Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 07, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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 | FY | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 293,427,966 | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Firm ID | 248 | ||
Auditor Location | Southfield, Michigan | ||
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 | 29,260,629 | ||
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 | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 76,603 | ||
Redeemable Preferred Stock | Series B [Member] | |||
Document Information [Line Items] | |||
Title of 12(g) Security | Series B Redeemable Preferred Stock, $0.01 par value per share | ||
Redeemable Preferred Stock | Series T | |||
Document Information [Line Items] | |||
Title of 12(g) Security | Series T Redeemable Preferred Stock, $0.01 par value per share | ||
Warrants to Purchase Shares of Class A Common Stock [Member] | |||
Document Information [Line Items] | |||
Title of 12(g) Security | Warrants to Purchase Shares of Class A Common Stock, $0.01 par value per share |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Net Real Estate Investments | ||
Land | $ 287,406,000 | $ 279,481,000 |
Buildings and improvements | 1,894,745,000 | 1,889,471,000 |
Furniture, fixtures and equipment | 89,270,000 | 78,438,000 |
Total Gross Real Estate Investments | 2,271,421,000 | 2,247,390,000 |
Accumulated depreciation | (224,123,000) | (186,426,000) |
Total Net Operating Real Estate Investments | 2,047,298,000 | 2,060,964,000 |
Operating real estate held for sale, net | 0 | 36,213,000 |
Total Net Real Estate Investments | 2,047,298,000 | 2,097,177,000 |
Cash and cash equivalents | 166,492,000 | 83,868,000 |
Restricted cash | 30,015,000 | 35,093,000 |
Notes and accrued interest receivable, net | 173,489,000 | 157,734,000 |
Due from affiliates | 711,000 | 339,000 |
Accounts receivable, prepaids and other assets, net | 43,108,000 | 29,502,000 |
Preferred equity investments and investments in unconsolidated real estate joint ventures, net | 135,690,000 | 83,485,000 |
In-place lease intangible assets, net | 2,530,000 | 2,594,000 |
Non-real estate assets associated with operating real estate held for sale | 0 | 145,000 |
TOTAL ASSETS | 2,599,333,000 | 2,489,937,000 |
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | ||
Mortgages payable | 1,364,991,000 | 1,490,932,000 |
Mortgages payable associated with operating real estate held for sale | 0 | 38,773,000 |
Revolving credit facilities | 0 | 33,000,000 |
Accounts payable | 3,824,000 | 1,317,000 |
Other accrued liabilities | 52,947,000 | 31,025,000 |
Due to affiliates | 599,000 | 618,000 |
Distributions payable | 15,345,000 | 13,421,000 |
Liabilities associated with operating real estate held for sale | 0 | 383,000 |
Total Liabilities | 1,437,706,000 | 1,609,469,000 |
Stockholders' Equity | ||
Additional paid-in-capital | 344,003,000 | 304,710,000 |
Distributions in excess of cumulative earnings | (327,270,000) | (313,392,000) |
Total Stockholders' Equity | 83,874,000 | 58,406,000 |
Noncontrolling Interests | ||
Operating partnership units | 5,889,000 | (3,272,000) |
Partially owned properties | 39,630,000 | 24,666,000 |
Total Noncontrolling Interests | 45,519,000 | 21,394,000 |
Total Equity | 129,393,000 | 79,800,000 |
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | 2,599,333,000 | 2,489,937,000 |
Preferred Stock [Member] | ||
Stockholders' Equity | ||
Preferred Stock Value | 0 | 0 |
Class A Common Stock | ||
Stockholders' Equity | ||
Common Stock Value | 273,000 | 220,000 |
Class C Common Stock | ||
Stockholders' Equity | ||
Common Stock Value | 1,000 | 1,000 |
Cumulative Redeemable Preferred Stock | Series A [Member] | ||
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | ||
Redeemable Preferred Stock | 0 | 54,332,000 |
Cumulative Redeemable Preferred Stock | Series C [Member] | ||
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | ||
Redeemable Preferred Stock | 56,823,000 | 56,462,000 |
Cumulative Redeemable Preferred Stock | Series D [Member] | ||
Stockholders' Equity | ||
Preferred Stock Value | 66,867,000 | 66,867,000 |
Redeemable Preferred Stock | Series B [Member] | ||
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | ||
Redeemable Preferred Stock | 331,983,000 | 469,907,000 |
Redeemable Preferred Stock | Series T | ||
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | ||
Redeemable Preferred Stock | $ 643,428,000 | $ 219,967,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 203,621,460 | 197,900,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Redeemable Preferred Stock | 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 | 359,197 | 513,489 |
Temporary Equity, Shares Outstanding | 359,197 | 513,489 |
Redeemable Preferred Stock | 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 | 28,272,134 | 9,717,917 |
Temporary Equity, Shares Outstanding | 28,272,134 | 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 | 5,153,540 | 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, Dividend Rate, Percentage | 7.125% | 7.125% |
Temporary Equity, Liquidation Preference Per Share | $ 25 | $ 25 |
Temporary Equity, Shares Authorized | 4,000,000 | 4,000,000 |
Temporary Equity, Shares Issued | 2,774,338 | 2,774,338 |
Temporary Equity, Shares Outstanding | 2,774,338 | 2,774,338 |
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 | 27,257,586 | 22,020,950 |
Common stock, shares outstanding | 27,257,586 | 22,020,950 |
Class C Common Stock | ||
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | |||
Rental and other property revenues | $ 203,689 | $ 196,522 | $ 185,376 |
Interest income from loan and ground lease investments | 16,962 | 23,326 | 24,595 |
Total revenues | 220,651 | 219,848 | 209,971 |
Expenses | |||
Property operating | 76,002 | 76,301 | 74,449 |
Property management fees | 5,390 | 4,988 | 4,899 |
General and administrative | 27,787 | 24,141 | 22,553 |
Acquisition and pursuit costs | 448 | 4,152 | 556 |
Weather-related losses, net | 1,001 | 355 | |
Depreciation and amortization | 80,051 | 79,452 | 70,452 |
Total expenses | 190,679 | 189,034 | 173,264 |
Operating income | 29,972 | 30,814 | 36,707 |
Other income (expense) | |||
Other income | 549 | 144 | 68 |
Accrued preferred return | 12,067 | 11,250 | 9,797 |
Provision for credit losses | (384) | (16,369) | 0 |
Gain on sale of real estate investments | 137,427 | 59,508 | 48,680 |
Gain on sale of non-depreciable real estate investments | 679 | ||
Transaction costs | (15,036) | ||
Loss on extinguishment of debt and debt modification costs | (6,740) | (14,630) | (7,258) |
Interest expense, net | (52,701) | (55,994) | (59,554) |
Total other income (expense) | 75,182 | (16,091) | (7,588) |
Net income | 105,154 | 14,723 | 29,119 |
Preferred stock dividends | (63,606) | (58,463) | (46,159) |
Preferred stock accretion | (24,633) | (16,851) | (10,335) |
Net income (loss) attributable to noncontrolling interests | |||
Operating partnership units | 2,250 | (17,313) | (6,779) |
Partially-owned properties | 11,192 | 1,396 | (845) |
Net income (loss) attributable to noncontrolling interests | 13,442 | (15,917) | (7,624) |
Net income (loss) attributable to common stockholders | $ 3,473 | $ (44,674) | $ (19,751) |
Net income (loss) per common share - Basic | $ 0.08 | $ (1.91) | $ (0.91) |
Net income (loss) per common share - Diluted | $ 0.07 | $ (1.91) | $ (0.91) |
Weighted average basic common shares outstanding | 26,024,935 | 24,084,347 | 22,649,222 |
Weighted average diluted common shares outstanding | 26,249,999 | 24,084,347 | 22,649,222 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) | Additional Paid-in Capital [Member] | Cumulative Distributions [Member] | Net Loss to Common Stockholders [Member] | Noncontrolling Interests [Member] | Common Stock [Member]Class A Common Stock | Common Stock [Member]Class C Common Stock | Preferred Stock [Member]Series D Preferred Stock [Member] | Total |
Balance at Dec. 31, 2018 | $ 307,938,000 | $ (187,910,000) | $ (30,621,000) | $ 56,597,000 | $ 233,000 | $ 1,000 | $ 68,705,000 | $ 214,943,000 |
Balance (in shares) at Dec. 31, 2018 | 23,322,211 | 76,603 | 2,850,602 | |||||
Issuance of Class A common stock, net | 5,320,000 | 0 | 0 | 0 | $ 5,000 | $ 0 | $ 0 | 5,325,000 |
Issuance of Class A common stock, net (in shares) | 456,708 | 0 | 0 | |||||
Issuance of Class A common stock due to Series B warrants exercise | 299,000 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | 299,000 |
Issuance of Class A common stock due to Series B warrants exercise (in shares) | 37,391 | 0 | 0 | |||||
Repurchase of Class A common stock | (14,073,000) | 0 | 0 | 0 | $ (13,000) | $ 0 | $ 0 | (14,086,000) |
Repurchase of Class A common stock (in shares) | (1,313,328) | 0 | 0 | |||||
Issuance of restricted Class A common stock, net of shares withheld for employee taxes | 424,000 | 0 | 0 | 0 | $ 1,000 | $ 0 | $ 0 | 425,000 |
Issuance of restricted Class A common stock, net of shares withheld for employee taxes (in shares) | 87,094 | |||||||
Issuance of LTIP units for director compensation | 0 | 0 | 0 | 282,000 | $ 0 | $ 0 | $ 0 | 282,000 |
Issuance of LTIP units for director compensation (in shares) | 0 | 0 | 0 | |||||
Vesting of LTIP Units for compensation | 0 | 0 | 0 | 5,293,000 | $ 0 | $ 0 | $ 0 | 5,293,000 |
Issuance of LTIP units for expense reimbursements | 0 | 0 | 0 | 2,238,000 | 0 | 0 | 0 | 2,238,000 |
Issuance of LTIP Units for expense and capitalized cost reimbursements | 0 | 0 | 0 | 737,000 | 0 | 0 | 0 | 737,000 |
Issuance of Series B warrants | 4,413,000 | 0 | 0 | 0 | 0 | 0 | 0 | 4,413,000 |
Contributions from noncontrolling interests | 0 | 0 | 0 | 3,511,000 | 0 | 0 | 0 | 3,511,000 |
Common stock distributions declared | 0 | (14,850,000) | 0 | 0 | 0 | 0 | 0 | (14,850,000) |
Series A Preferred Stock distributions declared | 0 | (11,800,000) | 0 | 0 | 0 | 0 | 0 | (11,800,000) |
Series A Preferred Stock accretion | 0 | (810,000) | 0 | 0 | 0 | 0 | 0 | (810,000) |
Series B Preferred Stock distributions declared | 0 | (24,854,000) | 0 | 0 | 0 | 0 | 0 | (24,854,000) |
Series B Preferred Stock accretion | 0 | (9,213,000) | 0 | 0 | 0 | 0 | 0 | (9,213,000) |
Series C Preferred Stock distributions declared | 0 | (4,428,000) | 0 | 0 | 0 | 0 | 0 | (4,428,000) |
Series C Preferred Stock accretion | 0 | (312,000) | 0 | 0 | 0 | 0 | 0 | (312,000) |
Series D Preferred Stock distributions declared | 0 | (5,076,000) | 0 | 0 | 0 | 0 | 0 | (5,076,000) |
Series T Preferred Stock distributions declared | 0 | (1,000) | 0 | 0 | 0 | 0 | 0 | (1,000) |
Miscellaneous offering costs | (222,000) | 0 | 0 | 0 | 0 | 0 | 0 | (222,000) |
Distributions to Operating Partnership noncontrolling interests | 0 | 0 | 0 | (5,749,000) | 0 | 0 | 0 | (5,749,000) |
Distributions to partially owned noncontrolling interests | 0 | 0 | 0 | (3,765,000) | 0 | 0 | 0 | (3,765,000) |
Redemption of Operating Partnership Units | (15,000) | 0 | 0 | (10,000) | 0 | 0 | 0 | (25,000) |
Holder redemption of Series B Preferred Stock and conversion into Class A common stock | 2,631,000 | 0 | 0 | 0 | $ (2,000) | $ 0 | $ 0 | 2,633,000 |
Holder redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 219,328 | 0 | 0 | |||||
Company redemption of Series B Preferred Stock and conversion into Class A common stock | 7,188,000 | 0 | 0 | 0 | $ 6,000 | $ 0 | $ 0 | 7,194,000 |
Company redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 613,153 | |||||||
Cash redemption of Series B Preferred Stock | 15,000 | 0 | 0 | 0 | $ 0 | 0 | 0 | 15,000 |
Acquisition of noncontrolling interest | (6,529,000) | 0 | 0 | (2,390,000) | 0 | 0 | 0 | (8,919,000) |
Adjustment for noncontrolling interest in Cade Boca Raton | 0 | 0 | 0 | 3,344,000 | 0 | 0 | 0 | 3,344,000 |
Adjustment for noncontrolling interest ownership in Operating Partnership | 4,294,000 | 0 | 0 | (4,294,000) | 0 | 0 | 0 | 0 |
Net income (loss) | 0 | 0 | 36,743,000 | (7,624,000) | 0 | 0 | 0 | 29,119,000 |
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 | 1,992,000 | 0 | 0 | 0 | $ 2,000 | $ 0 | $ 0 | 1,994,000 |
Issuance of Class A common stock, net (in shares) | 171,713 | 0 | 0 | |||||
Issuance of Class A common stock due to Series B warrants exercise | 137,000 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | 137,000 |
Issuance of Class A common stock due to Series B warrants exercise (in shares) | 12,513 | 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 | |||||||
Repurchase of Class A common stock | (40,294,000) | 0 | 0 | 0 | $ (40,000) | $ 0 | $ 0 | (40,334,000) |
Repurchase of Class A common stock (in shares) | (3,983,842) | 0 | 0 | |||||
Issuance of restricted Class A common stock, net of shares withheld for employee taxes | 454,000 | 0 | 0 | 0 | $ 1,000 | $ 0 | $ 0 | 455,000 |
Issuance of restricted Class A common stock, net of shares withheld for employee taxes (in shares) | 72,284 | 0 | 0 | |||||
Repurchase of Series A, Series C and Series D Preferred Stock, net | 511,000 | 0 | 0 | 0 | $ 0 | $ 0 | $ (1,838,000) | (1,327,000) |
Repurchase of Series A, Series C and Series D Preferred Stock, net (In shares) | (76,264) | |||||||
Issuance of LTIP units for director compensation | 0 | 0 | 0 | 343,000 | $ 0 | $ 0 | $ 0 | 343,000 |
Issuance of LTIP units for director compensation (in shares) | 0 | 0 | 0 | |||||
Issuance of LTIP Units for executive bonuses | 0 | 0 | 0 | 2,034,000 | $ 0 | $ 0 | $ 0 | 2,034,000 |
Issuance of LTIP Units for executive salaries | 0 | 0 | 0 | 488,000 | 0 | 0 | 0 | 488,000 |
Vesting of LTIP Units for compensation | 0 | 0 | 0 | 6,824,000 | 0 | 0 | 0 | 6,824,000 |
Issuance of LTIP Units for expense and capitalized cost reimbursements | 0 | 0 | 0 | 1,747,000 | 0 | 0 | 0 | 1,747,000 |
Contributions from noncontrolling interests | 0 | 0 | 0 | 3,050,000 | 0 | 0 | 0 | 3,050,000 |
Common stock distributions declared | 0 | (15,586,000) | 0 | 0 | 0 | 0 | 0 | (15,586,000) |
Series A Preferred Stock distributions declared | 0 | (10,910,000) | 0 | 0 | 0 | 0 | 0 | (10,910,000) |
Series A Preferred Stock accretion | 0 | (892,000) | 0 | 0 | 0 | 0 | 0 | (892,000) |
Company redemption of Series A Preferred Stock accretion | 0 | (1,084,000) | 0 | 0 | 0 | 0 | 0 | (1,084,000) |
Series B Preferred Stock distributions declared | 0 | (31,076,000) | 0 | 0 | 0 | 0 | 0 | (31,076,000) |
Series B Preferred Stock accretion | 0 | (12,141,000) | 0 | 0 | 0 | 0 | 0 | (12,141,000) |
Series C Preferred Stock distributions declared | 0 | (4,398,000) | 0 | 0 | 0 | 0 | 0 | (4,398,000) |
Series C Preferred Stock accretion | 0 | (362,000) | 0 | 0 | 0 | 0 | 0 | (362,000) |
Series D Preferred Stock distributions declared | 0 | (4,986,000) | 0 | 0 | 0 | 0 | 0 | (4,986,000) |
Series T Preferred Stock distributions declared | 0 | (7,093,000) | 0 | 0 | 0 | 0 | 0 | (7,093,000) |
Series T Preferred Stock accretion | 0 | (2,372,000) | 0 | 0 | 0 | 0 | 0 | (2,372,000) |
Distributions to Operating Partnership noncontrolling interests | 0 | 0 | 0 | (6,611,000) | 0 | 0 | 0 | (6,611,000) |
Distributions to partially owned noncontrolling interests | 0 | 0 | 0 | (7,844,000) | 0 | 0 | 0 | (7,844,000) |
Conversion of Operating Partnership Units into Class A common stock | 141,000 | 0 | 0 | (142,000) | $ 1,000 | 0 | 0 | 0 |
Conversion of Operating Partnership Units into Class A common stock (in shares) | 75,801 | |||||||
Holder redemption of Series B Preferred Stock and conversion into Class A common stock | 6,962,000 | 0 | 0 | 0 | $ 9,000 | $ 0 | $ 0 | 6,971,000 |
Holder redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 868,437 | 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 | 9,000 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | 9,000 |
Holder redemption of Series T Preferred Stock and conversion into Class A common stock | 160,000 | 0 | 0 | 0 | $ 0 | 0 | 0 | 160,000 |
Holder redemption of Series T Preferred Stock and conversion into Class A common stock (in shares) | 21,812 | |||||||
Series B warrant activity and exercise, net | (38,000) | 0 | 0 | 0 | $ 0 | 0 | 0 | (38,000) |
Company redemption of Series A Preferred Stock costs | (30,000) | 0 | 0 | 0 | 0 | 0 | 0 | (30,000) |
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 | 9,973,000 | 0 | 0 | (9,973,000) | 0 | 0 | 0 | 0 |
Net income (loss) | 0 | 0 | 30,640,000 | (15,917,000) | 0 | 0 | 0 | 14,723,000 |
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 | 47,000 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | 47,000 |
Issuance of Class A common stock, net (in shares) | 4,141 | 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 | 23,033,000 | 0 | 0 | 0 | $ 12,000 | $ 0 | $ 0 | 23,045,000 |
Issuance of Class A common stock due to Series B warrants exercise (in shares) | 1,231,822 | 0 | 0 | |||||
Repurchase of Class A common stock | (119,478,000) | 0 | 0 | 0 | $ (111,000) | $ 0 | $ 0 | (119,589,000) |
Repurchase of Class A common stock (in shares) | (11,140,637) | |||||||
Issuance of restricted Class A common stock, net of shares withheld for employee taxes | 313,000 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | 313,000 |
Issuance of restricted Class A common stock, net of shares withheld for employee taxes (in shares) | 21,174 | 0 | 0 | |||||
Issuance of LTIP units for director compensation | $ 0 | $ 0 | $ 0 | $ 374,000 | $ 0 | $ 0 | $ 0 | $ 374,000 |
Issuance of LTIP units for director compensation (in shares) | 0 | 0 | 0 | |||||
Issuance of LTIP Units for executive bonuses (in shares) | 0 | 0 | 0 | 2,170,000 | 0 | 0 | 0 | 2,170,000 |
Issuance of LTIP Units for executive salaries | $ 0 | $ 0 | $ 0 | $ 879,000 | $ 0 | $ 0 | $ 0 | $ 879,000 |
Vesting of LTIP Units for compensation | 0 | 0 | 0 | 7,721,000 | 0 | 0 | 0 | 7,721,000 |
Issuance of LTIP units for expense reimbursements | 0 | 0 | 0 | 1,556,000 | 0 | 0 | 0 | 1,556,000 |
Contributions from noncontrolling interests | 0 | 0 | 0 | 22,353,000 | 0 | 0 | 0 | 22,353,000 |
Common stock distributions declared | 0 | (17,351,000) | 0 | 0 | 0 | 0 | 0 | (17,351,000) |
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) |
Company redemption of Series A Preferred Stock accretion | 0 | (710,000) | 0 | 0 | 0 | 0 | 0 | (710,000) |
Series B Preferred Stock distributions declared | 0 | (23,704,000) | 0 | 0 | 0 | 0 | 0 | (23,704,000) |
Series B Preferred Stock accretion | 0 | (14,335,000) | 0 | 0 | 0 | 0 | 0 | (14,335,000) |
Series C Preferred Stock distributions declared | 0 | (4,376,000) | 0 | 0 | 0 | 0 | 0 | (4,376,000) |
Series C Preferred Stock accretion | 0 | (361,000) | 0 | 0 | 0 | 0 | 0 | (361,000) |
Series D Preferred Stock distributions declared | 0 | (4,940,000) | 0 | 0 | 0 | 0 | 0 | (4,940,000) |
Series T Preferred Stock distributions declared | 0 | (29,880,000) | 0 | 0 | 0 | 0 | 0 | (29,880,000) |
Series T Preferred Stock accretion | 0 | (9,192,000) | 0 | 0 | 0 | 0 | 0 | (9,192,000) |
Miscellaneous offering costs | (456,000) | 0 | 0 | 0 | 0 | 0 | 0 | (456,000) |
Distributions to Operating Partnership noncontrolling interests | 0 | 0 | 0 | (7,322,000) | 0 | 0 | 0 | (7,322,000) |
Distributions to partially owned noncontrolling interests | 0 | 0 | 0 | (18,581,000) | 0 | 0 | 0 | (18,581,000) |
Redemption of Operating Partnership Units | (4,000) | 0 | 0 | (1,000) | 0 | 0 | 0 | (5,000) |
Conversion of Operating Partnership Units into Class A common stock | (23,000) | 0 | 0 | 24,000 | $ 1,000 | $ 0 | $ 0 | 2,000 |
Conversion of Operating Partnership Units into Class A common stock (in shares) | 62,023 | 0 | 0 | |||||
Holder redemption of Series B Preferred Stock and conversion into Class A common stock | 3,299,000 | 0 | 0 | 0 | $ 3,000 | $ 0 | $ 0 | 3,302,000 |
Holder redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 283,966 | 0 | 0 | |||||
Company redemption of Series B Preferred Stock and conversion into Class A common stock | 150,536,000 | 0 | 0 | 0 | $ 146,000 | $ 0 | $ 0 | 150,682,000 |
Company redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 14,592,550 | 0 | 0 | |||||
Cash redemption of Series B Preferred Stock | 9,000 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | 9,000 |
Holder redemption of Series T Preferred Stock and conversion into Class A common stock | 2,029,000 | 0 | 0 | 0 | $ (2,000) | $ 0 | $ 0 | 2,031,000 |
Holder redemption of Series T Preferred Stock and conversion into Class A common stock (in shares) | 181,597 | 0 | 0 | |||||
Cash redemption of Series T Preferred Stock | 19,000 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | 19,000 |
Series B warrant activity and exercise, net | (17,917,000) | 0 | 0 | 0 | 0 | 0 | 0 | (17,917,000) |
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 | (1,510,000) | 0 | 0 | 1,510,000 | 0 | 0 | 0 | 0 |
Net income (loss) | 0 | 0 | 91,712,000 | 13,442,000 | 0 | 0 | 0 | 105,154,000 |
Balance at Dec. 31, 2021 | $ 344,003,000 | $ (455,744,000) | $ 128,474,000 | $ 45,519,000 | $ 273,000 | $ 1,000 | $ 66,867,000 | $ 129,393,000 |
Balance (in shares) at Dec. 31, 2021 | 27,257,586 | 76,603 | 2,774,338 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | |||
Net income | $ 105,154 | $ 14,723 | $ 29,119 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 83,306 | 82,993 | 74,055 |
Amortization of fair value adjustments | (1,326) | (420) | (335) |
Preferred returns on unconsolidated real estate joint ventures | (12,067) | (11,250) | (9,797) |
Gain on sale of real estate investments | (137,427) | (59,508) | (48,680) |
Gain on sale of non-depreciable real estate investments | (679) | ||
Fair value adjustment of interest rate caps | 82 | 128 | 2,536 |
Loss on extinguishment of debt | 6,740 | 14,630 | 7,258 |
Provision for credit losses | 384 | 16,369 | 0 |
Amortization of deferred interest income on mezzanine loan | 2,996 | 0 | |
Distributions of income and preferred returns from preferred equity investments and unconsolidated real estate joint ventures | 11,721 | 13,770 | 9,015 |
Share-based compensation attributable to equity incentive plan | 8,095 | 7,167 | 5,575 |
Share-based compensation attributable to executive salaries | 879 | 635 | 0 |
Share-based compensation attributable to restricted stock grants | 442 | 502 | 425 |
Share-based expense and capitalized cost reimbursements to BRE - LTIP Units | 1,556 | 1,747 | 2,975 |
Changes in operating assets and liabilities: | |||
Due to (from) affiliates, net | 37 | 2,458 | (252) |
Accounts receivable, prepaids and other assets | (5,470) | (15,718) | (4,268) |
Notes and accrued interest receivable | (4,277) | (5) | (247) |
Accounts payable and other accrued liabilities | 21,227 | 6,254 | (3,369) |
Net cash provided by operating activities | 82,052 | 74,475 | 63,331 |
Cash flows from investing activities: | |||
Acquisitions of real estate investments | (277,750) | (262,734) | (516,217) |
Capital expenditures | (27,904) | (17,119) | (21,446) |
Investment in notes receivable | (42,351) | (47,473) | (51,714) |
Repayments on notes receivable | 22,319 | 83,350 | 12,148 |
Proceeds from sale of real estate investments | 417,921 | 194,700 | 313,785 |
Proceeds from sale and redemption of unconsolidated real estate joint ventures | 51,504 | 50,734 | 36,620 |
Adjustment for noncontrolling interests in Cade Boca Raton | 461 | ||
Purchase of interests from noncontrolling interests | (3,651) | (9,891) | |
Investment in unconsolidated real estate joint venture interests | (104,325) | (24,809) | (74,307) |
Net cash provided by (used in) investing activities | 39,414 | (27,002) | (310,561) |
Cash flows from financing activities: | |||
Distributions to common stockholders | (16,618) | (15,771) | (14,850) |
Distributions to noncontrolling interests | (25,299) | (13,713) | (9,129) |
Distributions to preferred stockholders | (63,019) | (59,183) | (45,075) |
Contributions from noncontrolling interests | 22,353 | 3,050 | 3,511 |
Borrowings on mortgages payable | 15,453 | 197,211 | 450,241 |
Repayments on mortgages payable including prepayment penalties | (189,058) | (189,782) | (274,715) |
Proceeds from credit facilities | 30,000 | 384,189 | 133,500 |
Repayments on credit facilities | (63,000) | (369,189) | (197,707) |
Payments of deferred financing fees | (2,100) | (4,738) | (4,815) |
Miscellaneous offering costs | (1,082) | (222) | |
Net proceeds from issuance of Class A common stock | 47 | 1,994 | 5,325 |
Repurchase of Class A common stock | (119,589) | (40,334) | (14,086) |
Shares withheld for employee taxes upon vesting of award | (129) | (47) | 0 |
Repurchase of Series A, Series C and Series D Redeemable Preferred Stock | (6,103) | 0 | |
Payments to redeem Operating Partnership Units | (5) | (25) | |
Net cash (used in) provided by financing activities | (43,920) | 20,720 | 245,754 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 77,546 | 68,193 | (1,476) |
Cash, cash equivalents and restricted cash, beginning of year | 118,961 | 50,768 | 52,244 |
Cash, cash equivalents and restricted cash, end of year | 196,507 | 118,961 | 50,768 |
Reconciliation of cash, cash equivalents and restricted cash | |||
Cash and cash equivalents | 166,492 | 83,868 | 31,683 |
Restricted cash | 30,015 | 35,093 | 19,085 |
Total cash, cash equivalents and restricted cash, end of year | 196,507 | 118,961 | 50,768 |
Supplemental disclosure of cash flow information | |||
Cash paid for interest (net of interest capitalized) | 51,199 | 52,768 | 53,890 |
Supplemental disclosure of non-cash investing and financing activities | |||
Distributions payable - declared and unpaid | 15,345 | 13,421 | 13,541 |
Mortgages assumed upon property acquisition | 69,781 | 84,043 | 15,546 |
Mortgages assumed by buyer upon sale of real estate | (67,268) | 0 | |
Capital expenditures held in accounts payable and other accrued liabilities | 2,130 | 7 | (884) |
Reduction of assets from change of control or deconsolidation | (26,383) | ||
Reduction of mortgages payable from change of control or deconsolidation | (23,500) | ||
Reduction of noncontrolling interests from change of control or deconsolidation | (3,344) | ||
Series A Preferred Stock [Member] | |||
Cash flows from financing activities: | |||
Retirement of Redeemable Preferred Stock | (55,055) | (83,950) | 0 |
Series B Preferred Stock [Member] | |||
Cash flows from financing activities: | |||
Retirement of Redeemable Preferred Stock | (79) | (290) | 0 |
Net proceeds from issuance of Warrants associated with the Series B Redeemable Preferred Stock | 4,413 | ||
Net proceeds from exercise of Warrants associated with the Series B Redeemable Preferred Stock | 7,161 | 121 | 343 |
Net proceeds from issuance of 6.150% Series T Redeemable Preferred Stock | 208,913 | ||
Payments to redeem Redeemable Preferred Stock | (220) | (112) | (255) |
Series T Preferred Stock [Member] | |||
Cash flows from financing activities: | |||
Retirement of Redeemable Preferred Stock | (130) | 0 | |
Net proceeds from issuance of 6.150% Series T Redeemable Preferred Stock | 416,683 | $ 217,367 | 387 |
Payments to redeem Redeemable Preferred Stock | $ (234) | $ 0 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) | 12 Months Ended |
Dec. 31, 2021 | |
Series A Preferred Stock [Member] | |
Preferred Stock, Dividend Rate, Percentage | 8.25% |
Series B Preferred Stock [Member] | |
Preferred Stock, Dividend Rate, Percentage | 6.00% |
Series T Preferred Stock [Member] | |
Preferred Stock, Dividend Rate, Percentage | 6.15% |
Organization and Nature of Busi
Organization and Nature of Business | 12 Months Ended |
Dec. 31, 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 multifamily apartment communities and single-family residential homes 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. 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. As of December 31, 2021, the Company held an aggregate of 20,263 units, comprised of 16,837 multifamily units and 3,426 single-family residential units. The aggregate number of units are held through seventy-eight real estate investments, consisting of forty-nine consolidated operating investments and twenty- nine Proposed Merger On December 20, 2021, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Badger Parent LLC (“Parent”) and Badger Merger Sub LLC (“Merger Sub”). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, the Company will be merged with and into Merger Sub (the “Merger”), with Merger Sub surviving the Merger. The Merger and the other transactions contemplated by the Merger Agreement were unanimously approved by the Board. Parent and Merger Sub are affiliates of Blackstone Real Estate Partners IX L.P., an affiliate of Blackstone Inc. Pursuant to the terms and conditions in the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each share of common stock, par value $0.01 per share, of the Company (the “Company Common Stock”), that is issued and outstanding immediately prior to the Effective Time will automatically be converted into the right to receive $24.25 in cash, without interest (the “Per Share Merger Consideration”). The Company will deliver a notice of redemption (the “Preferred Stock Redemption Notice”) to the holders of our Series B Redeemable Preferred Stock, par value $0.01 per share (“Series B Preferred Stock”), 7.625% Series C Cumulative Redeemable Preferred Stock, par value $0.01 per share (“Series C Preferred Stock”), 7.125% Series D Cumulative Preferred Stock, par value $0.01 per share (“Series D Preferred Stock”), and Series T Redeemable Preferred Stock, par value $0.01 per share (“Series T Preferred Stock”), in accordance with their respective Articles Supplementary, in order to provide that such preferred stock will be redeemed effective as of the Effective Time. Each share of Series C Preferred Stock, Series D Preferred Stock and Series T Preferred Stock will be redeemed for an amount equal to $25.00 plus an amount equal to all accrued and unpaid dividends to and including the redemption date set forth in the Preferred Stock Redemption Notice, without interest. Each share of Series B Preferred Stock will be redeemed for an amount equal to $1,000.00 plus an amount equal to all accrued and unpaid dividends to and including the redemption date set forth in the Preferred Stock Redemption Notice, without interest. The outstanding warrants to purchase Class A common stock of the Company (the “Company Warrants”) will remain outstanding following the Effective Time in accordance with their terms, but the Exercise Price (as defined in the Warrant Agreements with respect to the Company Warrants) will be adjusted so that the holder of any Company Warrant exercised after the Effective Time will be entitled to receive in cash the amount of the Per Share Merger Consideration which, if the Company Warrant had been exercised immediately prior to the Closing, such holder would have been entitled to receive upon the consummation of the Merger. In addition, each award of shares of restricted Class A common stock of the Company that is outstanding immediately prior to the Effective Time will be cancelled in exchange for a cash payment in an amount equal to (i) the number of shares of Company Common Stock subject to such award immediately prior to the Effective Time multiplied by (ii) the Per Share Merger Consideration, without interest and less any applicable withholding taxes. Prior to the consummation of the Merger, the Company will complete the separation of our single-family residential real estate business (the “SFR Business”) from our multi-family residential real estate business (the “Separation”). Following the Separation, the SFR Business will be indirectly held by Bluerock Homes Trust, Inc. (“BHM”), a Maryland corporation, and the Operating Partnership, and, prior to the consummation of the Merger, the Company will distribute the common stock of BHM to its stockholders as of the record date for such distribution in a taxable distribution (the “Distribution”). In connection with the Separation, the Operating Partnership will exchange its interests in an entity holding its multi-family residential real estate business with the Company as consideration for a redemption of all of the Company’s preferred interests in the Operating Partnership and a portion of our common units in the Operating Partnership (the “Redemption”). As a result, following the Redemption, the Operating Partnership will cease to hold interests in the Company’s multi-family residential real estate business, and will hold the assets related to the SFR Business. Most members of the Company’s senior management, along with certain entities related to them, have agreed to retain their interests in the Operating Partnership until the earlier of the Effective Time and the termination of the Merger Agreement, rather than redeeming their interests for cash or shares of Company Common Stock that will receive the Per Share Merger Consideration. As a result, following the Separation and the Distribution, the Company’s stockholders who receive shares of BHM in the Distribution are expected to indirectly own approximately 35% of the SFR Business, with holders of units in the Operating Partnership (other than BHM) expected to indirectly own an interest of approximately 65% of the SFR Business. In connection with the Separation and the Distribution, BHM and the Operating Partnership will enter into a management agreement with an affiliate of Bluerock providing for it to be externally managed thereby. The Merger Agreement contains customary representations, warranties and covenants, including, among others, covenants by the Company to use commercially reasonable efforts to conduct its business in all material respects in the ordinary course, subject to certain exceptions, during the period between the execution of the Merger Agreement and the consummation of the Merger. The obligations of Parent and Merger Sub to consummate the Merger are not subject to any financing condition or the receipt of any financing by Parent or Merger Sub. The consummation of the Merger is conditioned on the consummation of the Separation and the Distribution, as well as certain customary closing conditions, including, among others, approval of the Merger by the affirmative vote of the stockholders entitled to cast a majority of all the votes entitled to be cast on the Merger by the holders of issued and outstanding Company Common Stock (the “Company Requisite Vote”). The Merger Agreement requires the Company to convene a stockholders’ meeting for purposes of obtaining the Company Requisite Vote. The Company has agreed not to solicit or enter into an agreement regarding a Company Takeover Proposal (as defined in the Merger Agreement), and, subject to certain exceptions, is not permitted to enter into discussions or negotiations concerning, or provide information to a third party in connection with, any Company Takeover Proposal. However, the Company may, prior to obtaining the Company Requisite Vote, engage in discussions or negotiations and provide information to a third party which has made an unsolicited bona fide Prior to the time the Company Requisite Vote is obtained, the Board may, in certain circumstances, effect a Company Adverse Recommendation Change (as defined in the Merger Agreement), subject to complying with specified notice and other conditions set forth in the Merger Agreement. The Merger Agreement may be terminated under certain circumstances by the Company, including prior to obtaining the Company Requisite Vote, if, after following certain procedures and adhering to certain restrictions, the Board effects a Company Adverse Recommendation Change in connection with a Company Superior Proposal and the Company enters into a definitive agreement providing for the implementation of a Company Superior Proposal. In addition, Parent may terminate the Merger Agreement under certain circumstances and subject to certain restrictions, including if the Board effects a Company Adverse Recommendation Change. The Merger Agreement also may be terminated by either the Company or Parent if the Merger has not been completed on or prior to the date that is nine months after the date of the Merger Agreement, which date may be extended to complete the Separation and the Distribution, by the Company, up to the date that is ten months after the date of the Merger Agreement, or by Parent, up to the date that is twelve months after the date of the Merger Agreement. Upon a termination of the Merger Agreement, under certain circumstances, the Company will be required to pay a termination fee to Parent of $60 million. Upon termination of the Merger Agreement in certain other circumstances, Parent will be required to pay the Company a termination fee of $200 million. The foregoing description of the Merger Agreement is only a summary, does not purport to be complete and is qualified in its entirety by reference to the full text of the Merger Agreement, which is filed as Exhibit 2.1 to the Company’s current report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on December 21, 2021. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 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 of the property interests acquired and investments made on the Company’s behalf. As of December 31, 2021, limited partners other than the Company owned approximately 29.61% of the common units of the Operating Partnership (16.24% is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 13.37% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”), including 5.35% which are not vested at December 31, 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 loan investments for consolidation in accordance with the provisions required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810: Consolidation. Significant Risks and Uncertainties At the present time, one of the most significant risks and uncertainties is the potential adverse effect of the ongoing pandemic of the novel coronavirus and variants thereof (“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 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 December 31, 2021, the Company collected 97% of rents from its properties for the three months ended December 31, 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 year ended December 31, 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 95.9% as of December 31, 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 Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures The Company first analyzes an investment to determine if it is a variable interest entity (“VIE”) in accordance with Topic ASC 810 and, if so, whether the Company is the primary beneficiary requiring consolidation. A VIE is an entity that has (i) insufficient equity to permit it to finance its activities without additional subordinated financial support or (ii) equity holders that lack the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary, which is the entity that has both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the entity that potentially could be significant to the entity. Variable interests in a VIE are contractual, ownership, or other financial interests in a VIE that change in value with changes in the fair value of the VIE’s net assets. The Company continuously re-assesses at each level of the investment whether the entity is (i) a VIE, and (ii) if the Company is the primary beneficiary of the VIE. If it was determined that an entity in which the Company holds an interest qualified as a VIE and the Company was the primary beneficiary, the entity would be consolidated. If, after consideration of the VIE accounting literature, the Company has determined that an entity is not a VIE, the Company assesses the need for consolidation under all other provisions of ASC 810. These provisions provide for consolidation of majority-owned entities through a majority voting interest held by the Company providing control. In assessing whether the Company is in control of and requiring consolidation of the limited liability company and partnership venture structures, the Company evaluates the respective rights and privileges afforded each member or partner (collectively referred to as “member”). The Company’s member would not be deemed to control the entity if any of the other members have either (i) substantive kickout rights providing the ability to dissolve (liquidate) the entity or otherwise remove the managing member or general partner without cause or (ii) has substantive participating rights in the entity. Substantive participating rights (whether granted by contract or law) provide for the ability to effectively participate in significant decisions of the entity that would be expected to be made in the ordinary course of business. If it has been determined that the Company does not have control but does have the ability to exercise significant influence over the entity, the Company accounts for these investments as preferred equity investments and investments in unconsolidated real estate joint ventures in its consolidated balance sheets. In accordance with ASC 320 Investments – Debt Securities Mezzanine Loan Investments The Company analyzes each loan arrangement that involves real estate development to consider whether the loan qualifies for accounting as a loan or as an investment in a real estate development project. The Company has evaluated its real estate loans, where appropriate, for accounting treatment as loans versus real estate development projects, as required by ASC 310-10 Receivables Fair Value of Financial Instruments As of December 31, 2021 and 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. Refer to Note 10 for further information regarding fair value measurements. Real Estate Assets Capital Additions, Depreciation and Amortization The Company capitalizes costs, including certain indirect costs, incurred in connection with its capital additions activities, including redevelopment, development and construction projects, other tangible apartment community improvements, and replacements of existing apartment community components. Included in these capitalized costs are payroll costs associated with time spent by employees in connection with capital additions activities at the apartment community level. The Company characterizes as “indirect costs” an allocation of certain department costs, including payroll, at the corporate levels that clearly relate to capital additions activities. The Company also capitalizes interest, property taxes and insurance during periods in which redevelopment, development and construction projects are in progress. Cost capitalization begins once the development or construction activity commences and ceases when the asset is ready for its intended use. Repair and maintenance and tenant turnover costs are expensed as incurred. Repair and maintenance and tenant turnover costs include all costs that do not extend the useful life of the real estate asset. Depreciation and amortization expense are computed on the straight-line method over the asset’s estimated useful life. The Company considers the period of future benefit of an asset to determine its appropriate useful life and anticipates the estimated useful lives of assets by class to be generally as follows: Buildings 30 – 40 years Building improvements 5 – 15 years Land improvements 5 – 15 years Furniture, fixtures and equipment 3 – 7 years In-place leases 6 months Real Estate Purchase Price Allocations Upon the acquisition of real estate properties which do not constitute the definition of a business, the Company recognizes the assets acquired, the liabilities assumed, and any noncontrolling interest as of the acquisition date, measured at their relative fair values. Acquisition-related costs are capitalized in the period incurred and are recorded to the components of the real estate assets acquired. In determining fair values for multifamily apartment community acquisitions, the Company assesses the acquisition-date fair values of all tangible assets, identifiable intangible assets and assumed liabilities using methods like those used by independent appraisers (e.g., discounted cash flow analysis) and which utilize appropriate discount and/or capitalization rates and available market information. In determining fair values for single-family residential home acquisitions, the Company utilizes information obtained from county tax assessment records to assist in the determination of the fair value of land and building. Estimates of future cash flows are based on several factors including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it was vacant. Intangible assets include the value of in-place leases, which represents the estimated fair value of the net cash flows of leases in place at the time of acquisition, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. The Company amortizes the value of in-place leases to expense over the remaining non-cancelable term of the respective leases, which is on average six months. Estimates of the fair values of the tangible assets, identifiable intangibles and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, prevailing interest rates and the number of years the property will be held for investment. The use of inappropriate assumptions could result in an incorrect valuation of acquired tangible assets, identifiable intangible assets and assumed liabilities, which could impact the amount of the Company’s net income (loss). Differences in the amount attributed to the fair value estimate of the various assets acquired can be significant based upon the assumptions made in calculating these estimates. Impairment of Real Estate Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of the Company’s real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets may not be recoverable, the Company assesses the recoverability of the assets by estimating whether the Company will recover the carrying value of the asset through its undiscounted future cash flows and its eventual disposition. Based on this analysis, if the Company does not believe that it will be able to recover the carrying value of the real estate and related intangible assets and liabilities, the Company will record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the real estate and related intangible assets. No impairment charges were recorded in 2021, 2020 or 2019. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value. Restricted Cash Restricted cash is comprised of the following: (i) lender-imposed escrow accounts for replacement reserves, real estate taxes and insurance, and (ii) amounts set aside for reinvestment in accordance with Internal Revenue Service Code Section 1031 related to like-kind exchanges. Concentration of Credit Risk The Company maintains cash balances with high quality financial institutions and periodically evaluates the creditworthiness of such institutions and believes that the Company is not exposed to significant credit risk. Cash balances may be in excess of the amounts insured by the Federal Deposit Insurance Corporation. Rents and Other Receivables The Company will periodically evaluate the collectability of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under lease agreements. The Company exercises judgment in establishing these allowances and considers payment history and current credit status of tenants in developing these estimates. Deferred Financing Fees Deferred financing fees represent commitment fees, legal fees and other third-party costs associated with obtaining financing. Deferred financing fees paid by the Company on behalf of its consolidated joint ventures are capitalized and reflected as a reduction of mortgages payable, and fees associated with the Company’s lines of credit are recorded within accounts receivable, prepaids and other assets on the consolidated balances sheets. Deferred financing fees paid by the Company on behalf of its consolidated joint ventures and fees associated with its lines of credit are amortized to interest expense over the terms of the financing agreements using the straight-line method, which approximates the effective interest method. Noncontrolling Interests Noncontrolling interests are comprised of the Company’s joint venture partners’ interests in consolidated joint ventures, as well as interests held by LTIP Unit holders and OP Unit holders. The Company reports its joint venture partners’ interest in its consolidated real estate joint ventures and other subsidiary interests held by third parties as noncontrolling interests. The Company records these noncontrolling interests at their initial fair value, adjusting the basis prospectively for their share of the respective consolidated investments’ net income or loss and equity contributions and distributions. These noncontrolling interests are not redeemable by the equity holders and are presented as part of permanent equity. Income and losses are allocated to the noncontrolling interest holder pursuant to each joint venture’s operating agreement. Revenue Recognition The Company recognizes rental revenue on a straight-line basis over the terms of the rental agreements and in accordance with ASC Topic 842 Leases Other property revenues are recognized in the period earned. The Company recognizes a gain or loss on the sale of real estate assets when the criteria for an asset to be derecognized are met, which include when (i) a contract exists and (ii) the buyer obtains control. Stock-Based Compensation The Company expenses the fair value of share awards in accordance with the fair value recognition requirements of ASC Topic 718 “Compensation-Stock Compensation.” ASC Topic 718 requires companies to measure the cost of the recipient services received in exchange for an award of an equity instrument based on the grant-date fair value of the award. The cost of the share award is expensed over the requisite service period (usually the vesting period). Distribution Policy The Company expects to authorize and declare regular cash distributions to its stockholders in order to maintain its REIT status. Distributions to stockholders will be determined by the Company’s board of directors (the “Board”), subject to operating restrictions included in the Merger Agreement, and will be dependent upon a number of factors, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain the Company’s status as a REIT, and other considerations as the Board may deem relevant. Distributions are recorded as a reduction of stockholders’ equity in the period in which they are declared. Selling Commissions and Dealer Manager Fees In conjunction with the offering of the Series T Preferred Stock and the previous offering of the Series B Preferred Stock, the Company engaged a related party as dealer manager and pays selling commissions and dealer manager fees of 7% and 3%, respectively, of the gross offering proceeds from the offering. 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. Offering costs related to each closing are recorded as a reduction of proceeds raised on the date of issue. Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, and has qualified since the taxable year ended December 31, 2010. