to be conducted in accordance with Rules 10b5-1 and 10b-18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). On February 9, 2021, the Board authorized the modification of the stock repurchase plans to increase the maximum repurchase amount from an aggregate of $75 million in shares to an aggregate of $150 million in shares of Class A common stock, Series C Preferred Stock, and/or Series D Preferred Stock. The repurchase plans will terminate at the close of the NYSE American trading day on which the Company files its Form 10-Q with the SEC for the quarter ended September 30, 2021. The extent to which the Company repurchases shares of its Class A common stock, Series C Preferred Stock, and/or Series D Preferred Stock under the repurchase plans, and the timing of any such repurchases, depends on a variety of factors including general business and market conditions and other corporate considerations. Stock repurchases under the repurchase plans may be made in the open market or through privately negotiated transactions, subject to certain price limitations and other conditions established under the plans. Open market repurchases will be structured to occur in conformity with the method, timing, price and volume requirements of Rule 10b-18 of the Exchange Act. During the six months ended June 30, 2021, the Company repurchased 8,163,160 shares of Class A common stock for a total purchase price of approximately $85.8 million. Under the current repurchase plans, the total purchase price of shares repurchased by the Company is approximately $104.8 million, and as of June 30, 2021, the value of shares that may yet be repurchased under the repurchase plans is $45.2 million. Redemption of 8.250% Series A Cumulative Redeemable Preferred Stock On February 26, 2021, the Company redeemed all 2,201,547 outstanding shares of its Series A Preferred Stock at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to, and including, the date of redemption in an amount equal to $0.320833 per share, for a total payment of $25.320833 per share, in cash. Operating Partnership and Long-Term Incentive Plan Units As of June 30, 2021, limited partners other than the Company owned approximately 28.28% of the common units of the Operating Partnership (6,309,672 OP Units, or 15.64%, is held by OP Unit holders, and 5,100,255 LTIP Units, or 12.64%, is held by LTIP Unit holders, including 5.53% which are not vested at June 30, 2021). Subject to certain restrictions set forth in the Operating Partnership’s Partnership Agreement, OP Units are exchangeable for Class A common stock on a one-for-one basis, or, at the Company’s election, redeemable for cash. LTIP Units may be convertible into OP Units under certain conditions and then may be settled in shares of the Company’s Class A common stock, or, at the Company’s election, cash. Equity Incentive Plans LTIP Unit Grants On January 1, 2021, the Company granted 277,001 time-based LTIP Units and 554,003 performance-based LTIP Units to various executive officers under the Fourth Amended 2014 Incentive Plans (“Incentive Plans”) pursuant to the executive officers’ employment and service agreements. The time-based LTIP Units vest over three years, while the performance-based LTIP Units are subject to a three-year performance period and will thereafter vest upon successful achievement of performance-based conditions. All such LTIP Unit grants require continuous employment for vesting. In addition, on January 1, 2021, the Company granted 7,381 LTIP Units pursuant to the Incentive Plans to each independent member of the Board in payment of the equity portion of their respective annual retainers. Such LTIP Units were fully vested upon issuance and the Company recognized expense of $0.4 million immediately based on the fair value at the date of grant. On February 16, 2021 and May 11, 2021, the Company granted an aggregate of 19,683 LTIP Units and 23,206 LTIP Units, respectively, to two executive officers under the Incentive Plans in lieu of cash payment of an agreed upon portion of the executive officers’ base salary, with the remaining portion payable in cash, for the first and second quarter 2021, respectively. Such LTIP Units will vest on the respective first anniversaries of the dates of grant. On March 25, 2021, the Company granted an aggregate of 193,112 LTIP Units to various executive officers under the Incentive Plans pursuant to the executive officers’ employment or service agreements in lieu of cash payment of annual incentive bonuses for the fiscal year ended December 31, 2020. Of the LTIP Units granted, 144,173 LTIP Units were fully vested upon issuance, with the remaining 48,939 LTIP Units to vest on the first anniversary of the date of grant. On April 1, 2021, the Company granted 22,598 LTIP Units to an employee under the Incentive Plans. Such LTIP Units will vest in three The Company recognizes compensation expense ratably over the requisite service periods for time-based LTIP Units based on the fair value at the date of grant; thus, the Company recognized compensation expense of approximately $1.0 million and $1.0 million, and $2.0 million and $1.9 million during the three and six months ended June 30, 2021 and 2020, respectively. The Company recognizes compensation expense based on the fair value at the date of grant and the probability of achievement of performance criteria over the performance period for performance-based LTIP Units; thus, the Company recognized approximately $0.9 million and $0.4 million, and $1.7 million and $1.3 million during the three and six months ended June 30, 2021 and 2020, respectively. As of June 30, 2021, there was $10.0 million of total unrecognized compensation expense related to unvested LTIP Units granted under the Incentive Plans. The remaining expense is expected to be recognized over a period of 2.0 years. Restricted Stock Grants In April 2019 and 2020, the Company provided restricted stock grants (“RSGs”) to employees under the Incentive Plans. Such RSGs will vest in three On April 1, 2021, the Company provided RSGs to employees under the Incentive Plans. Such RSGs will vest in three The Company recognized compensation expense for all such RSGs of approximately $0.1 million and $0.1 million, and $0.2 million and $0.2 million during the three and six months ended June 30, 2021 and 2020, respectively. As of June 30, 2021, there was $0.7 million of total unrecognized compensation expense related to the unvested RSGs granted under the Incentive Plans. The remaining expense is expected to be recognized over the remaining 2.4 years. Distributions Payable to stockholders Date Declaration Date of record as of Amount Paid or Payable Class A Common Stock December 11, 2020 December 24, 2020 $ 0.162500 January 5, 2021 March 12, 2021 March 25, 2021 $ 0.162500 April 5, 2021 June 11, 2021 June 25, 2021 $ 0.162500 July 2, 2021 Class C Common Stock December 11, 2020 December 24, 2020 $ 0.162500 January 5, 2021 March 12, 2021 March 25, 2021 $ 0.162500 April 5, 2021 June 11, 2021 June 25, 2021 $ 0.162500 July 2, 2021 Series A Preferred Stock December 11, 2020 December 24, 2020 $ 0.515625 January 5, 2021 January 27, 2021 (1) February 26, 2021 $ 0.320833 February 26, 2021 Series B Preferred Stock October 9, 2020 December 24, 2020 $ 5.00 January 5, 2021 January 13, 2021 January 25, 2021 $ 5.00 February 5, 2021 January 13, 2021 February 25, 2021 $ 5.00 March 5, 2021 January 13, 2021 March 25, 2021 $ 5.00 April 5, 2021 April 12, 2021 April 23, 2021 $ 5.00 May 5, 2021 April 12, 2021 May 25, 2021 $ 5.00 June 4, 2021 April 12, 2021 June 25, 2021 $ 5.00 July 2, 2021 Series C Preferred Stock December 11, 2020 December 24, 2020 $ 0.4765625 January 5, 2021 March 12, 2021 March 25, 2021 $ 0.4765625 April 5, 2021 June 11, 2021 June 25, 2021 $ 0.4765625 July 2, 2021 Series D Preferred Stock December 11, 2020 December 24, 2020 $ 0.4453125 January 5, 2021 March 12, 2021 March 25, 2021 $ 0.4453125 April 5, 2021 June 11, 2021 June 25, 2021 $ 0.4453125 July 2, 2021 Series T Preferred Stock (2) October 9, 2020 December 24, 2020 $ 0.128125 January 5, 2021 January 13, 2021 January 25, 2021 $ 0.128125 February 5, 2021 January 13, 2021 February 25, 2021 $ 0.128125 March 5, 2021 January 13, 2021 March 25, 2021 $ 0.128125 April 5, 2021 April 12, 2021 April 23, 2021 $ 0.128125 May 5, 2021 April 12, 2021 May 25, 2021 $ 0.128125 June 4, 2021 April 12, 2021 June 25, 2021 $ 0.128125 July 2, 2021 (1) The dividend was paid on the date indicated to stockholders in conjunction with the redemption of shares of Series A Preferred Stock. (2) Shares of newly issued Series T Preferred Stock that are held only a portion of the applicable monthly dividend period will receive a prorated dividend based on the actual number of days in the applicable dividend period during which each such share of Series T Preferred Stock was outstanding. A portion of each dividend may constitute a return of capital for tax purposes. There is no assurance that the Company will continue to declare dividends or at this rate. Holders of OP Units and LTIP Units are entitled to receive "distribution equivalents" at the same time as dividends are paid to holders of the Company's Class A common stock. The Company has a dividend reinvestment plan that allows for participating stockholders to have their Class A common stock dividend distributions automatically invested in additional shares of Class A common stock based on the average price of the Class A common stock on the investment date. The Company plans to issue shares of Class A common stock to cover shares required for investment. The Company also has a dividend reinvestment plan that allows for participating stockholders to have their Series T Preferred Stock dividend distributions automatically reinvested in additional shares of Series T Preferred Stock at a price of $25.00 per share. The Company plans to issue shares of Series T Preferred Stock to cover shares required for investment. Distributions declared and paid for the six months ended June 30, 2021 were as follows (amounts in thousands): Distributions 2021 Declared Paid First Quarter Class A Common Stock $ 3,943 $ 3,630 Class C Common Stock 12 12 Series A Preferred Stock 706 1,842 Series B Preferred Stock 7,089 7,400 Series C Preferred Stock 1,094 1,094 Series D Preferred Stock 1,235 1,235 Series T Preferred Stock 4,493 4,049 OP Units 1,027 1,027 LTIP Units 814 510 Total first quarter 2021 $ 20,413 $ 20,799 Second Quarter Class A Common Stock $ 4,753 $ 3,945 Class C Common Stock 12 12 Series B Preferred Stock 5,818 6,273 Series C Preferred Stock 1,094 1,094 Series D Preferred Stock 1,235 1,235 Series T Preferred Stock 6,220 5,616 OP Units 1,027 1,025 LTIP Units 721 836 Total second quarter 2021 $ 20,880 $ 20,036 Total $ 41,293 $ 40,835 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies | |
Commitments and Contingencies | Note 14 – Commitments and Contingencies The Company is subject to various legal actions and claims arising in the ordinary course of business. Although the outcome of any legal matter cannot be predicted with certainty, management does not believe that any of these legal proceedings or matters will have a material adverse effect on the consolidated financial position or results of operations or liquidity of the Company. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events | |
Subsequent Events | Note 15 – Subsequent Events Declaration of Dividends Payable to stockholders Declaration Date of record as of Amount Paid / Payable Date Series B Preferred Stock July 12, 2021 July 23, 2021 $ 5.00 August 5, 2021 July 12, 2021 August 25, 2021 $ 5.00 September 3, 2021 July 12, 2021 September 24, 2021 $ 5.00 October 5, 2021 Series T Preferred Stock (1) July 12, 2021 July 23, 2021 $ 0.128125 August 5, 2021 July 12, 2021 August 25, 2021 $ 0.128125 September 3, 2021 July 12, 2021 September 24, 2021 $ 0.128125 October 5, 2021 (1) Shares of newly issued Series T Preferred Stock that are held only a portion of the applicable monthly dividend period will receive a prorated dividend based on the actual number of days in the applicable dividend period during which each such share of Series T Preferred Stock was outstanding. Distributions Paid The following distributions were declared and/or paid to the Company's stockholders, as well as holders of OP Units and LTIP Units, subsequent to June 30, 2021 (amounts in thousands): Distributions Total Shares Declaration Date Record Date Date Paid per Share Distribution Class A Common Stock June 11, 2021 June 25, 2021 July 2, 2021 $ 0.1625000 $ 4,753 Class C Common Stock June 11, 2021 June 25, 2021 July 2, 2021 0.1625000 12 Series B Preferred Stock April 12, 2021 June 25, 2021 July 2, 2021 5.0000000 1,803 Series C Preferred Stock June 11, 2021 June 25, 2021 July 2, 2021 0.4765625 1,094 Series D Preferred Stock June 11, 2021 June 25, 2021 July 2, 2021 0.4453125 1,235 Series T Preferred Stock April 12, 2021 June 25, 2021 July 2, 2021 0.1281250 2,281 OP Units June 11, 2021 June 25, 2021 July 2, 2021 0.1625000 1,027 LTIP Units June 11, 2021 June 25, 2021 July 2, 2021 0.1625000 630 Series B Preferred Stock July 12, 2021 July 23, 2021 August 5, 2021 5.0000000 1,802 Series T Preferred Stock July 12, 2021 July 23, 2021 August 5, 2021 0.1281250 2,471 Total $ 17,108 Sale of Park & Kingston On July 7, 2021, the Company closed on the sale of Park & Kingston located in Charlotte, North Carolina. The property was sold for $44.9 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of existing mortgage indebtedness encumbering the property in the amount of $19.6 million, the payment of early extinguishment of debt costs of $2.4 million and payment of closing costs and fees of $0.5 million, the sale of the property generated net proceeds of approximately $24.7 million. Sale of The District at Scottsdale On July 7, 2021, the Company closed on the sale of The District at Scottsdale located in Scottsdale, Arizona. The property was sold for $150.5 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of existing mortgage indebtedness encumbering the property in the amount of $73.8 million, the payment of early extinguishment of debt costs of $0.4 million and payment of closing costs and fees of $0.4 million, the sale of the property generated net proceeds of approximately $74.8 million, of which the Company’s pro rata share of the proceeds was approximately $69.5 million. Preferred In July 2021, the Company made an aggregate of $19.4 million of preferred equity investments and provided a bridge loan of $6.8 million for three new investments located in Corpus Christi, Texas; Dallas, Texas; and Dawsonville, Georgia. The Company also committed to invest an aggregate of $30.9 million of preferred equity interests in two new multifamily development projects located in San Antonio, Texas and Orange City, Florida, of which none had been funded as of July 31, 2021. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Basis of Presentation and Summary of Significant Accounting Policies | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The Company operates as an umbrella partnership REIT in which Bluerock Residential Holdings, L.P. (its “Operating Partnership”), or the Operating Partnership’s wholly-owned subsidiaries, owns substantially all the property interests acquired and investments made on the Company’s behalf. As of June 30, 2021, limited partners other than the Company owned approximately 28.28% of the common units of the Operating Partnership (15.64% is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 12.64% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”), including 5.53% which are not vested at June 30, 2021). Because the Company is the sole general partner of the Operating Partnership and has unilateral control over its management and major operating decisions (even if additional limited partners are admitted to the Operating Partnership), the accounts of the Operating Partnership are consolidated in its consolidated financial statements. The Company also consolidates entities in which it controls more than 50% of the voting equity and in which control does not rest with other investors. In cases where the Company holds a preferred equity investment in real estate joint ventures where the preferred equity interest must be redeemed by the issuing entity or is redeemable at the Company’s option, the preferred equity investment is accounted for as a held to maturity debt security. These preferred equity investments have a mandatory redemption provision, and the Company has the intent and ability to hold the investment until redemption. The preferred equity investments are included in the Company’s consolidated financial statements as “Preferred equity investments and investments in unconsolidated real estate joint ventures.” All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. The Company will consider future preferred equity investments and mezzanine loan investments for consolidation in accordance with the provisions required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810: Consolidation. Certain amounts in prior year financial statement presentation have been reclassified to conform to the current period presentation. |
