Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 05, 2020 | |
Document and Entity Information | ||
entity registrant name | Preferred Apartment Communities, Inc. | |
entity CIK | 0001481832 | |
Current fiscal year end date | --12-31 | |
document type | 10-Q | |
document period end date | Jun. 30, 2020 | |
document fiscal year focus | 2020 | |
entity filer category | Accelerated Filer | |
document fiscal period focus | Q2 | |
Entity Current Reporting Status | Yes | |
amendment flag | false | |
entity common stock, shares outstanding | 49,622,321 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-34995 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 27-1712193 | |
Entity Address, Address Line One | 3284 Northside Parkway NW, Suite 150 | |
Entity Address, City or Town | Atlanta | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 30327 | |
City Area Code | 770 | |
Local Phone Number | 818-4100 | |
Title of 12(b) Security | Common Stock, par value $.01 per share | |
Trading Symbol | APTS | |
Security Exchange Name | NYSE | |
Entity Interactive Data Current | Yes | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Real estate | ||
Land | $ 671,687,000 | $ 635,757,000 |
Building and improvements | 3,375,631,000 | 3,256,223,000 |
Tenant Improvements | 174,565,000 | 167,275,000 |
Furniture, fixtures, and equipment | 354,340,000 | 323,381,000 |
Construction in progress | 22,539,000 | 11,893,000 |
Gross real estate | 4,598,762,000 | 4,394,529,000 |
Less: accumulated depreciation | (503,467,000) | (421,551,000) |
Net real estate | 4,095,295,000 | 3,972,978,000 |
Real estate loans | 306,026,000 | 325,790,000 |
Loans and Leases Receivable, Related Parties | 2,568,000 | 23,692,000 |
Total real estate and real estate loan, net | 4,403,889,000 | 4,322,460,000 |
Cash and cash equivalents | 60,101,000 | 94,381,000 |
Restricted cash | 56,333,000 | 42,872,000 |
Financing Receivable, Net | 7,758,000 | 17,079,000 |
Note receivable | 24,810,000 | |
Due from Related Parties, Current | 9,011,000 | 24,838,000 |
Interest Receivable | 23,046,000 | 25,755,000 |
Intangible Assets, Net (Excluding Goodwill) | 145,187,000 | 154,803,000 |
Deferred loan costs, net of amortization of $155,953 and $64,480 | (950,000) | (1,286,000) |
Deferred offering costs | 4,088,000 | 2,147,000 |
tenants capitalized lease inducements | 19,103,000 | 19,607,000 |
Other assets | 89,817,000 | 65,332,000 |
Total assets | 4,819,283,000 | 4,770,560,000 |
Liabilities | ||
Mortgage notes payable | 2,762,291,000 | 2,567,022,000 |
Accounts payable and accrued expenses | 56,143,000 | 42,191,000 |
deferred liability to former manager | 23,168,000 | 0 |
contingent liability due to former manager | 14,880,000 | 0 |
Line of Credit Facility, Amount Outstanding | 92,500,000 | 0 |
Notes Payable | 0 | 69,489,000 |
unearned revenue from purchase option termination fees | 1,585,000 | 2,859,000 |
Interest Payable, Current | 7,927,000 | 8,152,000 |
Dividends payable | 20,570,000 | 23,519,000 |
Below Market Lease, Net | 57,793,000 | 62,611,000 |
Security deposits and prepaid rents | 34,568,000 | 20,879,000 |
Deferred income | 37,862,000 | 39,722,000 |
Total liabilities | 3,109,287,000 | 2,836,444,000 |
Stockholder's equity | ||
Common Stock, $0.01 par value per share; 400,066,666 shares authorized; 5,179,093 and 5,149,325 shares issued and outstanding at September 30, 2012 and December 31, 2011, respectively | 493,000 | 464,000 |
Additional paid in capital | 1,917,212,000 | 1,938,057,000 |
Accumulated deficit | (206,724,000) | (7,244,000) |
Total stockholders' equity | 1,711,002,000 | 1,931,298,000 |
Non-controlling interest | (1,006,000) | 2,818,000 |
Total equity | 1,709,996,000 | 1,934,116,000 |
Total liabilities and equity | 4,819,283,000 | 4,770,560,000 |
Series A Preferred Stock [Member] | ||
Stockholder's equity | ||
Series A Redeemable Preferred Stock, $0.01 par value per share; 150,000 shares authorized; 12,178 and 0 shares issued and outstanding at September 30, 2012 and December 31, 2011, respectively | 20,000 | 20,000 |
Series M Preferred Stock [Member] | ||
Stockholder's equity | ||
Series A Redeemable Preferred Stock, $0.01 par value per share; 150,000 shares authorized; 12,178 and 0 shares issued and outstanding at September 30, 2012 and December 31, 2011, respectively | 1,000 | 1,000 |
series A1M1 offering [Domain] | ||
Stockholder's equity | ||
Series A Redeemable Preferred Stock, $0.01 par value per share; 150,000 shares authorized; 12,178 and 0 shares issued and outstanding at September 30, 2012 and December 31, 2011, respectively | 0 | 0 |