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the Internal Revenue Service grants it relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income (loss) and net cash available for distribution to stockholders. However, the Company intends to continue to organize and operate in such a manner as to remain qualified for treatment as a REIT. For the year ended December 31, 2021, 21.64% of the distributions received by both the common and preferred stockholders were classified as ordinary income for income tax purposes, none were return of capital, and 78.36% were capital gains, with 28.53% of the capital gains qualifying as Section 1250 gains. For the year ended December 31, 2020, 100% of the distributions received by the common stockholders were classified as return of capital for income tax purposes and none were ordinary income. In addition, for the year ended December 31, 2020, none of the distributions received by the preferred stockholders were classified as ordinary income for income tax purposes, 51.53% were return of capital, and 48.47% were capital gains, with 18.45% of the capital gains qualifying as Section 1250 gains. For the year ended December 31, 2019, 100% of the distributions received by the common stockholders were classified as return of capital for income tax purposes and none were ordinary income. In addition, for the year ended December 31, 2019, approximately 1.33% of the distributions received by the preferred stockholders were classified as ordinary income for income tax purposes, 93.15% were return of capital, and 5.52% were capital gains, with 87.49% of the capital gains qualifying as Section 1250 gains. ASC Topic 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. It requires a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken, or expected to be taken, in an income tax return. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Management has considered all positions taken on the 2014 through 2020 tax returns (where applicable), and those positions expected to be taken on the 2021 tax returns, and concluded that tax positions taken will more likely than not be sustained at the full amount upon examination. Accordingly, the Company has concluded that there are no significant uncertain tax positions requiring recognition in its consolidated financial statements. The Company expects no significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2021. If any income tax exposure was identified, the Company would recognize an estimated liability for income tax items that meet the criteria for accrual. Neither the Company nor its subsidiaries have been assessed interest or penalties by any major tax jurisdictions. If any interest and penalties related to income tax assessments arose, the Company would record them as income tax expense. As of December 31, 2021, tax returns for the calendar years 2018 and subsequent remain subject to examination by the Internal Revenue Service and various state tax jurisdictions. Reportable Segment The Company owns and operates residential investments that generate rental and other property-related income through the leasing of units to a diverse base of tenants. In prior years, the Company had one reportable segment as its investments were primarily in multifamily apartment communities. During 2021, the Company began increasing its investments in single-family residential homes, and as such, the Company has transitioned from a one-segment to a two-segment structure based on investment type. The Company evaluates operating performance on an individual property investment level and based on the investments’ similar economic characteristics. The Company’s primary financial measure for operating performance is net operating income (“NOI”) as it measures the core operations of property performance by excluding corporate level expenses and those other items not related to property operating performance. The Company views its residential investments as two operating segments, and, accordingly, aggregates its properties into two reportable segments: multifamily apartment communities and single-family residential homes. Refer to Note 15 for further information. Lessor Accounting The Company’s current portfolio is focused predominately on multifamily apartment communities and single-family residential homes whereby the Company generates rental revenue by leasing units to residents. As lease revenues for apartments and homes fall under the scope of ASC Topic 842, such lease revenues are classified as operating leases with straight-line recognition over the terms of the relevant lease agreement and inclusion within rental revenue. Resident leases are generally for one-year or month-to-month terms and are renewable by mutual agreement between the Company and the resident. Non-lease components of the Company’s apartment and home leases are combined with the related lease component and accounted for as a single lease component under ASC Topic 842. The balances of net real estate investments and related depreciation on the Company’s consolidated financial statements relate to assets for which the Company is the lessor. Lessee Accounting The Company determines if an arrangement is a lease at inception. The Company is currently engaged in operating lease agreements that primarily relate to certain equipment leases. The Company determined that the lessee operating lease commitments have no material impact on its consolidated financial statements with the adoption of ASC Topic 842. The Company will continue to assess any modification of existing lease agreements and execution of any new lease agreements for the potential requirement of recording a right-of-use-asset or liability in the future. 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. Other than the adoption of new accounting pronouncements as described below, there have been no significant changes to the Company’s accounting policies since it filed its audited consolidated financial statements in its Annual Report on Form 10-K for the year ended December 31, 2020. 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 are effective immediately and may be elected over time as reference rate reform activities occur through December 31, 2022. The Company will continue to evaluate the impact of the guidance and may apply elections as applicable as changes in the market occur. Current Expected Credit Losses (“CECL”) The Company estimates provision for credit losses on its mezzanine loan and preferred equity investments under CECL. This method is based on expected credit losses for the life of the investment as of each balance sheet date. The method for calculating the estimate of expected credit loss takes into account historical experience and current conditions for similar loans and reasonable and supportable forecasts about the future. The Company estimates its provision for credit losses using a collective (pool) approach for investments with similar risk characteristics, such as collateral and duration of investment. In measuring the CECL provision for investments that share similar characteristics, the Company applies a default rate to the investments for the remaining mezzanine loan or preferred equity investment hold period. As the Company does not have a significant historical population of loss data on its mezzanine loan and preferred equity investments, the Company’s default rate utilized for CECL is based on an external historical loss rate for commercial real estate loans. In addition to analyzing investments as a pool, the Company performs an individual investment assessment of expected credit losses. If it is determined that the borrower is experiencing financial difficulty, or a foreclosure is probable, or the Company expects repayment through the sale of the collateral, the Company calculates expected credit losses based on the value of the underlying collateral as of the reporting date. During this review process, if the Company determines that it is probable that it will not be able to collect all amounts due for both principal and interest according to the contractual terms of an investment, that mezzanine loan or preferred equity investment is not considered fully recoverable and a provision for credit loss is recorded. In estimating the value of the underlying collateral when determining if a mezzanine loan or preferred equity investment is fully recoverable, the Company evaluates estimated future cash flows to be generated from the collateral underlying the investment. The inputs and assumptions utilized to estimate the future cash flows of the underlying collateral are based upon the Company’s evaluation of the operating results, economy, market trends, and other factors, including judgments regarding costs to complete any construction activities, lease up and occupancy rates, rental rates, and capitalization rates utilized to estimate the projected cash flows at the disposition. The Company may also obtain a third-party valuation which may value the collateral through an "as-is" or "stabilized value" methodology. If upon completion of the v |
Sale of Real Estate Assets
Sale of Real Estate Assets | 12 Months Ended |
Dec. 31, 2021 | |
Sale of Real Estate Assets | |
Sale of Real Estate Assets | Note 3 — Sale of Real Estate Assets Sale of Helios On January 8, 2020, Helios, the underlying asset of an unconsolidated joint venture and located in Atlanta, Georgia, was sold for approximately $65.6 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 $39.5 million and the payment of early extinguishment of debt costs, closing costs and fees, the Company’s pro rata share of the net proceeds was $22.7 million, which included payment for its original investment of $19.2 million and its additional investment of approximately $3.5 million. The Company also received a $0.3 million profit share distribution recorded as a gain on sale on the consolidated statements of operations. Refer to Note 7 for further information. Sale of Whetstone Apartments On January 24, 2020, the Company closed on the sale of Whetstone Apartments located in Durham, North Carolina for approximately $46.5 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 $25.4 million and the payment of early extinguishment of debt costs, closing costs and fees, the Company’s net proceeds were $19.6 million, which included payment for its original investment of $12.9 million, its accrued preferred return of $2.7 million and its additional investment of approximately $4.0 million. Refer to Note 7 for further information. Sale of Ashton Reserve On April 14, 2020, the Company closed on the sale of the Ashton Reserve properties, located in Charlotte, North Carolina, pursuant to the terms and conditions of two separate purchase and sales agreements. The properties were sold for approximately $84.6 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 $45.4 million, the payment of early extinguishment of debt costs of $7.1 million and payment of closing costs and fees of $0.8 million, the sale of the properties generated net proceeds of approximately $31.2 million and a gain on sale of approximately $26.5 million. The Company recorded a loss on extinguishment of debt of $6.9 million related to the sale. Sale of Marquis at TPC On April 17, 2020, the Company closed on the sale of Marquis at TPC, located in San Antonio, Texas. The property was sold for $22.5 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 property in the amount of $16.3 million, the sale of the property generated net proceeds of approximately $5.9 million and a gain on sale of approximately $3.2 million, of which the Company’s pro rata share of the proceeds was approximately $5.3 million. The Company recorded a loss on extinguishment of debt of $0.1 million related to the sale. Sale of Enders Place at Baldwin Park On April 21, 2020, the Company closed on the sale of Enders Place at Baldwin Park, located in Orlando, Florida. The property was sold for approximately $53.2 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 property in the amount of $23.2 million, the payment of early extinguishment of debt costs of $2.2 million and payment of closing costs and fees of $0.9 million, the sale of the property generated net proceeds of approximately $26.1 million and a gain on sale of approximately $28.2 million, of which the Company’s pro rata share of the proceeds was approximately $24.0 million. The Company recorded a loss on extinguishment of debt of $2.4 million related to the sale. Sale of Cade Boca Raton On October 26, 2020, the Company closed on the sale of Cade Boca Raton, located in Boca Raton, Florida. The property was sold for approximately $37.8 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 property in the amount of $23.5 million, the payment of early extinguishment of debt costs of $0.2 million and payment of closing costs and fees of $0.6 million, the sale of the property generated net proceeds of approximately $13.0 million and a gain on sale of approximately $1.7 million, of which the Company’s pro rata share of the proceeds was approximately $10.2 million. The Company recorded a loss on extinguishment of debt of $0.6 million related to the sale. Sale of Novel Perimeter On December 9, 2020, Novel Perimeter, a property located in Atlanta, Georgia, was sold. Upon the sale, the mezzanine loan provided by the Company was paid off for $23.6 million, which included principal repayment of $23.5 million and accrued interest of $0.1 million. Refer to Note 6 for further information. Sale of Arlo On December 15, 2020, Arlo, a property located in Charlotte, North Carolina, was sold. Upon the sale, the mezzanine loan provided by the Company was paid off for $31.1 million, which included principal repayment of $30.9 million and accrued interest of $0.2 million. Refer to Note 6 for further information. Sale of Riverside Apartment Interests On December 22, 2020, Riverside Apartments, the underlying asset of an unconsolidated joint venture and located in Austin, Texas, was sold. Upon the sale, the Company’s preferred equity investment was redeemed by the joint venture for $14.8 million, which included its original preferred investment of $13.9 million and accrued preferred return of $0.9 million. Refer to Note 7 for further information. 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. Refer to Note 7 for further information. 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 represents a holdback for a representations and warranty period related to the sale and is expected to be received during the first quarter 2022. This amount was recorded as a related party receivable and is included in due from affiliates in the Company’s consolidated balance sheet. Refer to Note 7 for further information. 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. Refer to Note 6 for further information. 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 the 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 and a gain on sale of approximately $19.4 million. The Company recorded a loss on extinguishment of debt of $2.6 million related to the sale. 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 the 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 and a gain on sale of approximately $29.6 million. The Company’s pro rata share of the proceeds was approximately $69.5 million. The Company recorded a loss on extinguishment of debt of $0.4 million related to the sale. Sale of Mira Vista Interests On September 23, 2021, Mira Vista, the underlying asset of an unconsolidated joint venture located in Austin, Texas, was sold. Upon the sale, the Company’s preferred equity investment was redeemed by the joint venture for $5.6 million, which included its original preferred investment of $5.2 million and accrued preferred return of $0.4 million. Refer to Note 7 for further information. Sale of Thornton Flats Interests On December 14, 2021, Thornton Flats, the underlying asset of an unconsolidated joint venture located in Austin, Texas, was sold. Upon the sale, the Company’s preferred equity investment was redeemed by the joint venture for $5.5 million, which included its original preferred investment of $5.3 million and accrued preferred return of $0.2 million. Refer to Note 7 for further information. Sale of Strategic Portfolio Interests (partial) On December 29, 2021, the following underlying assets of an unconsolidated joint venture were sold: Belmont Crossing, located in Smyrna, Georgia, and Sierra Terrace and Sierra Village, both located in Atlanta, Georgia. Upon the sale, the Company’s preferred equity investment was redeemed by the joint venture for $10.4 million, which included its original preferred investment of $10.2 million, accrued preferred return of $0.1 million and an exit fee of $0.1 million. Refer to Note 7 for further information. |
Investments in Real Estate
Investments in Real Estate | 12 Months Ended |
Dec. 31, 2021 | |
Investments in Real Estate | |
Investments in Real Estate | Note 4 — Investments in Real Estate As of December 31, 2021, the Company held seventy-eight real estate investments, consisting of forty-nine consolidated operating investments and twenty-nine investments held through preferred equity, loan or ground lease investments. The following tables provide summary information regarding the Company’s consolidated operating investments and preferred equity, loan and ground lease investments. Consolidated Operating Investments Number of Date Built / Ownership Name Location Units Renovated (1) Interest Multifamily 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 % Outlook at Greystone Birmingham, AL 300 2007 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 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 % Wesley Village Charlotte, NC 301 2010 100 % Windsor Falls Raleigh, NC 276 1994 100 % Total Multifamily Units 10,626 Number of Average Single-Family Residential (2) Market Units Year Built Golden Pacific KS / MO 7 1977 97 % ILE TX / SE US 279 1990 95 % Navigator Villas Pasco, WA 176 2013 90 % Peak Axelrod Garland, TX 22 1959 80 % DFW 189 Dallas-Fort Worth, TX 189 1962 56 % Granbury Granbury, TX 36 2020-2021 80 % Indy Indianapolis, IN 44 1958 60 % Lubbock Lubbock, TX 60 1955 80 % Lubbock 2.0 Lubbock, TX 75 1972 80 % Lubbock 3.0 Lubbock, TX 45 1945 80 % Lynnwood Lubbock, TX 20 2005 80 % Lynnwood 2.0 Lubbock, TX 20 2003 80 % Springfield Springfield, MO 290 2004 60 % Springtown Springtown, TX 70 1991 80 % Springtown 2.0 Springtown, TX 14 2018 80 % Texarkana Texarkana, TX 29 1967 80 % Texas Portfolio 183 Various / TX 183 1975 80 % Wayford at Concord Concord, NC 150 2019 83 % Yauger Park Villas Olympia, WA 80 2010 95 % Total Single-Family Residential Units 1,789 Total Units 12,415 (1) Represents date of last significant renovation or year built if there were no renovations. (2) Single-Family Residential includes single-family residential homes and attached townhomes/flats. Depreciation expense was $74.2 million, $72.9 million and $63.7 million for the years ended December 31, 2021, 2020 and 2019, respectively. Intangibles related to the Company’s consolidated investments in real estate consist of the value of in-place leases. In-place leases are amortized over the remaining term of the in-place leases, which is approximately six months. Amortization expense related to the in-place leases was $5.5 million, $6.6 million and $6.8 million for the years ended December 31, 2021, 2020 and 2019, respectively. The Company’s real estate assets are leased to tenants under operating leases for which the terms and expirations vary. The leases may have provisions to extend the lease agreements, options for early termination after paying a specified penalty and other terms and conditions as negotiated. The Company retains substantially all the risks and benefits of ownership of the consolidated real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires security deposits from tenants in the form of a cash deposit. Amounts required as a security deposit vary depending upon the terms of the respective leases and the creditworthiness of the tenant, but generally are not individually significant amounts. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of their security deposit. Security deposits received in cash related to tenant leases are included within other accrued liabilities in the accompanying consolidated balance sheets and totaled $4.3 million and $3.1 million as of December 31, 2021 and 2020, respectively, for the Company’s consolidated real estate investments. No individual tenant represents over 10% of the Company’s annualized base rent for the consolidated real estate investments. Preferred Equity, Loan and Ground Lease Investments Actual / Actual / Estimated Actual / Estimated Planned Initial Construction Lease-up Investment Name (1) Location / Market Number of Units Occupancy Completion Multifamily Zoey Austin, TX 307 4Q 2021 2Q 2022 Reunion Apartments Orlando, FL 280 3Q 2021 3Q 2022 Total Lease-up Units 587 Development Investment Name (1) Multifamily Avondale Hills Decatur, GA 240 1Q 2023 1Q 2023 The Hartley at Blue Hill, formerly The Park at Chapel Hill Chapel Hill, NC 414 1Q 2022 1Q 2023 Deerwood Apartments Houston, TX 330 4Q 2022 2Q 2023 Chandler Chandler, AZ 208 3Q 2023 4Q 2023 Orange City Apartments Orange City, FL 298 1Q 2023 4Q 2023 Lower Broadway San Antonio, TX 386 4Q 2023 2Q 2024 Total Multifamily Units 1,876 Single-Family Residential Willow Park Willow Park, TX 46 2Q 2022 4Q 2022 The Woods at Forest Hill Forest Hill, TX 76 1Q 2023 3Q 2023 The Cottages at Myrtle Beach Myrtle Beach, SC 294 1Q 2023 4Q 2023 The Cottages at Warner Robins Warner Robins, GA 251 3Q 2023 4Q 2023 The Cottages of Port St. Lucie Port St. Lucie, FL 286 1Q 2023 4Q 2023 Wayford at Innovation Park Charlotte, NC 210 3Q 2023 3Q 2024 Total Single-Family Units 1,163 Total Development Units 3,039 Operating Investment Name (1) Location / Market Number of Units Multifamily Alexan CityCentre Houston, TX 340 Deercross Indianapolis, IN 372 Domain at The One Forty Garland, TX 299 Georgetown Crossing (2) Savannah, GA 168 Hunter’s Pointe (2) Pensacola, FL 204 Motif Fort Lauderdale, FL 385 Park on the Square (2) Pensacola, FL 240 Renew 3030 Mesa, AZ 126 Spring Parc Dallas, TX 304 The Commons (2) Jacksonville, FL 328 The Crossings of Dawsonville Dawsonville, GA 216 The Reserve at Palmer Ranch (2) Sarasota, FL 320 The Riley Richardson, TX 262 Water’s Edge (2) Pensacola, FL 184 Total Multifamily Units 3,748 Single-Family Residential Peak Housing (3) IN / MO / TX 474 Total Single-Family Units 474 Total Operating Units 4,222 Total Units 7,848 (1) Investments in which the Company has a loan, preferred equity or ground lease investment. Operating investments represent stabilized operating investments. Refer to Note 6 and Note 7 for further information. (2) These six operating investments are collectively known as the Strategic Portfolio. Refer to Note 7 for further information. (3) Peak Housing consists of the Company’s preferred equity investments in a private single-family home REIT (refer to Note 7 for further information). Unit count excludes units presented in the consolidated operating investments table above. |
Acquisition of Real Estate
Acquisition of Real Estate | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2021 and 2020 (dollars in thousands): Ownership Purchase Mortgage/ Name Location / Market Date Interest Price Debt Multifamily Avenue 25 Phoenix, AZ January 23, 2020 100 % $ 55,600 $ 36,566 (1) Falls at Forsyth Cumming, GA March 6, 2020 100 % 82,500 — (2) Chevy Chase Austin, TX August 11, 2020 92 % 34,500 24,400 Carrington at Perimeter Park Morrisville, NC December 1, 2020 100 % 52,000 31,301 (3) Elan Austin, TX December 1, 2020 100 % 39,500 25,574 (4) Cielo on Gilbert Mesa, Arizona December 23, 2020 90 % 74,250 58,000 Windsor Falls Raleigh, NC June 17, 2021 100 % 48,775 27,442 (5) Single-Family Residential (6) Yauger Park Villas Olympia, WA April 14, 2021 95 % 24,500 15,077 (7) Wayford at Concord Concord, NC June 4, 2021 83 % 44,438 — (8) Indy Indianapolis, IN August 12, 2021 60 % 3,785 2,650 (9) Springfield Springfield, MO August 18, 2021 60 % 49,000 35,525 (9) Springtown Springtown, TX September 15, 2021 80 % 9,350 6,545 (9) Texarkana Texarkana, TX September 21, 2021 80 % 3,100 2,170 (9) Lubbock Lubbock, TX September 24, 2021 80 % 5,600 3,920 (9) Granbury Granbury, TX September 30, 2021 80 % 8,100 5,670 (9) ILE TX / SE US October 4, 2021 95 % 57,139 26,839 (10) Axelrod Garland, TX October 5, 2021 80 % 4,133 2,893 (9) Springtown 2.0 Springtown, TX October 26, 2021 80 % 2,985 2,090 (9) Lubbock 2.0 Lubbock, TX October 28, 2021 80 % 9,275 6,510 (9) Lynnwood Lubbock, TX November 16, 2021 80 % 2,448 1,714 (9) Golden Pacific KS / MO November 23, 2021 97 % 1,213 — (8) Lynnwood 2.0 Lubbock, TX December 1, 2021 80 % 2,490 1,743 (9) Lubbock 3.0 Lubbock, TX December 8, 2021 80 % 4,574 3,202 (9) Texas Portfolio 183 Various / TX December 22, 2021 80 % 28,290 19,803 (9) DFW 189 Dallas-Fort Worth December 29, 2021 56 % 27,670 19,950 (9) (1) Mortgage balance includes a $29.7 million loan assumption and a $6.9 million supplemental loan secured by the Avenue 25 property. (2) The Company funded $79.9 million of the purchase price with proceeds from its Amended Senior Credit Facility secured by the Falls at Forsyth property. Refer to Note 8 for further information about the Company’s Amended Senior Credit Facility. (3) Mortgage balance includes a $27.5 million loan assumption and a $3.8 million supplemental loan secured by the Carrington at Perimeter Park property. (4) Mortgage balance includes a $21.2 million loan assumption and a $4.4 million supplemental loan secured by the Elan property. (5) Mortgage balance represents a loan assumption secured by the Windsor Falls property. (6) Single-Family Residential includes single-family residential homes and attached townhomes/flats. (7) 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. (8) Purchase price was funded in full by the Company and its unaffiliated joint venture partner upon acquisition. (9) As part of the acquisition, the Company provided a mortgage or mezzanine loan to the consolidated portfolio owner in the full amount shown. The loan is eliminated in the Company’s consolidated financial statements. Refer to the Peak Housing Financing disclosure in Note 6 for further information. (10) The mortgage amount represents the aggregate debt held through five separate credit agreements. Refer to Note 9 for further information. 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 year ended December 31, 2021 (amounts in thousands): Purchase Price Allocation Land $ 50,203 Building 273,233 Building improvements 2,907 Land improvements 13,665 Furniture and fixtures 2,132 In-place leases 5,392 Total assets acquired $ 347,532 Mortgages assumed $ 66,785 Fair value adjustments 2,996 Total liabilities assumed $ 69,781 Acquisition of Additional Interests in The Brodie On April 24, 2020, the Company purchased the non-controlling partner’s interest in The Brodie for $3.5 million, increasing the Company’s interest in the property from 93% to 100%. |
Notes and Interest Receivable
Notes and Interest Receivable | 12 Months Ended |
Dec. 31, 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 loan investments as of December 31, 2021 and 2020 (amounts in thousands): Property 2021 2020 Avondale Hills $ 12,874 $ 1,021 Domain at The One Forty 25,309 24,315 Motif 85,375 75,436 Reunion Apartments 11,382 8,161 The Hartley at Blue Hill, formerly The Park at Chapel Hill 38,942 36,927 Vickers Historic Roswell — 12,048 Total $ 173,882 $ 157,908 Provision for credit losses (393) (174) Total, net $ 173,489 $ 157,734 Provision for Credit Losses As of December 31, 2021, the Company’s provision for credit losses on its loan investments was $0.4 million on a carrying amount of $173.9 million of these investments. The provision for credit losses of the Company’s loan investments for the years ended December 31, 2021 and 2020 are summarized in the table below (amounts in thousands): 2021 2020 Beginning balance as of January 1 $ 174 $ — Provision for credit loss on pool of assets, net (1) 219 174 Ending balance $ 393 $ 174 (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 year ended December 31, 2021 was the result of an extension of loan maturity dates and an increase in the trailing twelve-month historical default rate, partially offset by the removal of one investment from the pool of assets. Following is a summary of the interest income from loan and ground lease investments for the years ended December 31, 2021 and 2020 (amounts in thousands): Property 2021 2020 Arlo (1) $ — $ 4,161 Avondale Hills 1,124 3 Corpus 219 — Domain at The One Forty 985 1,311 Jolin 84 — Motif (2) 7,162 9,549 Novel Perimeter (1) — 3,084 Reunion Apartments 1,207 176 The Hartley at Blue Hill 4,149 3,077 Vickers Historic Roswell (1) 903 1,733 Zoey (3) 1,129 232 Total $ 16,962 $ 23,326 (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 amount for the year ended December 31, 2021 is net of a ($3.0) 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 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 December 31, 2021 and 2020 are as follows: Property 2021 2020 Avondale Hills (1) (2) Domain at The One Forty 94.6 % 92.6 % Motif 91.2 % 62.1 % Reunion Apartments 66.4 % (2) The Hartley at Blue Hill (1) (2) (1) The development had not commenced lease-up as of December 31, 2021. (2) The development had not commenced lease-up as of December 31, 2020. Arlo Mezzanine Loan Financing The Company provided a $32.0 million mezzanine loan (the “Arlo Mezz Loan”) to BR Morehead JV Member, LLC (the “Arlo JV Member”), an affiliate of BRG Manager, LLC (the “former Manager”). The Arlo Mezz Loan was secured by Arlo JV Member’s approximate 95.0% interest in a joint venture along with Bluerock Special Opportunity + Income Fund II, LLC (“Fund II”), an affiliate of the former Manager, and an unaffiliated third party, which developed a 286-unit Class A apartment community located in Charlotte, North Carolina. The Arlo Mezz Loan was to mature on July 1, 2025 or earlier upon the occurrence of certain events, including the date of sale or transfer of the property. The Arlo Mezz Loan bore interest at a fixed rate of 15% and could be prepaid without penalty. The Arlo property was sold on December 15, 2020. Refer to Note 3 for further information. Avondale Hills Mezzanine Loan Financing On September 30, 2020, the Company entered into an agreement to provide a mezzanine loan in an amount up to $11.7 million, of which all had been funded as of December 31, 2021, to an unaffiliated third party which is developing a 240-unit Class A apartment community located in Decatur, Georgia known as Avondale Hills. The loan matures on October 5, 2023 and contains two one-year extension options, subject to certain conditions and fees. The loan bears interest at a fixed rate of 12% per annum with monthly payments commencing upon completion of construction and in an amount equal to excess cash flow above the senior loan debt service from the preceding month. Corpus and Jolin Bridge Loan Financing On July 9, 2021, the Company provided a $6.8 million bridge loan to the operating partnership of Peak Housing REIT (the “Peak REIT OP”), an unaffiliated private single-family home REIT, for Corpus, an 81-unit, stabilized portfolio of single-family residential homes located in the Corpus Christi, Texas market. On August 6, 2021, the Company provided a $3.1 million bridge loan to the Peak REIT OP for Jolin, a 24-unit, stabilized portfolio of single-family residential homes located in the Weatherford, Texas market. Both the Corpus and Jolin bridge loans bore interest at a fixed rate of 7.0% with regular On December 22, 2021, the Company and Peak REIT OP entered into an agreement to recapitalize the Corpus and Jolin portfolios. As part of the recapitalization, both Corpus and Jolin, along with two portfolios of homes previously owned solely by Peak REIT OP, were combined into one portfolio known as Texas Portfolio 183 which was contributed into the existing joint venture between the Company and the Peak REIT OP. The Company, through a contribution to the joint venture, made a common equity investment in Texas Portfolio 183 and provided a mezzanine loan of $19.8 million to the portfolio owner. The Company received full payoffs, including any accrued but unpaid interest, of both the Corpus and Jolin bridge loans from the Peak REIT OP. Additionally, the Company’s original preferred equity investments in the Peak REIT OP for Corpus and Jolin were amended to reduce the preferred return rate from 10.0% to 8.0% per annum. Refer to the Peak Housing Financing disclosure below for further information on the elimination of the mezzanine loan through consolidation. Refer to the Peak Housing Interests disclosure in Note 7 for further information about the Company’s preferred equity investments in the Peak REIT OP. Domain at The One Forty Mezzanine Loan Financing The Company provided a $24.5 million mezzanine loan to BR Member Domain Phase 1, LLC (the “Domain JV Member”), an affiliate of the former Manager. On June 29, 2021, the Company entered into an amended and restated mezzanine loan agreement (the "Domain Mezz Loan") with Domain JV Member to: (i) increase the Company's loan commitment to $27.4 million, of which $25.2 million had been funded as of December 31, 2021, and (ii) extend the maturity date of the loan to June 29, 2024 or earlier upon the occurrence of certain events, including the date of sale or transfer of the property. The Domain Mezz Loan is secured by Domain JV Member’s approximate 95% interest in a joint venture along with Fund II, an affiliate of the former Manager, and an unaffiliated third party, which developed a 299 - unit Class A apartment community located in Garland, Texas known as Domain at The One Forty. The mezzanine loan bore interest at 15% in 2019, 5.5% in 2020, and 4.0% in 2021, and bears interest at 3.0% in 2022 and thereafter, with regular monthly payments being interest-only. The Domain Mezz Loan can be prepaid without penalty. The Company has a 50.0% participation in any profits achieved in a sale after repayment of the Domain Mezz Loan and the Company and Fund II each receive full return of their respective capital contributions. In conjunction with the Domain at The One Forty development, the Domain at The One Forty property owner, which is owned by an entity in which the Company has an equity interest, (i) entered into a $30.3 million construction loan (the “Domain Construction Loan”) with an unaffiliated party, which was secured by the Domain at The One Forty property, and (ii) entered into a $6.4 million mezzanine loan with an unaffiliated party, which was secured by the membership interest in the joint-venture which developed the Domain at The One Forty property. On December 12, 2019, the Domain at The One Forty property owner refinanced the Domain Construction Loan and entered into a $39.2 million senior mortgage loan (the “Domain Senior Loan”) secured by the Domain at The One Forty property and used the proceeds in part to pay off the outstanding balances, in full, of the Domain Construction Loan and mezzanine loan. The Domain Senior Loan matures on January 5, 2023 and bears interest at the greater of 3.95% or one-month LIBOR plus 2.20% with interest-only payments through the initial term of the loan. The Domain Senior Loan contains two one-year extension options and can be prepaid without penalty. Motif Loan Financing The Company provided a $74.6 million mezzanine loan (the “Motif Mezz Loan”) to BR Flagler JV Member, LLC (the “Motif JV Member”), an affiliate of the former Manager. The Motif Mezz Loan is secured by Motif JV Member’s 97% interest in a joint venture along with Fund II and Bluerock Special Opportunity + Income Fund III, LLC (“Fund III”), affiliates of the former Manager, and an unaffiliated third party, which developed a 385-unit Class A apartment community located in Fort Lauderdale, Florida known as Motif. In March 2020, the Company received a paydown of $8.0 million on the Motif Mezz Loan, and in May 2020, at the request of Motif JV Member, the Company amended the Motif Mezz Loan agreement to re-lend the $8.0 million to the Motif JV Member. The Company funded the full $8.0 million during the second quarter 2020 to Motif JV Member, increasing the outstanding Motif Mezz Loan balance to $74.6 million. In conjunction with the Motif development, the Motif property owner, which is owned by an entity in which the Company has an equity interest, entered into an approximately $70.4 million construction loan (the “Motif Construction Loan”) with an unaffiliated party, which was secured by the Motif development. 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 the greater of 3.85% or one-month LIBOR plus 3.70% 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 if prepayment is being made in connection with the lender providing a permanent mortgage loan, or February 1, 2022 otherwise. On March 29, 2021, the Company entered into an amended and restated mezzanine loan agreement (the “Amended Motif Mezz Loan”) with Motif JV Member to increase its loan commitment to $88.6 million, of which $84.4 million had been funded as of December 31, 2021. As part of the agreement, the Company agreed to reduce, after December 31, 2021, the Amended Motif Mezz Loan’s 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, with regular monthly payments being interest-only. In conjunction with entering the Amended Motif Mezz Loan, the Company entered into an amended operating agreement for Motif JV Member with Fund II and Fund III. In consideration for the Company reducing the Amended 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 Amended 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 Amended Motif Mezz Loan matures on March 29, 2026 and can be prepaid without penalty. Novel Perimeter Mezzanine Loan Financing The Company provided a $23.8 million mezzanine loan (the “Perimeter Mezz Loan”) to BR Perimeter JV Member, LLC (the “Perimeter JV Member”), an affiliate of the former Manager. The Perimeter Mezz Loan was secured by Perimeter JV Member’s approximate 60% interest in a joint venture along with Fund III and an unaffiliated third party, which developed a 320-unit Class A apartment community located in Atlanta, Georgia known as Novel Perimeter. The Perimeter Mezz Loan was to mature on December 29, 2021, bore interest at a fixed rate of 15.0% and could be prepaid without penalty. The Novel Perimeter property was sold on December 9, 2020. Refer to Note 3 for further information. Peak Housing Financing During 2021, the Company made common and preferred equity investments, along with the Peak REIT OP, in the following portfolios of single-family residential homes: Axelrod, DFW 189, Granbury, Indy, Lubbock, Lubbock 2.0, Lubbock 3.0, Lynnwood, Lynnwood 2.0, Springfield, Springtown, Springtown 2.0, Texarkana and Texas Portfolio 183. These fourteen portfolios are part of Peak Housing (refer to Note 7 for further information about the Company’s preferred equity investment therein). In addition to its common and preferred equity investments, the Company, through wholly-owned lender-entities, provided the full mortgage or mezzanine loan to each of the fourteen respective portfolio owners. These portfolio owners are owned by joint ventures in which the Company has its common equity investments along with Peak REIT OP. To determine if consolidation of the joint ventures was appropriate, the Company evaluated the basis of consolidation under ASC 810: Consolidation using the voting interest equity method as it had determined that the joint ventures were not variable interest entities. As the Company has controlling voting interests and substantive participating rights of the joint ventures under the operating agreements, the Company determined that consolidation of the joint ventures was appropriate. As the entities through which the Company provided the loans (the lender-entities) and the entities to which the loans were provided (the property owners) consolidate into the Company’s financial statements, the loan receivable balances and the loan payable balances are eliminated through consolidation and therefore are not reflected in the Company’s consolidated balance sheets. In addition, the Company’s pro rata share of each loan’s interest expense incurred through the portfolio owner partially offsets, through consolidation, the Company’s interest income for each loan recognized at the wholly-owned lender-entity. The remaining interest income, which is attributable to interest incurred by Peak REIT OP as the noncontrolling interest in each portfolio, is reflected in net income (loss) attributable to common stockholders in the Company’s consolidated statements of operations. Through its impact on the net operations of the portfolio, Peak REIT OP’s pro rata share of each loan’s interest expense is reflected in net income (loss) attributable to noncontrolling interests partially owned properties in the Company’s consolidated statements of operations. The Hartley at Blue Hill Loan Financing, formerly The Park at Chapel Hill The Company provided a mezzanine loan (the “Hartley Mezz Loan”, formerly the Chapel Hill Mezz Loan) in an amount up to $40.0 million to BR Chapel Hill JV, LLC (“BR Chapel Hill JV”), of which $29.5 million was funded upon execution of the agreement. BR Chapel Hill JV owns a 100% interest in BR Chapel Hill, LLC (“BR Chapel Hill”) and is a joint venture with common interests held by Bluerock Special Opportunity + Income Fund, Fund II, and BR Chapel Hill Investment, LLC, all managed by affiliates of the former Manager. In March 2020, the Company received a paydown of $21.0 million on the Hartley Mezz Loan, and in May 2020, at the borrower’s request, the Company amended the Hartley Mezz Loan agreement to permit the Hartley Mezz Loan borrower to re-borrow $2.0 million. The Company funded the full $2.0 million during the second quarter 2020 to the Hartley Mezz Loan borrower, increasing the outstanding Hartley Mezz Loan balance to $10.5 million. In conjunction with the Hartley Mezz Loan, the Company provided a $5.0 million senior loan to BR Chapel Hill. The senior loan is secured by BR Chapel Hill’s fee simple interest in The Hartley at Blue Hill property. The senior loan matures on March 31, 2024 and bears interest at a fixed rate of 10.0% per annum. Regular monthly payments are interest-only during the initial term. The senior loan can be prepaid without penalty. As of December 31, 2021, the senior loan remains outstanding in full. On August 18, 2020, the Company entered into an amended and restated mezzanine loan agreement (the “Amended Hartley Mezz Loan”, formerly the Amended Chapel Hill Mezz Loan) with BR Chapel Hill JV. As part of the Amended Hartley Mezz Loan, (i) the Company’s maximum loan commitment was adjusted to $31.0 million, including all previously advanced amounts outstanding, from the previous commitment amount of $40.0 million, and (ii) the interest rate on the loan was increased to 11.75% per annum from the previous rate of 11% per annum, with 5.25% paid current and 6.5% accrued. As of December 31, 2021, all amounts had been funded under the Amended Hartley Mezz Loan. The Amended Hartley Mezz Loan matures on March 31, 2024 or earlier upon the occurrence of certain events, including the date of sale or transfer of property, and can be prepaid without penalty. The loan maturity events and the ability of the loan to be prepaid without penalty did not change from the previous loan. The Hartley at Blue Hill property was sold in February 2022. Refer to Note 16 for further information. Reunion Apartments Mezzanine Loan Financing On July 1, 2020, the Company entered into an agreement to provide a mezzanine loan in an amount up to $10.0 million, of which all had been funded as of December 31, 2021, to an unaffiliated third party which is developing a 280-unit Class A apartment community located in Orlando, Florida known as Reunion Apartments. The loan matures on December 30, 2023 and contains two one-year extension options, subject to certain conditions and fees. The loan bears interest at a fixed rate of 12% per annum with monthly payments commencing upon completion of construction and in an amount equal to excess cash flow above the senior loan debt service from the preceding month. The Reunion Apartments property was sold in February 2022. Refer to Note 16 for further information. Vickers Historic Roswell Mezzanine Loan Financing The Company provided an $12.4 million mezzanine loan (the “Vickers Mezz Loan”) to BR Vickers Roswell JV Member, LLC (the “Vickers JV Member”), an affiliate of the former Manager. The Vickers Mezz Loan was secured by Vickers JV Member’s approximate 80% interest in a joint venture along with Fund III, an affiliate of the former Manager, and an unaffiliated third party, which developed a 79-unit Class A apartment community located in Roswell, Georgia known as Vickers Historic Roswell. The Vickers Mezz Loan was to mature on February 26, 2022 or earlier upon the occurrence of certain events, including the date of sale or transfer of the property. The Vickers Mezz Loan bore interest at a fixed rate of 15.0% with regular monthly payments that were interest-only and could be prepaid without penalty. 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 | 12 Months Ended |