Significant Risks and Uncertainties | Significant Risks and Uncertainties At the present time, one of the most significant risks and uncertainties is the potential adverse effect of the current pandemic of the novel coronavirus (“COVID-19”). The Company’s tenants may experience financial difficulty due to the loss of their jobs and some have requested rent deferral or rent abatement during this pandemic. Experts have predicted that the outbreak will trigger, or has already triggered, a period of global economic slowdown or a global recession. The COVID-19 pandemic could have material and adverse effects on the Company’s financial condition, results of operations and cash flows in the near term due to, but not limited to, the following: ● reduced economic activity may impact the employment of the Company’s tenants and their ability to pay their obligations to the Company, thus requesting modifications of such obligations, resulting in increases in uncollectible receivables and reductions in rental income; ● the negative financial impact of the pandemic could impact the Company’s future compliance with financial covenants of its credit facilities and other debt agreements; ● weaker economic conditions could require that the Company recognize impairment in value of its real estate assets due to a reduction in property income; ● the Company’s inability to maintain occupancy or leasing rates, or increase these rates at stabilizing development properties, including due to possible reduced foot traffic and lease applications from prospective tenants at the Company’s properties as a result of the shelter-in-place orders and similar government guidelines; and ● concentration of the Company’s properties in markets that may be more severely affected by the COVID-19 pandemic due to its significant negative impact on certain key economic drivers in those markets, such as travel and entertainment. The extent to which the COVID-19 pandemic impacts the Company’s operations and those of its tenants will depend on future developments, which are uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. The Company believes it currently has a stable financial condition: as of June 30, 2021, the Company collected 98% of rents from its multifamily properties for the three months ended June 30, 2021. In 2020, the Company had provided rent deferral payment plans as a result of hardships certain tenants experienced due to the impact of COVID-19; for the six months ended June 30, 2021, the Company did not provide rent deferral payment plans, compared to the onset of the COVID-19 pandemic (quarter ended June 30, 2020) in which 1% of the tenant base was on payment plans. Although the Company may receive tenant requests for rent deferrals in the coming months, the Company does not expect to waive its contractual rights under its lease agreements. Further, while occupancy remains strong at 96.2% as of June 30, 2021, in future periods, the Company may experience reduced levels of tenant retention, and reduced foot traffic and lease applications from prospective tenants, as a result of the impact of COVID-19. |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the Securities and Exchange Commission (“SEC”) on February 23, 2021 for discussion of the Company’s significant accounting policies. During the six months ended June 30, 2021, there were no material changes to these policies. |
Interim Financial Information | Interim Financial Information The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with GAAP for interim financial reporting, and the instructions to Form 10-Q and Article 10-1 of Regulation S-X. Accordingly, the financial statements for interim reporting do not include all the information and notes or disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for interim periods should not be considered indicative of the operating results for a full year. The balance sheet at December 31, 2020 has been derived from the audited financial statements at that date but does not include all the information and disclosures required by GAAP for complete financial statements. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in our audited consolidated financial statements for the year ended December 31, 2020 contained in the Annual Report on Form 10-K as filed with the SEC on February 23, 2021. |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
New Accounting Pronouncements | New Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06 “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”). The guidance in ASU 2020-06 simplifies the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments in the ASU 2020-06 also simplify the guidance in ASC Subtopic 815-40, Derivatives and Hedging: Contracts in Entity’s Own Equity In January 2021, the FASB issued ASU No. 2021-01 “Reference Rate Reform (Topic 848)” (“ASU 2021-01”). The amendments in ASU 2021-01 permit entities to elect certain optional expedients in connection with reference rate reform activities and their impact on debt, contract modifications and derivative instruments as it is expected the global market will transition from LIBOR and other interbank offered rates to alternative reference rates. The amendments in ASU 2021-01 can be applied retrospectively to interim periods that include or are subsequent to March 12, 2020 or applied prospectively through December 31, 2022. The Company is currently evaluating the impact of this new guidance. |
Investments in Real Estate (Tab
Investments in Real Estate (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments in Real Estate | |
Schedule Of Equity Method Investments And Consolidation Accounting Investments | Consolidated Operating Properties Number of Date Built / Ownership Multifamily Community Name Location Units Renovated (1) Interest ARIUM Glenridge Atlanta, GA 480 1990 90 % ARIUM Westside Atlanta, GA 336 2008 90 % Ashford Belmar Lakewood, CO 512 1988/1993 85 % Avenue 25 Phoenix, AZ 254 2013 100 % Burano Hunter’s Creek, formerly ARIUM Hunter’s Creek Orlando, FL 532 1999 100 % Carrington at Perimeter Park Morrisville, NC 266 2007 100 % Chattahoochee Ridge Atlanta, GA 358 1996 90 % Chevy Chase Austin, TX 320 1971 92 % Cielo on Gilbert Mesa, AZ 432 1985 90 % Citrus Tower Orlando, FL 336 2006 97 % Denim Scottsdale, AZ 645 1979 100 % Elan Austin, TX 270 2007 100 % Element Las Vegas, NV 200 1995 100 % Falls at Forsyth Cumming, GA 356 2019 100 % Gulfshore Apartment Homes Naples, FL 368 2016 100 % Navigator Villas Pasco, WA 176 2013 90 % Outlook at Greystone Birmingham, AL 300 2007 100 % Park & Kingston Charlotte, NC 168 2015 100 % Pine Lakes Preserve Port St. Lucie, FL 320 2003 100 % Providence Trail Mount Juliet, TN 334 2007 100 % Roswell City Walk Roswell, GA 320 2015 98 % Sands Parc Daytona Beach, FL 264 2017 100 % The Brodie Austin, TX 324 2001 100 % The Debra Metrowest, formerly ARIUM Metrowest Orlando, FL 510 2001 100 % The District at Scottsdale Scottsdale, AZ 332 2018 99 % (2) The Links at Plum Creek Castle Rock, CO 264 2000 88 % The Mills Greenville, SC 304 2013 100 % The Preserve at Henderson Beach Destin, FL 340 2009 100 % The Sanctuary Las Vegas, NV 320 1988 100 % Veranda at Centerfield Houston, TX 400 1999 93 % Villages of Cypress Creek Houston, TX 384 2001 80 % Wayford at Concord Concord, NC 150 2019 83 % Wesley Village Charlotte, NC 301 2010 100 % Windsor Falls Raleigh, NC 276 1994 100 % Yauger Park Villas Olympia, WA 80 2010 95 % Total 11,532 (1) (2) |
Schedule Of Development Properties In Real Estate | Preferred Equity, Mezzanine Loan and Ground Lease Investments Actual / Actual / Estimated Actual / Estimated Planned Initial Construction Investment/Community Name Location Number of Units Occupancy Completion Development Investments (1) Zoey Austin, TX 307 1Q 2022 2Q 2022 Reunion Apartments Orlando, FL 280 1Q 2022 3Q 2022 Willow Park Willow Park, TX 46 (2) 2Q 2022 4Q 2022 Avondale Hills Decatur, GA 240 1Q 2023 1Q 2023 The Hartley at Blue Hill, formerly The Park at Chapel Hill Chapel Hill, NC 414 4Q 2021 1Q 2023 Deerwood Apartments Houston, TX 330 4Q 2022 2Q 2023 Encore Chandler Chandler, AZ 208 2Q 2023 3Q 2023 Wayford at Innovation Park Charlotte, NC 210 1Q 2023 2Q 2024 Total development units 2,035 Multifamily Community Name Location Number of Units Operating Investments (1) Alexan CityCentre Houston, TX 340 Belmont Crossing (3) Smyrna, GA 192 Deercross Indianapolis, IN 372 Domain at The One Forty Garland, TX 299 Georgetown Crossing (3) Savannah, GA 168 Hunter’s Pointe (3) Pensacola, FL 204 Mira Vista Austin, TX 200 Motif Fort Lauderdale, FL 385 Park on the Square (3) Pensacola, FL 240 Peak Housing Various, Texas 474 (2) Sierra Terrace (3) Atlanta, GA 135 Sierra Village (3) Atlanta, GA 154 The Commons (3) Jacksonville, FL 328 The Reserve at Palmer Ranch (3) Sarasota, FL 320 The Riley Richardson, TX 262 Thornton Flats Austin, TX 104 Water’s Edge (3) Pensacola, FL 184 Total operating units 4,361 Total units 6,396 (1) Properties in which the Company has a mezzanine loan, preferred equity or ground lease investment. Operating investments represent stabilized operating properties. Refer to Note 6 and Note 7 for further information. (2) Willow Park and Peak Housing are preferred equity investments made by the Company in portfolios of single-family residential homes. The actual/planned number of units shown represents the number of single-family residential homes within each respective portfolio . (3) These nine operating properties are collectively known as the Strategic Portfolio. Refer to Note 7 for further information. |
Acquisition of Real Estate (Tab
Acquisition of Real Estate (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Acquisition of Real Estate | |
Schedule of acquisition activity and related new financing of real estate Properties | The following describes the Company’s significant acquisition activity and related new financing during the six months ended June 30, 2021 (dollars in thousands): Ownership Purchase Property Location Date Interest Price Mortgage Yauger Park Villas Olympia, WA April 14, 2021 95 % $ 24,500 $ 15,077 (1) Wayford at Concord Concord, NC June 4, 2021 83 % 44,438 — (2) Windsor Falls Raleigh, NC June 17, 2021 100 % 48,775 27,442 (3) (1) Mortgage balance includes a $10.5 million senior loan assumption and a $4.6 million supplemental loan assumption secured by the Yauger Park Villas property. (2) Purchase price was funded in full by the Company and its unaffiliated joint venture partner upon acquisition. (3) Mortgage balance represents a loan assumption secured by the Windsor Falls property. |
Schedule of Real Estate Properties | The following table summarizes the assets acquired and liabilities assumed at the acquisition date for acquisitions made during the six months ended June 30, 2021 (amounts in thousands): Purchase Price Allocation Land $ 14,498 Building 87,960 Building improvements 2,790 Land improvements 13,665 Furniture and fixtures 1,769 In-place leases 1,831 Total assets acquired $ 122,513 Mortgages assumed $ 42,519 Fair value adjustments 2,996 Total liabilities assumed $ 45,515 |
Notes and Interest Receivable (
Notes and Interest Receivable (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes and Interest Receivable | |
Summary of the notes and accrued interest receivable due from related parties | Following is a summary of the notes and accrued interest receivable due from mezzanine loan investments as of June 30, 2021 and December 31, 2020 (amounts in thousands): June 30, December 31, Property 2021 2020 Avondale Hills $ 12,153 $ 1,021 Domain at The One Forty 24,826 24,315 Motif 80,521 75,436 Reunion Apartments 10,769 8,161 The Hartley at Blue Hill, formerly The Park at Chapel Hill 37,920 36,927 Vickers Historic Roswell — 12,048 Total $ 166,189 $ 157,908 Provision for credit losses (1) (535) (174) Total, net $ 165,654 $ 157,734 (1) Refer to the Provision for Credit Losses table below. |
Summary of changes in provision for credit losses | The provision for credit losses of the Company’s mezzanine loan investments for the three and six months ended June 30, 2021 are summarized in the table below (amounts in thousands): Three Months Six Months Ended Ended June 30, 2021 June 30, 2021 Beginning balance as of April 1 and January 1, 2021, respectively $ 575 $ 174 Provision for credit loss on pool of assets, net (1) (40) 361 Ending balance $ 535 $ 535 (1) Under Current Expected Credit Losses (CECL), a provision for credit losses for similar assets is calculated based on a historical default rate applied to the remaining life of the assets. The decrease in the provision during the three months ended June 30, 2021 was primarily the result of the removal of Vickers Historic Roswell from the pool of assets as the property was sold and a slight decrease in the trailing twelve-month historical default rate. |
Summary of the interest income from related parties and ground leases | Following is a summary of the interest income from mezzanine loan and ground lease investments for the three and six months ended June 30, 2021 and 2020 (amounts in thousands): Three Months Ended Six Months Ended June 30, June 30, Property 2021 2020 2021 2020 Arlo (1) $ — $ 1,068 $ — $ 2,087 Avondale Hills 286 — 403 — Domain at The One Forty 244 325 483 647 Motif (2) 1,488 2,297 3,862 4,697 Novel Perimeter (1) — 795 — 1,566 Reunion Apartments 303 — 593 — The Hartley at Blue Hill 1,035 384 2,058 1,320 Vickers Historic Roswell (1) 463 430 903 859 Zoey (3) 295 39 533 51 Total $ 4,114 $ 5,338 $ 8,835 $ 11,227 (1) In the fourth quarter 2020, the Arlo and Novel Perimeter properties were sold. In the second quarter 2021, the Vickers Historic Roswell property was sold. Each mezzanine loan provided by the Company was paid off in full upon the sale of each property. (2) The Motif interest income amounts for the three and six months ended June 30, 2021 are net of a ($1.0) million adjustment for straight line income recognition. The adjustment results from a reduced loan rate in the upcoming years as part of the amended and restated mezzanine loan agreement as noted below. (3) The ground lease project is under development and the full leasehold improvement allowance of $20.4 million as committed by the Company has been fully funded and is included within accounts receivable, prepaids and other assets in the Company’s consolidated balance sheets. |
Schedule of occupancy percentages of the Company's related parties | The occupancy percentages of the Company’s mezzanine loan investment properties at June 30, 2021 and December 31, 2020 are as follows: June 30, December 31, Property 2021 2020 Avondale Hills (1) (2) Domain at The One Forty 95.0 % 92.6 % Motif 94.8 % 62.1 % Reunion Apartments (1) (2) The Hartley at Blue Hill (1) (2) (1) The development had not commenced lease-up as of June 30, 2021. (2) The development had not commenced lease-up as of December 31, 2020. |
Preferred Equity Investments _2
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |
Schedule of Equity Method Investments | The carrying amount of the Company’s preferred equity investments and investments in unconsolidated real estate joint ventures as of June 30, 2021 and December 31, 2020 is summarized in the table below (amounts in thousands): June 30, December 31, Property 2021 2020 Alexan CityCentre $ 16,678 $ 15,063 Alexan Southside Place (1) — 26,038 Deercross 4,000 — Mira Vista 5,250 5,250 Peak Housing 10,705 — Strategic Portfolio (2) 38,454 27,054 The Conley (3) — 15,036 The Riley 6,961 — Thornton Flats 4,600 4,600 Wayford at Concord (4) — 6,500 Other 68 97 Total $ 86,716 $ 99,638 Provision for credit losses (5) (388) (16,153) Total, net $ 86,328 $ 83,485 (1) On March 25, 2021, Alexan Southside Place, the property underlying the Company’s preferred equity investment, was sold. Refer to Note 3 for further information. (2) Belmont Crossing, Georgetown Crossing, Hunter’s Pointe, Park on the Square, Sierra Terrace, Sierra Village, The Commons, The Reserve at Palmer Ranch and Water’s Edge are collectively known as the Strategic Portfolio. (3) On March 18, 2021, the Company’s preferred equity investment in The Conley was redeemed. Refer to Note 3 for further information. (4) On June 4, 2021, the Company’s preferred equity investment in Wayford at Concord was redeemed. Refer to the Wayford at Concord Interests disclosure below for further information. (5) Refer to the Provision for Credit Losses table below. Three Months Ended Six Months Ended June 30, June 30, 2021 2021 Beginning balance as of April 1 and January 1, 2021, respectively $ 315 $ 16,153 Provision for credit loss on pool of assets, net (1) 73 165 Provision for credit loss – Alexan Southside Place (2) — (15,930) Ending balance $ 388 $ 388 (1) Under Current Expected Credit Losses (CECL), a provision for credit losses for similar assets is calculated based on a historical default rate applied to the remaining life of the assets. The increase in the provision during the three months ended June 30, 2021 was the result of a net increase resulting from changes to the pool of assets as three new investments were made and one property underlying an investment was sold. (2) On March 25, 2021, Alexan Southside Place, the property underlying the Company’s preferred equity investment, was sold. Refer to Note 3 for further information. |
Schedule of preferred returns on the company | The preferred returns on the Company’s unconsolidated real estate joint ventures for the three and six months ended June 30, 2021 and 2020 are summarized below (amounts in thousands): Three Months Ended Six Months Ended June 30, June 30, Property 2021 2020 2021 2020 Alexan CityCentre $ 714 $ 616 $ 1,377 $ 1,207 Alexan Southside Place — 318 — 632 Deercross 6 — 6 — Helios (1) — — — (159) Mira Vista 134 134 267 268 Peak Housing 235 — 235 — Riverside Apartments — 421 — 829 Strategic Portfolio 791 544 1,501 841 The Conley — 485 405 961 The Riley 194 — 257 — Thornton Flats 103 103 205 206 Wayford at Concord 152 213 363 408 Whetstone Apartments — — — 56 Total preferred returns on unconsolidated joint ventures $ 2,329 $ 2,834 $ 4,616 $ 5,249 (1) Of the ($159) loss incurred at Helios for the six months ended June 30, 2020, ($143) pertains to costs related to the sale of Helios. |
Schedule Of Occupancy Percentages Of The Companys Unconsolidated Real Estate Joint Ventures | The occupancy percentages of the Company’s unconsolidated real estate joint ventures at June 30, 2021 and December 31, 2020 are as follows: June 30, December 31, Property 2021 2020 Alexan CityCentre 96.5 % 94.1 % Deercross 96.8 % — Deerwood Apartments (1) — Encore Chandler (1) (2) Mira Vista 95.5 % 95.0 % Peak Housing 93.0 % — Strategic Portfolio: Belmont Crossing 95.8 % 91.7 % Georgetown Crossing 98.2 % 88.7 % Hunter’s Pointe 98.0 % 99.0 % Park on the Square 97.5 % 97.5 % Sierra Terrace 97.0 % 89.6 % Sierra Village 94.2 % 87.7 % The Commons 98.8 % 93.9 % The Reserve at Palmer Ranch 98.1 % — Water’s Edge 97.8 % 99.5 % The Riley 97.3 % — Thornton Flats 97.1 % 88.5 % Wayford at Innovation Park (1) — Willow Park (1) — (1) The development had not commenced lease-up as of June 30, 2021. (2) The development had not commenced lease-up as of December 31, 2020. |
Revolving Credit Facilities (Ta
Revolving Credit Facilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revolving Credit Facilities | |
Schedule of Line of Credit Facilities | The outstanding balances on the revolving credit facilities as of June 30, 2021 and December 31, 2020 are as follows (amounts in thousands): June 30, December 31, Revolving Credit Facilities 2021 2020 Amended Senior Credit Facility $ — $ 33,000 Second Amended Junior Credit Facility — — Total $ — $ 33,000 |
Mortgages Payable (Tables)
Mortgages Payable (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Mortgages Payable | |
Schedule of senior mortgage indebtedness | The following table summarizes certain information as of June 30, 2021 and December 31, 2020, with respect to the Company’s senior mortgage indebtedness (amounts in thousands): Outstanding Principal As of June 30, 2021 June 30, December 31, Interest-only Property 2021 2020 Interest Rate through date Maturity Date Fixed Rate: ARIUM Westside $ 52,150 $ 52,150 3.68 % August 2021 August 1, 2023 Ashford Belmar 100,675 100,675 4.53 % December 2022 December 1, 2025 Avenue 25 (1) 36,566 36,566 4.18 % July 2022 July 1, 2027 Burano Hunter’s Creek (2) 70,189 70,871 3.65 % (3) November 1, 2024 Carrington at Perimeter Park (4) 31,273 31,301 4.16 % (4) July 1, 2027 Chattahoochee Ridge 45,338 45,338 3.25 % December 2022 December 5, 2024 Citrus Tower 40,263 40,627 4.07 % (3) October 1, 2024 Denim (5) 101,205 101,205 3.41 % August 2024 August 1, 2029 Elan (6) 25,541 25,574 4.19 % (6) July 1, 2027 Element 29,260 29,260 3.63 % July 2022 July 1, 2026 Falls at Forsyth (7) 19,426 — 4.35 % (3) July 1, 2025 Gulfshore Apartment Homes 46,345 46,345 3.26 % September 2022 September 1, 2029 James on South First — 25,674 Navigator Villas (8) 20,515 20,515 4.56 % (3) June 1, 2028 Outlook at Greystone 22,105 22,105 4.30 % (3) June 1, 2025 Park & Kingston — 19,600 Plantation Park — 26,625 Providence Trail 47,950 47,950 3.54 % July 2021 July 1, 2026 Roswell City Walk 49,551 50,043 3.63 % (3) December 1, 2026 The Brodie 33,215 33,551 3.71 % (3) December 1, 2023 The Debra Metrowest (2) 64,481 64,559 4.43 % (3) May 1, 2025 The Links at Plum Creek 39,248 39,578 4.31 % (3) October 1, 2025 The Mills 25,006 25,275 4.21 % (3) January 1, 2025 The Preserve at Henderson Beach 48,490 48,490 3.26 % September 2028 September 1, 2029 The Reserve at Palmer Ranch — 40,977 The Sanctuary 33,707 33,707 3.31 % Interest-only August 1, 2029 Wesley Village 39,084 39,438 4.25 % (3) April 1, 2024 Windsor Falls 27,442 — 4.19 % November 2022 November 1, 2027 Yauger Park Villas (9) 15,056 — 4.86 % (3) April 1, 2026 Total Fixed Rate $ 1,064,081 $ 1,117,999 Floating Rate (10) : ARIUM Glenridge $ 49,500 $ 49,500 1.42 % September 2021 September 1, 2025 Chevy Chase 24,400 24,400 2.41 % September 2022 September 1, 2027 Cielo on Gilbert (11) 58,000 58,000 2.62 % January 2026 January 1, 2031 Falls at Forsyth (7) 19,358 — 1.49 % (3) July 1, 2025 Fannie Facility Advance 13,936 13,936 2.69 % June 2022 June 1, 2027 Fannie Facility Second Advance (11) 12,880 — 2.71 % March 2023 March 1, 2028 Marquis at The Cascades I — 31,668 Marquis at The Cascades II — 22,101 Pine Lakes Preserve 42,728 42,728 3.07 % July 2025 July 1, 2030 The District at Scottsdale — 75,577 Veranda at Centerfield 26,100 26,100 1.34 % July 2021 July 26, 2023 (12) Villages of Cypress Creek 33,520 33,520 2.64 % July 2022 July 1, 2027 Total Floating Rate $ 280,422 $ 377,530 Total $ 1,344,503 $ 1,495,529 Fair value adjustments 8,922 6,489 Deferred financing costs, net (9,971) (11,086) Total continuing operations $ 1,343,454 $ 1,490,932 Held for Sale ARIUM Grandewood (7)(13) $ — $ 19,585 ARIUM Grandewood (7)(13) — 19,529 Park & Kingston 19,600 — 3.32 % November 2024 November 1, 2026 The District at Scottsdale (14) 73,778 — 1.85 % (3) July 11, 2021 (15) Deferred financing costs, net (241) (341) Total held for sale 93,137 38,773 Total mortgages payable $ 1,436,591 $ 1,529,705 (1) The principal balance includes a $29.7 million senior loan at a fixed rate of 4.02% and a $6.9 million supplemental loan at a fixed rate of 4.86% . (2) Burano Hunter’s Creek and The Debra Metrowest, formerly ARIUM Hunter’s Creek and ARIUM Metrowest, respectively. (3) The loan requires monthly payments of principal and interest. (4) The principal balance includes a $27.5 million senior loan at a fixed rate of 4.09% and a $3.8 million supplemental loan at a fixed rate of 4.66% . The senior loan has monthly payments that are interest-only through July 2024, whereas the supplemental loan has monthly payments of principal and interest. Both loans have a maturity date of July 1, 2027. (5) The principal balance includes a $91.6 million senior loan at a fixed rate of 3.32% and a $9.6 million supplemental loan at a fixed rate of 4.22% . (6) The principal balance includes a $21.2 million senior loan at a fixed rate of 4.09% and a $4.4 million supplemental loan at a fixed rate of 4.66% . The senior loan has monthly payments that are interest-only through July 2024, whereas the supplemental loan has monthly payments of principal and interest. Both loans have a maturity date of July 1, 2027. (7) Refer to the Master Credit Facility with Fannie Mae disclosure below for further information regarding the senior mortgage substitution of collateral. (8) The principal balance includes a $14.8 million senior loan at a fixed rate of 4.31% and a $5.7 million supplemental loan at a fixed rate of 5.23% . (9) The principal balance includes a $10.5 million senior loan at a fixed rate of 4.81% and a $4.6 million supplemental loan at a fixed rate of 4.96 %. (10) Other than Cielo on Gilbert, the Fannie Facility Second Advance and The District at Scottsdale, all the Company’s floating rate loans bear interest at one-month LIBOR + margin. In June 2021, one-month LIBOR in effect was 0.09% . LIBOR rate is subject to a rate cap. Please refer to Note 11 for further information. (11) The Cielo on Gilbert loan and the Fannie Facility Second Advance bear interest at a floating rate of the 30-day average SOFR + 2.61% and + 2.70% , respectively. In June 2021, the 30-day average SOFR in effect was 0.01% . SOFR rate is subject to a rate cap. Please refer to Note 11 for further information. (12) The loan has two (2) one-year extension options subject to certain conditions. (13) At December 31, 2020, ARIUM Grandewood had a fixed rate loan with a principal balance of $19.6 million and a floating rate loan with a principal balance of $19.5 million. (14) The loan bears interest at a floating rate of one or three-month LIBOR + margin at the Company’s discretion. The loan is not subject to a rate cap. (15) The loan has two (2) three-month extension options subject to certain conditions. |
Schedule of contractual principal payments | As of June 30, 2021, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): Year Total 2021 (July 1-December 31) (1) $ 79,082 2022 13,449 2023 126,051 2024 201,447 2025 331,380 Thereafter 686,472 $ 1,437,881 Add: Unamortized fair value debt adjustment 8,922 Subtract: Deferred financing costs, net (10,212) Total $ 1,436,591 (1) $73.8 million relates to The District at Scottsdale, a property which was sold on July 7, 2021. Refer to Note 15 for further information. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Financial Instruments | |
Schedule of the fair value of the Company's derivative financial instruments | The table below presents the classification and fair value of the Company’s derivative financial instruments on the consolidated balance sheets as of June 30, 2021 and December 31, 2020 (amounts in thousands): Derivatives not designated as hedging Fair values of derivative instruments under ASC 815 ‑ 20 Balance Sheet Location instruments June 30, December 31, 2021 2020 Interest rate caps Accounts receivable, prepaids and other assets $ 106 $ 14 The table below presents the classification and effect of the Company's derivative financial instruments on the consolidated statements of operations for the three and six months ended June 30, 2021 and 2020 (amounts in thousands): Derivatives not designated as hedging Location of Gain or (Loss) The Effect of Derivative Instruments instruments under ASC 815 ‑ 20 Recognized in Income on the Statements of Operations Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Interest rate caps Interest Expense $ (20) $ 2 $ 15 $ 31 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions | |
Summary of related party amounts payable to BRE | Pursuant to the terms of the Administrative Services Agreement and the Leasehold Cost-Sharing Agreement, summarized below are the net related party amounts payable to BRE as of June 30, 2021 and December 31, 2020 (amounts in thousands): June 30, December 31, 2021 2020 Amounts Payable to BRE under the Administrative Services Agreement, net Operating and direct expense reimbursements $ 341 $ 338 Offering expense reimbursements 108 89 Total expense reimbursement amounts payable to BRE, net $ 449 $ 427 Amounts Payable to BRE under the Leasehold Cost-Sharing Agreement Operating and direct expense reimbursements $ 186 $ 191 Total expense reimbursement amounts payable to BRE $ 186 $ 191 Total $ 635 $ 618 |
Stockholders' Equity and Rede_2
Stockholders' Equity and Redeemable Preferred Stock (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity and Redeemable Preferred Stock | |
Schedule of reconciliation of components of basic and diluted net loss per common share | The following table reconciles the components of basic and diluted net (loss) income per common share (amounts in thousands, except share and per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net (loss) income attributable to common stockholders $ (5,429) $ 15,090 $ 18,152 $ (1,403) Dividends on restricted stock and LTIP Units expected to vest (384) (342) (767) (666) Basic net (loss) income attributable to common stockholders $ (5,813) $ 14,748 $ 17,385 $ (2,069) Weighted average common shares outstanding (1) 28,129,862 24,307,147 25,623,537 24,197,479 Potential dilutive shares (2) — 37,887 64,993 — Weighted average common shares outstanding and potential dilutive shares (1) 28,129,862 24,345,034 25,688,530 24,197,479 Net (loss) income per common share, basic $ (0.21) $ 0.61 $ 0.68 $ (0.09) Net (loss) income per common share, diluted $ (0.21) $ 0.61 $ 0.68 $ (0.09) (1) Amounts relate to shares of the Company’s Class A and Class C common stock outstanding. (2) For the three months ended June 30, 2021, potential vesting of restricted stock to employees for 53,988 shares of Class A common stock are excluded from the diluted shares calculation as the effect is antidilutive. For the six months ended June 30, 2021, the following are included in the diluted shares calculation: a) Warrants outstanding from issuances in conjunction with the Company’s Series B Preferred Stock offerings that are potentially exercisable for 11,932 shares of Class A common stock, and b) potential vesting of restricted stock to employees for 53,061 shares of Class A common stock. |