series m1 [Domain] | ||
Stockholder's equity | ||
Series A Redeemable Preferred Stock, $0.01 par value per share; 150,000 shares authorized; 12,178 and 0 shares issued and outstanding at September 30, 2012 and December 31, 2011, respectively | $ 0 | $ 0 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Accumulated Depreciation, Depletion and Amortization, Sale or Disposal of Property, Plant and Equipment | $ 503,467 | $ 421,551 |
Finite-Lived Intangible Assets, Accumulated Amortization | 169,867 | 149,896 |
sales inducements accumulated amortization | 4,454 | 3,567 |
Below Market Lease, Accumulated Amortization | $ 28,831 | 23,655 |
Common Stock, par value per share | $ 0.01 | |
Common stock, shares outstanding | 49,283,249 | |
Real Estate Related Loans, Deferred Fee Income | $ 1,416 | 1,460 |
Real Estate Related Loans, Allowance For Credit Loss | 9,796 | 0 |
Loans And Leases Receivable, Related Parties, Deferred Fee Income | 0 | 16 |
Financing Receivable, Related Parties, Allowance For Credit Loss | 2,148 | 0 |
Financing Receivable, Related Party, Allowance For Doubtful Accounts | $ 1,400 | $ 1,400 |
Series A Preferred Stock [Member] | ||
Series A Redeemable Preferred Stock, par value per share | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 3,050,000 | 3,050,000 |
Preferred stock, shares issued | 2,226,000 | 2,161,000 |
Shares outstanding, preferred stock | 2,026,000 | 2,028,000 |
Series M Preferred Stock [Member] | ||
Series A Redeemable Preferred Stock, par value per share | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, shares issued | 106,000 | 106,000 |
Shares outstanding, preferred stock | 98,000 | 103,000 |
Common Stock [Member] | ||
Common Stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 400,067,000 | 400,067,000 |
Common Stock, Shares, Issued | 47,674,000 | 46,443,000 |
Common stock, shares outstanding | 47,674,000 | 46,443,000 |
Series A1 Preferred Stock | ||
Series A Redeemable Preferred Stock, par value per share | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 68,000 | 5,000 |
Shares outstanding, preferred stock | 68,000 | 5,000 |
Series M1 Preferred Stock | ||
Series A Redeemable Preferred Stock, par value per share | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 5,000 | 0 |
Shares outstanding, preferred stock | 5,000 | 0 |
Line of Credit [Member] | ||
Deferred loan costs, accumulated amortization | $ 1,185 | $ 849 |
Mortgages [Member] | ||
Deferred loan costs, accumulated amortization | 49,893 | 42,807 |
Notes Payable, Other Payables | ||
Deferred loan costs, accumulated amortization | $ 0 | $ 511 |
Statements of Operations
Statements of Operations - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenues: | ||||
Rental and other property revenues | $ 111,574,000 | $ 99,127,000 | $ 223,440,000 | $ 193,520,000 |
Interest income on loan and note receivable | 10,407,000 | 12,093,000 | 23,846,000 | 23,381,000 |
Revenue from Related Parties | 604,000 | 1,632,000 | 3,141,000 | 7,434,000 |
miscellaneous revenues | 692,000 | 1,000,000 | 3,952,000 | 1,023,000 |
Revenues | 123,277,000 | 113,852,000 | 254,379,000 | 225,358,000 |
Operating expenses: | ||||
Property operating and maintenance | 16,841,000 | 13,864,000 | 33,641,000 | 26,743,000 |
Payments to Employees | 5,720,000 | 4,828,000 | 10,911,000 | 9,485,000 |
Management Fee Expense | 1,042,000 | 3,373,000 | 3,045,000 | 6,640,000 |
Provision for Other Credit Losses | 482,000 | 0 | 5,615,000 | 0 |
Real Estate Taxes and Insurance | 16,506,000 | 14,081,000 | 32,031,000 | 28,172,000 |
Real estate taxes | 0 | 0 | ||
General and administrative | 8,847,000 | 1,388,000 | 15,211,000 | 2,807,000 |
Employee Benefits and Share-based Compensation | 246,000 | 306,000 | 476,000 | 617,000 |
Depreciation, Depletion and Amortization | 51,793,000 | 45,663,000 | 101,302,000 | 90,952,000 |
Share-based Compensation | 246,000 | 306,000 | 476,000 | 617,000 |
Depreciation and amortization | 51,793,000 | 45,663,000 | 101,302,000 | 90,952,000 |
Management fees | 0 | 8,209,000 | 3,099,000 | 16,038,000 |
Allowance for Loan and Lease Losses, Loans Acquired | (482,000) | 0 | (5,615,000) | 0 |
Other Expenses | 458,000 | 280,000 | 179,251,000 | 325,000 |
Total operating expenses | 101,935,000 | 91,992,000 | 384,582,000 | 181,779,000 |
manager's fees deferred | 0 | 2,795,000 | 1,136,000 | 5,424,000 |
Operating Expenses | 101,935,000 | 89,197,000 | 383,446,000 | 176,355,000 |