Dec. 31, 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 December 31, 2021 and 2020 is summarized in the table below (amounts in thousands): Property 2021 2020 Alexan CityCentre $ 18,261 $ 15,063 Alexan Southside Place (1) — 26,038 Chandler 3,305 — Deercross 4,000 — Deerwood Apartments 9,245 — Lower Broadway 908 — Mira Vista (2) — 5,250 Peak Housing 20,319 — Renew 3030 7,060 — Spring Parc 8,000 — Strategic Portfolio (3) 28,212 27,054 The Conley (2) — 15,036 The Cottages at Myrtle Beach 9,034 — The Cottages of Port St. Lucie 7,260 — The Crossings of Dawsonville 10,450 — The Riley 6,961 — The Woods at Forest Hill 442 — Thornton Flats (2) — 4,600 Wayford at Concord (4) — 6,500 Willow Park 2,540 — Other 64 97 Total $ 136,061 $ 99,638 Provision for credit losses (371) (16,153) Total, net $ 135,690 $ 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) The Company’s preferred equity investment was redeemed in 2021. Refer to Note 3 for further information. (3) Georgetown Crossing, Hunter’s Pointe, Park on the Square, The Commons, The Reserve at Palmer Ranch and Water’s Edge are collectively known as the Strategic Portfolio. (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. Provision for Credit Losses As of December 31, 2021, the Company’s provision for credit losses on its preferred equity investments was $0.4 million on a carrying amount of $136.1 million of these investments. The provision for credit losses of the Company’s preferred equity investments for the years ended December 31, 2021 and 2020 are summarized in the table below (amounts in thousands): 2021 2020 Beginning balance as of January 1 $ 16,153 $ — Provision for credit loss on pool of assets (1) 148 223 Provision for credit loss – Alexan Southside Place (2) (15,930) 15,930 Ending balance $ 371 $ 16,153 (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 year ended December 31, 2021 was primarily the result of the removal of eight investments from the pool of assets, partially offset by an increase in the trailing twelve-month historical default rate. (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 December 31, 2021, the Company, through wholly-owned subsidiaries of the Operating Partnership, had outstanding equity investments in twenty joint ventures. Eighteen of the twenty equity investments, Alexan CityCentre, Chandler, Deercross, Deerwood Apartments, Lower Broadway, Orange City Apartments, Peak Housing, Renew 3030, Spring Parc, Strategic Portfolio, The Cottages at Myrtle Beach, The Cottages at Warner Robins, The Cottages of Port St. Lucie, The Crossings of Dawsonville, The Riley, The Woods at Forest Hill, 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 multifamily property. Two of the twenty 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 years ended December 31, 2021, 2020 and 2019 is summarized below (amounts in thousands): Property 2021 2020 2019 Alexan CityCentre $ 2,952 $ 2,502 $ 2,108 Alexan Southside Place — 1,281 1,583 Chandler 91 — — Deercross 221 — — Deerwood Apartments 174 — — Helios (1) — (133) 1,343 Leigh House — 2 1,155 Lower Broadway 3 — — Mira Vista 391 539 155 Peak Housing 1,030 — — Renew 3030 251 — — Riverside Apartments — 1,662 879 Spring Parc 401 — — Strategic Portfolio 3,617 2,121 33 The Conley 405 1,966 1,375 The Cottages at Myrtle Beach 300 — — The Cottages of Port St. Lucie 227 — — The Crossings of Dawsonville 518 — — The Riley 649 — — The Woods at Forest Hill 2 — — Thornton Flats 420 415 110 Wayford at Concord 364 839 121 Whetstone Apartments — 56 935 Willow Park 51 — — Total preferred returns on unconsolidated joint ventures $ 12,067 $ 11,250 $ 9,797 (1) Of the net loss incurred at Helios for the year ended December 31, 2020, ($143) pertains to costs related to the sale of Helios. The occupancy percentages of the Company’s unconsolidated real estate joint ventures at December 31, 2021 and 2020 are as follows: Property 2021 2020 Alexan CityCentre 94.1 % 94.1 % Chandler (1) (2) Deercross 86.8 % — Deerwood Apartments (1) — Lower Broadway (1) — Orange City Apartments (1) — Peak Housing 92.8 % — Renew 3030 96.8 % — Spring Parc 98.4 % — Strategic Portfolio Georgetown Crossing 97.0 % 88.7 % Hunter’s Pointe 98.5 % 99.0 % Park on the Square 95.4 % 97.5 % The Commons 97.6 % 93.9 % The Reserve at Palmer Ranch 97.5 % — Water’s Edge 97.3 % 99.5 % The Cottages at Myrtle Beach (1) — The Cottages at Warner Robins (1) — The Cottages of Port St. Lucie (1) — The Crossings of Dawsonville 98.1 % — The Riley 97.3 % — The Woods at Forest Hill (1) — Wayford at Innovation Park (1) — Willow Park (1) — (1) The development had not commenced lease-up as of December 31, 2021. (2) The development had not commenced lease-up as of December 31, 2020. Alexan CityCentre Interests The Company made an $18.3 million preferred equity investment in a joint venture along with Bluerock Growth Fund, LLC (“BGF”), Bluerock Growth Fund II, LLC (“BGF II”), Fund II and Fund III, all affiliates of the former Manager, and an unaffiliated third party (the “Alexan CityCentre JV”), which developed a 340-unit Class A apartment community located in Houston, Texas, known as Alexan CityCentre. The Company earns a preferred return of 15.0% and 20.0% on its $6.5 million and $11.8 million preferred equity investments, respectively. The Alexan CityCentre JV is required to redeem the Company’s preferred membership interest plus any accrued but unpaid return on the earlier date which is six months following the maturity of the loans, detailed below, including extension and refinancing, or any earlier acceleration or due date. The Alexan CityCentre property owner, which is owned by an entity in which the Company has a preferred equity interest, entered into a $55.1 million construction loan modification agreement, which was secured by its interest in the Alexan CityCentre property. In April 2019, the Alexan CityCentre owner: (i) entered into a $46.0 million senior mortgage loan, (ii) entered into a $11.5 million mezzanine loan with an unaffiliated party, and (iii) used the proceeds from the senior loan and mezzanine loan to pay off the outstanding balance, in full, of the construction loan. The loans bear interest at the greater of LIBOR plus 1.50% or 3.99% on the senior loan, and the greater of LIBOR plus 6.00% or 8.49% on the mezzanine loan, with regular monthly payments that are interest-only. The senior loan and mezzanine loan both: (i) have initial maturity dates of May 9, 2022, (ii) contain two one-year extension options, and (iii) can be prepaid in whole prior provided the lender receives a stated spread maintenance premium. Alexan CityCentre, the property underlying the Company’s preferred equity investment, was sold in January 2022. Refer to Note 16 for further information. Alexan Southside Place Interests The Company made a $24.9 million preferred equity investment in a joint venture along with Fund II and Fund III (together, the "Funds"), affiliates of the former Manager, and an unaffiliated third party (the “Alexan Southside JV”), which developed a 270-unit Class A apartment community located in Houston, Texas, known as Alexan Southside Place. Alexan Southside Place was developed upon a tract of land under an 85-year ground lease. The joint venture adopted ASU No. 2016-02 as of January 1, 2019, and as such, had recorded a right-of-use asset and lease liability 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. Alexan Southside Place Provision for Credit Loss Consistent with the overall Houston – Medical Center submarket, Alexan Southside Place lost significant value since the onset of the COVID-19 pandemic given the pandemic’s impact on demand within the submarket. At the time in the fourth quarter 2020, it was expected that the overall submarket would rebound over the next twenty-four Chandler Interests, formerly Encore Chandler In December 2020, the Company entered into a joint venture agreement with an unaffiliated third party (the “Chandler JV”, formerly Encore JV) to develop an approximately 208-unit, Class A apartment community located in Chandler, Arizona to be known as Chandler. The Company made a commitment to invest in $10.2 million of preferred equity interests in the Chandler JV, of which $3.3 million had been funded as of December 31, 2021. The Company will earn a 13% 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 the senior loan debt service from the preceding month. The Chandler JV is required to redeem the Company’s preferred membership interest plus any accrued but unpaid preferred return on December 31, 2026 (the “redemption date”) or earlier upon the occurrence of certain events. The redemption date can be extended through two (2) one year extension options, subject to certain conditions. In conjunction with the Chandler development, the Chandler property owner, which is owned by an entity in which the Company has a preferred equity interest, entered into a $31.0 million construction loan, of which none was outstanding as of December 31,2021. The loan matures on December 30, 2024 and is secured by the fee simple interest in the Chandler property. The loan contains a one-year extension option, subject to certain conditions, and can be prepaid without penalty. The loan bears interest on the amount drawn at the greater of 3.00% or one-month LIBOR plus 2.50%. Regular monthly payments are interest-only through the earlier of December 2023 or upon the development achieving certain debt service conditions, with future monthly payments based on thirty-year amortization. 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 a preferred 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 made a commitment to invest $16.5 million of preferred equity interests in the Deerwood JV, of which $9.2 million had been funded as of December 31, 2021. 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 a preferred equity interest, entered into a $39.5 million construction loan, of which none was outstanding as of December 31, 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 the amount drawn at 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. Helios Interests The Company made a $19.2 million preferred equity investment in a joint venture along with Fund III, an affiliate of the former Manager, and an unaffiliated third party (the “Helios JV”), which developed a 282-unit Class A apartment community located in Atlanta, Georgia known as Helios. In December 2019, the Company entered into a membership interest purchase agreement to purchase 100% of the common membership interest in the joint venture from Fund III and the Helios JV for $2.5 million and $1.8 million, respectively, based on fair market value after consideration of the $19.2 million preferred equity investment previously funded by the Company. As ownership in the Helios real property was in the form of undivided interests, the Company continued to account for the Helios property under the equity method as of December 31, 2019. The Company closed on the sale of the Helios investment on January 8, 2020. Refer to Note 3 for further information. Lower Broadway Interests On July 15, 2021, the Company entered into a joint venture agreement with an unaffiliated third party (the “Lower Broadway JV”) to develop an approximately 386-unit, Class A apartment community located in San Antonio, Texas to be known as Lower Broadway. The Company made a commitment to invest in $15.8 million of preferred equity interests in the Lower Broadway JV, of which $0.9 million had been funded as of December 31, 2021. 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 Lower Broadway JV is required to redeem the Company’s preferred membership interest plus any accrued but unpaid preferred return on July 15, 2027 (the “redemption date”) or earlier upon the occurrence of certain events. The redemption date can be extended through two (2) one year extension options, subject to certain conditions. In conjunction with the Lower Broadway development, the Lower Broadway property owner, which is owned by an entity in which the Company has a preferred equity interest, entered into a $51.0 million construction loan, of which none was outstanding as of December 31, 2021. The loan matures on July 15, 2025 and is secured by the fee simple interest in the Lower Broadway property. The loan contains two (2) one-year extension options, subject to certain conditions, and can be prepaid without penalty. The loan bears interest on the amount drawn at one-month LIBOR plus 2.55% with interest-only monthly payments during the term of the loan. Mira Vista Interests In September 2019, the Company made a $5.3 million preferred equity investment in a joint venture (the “Mira Vista JV”) with an unaffiliated third party for a stabilized property in Austin, Texas known as Mira Vista. The Company earned a 7.0% current return and a 3.1% accrued return, for a total preferred return of 10.1% per annum. The Mira Vista JV was required to redeem the Company’s preferred membership interest plus any accrued but unpaid preferred return on January 1, 2030 or earlier upon the occurrence of certain events. On September 23, 2021, the Company's preferred equity investment in Mira Vista was redeemed. Refer to Note 3 for further information. Orange City Apartments Interests On July 26, 2021, the Company entered into a joint venture agreement with an unaffiliated third party (the "Orange City JV") to develop an approximately 298-unit, Class A apartment community located in Orange City, Florida to be known as Orange City Apartments. The Company made a commitment to invest in $15.1 million of preferred equity interests in the Orange City JV, of which none had been funded as of December 31, 2021. The Company will begin funding capital once the unaffiliated third party has contributed its full common equity commitment. The Company will earn a 13.0% 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 Orange City JV is required to redeem the Company's preferred membership interest plus any accrued but unpaid preferred return on July 26, 2024 (the "redemption date") or earlier upon the occurrence of certain events. The redemption date can be extended through two (2) one year extension options, subject to certain conditions. In conjunction with the Orange City Apartments development, the Orange City Apartments property owner, which is owned by an entity in which the Company has a preferred equity interest, entered into a $36.3 million construction loan, of which none was outstanding as of December 31, 2021. The loan matures on July 15, 2024 and is secured by the fee simple interest in the Orange City Apartments property. The loan contains two (2) one-year extension options, subject to certain conditions, and can be prepaid without penalty. The loan bears interest on the amount drawn at the greater of 3.50% or one-month LIBOR plus 2.75% with interest-only monthly payments during the term of the loan. Peak Housing Interests On April 12, 2021, the Company made a $10.7 million preferred equity investment in the Peak REIT OP for a portfolio of 474 single-family residential homes located throughout Texas. During the third and fourth quarters 2021, the Company made additional preferred equity investments totaling $9.6 million in the Peak REIT OP which is cross-collateralized by an additional fourteen portfolios representing an aggregate of 1,097 single-family residential homes. Of the Company's total $20.3 million preferred equity investment in the Peak REIT OP, the Company earns a 7.0% current return and a 3.0% accrued return on $16.0 million of its investment, for a total preferred return of 10.0% per annum. On its remaining $4.3 million investment, the Company earns a 4.0% current return and a 4.0% accrued return, for a total preferred return of 8.0% per annum. The current returns shall be paid monthly to the extent the property generates cash flow in excess of operating costs, and any amount of the current returns not paid monthly shall be accrued at a rate of 15% per annum. The homes in Peak Housing are subject to individual mortgage debt in the aggregate amount of $146.6 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) the third anniversary on which the Company made its preferred equity investment, 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. Renew 3030 Interests On August 31, 2021, the Company made a $7.1 million preferred equity investment in a joint venture (the "Renew 3030 JV") with an unaffiliated third party for Renew 3030, a 126-unit, stabilized property located in Mesa, Arizona. The Company earns a 6.0% current return and a 4.5% 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 Renew 3030 JV is required to redeem the Company's preferred equity interest plus any accrued preferred return on the earlier date of the maturity of the senior mortgage loan (refer to below) or its repayment in full. In conjunction with the Renew 3030 investment, the Renew 3030 property owner, which is owned by an entity in which the Company has a preferred equity interest, entered into a $13.6 million senior mortgage loan. The loan matures on May 1, 2030 and is secured by the fee simple interest in the Renew 3030 property. The loan bears interest at a fixed rate of 3.52% with interest-only monthly payments through May 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 February 1, 2030. Riverside Apartments Interests The Company made a $13.9 million preferred equity investment in a joint venture (the "Riverside JV") with an unaffiliated third party which developed a 222-unit Class A apartment community located in Austin, Texas known as Riverside Apartments. The Company earned an 8.5% current return and a 4.0% accrued return for a total preferred return of 12.5% per annum. The Riverside JV was required to redeem the Company’s preferred membership interest plus any accrued but unpaid preferred return on November 21, 2023 or earlier upon the occurrence of certain events. On December 22, 2020, the Company’s preferred equity investment in Riverside Apartments was redeemed. Refer to Note 3 for further information. Spring Parc Interests On July 13, 2021, the Company made an $8.0 million preferred equity investment in a joint venture (the “Spring Parc JV”) with an unaffiliated third party for Spring Parc, a 304-unit, stabilized property located in Dallas, Texas. 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 Company’s preferred membership interest plus any accrued but unpaid preferred return shall be redeemed by the Spring Parc JV at a date no earlier than July 13, 2023 and no later than the repayment in full of the senior mortgage loan (refer to below). In conjunction with the Spring Parc investment, the Spring Parc property owner, which is owned by an entity in which the Company has a preferred equity interest, entered into a $30.1 million senior mortgage loan. The loan matures on March 1, 2028 and is secured by the fee simple interest in the Spring Parc property. The loan bears interest at the 30-day average SOFR plus 2.49% with interest-only monthly payments through March 2023 and future monthly payments based on thirty-year amortization. The loan can only be prepaid in full and is subject to a 1% prepayment penalty until December 1, 2027. Strategic Portfolio Interests In 2019 and 2020, the Company made preferred equity investments totaling $27.0 million in a joint venture (the “Strategic JV”) with an unaffiliated third party for the following eight stabilized properties: Belmont Crossing, located in Smyrna, Georgia; Georgetown Crossing, located in Savannah, Georgia; Sierra Terrace and Sierra Village, both located in Atlanta, Georgia; The Commons, located in Jacksonville, Florida; and Hunter's Pointe, Park on the Square and Water's Edge, all located in Pensacola, Florida. These eight properties were collectively known as the Strategic Portfolio. The Company earned a 7.5% current return and a 3.0% accrued return on its investment, for a total preferred return of 10.5% per annum. 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. On December 29, 2021, the Company’s original preferred equity investments in Belmont Crossing, Sierra Terrace and Sierra Village in the aggregate amount of $10.2 million were redeemed. Refer to the Sale of Strategic Portfolio Interests (partial) The Company continues to earn a 7.5% current return and a 3.0% accrued return, for a total preferred return of 10.5% per annum, on its preferred equity investments in Georgetown Crossing, Hunter's Pointe, Park on the Square, The Commons and Water's Edge. These five properties, along with The Reserve at Palmer Ranch, are collectively known as the Strategic Portfolio. All current returns shall be paid monthly to the extent the property generates cash flow in excess of operating costs, and any amount of the current returns 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 remaining six properties in the Strategic Portfolio are subject to individual property mortgage debt in the aggregate amount of $129.3 million. The Conley Interests The Company made a $15.2 million preferred equity investment in a joint venture (the “The Conley JV”) with an unaffiliated third party which developed a 259-unit Class A apartment community located in Leander, Texas known as The Conley. The Company earned an 8.5% current return and a 4.0% accrued return for a total preferred return of 12.5% per annum. The Conley JV was required to redeem the Company’s preferred membership interest plus any accrued but unpaid preferred return on October 29, 2023 or earlier upon the occurrence of certain events. On March 18, 2021, the Company’s preferred equity investment in The Conley was redeemed. Refer to Note 3 for further information. The Cottages at Myrtle Beach Interests On September 9, 2021, the Company entered into a joint venture agreement with an unaffiliated third party (the “Cottages MB JV”) to develop approximately 294-build for rent, single-family residential homes in Myrtle Beach, South Carolina. The Company made a commitment to invest $17.9 million of preferred equity interests in the Cottages MB JV, of which $9.0 million had been funded as of December 31, 2021. The Company will earn a 14.5% 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 Cottages MB JV is required to redeem the Company’s preferred equity interests plus any accrued preferred return on the date the construction loan (refer to below) is due and payable or earlier upon the occurrence of certain events. In conjunction with The Cottages at Myrtle Beach investment, The Cottages at Myrtle Beach property owner, which is owned by an entity in which the Company has a preferred equity interest, entered into a $40.2 million construction loan, of which none was outstanding as of December 31, 2021. The loan matures on March 9, 2025 and is secured by the fee simple interest in The Cottages at Myrtle Beach property. The loan contains two (2) one-year extension options, subject to certain conditions, and can be prepaid without penalty. The loan bears interest on the amount drawn at the greater of 3.10% or one-month LIBOR plus 2.60% with interest-only monthly payments through the initial term of the loan. The Cottages at Warner Robins Interests On December 8, 2021, the Company entered into a joint venture agreement with an unaffiliated third party (the "Cottages WR JV") to develop approximately 251-build for rent, single-family residential homes in Warner Robins, Georgia. The Company made a commitment to invest $13.3 million of preferred equity interests in the Cottages WR JV, of which none had been funded as of December 31, 2021. The Company will earn a 14.5% 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 Cottages WR JV is required to redeem the Company's preferred equity interests plus any accrued preferred return on the date the construction loan (refer to below) is due and payable or earlier upon the occurrence of certain events. In conjunction with The Cottages at Warner Robins investment, The Cottages at Warner Robins property owner, which is owned by an entity in which the Company has a preferred equity interest, entered into a $34.5 million construction loan, of which none was outstanding as of December 31, 2021. The loan matures on April 5, 2025 and is secured by the fee simple interest in The Cottages at Warner Robins property. The loan contains an extension option to December 5, 2026, subject to certain conditions, and can be prepaid without penalty. The loan bears interest on the amount drawn at one-month Term SOFR plus 3.10% with interest-only monthly payments through the initial term of the loan. The Cottages of Port St. Lucie Interests On August 26, 2021, the Company entered into a joint venture agreement with an unaffiliated third party (the “Cottages St. Lucie JV”) to develop approximately 286-build for rent, single-family residential homes in Port St. Lucie, Florida. The Company made a commitment to invest $18.8 million of preferred equity interests in the Cottages St. Lucie JV, of which $7.3 million had been funded as of December 31, 2021. The Company will earn a 14.5% 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 Cottages St. Lucie JV is required to redeem the Company’s preferred equity interests plus any accrued preferred return on the date the construction loan (re |
Revolving Credit Facility
Revolving Credit Facility | 12 Months Ended |
Dec. 31, 2021 | |
Revolving Credit Facility | |
Revolving Credit Facility | Note 8 — Revolving Credit Facility The outstanding balances on the revolving credit facilities as of December 31, 2021 and 2020 are as follows (amounts in thousands): Revolving Credit Facilities 2021 2020 Amended Senior Credit Facility $ — $ 33,000 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 December 31, 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 December 31, 2021, the Company had one outstanding letter of credit of $0.8 million. Amended Junior Credit Facility On September 21, 2021, the Company entered into an amended and restated Junior Credit Facility (the “Amended Junior Credit Facility”). The Amended Junior Credit Facility extended the maturity date of the credit facility to December 21, 2023 and included changes in certain financial and operating covenants. There were no other material changes in terms from the previous credit facility. The Amended Junior Credit Facility provides for a revolving loan with a maximum commitment amount of $72.5 million. Borrowings under the 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 Amended Junior Credit Facility, depending on the borrowings outstanding. The Amended Junior Credit Facility 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 December 31, 2021, the Company was in compliance with all covenants under the Amended Junior Credit Facility. The Company has guaranteed the obligations under the Amended Junior Credit Facility and has pledged certain assets as collateral. The availability of borrowings under the revolving credit facilities at December 31, 2021 is based on the collateral and compliance with various ratios related to those assets and was approximately $143.3 million. |
Mortgages Payable
Mortgages Payable | 12 Months Ended |
Dec. 31, 2021 | |
Mortgages Payable | |
Mortgages Payable | Note 9 — Mortgages Payable The following table summarizes certain information as of December 31, 2021 and 2020, with respect to the Company’s senior mortgage indebtedness (amounts in thousands): Outstanding Principal As of December 31, 2021 December 31, December 31, Interest-only Property 2021 2020 Interest Rate through date Maturity Date Fixed Rate: ARIUM Westside $ 51,841 $ 52,150 3.68 % (1) August 1, 2023 Ashford Belmar 100,675 100,675 4.53 % December 2022 December 1, 2025 Avenue 25 (2) 36,566 36,566 4.18 % July 2022 July 1, 2027 Burano Hunter’s Creek (3) 69,502 70,871 3.65 % (1) November 1, 2024 Carrington at Perimeter Park (4) 31,244 31,301 4.16 % (4) July 1, 2027 Chattahoochee Ridge 45,338 45,338 3.25 % December 2022 December 5, 2024 Citrus Tower 39,896 40,627 4.07 % (1) October 1, 2024 Denim (5) 101,205 101,205 3.41 % August 2024 August 1, 2029 Elan (6) 25,508 25,574 4.19 % (6) July 1, 2027 Element 29,260 29,260 3.63 % July 2022 July 1, 2026 Falls at Forsyth (7) 19,265 — 4.35 % (1) 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) 20,361 20,515 4.57 % (1) June 1, 2028 Outlook at Greystone 21,930 22,105 4.30 % (1) June 1, 2025 Park & Kingston — 19,600 Plantation Park — 26,625 Providence Trail 47,587 47,950 3.54 % (1) July 1, 2026 Roswell City Walk 49,050 50,043 3.63 % (1) December 1, 2026 The Brodie 32,876 33,551 3.71 % (1) December 1, 2023 The Debra Metrowest (3) 63,982 64,559 4.43 % (1) May 1, 2025 The Links at Plum Creek 38,916 39,578 4.31 % (1) October 1, 2025 The Mills 24,731 25,275 4.21 % (1) 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 38,730 39,438 4.25 % (1) April 1, 2024 Windsor Falls 27,442 — 4.19 % November 2022 November 1, 2027 Yauger Park Villas (9) 14,921 — 4.86 % (1) April 1, 2026 Total Fixed Rate $ 1,059,368 $ 1,117,999 Floating Rate (10) : ARIUM Glenridge $ 49,170 $ 49,500 1.42 % (1) September 1, 2025 Chevy Chase 24,400 24,400 2.41 % September 2022 September 1, 2027 Cielo on Gilbert (11) 58,000 58,000 2.66 % January 2026 January 1, 2031 Falls at Forsyth (7) 19,186 — 1.49 % (1) July 1, 2025 Fannie Facility Advance 13,936 13,936 2.69 % June 2022 June 1, 2027 Fannie Facility Second Advance (11) 12,880 — 2.75 % March 2023 March 1, 2028 ILE (12) 26,825 — 3.78 % (12) (12) 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 25,962 26,100 1.35 % (1) July 26, 2023 (13) Villages of Cypress Creek 33,520 33,520 2.64 % July 2022 July 1, 2027 Total Floating Rate $ 306,607 $ 377,530 Total $ 1,365,975 $ 1,495,529 Fair value adjustments 8,159 6,489 Deferred financing costs, net (9,143) (11,086) Total continuing operations $ 1,364,991 $ 1,490,932 Held for Sale ARIUM Grandewood (7)(14) $ — $ 19,585 ARIUM Grandewood (7)(14) — 19,529 Deferred financing costs, net — (341) Total held for sale — 38,773 Total mortgages payable $ 1,364,991 $ 1,529,705 (1) The loan requires monthly payments of principal and interest. (2) 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% . (3) Burano Hunter ’ s Creek and The Debra Metrowest, formerly ARIUM Hunter ’ s Creek and ARIUM Metrowest, respectively. (4) The principal balance includes a $27.5 million senior loan at a fixed rate of 4.09% and a $3.7 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 $4.3 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 $14.7 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 $10.4 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 ILE, all the Company’s floating rate loans bear interest at one-month LIBOR + margin. In December 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 the 30-day average SOFR + 2.61% and + 2.70% , respectively. In December 2021, the 30-day average SOFR in effect was 0.05% . SOFR rate is subject to a rate cap. Please refer to Note 11 for further information. (12) The principal balance represents the aggregate debt outstanding across five separate credit agreements. Of the $26.8 million principal balance, $7.5 million held through two credit agreements requires monthly payments of principal and interest, while the remaining principal balance of $19.3 million held through three credit agreements has monthly payments that are currently interest-only. The five credit agreements have maturity dates ranging from 2022 to 2026 and bear interest at one-month LIBOR or prime rate + margins ranging from 0.50% to 3.00% , subject to rate floors, and have current interest rates ranging from 3.50% to 4.25% with a weighted average interest rate of 3.78% as of December 31, 2021. (13) The loan has two (2) one-year extension options subject to certain conditions. (14) 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. 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. Amortization of deferred financing costs, including the amounts related to the revolving credit facilities, was $3.3 million, $3.5 million and $3.6 million for the years ended December 31, 2021, 2020 and 2019, respectively. Fair value adjustments of debt The Company records a fair value adjustment based upon the fair value of the loans on the date they were assumed in conjunction with acquisitions. The fair value adjustments are being amortized to interest expense over the remaining life of the loans. Amortization of fair value adjustments was $1.3 million, $0.4 million and $0.3 million for the years ended December 31, 2021, 2020 and 2019, respectively. 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 $6.7 million, $14.6 million and $7.3 million for the years ended December 31, 2021, 2020 and 2019, 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 December 31, 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 December 31, 2021, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): Year Total 2022 $ 17,896 2023 127,237 2024 204,310 2025 332,171 2026 156,561 Thereafter 527,800 $ 1,365,975 Add: Unamortized fair value debt adjustment 8,159 Subtract: Deferred financing costs, net (9,143) Total $ 1,364,991 The net book value of real estate assets providing collateral for these above borrowings, including the Amended Senior Credit Facility, Amended Junior Credit Facility and Fannie Facility, was $2,070.3 million as of December 31, 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 | 12 Months Ended |
Dec. 31, 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: ● Level 1: Quoted prices for identical instruments in active markets ● Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable ● Level 3: Significant inputs to the valuation model are unobservable 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. Fair Value of Financial Instruments As of December 31, 2021 and 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 December 31, 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 $1,388.3 million and $1,586.0 million, respectively, compared to the carrying amounts, before adjustments for deferred financing costs, net, of $1,374.1 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 | 12 Months Ended |
Dec. 31, 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 December 31, 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 $279.8 million of the Company’s floating rate mortgage debt. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2021 and 2020 (amounts in thousands): Derivatives not designated as hedging Fair values of derivative instruments under ASC 815 ‑ 20 Balance Sheet Location instruments 2021 2020 Interest rate caps Accounts receivable, prepaids and other assets $ 185 $ 14 The table below presents the effect of Company's derivative financial instruments as well as their classification on the consolidated statements of operations for the years ended December 31, 2021, 2020 and 2019 (amounts in thousands): Derivatives not designated as hedging Location of Gain (Loss) The Effect of Derivative Instruments instruments under ASC 815 ‑ 20 Recognized in Income on the Statements of Operations 2021 2020 2019 Interest rate caps Interest Expense $ 82 $ (128) $ (2,536) Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 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, at the sole discretion of the Board, in the form of LTIP Units. The Company has the right to renew the Administrative Services Agreement for successive one-year terms upon sixty (60) days written notice prior to expiration. The Company renewed the Administrative Services Agreement for a one-year term in 2020, and on August 4, 2021, the Company delivered written notice to BRE of the Company’s intention to renew the Administrative Services Agreement for an additional one-year term, to expire on October 31, 2022. 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. All the Company’s executive officers and one of its directors are also executive officers, managers and/or holders of a direct or indirect controlling interest in Bluerock-affiliated entities. As a result, they owe fiduciary duties to each of these entities, their members, limited partners and investors, which fiduciary duties may from time-to-time conflict with the fiduciary duties that they owe to the Company and its stockholders. 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 LTIP Units. Recorded as part of general and administrative expenses, operating expenses paid by BRE on behalf of the Company of $3.0 million, $2.8 million and $3.6 million were expensed during the years ended December 31, 2021, 2020 and 2019, respectively. Operating expense reimbursements of $0.4 million for the third quarter 2021 were paid to BRE through the issuance of 27,432 LTIP Units on November 9, 2021. During the year ended December 31, 2021, the Company issued 138,179 LTIP Units to BRE as reimbursement for operating expenses paid on behalf of the Company. Pursuant to the terms of the Administrative Services Agreement, the Company paid operating expenses on behalf of BRE of $2.3 million, $1.9 million and $1.7 million for the years ended December 31, 2021, 2020 and 2019, respectively. During the year ended December 31, 2021, the Company was reimbursed in cash for operating expenses it paid on behalf of 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 December 31, 2021 and 2020 (amounts in thousands): 2021 2020 Amounts Payable to BRE under the Administrative Services Agreement, net Operating and direct expense reimbursements $ 318 $ 338 Offering expense reimbursements 94 89 Total expense reimbursement amounts payable to BRE, net $ 412 $ 427 Amounts Payable to BRE under the Leasehold Cost-Sharing Agreement Operating and direct expense reimbursements $ 187 $ 191 Total expense and cost reimbursement amounts payable to BRE $ 187 $ 191 Total $ 599 $ 618 As of December 31, 2021 and 2020, the Company had $0.7 million and $0.3 million, respectively, in receivables due from related parties other than from BRE. Of the $0.7 million balance at December 31, 2021, $0.3 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, with the remaining amount classified as a related party receivable. Refer to Note 3 for further information. Selling Commissions and Dealer Manager Fees In conjunction with the offering of the Series T Preferred Stock (the “Series T Preferred Offering”), the Company engaged a related party as dealer manager, and paid up to 10% of the gross offering proceeds from the offering as selling commissions and dealer manager fees. The dealer manager re-allowed the substantial majority of the selling commissions and dealer manager fees to participating broker-dealers and incurred costs in excess of the 10%, which costs were borne by the dealer manager without reimbursement by the Company. For the years ended December 31, 2021 and 2020, the Company incurred $32.4 million and $17.0 million, respectively, in selling commissions and discounts and $13.9 million and $7.3 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 $1.2 million and $1.0 million during the years ended December 31, 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. On November 19, 2021, we made the final issuance of Series T Preferred Stock pursuant to the Series T Preferred Offering, and upon the final issuance, the Series T Preferred Offering terminated pursuant to its terms. Stockholders Agreement In connection with the Company’s Internalization transaction in 2017, the Company entered into a stockholders agreement pursuant to which the Company may grant certain registration rights for the benefit of the contributors and impose certain limitations on the voting rights of the Class C Common Stock. The agreement may require the Company from time to time to register the resale of the internalization shares and grants each contributor certain rights to demand a registration of some or all their shares or to request the inclusion of some or all their shares in a piggyback registration, in each case subject to certain customary restrictions, limitations, registration procedures and indemnity provisions. Pursuant to the stockholders agreement, the contributors agreed to limit certain of their voting rights with respect to the Class C Common Stock in excess of 9.9% of the voting rights of the company. Any shares in excess of 9.9% of the voting rights of the outstanding shares shall be voted or a written consent furnished in respect to the excess shares in such manner as directed by a majority of the members of our Board. Notes and Interest Receivable The Company provides loans, in some cases, to related parties in conjunction with the developments of multifamily communities. At December 31, 2021, the following 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). Refer to Note 6 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 December 31, 2021, the Alexan CityCentre preferred equity investment involved related parties. Refer to Note 7 for further information. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity | |
Stockholders' Equity | Note 13 — Stockholders’ Equity Net Income (Loss) Per Common Share Basic net income (loss) per common share is computed by dividing net income (loss) 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 income (loss) per common share is computed by dividing net income (loss) 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 income (loss) attributable to common stockholders is computed by adjusting net income (loss) 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 income (loss) per common share for the years ended December 31, 2021, 2020 and 2019 (amounts in thousands, except share and per share amounts): 2021 2020 2019 Net income (loss) attributable to common stockholders $ 3,473 $ (44,674) $ (19,751) Dividends on restricted stock and LTIP Units expected to vest (1,508) (1,323) (953) Basic net income (loss) attributable to common stockholders $ 1,965 $ (45,997) $ (20,704) Weighted average common shares outstanding (1) 26,024,935 24,084,347 22,649,222 Potential dilutive shares (2) 225,064 — — Weighted average common shares outstanding and potential dilutive shares (1) 26,249,999 24,084,347 22,649,222 Net income (loss) per common share, basic $ 0.08 $ (1.91) $ (0.91) Net income (loss) per common share, diluted $ 0.07 $ (1.91) $ (0.91) (1) Amounts relate to shares of the Company’s Class A and Class C common stock outstanding. (2) For the year ended December 31, 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 154,810 shares of Class A common stock, and b) potential vesting of restricted stock to employees for 70,254 shares of Class A common stock. For the year ended December 31, 2020, potential vesting of restricted stock to employees for 63,045 shares of Class A common stock are excluded from the diluted shares calculation as the effect is antidilutive. For the year ended December 31, 2019, the following are excluded from the diluted shares calculation as the effect is antidilutive: a) warrants outstanding from issuances in conjunction with the Company’s Series B Preferred Stock offerings that are potentially exercisable for 140,334 shares of Class A common stock, and b) potential vesting of restricted stock to employees for 22,807 shares of Class A common stock. 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 year ended December 31, 2021, the Company issued 18,535,916 shares of Series T Preferred Stock under a continuous registered offering with net proceeds of approximately $417.1 million after commissions, dealer manager fees and discounts of approximately $46.3 million, along with 109,661 shares issued under the dividend reinvestment plan with total proceeds of $2.7 million. During the life of the Series T Preferred Stock Offering, the Company has issued a total of 28,369,906 shares of Series T Preferred Stock for net proceeds of approximately $638.3 million after commissions, dealer manager fees and discounts. During the year ended December 31, 2021, the Company, at the request of holders, redeemed 81,246 shares of Series T Preferred Stock through the issuance of 181,597 shares of Class A common stock and redeemed 10,113 shares of Series T Preferred Stock for $0.2 million in cash. The Company had a dividend reinvestment plan that allowed 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. In December 2021, the Board approved the suspension of the dividend reinvestment plan until further notice. 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 year before its expiration in November 2021. During the life of the Class A Common Stock ATM Offering, the Company had 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 May 2020, the Board authorized the modification of the Company’s stock repurchase plans, which were previously authorized in December 2019, to provide for the repurchase, from time to time, of up to an aggregate of $50 million in shares of its 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”). 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, Series A Preferred Stock, Series C Preferred Stock and/or 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 terminated upon the close of the NYSE American trading day on November 8, 2021, the filing date of the Company’s Form 10-Q with the SEC for the quarter ended September 30, 2021. During the year ended December 31, 2021, the Company repurchased 11,140,637 shares of Class A common stock for a total purchase price of approximately $119.6 million. During the year ended December 31, 2020, the Company repurchased shares under the repurchase plans as follows: 3,983,842 shares of Class A common stock, 163,068 shares of Series A Preferred Stock, 27,905 shares of Series C Preferred Stock and 76,264 shares of Series D Preferred Stock for a total purchase price of approximately $46.4 million. During the life of all repurchase plans, the total purchase price of shares repurchased by the Company was approximately $189.1 million. Class C Common Stock The Class C Common Stock is equivalent in all material respects to, and ranks on parity with, the Class A Common Stock, except that each share of Class C Common Stock entitles the holder thereof to fifty (50) votes, which mirrors the aggregate number of OP Units (which are redeemable for cash or, at our sole option, for shares of our Class A Common Stock, on a one-to-one basis) and shares of Class C Common Stock issued as consideration in the internalization. The Class C Common Stock provides its holders a right to vote that is proportionate to the outstanding non-voting economic interest in the Company attributable to such holders or their affiliates by virtue of the OP Units issued in the internalization, as if all such OP Units were redeemed by us for shares of Class A Common Stock, but without providing any disproportionate voting rights. Shares of Class C Common Stock will only be issued (a) to the owners of the former Manager, (b) in conjunction with the issuance of OP Units as consideration in the internalization, and (c) in a ratio of no more than one (1) share of Class C Common Stock for every forty-nine (49) OP Units so issued. See Note 12 Related Party Transactions – Stockholders Agreement Redemption of 8.250% Series A Cumulative Redeemable Preferred Stock The Series A Preferred Stock ranked senior to common stock and on parity with the Series B Preferred Stock, the Series C Preferred Stock, the Series D Preferred Stock and the Series T Preferred Stock as to rights upon the Company’s liquidation, dissolution or winding up. The Company could not redeem the Series A Preferred Stock before October 21, 2020, except in limited circumstances related to its qualification as a REIT, complying with an asset coverage ratio or upon a change in control. As of October 21, 2020, the Company could redeem the Series A Preferred Stock for a redemption price of $25.00 per share plus any accrued and unpaid dividends. On October 21, 2020, the Company redeemed 1,393,294 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 $0.120313 per share, for a total payment of $25.120313 per share, in cash. On December 21, 2020, the Company redeemed an additional 1,963,551 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 $0.464063 per share, for a total payment of $25.464063 per share, in cash. On February 26, 2021, the Company redeemed all 2,201,547 outstanding shares of its Series A Preferred Stock that were outstanding as of December 31, 2020 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. Series B Redeemable Preferred Stock The Series B Preferred Stock ranks senior to common stock and on parity with the Series C Preferred Stock, the Series D Preferred Stock and the Series T Preferred Stock as to rights upon the Company’s liquidation, dissolution or winding up. The Series B Preferred Stock is entitled to priority cumulative dividends to be paid monthly, in arrears, when, as and if authorized by the Board. Holders may, at their option, elect to have the Company redeem their shares through the first year from issuance subject to a 13% redemption fee. After year one, the redemption fee decreases to 10%, after year three it decreases to 5%, after year four it decreases to 3%, and after year five there is no redemption fee. Any redeemed shares are entitled to any accrued but unpaid dividends at the time of the redemption, payable by the Company at its option in cash or shares of Class A common stock. The Company may redeem the Series B Preferred Stock beginning two years from the original issuance for the liquidation preference per share plus any accrued and unpaid dividends in either cash or shares of Class A common stock. The calculation to determine the number of Class A common shares issued for redemptions of Series B Preferred Stock is based on the closing price of the Class A common stock on the single trading day prior to the redemption date. On December 20, 2019, the Company made the final issuance of Series B Preferred Stock pursuant to the Series B Preferred Offering, and on February 11, 2020, the Board formally approved the termination of the Series B Preferred Offering. During the year ended December 31, 2021, the Company, at the request of holders, redeemed 3,302 shares of Series B Preferred Stock through the issuance of 283,966 shares of Class A common stock and redeemed 232 shares of Series B Preferred Stock for $0.2 million in cash. In November 2019, the Company began initiating redemptions of its Series B Preferred Stock, and during the year ended December 31, 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 December 31, 2021, total redemptions to date initiated by the Company have resulted in 173,865 shares of Series B Preferred Stock redeemed through the issuance of 16,540,204 shares of Class A common stock. As of December 31, 2021, the Company had 247,397 outstanding Warrants from the Series B Preferred Offering. 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). One 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 December 31, 2021, a total of 125,501 Warrants had been exercised into 1,280,858 shares of Class A common stock. The outstanding Warrants have exercise prices ranging from $10.00 to $14.71 per share. At the date of issuance, the carrying amount of the Series B Preferred Stock was less than the redemption value. As a result of the Company’s determination that holder redemption is probable, the carrying value will be increased by periodic accretions so that the carrying value will equal the redemption amount at the earliest redemption date without discount. Such accretion is recorded as a preferred stock dividend on the Statements of Stockholders’ Equity. 7.625% Series C Cumulative Redeemable Preferred Stock The Series C Preferred Stock ranks senior to common stock and on parity with the Series B Preferred Stock, the Series D Preferred Stock and the Series T Preferred Stock as to rights upon the Company’s liquidation, dissolution or winding up. The Series C Preferred Stock is entitled to priority cumulative dividends to be paid quarterly, in arrears, when, as and if authorized by the Board. Commencing July 19, 2023, the annual dividend rate will increase by 2.0% annually, up to a maximum of 14.0%, if not redeemed by the holder or not previously redeemed by the Company. Commencing on July 19, 2023, holders may, at their option, elect to have the Company redeem their shares at a redemption price of $25.00 per share, plus an amount equal to accrued but unpaid dividends, payable by the Company at its option in cash or shares of Class A common stock. As of July 19, 2021, the Company can redeem the Series C Preferred Stock for a redemption price of $25.00 per share plus any accrued and unpaid dividends. At the date of issuance, the carrying amount of the Series C Preferred Stock was less than the redemption value. As a result of the Company’s determination that redemption is probable, the carrying value will be increased by periodic accretions so that the carrying value will equal the redemption amount at the earliest redemption date without discount. Such accretion is recorded as a preferred stock dividend on the Statements of Stockholders’ Equity. 7.125% Series D Cumulative Preferred Stock The Series D Preferred Stock ranks senior to common stock and on parity with the Series B Preferred Stock, the Series C Preferred Stock and the Series T Preferred Stock as to rights upon the Company’s liquidation, dissolution or winding up. The Series D Preferred Stock is entitled to priority cumulative dividends to be paid quarterly, in arrears, when, as and if authorized by the Board. As of October 13, 2021, the Company can redeem the Series D Preferred Stock for a redemption price of $25.00 per share plus any accrued and unpaid dividends. Series T Redeemable Preferred Stock The Series T Preferred Stock ranks senior to common stock and on parity with the Series B Preferred Stock, the Series C Preferred Stock and the Series D Preferred Stock as to rights upon the Company’s liquidation, dissolution or winding up. The Series T Preferred Stock is entitled, when, as and if authorized by the Board, to: (i) priority cumulative cash dividends to be paid monthly in arrears, and (ii) a stock dividend to be paid annually. Holders may, at their option, elect to have the Company redeem their shares through the first year from issuance subject to a 12% redemption fee. After year one, the redemption fee decreases to 9%, after year two it decreases to 6%, after year three it decreases to 3%, and after year four there is no redemption fee. Any redeemed shares are entitled to any accrued but unpaid dividends at the time of the redemption, payable by the Company at its option in cash or shares of Class A common stock. The Company may redeem the Series T Preferred Stock beginning two years from the original issuance for the liquidation preference per share plus any accrued and unpaid dividends in either cash or shares of Class A common stock. The calculation to determine the number of Class A common shares issued for redemptions of Series T Preferred Stock is based on the closing price of the Class A common stock on the single trading day prior to the redemption date. On November 19, 2021, the Company made the final issuance of Series T Preferred Stock pursuant to the Series T Preferred Offering, and upon the final issuance, the Series T Preferred Offering terminated pursuant to its terms. At the date of issuance, the carrying amount of the Series T Preferred Stock was less than the redemption value. As a result of the Company's determination that holder redemption is probable, the carrying value will be increased by periodic accretions so that the carrying value will equal the redemption amount at the earliest redemption date without discount. Such accretion is recorded as a preferred stock dividend on the Statements of Stockholders' Equity. Operating Partnership and Long-Term Incentive Plan Units On April 2, 2014, concurrently with the completion of the IPO, the Company entered into the Second Amended and Restated Agreement of Limited Partnership of its Operating Partnership, Bluerock Residential Holdings, L.P. (the “Partnership Agreement”). Pursuant to the amendment, the Company is the sole general partner of the Operating Partnership and may not be removed as general partner by the limited partners with or without cause. The Partnership Agreement, as amended, provides, among other things, that the Operating Partnership initially has two classes of limited partnership interests: OP Units and LTIP Units. In calculating the percentage interests of the partners in the Operating Partnership, LTIP Units are treated as OP Units. In general, LTIP Units will receive the same per-unit distributions as the OP Units. Initially, each LTIP Unit will have a capital account balance of zero and, therefore, will not have full parity with OP Units with respect to any liquidating distributions. However, the Partnership Agreement, as amended provides that “book gain,” or economic appreciation, in the Company’s assets realized by the Operating Partnership as a result of the actual sale of all or substantially all of the Operating Partnership’s assets, or the revaluation of the Operating Partnership’s assets as provided by applicable U.S. Department of Treasury regulations, will be allocated first to the holders of LTIP Units until their capital account per unit is equal to the average capital account per-unit of the Company’s OP Unit holders in the Operating Partnership. The Company expects that the Operating Partnership will issue OP Units to limited partners, and the Company, in exchange for capital contributions of cash or property, will issue LTIP Units pursuant to the Company’s Incentive Plans, as defined below, to persons who provide services to the Company, including the Company’s officers, directors and employees. As of December 31, 2021, limited partners other than the Company owned approximately 29.61% of the common units of the Operating Partnership (6,309,672 OP Units, or 16.24%, is held by OP Unit holders, and 5,196,894 LTIP Units, or 13.37%, is held by LTIP Unit holders, including 5.35% which are not vested at December 31, 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. The Operating Partnership, in conjunction with the issuance of preferred stock by the Company, has issued preferred OP Units which provide for similar rights as for each class of preferred stock. Equity Incentive Plans LTIP Unit Grants On January 1, 2020, the Company granted 247,138 time-based LTIP Units and 494,279 performance-based LTIP Units to various executive officers under the Third Amended 2014 Incentive Plans pursuant to the executive officers’ employment or service agreements. The time-based LTIP Units vest over approximately 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. Compensation expense for service vesting LTIP Unit and restricted stock awards is measured based on the closing share price of our common stock on the date of grant. The Company measures the fair value of LTIP Units with performance conditions based on an estimate of shares expected to vest using the closing price of the common stock on the date of grant. If it is not probable that the performance conditions will be satisfied, the Company does not recognize compensation expense. The Company estimates the fair value of performance-based LTIP Units with market conditions using a Monte Carlo simulation. The Company recognizes compensation expense based on the fair value estimated by the model. In addition, on January 1, 2020, the Company granted 7,126 LTIP Units under the Third Amended 2014 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 $0.3 million immediately based on the fair value at the date of grant. On April 15, 2020, the Company granted an aggregate of 348,117 LTIP Units to various executive officers under the Third Amended 2014 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, 2019. Such LTIP Units vested on April 15, 2021. In addition, on April 15, 2020, the Company granted 46,075 LTIP Units to an employee under the Third Amended 2014 Incentive Plans. Such LTIP Units will vest in three The Company granted LTIP Units to two executive officers under its 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, as follows: under the Third Amended 2014 Incentive Plans, an aggregate of 27,111 LTIP Units granted on May 22, 2020 for the second quarter 2020 and an aggregate of 21,889 LTIP Units granted on August 11, 2020 for the third quarter 2020, and under the Fourth Amended 2014 Incentive Plans, an aggregate of 19,197 LTIP Units granted on November 5, 2020 for the fourth quarter 2020. Such LTIP Units vested on the first anniversary of the date of grant. On September 8, 2020, the Company’s stockholders approved the amendment and restatement of each of the Third Amended 2014 Individuals Plan (the “Fourth Amended 2014 Individuals Plan”) and the Third Amended 2014 Entities Plan (the “Fourth Amended 2014 Entities Plan”, and together with the Fourth Amended 2014 Individuals Plan, the “Fourth Amended 2014 Incentive Plans”). The Fourth Amended 2014 Incentive Plans allow for the issuance of up to 3,000,000 additional shares of Class A common stock, and thus provide for the issuance of an aggregate of up to 6,800,000 shares of Class A common stock. The Fourth Amended 2014 Incentive Plans provide for the grant of options to purchase shares of the Company’s common stock, stock awards, stock appreciation rights, performance units, incentive awards and other equity-based awards. 