Schedule of distributions | Payable to stockholders Date Declaration Date of record as of Amount Paid or Payable Class A Common Stock December 11, 2020 December 24, 2020 $ 0.162500 January 5, 2021 March 12, 2021 March 25, 2021 $ 0.162500 April 5, 2021 June 11, 2021 June 25, 2021 $ 0.162500 July 2, 2021 Class C Common Stock December 11, 2020 December 24, 2020 $ 0.162500 January 5, 2021 March 12, 2021 March 25, 2021 $ 0.162500 April 5, 2021 June 11, 2021 June 25, 2021 $ 0.162500 July 2, 2021 Series A Preferred Stock December 11, 2020 December 24, 2020 $ 0.515625 January 5, 2021 January 27, 2021 (1) February 26, 2021 $ 0.320833 February 26, 2021 Series B Preferred Stock October 9, 2020 December 24, 2020 $ 5.00 January 5, 2021 January 13, 2021 January 25, 2021 $ 5.00 February 5, 2021 January 13, 2021 February 25, 2021 $ 5.00 March 5, 2021 January 13, 2021 March 25, 2021 $ 5.00 April 5, 2021 April 12, 2021 April 23, 2021 $ 5.00 May 5, 2021 April 12, 2021 May 25, 2021 $ 5.00 June 4, 2021 April 12, 2021 June 25, 2021 $ 5.00 July 2, 2021 Series C Preferred Stock December 11, 2020 December 24, 2020 $ 0.4765625 January 5, 2021 March 12, 2021 March 25, 2021 $ 0.4765625 April 5, 2021 June 11, 2021 June 25, 2021 $ 0.4765625 July 2, 2021 Series D Preferred Stock December 11, 2020 December 24, 2020 $ 0.4453125 January 5, 2021 March 12, 2021 March 25, 2021 $ 0.4453125 April 5, 2021 June 11, 2021 June 25, 2021 $ 0.4453125 July 2, 2021 Series T Preferred Stock (2) October 9, 2020 December 24, 2020 $ 0.128125 January 5, 2021 January 13, 2021 January 25, 2021 $ 0.128125 February 5, 2021 January 13, 2021 February 25, 2021 $ 0.128125 March 5, 2021 January 13, 2021 March 25, 2021 $ 0.128125 April 5, 2021 April 12, 2021 April 23, 2021 $ 0.128125 May 5, 2021 April 12, 2021 May 25, 2021 $ 0.128125 June 4, 2021 April 12, 2021 June 25, 2021 $ 0.128125 July 2, 2021 (1) The dividend was paid on the date indicated to stockholders in conjunction with the redemption of shares of Series A Preferred Stock. (2) Shares of newly issued Series T Preferred Stock that are held only a portion of the applicable monthly dividend period will receive a prorated dividend based on the actual number of days in the applicable dividend period during which each such share of Series T Preferred Stock was outstanding. |
Summary of distributions declared and paid | Distributions declared and paid for the six months ended June 30, 2021 were as follows (amounts in thousands): Distributions 2021 Declared Paid First Quarter Class A Common Stock $ 3,943 $ 3,630 Class C Common Stock 12 12 Series A Preferred Stock 706 1,842 Series B Preferred Stock 7,089 7,400 Series C Preferred Stock 1,094 1,094 Series D Preferred Stock 1,235 1,235 Series T Preferred Stock 4,493 4,049 OP Units 1,027 1,027 LTIP Units 814 510 Total first quarter 2021 $ 20,413 $ 20,799 Second Quarter Class A Common Stock $ 4,753 $ 3,945 Class C Common Stock 12 12 Series B Preferred Stock 5,818 6,273 Series C Preferred Stock 1,094 1,094 Series D Preferred Stock 1,235 1,235 Series T Preferred Stock 6,220 5,616 OP Units 1,027 1,025 LTIP Units 721 836 Total second quarter 2021 $ 20,880 $ 20,036 Total $ 41,293 $ 40,835 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events | |
Schedule of Declaration of Dividends | Declaration of Dividends Payable to stockholders Declaration Date of record as of Amount Paid / Payable Date Series B Preferred Stock July 12, 2021 July 23, 2021 $ 5.00 August 5, 2021 July 12, 2021 August 25, 2021 $ 5.00 September 3, 2021 July 12, 2021 September 24, 2021 $ 5.00 October 5, 2021 Series T Preferred Stock (1) July 12, 2021 July 23, 2021 $ 0.128125 August 5, 2021 July 12, 2021 August 25, 2021 $ 0.128125 September 3, 2021 July 12, 2021 September 24, 2021 $ 0.128125 October 5, 2021 (1) Shares of newly issued Series T Preferred Stock that are held only a portion of the applicable monthly dividend period will receive a prorated dividend based on the actual number of days in the applicable dividend period during which each such share of Series T Preferred Stock was outstanding. |
Schedule of Distributions Paid | The following distributions were declared and/or paid to the Company's stockholders, as well as holders of OP Units and LTIP Units, subsequent to June 30, 2021 (amounts in thousands): Distributions Total Shares Declaration Date Record Date Date Paid per Share Distribution Class A Common Stock June 11, 2021 June 25, 2021 July 2, 2021 $ 0.1625000 $ 4,753 Class C Common Stock June 11, 2021 June 25, 2021 July 2, 2021 0.1625000 12 Series B Preferred Stock April 12, 2021 June 25, 2021 July 2, 2021 5.0000000 1,803 Series C Preferred Stock June 11, 2021 June 25, 2021 July 2, 2021 0.4765625 1,094 Series D Preferred Stock June 11, 2021 June 25, 2021 July 2, 2021 0.4453125 1,235 Series T Preferred Stock April 12, 2021 June 25, 2021 July 2, 2021 0.1281250 2,281 OP Units June 11, 2021 June 25, 2021 July 2, 2021 0.1625000 1,027 LTIP Units June 11, 2021 June 25, 2021 July 2, 2021 0.1625000 630 Series B Preferred Stock July 12, 2021 July 23, 2021 August 5, 2021 5.0000000 1,802 Series T Preferred Stock July 12, 2021 July 23, 2021 August 5, 2021 0.1281250 2,471 Total $ 17,108 |
Organization and Nature of Bu_2
Organization and Nature of Business (Details) | 6 Months Ended |
Jun. 30, 2021 | |
Organization and Nature of Business [Line Items] | |
Percent of Real Estate Properties Occupied | 96.20% |
Number of Units in Real Estate Property | 17,928 |
Annual Distribution Percentage Rate | 90.00% |
Operating Units [Member] | |
Organization and Nature of Business [Line Items] | |
Number of Units in Real Estate Property | 11,532 |
Under Development [Member] | |
Organization and Nature of Business [Line Items] | |
Number of Units in Real Estate Property | 6,396 |
Number of multifamily units in Real Estate Property | 5,876 |
Number of single-family residential homes | 520 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accounting Policies [Line Items] | ||||
Percentage Of Unvested Incentive Plan In Operating Partnership | 5.53% | 5.53% | ||
Percentage of Voting Equity | 50.00% | |||
Provision for credit loss | $ 26 | $ 0 | $ 567 | $ 0 |
Percentage of rent collected | 98.00% | |||
Percentage of tenants , on rent deferral payment plan | 1.00% | |||
Occupancy rate (as a percent) | 96.20% | 96.20% | ||
Ltip Unit [Member] | ||||
Accounting Policies [Line Items] | ||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 12.64% | |||
Op Unit [Member] | ||||
Accounting Policies [Line Items] | ||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 15.64% | |||
Op Ltip Unit [Member] | ||||
Accounting Policies [Line Items] | ||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 28.28% |
Sale of Real Estate Assets an_2
Sale of Real Estate Assets and Held for Sale Properties (Details) - USD ($) $ in Thousands | Jun. 29, 2021 | Jun. 10, 2021 | Apr. 26, 2021 | Mar. 18, 2021 | Mar. 01, 2021 | Feb. 24, 2021 | Jan. 28, 2021 | Jan. 24, 2020 | Apr. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 25, 2021 |
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||
Loss on extinguishment of debt | $ (647) | $ (13,985) | $ (3,687) | $ (13,985) | |||||||||||
Debt modification costs | $ 100 | ||||||||||||||
Proceeds from sale of interests | 31,412 | 35,542 | |||||||||||||
Payments to Acquire Equity Method Investments | 34,881 | 17,119 | |||||||||||||
Preferred returns on unconsolidated real estate joint ventures | 2,329 | 2,834 | 4,616 | 5,249 | |||||||||||
Preferred equity investments and investments in unconsolidated real estate joint ventures, net | 86,328 | $ 83,485 | 86,328 | ||||||||||||
Provision For Credit Losses on Equity Method Investments | 73 | 165 | |||||||||||||
Expected proceeds from sale of equity investment | $ 200 | 200 | |||||||||||||
ARIUM Grandewood | |||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||
Proceeds from Sale of Real Estate Gross | 65,300 | ||||||||||||||
Secured Debt | 39,100 | ||||||||||||||
Payments for closing costs and fees on real estate investments | 1,100 | ||||||||||||||
Proceeds from Sale of Real Estate | 25,100 | ||||||||||||||
Gain (loss) on sale of asset | $ 27,700 | ||||||||||||||
James At South First | |||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||
Proceeds from Sale of Real Estate Gross | $ 50,000 | ||||||||||||||
Loss on extinguishment of debt | 2,600 | ||||||||||||||
Payments for closing costs and fees on real estate investments | 500 | ||||||||||||||
Proceeds from Sale of Real Estate | 21,100 | ||||||||||||||
Gain (loss) on sale of asset | $ 17,400 | ||||||||||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 2,500 | ||||||||||||||
Payoff of Mortgage Indebtedness | 25,600 | ||||||||||||||
James At South First | Pro Rata [Member] | |||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||
Proceeds from Sale of Real Estate | $ 18,100 | ||||||||||||||
Marquis at the Cascades | |||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||
Proceeds from Sale of Real Estate Gross | $ 90,900 | ||||||||||||||
Loss on extinguishment of debt | 300 | ||||||||||||||
Payments for closing costs and fees on real estate investments | 300 | ||||||||||||||
Proceeds from Sale of Real Estate | 37,300 | ||||||||||||||
Gain (loss) on sale of asset | 23,700 | ||||||||||||||
Payoff of Mortgage Indebtedness | 53,600 | ||||||||||||||
Marquis at the Cascades | Pro Rata [Member] | |||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||
Proceeds from Sale of Real Estate | $ 32,600 | ||||||||||||||
The Conley | |||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||
Proceeds from sale of interests | $ 16,500 | ||||||||||||||
Payments to Acquire Equity Method Investments | 15,200 | ||||||||||||||
Preferred returns on unconsolidated real estate joint ventures | $ 1,300 | ||||||||||||||
Alexan Southside Place | |||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||
Preferred returns on unconsolidated real estate joint ventures | $ 318 | $ 632 | |||||||||||||
Preferred equity investments and investments in unconsolidated real estate joint ventures, net | $ 10,100 | ||||||||||||||
Provision For Credit Losses on Equity Method Investments | $ 15,900 | $ (15,930) | |||||||||||||
Proceeds from sale of equity investment | $ 9,800 | ||||||||||||||
Expected proceeds from sale of equity investment | $ 300 | ||||||||||||||
Plantation Park | |||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||
Proceeds from Sale of Real Estate Gross | $ 32,000 | ||||||||||||||
Loss on extinguishment of debt | 200 | ||||||||||||||
Payments for closing costs and fees on real estate investments | 400 | ||||||||||||||
Payments for Mortgage on Real Estate Sold | 26,600 | ||||||||||||||
Proceeds from Sale of Real Estate | 4,900 | ||||||||||||||
Gain (loss) on sale of asset | (1,100) | ||||||||||||||
Plantation Park | Pro Rata [Member] | |||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||
Proceeds from Sale of Real Estate | $ 2,700 | ||||||||||||||
Reserve at Palmer Ranch | |||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||
Proceeds from Sale of Real Estate Gross | $ 57,600 | ||||||||||||||
Loss on extinguishment of debt | 500 | ||||||||||||||
Payments for closing costs and fees on real estate investments | 900 | ||||||||||||||
Payments for Mortgage on Real Estate Sold | 40,600 | ||||||||||||||
Proceeds from Sale of Real Estate | 16,600 | ||||||||||||||
Gain (loss) on sale of asset | $ 20,500 | ||||||||||||||
Vickers Historic Roswell | |||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||
Accrued interest paid | $ 500 | ||||||||||||||
Repayments of principal amount of debt | 12,400 | ||||||||||||||
Repayment of principal | $ 12,900 |
Investments in Real Estate (Det
Investments in Real Estate (Details) | 6 Months Ended | |
Jun. 30, 2021itemUSD ($) | Apr. 01, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | $ | 6,396 | |
Total operating units | 4,361 | |
Total development units | 2,035 | |
Number of real estate investments | 60 | |
Consolidated operating properties | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Number of real estate investments | 35 | |
Properties held through preferred equity, mezzanine loan or ground lease investments | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Number of real estate investments | 25 | |
The District at Scottsdale | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Ownership interest by third party | 1.00% | |
Alexan CityCentre [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Houston, TX | |
Total operating units | 340 | |
Belmont Crossing [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Smyrna, GA | |
Total operating units | 192 | |
Domain at The One Forty [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Garland, TX | |
Total operating units | 299 | |
Georgetown Crossing [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Savannah, GA | |
Total operating units | 168 | |
Hunter's Pointe [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Pensacola, FL | |
Total operating units | 204 | |
Mira Vista [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Austin, TX | |
Total operating units | 200 | |
Park on the Square | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Pensacola, FL | |
Total operating units | 240 | |
Sierra Terrace [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Atlanta, GA | |
Total operating units | 135 | |
Sierra Village [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Atlanta, GA | |
Total operating units | 154 | |
The Commons [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Jacksonville, FL | |
Total operating units | 328 | |
The Riley | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Richardson, TX | |
Total operating units | 262 | |
Thornton Flats [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Austin, TX | |
Total operating units | 104 | |
Motif [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Fort Lauderdale, FL | |
Total operating units | 385 | |
Zoey [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Austin, TX | |
Total development units | 307 | |
Reunion Apartments [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Orlando, FL | |
Total development units | 280 | |
Avondale Hills Member | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Decatur, GA | |
Total development units | 240 | |
The Hartley at Blue Hill, formerly The Park at Chapel Hill [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Chapel Hill, NC | |
Total development units | 414 | |
Encore JV | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Chandler, AZ | |
Total development units | 208 | |
Water's Edge [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Pensacola, FL | |
Total operating units | 184 | |
Willow Park | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Willow Park, TX | |
Total development units | 46 | |
Wayford at Innovation Park | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Charlotte, NC | |
Total development units | 210 | |
Deerwood Apartments | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Houston, TX | |
Total development units | 330 | |
Deercross | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Indianapolis, IN | |
Total operating units | 372 | |
Peak Housing | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Various, Texas | |
Total operating units | 474 | |
ARIUM Glenridge | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Atlanta, GA | |
Number of Units | 480 | |
Ownership interest (as a percent) | 90 | |
ARIUM Westside | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Atlanta, GA | |
Number of Units | 336 | |
Ownership interest (as a percent) | 90 | |
Ashford Belmar | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Lakewood, CO | |
Number of Units | 512 | |
Ownership interest (as a percent) | 85 | |
Avenue 25 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Phoenix, AZ | |
Number of Units | 254 | |
Ownership interest (as a percent) | 100 | |
Burano Hunter's Creek, formerly ARIUM Hunter's Creek | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Orlando, FL | |
Number of Units | 532 | |
Ownership interest (as a percent) | 100 | |
Carrington At Perimeter Park | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Morrisville, NC | |
Number of Units | 266 | |
Ownership interest (as a percent) | 100 | |
Chattahoochee Ridge | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Atlanta, GA | |
Number of Units | 358 | |
Ownership interest (as a percent) | 90 | |
Chevy Chase | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Austin, TX | |
Number of Units | 320 | |
Ownership interest (as a percent) | 92 | |
Cielo On Gilbert | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Mesa, AZ | |
Number of Units | 432 | |
Ownership interest (as a percent) | 90 | |
Citrus Tower | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Orlando, FL | |
Number of Units | 336 | |
Ownership interest (as a percent) | 97 | |
Denim | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Scottsdale, AZ | |
Number of Units | 645 | |
Ownership interest (as a percent) | 100 | |
Elan | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Austin, TX | |