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 pursuant to the executive officers’ employment or 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 Fourth Amended 2014 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. The Company granted LTIP Units to two executive officers under the Fourth Amended 2014 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, as follows: an aggregate of 19,683 LTIP Units granted on February 16, 2021, an aggregate of 23,206 LTIP Units granted on May 11, 2021, an aggregate of 19,209 LTIP Units granted on August 3, 2021, and an aggregate of 15,855 LTIP Units granted on November 9, 2021 for the first, second, third and fourth quarter 2021, respectively. On March 25, 2021, the Company granted an aggregate of 193,112 LTIP Units to various executive officers under the Fourth Amended 2014 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 Fourth Amended 2014 Incentive Plans. Such LTIP Units will vest in three A summary of the status of the Company’s non-vested shares/LTIP Units under the Incentive Plans for individuals as of December 31, 2021, 2020 and 2019 is as follows (dollars in thousands): Weighted average grant- Non-Vested shares/LTIP Units Shares / LTIP Units date fair value Balance at January 1, 2019 975,209 $ 10.05 Granted 637,315 9.36 Vested (237,841) 10.01 Forfeited (3,600) 10.65 Balance at December 31, 2019 1,371,083 $ 9.72 Granted 1,346,538 9.39 Vested (333,951) 10.12 Forfeited (7,081) 6.53 Balance at December 31, 2020 2,376,589 $ 9.50 Granted 1,211,845 11.75 Vested (1,158,385) 8.65 Forfeited (100,488) 9.44 Balance at December 31, 2021 2,329,561 $ 11.07 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 $4.1 million, $3.9 million and $3.6 million during the years ended December 31, 2021, 2020 and 2019, 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 $3.7 million, $3.0 million and $1.6 million during the years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021, there was $6.1 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 1.6 years. The Company currently uses authorized and unissued shares to satisfy share award grants. Restricted Stock Grants On April 15, 2020, the Company granted an aggregate of 25,174 shares of Class A common stock to two executive officers in lieu of cash payment of an agreed upon portion of each such executive officer’s base salary, with the remaining portion having been paid in cash, for the period from January 1, 2020 through March 31, 2020. Such shares of Class A common stock vested on April 15, 2021. In April 2020 and 2021, the Company provided restricted stock grants (“RSGs”) to employees under the Incentive Plans. Such RSGs will vest in three The Company recognized compensation expense for all such RSGs of approximately $0.4 million and $0.5 million during the years ended December 31, 2021 and 2020, respectively. As of December 31, 2021, there was $0.4 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 2.0 years. Distributions Payable to stockholders Declaration Date of record as of Amount Date 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 September 10, 2021 September 24, 2021 $ 0.162500 October 5, 2021 December 10, 2021 December 23, 2021 $ 0.162500 January 5, 2022 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 September 10, 2021 September 24, 2021 $ 0.162500 October 5, 2021 December 10, 2021 December 23, 2021 $ 0.162500 January 5, 2022 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 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 October 11, 2021 October 25, 2021 $ 5.00 November 5, 2021 October 11, 2021 November 24, 2021 $ 5.00 December 3, 2021 October 11, 2021 December 23, 2021 $ 5.00 January 5, 2022 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 September 10, 2021 September 24, 2021 $ 0.4765625 October 5, 2021 December 10, 2021 December 23, 2021 $ 0.4765625 Januar |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies | |
Commitments and Contingencies | Note 14 — Commitments and Contingencies The aggregate amount of the Company’s contractual commitments to fund future cash obligations in certain of its preferred equity, loan and joint venture investments was $158.5 million and $35.0 million as of December 31, 2021 and 2020, respectively. 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. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Information | |
Segment Information | Note 15 — Segment Information The Company owns and operates residential investments that generate rental and other property-related income through the leasing of units to a diverse base of tenants. In prior years, the Company had one reportable segment as its investments were primarily in multifamily apartment communities. During 2021, the Company began increasing its investments in single-family residential homes, and as such, the Company has transitioned from a one-segment to a two-segment structure based on investment type. The Chief Operating Decision Maker, which is comprised of several members of the Company’s executive management team, evaluates the performance of the Company’s operations and allocates financial and other resources by assessing the financial results of and future performance outlook for the Company’s two reportable segments: multifamily apartment communities (“Multifamily”) and single-family residential homes (“Single-family”). The Chief Operating Decision Maker’s primary financial measure for the Company’s operating performance is net operating income (“NOI”). NOI is a non-GAAP measure that the Company defines as total property revenues less total property operating expenses, excluding depreciation and amortization and interest. The Chief Operating Decision Maker evaluates the Company’s operating performance using NOI as it measures the core operations of property performance by excluding corporate level expenses and those other items not related to property operating performance. The following table summarizes NOI by the Company’s reportable segments for the years ended December 31, 2021, 2020 and 2019, and reconciles NOI to net income (loss) attributable to common stockholders on the Company’s consolidated statements of operations. Prior year amounts have been reclassified to conform to the current period segment presentation (amounts in thousands): Year Ended December 31, 2021 2020 2019 Rental and other property revenues Multifamily $ 194,414 $ 193,963 $ 185,294 Single-family 9,275 2,559 82 Total rental and other property revenues 203,689 196,522 185,376 Property operating expenses Multifamily 72,775 75,411 74,414 Single-family 3,227 890 35 Total property operating expenses 76,002 76,301 74,449 Net operating income Multifamily 121,639 118,552 110,880 Single-family 6,048 1,669 47 Total net operating income 127,687 120,221 110,927 Reconciling items: Interest income from loan and ground lease investments 16,962 23,326 24,595 Property management fees (5,390) (4,988) (4,899) General and administrative (27,787) (24,141) (22,553) Acquisition and pursuit costs (448) (4,152) (556) Weather-related losses, net (1,001) — (355) Depreciation and amortization (80,051) (79,452) (70,452) Other income 549 144 68 Preferred returns on unconsolidated real estate joint ventures 12,067 11,250 9,797 Provision for credit losses (384) (16,369) — Gain on sale of real estate investments 137,427 59,508 48,680 Gain on sale of non-depreciable real estate investments — — 679 Transaction costs (15,036) — — Loss on extinguishment of debt and debt modification costs (6,740) (14,630) (7,258) Interest expense, net (52,701) (55,994) (59,554) Net income (loss) 105,154 14,723 29,119 Preferred stock dividends (63,606) (58,463) (46,159) Preferred stock accretion (24,633) (16,851) (10,335) Net income (loss) attributable to noncontrolling interests Operating partnership units 2,250 (17,313) (6,779) Partially-owned properties 11,192 1,396 (845) Net income (loss) attributable to noncontrolling interests 13,442 (15,917) (7,624) Net income (loss) attributable to common stockholders $ 3,473 $ (44,674) $ (19,751) The following table summarizes the assets of the Company’s reportable segments for the years ended December 31, 2021 and 2020. Prior year amounts have been reclassified to conform to the current period segment presentation (amounts in thousands): December 31, 2021 December 31, 2020 Assets Net Operating Real Estate Investments Multifamily $ 1,729,214 $ 2,031,899 Single-family 318,084 29,065 Total Net Operating Real Estate Investments 2,047,298 2,060,964 Multifamily operating real estate held for sale, net — 36,213 Total Net Real Estate Investments 2,047,298 2,097,177 Reconciling items: Cash and cash equivalents 166,492 83,868 Restricted cash 30,015 35,093 Notes and accrued interest receivable, net 173,489 157,734 Due from affiliates 711 339 Accounts receivable, prepaids and other assets, net 43,108 29,502 Preferred equity investments and investments in unconsolidated real estate joint ventures, net 135,690 83,485 In-place lease intangible assets, net 2,530 2,594 Non-real estate assets associated with multifamily operating real estate held for sale — 145 Total Consolidated Assets $ 2,599,333 $ 2,489,937 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events | |
Subsequent Events | Note 16 — Subsequent Events Issuance of LTIP Units under the Fourth Amended 2014 Incentive Plans On January 1, 2022, the Company granted an aggregate of 134,131 time-based LTIP Units and an aggregate of 268,265 performance-based LTIP Units to various executive officers under the Fourth Amended 2014 Incentive Plans pursuant to the executive officers’ employment or service agreements. The time-based LTIP Units vest over approximately 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, 2022, the Company granted 3,546 LTIP Units pursuant to the Fourth Amended 2014 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. Declaration of Dividends Payable to stockholders Declaration Date of record as of Amount Paid / Payable Date Series B Preferred Stock January 14, 2022 January 25, 2022 $ 5.00 February 4, 2022 January 14, 2022 February 25, 2022 $ 5.00 March 4, 2022 January 14, 2022 March 25, 2022 $ 5.00 April 5, 2022 Series T Preferred Stock January 14, 2022 January 25, 2022 $ 0.128125 February 4, 2022 January 14, 2022 February 25, 2022 $ 0.128125 March 4, 2022 January 14, 2022 March 25, 2022 $ 0.128125 April 5, 2022 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 December 31, 2021 (amounts in thousands): Declaration Distributions Total Shares Date Record Date Date Paid per Share Distribution Class A Common Stock December 10, 2021 December 23, 2021 January 5, 2022 $ 0.1625000 $ 4,363 Class C Common Stock December 10, 2021 December 23, 2021 January 5, 2022 0.1625000 12 Series B Preferred Stock October 11, 2021 December 23, 2021 January 5, 2022 5.0000000 1,796 Series C Preferred Stock December 10, 2021 December 23, 2021 January 5, 2022 0.4765625 1,094 Series D Preferred Stock December 10, 2021 December 23, 2021 January 5, 2022 0.4453125 1,235 Series T Preferred Stock October 11, 2021 December 23, 2021 January 5, 2022 0.1281250 3,619 OP Units December 10, 2021 December 23, 2021 January 5, 2022 0.1625000 1,027 LTIP Units December 10, 2021 December 23, 2021 January 5, 2022 0.1625000 646 Series B Preferred Stock January 14, 2022 January 25, 2022 February 4, 2022 5.0000000 1,795 Series B Preferred Stock January 14, 2022 February 25, 2022 March 4, 2022 5.0000000 1,794 Series T Preferred Stock January 14, 2022 January 25, 2022 February 4, 2022 0.1281250 3,621 Series T Preferred Stock January 14, 2022 February 25, 2022 March 4, 2022 0.1281250 3,620 Total $ 24,622 Stock Activity Subsequent to December 31, 2021 and as of February 28, 2022, the Company has issued 1,266,444 shares of Class A common stock upon the exercise of 106,502 Warrants and there are 29,242,107 shares of Class A common stock outstanding and 138,583 Warrants outstanding. Refer to Note 13 for further information. Sale of Alexan CityCentre Interests On January 20, 2022, Alexan CityCentre, the underlying asset of an unconsolidated joint venture located in Houston, Texas, was sold. Upon the sale, the Company’s preferred equity investment was redeemed by the joint venture for $18.7 million, which included its original preferred investment of $18.2 million and accrued preferred return of $0.5 million. Weatherford Loan Financing On February 15, 2022, the Company provided a $9.6 million mezzanine loan (the “Weatherford Mezz Loan”) to an unaffiliated third party for land to be used in the development of 185-build for rent, single-family residential homes in Weatherford, Texas. The Weatherford Mezz Loan matures on May 16, 2022 and contains three (3) thirty Sale of Reunion Apartments On February 25, 2022, Reunion Apartments, a property located in Orlando, Florida, was sold. Upon the sale, the mezzanine loan provided by the Company was paid off for $12.5 million, which included principal repayment of $10.0 million, accrued interest of $1.5 million and an incremental payment of $1.0 million to achieve the minimum interest per the terms of the loan agreement. Sale of The Hartley at Blue Hill On February 28, 2022, The Hartley at Blue Hill, a property located in Chapel Hill, North Carolina, was sold. The mezzanine loan provided by the Company was paid off for $34.4 million, which included principal repayment of $31.0 million and accrued interest of $3.4 million. The $5.0 million senior loan provided by the Company, which is secured by a parcel of land adjacent to The Hartley at Blue Hill property, remains outstanding. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2021 | |
Schedule III - Real Estate and Accumulated Depreciation | |
Schedule III - Real Estate and Accumulated Depreciation | Bluerock Residential Growth REIT, Inc. Schedule III - Real Estate and Accumulated Depreciation December 31, 2021 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H Life on Which Costs Depreciation in Initial Cost Capitalized Gross Amount at Which Carried at Close of Period Latest Income Building and Subsequent Building and Accumulated Date of Statement is Property Location Encumbrance Land Improvements to Acquisition Land Improvements Total Depreciation Acquisition Computed Real Estate Held for Investment Gulfshore Apartment Homes FL 46,345 10,000 36,047 6,178 10,000 42,225 52,225 9,995 2016 3 - 40 Years The Preserve at Henderson Beach FL 48,490 4,100 50,117 3,275 4,100 53,392 57,492 10,475 2016 3 - 40 Years ARIUM Westside GA 51,841 8,657 63,402 4,653 8,657 68,055 76,712 11,847 2016 3 - 40 Years ARIUM Glenridge GA 49,170 14,513 52,324 10,855 14,513 63,179 77,692 12,858 2016 3 - 40 Years Pine Lakes Preserve FL 42,728 5,760 31,854 3,552 5,760 35,406 41,166 8,887 2016 3 - 40 Years The Brodie TX 32,876 5,400 42,497 3,240 5,400 45,737 51,137 9,871 2016 3 - 40 Years Roswell City Walk GA 49,050 8,423 66,249 903 8,423 67,152 75,575 11,704 2016 3 - 40 Years Wesley Village NC 38,730 5,600 50,062 2,588 5,600 52,650 58,250 7,927 2017 3 - 40 Years Villages at Cypress Creek TX 33,520 4,650 35,990 3,306 4,650 39,296 43,946 6,528 2017 3 - 40 Years Citrus Tower FL 39,896 5,208 49,388 2,667 5,208 52,055 57,263 8,739 2017 3 - 40 Years Outlook at Greystone AL 21,930 3,950 31,664 4,930 3,950 36,594 40,544 6,521 2017 3 - 40 Years Burano Hunter's Creek FL 69,502 9,600 86,202 6,253 9,600 92,455 102,055 14,397 2017 3 - 40 Years The Debra Metrowest FL 63,982 10,200 74,768 6,335 10,200 81,103 91,303 12,879 2017 3 - 40 Years The Mills SC 24,731 3,300 36,969 1,268 3,300 38,237 41,537 5,465 2017 3 - 40 Years The Links at Plum Creek CO 38,916 2,960 57,803 4,457 2,960 62,260 65,220 9,386 2018 3 - 40 Years Sands Parc FL — (1) 3,170 42,443 639 3,170 43,082 46,252 5,398 2018 3 - 40 Years Veranda at Centerfield TX 25,962 5,120 35,506 2,843 5,120 38,349 43,469 5,453 2018 3 - 40 Years Ashford Belmar CO 100,675 18,400 124,149 6,198 18,400 130,347 148,747 16,336 2018 3 - 40 Years Element NV 29,260 8,056 33,346 1,255 8,056 34,601 42,657 3,605 2019 3 - 40 Years Providence Trail TN 47,587 5,362 62,620 1,883 5,362 64,503 69,865 5,651 2019 3 - 40 Years Denim AZ 101,205 43,182 96,361 5,020 43,182 101,381 144,563 9,922 2019 3 - 40 Years The Sanctuary NV 33,707 5,406 45,805 2,247 5,406 48,052 53,458 5,062 2019 3 - 40 Years Chattahoochee Ridge GA 45,338 9,660 59,457 2,629 9,660 62,086 71,746 4,383 2019 3 - 40 Years Navigator Villas WA 20,361 2,026 27,206 869 2,027 28,074 30,101 2,079 2019 3 - 40 Years Avenue 25 AZ 36,566 5,527 50,679 1,441 5,527 52,120 57,647 3,443 2020 3 - 40 Years Falls at Forsyth GA 51,331 7,067 74,445 641 7,070 75,083 82,153 4,315 2020 3 - 40 Years Chevy Chase TX 24,400 5,453 28,843 857 5,453 29,700 35,153 1,646 2020 3 - 40 Years Elan TX 25,508 4,185 36,612 469 4,187 37,079 41,266 1,398 2020 3 - 40 Years Carrington at Perimeter Park NC 31,244 5,041 48,798 537 5,041 49,335 54,376 1,727 2020 3 - 40 Years Cielo on Gilbert AZ 58,000 7,292 66,219 1,305 7,292 67,524 74,816 2,717 2020 3 - 40 Years Yauger Park Villas WA 14,921 1,322 24,575 211 1,322 24,786 26,108 683 2021 3 - 40 Years Wayford at Concord NC — 2,933 40,920 54 2,933 40,974 43,907 784 2021 3 - 40 Years Windsor Falls NC 27,442 10,161 39,806 121 10,161 39,927 50,088 625 2021 3 - 40 Years Indy IN — 593 3,210 11 594 3,220 3,814 36 2021 3 - 40 Years Springfield MO — 7,711 41,435 33 7,715 41,464 49,179 461 2021 3 - 40 Years Springtown TX — 1,459 7,919 14 1,461 7,931 9,392 66 2021 3 - 40 Years Texarkana TX — 438 2,681 8 439 2,688 3,127 22 2021 3 - 40 Years Lubbock TX — 719 4,892 26 721 4,916 5,637 41 2021 3 - 40 Years Granbury TX — 751 7,497 7 751 7,504 8,255 62 2021 3 - 40 Years Axelrod TX — 1,115 3,078 10 1,115 3,088 4,203 26 2021 3 - 40 Years ILE TX / SE US 26,825 11,276 46,997 855 11,277 47,851 59,128 113 2021 3 - 40 Years Springtown 2.0 TX — 106 2,891 — 106 2,891 2,997 16 2021 3 - 40 Years Lubbock 2.0 TX — 718 8,550 — 718 8,550 9,268 47 2021 3 - 40 Years Lynnwood TX — 281 2,192 — 281 2,192 2,473 6 2021 3 - 40 Years Golden Pacific KS / MO — 251 1,122 19 251 1,141 1,392 1 2021 3 - 40 Years Lynnwood 2.0 TX — 266 2,244 — 266 2,244 2,510 6 2021 3 - 40 Years Lubbock 3.0 TX — 245 4,382 — 245 4,382 4,627 12 2021 3 - 40 Years Texas Portfolio 183 TX — 4,138 23,764 — 4,138 23,764 27,902 — 2021 3 - 40 Years DFW 189 TX — 5,638 22,415 — 5,638 22,415 28,053 — 2021 3 - 40 Years Subtotal 1,352,039 287,389 1,888,395 94,662 287,406 1,983,040 2,270,446 223,621 Non-Real Estate assets REIT Operator MI — — 185 790 — 975 975 502 2017 5 Years Fannie Facility MI 13,936 — — — — — — — 2020 7 Years Subtotal 13,936 — 185 790 — 975 975 502 Total $ 1,365,975 $ 287,389 $ 1,888,580 $ 95,452 $ 287,406 $ 1,984,015 $ 2,271,421 $ 224,123 (1) Sands Parc was funded, in part, by a secured credit facility. As of December 31, 2021, there was no outstanding balance on the credit facility. Bluerock Residential Growth REIT, Inc. Notes to Schedule III 1. Reconciliation of Real Estate Properties The following table reconciles the Real Estate Properties from January 1, 2019 to December 31, 2021. 2021 2020 (1) 2019 Balance at January 1 $ 2,291,934 $ 2,088,886 $ 1,802,668 Construction and acquisition cost 372,179 358,288 580,208 Disposition of real estate (392,692) (155,240) (293,990) Balance at December 31 $ 2,271,421 $ 2,291,934 $ 2,088,886 2. Reconciliation of Accumulated Depreciation The following table reconciles the Real Estate Properties from January 1, 2019 to December 31, 2021. 2021 2020 (1) 2019 Balance at January 1 $ 194,757 $ 141,566 $ 108,911 Current year depreciation expense 74,151 72,826 63,709 Disposition of real estate (44,785) (19,635) (31,054) Balance at December 31 $ 224,123 $ 194,757 $ 141,566 (1) Includes properties classified as held for sale as of December 31, 2020. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 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 of the property interests acquired and investments made on the Company’s behalf. As of December 31, 2021, limited partners other than the Company owned approximately 29.61% of the common units of the Operating Partnership (16.24% is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 13.37% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”), including 5.35% which are not vested at December 31, 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 loan investments for consolidation in accordance with the provisions required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810: Consolidation. |
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 ongoing pandemic of the novel coronavirus and variants thereof (“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 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 December 31, 2021, the Company collected 97% of rents from its properties for the three months ended December 31, 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 year ended December 31, 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 95.9% as of December 31, 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. |
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures The Company first analyzes an investment to determine if it is a variable interest entity (“VIE”) in accordance with Topic ASC 810 and, if so, whether the Company is the primary beneficiary requiring consolidation. A VIE is an entity that has (i) insufficient equity to permit it to finance its activities without additional subordinated financial support or (ii) equity holders that lack the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary, which is the entity that has both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the entity that potentially could be significant to the entity. Variable interests in a VIE are contractual, ownership, or other financial interests in a VIE that change in value with changes in the fair value of the VIE’s net assets. The Company continuously re-assesses at each level of the investment whether the entity is (i) a VIE, and (ii) if the Company is the primary beneficiary of the VIE. If it was determined that an entity in which the Company holds an interest qualified as a VIE and the Company was the primary beneficiary, the entity would be consolidated. If, after consideration of the VIE accounting literature, the Company has determined that an entity is not a VIE, the Company assesses the need for consolidation under all other provisions of ASC 810. These provisions provide for consolidation of majority-owned entities through a majority voting interest held by the Company providing control. In assessing whether the Company is in control of and requiring consolidation of the limited liability company and partnership venture structures, the Company evaluates the respective rights and privileges afforded each member or partner (collectively referred to as “member”). The Company’s member would not be deemed to control the entity if any of the other members have either (i) substantive kickout rights providing the ability to dissolve (liquidate) the entity or otherwise remove the managing member or general partner without cause or (ii) has substantive participating rights in the entity. Substantive participating rights (whether granted by contract or law) provide for the ability to effectively participate in significant decisions of the entity that would be expected to be made in the ordinary course of business. If it has been determined that the Company does not have control but does have the ability to exercise significant influence over the entity, the Company accounts for these investments as preferred equity investments and investments in unconsolidated real estate joint ventures in its consolidated balance sheets. In accordance with ASC 320 Investments – Debt Securities |
Mezzanine Loan Investments | Mezzanine Loan Investments The Company analyzes each loan arrangement that involves real estate development to consider whether the loan qualifies for accounting as a loan or as an investment in a real estate development project. The Company has evaluated its real estate loans, where appropriate, for accounting treatment as loans versus real estate development projects, as required by ASC 310-10 Receivables |
Fair Value of Financial Instruments | Fair Value of Financial Instruments As of December 31, 2021 and 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. Refer to Note 10 for further information regarding fair value measurements. |
Real Estate Assets | Real Estate Assets Capital Additions, Depreciation and Amortization The Company capitalizes costs, including certain indirect costs, incurred in connection with its capital additions activities, including redevelopment, development and construction projects, other tangible apartment community improvements, and replacements of existing apartment community components. Included in these capitalized costs are payroll costs associated with time spent by employees in connection with capital additions activities at the apartment community level. The Company characterizes as “indirect costs” an allocation of certain department costs, including payroll, at the corporate levels that clearly relate to capital additions activities. The Company also capitalizes interest, property taxes and insurance during periods in which redevelopment, development and construction projects are in progress. Cost capitalization begins once the development or construction activity commences and ceases when the asset is ready for its intended use. Repair and maintenance and tenant turnover costs are expensed as incurred. Repair and maintenance and tenant turnover costs include all costs that do not extend the useful life of the real estate asset. Depreciation and amortization expense are computed on the straight-line method over the asset’s estimated useful life. The Company considers the period of future benefit of an asset to determine its appropriate useful life and anticipates the estimated useful lives of assets by class to be generally as follows: Buildings 30 – 40 years Building improvements 5 – 15 years Land improvements 5 – 15 years Furniture, fixtures and equipment 3 – 7 years In-place leases 6 months |
Real Estate Purchase Price Allocations | Real Estate Purchase Price Allocations Upon the acquisition of real estate properties which do not constitute the definition of a business, the Company recognizes the assets acquired, the liabilities assumed, and any noncontrolling interest as of the acquisition date, measured at their relative fair values. Acquisition-related costs are capitalized in the period incurred and are recorded to the components of the real estate assets acquired. In determining fair values for multifamily apartment community acquisitions, the Company assesses the acquisition-date fair values of all tangible assets, identifiable intangible assets and assumed liabilities using methods like those used by independent appraisers (e.g., discounted cash flow analysis) and which utilize appropriate discount and/or capitalization rates and available market information. In determining fair values for single-family residential home acquisitions, the Company utilizes information obtained from county tax assessment records to assist in the determination of the fair value of land and building. Estimates of future cash flows are based on several factors including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it was vacant. Intangible assets include the value of in-place leases, which represents the estimated fair value of the net cash flows of leases in place at the time of acquisition, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. The Company amortizes the value of in-place leases to expense over the remaining non-cancelable term of the respective leases, which is on average six months. Estimates of the fair values of the tangible assets, identifiable intangibles and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, prevailing interest rates and the number of years the property will be held for investment. The use of inappropriate assumptions could result in an incorrect valuation of acquired tangible assets, identifiable intangible assets and assumed liabilities, which could impact the amount of the Company’s net income (loss). Differences in the amount attributed to the fair value estimate of the various assets acquired can be significant based upon the assumptions made in calculating these estimates. |
Impairment of Real Estate Assets | Impairment of Real Estate Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of the Company’s real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets may not be recoverable, the Company assesses the recoverability of the assets by estimating whether the Company will recover the carrying value of the asset through its undiscounted future cash flows and its eventual disposition. Based on this analysis, if the Company does not believe that it will be able to recover the carrying value of the real estate and related intangible assets and liabilities, the Company will record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the real estate and related intangible assets. No impairment charges were recorded in 2021, 2020 or 2019. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value. |
Restricted Cash | Restricted Cash Restricted cash is comprised of the following: (i) lender-imposed escrow accounts for replacement reserves, real estate taxes and insurance, and (ii) amounts set aside for reinvestment in accordance with Internal Revenue Service Code Section 1031 related to like-kind exchanges. |
Concentration of Credit Risk | Concentration of Credit Risk The Company maintains cash balances with high quality financial institutions and periodically evaluates the creditworthiness of such institutions and believes that the Company is not exposed to significant credit risk. Cash balances may be in excess of the amounts insured by the Federal Deposit Insurance Corporation. |
Rents and Other Receivables | Rents and Other Receivables The Company will periodically evaluate the collectability of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under lease agreements. The Company exercises judgment in establishing these allowances and considers payment history and current credit status of tenants in developing these estimates. |
Deferred Financing Fees | Deferred Financing Fees Deferred financing fees represent commitment fees, legal fees and other third-party costs associated with obtaining financing. Deferred financing fees paid by the Company on behalf of its consolidated joint ventures are capitalized and reflected as a reduction of mortgages payable, and fees associated with the Company’s lines of credit are recorded within accounts receivable, prepaids and other assets on the consolidated balances sheets. Deferred financing fees paid by the Company on behalf of its consolidated joint ventures and fees associated with its lines of credit are amortized to interest expense over the terms of the financing agreements using the straight-line method, which approximates the effective interest method. |
Noncontrolling Interests | Noncontrolling Interests Noncontrolling interests are comprised of the Company’s joint venture partners’ interests in consolidated joint ventures, as well as interests held by LTIP Unit holders and OP Unit holders. The Company reports its joint venture partners’ interest in its consolidated real estate joint ventures and other subsidiary interests held by third parties as noncontrolling interests. The Company records these noncontrolling interests at their initial fair value, adjusting the basis prospectively for their share of the respective consolidated investments’ net income or loss and equity contributions and distributions. These noncontrolling interests are not redeemable by the equity holders and are presented as part of permanent equity. Income and losses are allocated to the noncontrolling interest holder pursuant to each joint venture’s operating agreement. |
Revenue Recognition | Revenue Recognition The Company recognizes rental revenue on a straight-line basis over the terms of the rental agreements and in accordance with ASC Topic 842 Leases Other property revenues are recognized in the period earned. The Company recognizes a gain or loss on the sale of real estate assets when the criteria for an asset to be derecognized are met, which include when (i) a contract exists and (ii) the buyer obtains control. |
Stock-Based Compensation | Stock-Based Compensation The Company expenses the fair value of share awards in accordance with the fair value recognition requirements of ASC Topic 718 “Compensation-Stock Compensation.” ASC Topic 718 requires companies to measure the cost of the recipient services received in exchange for an award of an equity instrument based on the grant-date fair value of the award. The cost of the share award is expensed over the requisite service period (usually the vesting period). |
Distribution Policy | Distribution Policy The Company expects to authorize and declare regular cash distributions to its stockholders in order to maintain its REIT status. Distributions to stockholders will be determined by the Company’s board of directors (the “Board”), subject to operating restrictions included in the Merger Agreement, and will be dependent upon a number of factors, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain the Company’s status as a REIT, and other considerations as the Board may deem relevant. Distributions are recorded as a reduction of stockholders’ equity in the period in which they are declared. |
Selling Commissions and Dealer Manager Fees | Selling Commissions and Dealer Manager Fees In conjunction with the offering of the Series T Preferred Stock and the previous offering of the Series B Preferred Stock, the Company engaged a related party as dealer manager and pays selling commissions and dealer manager fees of 7% and 3%, respectively, of the gross offering proceeds from the offering. 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. Offering costs related to each closing are recorded as a reduction of proceeds raised on the date of issue. |
Income Taxes | Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, and has qualified since the taxable year ended December 31, 2010. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the Internal Revenue Service grants it relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income (loss) and net cash available for distribution to stockholders. However, the Company intends to continue to organize and operate in such a manner as to remain qualified for treatment as a REIT. For the year ended December 31, 2021, 21.64% of the distributions received by both the common and preferred stockholders were classified as ordinary income for income tax purposes, none were return of capital, and 78.36% were capital gains, with 28.53% of the capital gains qualifying as Section 1250 gains. For the year ended December 31, 2020, 100% of the distributions received by the common stockholders were classified as return of capital for income tax purposes and none were ordinary income. In addition, for the year ended December 31, 2020, none of the distributions received by the preferred stockholders were classified as ordinary income for income tax purposes, 51.53% were return of capital, and 48.47% were capital gains, with 18.45% of the capital gains qualifying as Section 1250 gains. For the year ended December 31, 2019, 100% of the distributions received by the common stockholders were classified as return of capital for income tax purposes and none were ordinary income. In addition, for the year ended December 31, 2019, approximately 1.33% of the distributions received by the preferred stockholders were classified as ordinary income for income tax purposes, 93.15% were return of capital, and 5.52% were capital gains, with 87.49% of the capital gains qualifying as Section 1250 gains. ASC Topic 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. It requires a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken, or expected to be taken, in an income tax return. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Management has considered all positions taken on the 2014 through 2020 tax returns (where applicable), and those positions expected to be taken on the 2021 tax returns, and concluded that tax positions taken will more likely than not be sustained at the full amount upon examination. Accordingly, the Company has concluded that there are no significant uncertain tax positions requiring recognition in its consolidated financial statements. The Company expects no significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2021. If any income tax exposure was identified, the Company would recognize an estimated liability for income tax items that meet the criteria for accrual. Neither the Company nor its subsidiaries have been assessed interest or penalties by any major tax jurisdictions. If any interest and penalties related to income tax assessments arose, the Company would record them as income tax expense. As of December 31, 2021, tax returns for the calendar years 2018 and subsequent remain subject to examination by the Internal Revenue Service and various state tax jurisdictions. |
Reportable Segment | Reportable Segment The Company owns and operates residential investments that generate rental and other property-related income through the leasing of units to a diverse base of tenants. In prior years, the Company had one reportable segment as its investments were primarily in multifamily apartment communities. During 2021, the Company began increasing its investments in single-family residential homes, and as such, the Company has transitioned from a one-segment to a two-segment structure based on investment type. The Company evaluates operating performance on an individual property investment level and based on the investments’ similar economic characteristics. The Company’s primary financial measure for operating performance is net operating income (“NOI”) as it measures the core operations of property performance by excluding corporate level expenses and those other items not related to property operating performance. The Company views its residential investments as two operating segments, and, accordingly, aggregates its properties into two reportable segments: multifamily apartment communities and single-family residential homes. Refer to Note 15 for further information. |
Lessor Accounting | Lessor Accounting The Company’s current portfolio is focused predominately on multifamily apartment communities and single-family residential homes whereby the Company generates rental revenue by leasing units to residents. As lease revenues for apartments and homes fall under the scope of ASC Topic 842, such lease revenues are classified as operating leases with straight-line recognition over the terms of the relevant lease agreement and inclusion within rental revenue. Resident leases are generally for one-year or month-to-month terms and are renewable by mutual agreement between the Company and the resident. Non-lease components of the Company’s apartment and home leases are combined with the related lease component and accounted for as a single lease component under ASC Topic 842. The balances of net real estate investments and related depreciation on the Company’s consolidated financial statements relate to assets for which the Company is the lessor. |
Lessee Accounting | Lessee Accounting The Company determines if an arrangement is a lease at inception. The Company is currently engaged in operating lease agreements that primarily relate to certain equipment leases. The Company determined that the lessee operating lease commitments have no material impact on its consolidated financial statements with the adoption of ASC Topic 842. The Company will continue to assess any modification of existing lease agreements and execution of any new lease agreements for the potential requirement of recording a right-of-use-asset or liability in the future. |
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. Other than the adoption of new accounting pronouncements as described below, there have been no significant changes to the Company’s accounting policies since it filed its audited consolidated financial statements in its Annual Report on Form 10-K for the year ended December 31, 2020. |
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 are effective immediately and may be elected over time as reference rate reform activities occur through December 31, 2022. The Company will continue to evaluate the impact of the guidance and may apply elections as applicable as changes in the market occur. Current Expected Credit Losses (“CECL”) The Company estimates provision for credit losses on its mezzanine loan and preferred equity investments under CECL. This method is based on expected credit losses for the life of the investment as of each balance sheet date. The method for calculating the estimate of expected credit loss takes into account historical experience and current conditions for similar loans and reasonable and supportable forecasts about the future. The Company estimates its provision for credit losses using a collective (pool) approach for investments with similar risk characteristics, such as collateral and duration of investment. In measuring the CECL provision for investments that share similar characteristics, the Company applies a default rate to the investments for the remaining mezzanine loan or preferred equity investment hold period. As the Company does not have a significant historical population of loss data on its mezzanine loan and preferred equity investments, the Company’s default rate utilized for CECL is based on an external historical loss rate for commercial real estate loans. In addition to analyzing investments as a pool, the Company performs an individual investment assessment of expected credit losses. If it is determined that the borrower is experiencing financial difficulty, or a foreclosure is probable, or the Company expects repayment through the sale of the collateral, the Company calculates expected credit losses based on the value of the underlying collateral as of the reporting date. During this review process, if the Company determines that it is probable that it will not be able to collect all amounts due for both principal and interest according to the contractual terms of an investment, that mezzanine loan or preferred equity investment is not considered fully recoverable and a provision for credit loss is recorded. In estimating the value of the underlying collateral when determining if a mezzanine loan or preferred equity investment is fully recoverable, the Company evaluates estimated future cash flows to be generated from the collateral underlying the investment. The inputs and assumptions utilized to estimate the future cash flows of the underlying collateral are based upon the Company’s evaluation of the operating results, economy, market trends, and other factors, including judgments regarding costs to complete any construction activities, lease up and occupancy rates, rental rates, and capitalization rates utilized to estimate the projected cash flows at the disposition. The Company may also obtain a third-party valuation which may value the collateral through an "as-is" or "stabilized value" methodology. If upon completion of the valuation the fair value of the underlying collateral securing the investment is less than the net carrying value, the Company records a provision for credit loss on that mezzanine loan or preferred equity investment. As the investment no longer displays the characteristics that are similar to those of the pool of mezzanine loans or preferred equity investments, the investment is removed from the CECL collective (pool) analysis described above. Refer to Note 6 and Note 7 for further information regarding CECL and the Company’s provision for credit losses on its pool of investments. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Basis of Presentation and Summary of Significant Accounting Policies | |
Schedule of estimated useful life of assets | Buildings 30 – 40 years Building improvements 5 – 15 years Land improvements 5 – 15 years Furniture, fixtures and equipment 3 – 7 years In-place leases 6 months |
Investments in Real Estate (Tab
Investments in Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments in Real Estate | |
Schedule Of Equity Method Investments And Consolidation Accounting Investments | As of December 31, 2021, the Company held seventy-eight real estate investments, consisting of forty-nine consolidated operating investments and twenty-nine investments held through preferred equity, loan or ground lease investments. The following tables provide summary information regarding the Company’s consolidated operating investments and preferred equity, loan and ground lease investments. Consolidated Operating Investments Number of Date Built / Ownership Name Location Units Renovated (1) Interest Multifamily 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 % Outlook at Greystone Birmingham, AL 300 2007 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 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 % Wesley Village Charlotte, NC 301 2010 100 % Windsor Falls Raleigh, NC 276 1994 100 % Total Multifamily Units 10,626 Number of Average Single-Family Residential (2) Market Units Year Built Golden Pacific KS / MO 7 1977 97 % ILE TX / SE US 279 1990 95 % Navigator Villas Pasco, WA 176 2013 90 % Peak Axelrod Garland, TX 22 1959 80 % DFW 189 Dallas-Fort Worth, TX 189 1962 56 % Granbury Granbury, TX 36 2020-2021 80 % Indy Indianapolis, IN 44 1958 60 % Lubbock Lubbock, TX 60 1955 80 % Lubbock 2.0 Lubbock, TX 75 1972 80 % Lubbock 3.0 Lubbock, TX 45 1945 80 % Lynnwood Lubbock, TX 20 2005 80 % Lynnwood 2.0 Lubbock, TX 20 2003 80 % Springfield Springfield, MO 290 2004 60 % Springtown Springtown, TX 70 1991 80 % Springtown 2.0 Springtown, TX 14 2018 80 % Texarkana Texarkana, TX 29 1967 80 % Texas Portfolio 183 Various / TX 183 1975 80 % Wayford at Concord Concord, NC 150 2019 83 % Yauger Park Villas Olympia, WA 80 2010 95 % Total Single-Family Residential Units 1,789 Total Units 12,415 (1) Represents date of last significant renovation or year built if there were no renovations. (2) Single-Family Residential includes single-family residential homes and attached townhomes/flats. |