Number of Units | 270 | |
Ownership interest (as a percent) | 100 | |
Element | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Las Vegas, NV | |
Number of Units | 200 | |
Ownership interest (as a percent) | 100 | |
Falls at Forsyth | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Cumming, GA | |
Number of Units | 356 | |
Ownership interest (as a percent) | 100 | |
Gulfshore Apartment Homes Naples, FL | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Naples, FL | |
Number of Units | 368 | |
Ownership interest (as a percent) | 100 | |
Navigator Villas | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Pasco, WA | |
Number of Units | 176 | |
Ownership interest (as a percent) | 90 | |
Outlook at Greystone | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Birmingham, AL | |
Number of Units | 300 | |
Ownership interest (as a percent) | 100 | |
Park & Kingston | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Charlotte, NC | |
Number of Units | 168 | |
Ownership interest (as a percent) | 100 | |
Pine Lakes Preserve, Formerly Arium Pine Lakes | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Port St. Lucie, FL | |
Number of Units | 320 | |
Ownership interest (as a percent) | 100 | |
Roswell City Walk | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Roswell, GA | |
Number of Units | 320 | |
Ownership interest (as a percent) | 98 | |
Sands Parc | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Daytona Beach, FL | |
Number of Units | 264 | |
Ownership interest (as a percent) | 100 | |
The Brodie | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Austin, TX | |
Number of Units | 324 | |
Ownership interest (as a percent) | 100 | |
The Debra Metrowest, formerly ARIUM Metrowest | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Orlando, FL | |
Number of Units | 510 | |
Ownership interest (as a percent) | 100 | |
The District at Scottsdale | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Scottsdale, AZ | |
Number of Units | 332 | |
Ownership interest (as a percent) | 99 | |
The Mills | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Greenville, SC | |
Number of Units | 304 | |
Ownership interest (as a percent) | 100 | |
The Preserve at Henderson Beach | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Destin, FL | |
Number of Units | 340 | |
Ownership interest (as a percent) | 100 | |
The Sanctuary | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Las Vegas, NV | |
Number of Units | 320 | |
Ownership interest (as a percent) | 100 | |
The Links at Plum Creek | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Castle Rock, CO | |
Number of Units | 264 | |
Ownership interest (as a percent) | 88 | |
Veranda at Centerfield | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Houston, TX | |
Number of Units | 400 | |
Ownership interest (as a percent) | 93 | |
Villages of Cypress Creek | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Houston, TX | |
Number of Units | 384 | |
Ownership interest (as a percent) | 80 | |
Wayford at Concord | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Concord, NC | |
Number of Units | 150 | |
Ownership interest (as a percent) | 83 | |
Wesley Village | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Charlotte, NC | |
Number of Units | 301 | |
Ownership interest (as a percent) | 100 | |
Windsor Falls | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Raleigh, NC | |
Number of Units | 276 | |
Ownership interest (as a percent) | 100 | |
Yauger Park Villas | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Olympia, WA | |
Number of Units | 80 | |
Ownership interest (as a percent) | 95 | |
Providence Trail | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Mount Juliet, TN | |
Number of Units | 334 | |
Ownership interest (as a percent) | 100 | |
The Reserve at Palmer Ranch | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Sarasota, FL | |
Total operating units | 320 | |
Average [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 11,532 |
Investments in Real Estate - Ad
Investments in Real Estate - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Investments in Real Estate | ||||
Investments in real estate of depreciation expense | $ 18.4 | $ 18 | $ 37.1 | $ 36.2 |
Amortization of Deferred Leasing Fees | $ 1.4 | $ 2.1 | $ 2.9 | $ 4.8 |
Acquisition of Real Estate - Ac
Acquisition of Real Estate - Acquisition activity and related new financing (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Business Acquisition [Line Items] | |
Proceeds from Issuance of Senior Long-term Debt | $ 42,519 |
Yauger Park Villas | |
Business Acquisition [Line Items] | |
Ownership interest | 95.00% |
Purchase price | $ 24,500 |
Mortgage | 15,077 |
Proceeds from Issuance of Senior Long-term Debt | 10,500 |
Proceeds from Issuance of Secured Debt | $ 4,600 |
Wayford at Concord | |
Business Acquisition [Line Items] | |
Ownership interest | 83.00% |
Purchase price | $ 44,438 |
Windsor Falls | |
Business Acquisition [Line Items] | |
Ownership interest | 100.00% |
Purchase price | $ 48,775 |
Mortgage | $ 27,442 |
Acquisition of Real Estate - As
Acquisition of Real Estate - Assets acquired (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Preliminary Purchase Price Allocation | |
Land | $ 14,498 |
Building | 87,960 |
Building improvements | 2,790 |
Land improvements | 13,665 |
Furniture and fixtures | 1,769 |
In-place leases | 1,831 |
Total assets acquired | 122,513 |
Mortgages assumed | 42,519 |
Fair value adjustments | 2,996 |
Total liabilities assumed | $ 45,515 |
Notes and Interest Receivable -
Notes and Interest Receivable - Summary of the notes and accrued interest receivable due from related parties (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Total | $ 166,189 | $ 157,908 |
Provision for credit losses | (535) | (174) |
Total, net | 165,654 | 157,734 |
Avondale Hills Member | ||
Total | 12,153 | 1,021 |
Domain at The One Forty [Member] | ||
Total | 24,826 | 24,315 |
Motif [Member] | ||
Total | 80,521 | 75,436 |
Reunion Apartments [Member] | ||
Total | 10,769 | 8,161 |
The Hartley at Blue Hill, formerly The Park at Chapel Hill [Member] | ||
Total | $ 37,920 | 36,927 |
Vickers Historic Roswell | ||
Total | $ 12,048 |
Notes and Interest Receivable_2
Notes and Interest Receivable - Summary of changes in provision for credit losses of mezzanine loan and ground lease investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Notes and Interest Receivable | ||
Beginning balance as of April 1 and January 1, 2021, respectively | $ 575 | $ 174 |
Provision for credit loss on pool of assets, net (1) | (40) | 361 |
Ending balance | $ 535 | $ 535 |
Notes and Interest Receivable_3
Notes and Interest Receivable - Summary of the interest income from related parties (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest Income, Related Party | $ 4,114 | $ 5,338 | $ 8,835 | $ 11,227 |
Amount funded for leasehold improvement allowance | 20,400 | 20,400 | ||
Arlo | ||||
Interest Income, Related Party | 1,068 | 2,087 | ||
Avondale Hills Member | ||||
Interest Income, Related Party | 286 | 403 | ||
Domain at The One Forty [Member] | ||||
Interest Income, Related Party | 244 | 325 | 483 | 647 |
Motif [Member] | ||||
Interest Income, Related Party | 1,488 | 2,297 | 3,862 | 4,697 |
Interest income related party, net of adjustment | 1,000 | 1,000 | ||
Novel Perimeter | ||||
Interest Income, Related Party | 795 | 1,566 | ||
Reunion Apartments [Member] | ||||
Interest Income, Related Party | 303 | 593 | ||
The Hartley at Blue Hill, formerly The Park at Chapel Hill [Member] | ||||
Interest Income, Related Party | 1,035 | 384 | 2,058 | 1,320 |
Vickers Historic Roswell | ||||
Interest Income, Related Party | 463 | 430 | 903 | 859 |
Zoey [Member] | ||||
Interest Income, Related Party | $ 295 | $ 39 | $ 533 | $ 51 |
Notes and Interest Receivable_4
Notes and Interest Receivable - Schedule of occupancy percentages of the Company's related parties (Details) | Jun. 30, 2021 | Dec. 31, 2020 |
Domain at The One Forty [Member] | ||
Development Leased | 95.00% | 92.60% |
Motif [Member] | ||
Development Leased | 94.80% | 62.10% |
Notes and Interest Receivable_5
Notes and Interest Receivable - Additional Information (Details) - USD ($) $ in Thousands | Mar. 29, 2021 | Jan. 27, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 29, 2021 | Dec. 31, 2020 |
Interest Income, Related Party | $ 4,114 | $ 5,338 | $ 8,835 | $ 11,227 | ||||
Provision for credit losses on carrying amount of investments | 166,189 | 166,189 | $ 157,908 | |||||
Provision for credit loss on mezzanine loan investments | 500 | |||||||
Motif [Member] | ||||||||
Interest Income, Related Party | 1,488 | $ 2,297 | 3,862 | $ 4,697 | ||||
Provision for credit losses on carrying amount of investments | $ 80,521 | 80,521 | $ 75,436 | |||||
Motif Bridge Loan | ||||||||
Amount of loan entered | $ 88,800 | |||||||
Spread on floating rate | 3.70% | |||||||
Minimum interest rate | 3.85% | |||||||
Motif Mezz Loan | ||||||||
Amount funded | 79,700 | |||||||
Increase in loan commitment | $ 88,600 | |||||||
Fixed rate | 12.90% | |||||||
Fixed rate in year 2022 | 9.00% | |||||||
Fixed rate in year 2023 and thereafter | 6.00% | |||||||
Percentage of participation in profit | 50.00% | |||||||
Domain Mezz Loan [Member] | ||||||||
Amount funded | $ 24,700 | |||||||
Minimum [Member] | Domain Mezz Loan [Member] | ||||||||
Increase in loan commitment | $ 24,500 | |||||||
Maximum [Member] | Domain Mezz Loan [Member] | ||||||||
Increase in loan commitment | $ 27,400 |
Preferred Equity Investments _3
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Apr. 30, 2021 | Apr. 12, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||||
Total | $ 86,716 | $ 99,638 | |||
Provision for credit losses | (388) | $ (315) | (16,153) | ||
Total, net | 86,328 | 83,485 | |||
Deercross Interests | |||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||||
Total | 4,000 | ||||
Peak Housing | |||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||||
Total | 10,705 | ||||
Total, net | $ 10,700 | ||||
Alexan CityCentre [Member] | |||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||||
Total | 16,678 | 15,063 | |||
Alexan Southside Place | |||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||||
Total | 26,038 | ||||
Total, net | $ 10,100 | ||||
Mira Vista [Member] | |||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||||
Total | 5,250 | 5,250 | |||
Strategic Portfolio [Member] | |||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||||
Total | 38,454 | 27,054 | |||
The Riley | |||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||||
Total | 6,961 | ||||
The Conley | |||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||||
Total | 15,036 | ||||
Thornton Flats [Member] | |||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||||
Total | 4,600 | 4,600 | |||
Wayforth at Concord [Member] | |||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||||
Total | 6,500 | ||||
Other Property [Member] | |||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||||
Total | $ 68 | $ 97 |
Preferred Equity Investments _4
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Provision for credit losses (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021USD ($)item | Dec. 31, 2020USD ($) | Jun. 30, 2021USD ($) | |
Beginning balance as of April 1 and January 1, 2021, respectively | $ 315 | $ 16,153 | |
Provision for credit loss | 73 | 165 | |
Ending balance | $ 388 | $ 16,153 | 388 |
Number of equity method investments made during the period | item | 3 | ||
Number of equity method investment properties sold during the period | item | 1 | ||
Alexan Southside Place | |||
Provision for credit loss | $ 15,900 | $ (15,930) |
Preferred Equity Investments _5
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Preferred returns (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Preferred returns on unconsolidated joint ventures | $ 2,329 | $ 2,834 | $ 4,616 | $ 5,249 |
Alexan CityCentre [Member] | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Preferred returns on unconsolidated joint ventures | 714 | 616 | 1,377 | 1,207 |
Alexan Southside Place | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Preferred returns on unconsolidated joint ventures | 318 | 632 | ||
Helios [Member] | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Preferred returns on unconsolidated joint ventures | (159) | |||
Mira Vista [Member] | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Preferred returns on unconsolidated joint ventures | 134 | 134 | 267 | 268 |
Riverside Apartments [Member] | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Preferred returns on unconsolidated joint ventures | 421 | 829 | ||
Strategic Portfolio [Member] | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Preferred returns on unconsolidated joint ventures | 791 | 544 | 1,501 | 841 |
The Conley | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Preferred returns on unconsolidated joint ventures | 485 | 405 | 961 | |
The Riley | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Preferred returns on unconsolidated joint ventures | 194 | 257 | ||
Thornton Flats [Member] | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Preferred returns on unconsolidated joint ventures | 103 | 103 | 205 | 206 |
Wayforth at Concord [Member] | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Preferred returns on unconsolidated joint ventures | 152 | $ 213 | 363 | 408 |
Whetstone Apartments [Member] | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Preferred returns on unconsolidated joint ventures | $ 56 | |||
Deercross Interests | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Preferred returns on unconsolidated joint ventures | 6 | 6 | ||
Peak Housing | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Preferred returns on unconsolidated joint ventures | $ 235 | $ 235 |
Preferred Equity Investments _6
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Occupancy percentages (Details) | Jun. 30, 2021 | Dec. 31, 2020 |
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 96.20% | |
Alexan CityCentre [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 96.50% | 94.10% |
Mira Vista [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 95.50% | 95.00% |
Belmont Crossing [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 95.80% | 91.70% |
Georgetown Crossing [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 98.20% | 88.70% |
Hunter's Pointe [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 98.00% | 99.00% |
Park on the Square | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 97.50% | 97.50% |
Sierra Terrace [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 97.00% | 89.60% |
Sierra Village [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 94.20% | 87.70% |
The Commons [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 98.80% | 93.90% |
Reserve at Palmer Ranch | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 98.10% | |
Water's Edge [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 97.80% | 99.50% |
The Riley | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 97.30% | |
Thornton Flats [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 97.10% | 88.50% |
Deercross Interests | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 96.80% | |
Peak Housing | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 93.00% |
Preferred Equity Investments _7
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Additional Information (Details) $ in Thousands | Jun. 25, 2021USD ($)item | Jun. 16, 2021USD ($) | Mar. 01, 2021USD ($) | Jun. 30, 2021USD ($)item | Jun. 30, 2020USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Equity Method Investment And Joint Venture [Line Items] | |||||||
Number of joint ventures in which company has equity investment | item | 13 | ||||||
Number of joint ventures which generate a stated preferred return on outstanding capital contributions | item | 11 | ||||||
Number of equity investments representing 0.5% common interest in joint venture | item | 2 | ||||||
Total Loan Commitment | $ 16,500 | ||||||
Equity Method Investments | $ 86,328 | $ 83,485 | |||||