Schedule Of Development Properties In Real Estate | Note 4 — Investments in Real Estate As of December 31, 2021, the Company held seventy-eight real estate investments, consisting of forty-nine consolidated operating investments and twenty-nine investments held through preferred equity, loan or ground lease investments. The following tables provide summary information regarding the Company’s consolidated operating investments and preferred equity, loan and ground lease investments. Consolidated Operating Investments Number of Date Built / Ownership Name Location Units Renovated (1) Interest Multifamily 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 % Outlook at Greystone Birmingham, AL 300 2007 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 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 % Wesley Village Charlotte, NC 301 2010 100 % Windsor Falls Raleigh, NC 276 1994 100 % Total Multifamily Units 10,626 Number of Average Single-Family Residential (2) Market Units Year Built Golden Pacific KS / MO 7 1977 97 % ILE TX / SE US 279 1990 95 % Navigator Villas Pasco, WA 176 2013 90 % Peak Axelrod Garland, TX 22 1959 80 % DFW 189 Dallas-Fort Worth, TX 189 1962 56 % Granbury Granbury, TX 36 2020-2021 80 % Indy Indianapolis, IN 44 1958 60 % Lubbock Lubbock, TX 60 1955 80 % Lubbock 2.0 Lubbock, TX 75 1972 80 % Lubbock 3.0 Lubbock, TX 45 1945 80 % Lynnwood Lubbock, TX 20 2005 80 % Lynnwood 2.0 Lubbock, TX 20 2003 80 % Springfield Springfield, MO 290 2004 60 % Springtown Springtown, TX 70 1991 80 % Springtown 2.0 Springtown, TX 14 2018 80 % Texarkana Texarkana, TX 29 1967 80 % Texas Portfolio 183 Various / TX 183 1975 80 % Wayford at Concord Concord, NC 150 2019 83 % Yauger Park Villas Olympia, WA 80 2010 95 % Total Single-Family Residential Units 1,789 Total Units 12,415 (1) Represents date of last significant renovation or year built if there were no renovations. (2) Single-Family Residential includes single-family residential homes and attached townhomes/flats. Depreciation expense was $74.2 million, $72.9 million and $63.7 million for the years ended December 31, 2021, 2020 and 2019, respectively. Intangibles related to the Company’s consolidated investments in real estate consist of the value of in-place leases. In-place leases are amortized over the remaining term of the in-place leases, which is approximately six months. Amortization expense related to the in-place leases was $5.5 million, $6.6 million and $6.8 million for the years ended December 31, 2021, 2020 and 2019, respectively. The Company’s real estate assets are leased to tenants under operating leases for which the terms and expirations vary. The leases may have provisions to extend the lease agreements, options for early termination after paying a specified penalty and other terms and conditions as negotiated. The Company retains substantially all the risks and benefits of ownership of the consolidated real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires security deposits from tenants in the form of a cash deposit. Amounts required as a security deposit vary depending upon the terms of the respective leases and the creditworthiness of the tenant, but generally are not individually significant amounts. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of their security deposit. Security deposits received in cash related to tenant leases are included within other accrued liabilities in the accompanying consolidated balance sheets and totaled $4.3 million and $3.1 million as of December 31, 2021 and 2020, respectively, for the Company’s consolidated real estate investments. No individual tenant represents over 10% of the Company’s annualized base rent for the consolidated real estate investments. Preferred Equity, Loan and Ground Lease Investments Actual / Actual / Estimated Actual / Estimated Planned Initial Construction Lease-up Investment Name (1) Location / Market Number of Units Occupancy Completion Multifamily Zoey Austin, TX 307 4Q 2021 2Q 2022 Reunion Apartments Orlando, FL 280 3Q 2021 3Q 2022 Total Lease-up Units 587 Development Investment Name (1) Multifamily Avondale Hills Decatur, GA 240 1Q 2023 1Q 2023 The Hartley at Blue Hill, formerly The Park at Chapel Hill Chapel Hill, NC 414 1Q 2022 1Q 2023 Deerwood Apartments Houston, TX 330 4Q 2022 2Q 2023 Chandler Chandler, AZ 208 3Q 2023 4Q 2023 Orange City Apartments Orange City, FL 298 1Q 2023 4Q 2023 Lower Broadway San Antonio, TX 386 4Q 2023 2Q 2024 Total Multifamily Units 1,876 Single-Family Residential Willow Park Willow Park, TX 46 2Q 2022 4Q 2022 The Woods at Forest Hill Forest Hill, TX 76 1Q 2023 3Q 2023 The Cottages at Myrtle Beach Myrtle Beach, SC 294 1Q 2023 4Q 2023 The Cottages at Warner Robins Warner Robins, GA 251 3Q 2023 4Q 2023 The Cottages of Port St. Lucie Port St. Lucie, FL 286 1Q 2023 4Q 2023 Wayford at Innovation Park Charlotte, NC 210 3Q 2023 3Q 2024 Total Single-Family Units 1,163 Total Development Units 3,039 Operating Investment Name (1) Location / Market Number of Units Multifamily Alexan CityCentre Houston, TX 340 Deercross Indianapolis, IN 372 Domain at The One Forty Garland, TX 299 Georgetown Crossing (2) Savannah, GA 168 Hunter’s Pointe (2) Pensacola, FL 204 Motif Fort Lauderdale, FL 385 Park on the Square (2) Pensacola, FL 240 Renew 3030 Mesa, AZ 126 Spring Parc Dallas, TX 304 The Commons (2) Jacksonville, FL 328 The Crossings of Dawsonville Dawsonville, GA 216 The Reserve at Palmer Ranch (2) Sarasota, FL 320 The Riley Richardson, TX 262 Water’s Edge (2) Pensacola, FL 184 Total Multifamily Units 3,748 Single-Family Residential Peak Housing (3) IN / MO / TX 474 Total Single-Family Units 474 Total Operating Units 4,222 Total Units 7,848 (1) Investments in which the Company has a loan, preferred equity or ground lease investment. Operating investments represent stabilized operating investments. Refer to Note 6 and Note 7 for further information. (2) These six operating investments are collectively known as the Strategic Portfolio. Refer to Note 7 for further information. (3) Peak Housing consists of the Company’s preferred equity investments in a private single-family home REIT (refer to Note 7 for further information). Unit count excludes units presented in the consolidated operating investments table above. |
Acquisition of Real Estate (Tab
Acquisition of Real Estate (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2021 and 2020 (dollars in thousands): Ownership Purchase Mortgage/ Name Location / Market Date Interest Price Debt Multifamily Avenue 25 Phoenix, AZ January 23, 2020 100 % $ 55,600 $ 36,566 (1) Falls at Forsyth Cumming, GA March 6, 2020 100 % 82,500 — (2) Chevy Chase Austin, TX August 11, 2020 92 % 34,500 24,400 Carrington at Perimeter Park Morrisville, NC December 1, 2020 100 % 52,000 31,301 (3) Elan Austin, TX December 1, 2020 100 % 39,500 25,574 (4) Cielo on Gilbert Mesa, Arizona December 23, 2020 90 % 74,250 58,000 Windsor Falls Raleigh, NC June 17, 2021 100 % 48,775 27,442 (5) Single-Family Residential (6) Yauger Park Villas Olympia, WA April 14, 2021 95 % 24,500 15,077 (7) Wayford at Concord Concord, NC June 4, 2021 83 % 44,438 — (8) Indy Indianapolis, IN August 12, 2021 60 % 3,785 2,650 (9) Springfield Springfield, MO August 18, 2021 60 % 49,000 35,525 (9) Springtown Springtown, TX September 15, 2021 80 % 9,350 6,545 (9) Texarkana Texarkana, TX September 21, 2021 80 % 3,100 2,170 (9) Lubbock Lubbock, TX September 24, 2021 80 % 5,600 3,920 (9) Granbury Granbury, TX September 30, 2021 80 % 8,100 5,670 (9) ILE TX / SE US October 4, 2021 95 % 57,139 26,839 (10) Axelrod Garland, TX October 5, 2021 80 % 4,133 2,893 (9) Springtown 2.0 Springtown, TX October 26, 2021 80 % 2,985 2,090 (9) Lubbock 2.0 Lubbock, TX October 28, 2021 80 % 9,275 6,510 (9) Lynnwood Lubbock, TX November 16, 2021 80 % 2,448 1,714 (9) Golden Pacific KS / MO November 23, 2021 97 % 1,213 — (8) Lynnwood 2.0 Lubbock, TX December 1, 2021 80 % 2,490 1,743 (9) Lubbock 3.0 Lubbock, TX December 8, 2021 80 % 4,574 3,202 (9) Texas Portfolio 183 Various / TX December 22, 2021 80 % 28,290 19,803 (9) DFW 189 Dallas-Fort Worth December 29, 2021 56 % 27,670 19,950 (9) (1) Mortgage balance includes a $29.7 million loan assumption and a $6.9 million supplemental loan secured by the Avenue 25 property. (2) The Company funded $79.9 million of the purchase price with proceeds from its Amended Senior Credit Facility secured by the Falls at Forsyth property. Refer to Note 8 for further information about the Company’s Amended Senior Credit Facility. (3) Mortgage balance includes a $27.5 million loan assumption and a $3.8 million supplemental loan secured by the Carrington at Perimeter Park property. (4) Mortgage balance includes a $21.2 million loan assumption and a $4.4 million supplemental loan secured by the Elan property. (5) Mortgage balance represents a loan assumption secured by the Windsor Falls property. (6) Single-Family Residential includes single-family residential homes and attached townhomes/flats. (7) 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. (8) Purchase price was funded in full by the Company and its unaffiliated joint venture partner upon acquisition. (9) As part of the acquisition, the Company provided a mortgage or mezzanine loan to the consolidated portfolio owner in the full amount shown. The loan is eliminated in the Company’s consolidated financial statements. Refer to the Peak Housing Financing disclosure in Note 6 for further information. (10) The mortgage amount represents the aggregate debt held through five separate credit agreements. Refer to Note 9 for further information. |
Schedule of Real Estate Properties | The following table summarizes the assets acquired and liabilities assumed at the acquisition date for acquisitions made during the year ended December 31, 2021 (amounts in thousands): Purchase Price Allocation Land $ 50,203 Building 273,233 Building improvements 2,907 Land improvements 13,665 Furniture and fixtures 2,132 In-place leases 5,392 Total assets acquired $ 347,532 Mortgages assumed $ 66,785 Fair value adjustments 2,996 Total liabilities assumed $ 69,781 |
Notes and Interest Receivable (
Notes and Interest Receivable (Tables) | 12 Months Ended |
Dec. 31, 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 loan investments as of December 31, 2021 and 2020 (amounts in thousands): Property 2021 2020 Avondale Hills $ 12,874 $ 1,021 Domain at The One Forty 25,309 24,315 Motif 85,375 75,436 Reunion Apartments 11,382 8,161 The Hartley at Blue Hill, formerly The Park at Chapel Hill 38,942 36,927 Vickers Historic Roswell — 12,048 Total $ 173,882 $ 157,908 Provision for credit losses (393) (174) Total, net $ 173,489 $ 157,734 |
Summary of changes in provision for credit losses | 2021 2020 Beginning balance as of January 1 $ 174 $ — Provision for credit loss on pool of assets, net (1) 219 174 Ending balance $ 393 $ 174 (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 year ended December 31, 2021 was the result of an extension of loan maturity dates and an increase in the trailing twelve-month historical default rate, partially offset by the removal of one investment from the pool of assets. |
Summary of the interest income from related parties and ground leases | Following is a summary of the interest income from loan and ground lease investments for the years ended December 31, 2021 and 2020 (amounts in thousands): Property 2021 2020 Arlo (1) $ — $ 4,161 Avondale Hills 1,124 3 Corpus 219 — Domain at The One Forty 985 1,311 Jolin 84 — Motif (2) 7,162 9,549 Novel Perimeter (1) — 3,084 Reunion Apartments 1,207 176 The Hartley at Blue Hill 4,149 3,077 Vickers Historic Roswell (1) 903 1,733 Zoey (3) 1,129 232 Total $ 16,962 $ 23,326 (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 amount for the year ended December 31, 2021 is net of a ($3.0) 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 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 December 31, 2021 and 2020 are as follows: Property 2021 2020 Avondale Hills (1) (2) Domain at The One Forty 94.6 % 92.6 % Motif 91.2 % 62.1 % Reunion Apartments 66.4 % (2) The Hartley at Blue Hill (1) (2) (1) The development had not commenced lease-up as of December 31, 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) | 12 Months Ended |
Dec. 31, 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 December 31, 2021 and 2020 is summarized in the table below (amounts in thousands): Property 2021 2020 Alexan CityCentre $ 18,261 $ 15,063 Alexan Southside Place (1) — 26,038 Chandler 3,305 — Deercross 4,000 — Deerwood Apartments 9,245 — Lower Broadway 908 — Mira Vista (2) — 5,250 Peak Housing 20,319 — Renew 3030 7,060 — Spring Parc 8,000 — Strategic Portfolio (3) 28,212 27,054 The Conley (2) — 15,036 The Cottages at Myrtle Beach 9,034 — The Cottages of Port St. Lucie 7,260 — The Crossings of Dawsonville 10,450 — The Riley 6,961 — The Woods at Forest Hill 442 — Thornton Flats (2) — 4,600 Wayford at Concord (4) — 6,500 Willow Park 2,540 — Other 64 97 Total $ 136,061 $ 99,638 Provision for credit losses (371) (16,153) Total, net $ 135,690 $ 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) The Company’s preferred equity investment was redeemed in 2021. Refer to Note 3 for further information. (3) Georgetown Crossing, Hunter’s Pointe, Park on the Square, The Commons, The Reserve at Palmer Ranch and Water’s Edge are collectively known as the Strategic Portfolio. (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. 2021 2020 Beginning balance as of January 1 $ 16,153 $ — Provision for credit loss on pool of assets (1) 148 223 Provision for credit loss – Alexan Southside Place (2) (15,930) 15,930 Ending balance $ 371 $ 16,153 (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 year ended December 31, 2021 was primarily the result of the removal of eight investments from the pool of assets, partially offset by an increase in the trailing twelve-month historical default rate. (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 years ended December 31, 2021, 2020 and 2019 is summarized below (amounts in thousands): Property 2021 2020 2019 Alexan CityCentre $ 2,952 $ 2,502 $ 2,108 Alexan Southside Place — 1,281 1,583 Chandler 91 — — Deercross 221 — — Deerwood Apartments 174 — — Helios (1) — (133) 1,343 Leigh House — 2 1,155 Lower Broadway 3 — — Mira Vista 391 539 155 Peak Housing 1,030 — — Renew 3030 251 — — Riverside Apartments — 1,662 879 Spring Parc 401 — — Strategic Portfolio 3,617 2,121 33 The Conley 405 1,966 1,375 The Cottages at Myrtle Beach 300 — — The Cottages of Port St. Lucie 227 — — The Crossings of Dawsonville 518 — — The Riley 649 — — The Woods at Forest Hill 2 — — Thornton Flats 420 415 110 Wayford at Concord 364 839 121 Whetstone Apartments — 56 935 Willow Park 51 — — Total preferred returns on unconsolidated joint ventures $ 12,067 $ 11,250 $ 9,797 (1) Of the net loss incurred at Helios for the year ended December 31, 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 December 31, 2021 and 2020 are as follows: Property 2021 2020 Alexan CityCentre 94.1 % 94.1 % Chandler (1) (2) Deercross 86.8 % — Deerwood Apartments (1) — Lower Broadway (1) — Orange City Apartments (1) — Peak Housing 92.8 % — Renew 3030 96.8 % — Spring Parc 98.4 % — Strategic Portfolio Georgetown Crossing 97.0 % 88.7 % Hunter’s Pointe 98.5 % 99.0 % Park on the Square 95.4 % 97.5 % The Commons 97.6 % 93.9 % The Reserve at Palmer Ranch 97.5 % — Water’s Edge 97.3 % 99.5 % The Cottages at Myrtle Beach (1) — The Cottages at Warner Robins (1) — The Cottages of Port St. Lucie (1) — The Crossings of Dawsonville 98.1 % — The Riley 97.3 % — The Woods at Forest Hill (1) — Wayford at Innovation Park (1) — Willow Park (1) — (1) The development had not commenced lease-up as of December 31, 2021. (2) The development had not commenced lease-up as of December 31, 2020. |
Revolving Credit Facility (Tabl
Revolving Credit Facility (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revolving Credit Facility | |
Schedule of Line of Credit Facilities | The outstanding balances on the revolving credit facilities as of December 31, 2021 and 2020 are as follows (amounts in thousands): Revolving Credit Facilities 2021 2020 Amended Senior Credit Facility $ — $ 33,000 Amended Junior Credit Facility — — Total $ — $ 33,000 |
Mortgages Payable (Tables)
Mortgages Payable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Mortgages Payable | |
Schedule of senior mortgage indebtedness | The following table summarizes certain information as of December 31, 2021 and 2020, with respect to the Company’s senior mortgage indebtedness (amounts in thousands): Outstanding Principal As of December 31, 2021 December 31, December 31, Interest-only Property 2021 2020 Interest Rate through date Maturity Date Fixed Rate: ARIUM Westside $ 51,841 $ 52,150 3.68 % (1) August 1, 2023 Ashford Belmar 100,675 100,675 4.53 % December 2022 December 1, 2025 Avenue 25 (2) 36,566 36,566 4.18 % July 2022 July 1, 2027 Burano Hunter’s Creek (3) 69,502 70,871 3.65 % (1) November 1, 2024 Carrington at Perimeter Park (4) 31,244 31,301 4.16 % (4) July 1, 2027 Chattahoochee Ridge 45,338 45,338 3.25 % December 2022 December 5, 2024 Citrus Tower 39,896 40,627 4.07 % (1) October 1, 2024 Denim (5) 101,205 101,205 3.41 % August 2024 August 1, 2029 Elan (6) 25,508 25,574 4.19 % (6) July 1, 2027 Element 29,260 29,260 3.63 % July 2022 July 1, 2026 Falls at Forsyth (7) 19,265 — 4.35 % (1) 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) 20,361 20,515 4.57 % (1) June 1, 2028 Outlook at Greystone 21,930 22,105 4.30 % (1) June 1, 2025 Park & Kingston — 19,600 Plantation Park — 26,625 Providence Trail 47,587 47,950 3.54 % (1) July 1, 2026 Roswell City Walk 49,050 50,043 3.63 % (1) December 1, 2026 The Brodie 32,876 33,551 3.71 % (1) December 1, 2023 The Debra Metrowest (3) 63,982 64,559 4.43 % (1) May 1, 2025 The Links at Plum Creek 38,916 39,578 4.31 % (1) October 1, 2025 The Mills 24,731 25,275 4.21 % (1) 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 38,730 39,438 4.25 % (1) April 1, 2024 Windsor Falls 27,442 — 4.19 % November 2022 November 1, 2027 Yauger Park Villas (9) 14,921 — 4.86 % (1) April 1, 2026 Total Fixed Rate $ 1,059,368 $ 1,117,999 Floating Rate (10) : ARIUM Glenridge $ 49,170 $ 49,500 1.42 % (1) September 1, 2025 Chevy Chase 24,400 24,400 2.41 % September 2022 September 1, 2027 Cielo on Gilbert (11) 58,000 58,000 2.66 % January 2026 January 1, 2031 Falls at Forsyth (7) 19,186 — 1.49 % (1) July 1, 2025 Fannie Facility Advance 13,936 13,936 2.69 % June 2022 June 1, 2027 Fannie Facility Second Advance (11) 12,880 — 2.75 % March 2023 March 1, 2028 ILE (12) 26,825 — 3.78 % (12) (12) 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 25,962 26,100 1.35 % (1) July 26, 2023 (13) Villages of Cypress Creek 33,520 33,520 2.64 % July 2022 July 1, 2027 Total Floating Rate $ 306,607 $ 377,530 Total $ 1,365,975 $ 1,495,529 Fair value adjustments 8,159 6,489 Deferred financing costs, net (9,143) (11,086) Total continuing operations $ 1,364,991 $ 1,490,932 Held for Sale ARIUM Grandewood (7)(14) $ — $ 19,585 ARIUM Grandewood (7)(14) — 19,529 Deferred financing costs, net — (341) Total held for sale — 38,773 Total mortgages payable $ 1,364,991 $ 1,529,705 (1) The loan requires monthly payments of principal and interest. (2) 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% . (3) Burano Hunter ’ s Creek and The Debra Metrowest, formerly ARIUM Hunter ’ s Creek and ARIUM Metrowest, respectively. (4) The principal balance includes a $27.5 million senior loan at a fixed rate of 4.09% and a $3.7 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 $4.3 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 $14.7 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 $10.4 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 ILE, all the Company’s floating rate loans bear interest at one-month LIBOR + margin. In December 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 the 30-day average SOFR + 2.61% and + 2.70% , respectively. In December 2021, the 30-day average SOFR in effect was 0.05% . SOFR rate is subject to a rate cap. Please refer to Note 11 for further information. (12) The principal balance represents the aggregate debt outstanding across five separate credit agreements. Of the $26.8 million principal balance, $7.5 million held through two credit agreements requires monthly payments of principal and interest, while the remaining principal balance of $19.3 million held through three credit agreements has monthly payments that are currently interest-only. The five credit agreements have maturity dates ranging from 2022 to 2026 and bear interest at one-month LIBOR or prime rate + margins ranging from 0.50% to 3.00% , subject to rate floors, and have current interest rates ranging from 3.50% to 4.25% with a weighted average interest rate of 3.78% as of December 31, 2021. (13) The loan has two (2) one-year extension options subject to certain conditions. (14) 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. |
Schedule of contractual principal payments | As of December 31, 2021, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): Year Total 2022 $ 17,896 2023 127,237 2024 204,310 2025 332,171 2026 156,561 Thereafter 527,800 $ 1,365,975 Add: Unamortized fair value debt adjustment 8,159 Subtract: Deferred financing costs, net (9,143) Total $ 1,364,991 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Financial Instruments | |
Schedule of the fair value of the Company's derivative financial instruments | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2021 and 2020 (amounts in thousands): Derivatives not designated as hedging Fair values of derivative instruments under ASC 815 ‑ 20 Balance Sheet Location instruments 2021 2020 Interest rate caps Accounts receivable, prepaids and other assets $ 185 $ 14 The table below presents the effect of Company's derivative financial instruments as well as their classification on the consolidated statements of operations for the years ended December 31, 2021, 2020 and 2019 (amounts in thousands): Derivatives not designated as hedging Location of Gain (Loss) The Effect of Derivative Instruments instruments under ASC 815 ‑ 20 Recognized in Income on the Statements of Operations 2021 2020 2019 Interest rate caps Interest Expense $ 82 $ (128) $ (2,536) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2021 and 2020 (amounts in thousands): 2021 2020 Amounts Payable to BRE under the Administrative Services Agreement, net Operating and direct expense reimbursements $ 318 $ 338 Offering expense reimbursements 94 89 Total expense reimbursement amounts payable to BRE, net $ 412 $ 427 Amounts Payable to BRE under the Leasehold Cost-Sharing Agreement Operating and direct expense reimbursements $ 187 $ 191 Total expense and cost reimbursement amounts payable to BRE $ 187 $ 191 Total $ 599 $ 618 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity | |
Schedule of reconciliation of components of basic and diluted net income (loss) per common share | 2021 2020 2019 Net income (loss) attributable to common stockholders $ 3,473 $ (44,674) $ (19,751) Dividends on restricted stock and LTIP Units expected to vest (1,508) (1,323) (953) Basic net income (loss) attributable to common stockholders $ 1,965 $ (45,997) $ (20,704) Weighted average common shares outstanding (1) 26,024,935 24,084,347 22,649,222 Potential dilutive shares (2) 225,064 — — Weighted average common shares outstanding and potential dilutive shares (1) 26,249,999 24,084,347 22,649,222 Net income (loss) per common share, basic $ 0.08 $ (1.91) $ (0.91) Net income (loss) per common share, diluted $ 0.07 $ (1.91) $ (0.91) (1) Amounts relate to shares of the Company’s Class A and Class C common stock outstanding. (2) For the year ended December 31, 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 154,810 shares of Class A common stock, and b) potential vesting of restricted stock to employees for 70,254 shares of Class A common stock. For the year ended December 31, 2020, potential vesting of restricted stock to employees for 63,045 shares of Class A common stock are excluded from the diluted shares calculation as the effect is antidilutive. For the year ended December 31, 2019, the following are excluded from the diluted shares calculation as the effect is antidilutive: a) warrants outstanding from issuances in conjunction with the Company’s Series B Preferred Stock offerings that are potentially exercisable for 140,334 shares of Class A common stock, and b) potential vesting of restricted stock to employees for 22,807 shares of Class A common stock. |
Summary of the status of the Company's non-vested shares/LTIP Units under the Incentive Plans for individuals | Weighted average grant- Non-Vested shares/LTIP Units Shares / LTIP Units date fair value Balance at January 1, 2019 975,209 $ 10.05 Granted 637,315 9.36 Vested (237,841) 10.01 Forfeited (3,600) 10.65 Balance at December 31, 2019 1,371,083 $ 9.72 Granted 1,346,538 9.39 Vested (333,951) 10.12 Forfeited (7,081) 6.53 Balance at December 31, 2020 2,376,589 $ 9.50 Granted 1,211,845 11.75 Vested (1,158,385) 8.65 Forfeited (100,488) 9.44 Balance at December 31, 2021 2,329,561 $ 11.07 |
Schedule of distributions | Payable to stockholders Declaration Date of record as of Amount Date 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 September 10, 2021 September 24, 2021 $ 0.162500 October 5, 2021 December 10, 2021 December 23, 2021 $ 0.162500 January 5, 2022 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 September 10, 2021 September 24, 2021 $ 0.162500 October 5, 2021 December 10, 2021 December 23, 2021 $ 0.162500 January 5, 2022 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 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 October 11, 2021 October 25, 2021 $ 5.00 November 5, 2021 October 11, 2021 November 24, 2021 $ 5.00 December 3, 2021 October 11, 2021 December 23, 2021 $ 5.00 January 5, 2022 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 September 10, 2021 September 24, 2021 $ 0.4765625 October 5, 2021 December 10, 2021 December 23, 2021 $ 0.4765625 January 5, 2022 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 September 10, 2021 September 24, 2021 $ 0.4453125 October 5, 2021 December 10, 2021 December 23, 2021 $ 0.4453125 January 5, 2022 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 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 October 11, 2021 October 25, 2021 $ 0.128125 November 5, 2021 October 11, 2021 November 24, 2021 $ 0.128125 December 3, 2021 October 11, 2021 December 23, 2021 $ 0.128125 January 5, 2022 December 10, 2021 (3) December 23, 2021 $ 0.050000 December 29, 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 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. (3) The Board authorized, and the Company declared, an annual Series T Preferred Stock dividend of 0.20% per share of Series T Preferred Stock. Shares of Series T Preferred Stock that are held only for a portion of the applicable annual stock dividend period will receive a prorated Series T Preferred Stock dividend based on the actual number of months in the applicable annual stock dividend period during which each such share of Series T Preferred Stock was outstanding. The annual stock dividend equates to $0.05 per share of Series T Preferred Stock. |
Summary of distributions declared and paid | 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 Third Quarter Class A Common Stock $ 4,244 $ 4,750 Class C Common Stock 12 12 Series B Preferred Stock 5,404 5,407 Series C Preferred Stock 1,094 1,094 Series D Preferred Stock 1,235 1,235 Series T Preferred Stock 8,039 7,439 OP Units 1,027 1,025 LTIP Units 836 631 Total third quarter 2021 $ 21,891 $ 21,593 Fourth Quarter Class A Common Stock $ 4,363 $ 4,245 Class C Common Stock 12 12 Series B Preferred Stock 5,393 5,396 Series C Preferred Stock 1,094 1,094 Series D Preferred Stock 1,235 1,235 Series T Preferred Stock 11,128 10,281 OP Units 1,027 1,025 LTIP Units 843 639 Total fourth quarter 2021 $ 25,095 $ 23,927 Total $ 88,279 $ 86,355 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Information | |
Summary of reportable segments | The following table summarizes NOI by the Company’s reportable segments for the years ended December 31, 2021, 2020 and 2019, and reconciles NOI to net income (loss) attributable to common stockholders on the Company’s consolidated statements of operations. Prior year amounts have been reclassified to conform to the current period segment presentation (amounts in thousands): Year Ended December 31, 2021 2020 2019 Rental and other property revenues Multifamily $ 194,414 $ 193,963 $ 185,294 Single-family 9,275 2,559 82 Total rental and other property revenues 203,689 196,522 185,376 Property operating expenses Multifamily 72,775 75,411 74,414 Single-family 3,227 890 35 Total property operating expenses 76,002 76,301 74,449 Net operating income Multifamily 121,639 118,552 110,880 Single-family 6,048 1,669 47 Total net operating income 127,687 120,221 110,927 Reconciling items: Interest income from loan and ground lease investments 16,962 23,326 24,595 Property management fees (5,390) (4,988) (4,899) General and administrative (27,787) (24,141) (22,553) Acquisition and pursuit costs (448) (4,152) (556) Weather-related losses, net (1,001) — (355) Depreciation and amortization (80,051) (79,452) (70,452) Other income 549 144 68 Preferred returns on unconsolidated real estate joint ventures 12,067 11,250 9,797 Provision for credit losses (384) (16,369) — Gain on sale of real estate investments 137,427 59,508 48,680 Gain on sale of non-depreciable real estate investments — — 679 Transaction costs (15,036) — — Loss on extinguishment of debt and debt modification costs (6,740) (14,630) (7,258) Interest expense, net (52,701) (55,994) (59,554) Net income (loss) 105,154 14,723 29,119 Preferred stock dividends (63,606) (58,463) (46,159) Preferred stock accretion (24,633) (16,851) (10,335) Net income (loss) attributable to noncontrolling interests Operating partnership units 2,250 (17,313) (6,779) Partially-owned properties 11,192 1,396 (845) Net income (loss) attributable to noncontrolling interests 13,442 (15,917) (7,624) Net income (loss) attributable to common stockholders $ 3,473 $ (44,674) $ (19,751) The following table summarizes the assets of the Company’s reportable segments for the years ended December 31, 2021 and 2020. Prior year amounts have been reclassified to conform to the current period segment presentation (amounts in thousands): December 31, 2021 December 31, 2020 Assets Net Operating Real Estate Investments Multifamily $ 1,729,214 $ 2,031,899 Single-family 318,084 29,065 Total Net Operating Real Estate Investments 2,047,298 2,060,964 Multifamily operating real estate held for sale, net — 36,213 Total Net Real Estate Investments 2,047,298 2,097,177 Reconciling items: Cash and cash equivalents 166,492 83,868 Restricted cash 30,015 35,093 Notes and accrued interest receivable, net 173,489 157,734 Due from affiliates 711 339 Accounts receivable, prepaids and other assets, net 43,108 29,502 Preferred equity investments and investments in unconsolidated real estate joint ventures, net 135,690 83,485 In-place lease intangible assets, net 2,530 2,594 Non-real estate assets associated with multifamily operating real estate held for sale — 145 Total Consolidated Assets $ 2,599,333 $ 2,489,937 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 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 January 14, 2022 January 25, 2022 $ 5.00 February 4, 2022 January 14, 2022 February 25, 2022 $ 5.00 March 4, 2022 January 14, 2022 March 25, 2022 $ 5.00 April 5, 2022 Series T Preferred Stock January 14, 2022 January 25, 2022 $ 0.128125 February 4, 2022 January 14, 2022 February 25, 2022 $ 0.128125 March 4, 2022 January 14, 2022 March 25, 2022 $ 0.128125 April 5, 2022 |
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 December 31, 2021 (amounts in thousands): Declaration Distributions Total Shares Date Record Date Date Paid per Share Distribution Class A Common Stock December 10, 2021 December 23, 2021 January 5, 2022 $ 0.1625000 $ 4,363 Class C Common Stock December 10, 2021 December 23, 2021 January 5, 2022 0.1625000 12 Series B Preferred Stock October 11, 2021 December 23, 2021 January 5, 2022 5.0000000 1,796 Series C Preferred Stock December 10, 2021 December 23, 2021 January 5, 2022 0.4765625 1,094 Series D Preferred Stock December 10, 2021 December 23, 2021 January 5, 2022 0.4453125 1,235 Series T Preferred Stock October 11, 2021 December 23, 2021 January 5, 2022 0.1281250 3,619 OP Units December 10, 2021 December 23, 2021 January 5, 2022 0.1625000 1,027 LTIP Units December 10, 2021 December 23, 2021 January 5, 2022 0.1625000 646 Series B Preferred Stock January 14, 2022 January 25, 2022 February 4, 2022 5.0000000 1,795 Series B Preferred Stock January 14, 2022 February 25, 2022 March 4, 2022 5.0000000 1,794 Series T Preferred Stock January 14, 2022 January 25, 2022 February 4, 2022 0.1281250 3,621 Series T Preferred Stock January 14, 2022 February 25, 2022 March 4, 2022 0.1281250 3,620 Total $ 24,622 |
Organization and Nature of Bu_2
Organization and Nature of Business (Details) - 12 months ended Dec. 31, 2021 | itemproperty | Total | property |
Organization and Nature of Business | |||
Annual distribution percentage rate | 90.00% | ||
Percent of Real Estate Properties Occupied | 95.90% | ||
Number of Units in Real Estate Property | 20,263 | ||
Number of multifamily units in Real Estate Property | 16,837 | ||
Number of single-family residential homes | 3,426 | ||
Number of real estate investments | 78 | 78 | |
Number of operating investments | 49 | ||
Number of investments through preferred equity, loan or ground lease investments | item | 29 |
Organization and Nature of Bu_3
Organization and Nature of Business - Proposed Merger (Details) - USD ($) | Dec. 20, 2021 | May 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Organization and Nature of Business [Line Items] | ||||
Per share merger consideration (in cash) | $ 24.25 | |||
Percentage of SFR business expected to be held by the company's stockholders, who received shares in BHM | 35.00% | |||
Percentage of SFR business expected to be held by the unitholders of operating partnership | 65.00% | |||
Termination fee payable by the company to the parent | $ 60,000,000 | |||
Termination fee payable by the parent to the company | $ 200,000,000 | |||
Merger Agreement | ||||
Organization and Nature of Business [Line Items] | ||||
Common stock, par value (in dollars per share) | $ 0.01 | |||
Threshold period to complete the merger from merger agreement date | 9 months | |||
Extended threshold period to complete the merger from merger agreement date, at the option of the company | 10 months | |||
Extended Threshold Period To Complete The Merger From Agreement Date, At The Other Party's Option | 12 months | |||
Series B [Member] | Redeemable Preferred Stock | ||||
Organization and Nature of Business [Line Items] | ||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | 6.00% | ||
Redemption value | $ 1,000 | |||
Series B [Member] | Floating Interest Rate [Member] | Fannie Facility Advance | Redeemable Preferred Stock | ||||
Organization and Nature of Business [Line Items] | ||||
Common stock, par value (in dollars per share) | $ 0.01 | |||
Series A [Member] | Cumulative Redeemable Preferred Stock | ||||
Organization and Nature of Business [Line Items] | ||||
Preferred Stock, Dividend Rate, Percentage | 8.25% | 8.25% | 8.25% | |
Series C [Member] | Cumulative Redeemable Preferred Stock | ||||
Organization and Nature of Business [Line Items] | ||||
Preferred stock, par value (in dollars per share) | $ 0.01 | |||
Preferred Stock, Dividend Rate, Percentage | 7.625% | 7.625% | 7.625% | |
Series C [Member] | Redeemable Preferred Stock | ||||
Organization and Nature of Business [Line Items] | ||||
Preferred Stock, Dividend Rate, Percentage | 7.625% | |||
Series D [Member] | Cumulative Redeemable Preferred Stock | ||||
Organization and Nature of Business [Line Items] | ||||
Preferred stock, par value (in dollars per share) | $ 0.01 | |||
Preferred Stock, Dividend Rate, Percentage | 7.125% | 7.125% | 7.125% | 7.125% |
Series T | Redeemable Preferred Stock | ||||
Organization and Nature of Business [Line Items] | ||||
Preferred stock, par value (in dollars per share) | $ 0.01 | |||
Preferred Stock, Dividend Rate, Percentage | 6.15% | 6.15% | ||
Preferred Stock, Redemption Price Per Share | $ 25 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies (Details) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2021USD ($)segment | Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | |
Accounting Policies [Line Items] | ||||
Percentage Of Unvested Incentive Plan In Operating Partnership | 5.35% | 5.35% | ||
Percentage of Voting Equity | 50.00% | |||
Impairment of real estate assets | $ | $ 0 | $ 0 | $ 0 | |
Percentage of rent collected | 97.00% | |||
Percentage of tenants , on rent deferral payment plan | 1.00% | |||
Occupancy rate (as a percent) | 95.90% | 95.90% | ||
Selling Commissions And Dealer Manager Fees Percentage Rate Range Maximum | 7.00% | |||
Selling Commissions And Dealer Manager Fees Percentage Rate Range Minimum | 3.00% | |||
Selling Commissions And Dealer Manager Fees Percentage Rate | 10.00% | |||
Percentage Of Distributions Classified As Return On Capital | 0.00% | 93.15% | ||
Percentage Of Distributions Classified As Capital Gains | 78.36% | 48.47% | 5.52% | |
Percentage Of Minimum Distributions Of Taxable Income | 90.00% | |||
Number of reportable segments | segment | 2 | 1 | ||
Building Improvements [Member] | Minimum | ||||
Accounting Policies [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Building Improvements [Member] | Maximum | ||||
Accounting Policies [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||
Building [Member] | Minimum | ||||
Accounting Policies [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | |||
Building [Member] | Maximum | ||||
Accounting Policies [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Furniture and Fixtures [Member] | Minimum | ||||
Accounting Policies [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | |||
Furniture and Fixtures [Member] | Maximum | ||||
Accounting Policies [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 7 years | |||
Land Improvements [Member] | Minimum | ||||
Accounting Policies [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Land Improvements [Member] | Maximum | ||||
Accounting Policies [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||
In Place Lease [Member] | ||||
Accounting Policies [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 6 months | |||
Common Stock Holders [Member] | ||||
Accounting Policies [Line Items] | ||||
Percentage Of Distributions Classified As Return On Capital | 100.00% | 100.00% | ||
Percentage Of Ordinary Income From Return On Capital | 0.00% | 0.00% | ||
Preferred Stock Holders [Member] | ||||
Accounting Policies [Line Items] | ||||
Percentage Of Distributions Classified As Return On Capital | 51.53% | |||
Percentage Of Ordinary Income From Return On Capital | 0.00% | 1.33% | ||
Common Stock And Preferred Holders [Member] | ||||
Accounting Policies [Line Items] | ||||
Percentage Of Distributions Classified As Return On Capital | 21.64% | |||
Ltip Unit [Member] | ||||
Accounting Policies [Line Items] | ||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 13.37% | |||
Op Unit [Member] | ||||
Accounting Policies [Line Items] | ||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 16.24% | |||
Op Ltip Unit [Member] | ||||
Accounting Policies [Line Items] | ||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 29.61% |
Sale of Real Estate Assets (Det
Sale of Real Estate Assets (Details) - USD ($) | Dec. 29, 2021 | Dec. 14, 2021 | Sep. 23, 2021 | Jul. 07, 2021 | Jun. 29, 2021 | Jun. 10, 2021 | Apr. 26, 2021 | Mar. 18, 2021 | Mar. 01, 2021 | Feb. 24, 2021 | Jan. 28, 2021 | Dec. 22, 2020 | Dec. 15, 2020 | Dec. 09, 2020 | Oct. 26, 2020 | Apr. 21, 2020 | Apr. 17, 2020 | Apr. 14, 2020 | Jan. 24, 2020 | Jan. 22, 2020 | Jan. 08, 2020 | Apr. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 25, 2021 |
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||||||||||||||
Loss on extinguishment of debt | $ (6,740,000) | $ (14,630,000) | $ (7,258,000) | ||||||||||||||||||||||||
Payment for early extinguishment of debt costs | $ 2,500,000 | ||||||||||||||||||||||||||
Proceeds from sale of interests | 51,504,000 | 50,734,000 | 36,620,000 | ||||||||||||||||||||||||
Payments to Acquire Equity Method Investments | 104,325,000 | 24,809,000 | 74,307,000 | ||||||||||||||||||||||||
Accrued preferred return | 12,067,000 | 11,250,000 | 9,797,000 | ||||||||||||||||||||||||
Preferred equity investments and investments in unconsolidated real estate joint ventures, net | $ 83,485,000 | 135,690,000 | 83,485,000 | ||||||||||||||||||||||||
Provision For Credit Losses on Equity Method Investments | 400,000 | ||||||||||||||||||||||||||
Expected proceeds from sale of equity investment | 300,000 | ||||||||||||||||||||||||||
Proceeds from Sale of Real Estate Held-for-investment | 417,921,000 | 194,700,000 | 313,785,000 | ||||||||||||||||||||||||
Leigh House | |||||||||||||||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||||||||||||||
Accrued preferred return | 2,000 | 1,155,000 | |||||||||||||||||||||||||
Helios | |||||||||||||||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||||||||||||||
Proceeds from Sale of Real Estate, Gross | $ 65,600,000 | ||||||||||||||||||||||||||
Payment for additional investment | 3,500,000 | ||||||||||||||||||||||||||
Payoff of Mortgage Indebtedness | 39,500,000 | ||||||||||||||||||||||||||
Payment for original investment | 19,200,000 | ||||||||||||||||||||||||||
Profit share distribution | 300,000 | ||||||||||||||||||||||||||
Helios | Pro Rata | |||||||||||||||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||||||||||||||
Net proceeds from sale of real estate | $ 22,700,000 | ||||||||||||||||||||||||||
Whetstone Apartments | |||||||||||||||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||||||||||||||
Proceeds from Sale of Real Estate, Gross | $ 46,500,000 | ||||||||||||||||||||||||||
Payments for Mortgage on Real Estate Sold | 25,400,000 | ||||||||||||||||||||||||||
Early Extinguishment of Debt Costs | 25,400,000 | ||||||||||||||||||||||||||
Net proceeds from sale of real estate | 19,600,000 | ||||||||||||||||||||||||||
Payment for additional investment | 4,000,000 | ||||||||||||||||||||||||||
Payments to Acquire Equity Method Investments | $ 1,900,000 | ||||||||||||||||||||||||||
Payment for original investment | 12,900,000 | ||||||||||||||||||||||||||
Payment for accrued preferred return | $ 2,700,000 | ||||||||||||||||||||||||||
Ashton Reserve | |||||||||||||||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||||||||||||||
Proceeds from Sale of Real Estate, Gross | $ 84,600,000 | ||||||||||||||||||||||||||
Loss on extinguishment of debt | 6,900,000 | ||||||||||||||||||||||||||
Payments for Mortgage on Real Estate Sold | 45,400,000 | ||||||||||||||||||||||||||
Payments for closing costs and fees on real estate investments | 800,000 | ||||||||||||||||||||||||||
Early Extinguishment of Debt Costs | 45,400,000 | ||||||||||||||||||||||||||
Net proceeds from sale of real estate | 31,200,000 | ||||||||||||||||||||||||||
Gain (loss) on sale of asset | 26,500,000 | ||||||||||||||||||||||||||
Payment for early extinguishment of debt costs | $ 7,100,000 | ||||||||||||||||||||||||||
Marquis at TPC | |||||||||||||||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||||||||||||||
Proceeds from Sale of Real Estate, Gross | $ 22,500,000 | ||||||||||||||||||||||||||
Loss on extinguishment of debt | 100,000 | ||||||||||||||||||||||||||
Payments for Mortgage on Real Estate Sold | 16,300,000 | ||||||||||||||||||||||||||
Early Extinguishment of Debt Costs | 16,300,000 | ||||||||||||||||||||||||||
Net proceeds from sale of real estate | 5,900,000 | ||||||||||||||||||||||||||
Gain (loss) on sale of asset | 3,200,000 | ||||||||||||||||||||||||||
Marquis at TPC | Pro Rata | |||||||||||||||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||||||||||||||
Net proceeds from sale of real estate | $ 5,300,000 | ||||||||||||||||||||||||||
Enders Place at Baldwin Park | |||||||||||||||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||||||||||||||
Proceeds from Sale of Real Estate, Gross | $ 53,200,000 | ||||||||||||||||||||||||||
Loss on extinguishment of debt | 2,400,000 | ||||||||||||||||||||||||||
Payments for Mortgage on Real Estate Sold | 23,200,000 | ||||||||||||||||||||||||||
Payments for closing costs and fees on real estate investments | 900,000 | ||||||||||||||||||||||||||
Early Extinguishment of Debt Costs | 23,200,000 | ||||||||||||||||||||||||||
Net proceeds from sale of real estate | 26,100,000 | ||||||||||||||||||||||||||
Gain (loss) on sale of asset | 28,200,000 | ||||||||||||||||||||||||||
Payment for early extinguishment of debt costs | 2,200,000 | ||||||||||||||||||||||||||
Enders Place at Baldwin Park | Pro Rata | |||||||||||||||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||||||||||||||
Net proceeds from sale of real estate | $ 24,000,000 | ||||||||||||||||||||||||||
Cade Boca Raton | |||||||||||||||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||||||||||||||
Proceeds from Sale of Real Estate, Gross | $ 37,800,000 | ||||||||||||||||||||||||||
Loss on extinguishment of debt | 600,000 | ||||||||||||||||||||||||||
Payments for Mortgage on Real Estate Sold | 23,500,000 | ||||||||||||||||||||||||||
Payments for closing costs and fees on real estate investments | 600,000 | ||||||||||||||||||||||||||
Early Extinguishment of Debt Costs | 23,500,000 | ||||||||||||||||||||||||||
Gain (loss) on sale of asset | 1,700,000 | ||||||||||||||||||||||||||
Payment for early extinguishment of debt costs | 200,000 | ||||||||||||||||||||||||||
Proceeds from Sale of Real Estate Held-for-investment | 13,000,000 | ||||||||||||||||||||||||||
Cade Boca Raton | Pro Rata | |||||||||||||||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||||||||||||||
Proceeds from Sale of Real Estate Held-for-investment | $ 10,200,000 | ||||||||||||||||||||||||||
Novel Perimeter | |||||||||||||||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||||||||||||||
Accrued interest paid | $ 100,000 | ||||||||||||||||||||||||||
Repayments of principal amount of debt | 23,500,000 | ||||||||||||||||||||||||||
Repayment of principal | $ 23,600,000 | ||||||||||||||||||||||||||
Arlo | |||||||||||||||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||||||||||||||
Accrued interest paid | $ 200,000 | ||||||||||||||||||||||||||
Repayments of principal amount of debt | 30,900,000 | ||||||||||||||||||||||||||
Repayment of principal | $ 31,100,000 | ||||||||||||||||||||||||||
ARIUM Grandewood | |||||||||||||||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||||||||||||||
Proceeds from Sale of Real Estate, Gross | $ 65,300,000 | ||||||||||||||||||||||||||
Debt modification costs | 0.1 | ||||||||||||||||||||||||||
Payments for Mortgage on Real Estate Sold | 39,100,000 | ||||||||||||||||||||||||||
Payments for closing costs and fees on real estate investments | 1,100,000 | ||||||||||||||||||||||||||
Early Extinguishment of Debt Costs | 39,100,000 | ||||||||||||||||||||||||||
Net proceeds from sale of real estate | 25,100,000 | ||||||||||||||||||||||||||
Gain (loss) on sale of asset | $ 27.7 | ||||||||||||||||||||||||||
James At South First | |||||||||||||||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||||||||||||||
Proceeds from Sale of Real Estate, Gross | 50,000,000 | ||||||||||||||||||||||||||
Loss on extinguishment of debt | 2,600,000 | ||||||||||||||||||||||||||
Payments for Mortgage on Real Estate Sold | 25,600,000 | ||||||||||||||||||||||||||
Payments for closing costs and fees on real estate investments | 500,000 | ||||||||||||||||||||||||||
Early Extinguishment of Debt Costs | 25,600,000 | ||||||||||||||||||||||||||
Net proceeds from sale of real estate | 21,100,000 | ||||||||||||||||||||||||||
Gain (loss) on sale of asset | 17,400,000 | ||||||||||||||||||||||||||
James At South First | Pro Rata | |||||||||||||||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||||||||||||||
Net proceeds from sale of real estate | $ 18,100,000 | ||||||||||||||||||||||||||
Marquis at the Cascades | |||||||||||||||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||||||||||||||
Proceeds from Sale of Real Estate, Gross | $ 90,900,000 | ||||||||||||||||||||||||||
Loss on extinguishment of debt | 300,000 | ||||||||||||||||||||||||||
Payments for Mortgage on Real Estate Sold | 53,600,000 | ||||||||||||||||||||||||||
Payments for closing costs and fees on real estate investments | 300,000 | ||||||||||||||||||||||||||
Early Extinguishment of Debt Costs | 53,600,000 | ||||||||||||||||||||||||||
Net proceeds from sale of real estate | 37,300,000 | ||||||||||||||||||||||||||
Gain (loss) on sale of asset | 23,700,000 | ||||||||||||||||||||||||||
Marquis at the Cascades | Pro Rata | |||||||||||||||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||||||||||||||
Proceeds from Sale of Real Estate Held-for-investment | $ 32,600,000 | ||||||||||||||||||||||||||
The Conley | |||||||||||||||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||||||||||||||
Proceeds from sale of interests | $ 16,500,000 | ||||||||||||||||||||||||||
Payments to Acquire Equity Method Investments | 15,200,000 | ||||||||||||||||||||||||||
Accrued preferred return | $ 1,300,000 | 405,000 | 1,966,000 | 1,375,000 | |||||||||||||||||||||||
Alexan Southside Place | |||||||||||||||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||||||||||||||
Accrued preferred return | 1,281,000 | 1,583,000 | |||||||||||||||||||||||||
Preferred equity investments and investments in unconsolidated real estate joint ventures, net | $ 10,100,000 | ||||||||||||||||||||||||||
Provision For Credit Losses on Equity Method Investments | $ 15,900,000 | $ (15,930,000) | 15,930,000 | ||||||||||||||||||||||||
Proceeds from sale of equity investment | $ 9,800,000 | ||||||||||||||||||||||||||
Expected proceeds from sale of equity investment | $ 300,000 | ||||||||||||||||||||||||||
Plantation Park | |||||||||||||||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||||||||||||||
Proceeds from Sale of Real Estate, Gross | $ 32 | ||||||||||||||||||||||||||
Loss on extinguishment of debt | 0.2 | ||||||||||||||||||||||||||
Payments for Mortgage on Real Estate Sold | 26,600,000 | ||||||||||||||||||||||||||
Payments for closing costs and fees on real estate investments | 0.4 | ||||||||||||||||||||||||||
Early Extinguishment of Debt Costs | 26,600,000 | ||||||||||||||||||||||||||
Net proceeds from sale of real estate | 4.9 | ||||||||||||||||||||||||||
Gain (loss) on sale of asset | 1.1 | ||||||||||||||||||||||||||
Plantation Park | Pro Rata | |||||||||||||||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||||||||||||||
Net proceeds from sale of real estate | $ 2.7 | ||||||||||||||||||||||||||
The Reserve at Palmer Ranch | |||||||||||||||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||||||||||||||
Proceeds from Sale of Real Estate, Gross | $ 57,600,000 | ||||||||||||||||||||||||||
Loss on extinguishment of debt | 500,000 | ||||||||||||||||||||||||||
Payments for Mortgage on Real Estate Sold | 40,600,000 | ||||||||||||||||||||||||||
Payments for closing costs and fees on real estate investments | 900,000 | ||||||||||||||||||||||||||
Early Extinguishment of Debt Costs | 40,600,000 | ||||||||||||||||||||||||||
Net proceeds from sale of real estate | 16,600,000 | ||||||||||||||||||||||||||
Gain (loss) on sale of asset | $ 20,500,000 | ||||||||||||||||||||||||||
Vickers Historic Roswell | |||||||||||||||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||||||||||||||
Accrued interest paid | $ 500,000 | ||||||||||||||||||||||||||
Repayments of principal amount of debt | 12,400,000 | ||||||||||||||||||||||||||
Repayment of principal | $ 12,900,000 | ||||||||||||||||||||||||||
Park And Kingston | |||||||||||||||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||||||||||||||
Proceeds from Sale of Real Estate, Gross | $ 44,900,000 | ||||||||||||||||||||||||||
Loss on extinguishment of debt | 2,600,000 | ||||||||||||||||||||||||||
Payments for Mortgage on Real Estate Sold | 19,600,000 | ||||||||||||||||||||||||||
Payments for closing costs and fees on real estate investments | 500,000 | ||||||||||||||||||||||||||
Early Extinguishment of Debt Costs | 19,600,000 | ||||||||||||||||||||||||||
Net proceeds from sale of real estate | 24,700,000 | ||||||||||||||||||||||||||
Gain (loss) on sale of asset | 19,400,000 | ||||||||||||||||||||||||||
Payment for early extinguishment of debt costs | 2,400,000 | ||||||||||||||||||||||||||
The District At Scottsdale | |||||||||||||||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||||||||||||||
Proceeds from Sale of Real Estate, Gross | 150,500,000 | ||||||||||||||||||||||||||
Loss on extinguishment of debt | 400,000 | ||||||||||||||||||||||||||
Payments for Mortgage on Real Estate Sold | 73,800,000 | ||||||||||||||||||||||||||
Payments for closing costs and fees on real estate investments | 400,000 | ||||||||||||||||||||||||||
Early Extinguishment of Debt Costs | 73,800,000 | ||||||||||||||||||||||||||
Net proceeds from sale of real estate | 74,800,000 | ||||||||||||||||||||||||||
Gain (loss) on sale of asset | 29,600,000 | ||||||||||||||||||||||||||
Payment for early extinguishment of debt costs | 400,000 | ||||||||||||||||||||||||||
The District At Scottsdale | Pro Rata | |||||||||||||||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||||||||||||||
Net proceeds from sale of real estate | $ 69,500,000 | ||||||||||||||||||||||||||
Mira Vista Interests | |||||||||||||||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||||||||||||||
Proceeds from sale of interests | $ 5,600,000 | ||||||||||||||||||||||||||
Payments to Acquire Equity Method Investments | 5,200,000 | ||||||||||||||||||||||||||
Accrued preferred return | $ 400,000 | ||||||||||||||||||||||||||
Thornton Flats Interests | |||||||||||||||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||||||||||||||
Proceeds from sale of interests | $ 5,500,000 | ||||||||||||||||||||||||||
Payments to Acquire Equity Method Investments | 5,300,000 | ||||||||||||||||||||||||||
Accrued preferred return | $ 200,000 | ||||||||||||||||||||||||||
Strategic Portfolio Interests | |||||||||||||||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||||||||||||||
Proceeds from sale of interests | $ 10,400,000 | ||||||||||||||||||||||||||
Payments to Acquire Equity Method Investments | 10,200,000 | ||||||||||||||||||||||||||
Accrued preferred return | 100,000 | ||||||||||||||||||||||||||
Exit fee | $ 100,000 | ||||||||||||||||||||||||||
Riverside Apartments [Member] | |||||||||||||||||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||||||||||||||||
Proceeds from sale of interests | $ 14,800,000 | ||||||||||||||||||||||||||
Payments to Acquire Equity Method Investments | 13,900,000 | ||||||||||||||||||||||||||
Accrued preferred return | $ 900,000 | $ 1,662,000 | $ 879,000 |
Investments in Real Estate (Det
Investments in Real Estate (Details) - 12 months ended Dec. 31, 2021 | property | item | Total |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Units | 12,415 | ||
Total lease-up units | 587 | ||
Total operating units | 4,222 | ||
Total development units | 3,039 | ||
Total Units | 7,848 | ||
Number of real estate investments | 78 | 78 | |
Consolidated operating properties | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of real estate investments | 49 | ||
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 | 29 | ||
Multifamily | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Total operating units | 3,748 | ||
Total development units | 1,876 | ||
Single-Family Residential | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Units | 1,789 | ||
Total operating units | 474 | ||
Total development units | 1,163 | ||
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 lease-up 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 lease-up units | 280 | ||
Alexan CityCentre [Member] | Multifamily | |||
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 | ||
Lower Broadway [Member] | Multifamily | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Real Estate Property Location | San Antonio, TX | ||
Total development units | 386 | ||
Spring Parc [Member] | Multifamily | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Real Estate Property Location | Dallas, TX | ||
Total operating units | 304 | ||
The Cottages of Port St. Lucie [Member] | Single-Family Residential | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Real Estate Property Location | Port St. Lucie, FL | ||
Total development units | 286 | ||
Domain at The One Forty [Member] | Multifamily | |||
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] | Multifamily | |||
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] | Multifamily | |||
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 | ||
Park on the Square | Multifamily | |||
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 | ||
The Commons [Member] | Multifamily | |||
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 | ||
Crossings of Dawsonville [Member] | Multifamily | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Real Estate Property Location | Dawsonville, GA | ||
Total operating units | 216 | ||
The Reserve at Palmer Ranch, Formerly Arium at Palmer Ranch [Member] | Multifamily | |||
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 | ||
The Riley [Member] | Multifamily | |||
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 | ||
Motif [Member] | Multifamily | |||
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 | ||
Renew 3030 [Member] | Multifamily | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Real Estate Property Location | Mesa, AZ | ||
Total operating units | 126 | ||
Avondale Hills Member | Multifamily | |||
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] | Multifamily | |||
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 | ||
Chandler [Member] | Multifamily | |||
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 | ||
Orange City Apartments [Member] | Multifamily | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Real Estate Property Location | Orange City, FL | ||
Total development units | 298 | ||
Water's Edge [Member] | Multifamily | |||
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 | Single-Family Residential | |||
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 | ||
The Woods at Forest Hill | Single-Family Residential | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Real Estate Property Location | Forest Hill, TX | ||
Total development units | 76 | ||
The Cottages at Myrtle Beach [Member] | Single-Family Residential | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Real Estate Property Location | Myrtle Beach, SC | ||
Total development units | 294 | ||
The Cottages of Warner Robins [Member] | Single-Family Residential | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Real Estate Property Location | Warner Robins, GA | ||
Total development units | 251 | ||
Wayford at Innovation Park | Single-Family Residential | |||
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 [Member] | Multifamily | |||
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 [Member] | Multifamily | |||
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 [Member] | Single-Family Residential | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Real Estate Property Location | IN / MO / TX | ||
Total operating units | 474 | ||
ARIUM Glenridge [Member] | Multifamily | |||
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 [Member] | Multifamily | |||
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 [Member] | Multifamily | |||
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 | Multifamily | |||
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 | Multifamily | |||
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 | Multifamily | |||
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 [Member] | Multifamily | |||
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 | Multifamily | |||
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 | Multifamily | |||
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 [Member] | Multifamily | |||
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 [Member] | Multifamily | |||
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 | Multifamily | |||
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 [Member] | Multifamily | |||
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 | Multifamily | |||
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 [Member] | Multifamily | |||
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 | ||
Outlook at Greystone [Member] | Multifamily | |||
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 | ||
Pine Lakes Preserve [Member] | Multifamily | |||
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 | ||
Providence Trail [Member] | Multifamily | |||
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 | ||
Roswell City Walk [Member] | Multifamily | |||
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 [Member] | Multifamily | |||
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 | Multifamily | |||
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 | Multifamily | |||
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 Links at Plum Creek [Member] | Multifamily | |||
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 | ||
The Mills [Member] | Multifamily | |||
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 [Member] | Multifamily | |||
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 [Member] | Multifamily | |||
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 | ||
Veranda at Centerfield [Member] | Multifamily | |||
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 [Member] | Multifamily | |||
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 | Single-Family Residential | |||
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 [Member] | Multifamily | |||
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 | Multifamily | |||
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 | Single-Family Residential | |||
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 | ||
Average [Member] | Multifamily | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Units | 10,626 | ||
Golden Pacific | Single-Family Residential | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Real Estate Property Location | KS / MO | ||
Number of Units | 7 | ||
Ownership interest (as a percent) | 97 | ||
ILE | Single-Family Residential | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Real Estate Property Location | TX / SE US | ||
Number of Units | 279 | ||
Ownership interest (as a percent) | 95 | ||
Navigator Villas [Member] | Single-Family Residential | |||
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 | ||
Axelrod | Single-Family Residential | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Real Estate Property Location | Garland, TX | ||
Number of Units | 22 | ||
Ownership interest (as a percent) | 80 | ||
DFW 189 | Single-Family Residential | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Real Estate Property Location | Dallas-Fort Worth, TX | ||
Number of Units | 189 | ||
Ownership interest (as a percent) | 56 | ||
Granbury | Single-Family Residential | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Real Estate Property Location | Granbury, TX | ||
Number of Units | 36 | ||
Ownership interest (as a percent) | 80 | ||
Indy | Single-Family Residential | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Real Estate Property Location | Indianapolis, IN | ||
Number of Units | 44 | ||
Ownership interest (as a percent) | 60 | ||
Lubbock | Single-Family Residential | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Real Estate Property Location | Lubbock, TX | ||
Number of Units | 60 | ||
Ownership interest (as a percent) | 80 | ||
Lubbock 2.0 | Single-Family Residential | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Real Estate Property Location | Lubbock, TX | ||
Number of Units | 75 | ||
Ownership interest (as a percent) | 80 | ||
Lubbock 3.0 | Single-Family Residential | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Real Estate Property Location | Lubbock, TX | ||
Number of Units | 45 | ||
Ownership interest (as a percent) | 80 | ||
Lynnwood | Single-Family Residential | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Real Estate Property Location | Lubbock, TX | ||
Number of Units | 20 | ||
Ownership interest (as a percent) | 80 | ||
Lynnwood 2.0 | Single-Family Residential | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Real Estate Property Location | Lubbock, TX | ||
Number of Units | 20 | ||
Ownership interest (as a percent) | 80 | ||
Springfield | Single-Family Residential | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Real Estate Property Location | Springfield, MO | ||
Number of Units | 290 | ||
Ownership interest (as a percent) | 60 | ||
Springtown | Single-Family Residential | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Real Estate Property Location | Springtown, TX | ||
Number of Units | 70 | ||
Ownership interest (as a percent) | 80 | ||
Springtown 2.0 | Single-Family Residential | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Real Estate Property Location | Springtown, TX | ||
Number of Units | 14 | ||
Ownership interest (as a percent) | 80 | ||
Texarkana | Single-Family Residential | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Real Estate Property Location | Texarkana, TX | ||
Number of Units | 29 | ||
Ownership interest (as a percent) | 80 | ||
Texas Portfolio 183 | Single-Family Residential | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Real Estate Property Location | Various / TX | ||
Number of Units | 183 | ||
Ownership interest (as a percent) | 80 |
Investments in Real Estate - Ad
Investments in Real Estate - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investments in Real Estate | |||
Investments in real estate of depreciation expense | $ 74.2 | $ 72.9 | $ 63.7 |
Other Accrued Liabilities | 4.3 | 3.1 | |
Amortization Of Deferred Leasing Fees | $ 5.5 | $ 6.6 | $ 6.8 |
Acquisition of Real Estate - Ac
Acquisition of Real Estate - Acquisition activity and related new financing (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Business Acquisition [Line Items] | |
Proceeds from Issuance of Senior Long-term Debt | $ 66,785 |
Avenue 25 | |
Business Acquisition [Line Items] | |
Real Estate Property Location | Phoenix, AZ |
Ownership interest | 100.00% |
Purchase price | $ 55,600 |
Mortgage | 36,566 |
Proceeds from Issuance of Senior Long-term Debt | 29,700 |
Proceeds from Issuance of Secured Debt | $ 6,900 |
Falls at Forsyth | |
Business Acquisition [Line Items] | |
Real Estate Property Location | Cumming, GA |
Ownership interest | 100.00% |
Purchase price | $ 82,500 |
Chevy Chase | |
Business Acquisition [Line Items] | |
Real Estate Property Location | Austin, TX |
Ownership interest | 92.00% |
Purchase price | $ 34,500 |
Mortgage | $ 24,400 |
Carrington At Perimeter Park | |
Business Acquisition [Line Items] | |
Real Estate Property Location | Morrisville, NC |
Ownership interest | 100.00% |
Purchase price | $ 52,000 |
Mortgage | 31,301 |
Proceeds from Issuance of Senior Long-term Debt | 27,500 |
Proceeds from Issuance of Secured Debt | $ 3,800 |
Elan | |
Business Acquisition [Line Items] | |
Real Estate Property Location | Austin, TX |
Ownership interest | 100.00% |
Purchase price | $ 39,500 |
Mortgage | 25,574 |
Proceeds from Issuance of Senior Long-term Debt | 21,200 |
Proceeds from Issuance of Secured Debt | $ 4,400 |
Cielo On Gilbert | |
Business Acquisition [Line Items] | |
Real Estate Property Location | Mesa, Arizona |
Ownership interest | 90.00% |
Purchase price | $ 74,250 |
Mortgage | $ 58,000 |
Windsor Falls | |
Business Acquisition [Line Items] | |
Real Estate Property Location | Raleigh, NC |
Ownership interest | 100.00% |
Purchase price | $ 48,775 |
Mortgage | $ 27,442 |
Yauger Park Villas | |
Business Acquisition [Line Items] | |
Real Estate Property Location | Olympia, WA |
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] | |
Real Estate Property Location | Concord, NC |
Ownership interest | 83.00% |
Purchase price | $ 44,438 |
Indy | |
Business Acquisition [Line Items] | |
Real Estate Property Location | Indianapolis, IN |
Ownership interest | 60.00% |
Purchase price | $ 3,785 |
Mortgage | $ 2,650 |
Springfield | |
Business Acquisition [Line Items] | |
Real Estate Property Location | Springfield, MO |
Ownership interest | 60.00% |
Purchase price | $ 49,000 |
Mortgage | $ 35,525 |
Springtown | |
Business Acquisition [Line Items] | |
Real Estate Property Location | Springtown, TX |
Ownership interest | 80.00% |
Purchase price | $ 9,350 |
Mortgage | $ 6,545 |
Texarkana | |
Business Acquisition [Line Items] | |
Real Estate Property Location | Texarkana, TX |
Ownership interest | 80.00% |
Purchase price | $ 3,100 |
Mortgage | $ 2,170 |
Lubbock | |
Business Acquisition [Line Items] | |
Real Estate Property Location | Lubbock, TX |
Ownership interest | 80.00% |
Purchase price | $ 5,600 |
Mortgage | $ 3,920 |
Granbury | |
Business Acquisition [Line Items] | |
Real Estate Property Location | Granbury, TX |
Ownership interest | 80.00% |
Purchase price | $ 8,100 |
Mortgage | $ 5,670 |
ILE | |
Business Acquisition [Line Items] | |
Real Estate Property Location | TX / SE US |
Ownership interest | 95.00% |
Purchase price | $ 57,139 |
Mortgage | $ 26,839 |
Axelrod | |
Business Acquisition [Line Items] | |
Real Estate Property Location | Garland, TX |
Ownership interest | 80.00% |
Purchase price | $ 4,133 |
Mortgage | $ 2,893 |
Springtown 2.0 | |
Business Acquisition [Line Items] | |
Real Estate Property Location | Springtown, TX |
Ownership interest | 80.00% |
Purchase price | $ 2,985 |
Mortgage | $ 2,090 |
Lubbock 2.0 | |
Business Acquisition [Line Items] | |
Real Estate Property Location | Lubbock, TX |
Ownership interest | 80.00% |
Purchase price | $ 9,275 |
Mortgage | $ 6,510 |
Lynnwood | |
Business Acquisition [Line Items] | |
Real Estate Property Location | Lubbock, TX |
Ownership interest | 80.00% |
Purchase price | $ 2,448 |
Mortgage | $ 1,714 |
Golden Pacific | |
Business Acquisition [Line Items] | |
Real Estate Property Location | KS / MO |
Ownership interest | 97.00% |
Purchase price | $ 1,213 |
Lynnwood 2.0 | |
Business Acquisition [Line Items] | |
Real Estate Property Location | Lubbock, TX |
Ownership interest | 80.00% |
Purchase price | $ 2,490 |
Mortgage | $ 1,743 |
Lubbock 3.0 | |
Business Acquisition [Line Items] | |
Real Estate Property Location | Lubbock, TX |
Ownership interest | 80.00% |
Purchase price | $ 4,574 |
Mortgage | $ 3,202 |
Texas Portfolio 183 | |
Business Acquisition [Line Items] | |
Real Estate Property Location | Various / TX |
Ownership interest | 80.00% |
Purchase price | $ 28,290 |
Mortgage | $ 19,803 |
DFW 189 | |
Business Acquisition [Line Items] | |
Real Estate Property Location | Dallas-Fort Worth |
Ownership interest | 56.00% |
Purchase price | $ 27,670 |
Mortgage | $ 19,950 |
Acquisition of Real Estate - As
Acquisition of Real Estate - Assets acquired (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Preliminary Purchase Price Allocation | |
Land | $ 50,203 |
Building | 273,233 |
Building improvements | 2,907 |
Land improvements | 13,665 |
Furniture and fixtures | 2,132 |
In-place leases | 5,392 |
Total assets acquired | 347,532 |
Mortgages assumed | 66,785 |
Fair value adjustments | 2,996 |
Total liabilities assumed | $ 69,781 |
Acquisition of Real Estate - Ad
Acquisition of Real Estate - Additional Interests in The Brodie (Details) - The Brodie $ in Millions | Apr. 24, 2020USD ($) |
Business Acquisition [Line Items] | |
Purchase price | $ 3.5 |
Minimum | |
Business Acquisition [Line Items] | |
Indirect Ownership Interest Percentage Of Investment | 93.00% |
Maximum | |
Business Acquisition [Line Items] | |
Indirect Ownership Interest Percentage Of Investment | 100.00% |
Notes and Interest Receivable -
Notes and Interest Receivable - Summary of the notes and accrued interest receivable due from related parties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Total | $ 173,882 | $ 157,908 |
Provision for credit losses | (393) | (174) |
Total, net | 173,489 | 157,734 |
Avondale Hills Member | ||
Total | 12,874 | 1,021 |
Domain at The One Forty [Member] | ||
Total | 25,309 | 24,315 |
Motif [Member] | ||
Total | 85,375 | 75,436 |
Reunion Apartments [Member] | ||
Total | 11,382 | 8,161 |
The Hartley at Blue Hill, formerly The Park at Chapel Hill [Member] | ||
Total | $ 38,942 | 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 | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Notes and Interest Receivable | ||
Beginning balance as of January 1 | $ 174 | $ 0 |
Provision for credit loss on pool of assets, net (1) | 219 | 174 |
Ending balance | $ 393 | $ 174 |
Notes and Interest Receivable_3
Notes and Interest Receivable - Summary of the interest income from related parties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Interest Income, Related Party | $ 16,962 | $ 23,326 |
Amount funded for leasehold improvement allowance | 20,400 | |
Arlo | ||
Interest Income, Related Party | 4,161 | |
Avondale Hills Member | ||
Interest Income, Related Party | 1,124 | 3 |
Corpus [Member] | ||
Interest Income, Related Party | 219 | |
Domain at The One Forty [Member] | ||
Interest Income, Related Party | 985 | 1,311 |
Jolin [Member] | ||
Interest Income, Related Party | 84 | |
Motif [Member] | ||
Interest Income, Related Party | 7,162 | 9,549 |
Interest income related party, net of adjustment | 3,000 | |
Novel Perimeter | ||
Interest Income, Related Party | 3,084 | |
Reunion Apartments [Member] | ||
Interest Income, Related Party | 1,207 | 176 |
The Hartley at Blue Hill, formerly The Park at Chapel Hill [Member] | ||
Interest Income, Related Party | 4,149 | 3,077 |
Vickers Historic Roswell | ||
Interest Income, Related Party | 903 | 1,733 |
Zoey [Member] | ||
Interest Income, Related Party | $ 1,129 | $ 232 |
Notes and Interest Receivable_4
Notes and Interest Receivable - Schedule of occupancy percentages of the Company's related parties (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Domain at The One Forty [Member] | ||
Development Leased | 94.60% | 92.60% |
Motif [Member] | ||
Development Leased | 91.20% | 62.10% |
Reunion Apartments [Member] | ||
Development Leased | 66.40% |
Notes and Interest Receivable_5
Notes and Interest Receivable - Additional Information (Details) $ in Thousands | Dec. 22, 2021USD ($) | Aug. 06, 2021USD ($)item | Jul. 09, 2021USD ($)item | Apr. 12, 2021item | Mar. 29, 2021USD ($) | Aug. 18, 2020USD ($) | Jul. 01, 2020USD ($)item | Sep. 30, 2020USD ($)propertyitem | May 31, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 29, 2017USD ($) | Dec. 31, 2021USD ($)propertyitem | Jun. 29, 2021USD ($) | Jan. 27, 2021USD ($) | Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Dec. 12, 2019USD ($) | Mar. 03, 2017USD ($) |
Provision for credit loss on mezzanine loan investments | $ 400 | |||||||||||||||||
Provision for credit losses on carrying amount of investments | $ 173,882 | $ 157,908 | ||||||||||||||||
Peak Housing [Member] | ||||||||||||||||||
Number of Units | item | 474 | |||||||||||||||||
Preferred ship Interest Return At Annual Rate | 10.00% | 10.00% | ||||||||||||||||
Minimum | ||||||||||||||||||
Spread on variable rate | 3.50% | |||||||||||||||||
Minimum | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||
Spread on variable rate | 0.50% | |||||||||||||||||
Maximum | ||||||||||||||||||
Spread on variable rate | 4.25% | |||||||||||||||||
Maximum | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||
Spread on variable rate | 3.00% | |||||||||||||||||
The Park at Chapel Hill Financing [Member] | ||||||||||||||||||
Related party due, funded | $ 29,500 | |||||||||||||||||
Paydown from related party | $ 21,000 | |||||||||||||||||
Outstanding principal balance | $ 10,500 | |||||||||||||||||
Amount funded | 2,000 | |||||||||||||||||
Loan Amount Borrowed To The Related Party | 2,000 | |||||||||||||||||
The Park at Chapel Hill Financing [Member] | Maximum | ||||||||||||||||||
Due from Related Parties | $ 40,000 | |||||||||||||||||
Corpus Bridge Loan | Peak Housing REIT [Member] | ||||||||||||||||||
Fixed rate for loan | 7.00% | |||||||||||||||||
Loan provided | $ 6,800 | |||||||||||||||||
Number of Units | item | 81,000,000 | |||||||||||||||||
Jolin Bridge Loan | Peak Housing REIT [Member] | ||||||||||||||||||
Fixed rate for loan | 7.00% | |||||||||||||||||
Loan provided | $ 3,100 | |||||||||||||||||
Number of Units | item | 24 | |||||||||||||||||
Corpus And Jolin Bridge Loan [Member] | Minimum | ||||||||||||||||||
Preferred ship Interest Return At Annual Rate | 10.00% | |||||||||||||||||
Corpus And Jolin Bridge Loan [Member] | Maximum | ||||||||||||||||||
Preferred ship Interest Return At Annual Rate | 8.00% | |||||||||||||||||
Motif Mezzanine Financing [Member] | ||||||||||||||||||
Outstanding principal balance | 74,600 | |||||||||||||||||
Payment Relended To The Borrower | $ 8,000 | |||||||||||||||||
Motif Mezz Loan | ||||||||||||||||||
Fixed rate for loan | 12.90% | |||||||||||||||||
Fixed rate in year 2022 | 9.00% | |||||||||||||||||
Fixed rate in year 2023 and thereafter | 6.00% | |||||||||||||||||
Participation in profit achieved in sale (as a percent) | 50.00% | |||||||||||||||||
Motif Mezz Loan | ||||||||||||||||||
Maximum amount that can be borrowed by the third party | $ 88,600 | |||||||||||||||||
Number of apartment units | property | 385 | |||||||||||||||||
Amount funded | $ 84,400 | |||||||||||||||||
Paydown from related party | $ 8,000 | |||||||||||||||||
Amount funded | $ 8,000 | |||||||||||||||||
BR Morehead JV , LLC [Member] | Mezzanine Type Loan Member | ||||||||||||||||||
Due from Related Parties, Current | 32,000 | |||||||||||||||||
Interest | 95.00% | |||||||||||||||||
Fixed rate for loan | 15.00% | |||||||||||||||||
Number of Units | item | 286 | |||||||||||||||||
BRG Domain 1 [Member] | ||||||||||||||||||
Participation in profit achieved in sale (as a percent) | 50.00% | |||||||||||||||||
Texas Portfolio 183 | Mezzanine Type Loan Member | ||||||||||||||||||
Due from Related Parties | $ 19,800 | |||||||||||||||||
BR Chapel Hill JV LLC [Member] | ||||||||||||||||||
Interest | 100.00% | |||||||||||||||||
Fixed rate for loan | 10.00% | |||||||||||||||||
Due from Related Parties | $ 500 | |||||||||||||||||
Domain 1 property Owner [Member] | ||||||||||||||||||
Interest | 95.00% | |||||||||||||||||
Maximum amount that can be borrowed by the third party | $ 27,400 | |||||||||||||||||
Due from Related Parties | $ 24,500 | |||||||||||||||||
Number of apartment units | property | 299 | |||||||||||||||||
BR Perimeter JV,LLC [Member] | ||||||||||||||||||
Due from Related Parties | $ 23,800 | |||||||||||||||||
Related Party Transaction, Date | Dec. 29, 2021 | |||||||||||||||||
Flagler Mezz Loan [Member] | ||||||||||||||||||
Percentage Of Loan Secured | 97.00% | |||||||||||||||||
Flagler Mezz Loan [Member] | Mezzanine Type Loan Member | ||||||||||||||||||
Due from Related Parties | $ 74,600 | |||||||||||||||||
Motif Construction Loan [Member] | ||||||||||||||||||
Spread on variable rate | 3.70% | |||||||||||||||||
Due From Unaffiliated Lender | $ 70,400 | |||||||||||||||||
Face amount of loan | $ 88,800 | |||||||||||||||||
Motif Construction Loan [Member] | Maximum | ||||||||||||||||||
Spread on variable rate | 3.85% | |||||||||||||||||
Perimeter Mezz Loan [Member] | ||||||||||||||||||
Interest | 60.00% | |||||||||||||||||
Fixed rate for loan | 15.00% | |||||||||||||||||
Due from Related Parties | $ 23,800 | |||||||||||||||||
Vickers Historic Roswell | ||||||||||||||||||
Interest | 80.00% | |||||||||||||||||
Fixed rate for loan | 15.00% | |||||||||||||||||
Due from Related Parties | $ 12,400 | |||||||||||||||||
Number of Units | item | 79 | |||||||||||||||||
Provision for credit losses on carrying amount of investments | 12,048 | |||||||||||||||||
Domain at The One Forty [Member] | ||||||||||||||||||
Amount funded | $ 25,200 | |||||||||||||||||
Provision for credit losses on carrying amount of investments | $ 25,309 | $ 24,315 | ||||||||||||||||
Domain at The One Forty [Member] | Mezzanine Type Loan Member | ||||||||||||||||||
Fixed rate for loan | 15.00% | |||||||||||||||||
Spread on variable rate | 2.20% | |||||||||||||||||
Due From Unaffiliated Lender | $ 6,400 | $ 39,200 | $ 30,300 | |||||||||||||||
2020 | 5.50% | |||||||||||||||||
2021 | 4.00% | |||||||||||||||||
2022 and thereafter | 3 | |||||||||||||||||
Participation in profit achieved in sale (as a percent) | 50.00% | |||||||||||||||||
Domain at The One Forty [Member] | Mezzanine Type Loan Member | Maximum | ||||||||||||||||||
Spread on variable rate | 3.95% | |||||||||||||||||
Avondale Hills Mezzanine Financing [Member] | ||||||||||||||||||
Maximum amount that can be borrowed by the third party | $ 11,700 | |||||||||||||||||
Loans Receivable, Interest Rate | 12.00% | |||||||||||||||||
Number of apartment units | property | 240 | |||||||||||||||||
Extension term | 1 year | |||||||||||||||||
Number of extension options | item | 2 | |||||||||||||||||
Reunion Apartments Mezzanine Financing | ||||||||||||||||||
Maximum amount that can be borrowed by the third party | $ 10,000 | |||||||||||||||||
Loans Receivable, Interest Rate | 12.00% | |||||||||||||||||
Number of apartment units | item | 280 | |||||||||||||||||
Extension term | 1 year | |||||||||||||||||
Number of extension options | item | 2 | |||||||||||||||||
Amended Chapel Hill Mezz Loan [Member] | ||||||||||||||||||
Maximum amount that can be borrowed by the third party | $ 31,000 | |||||||||||||||||
Loans Receivable, Interest Rate | 11.75% | |||||||||||||||||
The Park at Chapel Hill Financing [Member] | ||||||||||||||||||
Maximum amount that can be borrowed by the third party | $ 40,000 | |||||||||||||||||
Loans Receivable, Interest Rate | 11.00% | |||||||||||||||||
Interest paid (as a percent) | 5.25% | |||||||||||||||||
Interest accrued (as a percent) | 6.50% |
Preferred Equity Investments _3
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Apr. 30, 2021 | Apr. 12, 2021 | Dec. 31, 2020 |
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Total | $ 136,061 | $ 99,638 | ||
Provision for credit losses | (371) | (16,153) | ||
Total, net | 135,690 | 83,485 | ||
Peak Housing [Member] | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Total, net | $ 20,300 | |||
Alexan CityCentre [Member] | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Total | 18,261 | 15,063 | ||
Alexan Southside Place | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Total | 26,038 | |||
Total, net | $ 10,100 | |||
Chandler [Member] | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Total | 3,305 | |||
Deercross [Member] | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Total | 4,000 | |||
Deerwood Apartments [Member] | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Total | 9,245 | |||
Lower Broadway [Member] | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Total | 908 | |||
Mira Vista [Member] | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Total | 5,250 | |||
Peak Housing | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Total | 20,319 | |||
Renew 3030 [Member] | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Total | 7,060 | |||
Spring Parc [Member] | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Total | 8,000 | |||
Strategic Portfolio [Member] | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Total | 28,212 | 27,054 | ||
The Conley | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Total | 15,036 | |||
The Cottages at Myrtle Beach [Member] | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Total | 9,034 | |||
The Cottages of Port St. Lucie [Member] | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Total | 7,260 | |||
Crossings of Dawsonville [Member] | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Total | 10,450 | |||
The Riley [Member] | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Total | 6,961 | |||
The Woods at Forest Hill | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Total | 442 | |||
Thornton Flats [Member] | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Total | 4,600 | |||
Wayford at Concord [Member] | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Total | 6,500 | |||
Willow Park | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Total | 2,540 | |||
Other Property [Member] | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Total | $ 64 | $ 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 | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($) | |
Beginning balance as of July 1 and January 1, 2021, respectively | $ 16,153 | ||
Provision for credit loss | 400 | ||
Ending balance | $ 16,153 | 371 | $ 16,153 |
Pool of assets - preferred equity investments | |||
Provision for credit loss | $ 148 | 223 | |
Number of equity method investment properties sold during the period | item | 8 | ||
Alexan Southside Place | |||
Provision for credit loss | $ 15,900 | $ (15,930) | $ 15,930 |
Preferred Equity Investments _5
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Preferred returns (Details) - USD ($) | Mar. 18, 2021 | Dec. 22, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||||
Preferred returns on unconsolidated real joint ventures | $ 12,067,000 | $ 11,250,000 | $ 9,797,000 | ||
Alexan CityCentre [Member] | |||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||||
Preferred returns on unconsolidated real joint ventures | 2,952,000 | 2,502,000 | 2,108,000 | ||
Alexan Southside Place | |||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||||
Preferred returns on unconsolidated real joint ventures | 1,281,000 | 1,583,000 | |||
Chandler [Member] | |||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||||
Preferred returns on unconsolidated real joint ventures | 91,000 | ||||
Deercross [Member] | |||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||||
Preferred returns on unconsolidated real joint ventures | 221,000 | ||||
Deerwood Apartments [Member] | |||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||||
Preferred returns on unconsolidated real joint ventures | 174,000 | ||||
Helios [Member] | |||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||||
Preferred returns on unconsolidated real joint ventures | (133,000) | 1,343,000 | |||
Cost Expense To Sale Of Unconsolidated Real Estate Joint Venture | (143,000) | ||||
Leigh House | |||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||||
Preferred returns on unconsolidated real joint ventures | 2,000 | 1,155,000 | |||
Lower Broadway [Member] | |||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||||
Preferred returns on unconsolidated real joint ventures | 3,000 | ||||
Mira Vista [Member] | |||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||||
Preferred returns on unconsolidated real joint ventures | 391,000 | 539,000 | 155,000 | ||
Peak Housing | |||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||||
Preferred returns on unconsolidated real joint ventures | 1,030,000 | ||||
Renew 3030 [Member] | |||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||||
Preferred returns on unconsolidated real joint ventures | 251,000 | ||||
Riverside Apartments [Member] | |||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||||
Preferred returns on unconsolidated real joint ventures | $ 900,000 | 1,662,000 | 879,000 | ||
Spring Parc [Member] | |||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||||
Preferred returns on unconsolidated real joint ventures | 401,000 | ||||
Strategic Portfolio [Member] | |||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||||
Preferred returns on unconsolidated real joint ventures | 3,617,000 | 2,121,000 | 33,000 | ||
The Conley | |||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||||
Preferred returns on unconsolidated real joint ventures | $ 1,300,000 | 405,000 | 1,966,000 | 1,375,000 | |
The Cottages at Myrtle Beach [Member] | |||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||||
Preferred returns on unconsolidated real joint ventures | 300,000 | ||||
The Cottages of Port St. Lucie [Member] | |||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||||
Preferred returns on unconsolidated real joint ventures | 227,000 | ||||
Crossings of Dawsonville [Member] | |||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||||
Preferred returns on unconsolidated real joint ventures | 518,000 | ||||
The Riley [Member] | |||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||||
Preferred returns on unconsolidated real joint ventures | 649,000 | ||||
The Woods at Forest Hill | |||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||||
Preferred returns on unconsolidated real joint ventures | 2,000 | ||||
Thornton Flats [Member] | |||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||||
Preferred returns on unconsolidated real joint ventures | 420,000 | 415,000 | 110,000 | ||
Wayford at Concord | |||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||||
Preferred returns on unconsolidated real joint ventures | 364,000 | 839,000 | 121,000 | ||
Whetstone Apartments [Member] | |||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||||
Preferred returns on unconsolidated real joint ventures | $ 56,000 | $ 935,000 | |||
Willow Park | |||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||||
Preferred returns on unconsolidated real joint ventures | $ 51,000 |
Preferred Equity Investments _6
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Occupancy percentages (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 95.90% | |
Alexan CityCentre. [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 94.10% | 94.10% |
Deercross [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 86.80% | |
Peak Housing | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 92.80% | |
Renew 3030 [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 96.80% | |
Spring Parc [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 98.40% | |
Georgetown Crossing [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 97.00% | 88.70% |
Hunter's Pointe [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 98.50% | 99.00% |
Park on the Square | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 95.40% | 97.50% |
The Commons [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 97.60% | 93.90% |
The Reserve at Palmer Ranch | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 97.50% | |
Water's Edge [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 97.30% | 99.50% |
Crossings of Dawsonville [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 98.10% | |
The Riley [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 97.30% |
Preferred Equity Investments _7
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Additional Information (Details) | Dec. 29, 2021USD ($) | Jul. 26, 2021USD ($)item | Jul. 15, 2021USD ($)item | Jun. 25, 2021USD ($)item | Jun. 16, 2021USD ($)item | Jun. 10, 2021USD ($)item | Jan. 22, 2020USD ($) | Sep. 17, 2019USD ($) | Apr. 26, 2019USD ($) | Jun. 07, 2016USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2021USD ($)itemproperty | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Apr. 30, 2021USD ($) | Dec. 10, 2019 | Jan. 01, 2019USD ($) | Oct. 29, 2018item | Jul. 01, 2014item |
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Number of joint ventures in which company has equity investment | item | 20 | |||||||||||||||||||
Number of joint ventures which generate a stated preferred return on outstanding capital contributions | item | 18 | |||||||||||||||||||
Number of equity investments representing 0.5% common interest in joint venture | item | 2 | |||||||||||||||||||
Provision for credit losses | $ 400,000 | |||||||||||||||||||
Equity Method Investments | $ 83,485,000 | 135,690,000 | $ 83,485,000 | |||||||||||||||||
Due from Affiliates | 339,000 | 711,000 | 339,000 | |||||||||||||||||
Consideration of preferred equity investment | 19,200,000 | |||||||||||||||||||
Payments to Acquire Equity Method Investments | $ 104,325,000 | 24,809,000 | $ 74,307,000 | |||||||||||||||||
Common interest (as a percent) | 0.50% | |||||||||||||||||||
Equity Method Investments, Provision for Credit Losses | 16,153,000 | $ 371,000 | 16,153,000 | |||||||||||||||||
Whetstone Apartments | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Payments to Acquire Equity Method Investments | $ 2,500,000 | |||||||||||||||||||
Common membership interest percentage agreed to acquire | 100.00% | |||||||||||||||||||
Alexan Southside Place | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Provision for credit losses | 15,900,000 | $ (15,930,000) | $ 15,930,000 | |||||||||||||||||
Equity Method Investments | $ 10,100,000 | |||||||||||||||||||
Whetstone Apartments | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Payments to Acquire Equity Method Investments | $ 1,900,000 | |||||||||||||||||||
Common membership interest percentage agreed to acquire | 7.50% | |||||||||||||||||||
Alexan CityCentre. [Member] | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Number of extension options | item | 2 | |||||||||||||||||||
Extension term | 1 year | |||||||||||||||||||
Equity Method Investments | $ 18,300,000 | |||||||||||||||||||
Alexan CityCentre. [Member] | 15% Percent Preferred Stock [Member] | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Equity Method Investments | $ 6,500,000 | |||||||||||||||||||
Expected Preferred Return On Related Party Debt | 15.00% | |||||||||||||||||||
Alexan CityCentre. [Member] | Twenty Percent Preferred Stock [Member] | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Equity Method Investments | $ 11,800,000 | |||||||||||||||||||
Expected Preferred Return On Related Party Debt | 20.00% | |||||||||||||||||||
Alexan CityCentre. [Member] | Class A Common Stock | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Number of Real Estate Properties, Fee Simple | item | 340 | |||||||||||||||||||
Alexan CityCentre. [Member] | Construction Loan Payable [Member] | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Construction Loan. | $ 55,100,000 | |||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 46 | |||||||||||||||||||
Alexan Southside Place Interests / Refinance [Member] | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Ground Lease Term | 85 years | |||||||||||||||||||
Total preferred return (as a percent) | 3.50% | 5.00% | 6.50% | |||||||||||||||||
Equity Method Investments | $ 24,900,000 | |||||||||||||||||||
Alexan Southside Place Interests / Refinance [Member] | Class A Common Stock | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Number of Real Estate Properties, Fee Simple | item | 270 | |||||||||||||||||||
Alexan Southside Place Interests / Refinance [Member] | Accounting Standards Update 2016-02 [Member] | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Operating Lease, Right-of-Use Asset | $ 17,100,000 | |||||||||||||||||||
Operating Lease, Liability | $ 17,100,000 | |||||||||||||||||||
Chandler [Member] | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Total Loan Commitment | $ 0 | |||||||||||||||||||
Number of extension options | item | 2 | |||||||||||||||||||
Extension term | 1 year | |||||||||||||||||||
Funded Amount | $ 3,300,000 | |||||||||||||||||||
Construction Loan. | $ 31,000,000 | |||||||||||||||||||
Debt Instrument, Amortization Period | 30 years | |||||||||||||||||||
Chandler [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Fixed rate | 3.00% | |||||||||||||||||||
Spread on variable rate | 2.50% | |||||||||||||||||||
Chandler [Member] | Class A Apartment Property | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Expected accrued return on outstanding capital contributions related party debt, per annum | 13.00% | |||||||||||||||||||
Number of units to be developed | property | 208 | |||||||||||||||||||
Equity Method Investments | $ 10,200,000 | |||||||||||||||||||
Helios | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Equity Method Investments | $ 1,800,000 | |||||||||||||||||||
Number of Units | item | 282 | |||||||||||||||||||
Payments to Acquire Equity Method Investments | $ 19,200,000 | |||||||||||||||||||
Common membership interest percentage agreed to acquire | 100.00% | |||||||||||||||||||
Helios | Fund III [Member] | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Equity Method Investments | $ 2,500,000 | |||||||||||||||||||
Mira Vista [Member] | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Accrued return through September 17, 2026 | 3.1 | |||||||||||||||||||
Current return through September 17, 2026 | 7 | |||||||||||||||||||
Preferred return through September 17, 2026 | 10.1 | |||||||||||||||||||
Equity Method Investments | $ 5,300,000 | |||||||||||||||||||
North Creek Apartments Interests [Member] | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Preferredship Interest Return At Annual Rate Accrued | 4.00% | |||||||||||||||||||
Number of Real Estate Properties, Fee Simple | item | 259 | |||||||||||||||||||
Current return (as a percent) | 8.50% | |||||||||||||||||||
Total preferred return (as a percent) | 12.50% | |||||||||||||||||||
Accrued return (as a percent) | 4.00% | |||||||||||||||||||
Equity Method Investments | $ 15,200,000 | |||||||||||||||||||
Riverside Apartments Interests | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Preferredship Interest Return At Annual Rate Accrued | 4.00% | |||||||||||||||||||
Current return (as a percent) | 8.50% | |||||||||||||||||||
Total preferred return (as a percent) | 12.50% | |||||||||||||||||||
Accrued return (as a percent) | 4.00% | |||||||||||||||||||
Equity Method Investments | $ 13,900,000 | |||||||||||||||||||
Riverside Apartments Interests | Class A Common Stock | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Number of Real Estate Properties, Fee Simple | item | 222 | |||||||||||||||||||
Strategic Portfolio [Member] | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Preferredship Interest Return At Annual Rate Accrued | 3.00% | 3.00% | ||||||||||||||||||
Accrued return (as a percent) | 3.00% | 3.00% | ||||||||||||||||||
Thornton Flats [Member] | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Preferredship Interest Return At Annual Rate Accrued | 1.00% | |||||||||||||||||||
Current return (as a percent) | 8.00% | |||||||||||||||||||
Total preferred return (as a percent) | 9.00% | |||||||||||||||||||
Accrued return (as a percent) | 1.00% | |||||||||||||||||||
Equity Method Investments | $ 4,600,000 | |||||||||||||||||||
Wayforth at Concord [Member] | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Preferredship Interest Return At Annual Rate Accrued | 4.00% | |||||||||||||||||||
Number of Real Estate Properties, Fee Simple | item | 150 | |||||||||||||||||||
Total preferred return (as a percent) | 13.00% | |||||||||||||||||||
Accrued return (as a percent) | 4.00% | |||||||||||||||||||
Equity Method Investments | $ 6,500,000 | |||||||||||||||||||
Construction Loan. | $ 22,300,000 | |||||||||||||||||||
Wayforth at Concord [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Spread on variable rate | 2.50% | |||||||||||||||||||
Whetstone Interests [Member] | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Total preferred return (as a percent) | 6.50% | |||||||||||||||||||
Equity Method Investments | $ 12,900,000 | |||||||||||||||||||
Whetstone Interests [Member] | Class A Common Stock | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Number of Real Estate Properties, Fee Simple | item | 204 | |||||||||||||||||||
Deercross Interests [Member] | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Preferredship Interest Return At Annual Rate Accrued | 3.50% | |||||||||||||||||||
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 | $ 4,000,000 | |||||||||||||||||||
Number of Units | item | 372 | |||||||||||||||||||
Construction Loan. | $ 18,900,000 | |||||||||||||||||||
Lower Broadway Interests [Member] | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Total Loan Commitment | $ 15,800,000 | |||||||||||||||||||
Preferredship Interest Return At Annual Rate Accrued | 12.50% | |||||||||||||||||||
Number of extension options | item | 2 | |||||||||||||||||||
Extension term | 1 year | |||||||||||||||||||
Funded Amount | $ 900,000 | |||||||||||||||||||
Accrued return (as a percent) | 12.50% | |||||||||||||||||||
Number of Units | item | 386 | |||||||||||||||||||
Construction Loan. | $ 51,000,000 | |||||||||||||||||||
Long-term Construction Loan | $ 0 | |||||||||||||||||||
Lower Broadway Interests [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Spread on variable rate | 2.55% | |||||||||||||||||||
Orange City Apartments Interests [Member] | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Total Loan Commitment | $ 15,100,000 | |||||||||||||||||||
Preferredship Interest Return At Annual Rate Accrued | 13.00% | |||||||||||||||||||
Interest floating basis rate percentage | 3.50% | |||||||||||||||||||
Number of extension options | item | 2 | |||||||||||||||||||
Extension term | 1 year | |||||||||||||||||||
Funded Amount | 0 | |||||||||||||||||||
Accrued return (as a percent) | 13.00% | |||||||||||||||||||
Number of Units | item | 298 | |||||||||||||||||||
Construction Loan. | $ 36,300,000 | |||||||||||||||||||
Long-term Construction Loan | 0 | |||||||||||||||||||
Orange City Apartments Interests [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Spread on variable rate | 2.75% | |||||||||||||||||||
Deerwood Apartments Interests[Member] | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Preferredship Interest Return At Annual Rate Accrued | 11.50% | |||||||||||||||||||
Interest floating basis rate percentage | 3.35% | |||||||||||||||||||
Extension term | 1 year | |||||||||||||||||||
Funded Amount | 9,200,000 | |||||||||||||||||||
Accrued return (as a percent) | 11.50% | |||||||||||||||||||
Number of Units | item | 330 | |||||||||||||||||||
Construction Loan. | $ 39,500,000 | |||||||||||||||||||
Long-term Construction Loan | $ 0 | |||||||||||||||||||
Total loan commitments | $ 16,500,000 | |||||||||||||||||||
Debt Instrument, Amortization Period | 30 years | |||||||||||||||||||
Deerwood Apartments Interests[Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Spread on variable rate | 2.75% | |||||||||||||||||||
Deercross Interests [Member] | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Fixed rate | 1.00% | |||||||||||||||||||
Debt Instrument, Amortization Period | 30 years | |||||||||||||||||||
Strategic Portfolio Interests | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Preferredship Interest Return At Annual Rate Accrued | 3.00% | 5.15% | ||||||||||||||||||
Current return (as a percent) | 7.50% | 6.35% | 7.50% | 7.50% | ||||||||||||||||
Total preferred return (as a percent) | 10.50% | 11.50% | 10.50% | |||||||||||||||||
Accrued return (as a percent) | 3.00% | 5.15% | ||||||||||||||||||
Equity Method Investments | $ 10,200,000 | $ 11,400,000 | $ 27,000,000 | $ 27,000,000 | $ 27,000,000 | |||||||||||||||