Due from Affiliates | 667 | 339 | |||||
Payments to Acquire Equity Method Investments | $ 34,881 | $ 17,119 | |||||
Common interest (as a percent) | 0.50% | ||||||
Equity Method Investments, Provision for Credit Losses | $ 388 | $ 315 | $ 16,153 | ||||
Helios [Member] | |||||||
Equity Method Investment And Joint Venture [Line Items] | |||||||
Cost expense | $ (143) | ||||||
Deercross Interests | |||||||
Equity Method Investment And Joint Venture [Line Items] | |||||||
Fixed rate | 4.66% | ||||||
Current return (as a percent) | 7.00% | ||||||
Total preferred return (as a percent) | 10.50% | ||||||
Accrued return (as a percent) | 3.50% | ||||||
Equity Method Investments | $ 4,000 | ||||||
Number of Units | item | 372 | ||||||
Construction Loan | $ 18,900 | ||||||
The Riley Interests | |||||||
Equity Method Investment And Joint Venture [Line Items] | |||||||
Spread on variable rate | 3.35% | ||||||
Current return (as a percent) | 6.00% | ||||||
Total preferred return (as a percent) | 11.00% | ||||||
Accrued return (as a percent) | 5.00% | ||||||
Equity Method Investments | $ 7,000 | ||||||
Construction Loan | $ 44,100 | ||||||
The Riley Interests | LIBOR | |||||||
Equity Method Investment And Joint Venture [Line Items] | |||||||
Interest floating basis rate percentage | 0.15% |
Preferred Equity Investments _8
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Additional information (Details-1) $ in Thousands | Jun. 25, 2021 | Jun. 17, 2021USD ($)item | Jun. 16, 2021USD ($) | Jun. 12, 2021 | Jun. 10, 2021USD ($)item | Jun. 04, 2021USD ($) | Apr. 12, 2021USD ($)itemOption | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) |
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity Method Investments | $ 86,328 | $ 86,328 | $ 83,485 | |||||||||
Total Loan Commitment | $ 16,500 | |||||||||||
Proceeds From Sale Of Joint Venture Interest | 31,412 | $ 35,542 | ||||||||||
Payments to Acquire Equity Method Investments | 34,881 | 17,119 | ||||||||||
Income (Loss) from Equity Method Investments | 2,329 | $ 2,834 | 4,616 | $ 5,249 | ||||||||
Deercross Interests | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Debt Instrument, Amortization Period | 30 years | |||||||||||
Income (Loss) from Equity Method Investments | 6 | 6 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | |||||||||||
Strategic Portfolio Interests [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity Method Investments | $ 11,400 | |||||||||||
Number of Units | item | 320 | |||||||||||
Current return (as a percent) | 6.35% | |||||||||||
Total preferred return (as a percent) | 11.50% | |||||||||||
Accrued return (as a percent) | 5.15% | |||||||||||
Construction Loan | $ 161,000 | |||||||||||
Peak Housing | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity Method Investments | $ 10,700 | |||||||||||
Number of Units | item | 474 | |||||||||||
Current return (as a percent) | 7.00% | |||||||||||
Total preferred return (as a percent) | 10.00% | |||||||||||
Accrued return (as a percent) | 3.00% | |||||||||||
Construction Loan | $ 53,600 | |||||||||||
Number of extension options | Option | 2 | |||||||||||
Extension term | 1 year | |||||||||||
Accrual rate for current return not paid | 15.00% | |||||||||||
Income (Loss) from Equity Method Investments | 235 | 235 | ||||||||||
Wayford at Concord | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity Method Investments | $ 44,400 | |||||||||||
Ownership Interest | 83 | |||||||||||
Proceeds From Sale Of Joint Venture Interest | $ 7,000 | |||||||||||
Payments to Acquire Equity Method Investments | 6,500 | |||||||||||
Income (Loss) from Equity Method Investments | $ 500 | |||||||||||
Willow Park Interests [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of Units | item | 46 | |||||||||||
Accrued return (as a percent) | 13.00% | |||||||||||
Funded Amount | 0 | 0 | ||||||||||
Total Loan Commitment | $ 3,800 | |||||||||||
Wayford at Innovation Park Interests [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of Units | item | 210 | |||||||||||
Accrued return (as a percent) | 12.50% | |||||||||||
Funded Amount | $ 0 | $ 0 | ||||||||||
Total Loan Commitment | $ 11,700 |
Preferred Equity Investments _9
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Additional information (Details-2) $ in Thousands | Jun. 25, 2021 | Jun. 16, 2021USD ($)item | Apr. 12, 2021USD ($)item | Jun. 30, 2021USD ($) |
Schedule of Equity Method Investments [Line Items] | ||||
Total Loan Commitment | $ 16,500 | |||
Long-term Debt | $ 1,436,591 | |||
Deercross Interests | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Amortization period | 30 years | |||
Deerwood Apartments Interests[Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Units | item | 330 | |||
Funded Amount | 0 | |||
Preferredship Interest Return At Annual Rate Accrued | 11.50% | |||
Construction Loan | $ 39,500 | |||
Extension term | 1 year | |||
Interest floating basis rate percentage | 3.35% | |||
Amortization period | 30 years | |||
Peak Housing | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Units | item | 474 | |||
Preferredship Interest Return At Annual Rate Accrued | 3.00% | |||
Construction Loan | $ 53,600 | |||
Extension term | 1 year | |||
LIBOR | Deerwood Apartments Interests[Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Spread on floating rate | 2.75% |
Revolving Credit Facility (Deta
Revolving Credit Facility (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Long-term Line of Credit | $ 33,000 |
Amended Senior Credit Facility [Member] | |
Long-term Line of Credit | $ 33,000 |
Revolving Credit Facility - Add
Revolving Credit Facility - Additional Information (Details) $ in Millions | Mar. 06, 2020USD ($)item | Nov. 06, 2019USD ($) | Jun. 30, 2021USD ($)item |
Minimum [Member] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.35% | ||
Maximum [Member] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.40% | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 107.7 | ||
Amended Senior Credit Facility [Member] | |||
Number of extension options | item | 2 | ||
Extension term | 1 year | ||
Amount of letter of credit issuable, maximum | $ 50 | ||
Number of letters of credit outstanding | item | 1 | ||
Letters of credit outstanding amount | $ 0.8 | ||
Amended Senior Credit Facility [Member] | Minimum [Member] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% | ||
Amended Senior Credit Facility [Member] | Maximum [Member] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | ||
Amended Senior Credit Facility [Member] | LIBOR | Line of Credit [Member] | Minimum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.30% | ||
Amended Senior Credit Facility [Member] | LIBOR | Line of Credit [Member] | Maximum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.65% | ||
Amended Senior Credit Facility [Member] | Base Rate [Member] | Line of Credit [Member] | Minimum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.30% | ||
Amended Senior Credit Facility [Member] | Base Rate [Member] | Line of Credit [Member] | Maximum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.65% | ||
Amended Senior Credit Facility [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 100 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 350 | ||
Second Amended Junior Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 72.5 | ||
Second Amended Junior Credit Facility [Member] | LIBOR | Line of Credit [Member] | Minimum [Member] | |||
Debt Instrument, Description of Variable Rate Basis | 2.75% | ||
Second Amended Junior Credit Facility [Member] | LIBOR | Line of Credit [Member] | Maximum [Member] | |||
Debt Instrument, Description of Variable Rate Basis | 3.25% | ||
Second Amended Junior Credit Facility [Member] | Base Rate [Member] | Line of Credit [Member] | Minimum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||
Second Amended Junior Credit Facility [Member] | Base Rate [Member] | Line of Credit [Member] | Maximum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.25% |
Mortgages Payable (Details)
Mortgages Payable (Details) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2021USD ($)item | Feb. 18, 2021USD ($) | Dec. 31, 2020USD ($) | May 27, 2020USD ($) | |
Line of Credit Facility [Line Items] | ||||
Total | $ 1,436,591 | $ 1,529,705 | ||
Total continuing operations | 1,343,454 | 1,490,932 | ||
Total held for sale | 93,137 | 38,773 | ||
Fixed Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | 1,064,081 | 1,117,999 | ||
Mortgages | ||||
Line of Credit Facility [Line Items] | ||||
Total | 1,344,503 | 1,495,529 | ||
Fair value adjustments | 8,922 | 6,489 | ||
Deferred financing costs, net | (9,971) | (11,086) | ||
Mortgages | Floating Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | 280,422 | 377,530 | ||
Mortgages | Held for sale | ||||
Line of Credit Facility [Line Items] | ||||
Deferred financing costs, net | (241) | (341) | ||
Fannie Facility Advance | Floating Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 13,900 | |||
ARIUM Grandewood | Fixed Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | 19,600 | |||
ARIUM Grandewood | Mortgages | Held for sale | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | 19,585 | |||
ARIUM Grandewood | Floating Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | 19,500 | |||
ARIUM Grandewood | Mortgages | Held for sale | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | 19,529 | |||
ARIUM Westside | Mortgages | Fixed Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 52,150 | 52,150 | ||
Fixed rate | 3.68% | |||
Ashford Belmar | Mortgages | Fixed Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 100,675 | 100,675 | ||
Fixed rate | 4.53% | |||
Avenue 25 | Mortgages | Fixed Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 36,566 | 36,566 | ||
Fixed rate | 4.18% | |||
Burano Hunter's Creek | Mortgages | Fixed Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 70,189 | 70,871 | ||
Fixed rate | 3.65% | |||
Carrington At Perimeter Park | Mortgages | Fixed Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 31,273 | 31,301 | ||
Fixed rate | 4.16% | |||
Chattahoochee Ridge | Mortgages | Fixed Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 45,338 | 45,338 | ||
Fixed rate | 3.25% | |||
Citrus Tower | Mortgages | Fixed Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 40,263 | 40,627 | ||
Fixed rate | 4.07% | |||
Denim | Mortgages | Fixed Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 101,205 | 101,205 | ||
Fixed rate | 3.41% | |||
The Debra Metrowest | Mortgages | Fixed Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 64,481 | 64,559 | ||
Fixed rate | 4.43% | |||
Windsor Falls | Mortgages | Fixed Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 27,442 | |||
Fixed rate | 4.19% | |||
Yauger Park Villas | Mortgages | Fixed Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 15,056 | |||
Fixed rate | 4.86% | |||
Elan | Mortgages | Fixed Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 25,541 | 25,574 | ||
Fixed rate | 4.19% | |||
Element | Mortgages | Fixed Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 29,260 | 29,260 | ||
Fixed rate | 3.63% | |||
Falls at Forsyth | Mortgages | Fixed Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 19,426 | |||
Fixed rate | 4.35% | |||
Falls at Forsyth | Mortgages | Floating Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 19,358 | |||
Fixed rate | 1.49% | |||
Gulfshore Apartment Homes | Mortgages | Fixed Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 46,345 | 46,345 | ||
Fixed rate | 3.26% | |||
James on South First | Mortgages | Fixed Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | 25,674 | |||
Navigator Villas | Mortgages | Fixed Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 20,515 | 20,515 | ||
Fixed rate | 4.56% | |||
Outlook at Greystone | Mortgages | Fixed Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 22,105 | 22,105 | ||
Fixed rate | 4.30% | |||
Park & Kingston | Mortgages | Fixed Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | 19,600 | |||
Park & Kingston | Mortgages | Held for sale | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 19,600 | |||
Fixed rate | 3.32% | |||
Plantation Park | Mortgages | Fixed Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | 26,625 | |||
Providence Trail | Mortgages | Fixed Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 47,950 | 47,950 | ||
Fixed rate | 3.54% | |||
Rosewell City Walk | Mortgages | Fixed Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 49,551 | 50,043 | ||
Fixed rate | 3.63% | |||
The Brodie | Mortgages | Fixed Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 33,215 | 33,551 | ||
Fixed rate | 3.71% | |||
The Links at Plum Creek | Mortgages | Fixed Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 39,248 | 39,578 | ||
Fixed rate | 4.31% | |||
The Mills | Mortgages | Fixed Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 25,006 | 25,275 | ||
Fixed rate | 4.21% | |||
The Preserve at Henderson Beach | Mortgages | Fixed Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 48,490 | 48,490 | ||
Fixed rate | 3.26% | |||
Reserve at Palmer Ranch | Mortgages | Fixed Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | 40,977 | |||
The Sanctuary | Mortgages | Fixed Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 33,707 | 33,707 | ||
Fixed rate | 3.31% | |||
Wesley Village | Mortgages | Fixed Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 39,084 | 39,438 | ||
Fixed rate | 4.25% | |||
ARIUM Glenridge | Mortgages | Floating Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 49,500 | 49,500 | ||
Fixed rate | 1.42% | |||
Chevy Chase | Mortgages | Floating Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 24,400 | 24,400 | ||
Fixed rate | 2.41% | |||
Cielo On Gilbert | Mortgages | Floating Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 58,000 | 58,000 | ||
Fixed rate | 2.62% | |||
Fannie Facility Advance | Mortgages | Floating Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 13,936 | 13,936 | ||
Fixed rate | 2.69% | |||
Fannie Facility Second Advance | Floating Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 12,900 | |||
Fannie Facility Second Advance | Mortgages | Floating Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 12,880 | |||
Fixed rate | 2.71% | |||
Marquis at the Cascades I | Mortgages | Floating Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | 31,668 | |||
Marquis at the Cascades II | Mortgages | Floating Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | 22,101 | |||
Pine Lakes Preserve | Mortgages | Floating Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 42,728 | 42,728 | ||
Fixed rate | 3.07% | |||
The District at Scottsdale | ||||
Line of Credit Facility [Line Items] | ||||
Number of extension options | item | 2 | |||
Extension term | 3 months | |||
The District at Scottsdale | Mortgages | Floating Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | 75,577 | |||
The District at Scottsdale | Mortgages | Held for sale | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 73,778 | |||
Fixed rate | 1.85% | |||
Veranda at Centerfield | ||||
Line of Credit Facility [Line Items] | ||||
Number of extension options | item | 2 | |||
Extension term | 1 year | |||
Veranda at Centerfield | Mortgages | Floating Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 26,100 | 26,100 | ||
Fixed rate | 1.34% | |||
Villages of Cypress Creek | Mortgages | Floating Interest Rate | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 33,520 | $ 33,520 | ||
Fixed rate | 2.64% |
Mortgages Payable - Debt maturi
Mortgages Payable - Debt maturities (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Mortgages Payable [Abstract] | |
2021 (July 1-December 31) | $ 79,082 |
2022 | 13,449 |
2023 | 126,051 |
2024 | 201,447 |
2025 | 331,380 |
Thereafter | 686,472 |
Long-term Debt | 1,437,881 |
Add: Unamortized fair value debt adjustment | 8,922 |
Subtract: Deferred financing costs, net | (10,212) |
Total | $ 1,436,591 |
Mortgages Payable - Additional
Mortgages Payable - Additional Information (Details) $ in Thousands | Jul. 07, 2021USD ($) | Feb. 18, 2021USD ($) | May 27, 2020USD ($) | Mar. 06, 2020item | Mar. 31, 2021 | Jun. 30, 2021USD ($)item | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)item | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) |