Number of Units | item | 320 | |||||||||||||||||||
Total mortgage debt | $ 129,300,000 | |||||||||||||||||||
Mezzanine loan [Member] | Alexan CityCentre. [Member] | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 11,500,000 | |||||||||||||||||||
Minimum | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Market Rebound Period | 24 months | |||||||||||||||||||
Spread on variable rate | 3.50% | |||||||||||||||||||
Minimum | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Spread on variable rate | 0.50% | |||||||||||||||||||
Minimum | Senior Loans | Alexan CityCentre. [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Spread on variable rate | 1.50% | |||||||||||||||||||
Minimum | Mezzanine loan [Member] | Alexan CityCentre. [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Spread on variable rate | 6.00% | |||||||||||||||||||
Maximum | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Market Rebound Period | 36 months | |||||||||||||||||||
Spread on variable rate | 4.25% | |||||||||||||||||||
Maximum | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Spread on variable rate | 3.00% | |||||||||||||||||||
Maximum | Senior Loans | Alexan CityCentre. [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Spread on variable rate | 3.99% | |||||||||||||||||||
Maximum | Mezzanine loan [Member] | Alexan CityCentre. [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||||
Spread on variable rate | 8.49% |
Preferred Equity Investments _8
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Additional information (Details-1) | Dec. 29, 2021USD ($) | Dec. 20, 2021USD ($) | Dec. 08, 2021item | Sep. 09, 2021USD ($)item | Aug. 31, 2021USD ($)item | Aug. 26, 2021USD ($)item | Aug. 06, 2021 | Jul. 14, 2021USD ($) | Jul. 13, 2021USD ($)item | Jun. 17, 2021USD ($)home | Jun. 10, 2021USD ($)item | Jun. 04, 2021USD ($) | Apr. 12, 2021USD ($)item | Mar. 01, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Equity Method Investments | $ 135,690,000 | $ 135,690,000 | $ 83,485,000 | |||||||||||||||
Proceeds from sale of interests | 51,504,000 | 50,734,000 | $ 36,620,000 | |||||||||||||||
Payments to Acquire Equity Method Investments | 104,325,000 | 24,809,000 | 74,307,000 | |||||||||||||||
Accrued preferred return | $ 12,067,000 | 11,250,000 | 9,797,000 | |||||||||||||||
Strategic Portfolio Interests | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Equity Method Investments | $ 10,200,000 | $ 11,400,000 | $ 27,000,000 | $ 27,000,000 | ||||||||||||||
Number of Units | item | 320 | |||||||||||||||||
Current return (as a percent) | 7.50% | 6.35% | 7.50% | 7.50% | ||||||||||||||
Total preferred return (as a percent) | 10.50% | 11.50% | 10.50% | |||||||||||||||
Accrued return (as a percent) | 3.00% | 5.15% | ||||||||||||||||
Peak Housing [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Equity Method Investments | $ 20,300,000 | |||||||||||||||||
Number of Units | item | 474 | |||||||||||||||||
Preferred equity investment | $ 10,700,000 | 9,600,000 | ||||||||||||||||
Investments for calculating the return | 16,000,000 | |||||||||||||||||
Remaining investments | $ 4,300,000 | |||||||||||||||||
Total preferred return on remaining investment (as a percent) | 8.00% | |||||||||||||||||
Accrued return on remaining investment (as a percent) | 4.00% | |||||||||||||||||
Current return on remaining investment (as a percent) | 4.00% | |||||||||||||||||
Current return (as a percent) | 7.00% | |||||||||||||||||
Total preferred return (as a percent) | 10.00% | 10.00% | ||||||||||||||||
Accrued return (as a percent) | 3.00% | |||||||||||||||||
Construction loan | $ 146,600,000 | |||||||||||||||||
Number of extension options | item | 2 | |||||||||||||||||
Extension term | 1 year | |||||||||||||||||
Accrual rate for current return not paid | 15.00% | |||||||||||||||||
Renew 3030 [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Equity Method Investments | $ 7,100,000 | |||||||||||||||||
Number of Units | item | 126 | |||||||||||||||||
Investments for calculating the return | $ 13,600,000 | |||||||||||||||||
Current return (as a percent) | 6.00% | |||||||||||||||||
Total preferred return (as a percent) | 10.50% | |||||||||||||||||
Accrued return (as a percent) | 4.50% | |||||||||||||||||
Amortization period | 30 years | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.52% | |||||||||||||||||
Percentage Of Yield Maintenance Prepayment Penalty | 1.00% | |||||||||||||||||
Spring Parc [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Equity Method Investments | $ 8,000,000 | |||||||||||||||||
Number of Units | item | 304 | |||||||||||||||||
Investments for calculating the return | $ 30,100,000 | |||||||||||||||||
Current return (as a percent) | 7.00% | |||||||||||||||||
Total preferred return (as a percent) | 10.50% | |||||||||||||||||
Accrued return (as a percent) | 3.50% | |||||||||||||||||
Extension term | 30 days | |||||||||||||||||
Amortization period | 30 years | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.49% | |||||||||||||||||
Percentage Of Yield Maintenance Prepayment Penalty | 1.00% | |||||||||||||||||
Willow Park Interests [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Number of Units | home | 46 | |||||||||||||||||
Preferred equity investment | $ 3,800,000 | |||||||||||||||||
Accrued return (as a percent) | 13.00% | |||||||||||||||||
Construction loan | 8,800,000 | $ 8,800,000 | ||||||||||||||||
Amount funded | $ 2,500,000 | |||||||||||||||||
Outstanding loan | 1,700,000 | |||||||||||||||||
Extension term | 1 year | |||||||||||||||||
Amortization period | 25 years | |||||||||||||||||
Interest floating basis rate percentage | 4.50% | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||||||||||||||
Wayford at Innovation Park Interests [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Preferred equity investment | $ 13,400,000 | |||||||||||||||||
Accrued return (as a percent) | 12.50% | |||||||||||||||||
Construction loan | 39,600,000 | 39,600,000 | ||||||||||||||||
Amortization period | 30 years | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | |||||||||||||||||
Interest floating basis rate percentage | 2.25% | |||||||||||||||||
The Cottages at Myrtle Beach Interests [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Number of Units | item | 294 | |||||||||||||||||
Accrued return (as a percent) | 14.50% | |||||||||||||||||
Construction loan | 40,200,000 | 40,200,000 | ||||||||||||||||
Amount funded | $ 9,000,000 | |||||||||||||||||
Outstanding loan | $ 17,900,000 | |||||||||||||||||
Extension term | 1 year | |||||||||||||||||
Interest floating basis rate percentage | 3.10% | |||||||||||||||||
The Cottages at Myrtle Beach Interests [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.60% | |||||||||||||||||
The Cottages at Warner Robins Interests [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Number of Units | item | 251 | |||||||||||||||||
Accrued return on remaining investment (as a percent) | 14.50% | |||||||||||||||||
Construction loan | 34,500,000 | 34,500,000 | ||||||||||||||||
Outstanding loan | 13,300,000 | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.10% | |||||||||||||||||
The Cottages of Port St. Lucie Interests [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Number of Units | item | 286 | |||||||||||||||||
Accrued return on remaining investment (as a percent) | 14.50% | |||||||||||||||||
Construction loan | 45,200,000 | 45,200,000 | ||||||||||||||||
Amount funded | 7,300,000 | 7,300,000 | ||||||||||||||||
Outstanding loan | $ 18,800,000 | |||||||||||||||||
Extension term | 1 year | |||||||||||||||||
Interest floating basis rate percentage | 3.50% | |||||||||||||||||
The Cottages of Port St. Lucie Interests [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||||||||||||||||
Thornton Flats Interests | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Equity Method Investments | $ 800,000 | |||||||||||||||||
Preferred equity investment | $ 5,300,000 | |||||||||||||||||
The Crossings of Dawsonville Interests [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Equity Method Investments | $ 10,500,000 | |||||||||||||||||
Number of Units | 216 | |||||||||||||||||
Current return (as a percent) | 7.00% | |||||||||||||||||
Total preferred return (as a percent) | 10.50% | |||||||||||||||||
Accrued return (as a percent) | 3.50% | |||||||||||||||||
Construction loan | $ 37,600,000 | |||||||||||||||||
Amortization period | 30 years | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | |||||||||||||||||
The Crossings of Dawsonville Interests [Member] | The Crossings of Dawsonville Interests [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.28% | |||||||||||||||||
The Riley Interests | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Equity Method Investments | $ 7,000,000 | |||||||||||||||||
Current return (as a percent) | 6.00% | |||||||||||||||||
Total preferred return (as a percent) | 11.00% | |||||||||||||||||
Accrued return (as a percent) | 5.00% | |||||||||||||||||
Construction loan | $ 44,100,000 | |||||||||||||||||
The Riley Interests | The Crossings of Dawsonville Interests [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Extension term | 1 month | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | |||||||||||||||||
Interest floating basis rate percentage | 3.35% | |||||||||||||||||
The Woods at Forest Hill Interests [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Equity Method Investments | $ 3,300,000 | 400,000 | 400,000 | |||||||||||||||
Accrued return on remaining investment (as a percent) | 13.00% | |||||||||||||||||
Construction loan | $ 8,300,000 | $ 8,300,000 | ||||||||||||||||
Extension term | 1 year | |||||||||||||||||
Amortization period | 25 years | |||||||||||||||||
Interest floating basis rate percentage | 4.75% | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||||||||||||||
Wayford at Concord Interests [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||
Equity Method Investments | $ 44,400,000 | |||||||||||||||||
Current return (as a percent) | 9.00% | |||||||||||||||||
Ownership Interest | 83 | |||||||||||||||||
Proceeds from sale of interests | $ 7,000,000 | |||||||||||||||||
Payments to Acquire Equity Method Investments | 6,500,000 | |||||||||||||||||
Accrued preferred return | $ 500,000 |
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 | Dec. 31, 2021USD ($) |
Schedule of Equity Method Investments [Line Items] | ||||
Long-term Debt | $ 1,364,991 | |||
Deercross Interests [Member] | ||||
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 | $ 9,200 | |||
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 [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Units | item | 474 | |||
Preferredship Interest Return At Annual Rate Accrued | 3.00% | |||
Construction Loan. | $ 146,600 | |||
Extension term | 1 year | |||
London Interbank Offered Rate (LIBOR) [Member] | 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) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Long-term Line of Credit | $ 0 | $ 33,000 |
Amended Senior Credit Facility [Member] | ||
Long-term Line of Credit | 33,000 | |
Amended Senior Credit Facility [Member] | Falls at Forsyth | ||
Long-term Line of Credit | $ 79,900 | |
Amended Junior Credit Facility [Member] | ||
Long-term Line of Credit | $ 0 |
Revolving Credit Facility - Add
Revolving Credit Facility - Additional Information (Details) $ in Millions | Sep. 21, 2021USD ($) | Mar. 06, 2020USD ($)item | Dec. 31, 2021USD ($)item |
Minimum | |||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||
Maximum | |||
Debt Instrument, Basis Spread on Variable Rate | 4.25% | ||
London Interbank Offered Rate (LIBOR) [Member] | Minimum | |||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||
London Interbank Offered Rate (LIBOR) [Member] | Maximum | |||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 143.3 | ||
Amended Junior Credit Facility [Member] | Minimum | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.35% | ||
Amended Junior Credit Facility [Member] | Maximum | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 0.4 | ||
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 | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% | ||
Amended Senior Credit Facility [Member] | Maximum | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | ||
Amended Senior Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | Minimum | |||
Debt Instrument, Basis Spread on Variable Rate | 1.30% | ||
Amended Senior Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | Maximum | |||
Debt Instrument, Basis Spread on Variable Rate | 1.65% | ||
Amended Senior Credit Facility [Member] | Base Rate [Member] | Line of Credit [Member] | Minimum | |||
Debt Instrument, Basis Spread on Variable Rate | 0.30% | ||
Amended Senior Credit Facility [Member] | Base Rate [Member] | Line of Credit [Member] | Maximum | |||
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] | London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | Minimum | |||
Debt Instrument, Description of Variable Rate Basis | 2.75% | ||
Second Amended Junior Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | Maximum | |||
Debt Instrument, Description of Variable Rate Basis | 3.25% | ||
Second Amended Junior Credit Facility [Member] | Base Rate [Member] | Line of Credit [Member] | Minimum | |||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||
Second Amended Junior Credit Facility [Member] | Base Rate [Member] | Line of Credit [Member] | Maximum | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 2.25% |
Mortgages Payable (Details)
Mortgages Payable (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021USD ($)item | Feb. 18, 2021USD ($) | Dec. 31, 2020USD ($) | May 27, 2020USD ($) | |
Line of Credit Facility [Line Items] | ||||
Total | $ 1,364,991 | $ 1,529,705 | ||
Total continuing operations | 1,364,991 | 1,490,932 | ||
Mortgages [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total | 1,365,975 | 1,495,529 | ||
Fair value adjustments | 8,159 | 6,489 | ||
Deferred financing costs, net | (9,143) | (11,086) | ||
Mortgages [Member] | Fixed Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | 1,059,368 | 1,117,999 | ||
Mortgages [Member] | Floating Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | 306,607 | 377,530 | ||
Mortgages [Member] | Held for sale | ||||
Line of Credit Facility [Line Items] | ||||
Deferred financing costs, net | 0 | (341) | ||
Fannie Facility Advance | Floating Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 13,900 | |||
ARIUM Grandewood | Fixed Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | 19,600 | |||
ARIUM Grandewood | Floating Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | 19,500 | |||
ARIUM Grandewood | Mortgages [Member] | Held for sale | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | 0 | 19,585 | ||
ARIUM Grandewoods | Mortgages [Member] | Held for sale | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | 0 | 19,529 | ||
ARIUM Westside [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 51,841 | 52,150 | ||
Fixed rate | 3.68% | |||
Ashford Belmar [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 100,675 | 100,675 | ||
Fixed rate | 4.53% | |||
Avenue 25 | Mortgages [Member] | Fixed Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 36,566 | 36,566 | ||
Fixed rate | 4.18% | |||
Burano Hunter's Creek | Mortgages [Member] | Fixed Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 69,502 | 70,871 | ||
Fixed rate | 3.65% | |||
Carrington At Perimeter Park | Mortgages [Member] | Fixed Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 31,244 | 31,301 | ||
Fixed rate | 4.16% | |||
Chattahoochee Ridge [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 45,338 | 45,338 | ||
Fixed rate | 3.25% | |||
Citrus Tower [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 39,896 | 40,627 | ||
Fixed rate | 4.07% | |||
Denim [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 101,205 | 101,205 | ||
Fixed rate | 3.41% | |||
The Debra Metrowest | Mortgages [Member] | Fixed Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 63,982 | 64,559 | ||
Fixed rate | 4.43% | |||
Windsor Falls | Mortgages [Member] | Fixed Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 27,442 | 0 | ||
Fixed rate | 4.19% | |||
Yauger Park Villas | Mortgages [Member] | Fixed Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 14,921 | 0 | ||
Fixed rate | 4.86% | |||
Elan | Mortgages [Member] | Fixed Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 25,508 | 25,574 | ||
Fixed rate | 4.19% | |||
Element [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 29,260 | 29,260 | ||
Fixed rate | 3.63% | |||
Falls at Forsyth | Mortgages [Member] | Fixed Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 19,265 | 0 | ||
Fixed rate | 4.35% | |||
Falls at Forsyth | Mortgages [Member] | Floating Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 19,186 | 0 | ||
Fixed rate | 1.49% | |||
Gulfshore Apartment Homes [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 46,345 | 46,345 | ||
Fixed rate | 3.26% | |||
James on South First [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 0 | 25,674 | ||
Navigator Villas [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 20,361 | 20,515 | ||
Fixed rate | 4.57% | |||
Outlook at Greystone [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 21,930 | 22,105 | ||
Fixed rate | 4.30% | |||
Park & Kingston [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 0 | 19,600 | ||
Plantations Park | Mortgages [Member] | Fixed Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | 0 | 26,625 | ||
Providence Trail [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 47,587 | 47,950 | ||
Fixed rate | 3.54% | |||
Rosewell City Walk [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 49,050 | 50,043 | ||
Fixed rate | 3.63% | |||
The Brodie | Mortgages [Member] | Fixed Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 32,876 | 33,551 | ||
Fixed rate | 3.71% | |||
The Links at Plum Creek [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 38,916 | 39,578 | ||
Fixed rate | 4.31% | |||
The Mills [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 24,731 | 25,275 | ||
Fixed rate | 4.21% | |||
The Preserve at Henderson Beach [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 48,490 | 48,490 | ||
Fixed rate | 3.26% | |||
The Reserve at Palmer Ranch | Mortgages [Member] | Fixed Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 0 | 40,977 | ||
The Sanctuary [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 33,707 | 33,707 | ||
Fixed rate | 3.31% | |||
Wesley Village [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 38,730 | 39,438 | ||
Fixed rate | 4.25% | |||
ARIUM Glenridge. [Member] | Mortgages [Member] | Floating Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 49,170 | 49,500 | ||
Fixed rate | 1.42% | |||
Chevy Chase | Mortgages [Member] | Fixed Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 24,400 | 24,400 | ||
Chevy Chase | Mortgages [Member] | Floating Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Fixed rate | 2.41% | |||
Cielo On Gilbert | Mortgages [Member] | Floating Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Fixed rate | 2.66% | |||
Fannie Facility Advance | Mortgages [Member] | Fixed Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 58,000 | 58,000 | ||
Fannie Facility Advance | Mortgages [Member] | Floating Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 13,936 | 13,936 | ||
Fixed rate | 2.69% | |||
ILE | Mortgages [Member] | Floating Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 26,825 | 0 | ||
Fixed rate | 3.78% | |||
Fannie Facility Second Advance | Floating Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 12,900 | |||
Fannie Facility Second Advance | Mortgages [Member] | Floating Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 12,880 | 0 | ||
Fixed rate | 2.75% | |||
Marquis at the Cascades I [Member] | Mortgages [Member] | Floating Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 0 | 31,668 | ||
Marquis at the Cascades II [Member] | Mortgages [Member] | Floating Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 0 | 22,101 | ||
The District At Scottsdale | ||||
Line of Credit Facility [Line Items] | ||||
Number of extension options | item | 2 | |||
Extension term | 1 year | |||
The District At Scottsdale | Mortgages [Member] | Floating Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 0 | 75,577 | ||
Veranda at Centerfield [Member] | Mortgages [Member] | Floating Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 25,962 | 26,100 | ||
Fixed rate | 1.35% | |||
Villages of Cypress Creek | Mortgages [Member] | Floating Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 33,520 | 33,520 | ||
Fixed rate | 2.64% | |||
Pine Lakes Preserve [Member] | Mortgages [Member] | Floating Interest Rate [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Total Outstanding Principal | $ 42,728 | $ 42,728 | ||
Fixed rate | 3.07% |
Mortgages Payable - Debt maturi
Mortgages Payable - Debt maturities (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Mortgages Payable [Abstract] | |
2022 | $ 17,896 |
2023 | 127,237 |
2024 | 204,310 |
2025 | 332,171 |
2026 | 156,561 |
Thereafter | 527,800 |
Long-term Debt | 1,365,975 |
Add: Unamortized fair value debt adjustment | 8,159 |
Subtract: Deferred financing costs, net | (9,143) |
Total | $ 1,364,991 |
Mortgages Payable - Additional
Mortgages Payable - Additional Information (Details) $ in Thousands | Jul. 07, 2021USD ($) | Feb. 18, 2021USD ($) | May 27, 2020USD ($) | Apr. 21, 2020USD ($) | Mar. 06, 2020item | Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Line of Credit Facility [Line Items] | ||||||||
Debt, Weighted Average Interest Rate | 3.78% | |||||||
Real Estate Investments, Net | $ 2,047,298 | $ 2,097,177 | ||||||
Loss on extinguishment of debt | 6,740 | 14,630 | $ 7,258 | |||||
Amortization of Debt Issuance Costs | 3,300 | 3,500 | 3,600 | |||||
Amortization Of Fair Value Adjustments Of Debt | $ 1,300 | 400 | $ 300 | |||||
SOFR | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt Instrument, Reference rate | 0.05% | |||||||
Amended Senior Credit Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Real Estate Investments, Net | $ 2,070,300 | |||||||
Number of extension options | item | 2 | |||||||
Extension term | 1 year | |||||||
Mortgages [Member] | Fixed Interest Rate [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Total Outstanding Principal | 1,059,368 | 1,117,999 | ||||||
Mortgages [Member] | Floating Interest Rate [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Total Outstanding Principal | $ 306,607 | 377,530 | ||||||
Fannie Facility Advance | Floating Interest Rate [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Total Outstanding Principal | $ 13,900 | |||||||
Fannie Facility Advance | London Interbank Offered Rate (LIBOR) [Member] | Floating Interest Rate [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.60% | |||||||
Amortization period | 30 years | |||||||
Minimum | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||||||
Minimum | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||
Maximum | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.25% | |||||||
Maximum | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||||||
Line of Credit [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Secured Long-term Debt, Noncurrent | $ 26,800 | |||||||
Line of Credit [Member] | Minimum | Amended Senior Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.30% | |||||||
Line of Credit [Member] | Minimum | Amended Senior Credit Facility [Member] | Base Rate [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.30% | |||||||
Line of Credit [Member] | Maximum | Amended Senior Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.65% | |||||||
Line of Credit [Member] | Maximum | Amended Senior Credit Facility [Member] | Base Rate [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.65% | |||||||
Two credit agreements | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Secured Long-term Debt, Noncurrent | 7,500 | |||||||
Three credit agreements | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Secured Long-term Debt, Noncurrent | 19,300 | |||||||
Avenue 25 | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Secured Long-term Debt, Noncurrent | $ 29,700 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 4.02% | |||||||
Avenue 25 | Mortgages [Member] | Fixed Interest Rate [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Total Outstanding Principal | $ 36,566 | 36,566 | ||||||
Avenue 25 | Supplemental Loan [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Secured Long-term Debt, Noncurrent | $ 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 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 4.09% | |||||||
Carrington At Perimeter Park | Mortgages [Member] | Fixed Interest Rate [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Total Outstanding Principal | $ 31,244 | 31,301 | ||||||
Carrington At Perimeter Park | Supplemental Loan [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Secured Long-term Debt, Noncurrent | $ 3,700 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 4.66% | |||||||
Denim [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Secured Long-term Debt, Noncurrent | $ 91,600 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3.32% | |||||||
Denim [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Total Outstanding Principal | $ 101,205 | 101,205 | ||||||
Denim [Member] | Supplemental Loan [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Secured Long-term Debt, Noncurrent | $ 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 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 4.09% | |||||||
Elan | Mortgages [Member] | Fixed Interest Rate [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Total Outstanding Principal | $ 25,508 | 25,574 | ||||||
Elan | Supplemental Loan [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Secured Long-term Debt, Noncurrent | $ 4,300 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 4.66% | |||||||
Navigator Villas [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Secured Long-term Debt, Noncurrent | $ 14,700 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 4.31% | |||||||
Navigator Villas [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Total Outstanding Principal | $ 20,361 | 20,515 | ||||||
Navigator Villas [Member] | Supplemental Loan [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Secured Long-term Debt, Noncurrent | $ 5,700 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 5.23% | |||||||
Other Than Cielo On Gilbert And The District At Scottsdale [Member] | Mortgages [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt Instrument Prepayment Fee Percentage | 0.09% | |||||||
The District At Scottsdale | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Loss on extinguishment of debt | $ (400) | |||||||
Number of extension options | item | 2 | |||||||
Extension term | 1 year | |||||||
The District At Scottsdale | Mortgages [Member] | Floating Interest Rate [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Total Outstanding Principal | $ 0 | 75,577 | ||||||
Veranda at Centerfield [Member] | Mortgages [Member] | Floating Interest Rate [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Total Outstanding Principal | 25,962 | 26,100 | ||||||
Villages of Cypress Creek | Mortgages [Member] | Floating Interest Rate [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Total Outstanding Principal | 33,520 | 33,520 | ||||||
Pine Lakes Preserve [Member] | Mortgages [Member] | Floating Interest Rate [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Total Outstanding Principal | 42,728 | 42,728 | ||||||
Enders Place at Baldwin Park | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Loss on extinguishment of debt | $ (2,400) | |||||||
Park & Kingston [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Total Outstanding Principal | 0 | 19,600 | ||||||
Gulfshore Apartment Homes [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Total Outstanding Principal | 46,345 | 46,345 | ||||||
Yauger Park Villas | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Secured Long-term Debt, Noncurrent | $ 10,400 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 4.81% | |||||||
Yauger Park Villas | Mortgages [Member] | Fixed Interest Rate [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Total Outstanding Principal | $ 14,921 | 0 | ||||||
Yauger Park Villas | Supplemental Loan [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Secured Long-term Debt, Noncurrent | $ 4,600 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 4.96% | |||||||
The Preserve at Henderson Beach [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Total Outstanding Principal | $ 48,490 | 48,490 | ||||||
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 [Member] | ||||||||
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 [Member] | Floating Interest Rate [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Total Outstanding Principal | $ 12,880 | $ 0 | ||||||
ARIUM Grandewood | Fixed Interest Rate [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Total Outstanding Principal | 19,600 | |||||||
ARIUM Grandewood | Floating Interest Rate [Member] | ||||||||
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 | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value of Financial Instruments | ||
Long-term Debt, Fair Value | $ 1,388.3 | $ 1,586 |
Mortgage Payable At Carrying Value | $ 1,374.1 | $ 1,541.1 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Fair Value of company's derivative financial instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair value adjustment of interest rate Caps | $ 82 | $ 128 | $ 2,536 |
Interest Rate Cap [Member] | Interest Expense [Member] | |||
Fair value adjustment of interest rate Caps | 82 | (128) | $ (2,536) |
Accounts Receivable, Prepaids and Other Assets [Member] | Interest Rate Cap [Member] | |||
Derivative, Fair Value, Net | $ 185 | $ 14 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Additional Information (Details) $ in Millions | Dec. 31, 2021USD ($) |
Interest Rate Cap [Member] | |
Amount Of Debt Covered By Derivatives | $ 279.8 |
Related Party Transactions - Re
Related Party Transactions - Related party amounts payable to BRE (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Related Party Transactions | ||
Total related-party amounts payable | $ 599 | $ 618 |
Amounts Payable to BRE under the Administrative Services Agreement, net [Member] | BRE Entities [Member] | ||
Related Party Transactions | ||
Total related-party amounts payable | 412 | 427 |
Operating expense reimbursements and direct expense reimbursements [Member] | BRE Entities [Member] | ||
Related Party Transactions | ||
Total related-party amounts payable | 318 | 338 |
Offering expense reimbursements [Member] | BRE Entities [Member] | ||
Related Party Transactions | ||
Total related-party amounts payable | 94 | 89 |
Amounts Payable to BRE under the Leasehold Cost-Sharing Agreement [Member] | BRE Entities [Member] | ||
Related Party Transactions | ||
Total related-party amounts payable | 187 | 191 |
Reimbursable Operating Expenses, Leasehold Cost-Sharing Agreement [Member] | BRE Entities [Member] | ||
Related Party Transactions | ||
Total related-party amounts payable | $ 187 | $ 191 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | Nov. 09, 2021 | Apr. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 25, 2021 |
Related Party Transactions | |||||||
Reimbursement of Payroll Operating Costs | $ 400,000 | ||||||
Reimbursement of total expenses | $ 2,300,000 | $ 1,900,000 | $ 1,700,000 | ||||
Due to Affiliates Excluding Former Advisor | 700,000 | 300,000 | |||||
Due From Affiliates Excluding Former Advisor | 700,000 | ||||||
Accrued preferred returns on unconsolidated real estate investments | 300,000 | ||||||
Preferred equity interests | $ 135,690,000 | 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 | $ 32,400,000 | 17,000,000 | |||||
Dealer manager fees and discounts | $ 13,900,000 | 7,300,000 | |||||
Restricted Voting Rights, Threshold Maximum Percentage | 9.90% | ||||||
General and Administrative Expense [Member] | |||||||
Related Party Transactions | |||||||
Reimbursement of Payroll Operating Costs | $ 3,000,000 | 2,800,000 | $ 3,600,000 | ||||
Long-term Incentive Plan Units One [Member] | |||||||
Related Party Transactions | |||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 27,432 | 138,179 | |||||
Alexan Southside Place | |||||||
Related Party Transactions | |||||||
Accrued preferred returns on unconsolidated real estate investments | $ 300,000 | ||||||
Proceeds from sale of equity investment | $ 9,800,000 | ||||||
Preferred equity interests | $ 10,100,000 | ||||||
Affiliated Entity [Member] | |||||||
Related Party Transactions | |||||||
Security Deposit Liability | $ 750,000 | ||||||
Series T Preferred Stock [Member] | |||||||
Related Party Transactions | |||||||
Reimbursement Of Offering Costs | $ 1,200,000 | $ 1,000,000 |
Stockholders' Equity - Reconcil
Stockholders' Equity - Reconciliation of components of basic and diluted net income (loss) per common share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stockholders' Equity | |||
Net income (loss) attributable to common stockholders | $ 3,473 | $ (44,674) | $ (19,751) |
Dividends on restricted stock and LTIP Units expected to vest | (1,508) | (1,323) | (953) |
Basic net income (loss) attributable to common stockholders | $ 1,965 | $ (45,997) | $ (20,704) |
Weighted average common shares outstanding | 26,024,935 | 24,084,347 | 22,649,222 |
Potential dilutive shares | 225,064 | ||
Weighted Average Number of Shares Outstanding, Diluted, Total | 26,249,999 | 24,084,347 | 22,649,222 |
Net income (loss) per common share, basic | $ 0.08 | $ (1.91) | $ (0.91) |
Net income (loss) per common share, diluted | $ 0.07 | $ (1.91) | $ (0.91) |
Stockholders' Equity - Company'
Stockholders' Equity - Company's non-vested shares LTIP units under the incentive plans (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stockholders' Equity | |||
Non Vested shares, Balance (in shares) | 2,376,589 | 1,371,083 | 975,209 |
Non Vested shares, Granted (in shares) | 1,211,845 | 1,346,538 | 637,315 |
Non Vested shares, Vested (in shares) | (1,158,385) | (333,951) | (237,841) |
Non Vested shares, Forfeited (in shares) | (100,488) | (7,081) | (3,600) |
Non Vested shares, Balance (in shares) | 2,329,561 | 2,376,589 | 1,371,083 |
Weighted average grant-date fair value, Balance (in dollars) | $ 9.50 | $ 9.72 | $ 10.05 |
Weighted average grant-date fair value, Granted (in dollars) | 11.75 | 9.39 | 9.36 |
Weighted average grant-date fair value, Vested (in dollars) | 8.65 | 10.12 | 10.01 |
Weighted average grant-date fair value, Forfeited (in dollars) | 9.44 | 6.53 | 10.65 |
Weighted average grant-date fair value, Balance (in dollars) | $ 11.07 | $ 9.50 | $ 9.72 |
Stockholders' Equity - Distribu
Stockholders' Equity - Distributions (Details) | 12 Months Ended |
Dec. 31, 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 |
Common Class A Three [Member] | |
Common stock, distribution amount | 0.162500 |
Common Class A Four [Member] | |
Common stock, distribution amount | 0.162500 |
Class C Common Stock | |
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 |
Common Class C Three [Member] | |
Common stock, distribution amount | 0.162500 |
Common Class C Four [Member] | |
Common stock, distribution amount | 0.162500 |
Series A Preferred Stock [Member] | |
Common stock, distribution amount | 0.515625 |
Series A 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 B Preferred Stock seven [Member] | |
Common stock, distribution amount | 5 |
Series B Preferred Stock eight [Member] | |
Common stock, distribution amount | 5 |
Series B Preferred Stock Nine [Member] | |
Common stock, distribution amount | 5 |
Series B Preferred Stock Ten [Member] | |
Common stock, distribution amount | 5 |
Series B Preferred Stock Eleven [Member] | |
Common stock, distribution amount | 5 |
Series B Preferred Stock Twelve [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 C Preferred Stock three [Member] | |
Common stock, distribution amount | 0.4765625 |
Series C Preferred Stock Four [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 D Preferred Stock three [Member] | |
Common stock, distribution amount | 0.4453125 |
Series D Preferred Stock Four [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 |
Series T Preferred Stock Seven [Member] | |
Common stock, distribution amount | 0.128125 |
Series T Preferred Stock Eight [Member] | |
Common stock, distribution amount | 0.128125 |
Series T Preferred Stock Nine [Member] | |
Common stock, distribution amount | 0.128125 |
Series T Preferred Stock Ten [Member] | |
Common stock, distribution amount | 0.128125 |
Series T Preferred Stock Eleven [Member] | |
Common stock, distribution amount | 0.128125 |
Series T Preferred Stock Twelve [Member] | |
Common stock, distribution amount | 0.128125 |
Series T Preferred Stock Thirteen [Member] | |
Common stock, distribution amount | $ 0.050000 |
Stockholders' Equity - Distri_2
Stockholders' Equity - Distributions declared and paid (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |||||
Distributions Declared | $ 25,095 | $ 21,891 | $ 20,880 | $ 20,413 | $ 88,279 |
Distributions Paid | 23,927 | 21,593 | 20,036 | 20,799 | $ 86,355 |
Class A Common Stock | |||||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |||||
Distributions Declared | 4,363 | 4,244 | 4,753 | 3,943 | |
Distributions Paid | 4,245 | 4,750 | 3,945 | 3,630 | |
Class C Common Stock | |||||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |||||
Distributions Declared | 12 | 12 | 12 | 12 | |
Distributions Paid | 12 | 12 | 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 | 5,393 | 5,404 | 5,818 | 7,089 | |
Distributions Paid | 5,396 | 5,407 | 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 | 1,094 | 1,094 | |
Distributions Paid | 1,094 | 1,094 | 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 | 1,235 | 1,235 | |
Distributions Paid | 1,235 | 1,235 | 1,235 | 1,235 | |
Series T Preferred Stock [Member] | |||||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |||||
Distributions Declared | 11,128 | 8,039 | 6,220 | 4,493 | |
Distributions Paid | 10,281 | 7,439 | 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 | 1,027 | 1,027 | |
Distributions Paid | 1,025 | 1,025 | 1,025 | 1,027 | |
Long-term Incentive Plan Units One [Member] | |||||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |||||
Distributions Declared | 843 | 836 | 721 | 814 | |
Distributions Paid | $ 639 | $ 631 | $ 836 | $ 510 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) | Mar. 25, 2022shares | Dec. 20, 2021 | Nov. 09, 2021shares | Aug. 03, 2021shares | May 11, 2021shares | Apr. 01, 2021shares | Mar. 25, 2021shares | Feb. 26, 2021$ / sharesshares | Feb. 16, 2021personshares | Jan. 01, 2021USD ($)shares | Dec. 21, 2020$ / sharesshares | Nov. 05, 2020shares | Oct. 21, 2020$ / sharesshares | Aug. 11, 2020shares | May 22, 2020personshares | Apr. 15, 2020personshares | Jan. 01, 2020USD ($)shares | May 31, 2020USD ($)$ / shares | Nov. 30, 2019shares | Dec. 31, 2021USD ($)D$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)shares | Oct. 13, 2021$ / shares | Jul. 19, 2021$ / shares | Feb. 09, 2021USD ($) | Oct. 31, 2020USD ($) | Sep. 08, 2020shares | Sep. 30, 2019USD ($) |
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 47,000 | $ 1,994,000 | $ 5,325,000 | |||||||||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | ||||||||||||||||||||||||||
Stock Repurchased During Period, Value | $ | $ 119,589,000 | $ 40,334,000 | $ 14,086,000 | |||||||||||||||||||||||||
Percentage Of Unvested Incentive Plan In Operating Partnership | 5.35% | |||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,211,845,000 | 1,346,538,000 | 637,315,000 | |||||||||||||||||||||||||
Share Repurchase Plan [Member] | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Stock Repurchased During Period, Value | $ | $ 189,100,000 | $ 189,100,000 | ||||||||||||||||||||||||||
Class A Common Stock | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Stock Repurchased During Period, Shares | 11,140,637 | 3,983,842 | ||||||||||||||||||||||||||
Stock Repurchased During Period, Value | $ | $ 119,600,000 | |||||||||||||||||||||||||||
Series A Preferred Stock [Member] | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Stock Repurchased During Period, Shares | 163,068 | |||||||||||||||||||||||||||
Series C Preferred Stock [Member] | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Stock Repurchased During Period, Shares | 27,905 | |||||||||||||||||||||||||||
Series D Preferred Stock [Member] | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Stock Repurchased During Period, Shares | 76,264 | |||||||||||||||||||||||||||
OP Unit holders [Member] | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 16.24% | |||||||||||||||||||||||||||
Partners' Capital Account, Units | 6,309,672 | |||||||||||||||||||||||||||
LTIP Unit holders [Member] | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 13.37% | |||||||||||||||||||||||||||
Partners' Capital Account, Units | 5,196,894 | |||||||||||||||||||||||||||
Percentage Of Unvested Incentive Plan In Operating Partnership | 5.35% | |||||||||||||||||||||||||||
OP And LTIP Unit holders [Member] | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 29.61% | |||||||||||||||||||||||||||
Stock Offering [Member] | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Redemption of series T preferred stock and conversion into cash (in shares) | 10,113 | |||||||||||||||||||||||||||
Redemption of Series T preferred stock and converted into cash | $ | $ 200,000 | |||||||||||||||||||||||||||
Redemption of series B preferred stock and conversion into cash (in shares) | 232 | |||||||||||||||||||||||||||
Redemption of series B preferred stock and conversion into cash | $ | $ 200,000 | |||||||||||||||||||||||||||
Restricted Stock [Member] | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Share-based Compensation | $ | 400,000 | $ 500,000 | ||||||||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 400,000 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
Long-term Incentive Plan Units One [Member] | Time-based LTIP Units [Member] | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Share-based Compensation | $ | $ 4,100,000 | 3,900,000 | $ 3,600,000 | |||||||||||||||||||||||||
Long-term Incentive Plan Units One [Member] | Performance Based LTIP Units [Member] | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Share-based Compensation | $ | $ 3,700,000 | $ 3,000,000 | $ 1,600,000 | |||||||||||||||||||||||||
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 | 247,138 | ||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 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 | 494,279 | ||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 3 years | ||||||||||||||||||||||||||
Restricted Stock [Member] | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 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 | 7,126 | |||||||||||||||||||||||||||
Compensation cost recognized | $ | $ 300,000 | |||||||||||||||||||||||||||
Incentive Plans 2014 [Member] | Long-term Incentive Plan Units One [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 348,117 | |||||||||||||||||||||||||||
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 | 21,889 | 27,111 | 46,075 | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||||||||||||||||
Number Of Executive Officers To Whom Shares Were Issued In Lieu Of Salaries | person | 2 | |||||||||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 6,100,000 | |||||||||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 7 months 6 days | |||||||||||||||||||||||||||
Remaining compensation cost is expected to be recognized (in years) | 1 year 7 months 6 days | |||||||||||||||||||||||||||
Fourth Amended 2014 Incentive Plans [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 | 15,855 | 19,209 | 23,206 | 22,598 | 193,112 | 19,683 | 7,381 | 19,197 | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||||||||||||||||
Compensation cost recognized | $ | $ 400,000 | |||||||||||||||||||||||||||
Number Of Executive Officers To Whom Shares Were Issued In Lieu Of Salaries | person | 2 | |||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 48,939 | 144,173 | ||||||||||||||||||||||||||
Class A Common Stock | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||||||||||||||||||||||
Redemption of Series T Preferred Stock and conversion into Class A common stock (in shares) | 181,597 | |||||||||||||||||||||||||||
Preferred Stock, Value, Issued | $ | $ 100,000,000 | |||||||||||||||||||||||||||
Common Stock, Shares, Issued | 27,257,586 | 22,020,950 | ||||||||||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 12.01 | |||||||||||||||||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 7,300,000 | |||||||||||||||||||||||||||
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 14,592,550 | |||||||||||||||||||||||||||
Total Redemption Of Series b Preferred Stock And Conversion Into Class Common Stock Shares | 16,540,204 | |||||||||||||||||||||||||||
Stock Issued During Period, Shares, Exercise Of Warrants | 1,280,858 | |||||||||||||||||||||||||||
Class A Common Stock | Share Repurchase Plan [Member] | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Stock Repurchased During Period, Value | $ | $ 46,400,000 | |||||||||||||||||||||||||||
Class A Common Stock | New Plan [Member] | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ | $ 75,000,000 | |||||||||||||||||||||||||||
Class A Common Stock | Maximum | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 14.71 | |||||||||||||||||||||||||||
Class A Common Stock | Minimum | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 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) | 283,966 | |||||||||||||||||||||||||||
Class A Common Stock | Warrant [Member] | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Shares excluded from the diluted shares calculations | 154,810 | 140,334 | ||||||||||||||||||||||||||
Class A Common Stock | Restricted Stock [Member] | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Shares excluded from the diluted shares calculations | 70,254 | 63,045 | 22,807 | |||||||||||||||||||||||||
Stock Issued During Period, Shares, In Lieu Of Executive Salaries | 25,174 | |||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 57,654 | |||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased | $ / shares | $ 10.42 | $ 4.80 | ||||||||||||||||||||||||||
Total fair value | $ | $ 400,000 | |||||||||||||||||||||||||||
Class A Common Stock | Restricted Stock [Member] | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Number Of Executive Officers To Whom Shares Were Issued In Lieu Of Salaries | person | 2 | |||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 89,054 | |||||||||||||||||||||||||||
Total fair value | $ | $ 600,000 | |||||||||||||||||||||||||||
Class A Common Stock | Fourth Amended 2014 Incentive Plans [Member] | Maximum | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Number Of Additional Shares To Be Issued | 3,000,000 | |||||||||||||||||||||||||||
Aggregate Shares After Issuance Of Additional Shares | 6,800,000 | |||||||||||||||||||||||||||
Class C Common Stock | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||||||||||||||||||||||
Common Stock, Shares, Issued | 76,603 | 76,603 | ||||||||||||||||||||||||||
Series B Preferred Stock [Member] | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | |||||||||||||||||||||||||||
Preferred Stock Redemption Fee Percentage. | 13.00% | |||||||||||||||||||||||||||
Preferred Stock Redemption Fee Percentage after One Year. | 10.00% | |||||||||||||||||||||||||||
Preferred Stock Redemption Fee Percentage After Three Year. | 5.00% | |||||||||||||||||||||||||||
Preferred Stock Redemption Fee Percentage After Four Year. | 3.00% | |||||||||||||||||||||||||||
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 150,758 | |||||||||||||||||||||||||||
Total Redemption Of Series b Preferred Stock And Conversion Into Class Common Stock Shares | 173,865 | |||||||||||||||||||||||||||
Class of Warrant or Right, Outstanding | 247,397 | |||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights, As Percentage Of Market Price Of Common Stock | 120.00% | |||||||||||||||||||||||||||
Class of Warrant or Right, Exercise of Warrants or Rights, Threshold Number Of Trading Days | D | 20 | |||||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 20 | |||||||||||||||||||||||||||
Warrants and Rights Outstanding, Term | 1 year | |||||||||||||||||||||||||||
Warrants and Rights Outstanding, Expiration Term | 4 years | |||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised | 125,501 | |||||||||||||||||||||||||||
Series B Preferred Stock [Member] | Minimum | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 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) | 3,302 | |||||||||||||||||||||||||||
At The Market Offerings [Member] | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Common Stock, Shares, Issued | 621,110 | |||||||||||||||||||||||||||
Series T Preferred Stock [Member] | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Shares issued | 28,369,906 | |||||||||||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ | $ 638,300,000 | |||||||||||||||||||||||||||
Redemption of Series T Preferred Stock and conversion into Class A common stock (in shares) | 81,246 | |||||||||||||||||||||||||||
Preferred Stock, Redemption Price Per Share | $ / shares | $ 25 | |||||||||||||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 6.15% | |||||||||||||||||||||||||||
Percentage of Dividend Declared Per Share | 0.20% | |||||||||||||||||||||||||||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $ / shares | $ 0.05 | |||||||||||||||||||||||||||
Series T Preferred Stock [Member] | Stock Offering [Member] | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Shares issued | 18,535,916 | |||||||||||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ | $ 417,100,000 | |||||||||||||||||||||||||||
Preferred Stock Offering Commissions And Dealer Manager Fees | $ | $ 46,300,000 | |||||||||||||||||||||||||||
Series T Preferred Stock [Member] | Stock Offering [Member] | Dividend Reinvestment Plan [Member] | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Shares issued | 109,661 | |||||||||||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ | $ 2,700,000 | |||||||||||||||||||||||||||
Cumulative Redeemable Preferred Stock | Series A [Member] | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 8.25% | 8.25% | 8.25% | |||||||||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | |||||||||||||||||||||||||||
Cumulative Redeemable Preferred Stock | Series C [Member] | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 7.625% | 7.625% | 7.625% | |||||||||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | |||||||||||||||||||||||||||
Cumulative Redeemable Preferred Stock | Series D [Member] | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Preferred Stock, Value, Issued | $ | $ 66,867,000 | $ 66,867,000 | ||||||||||||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 7.125% | 7.125% | 7.125% | 7.125% | ||||||||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | |||||||||||||||||||||||||||