Line of Credit Facility [Line Items] | ||||||||||
Loan amount | $ 13,449 | $ 13,449 | ||||||||
Real Estate Investments, Net | 1,988,527 | 1,988,527 | $ 2,097,177 | |||||||
Loss on extinguishment of debt | 647 | $ 13,985 | 3,687 | $ 13,985 | ||||||
Fixed Interest Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Total Outstanding Principal | 1,064,081 | 1,064,081 | 1,117,999 | |||||||
SOFR | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.01% | |||||||||
Amended Senior Credit Facility [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Real Estate Investments, Net | 2,011,500 | 2,011,500 | ||||||||
Number of extension options | item | 2 | |||||||||
Extension term | 1 year | |||||||||
Mortgages | Floating Interest Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Total Outstanding Principal | 280,422 | 280,422 | 377,530 | |||||||
Fannie Facility Advance | Floating Interest Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Total Outstanding Principal | $ 13,900 | |||||||||
Amortization period | 30 years | |||||||||
Fannie Facility Advance | LIBOR | Floating Interest Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.60% | |||||||||
Avenue 25 | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Secured Long-term Debt, Noncurrent | 29,700 | $ 29,700 | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.02% | |||||||||
Avenue 25 | Mortgages | Fixed Interest Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Total Outstanding Principal | 36,566 | $ 36,566 | 36,566 | |||||||
Avenue 25 | Supplemental Loan | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Secured Long-term Debt, Noncurrent | 6,900 | $ 6,900 | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.86% | |||||||||
Carrington At Perimeter Park | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Secured Long-term Debt, Noncurrent | 27,500 | $ 27,500 | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.09% | |||||||||
Carrington At Perimeter Park | Mortgages | Fixed Interest Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Total Outstanding Principal | 31,273 | $ 31,273 | 31,301 | |||||||
Carrington At Perimeter Park | Supplemental Loan | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Secured Long-term Debt, Noncurrent | 3,800 | $ 3,800 | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.66% | |||||||||
Denim | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Secured Long-term Debt, Noncurrent | 91,600 | $ 91,600 | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.32% | |||||||||
Denim | Mortgages | Fixed Interest Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Total Outstanding Principal | 101,205 | $ 101,205 | 101,205 | |||||||
Denim | Supplemental Loan | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Secured Long-term Debt, Noncurrent | 9,600 | $ 9,600 | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.22% | |||||||||
Elan | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Secured Long-term Debt, Noncurrent | 21,200 | $ 21,200 | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.09% | |||||||||
Elan | Mortgages | Fixed Interest Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Total Outstanding Principal | 25,541 | $ 25,541 | 25,574 | |||||||
Elan | Supplemental Loan | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Secured Long-term Debt, Noncurrent | 4,400 | $ 4,400 | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.66% | |||||||||
Navigator Villas | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Secured Long-term Debt, Noncurrent | 14,800 | $ 14,800 | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.31% | |||||||||
Navigator Villas | Mortgages | Fixed Interest Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Total Outstanding Principal | 20,515 | $ 20,515 | 20,515 | |||||||
Navigator Villas | Supplemental Loan | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Secured Long-term Debt, Noncurrent | $ 5,700 | $ 5,700 | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.23% | |||||||||
The District at Scottsdale | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Number of extension options | item | 2 | 2 | ||||||||
Extension term | 3 months | |||||||||
The District at Scottsdale | Subsequent event | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Payments for Mortgage on Real Estate Sold | $ 73,800 | |||||||||
The District at Scottsdale | Mortgages | Floating Interest Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Total Outstanding Principal | 75,577 | |||||||||
Veranda at Centerfield | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Number of extension options | item | 2 | 2 | ||||||||
Extension term | 1 year | |||||||||
Veranda at Centerfield | Mortgages | Floating Interest Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Total Outstanding Principal | $ 26,100 | $ 26,100 | 26,100 | |||||||
Villages of Cypress Creek | Mortgages | Floating Interest Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Total Outstanding Principal | 33,520 | 33,520 | 33,520 | |||||||
Park & Kingston | Mortgages | Fixed Interest Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Total Outstanding Principal | 19,600 | |||||||||
Gulfshore Apartment Homes | Mortgages | Fixed Interest Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Total Outstanding Principal | 46,345 | 46,345 | 46,345 | |||||||
Yauger Park Villas | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Secured Long-term Debt, Noncurrent | 10,500 | $ 10,500 | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.81% | |||||||||
Yauger Park Villas | Mortgages | Fixed Interest Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Total Outstanding Principal | 15,056 | $ 15,056 | ||||||||
Yauger Park Villas | Supplemental Loan | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Secured Long-term Debt, Noncurrent | 4,600 | $ 4,600 | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.96% | |||||||||
The Preserve at Henderson Beach | Mortgages | Fixed Interest Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Total Outstanding Principal | 48,490 | $ 48,490 | 48,490 | |||||||
Other than Cielo on Gilbert, The Fannie Facility Second Advance and The District at Scottsdale [Member] | Mortgages | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt Instrument Prepayment Fee Percentage | 0.09% | |||||||||
The Cielo on Gilbert Loan [Member] | SOFR | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.61% | |||||||||
Fannie Facility Second Advance | Floating Interest Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Total Outstanding Principal | $ 12,900 | |||||||||
Fannie Facility Second Advance | SOFR | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.70% | 2.70% | ||||||||
Fannie Facility Second Advance | Mortgages | Floating Interest Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Total Outstanding Principal | $ 12,880 | $ 12,880 | ||||||||
ARIUM Grandewood | Fixed Interest Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Total Outstanding Principal | 19,600 | |||||||||
ARIUM Grandewood | Floating Interest Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Total Outstanding Principal | $ 19,500 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value of Financial Instruments | ||
Long-term Debt, Fair Value | $ 1,483.1 | $ 1,586 |
Mortgage Payable At Carrying Value | $ 1,446.8 | $ 1,541.1 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Fair Value of company's derivative financial instruments (Details) - Interest Rate Cap [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Interest Expense [Member] | |||||
Fair value adjustment of interest rate Caps | $ (20) | $ 2 | $ 15 | $ 31 | |
Accounts Receivable, Prepaids and Other Assets [Member] | |||||
Derivative, Fair Value, Net | $ 106 | $ 106 | $ 14 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Additional Information (Details) $ in Millions | Jun. 30, 2021USD ($) |
Interest Rate Cap [Member] | |
Amount Of Debt Covered By Derivatives | $ 280.4 |
Related Party Transactions - Re
Related Party Transactions - Related party amounts payable to BRE (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Related Party Transactions | ||
Total related-party amounts payable | $ 635 | $ 618 |
Amounts Payable to BRE under the Administrative Services Agreement, net [Member] | BRE Entities [Member] | ||
Related Party Transactions | ||
Total related-party amounts payable | 449 | 427 |
Operating and direct expense reimbursements | BRE Entities [Member] | ||
Related Party Transactions | ||
Total related-party amounts payable | 341 | 338 |
Offering expense reimbursements | BRE Entities [Member] | ||
Related Party Transactions | ||
Total related-party amounts payable | 108 | 89 |
Amounts Payable to BRE under the Leasehold Cost-Sharing Agreement [Member] | BRE Entities [Member] | ||
Related Party Transactions | ||
Total related-party amounts payable | 186 | 191 |
Operating and direct expense reimbursements | BRE Entities [Member] | ||
Related Party Transactions | ||
Total related-party amounts payable | $ 186 | $ 191 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | May 11, 2021 | Apr. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jul. 31, 2021 | Mar. 25, 2021 | Dec. 31, 2020 |
Related Party Transactions | ||||||||||
Reimbursement of Payroll Operating Costs | $ 400,000 | |||||||||
Reimbursement of total expenses | $ 600,000 | $ 600,000 | $ 1,500,000 | $ 1,100,000 | ||||||
Due to Affiliates Excluding Former Advisor | 700,000 | 700,000 | $ 300,000 | |||||||
Due From Affiliates Excluding Former Advisor | 700,000 | 700,000 | ||||||||
Accrued preferred returns on unconsolidated real estate investments | 200,000 | 200,000 | ||||||||
Preferred equity interests | 86,328,000 | $ 86,328,000 | $ 83,485,000 | |||||||
Issuance Of Preferred Stock Dealer Manager Fee Percentage | 10.00% | |||||||||
Issuance of Preferred Stock, Commission Fee Percentage | 10.00% | |||||||||
Commissions Payable to Broker-Dealers and Clearing Organizations | 15,200,000 | 7,000,000 | $ 15,200,000 | 7,000,000 | ||||||
Dealer manager fees and discounts | 6,500,000 | 3,000,000 | ||||||||
Subsequent event | ||||||||||
Related Party Transactions | ||||||||||
Preferred equity interests | $ 19,400,000 | |||||||||
General and Administrative Expense [Member] | ||||||||||
Related Party Transactions | ||||||||||
Reimbursement of Payroll Operating Costs | 700,000 | $ 700,000 | 1,500,000 | 1,400,000 | ||||||
Long-term Incentive Plan Units One [Member] | ||||||||||
Related Party Transactions | ||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 41,031 | |||||||||
Alexan Southside Place | ||||||||||
Related Party Transactions | ||||||||||
Accrued preferred returns on unconsolidated real estate investments | $ 300,000 | |||||||||
Preferred equity interests | $ 10,100,000 | |||||||||
Proceeds from sale of equity investment | $ 9,800,000 | |||||||||
Affiliated Entity [Member] | ||||||||||
Related Party Transactions | ||||||||||
Security Deposit Liability | $ 750,000 | 750,000 | ||||||||
Series T Preferred Stock [Member] | ||||||||||
Related Party Transactions | ||||||||||
Reimbursement Of Offering Costs | $ 600,000 | $ 500,000 |
Stockholders' Equity and Rede_3
Stockholders' Equity and Redeemable Preferred Stock - Reconciliation of components of basic and diluted net loss per common share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Stockholders' Equity and Redeemable Preferred Stock | ||||
Net (loss) income attributable to common stockholders | $ (5,429) | $ 15,090 | $ 18,152 | $ (1,403) |
Dividends on restricted stock and LTIP Units expected to vest | (384) | (342) | (767) | (666) |
Basic net (loss) income attributable to common stockholders | $ (5,813) | $ 14,748 | $ 17,385 | $ (2,069) |
Weighted average common shares outstanding | 28,129,862 | 24,307,147 | 25,623,537 | 24,197,479 |
Potential dilutive shares | 37,887 | 64,993 | ||
Weighted average common shares outstanding and potential dilutive shares (1) | 28,129,862 | 24,345,034 | 25,688,530 | 24,197,479 |
Net (loss) income per common share, basic | $ (0.21) | $ 0.61 | $ 0.68 | $ (0.09) |
Net (loss) income per common share, diluted | $ (0.21) | $ 0.61 | $ 0.68 | $ (0.09) |
Stockholders' Equity and Rede_4
Stockholders' Equity and Redeemable Preferred Stock - Distributions (Details) | 6 Months Ended |
Jun. 30, 2021$ / shares | |
Class A common stock | |
Common stock, distribution amount | $ 0.162500 |
Common Class A One [Member] | |
Common stock, distribution amount | 0.162500 |
Common Class A two [Member] | |
Common stock, distribution amount | 0.162500 |
Class C Common Stock [Member] | |
Common stock, distribution amount | 0.162500 |
Common Class C One [Member] | |
Common stock, distribution amount | 0.162500 |
Common Class C Two [Member] | |
Common stock, distribution amount | 0.162500 |
Series A Preferred Stock [Member] | |
Common stock, distribution amount | 0.515625 |
Series Preferred Stock One [Member] | |
Common stock, distribution amount | 0.320833 |
Series B Preferred Stock [Member] | |
Common stock, distribution amount | 5 |
Series B Preferred Stock One [Member] | |
Common stock, distribution amount | 5 |
Series B Preferred Stock Two [Member] | |
Common stock, distribution amount | 5 |
Series B Preferred Stock Three [Member] | |
Common stock, distribution amount | 5 |
Series B Preferred Stock Four [Member] | |
Common stock, distribution amount | 5 |
Series B Preferred Stock Five [Member] | |
Common stock, distribution amount | 5 |
Series B Preferred Stock Six [Member] | |
Common stock, distribution amount | 5 |
Series C Preferred Stock [Member] | |
Common stock, distribution amount | 0.4765625 |
Series C Preferred Stock One [Member] | |
Common stock, distribution amount | 0.4765625 |
Series C Preferred Stock Two [Member] | |
Common stock, distribution amount | 0.4765625 |
Series D Preferred Stock [Member] | |
Common stock, distribution amount | 0.4453125 |
Series D Preferred Stock One [Member] | |
Common stock, distribution amount | 0.4453125 |
Series D Preferred Stock Two [Member] | |
Common stock, distribution amount | 0.4453125 |
Series T Preferred Stock [Member] | |
Common stock, distribution amount | 0.128125 |
Series T Preferred Stock One [Member] | |
Common stock, distribution amount | 0.128125 |
Series T Preferred Stock Two [Member] | |
Common stock, distribution amount | 0.128125 |
Series T Preferred Stock Three [Member] | |
Common stock, distribution amount | 0.128125 |
Series T Preferred Stock Four [Member] | |
Common stock, distribution amount | 0.128125 |
Series T Preferred Stock Five [Member] | |
Common stock, distribution amount | 0.128125 |
Series T Preferred Stock Six [Member] | |
Common stock, distribution amount | $ 0.128125 |
Stockholders' Equity and Rede_5
Stockholders' Equity and Redeemable Preferred Stock - Distributions declared and paid (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2021 | |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |||
Distributions Declared | $ 20,880 | $ 20,413 | $ 41,293 |
Distributions Paid | 20,036 | 20,799 | $ 40,835 |
Class A common stock | |||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |||
Distributions Declared | 4,753 | 3,943 | |
Distributions Paid | 3,945 | 3,630 | |
Class C Common Stock [Member] | |||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |||
Distributions Declared | 12 | 12 | |
Distributions Paid | 12 | 12 | |
Series A Preferred Stock [Member] | |||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |||
Distributions Declared | 706 | ||
Distributions Paid | 1,842 | ||
Series B Preferred Stock [Member] | |||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |||
Distributions Declared | 5,818 | 7,089 | |
Distributions Paid | 6,273 | 7,400 | |
Series C Preferred Stock [Member] | |||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |||
Distributions Declared | 1,094 | 1,094 | |
Distributions Paid | 1,094 | 1,094 | |
Series D Preferred Stock [Member] | |||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |||
Distributions Declared | 1,235 | 1,235 | |
Distributions Paid | 1,235 | 1,235 | |