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 | $ | $ 50,000,000 | $ 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 | ||||||||||||||||||||||||||||
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] | ||||||||||||||||||||||||||||
Preferred Stock, Redemption Price Per Share | $ / shares | $ 25 | $ 25 | $ 25 | $ 25 | ||||||||||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 8.25% | |||||||||||||||||||||||||||
Temporary Equity, Stock Redeemed During Period, Shares | 1,963,551 | 1,393,294 | ||||||||||||||||||||||||||
Accrued and unpaid dividends (in dollars per share) | $ / shares | 0.320833 | $ 0.464063 | $ 0.120313 | |||||||||||||||||||||||||
Total redemption payment (in dollars per share) | $ / shares | $ 25.320833 | $ 25.464063 | $ 25.120313 | |||||||||||||||||||||||||
Number of shares redeemed | 2,201,547 | |||||||||||||||||||||||||||
Preferred Stock [Member] | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Preferred Stock, Value, Issued | $ | $ 0 | $ 0 | ||||||||||||||||||||||||||
Redeemable Preferred Stock | Series C [Member] | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 7.625% | |||||||||||||||||||||||||||
Series D Cumulative Redeemable Preferred Stock Member [Member] | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Preferred Stock, Redemption Price Per Share | $ / shares | $ 25 | |||||||||||||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 7.125% | |||||||||||||||||||||||||||
Series T Redeemable Preferred Stock [Member] | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Preferred Stock Redemption Fee Percentage. | 12.00% | |||||||||||||||||||||||||||
Preferred Stock Redemption Fee Percentage after One Year. | 9.00% | |||||||||||||||||||||||||||
Preferred Stock Redemption Fee Percentage After Two Year | 6.00% | |||||||||||||||||||||||||||
Preferred Stock Redemption Fee Percentage After Three Year. | 3.00% | |||||||||||||||||||||||||||
Series C Cumulative Redeemable Preferred Stock [Member] | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Preferred Stock, Redemption Price Per Share | $ / shares | $ 25 | $ 25 | ||||||||||||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 7.625% | |||||||||||||||||||||||||||
Preferred Stock Increase In Annual Dividend Rate. | 2.00% | |||||||||||||||||||||||||||
Series C Cumulative Redeemable Preferred Stock [Member] | Maximum | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Preferred Stock Increase In Annual Dividend Rate. | 14.00% |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments and Contingencies | ||
Preferred equity, loan and joint venture investments | $ 158.5 | $ 35 |
Segment Information - Summary o
Segment Information - Summary of NOI and Reconciliation of NOI to consolidated statement of operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | |||
Rental and other property revenues | $ 203,689 | $ 196,522 | $ 185,376 |
Operating expenses | |||
Total property operating expenses | 76,002 | 76,301 | 74,449 |
Net operating income | |||
Total net operating income | 127,687 | 120,221 | 110,927 |
Reconciling items: | |||
Interest income from loan and ground lease investments | 16,962 | 23,326 | 24,595 |
Property management fees | (5,390) | (4,988) | (4,899) |
General and administrative | (27,787) | (24,141) | (22,553) |
Acquisition and pursuit costs | (448) | (4,152) | (556) |
Weather-related losses, net | (1,001) | (355) | |
Depreciation and amortization | (80,051) | (79,452) | (70,452) |
Other income | 549 | 144 | 68 |
Preferred returns on unconsolidated real joint ventures | 12,067 | 11,250 | 9,797 |
Provision for credit losses | (384) | (16,369) | 0 |
Gain on sale of real estate investments | 137,427 | 59,508 | 48,680 |
Gain on sale of non-depreciable real estate investments | 679 | ||
Transaction Costs | (15,036) | ||
Loss on extinguishment of debt and debt modification costs | (6,740) | (14,630) | (7,258) |
Interest expense, net | (52,701) | (55,994) | (59,554) |
Net (loss) income | 105,154 | 14,723 | 29,119 |
Preferred stock dividends | (63,606) | (58,463) | (46,159) |
Preferred stock accretion | (24,633) | (16,851) | (10,335) |
Operating Partnership units | 2,250 | (17,313) | (6,779) |
Partially-owned properties | 11,192 | 1,396 | (845) |
Net income (loss) attributable to noncontrolling interests | 13,442 | (15,917) | (7,624) |
Net income (loss) attributable to common stockholders | 3,473 | (44,674) | (19,751) |
Multifamily | |||
Revenues | |||
Rental and other property revenues | 194,414 | 193,963 | 185,294 |
Operating expenses | |||
Total property operating expenses | 72,775 | 75,411 | 74,414 |
Net operating income | |||
Total net operating income | 121,639 | 118,552 | 110,880 |
Single-family | |||
Revenues | |||
Rental and other property revenues | 9,275 | 2,559 | 82 |
Operating expenses | |||
Total property operating expenses | 3,227 | 890 | 35 |
Net operating income | |||
Total net operating income | $ 6,048 | $ 1,669 | $ 47 |
Segment Information - Summary A
Segment Information - Summary Assets and Reconciliation to consolidated balance sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Net Real Estate Investments | |||
Total Net Operating Real Estate Investments | $ 2,047,298 | $ 2,060,964 | |
Multifamily operating real estate held for sale, net | 0 | 36,213 | |
Total Net Real Estate Investments | 2,047,298 | 2,097,177 | |
Reconciling items: | |||
Cash and cash equivalents | 166,492 | 83,868 | $ 31,683 |
Restricted cash | 30,015 | 35,093 | $ 19,085 |
Notes and accrued interest receivable, net | 173,489 | 157,734 | |
Due from affiliates | 711 | 339 | |
Accounts receivable, prepaids and other assets, net | 43,108 | 29,502 | |
Preferred equity investments and investments in unconsolidated real estate joint ventures, net | 135,690 | 83,485 | |
In-place lease intangible assets, net | 2,530 | 2,594 | |
Non-real estate assets associated with multifamily operating real estate held for sale | 0 | 145 | |
TOTAL ASSETS | 2,599,333 | 2,489,937 | |
Multifamily | |||
Net Real Estate Investments | |||
Total Net Operating Real Estate Investments | 1,729,214 | 2,031,899 | |
Single-family | |||
Net Real Estate Investments | |||
Total Net Operating Real Estate Investments | $ 318,084 | $ 29,065 |
Segment Information - Additiona
Segment Information - Additional Information (Details) - segment | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Information | ||
Number of reportable segments | 2 | 1 |
Subsequent Events - Declaration
Subsequent Events - Declaration of Dividends (Details) - Subsequent Event [Member] - Dividend Declared [Member] | Jan. 14, 2022$ / shares |
Series B Preferred Stock [Member] | February 4, 2022 | |
Subsequent Event [Line Items] | |
Declaration of Dividends, Amount | $ 5 |
Series B Preferred Stock [Member] | March 4, 2022 | |
Subsequent Event [Line Items] | |
Declaration of Dividends, Amount | 5 |
Series B Preferred Stock [Member] | April 5, 2022 | |
Subsequent Event [Line Items] | |
Declaration of Dividends, Amount | 5 |
Series T Preferred Stock [Member] | February 4, 2022 | |
Subsequent Event [Line Items] | |
Declaration of Dividends, Amount | 0.128125 |
Series T Preferred Stock [Member] | March 4, 2022 | |
Subsequent Event [Line Items] | |
Declaration of Dividends, Amount | 0.128125 |
Series T Preferred Stock [Member] | April 5, 2022 | |
Subsequent Event [Line Items] | |
Declaration of Dividends, Amount | $ 0.128125 |
Subsequent Events - Distributio
Subsequent Events - Distribution paid (Details) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Thousands | Mar. 04, 2022 | Feb. 04, 2022 | Jan. 05, 2022 |
Subsequent Events | |||
Total Distribution | $ 24,622 | ||
Long-term Incentive Plan Units One [Member] | |||
Subsequent Events | |||
Dividends, Declaration Date | Dec. 10, 2021 | ||
Dividends, Record Date | Dec. 23, 2021 | ||
Dividends, Date paid | Jan. 5, 2022 | ||
Distributions per Share/Units | $ 0.1625000 | ||
Total Distribution | $ 646 | ||
Class A Common Stock | |||
Subsequent Events | |||
Dividends, Declaration Date | Dec. 10, 2021 | ||
Dividends, Record Date | Dec. 23, 2021 | ||
Dividends, Date paid | Jan. 5, 2022 | ||
Distributions per Share/Units | $ 0.1625000 | ||
Total Distribution | $ 4,363 | ||
Class C Common Stock | |||
Subsequent Events | |||
Dividends, Declaration Date | Dec. 10, 2021 | ||
Dividends, Record Date | Dec. 23, 2021 | ||
Dividends, Date paid | Jan. 5, 2022 | ||
Distributions per Share/Units | $ 0.1625000 | ||
Total Distribution | $ 12 | ||
Series B Preferred Stock [Member] | |||
Subsequent Events | |||
Dividends, Declaration Date | Jan. 14, 2022 | Oct. 11, 2021 | |
Dividends, Record Date | Feb. 25, 2022 | Dec. 23, 2021 | |
Dividends, Date paid | Mar. 4, 2022 | Jan. 5, 2022 | |
Distributions per Share/Units | $ 5 | $ 5 | |
Total Distribution | $ 1,794 | $ 1,796 | |
Series C Preferred Stock [Member] | |||
Subsequent Events | |||
Dividends, Declaration Date | Dec. 10, 2021 | ||
Dividends, Record Date | Dec. 23, 2021 | ||
Dividends, Date paid | Jan. 5, 2022 | ||
Distributions per Share/Units | $ 0.4765625 | ||
Total Distribution | $ 1,094 | ||
Series D Preferred Stock [Member] | |||
Subsequent Events | |||
Dividends, Declaration Date | Dec. 10, 2021 | ||
Dividends, Record Date | Dec. 23, 2021 | ||
Dividends, Date paid | Jan. 5, 2022 | ||
Distributions per Share/Units | $ 0.4453125 | ||
Total Distribution | $ 1,235 | ||
Series T Preferred Stock [Member] | |||
Subsequent Events | |||
Dividends, Declaration Date | Jan. 14, 2022 | Oct. 11, 2021 | |
Dividends, Record Date | Feb. 25, 2022 | Dec. 23, 2021 | |
Dividends, Date paid | Mar. 4, 2022 | Jan. 5, 2022 | |
Distributions per Share/Units | $ 0.1281250 | $ 0.1281250 | |
Total Distribution | $ 3,620 | $ 3,619 | |
Operating Partnership Units One [Member] | |||
Subsequent Events | |||
Dividends, Declaration Date | Dec. 10, 2021 | ||
Dividends, Record Date | Dec. 23, 2021 | ||
Dividends, Date paid | Jan. 5, 2022 | ||
Distributions per Share/Units | $ 0.1625000 | ||
Total Distribution | $ 1,027 | ||
Series B Preferred Stock One [Member] | |||
Subsequent Events | |||
Dividends, Declaration Date | Jan. 14, 2022 | ||
Dividends, Record Date | Jan. 25, 2022 | ||
Dividends, Date paid | Feb. 4, 2022 | ||
Distributions per Share/Units | $ 5 | ||
Total Distribution | $ 1,795 | ||
Series T Preferred Stock Two [Member] | |||
Subsequent Events | |||
Dividends, Declaration Date | Jan. 14, 2022 | ||
Dividends, Record Date | Jan. 25, 2022 | ||
Dividends, Date paid | Feb. 4, 2022 | ||
Distributions per Share/Units | $ 0.1281250 | ||
Total Distribution | $ 3,621 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) $ in Thousands | Feb. 28, 2022USD ($)shares | Feb. 25, 2022USD ($) | Feb. 15, 2022USD ($)item | Jan. 20, 2022USD ($) | Jan. 01, 2022shares | Apr. 12, 2021item | Jan. 01, 2020shares | Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($) | Jul. 01, 2020item |
Business Acquisition [Line Items] | |||||||||||
Payments to Acquire Equity Method Investments | $ 104,325 | $ 24,809 | $ 74,307 | ||||||||
Proceeds from sale of interests | 51,504 | 50,734 | 36,620 | ||||||||
Accrued preferred return | 12,067 | 11,250 | 9,797 | ||||||||
Proceeds from collection of mezzanine loan | $ 22,319 | $ 83,350 | 12,148 | ||||||||
Class A Common Stock | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Common Stock, Shares, Outstanding | shares | 27,257,586 | 22,020,950 | |||||||||
Reunion Apartments Mezzanine Financing | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of extension options | item | 2 | ||||||||||
Alexan CityCentre [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Accrued preferred return | $ 2,952 | $ 2,502 | $ 2,108 | ||||||||
Long-term Incentive Plan Units One [Member] | Incentive Plans 2014 [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Granted | shares | 7,126 | ||||||||||
Subsequent Event [Member] | Reunion Apartments Mezzanine Financing | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Proceeds from collection of mezzanine loan | $ 12,500 | ||||||||||
Proceeds from collection of mezzanine loan, principal amount | 10,000 | ||||||||||
Proceeds from collection of mezzanine loan, accrued interest amount | 1,500 | ||||||||||
Proceeds from collection of mezzanine loan, incremental payment amount | $ 1,000 | ||||||||||
Subsequent Event [Member] | Sale of The Hartley at Blue Hill [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Proceeds from collection of mezzanine loan | $ 34,400 | ||||||||||
Proceeds from collection of mezzanine loan, principal amount | 31,000 | ||||||||||
Proceeds from collection of mezzanine loan, accrued interest amount | 3,400 | ||||||||||
Subsequent Event [Member] | Sale of The Hartley at Blue Hill [Member] | Senior Loans | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Loan provided | $ 5,000 | ||||||||||
Subsequent Event [Member] | Stock Activity [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Warrants Exercise | shares | 106,502 | ||||||||||
Warrants Outstanding | shares | 138,583 | ||||||||||
Subsequent Event [Member] | Stock Activity [Member] | Class A Common Stock | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Shares issued | shares | 1,266,444 | ||||||||||
Common Stock, Shares, Outstanding | shares | 29,242,107 | ||||||||||
Subsequent Event [Member] | ARIUM Grandewood | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Proceeds from Sale of Real Estate, Gross | $ 18,700 | ||||||||||
Payment for accrued preferred return | 500 | ||||||||||
Secured Debt | $ 18,200 | ||||||||||
Subsequent Event [Member] | Long-term Incentive Plan Units One [Member] | Incentive Plans 2014 [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Granted | shares | 3,546 | ||||||||||
Vest over | 3 years | ||||||||||
Subsequent Event [Member] | Long-term Incentive Plan Units One [Member] | Incentive Plans 2014 [Member] | Time-based LTIP Units [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Granted | shares | 134,131 | ||||||||||
Subsequent Event [Member] | Long-term Incentive Plan Units One [Member] | Incentive Plans 2014 [Member] | Performance Based LTIP Units [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Granted | shares | 268,265 | ||||||||||
Peak Housing [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of build for rent homes | item | 474 | ||||||||||
Extension term | 1 year | ||||||||||
Weatherford Mezz Loan [Member] | Subsequent Event [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Loan provided | $ 9,600 | ||||||||||
Number of build for rent homes | item | 185 | ||||||||||
Number of extension options | item | 30 | ||||||||||
Fixed rate | 12.00% |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 1,365,975 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 287,389 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 1,888,580 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 95,452 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 287,406 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 1,984,015 | ||||
SEC Schedule III, Real Estate, Gross, Total | 2,271,421 | $ 2,291,934 | $ 2,088,886 | $ 1,802,668 | |
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | 224,123 | 194,757 | $ 141,566 | $ 108,911 | |
Proceeds from credit facility | 0 | $ 33,000 | |||
Gulfshore Apartment Homes [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 46,345 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 10,000 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 36,047 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 6,178 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 10,000 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 42,225 | ||||
SEC Schedule III, Real Estate, Gross, Total | 52,225 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 9,995 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2016 | ||||
Gulfshore Apartment Homes [Member] | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Gulfshore Apartment Homes [Member] | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
The Preserve at Henderson Beach [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 48,490 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,100 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 50,117 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 3,275 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,100 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 53,392 | ||||
SEC Schedule III, Real Estate, Gross, Total | 57,492 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 10,475 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2016 | ||||
The Preserve at Henderson Beach [Member] | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
The Preserve at Henderson Beach [Member] | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
ARIUM Westside [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 51,841 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 8,657 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 63,402 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 4,653 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 8,657 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 68,055 | ||||
SEC Schedule III, Real Estate, Gross, Total | 76,712 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 11,847 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2016 | ||||
ARIUM Westside [Member] | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
ARIUM Westside [Member] | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
ARIUM Glenridge. [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 49,170 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 14,513 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 52,324 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 10,855 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 14,513 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 63,179 | ||||
SEC Schedule III, Real Estate, Gross, Total | 77,692 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 12,858 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2016 | ||||
ARIUM Glenridge. [Member] | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
ARIUM Glenridge. [Member] | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Pine Lakes Preserve [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 42,728 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,760 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 31,854 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 3,552 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,760 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 35,406 | ||||
SEC Schedule III, Real Estate, Gross, Total | 41,166 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 8,887 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2016 | ||||
Pine Lakes Preserve [Member] | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Pine Lakes Preserve [Member] | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
The Brodie | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 32,876 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,400 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 42,497 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 3,240 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,400 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 45,737 | ||||
SEC Schedule III, Real Estate, Gross, Total | 51,137 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 9,871 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2016 | ||||
The Brodie | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
The Brodie | Property Under Development [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Roswell City Walk [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 49,050 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 8,423 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 66,249 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 903 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 8,423 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 67,152 | ||||
SEC Schedule III, Real Estate, Gross, Total | 75,575 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 11,704 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2016 | ||||
Roswell City Walk [Member] | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Roswell City Walk [Member] | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Wesley Village [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 38,730 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,600 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 50,062 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 2,588 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,600 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 52,650 | ||||
SEC Schedule III, Real Estate, Gross, Total | 58,250 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 7,927 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2017 | ||||
Wesley Village [Member] | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Wesley Village [Member] | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Villages of cypress creek [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 33,520 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,650 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 35,990 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 3,306 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,650 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 39,296 | ||||
SEC Schedule III, Real Estate, Gross, Total | 43,946 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 6,528 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2017 | ||||
Villages of cypress creek [Member] | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Villages of cypress creek [Member] | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Citrus Tower [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 39,896 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,208 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 49,388 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 2,667 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,208 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 52,055 | ||||
SEC Schedule III, Real Estate, Gross, Total | 57,263 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 8,739 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2017 | ||||
Citrus Tower [Member] | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Citrus Tower [Member] | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Outlook at Greystone [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 21,930 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,950 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 31,664 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 4,930 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,950 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 36,594 | ||||
SEC Schedule III, Real Estate, Gross, Total | 40,544 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 6,521 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2017 | ||||
Outlook at Greystone [Member] | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Outlook at Greystone [Member] | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Burano Hunter's Creek | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 69,502 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 9,600 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 86,202 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 6,253 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 9,600 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 92,455 | ||||
SEC Schedule III, Real Estate, Gross, Total | 102,055 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 14,397 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2017 | ||||
Burano Hunter's Creek | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Burano Hunter's Creek | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
The Debra Metrowest | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 63,982 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 10,200 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 74,768 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 6,335 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 10,200 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 81,103 | ||||
SEC Schedule III, Real Estate, Gross, Total | 91,303 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 12,879 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2017 | ||||
The Debra Metrowest | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
The Debra Metrowest | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
The Mills [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 24,731 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,300 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 36,969 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 1,268 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,300 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 38,237 | ||||
SEC Schedule III, Real Estate, Gross, Total | 41,537 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 5,465 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2017 | ||||
The Mills [Member] | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
The Mills [Member] | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
The Links at Plum Creek [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 38,916 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,960 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 57,803 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 4,457 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,960 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 62,260 | ||||
SEC Schedule III, Real Estate, Gross, Total | 65,220 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 9,386 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2018 | ||||
The Links at Plum Creek [Member] | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
The Links at Plum Creek [Member] | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Sands Parc [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Proceeds from credit facility | $ 0 | ||||
Sands Parc [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | 0 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,170 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 42,443 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 639 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,170 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 43,082 | ||||
SEC Schedule III, Real Estate, Gross, Total | 46,252 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 5,398 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2018 | ||||
Sands Parc [Member] | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Sands Parc [Member] | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Veranda at Centerfield [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 25,962 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,120 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 35,506 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 2,843 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,120 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 38,349 | ||||
SEC Schedule III, Real Estate, Gross, Total | 43,469 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 5,453 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2018 | ||||
Veranda at Centerfield [Member] | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Veranda at Centerfield [Member] | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Ashford Belmar [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 100,675 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 18,400 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 124,149 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 6,198 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 18,400 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 130,347 | ||||
SEC Schedule III, Real Estate, Gross, Total | 148,747 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 16,336 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2018 | ||||
Ashford Belmar [Member] | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Ashford Belmar [Member] | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Element [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 29,260 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 8,056 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 33,346 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 1,255 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 8,056 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 34,601 | ||||
SEC Schedule III, Real Estate, Gross, Total | 42,657 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 3,605 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2019 | ||||
Element [Member] | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Element [Member] | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Providence Trail [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 47,587 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,362 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 62,620 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 1,883 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,362 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 64,503 | ||||
SEC Schedule III, Real Estate, Gross, Total | 69,865 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 5,651 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2019 | ||||
Providence Trail [Member] | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Providence Trail [Member] | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Denim [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 101,205 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 43,182 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 96,361 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 5,020 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 43,182 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 101,381 | ||||
SEC Schedule III, Real Estate, Gross, Total | 144,563 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 9,922 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2019 | ||||
Denim [Member] | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Denim [Member] | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
The Sanctuary [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 33,707 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,406 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 45,805 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 2,247 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,406 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 48,052 | ||||
SEC Schedule III, Real Estate, Gross, Total | 53,458 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 5,062 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2019 | ||||
The Sanctuary [Member] | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
The Sanctuary [Member] | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Chattahoochee Ridge [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 45,338 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 9,660 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 59,457 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 2,629 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 9,660 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 62,086 | ||||
SEC Schedule III, Real Estate, Gross, Total | 71,746 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 4,383 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2019 | ||||
Chattahoochee Ridge [Member] | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Chattahoochee Ridge [Member] | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Navigator Villas [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 20,361 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,026 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 27,206 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 869 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,027 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 28,074 | ||||
SEC Schedule III, Real Estate, Gross, Total | 30,101 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 2,079 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2019 | ||||
Navigator Villas [Member] | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Navigator Villas [Member] | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Avenue 25 | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 36,566 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,527 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 50,679 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 1,441 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,527 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 52,120 | ||||
SEC Schedule III, Real Estate, Gross, Total | 57,647 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 3,443 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2020 | ||||
Avenue 25 | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Avenue 25 | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Falls at Forsyth | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 51,331 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,067 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 74,445 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 641 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 7,070 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 75,083 | ||||
SEC Schedule III, Real Estate, Gross, Total | 82,153 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 4,315 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2020 | ||||
Falls at Forsyth | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Falls at Forsyth | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Chevy Chase | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 24,400 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,453 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 28,843 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 857 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,453 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 29,700 | ||||
SEC Schedule III, Real Estate, Gross, Total | 35,153 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 1,646 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2020 | ||||
Chevy Chase | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Chevy Chase | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Elan | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 25,508 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,185 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 36,612 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 469 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,187 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 37,079 | ||||
SEC Schedule III, Real Estate, Gross, Total | 41,266 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 1,398 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2020 | ||||
Elan | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Elan | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Carrington At Perimeter Park | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 31,244 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,041 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 48,798 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 537 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,041 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 49,335 | ||||
SEC Schedule III, Real Estate, Gross, Total | 54,376 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 1,727 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2020 | ||||
Carrington At Perimeter Park | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Carrington At Perimeter Park | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Cielo On Gilbert | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 58,000 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,292 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 66,219 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 1,305 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 7,292 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 67,524 | ||||
SEC Schedule III, Real Estate, Gross, Total | 74,816 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 2,717 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2020 | ||||
Cielo On Gilbert | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Cielo On Gilbert | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Yauger Park Villas | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 14,921 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,322 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 24,575 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 211 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,322 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 24,786 | ||||
SEC Schedule III, Real Estate, Gross, Total | 26,108 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 683 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2021 | ||||
Yauger Park Villas | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Yauger Park Villas | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Wayford at Concord | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,933 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 40,920 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 54 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,933 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 40,974 | ||||
SEC Schedule III, Real Estate, Gross, Total | 43,907 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 784 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2021 | ||||
Wayford at Concord | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Wayford at Concord | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Windsor Falls | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 27,442 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 10,161 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 39,806 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 121 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 10,161 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 39,927 | ||||
SEC Schedule III, Real Estate, Gross, Total | 50,088 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 625 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2021 | ||||
Windsor Falls | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Windsor Falls | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Indy | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 593 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 3,210 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 11 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 594 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 3,220 | ||||
SEC Schedule III, Real Estate, Gross, Total | 3,814 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 36 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2021 | ||||
Indy | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Indy | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Springfield | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,711 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 41,435 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 33 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 7,715 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 41,464 | ||||
SEC Schedule III, Real Estate, Gross, Total | 49,179 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 461 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2021 | ||||
Springfield | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Springfield | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Springtown | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,459 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 7,919 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 14 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,461 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 7,931 | ||||
SEC Schedule III, Real Estate, Gross, Total | 9,392 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 66 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2021 | ||||
Springtown | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Springtown | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Texarkana | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 438 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 2,681 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 8 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 439 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 2,688 | ||||
SEC Schedule III, Real Estate, Gross, Total | 3,127 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 22 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2021 | ||||
Texarkana | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Texarkana | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Lubbock | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 719 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 4,892 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 26 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 721 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 4,916 | ||||
SEC Schedule III, Real Estate, Gross, Total | 5,637 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 41 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2021 | ||||
Lubbock | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Lubbock | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Granbury | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 751 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 7,497 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 7 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 751 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 7,504 | ||||
SEC Schedule III, Real Estate, Gross, Total | 8,255 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 62 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2021 | ||||
Granbury | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Granbury | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Axelrod | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,115 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 3,078 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 10 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,115 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 3,088 | ||||
SEC Schedule III, Real Estate, Gross, Total | 4,203 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 26 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2021 | ||||
Axelrod | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Axelrod | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
ILE | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 26,825 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 11,276 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 46,997 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 855 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 11,277 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 47,851 | ||||
SEC Schedule III, Real Estate, Gross, Total | 59,128 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 113 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2021 | ||||
ILE | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
ILE | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Springtown 2.0 | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 106 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 2,891 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 106 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 2,891 | ||||
SEC Schedule III, Real Estate, Gross, Total | 2,997 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 16 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2021 | ||||
Springtown 2.0 | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Springtown 2.0 | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Lubbock 2.0 | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 718 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 8,550 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 718 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 8,550 | ||||
SEC Schedule III, Real Estate, Gross, Total | 9,268 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 47 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2021 | ||||
Lubbock 2.0 | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Lubbock 2.0 | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Lynnwood | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 281 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 2,192 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 281 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 2,192 | ||||
SEC Schedule III, Real Estate, Gross, Total | 2,473 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 6 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2021 | ||||
Lynnwood | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Lynnwood | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Golden Pacific | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 251 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 1,122 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 19 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 251 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 1,141 | ||||
SEC Schedule III, Real Estate, Gross, Total | 1,392 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 1 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2021 | ||||
Golden Pacific | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Golden Pacific | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Lynnwood 2.0 | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 266 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 2,244 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 266 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 2,244 | ||||
SEC Schedule III, Real Estate, Gross, Total | 2,510 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 6 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2021 | ||||
Lynnwood 2.0 | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Lynnwood 2.0 | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Lubbock 3.0 | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 245 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 4,382 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 245 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 4,382 | ||||
SEC Schedule III, Real Estate, Gross, Total | 4,627 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 12 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2021 | ||||
Lubbock 3.0 | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Lubbock 3.0 | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Texas Portfolio 183 | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,138 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 23,764 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,138 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 23,764 | ||||
SEC Schedule III, Real Estate, Gross, Total | 27,902 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2021 | ||||
Texas Portfolio 183 | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Texas Portfolio 183 | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
DFW 189 | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,638 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 22,415 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,638 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 22,415 | ||||
SEC Schedule III, Real Estate, Gross, Total | 28,053 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2021 | ||||
DFW 189 | Real Estate Held For Investment [Member] | Maximum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
DFW 189 | Real Estate Held For Investment [Member] | Minimum | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
REIT Operator [Member] | Property Under Development [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 185 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 790 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 975 | ||||
SEC Schedule III, Real Estate, Gross, Total | 975 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 502 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2017 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||||
Fannie Facility [Member] | Property Under Development [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 13,936 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 | ||||
SEC Schedule III, Real Estate, Gross, Total | 0 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2020 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 7 years | ||||
Subtotal [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 1,352,039 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 287,389 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 1,888,395 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 94,662 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 287,406 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 1,983,040 | ||||
SEC Schedule III, Real Estate, Gross, Total | 2,270,446 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | 223,621 | ||||
Subtotal [Member] | Property Under Development [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 13,936 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 185 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 790 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 975 | ||||
SEC Schedule III, Real Estate, Gross, Total | 975 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 502 | ||||
[1] | Sands Parc was funded, in part, by a secured credit facility. As of December 31, 2021, there was no outstanding balance on the credit facility. |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Real Estate Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule III - Real Estate and Accumulated Depreciation | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Beginning Balance | $ 2,291,934 | $ 2,088,886 | $ 1,802,668 |
Construction and acquisition cost | 372,179 | 358,288 | 580,208 |
Disposition of real estate | (392,692) | (155,240) | (293,990) |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | $ 2,271,421 | $ 2,291,934 | $ 2,088,886 |
Schedule III - Real Estate an_4
Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule III - Real Estate and Accumulated Depreciation | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Beginning Balance | $ 194,757 | $ 141,566 | $ 108,911 |
Current year depreciation expense | 74,151 | 72,826 | 63,709 |
Disposition of real estate | (44,785) | (19,635) | (31,054) |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | $ 224,123 | $ 194,757 | $ 141,566 |