Series T Preferred Stock [Member] | |||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |||
Distributions Declared | 6,220 | 4,493 | |
Distributions Paid | 5,616 | 4,049 | |
Operating Partnership Units One [Member] | |||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |||
Distributions Declared | 1,027 | 1,027 | |
Distributions Paid | 1,025 | 1,027 | |
Long-term Incentive Plan Units One [Member] | |||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |||
Distributions Declared | 721 | 814 | |
Distributions Paid | $ 836 | $ 510 |
Stockholders' Equity and Rede_6
Stockholders' Equity and Redeemable Preferred Stock - Additional Information (Details) | Jul. 11, 2021shares | Apr. 01, 2021USD ($)$ / sharesshares | Mar. 25, 2021shares | Feb. 26, 2021$ / sharesshares | Feb. 16, 2021itemshares | Jan. 01, 2021USD ($)shares | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2020USD ($)shares | Jun. 30, 2021USD ($)item$ / sharesshares | Jun. 30, 2020USD ($)shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)shares | Feb. 09, 2021USD ($) | Oct. 31, 2020USD ($)$ / shares | Oct. 21, 2020$ / shares | Sep. 30, 2019USD ($) |
Class of Stock [Line Items] | ||||||||||||||||
Shares included in the diluted shares calculations | 37,887 | 64,993 | ||||||||||||||
Preferred Stock, Shares Issued | 0 | 0 | 0 | |||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 19,000 | $ 1,974,000 | ||||||||||||||
Stock Repurchased During Period, Value | $ | $ 45,105,000 | $ 1,000 | 85,825,000 | 11,607,000 | ||||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ | $ 45,200,000 | $ 45,200,000 | ||||||||||||||
Percentage Of Unvested Incentive Plan In Operating Partnership | 5.53% | 5.53% | ||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||
Share price | $ / shares | $ 25 | $ 25 | ||||||||||||||
Share Repurchase Plan [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Stock Repurchased During Period, Value | $ | $ 104,800,000 | |||||||||||||||
Class A common stock | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Stock Repurchased During Period, Shares | 8,163,160 | |||||||||||||||
OP Unit holders [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 15.64% | |||||||||||||||
Partners' Capital Account, Units | 6,309,672 | 6,309,672 | ||||||||||||||
LTIP Unit holders [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 12.64% | |||||||||||||||
Partners' Capital Account, Units | 5,100,255 | 5,100,255 | ||||||||||||||
Percentage Of Unvested Incentive Plan In Operating Partnership | 5.53% | 5.53% | ||||||||||||||
OP And LTIP Unit holders [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 28.28% | |||||||||||||||
Stock Offering [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Redemption of series T preferred stock and conversion into cash | 251 | |||||||||||||||
Redemption of series B preferred stock and conversion into cash | 30 | |||||||||||||||
Restricted Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Share-based Compensation | $ | $ 100,000 | 100,000 | $ 200,000 | 200,000 | ||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | 700,000 | $ 700,000 | ||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 4 months 24 days | |||||||||||||||
Remaining compensation cost is expected to be recognized (in years) | 2 years 4 months 24 days | |||||||||||||||
Long-term Incentive Plan Units One [Member] | Time-based LTIP Units [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Share-based Compensation | $ | 1,000,000 | 1,000,000 | $ 2,000,000 | 1,900,000 | ||||||||||||
Long-term Incentive Plan Units One [Member] | Performance Based LTIP Units [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Share-based Compensation | $ | 900,000 | $ 400,000 | $ 1,700,000 | $ 1,300,000 | ||||||||||||
Long-term Incentive Plan Units One [Member] | Share-based Compensation Award, Tranche One [Member] | Time-based LTIP Units [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 277,001 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||||
Long-term Incentive Plan Units One [Member] | Share-based Compensation Award, Tranche One [Member] | Performance Based LTIP Units [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 554,003 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||||
Restricted Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 3 years | ||||||||||||||
Incentive Plans 2014 [Member] | Long-term Incentive Plan Units One [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 7,381 | |||||||||||||||
Compensation cost recognized | $ | $ 400,000 | |||||||||||||||
Incentive Plan [Member] | Long-term Incentive Plan Units One [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 23,206 | 22,598 | 193,112 | 19,683 | 144,173 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 10,000,000 | $ 10,000,000 | ||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | |||||||||||||||
Remaining compensation cost is expected to be recognized (in years) | 2 years | |||||||||||||||
Number Of Executive Officers To Whom Shares Were Issued In Lieu Of Salaries | item | 2 | |||||||||||||||
Incentive Plan [Member] | Long term Incentive Plan Units Remaining[Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 48,939 | |||||||||||||||
Class A common stock | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||
Stock Issued During Period, Shares, New Issues | 941 | 1,857 | 1,740 | 169,255 | ||||||||||||
Redemption of Series T Preferred Stock and conversion into Class A common stock (in shares) | 110,893 | |||||||||||||||
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 14,592,550 | |||||||||||||||
Stock Issued During Period, Shares, Exercise Of Warrants | 70,912 | |||||||||||||||
Common Stock, Shares, Issued | 28,861,937 | 28,861,937 | 22,020,950 | |||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 12.01 | $ 12.01 | ||||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 7,300,000 | |||||||||||||||
Stock Repurchase Program, Authorized Amount | $ | $ 75,000,000 | |||||||||||||||
Stock Repurchased During Period, Shares | 4,605,598 | 0 | 8,163,160 | 1,028,293 | ||||||||||||
Stock Repurchased During Period, Value | $ | $ 45,000 | $ 0 | $ 81,000 | $ 10,000 | ||||||||||||
Preferred Stock, Value, Issued | $ | $ 100,000,000 | |||||||||||||||
Class A common stock | Share Repurchase Plan [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Stock Repurchased During Period, Value | $ | $ 85,800,000 | |||||||||||||||
Class A common stock | Maximum [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 15.89 | $ 15.89 | ||||||||||||||
Class A common stock | Minimum [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 10 | $ 10 | ||||||||||||||
Class A common stock | Stock Offering [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 188,402 | |||||||||||||||
Class A common stock | Warrant [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Shares included in the diluted shares calculations | 11,932 | |||||||||||||||
Class A common stock | Restricted Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Shares included in the diluted shares calculations | 53,061 | |||||||||||||||
Shares excluded from the diluted shares calculations | 53,988 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased | $ / shares | $ 10.42 | |||||||||||||||
Total fair value | $ | $ 600,000 | $ 1,400,000 | $ 1,400,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 57,654 | 179,748 | 179,748 | |||||||||||||
Class A common stock | Restricted Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Shares excluded from the diluted shares calculations | 37,887 | 53,330 | ||||||||||||||
Class C Common Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||
Stock Issued During Period, Shares, New Issues | 0 | 0 | 0 | |||||||||||||
Common Stock, Shares, Issued | 76,603 | 76,603 | 76,603 | |||||||||||||
Stock Repurchased During Period, Shares | 0 | 0 | 0 | |||||||||||||
Stock Repurchased During Period, Value | $ | $ 0 | $ 0 | $ 0 | |||||||||||||
Series B Preferred Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 150,758 | |||||||||||||||
Class of Warrant or Right, Outstanding | 445,870 | 445,870 | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights, As Percentage Of Market Price Of Common Stock | 120.00% | 120.00% | ||||||||||||||
Class of Warrant or Right, Exercise of Warrants or Rights, Threshold Number Of Trading Days | item | 20 | |||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 20 | 20 | ||||||||||||||
Warrants and Rights Outstanding, Term | 1 year | 1 year | ||||||||||||||
Warrants and Rights Outstanding, Expiration Term | 4 years | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised | 7,349 | |||||||||||||||
Series B Preferred Stock [Member] | Minimum [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 10 | $ 10 | ||||||||||||||
Series B Preferred Stock [Member] | Stock Offering [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 2,093 | |||||||||||||||
At The Market Offerings [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Common Stock, Shares, Issued | 621,110 | 621,110 | ||||||||||||||
Series T Preferred Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Total number of new stock issued | 18,407,429 | |||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ | $ 414,200,000 | |||||||||||||||
Redemption of Series T Preferred Stock and conversion into Class A common stock (in shares) | 47,514 | |||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 6.15% | |||||||||||||||
Series T Preferred Stock [Member] | Dividend Reinvestment Plan [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 25,437 | |||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ | $ 600,000 | |||||||||||||||
Series T Preferred Stock [Member] | Stock Offering [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 8,657,663 | |||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ | $ 194,800,000 | |||||||||||||||
Preferred Stock Offering Commissions And Dealer Manager Fees | $ | $ 21,600,000 | |||||||||||||||
Cumulative Redeemable Preferred Stock | Series A [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | |||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 8.25% | 8.25% | ||||||||||||||
Cumulative Redeemable Preferred Stock | Series C [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | 0.01 | |||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 7.625% | 7.625% | ||||||||||||||
Cumulative Redeemable Preferred Stock | Series D [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Preferred Stock, Shares Issued | 2,774,338 | 2,774,338 | 2,774,338 | |||||||||||||
Preferred Stock, Value, Issued | $ | $ 66,867,000 | $ 66,867,000 | $ 66,867,000 | |||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | |||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 7.125% | 7.125% | ||||||||||||||
Class A common stock, 8.250% Series A Cumulative Redeemable Preferred Stock, 7.625% Series C Cumulative Redeemable Preferred Stock and/or 7.125% Series D Cumulative Preferred Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ | $ 75,000,000 | |||||||||||||||
Class A common stock, 8.250% Series A Cumulative Redeemable Preferred Stock, 7.625% Series C Cumulative Redeemable Preferred Stock and/or 7.125% Series D Cumulative Preferred Stock [Member] | Maximum [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ | $ 150,000,000 | |||||||||||||||
8.250% Series A Cumulative Redeemable Preferred Stock | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Accrued and unpaid dividends (in dollars per share) | $ / shares | $ 0.320833 | |||||||||||||||
Total redemption payment (in dollars per share) | $ / shares | $ 25.320833 | |||||||||||||||
Number of shares redeemed | 2,201,547 | |||||||||||||||
Preferred Stock, Redemption Price Per Share | $ / shares | $ 25 | |||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 8.25% |
Subsequent Events - Declaration
Subsequent Events - Declaration of Dividends (Details) - Subsequent event - Dividend Declared [Member] | Jul. 12, 2021$ / shares |
Series B Preferred Stock [Member] | August 5, 2021 | |
Subsequent Event [Line Items] | |
Declaration of Dividends, Amount | $ 5 |
Series B Preferred Stock [Member] | September 3, 2021 | |
Subsequent Event [Line Items] | |
Declaration of Dividends, Amount | 5 |
Series B Preferred Stock [Member] | October 5, 2021 | |
Subsequent Event [Line Items] | |
Declaration of Dividends, Amount | 5 |
Series T Preferred Stock [Member] | August 5, 2021 | |
Subsequent Event [Line Items] | |
Declaration of Dividends, Amount | 0.128125 |
Series T Preferred Stock [Member] | September 3, 2021 | |
Subsequent Event [Line Items] | |
Declaration of Dividends, Amount | 0.128125 |
Series T Preferred Stock [Member] | October 5, 2021 | |
Subsequent Event [Line Items] | |
Declaration of Dividends, Amount | $ 0.128125 |
Subsequent Events - Distributio
Subsequent Events - Distribution paid (Details) - Subsequent event - USD ($) $ / shares in Units, $ in Thousands | Aug. 05, 2021 | Jul. 12, 2021 | Jul. 02, 2021 |
Subsequent Events | |||
Total Distribution | $ 17,108 | ||
Long-term Incentive Plan Units One [Member] | |||
Subsequent Events | |||
Distributions per Share/Units | $ 0.1625000 | ||
Total Distribution | $ 630 | ||
Class A common stock | |||
Subsequent Events | |||
Distributions per Share/Units | 0.1625000 | ||
Total Distribution | 4,753 | ||
Class C Common Stock [Member] | |||
Subsequent Events | |||
Distributions per Share/Units | 0.1625000 | ||
Total Distribution | 12 | ||
Series B Preferred Stock [Member] | |||
Subsequent Events | |||
Distributions per Share/Units | $ 5 | 5 | |
Total Distribution | $ 1,802 | 1,803 | |
Series C Preferred Stock [Member] | |||
Subsequent Events | |||
Distributions per Share/Units | 0.4765625 | ||
Total Distribution | 1,094 | ||
Series D Preferred Stock [Member] | |||
Subsequent Events | |||
Distributions per Share/Units | 0.4453125 | ||
Total Distribution | 1,235 | ||
Series T Preferred Stock [Member] | |||
Subsequent Events | |||
Distributions per Share/Units | $ 0.1281250 | 0.1281250 | |
Total Distribution | $ 2,471 | 2,281 | |
Operating Partnership Units One [Member] | |||
Subsequent Events | |||
Distributions per Share/Units | $ 0.1625000 | ||
Total Distribution | $ 1,027 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) $ in Thousands | Jul. 07, 2021USD ($) | Jun. 16, 2021USD ($) | Jul. 31, 2021USD ($)item | Jun. 30, 2021USD ($)item | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) |
Subsequent Event [Line Items] | |||||||
Proceeds from Sale of Real Estate Held-for-investment | $ 224,051 | $ 158,448 | |||||
Preferred equity investments | $ 86,328 | $ 86,328 | $ 83,485 | ||||
Number of equity method investments made during the period | item | 3 | ||||||
Committed to invest in preferred equity interests | $ 16,500 | ||||||
Subsequent event | |||||||
Subsequent Event [Line Items] | |||||||
Preferred equity investments | $ 19,400 | ||||||
Bridge Loan | $ 6,800 | ||||||
Number of equity method investments made during the period | item | 3 | ||||||
Committed to invest in preferred equity interests | $ 30,900 | ||||||
Number of development projects for which commitment made to invest in preferred equity interests | item | 2 | ||||||
Subsequent event | Park & Kingston | |||||||
Subsequent Event [Line Items] | |||||||
Proceeds from Sale of Real Estate, Gross | $ 44,900 | ||||||
Payments for Mortgage on Real Estate Sold | 19,600 | ||||||
Payment for early extinguishment of debt costs | 2,400 | ||||||
Payments for closing costs and fees on real estate investments | 500 | ||||||
Proceeds from Sale of Real Estate Held-for-investment | 24,700 | ||||||
Subsequent event | The District at Scottsdale | |||||||
Subsequent Event [Line Items] | |||||||
Proceeds from Sale of Real Estate, Gross | 150,500 | ||||||
Payments for Mortgage on Real Estate Sold | 73,800 | ||||||
Payment for early extinguishment of debt costs | 400 | ||||||
Payments for closing costs and fees on real estate investments | 400 | ||||||
Proceeds from Sale of Real Estate Held-for-investment | 74,800 | ||||||
Subsequent event | Pro Rata [Member] | The District at Scottsdale | |||||||
Subsequent Event [Line Items] | |||||||
Proceeds from Sale of Real Estate Held-for-investment | $ 69,500 |