Operating Income (Loss) | 21,342,000 | 24,655,000 | (129,067,000) | 49,003,000 |
Gain on Sale of Investments | 0 | 0 | 0 | 4,000 |
Interest Expense | 31,136,000 | 27,611,000 | 60,729,000 | 54,367,000 |
change in fair value of variable interest entities | 0 | 584,000 | 0 | 725,000 |
Gain (Loss) on Extinguishment of Debt | 6,156,000 | 52,000 | 6,156,000 | 69,000 |
gain on sale of financial instruments | 0 | 747,000 | 479,000 | 747,000 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (15,950,000) | (1,677,000) | (195,473,000) | (3,957,000) |
Net Income (Loss) Attributable to Noncontrolling Interest | 266,000 | 571,000 | 3,407,000 | 79,000 |
Gains (Losses) on Sales of Investment Real Estate | 0 | 747,000 | 0 | 747,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 21,342,000 | 24,655,000 | (129,067,000) | 49,007,000 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | (15,950,000) | (1,677,000) | (195,473,000) | (3,957,000) |
Net loss attributable to the Company | (15,684,000) | (1,106,000) | (192,066,000) | (3,878,000) |
Preferred Stock Dividends, Income Statement Impact | 35,624,000 | 27,542,000 | 68,692,000 | 53,081,000 |
net income attributable to unvested restricted stockholders | (11,000) | (7,000) | (13,000) | (9,000) |
Deemed noncash dividend | 347,000 | 210,000 | ||
Net Income (Loss) Available to Common Stockholders, Basic | $ (51,319,000) | $ (28,655,000) | $ (260,771,000) | $ (56,968,000) |
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ (1.06) | $ (0.66) | $ (5.47) | $ (1.32) |
Weighted Average Number of Shares Outstanding, Basic | 48,220 | 43,703 | 47,674 | 43,194 |
Dividends, Common Stock, Cash | $ 8,624,000 | $ 11,581,000 | $ 21,115,000 | $ 22,776,000 |
Common Stock, Dividends, Per Share, Declared | $ 0.175 | $ 0.2625 | $ 0.4375 | $ 0.5225 |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $ 0 | $ 584,000 | $ 0 | $ 725,000 |
Statements of Operations (Paren
Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement Parentheticals [Abstract] | ||||
property management fees paid to related party | $ 0 | $ 2,502 | $ 894 | $ 4,969 |
Related Party Transaction, Property Salary And Benefits Reimbursement Fees | $ 0 | $ 4,213 | $ 1,430 | $ 8,292 |
Statements of Cash Flows Statem
Statements of Cash Flows Statement - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Operating activities: | ||
Net loss attributable to the Company | $ (192,066,000) | $ (3,878,000) |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (195,473,000) | (3,957,000) |
Reconciliation of net loss to net cash provided by (used in) operating activities: | ||
Depreciation expense | 101,302,000 | 90,952,000 |
Amortization of above and below Market Leases | (3,570,000) | (3,179,000) |
Deferred fee income amortization | (2,482,000) | (3,197,000) |
amortization of purchase option termination fee income | (4,475,000) | (5,617,000) |
Interest Income, Securities, Mortgage Backed | 0 | (207,000) |
Deferred Sales Inducement Cost, Amortization Expense | 1,781,000 | 1,608,000 |
Deferred loan cost amortization | 3,424,000 | 3,139,000 |
deferred interest income | (6,156,000) | (6,734,000) |
Receipt of accrued interest income on real estate loans | 8,865,000 | 2,318,000 |
Share-based Compensation | 476,000 | 617,000 |
Gain (Loss) on Disposition of Assets | (479,000) | (751,000) |
cash inflows purchase option terminations | 4,800,000 | 1,330,000 |
Gain (Loss) on Extinguishment of Debt | 6,156,000 | 69,000 |
Provision for Loan and Lease Losses | 5,615,000 | 0 |
cash inflows mortgage interest from consolidated VIE | 0 | 8,015,000 |
mortgage interes cash outflows consolidated VIE | 0 | (8,015,000) |
Changes in operating assets and liabilities: | ||
(Increase) in tenant accounts receivable | (12,112,000) | (11,306,000) |
Payments for (Proceeds from) Tenant Allowance | (382,000) | (314,000) |
Loans and Leases Receivable, Allowance | 5,615,000 | 0 |
(Increase) decrease in other assets | 36,431,000 | 11,691,000 |
Increase (Decrease) in Deferred Liabilities | 22,851,000 | 0 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 15,004,000 | 0 |
Increase in accounts payable and accrued expenses | (2,234,000) | (1,416,000) |
Net cash provided by (used in) operating activities | (21,134,000) | 74,636,000 |
Investing activities: | ||
Investments in real estate loans | (24,547,000) | (53,497,000) |
Proceeds from Principal Repayments on Loans and Leases Held-for-investment | 53,896,000 | 0 |
Notes receivable issued | 10,041,000 | 10,000 |
Deferred acquisition fee on real estate loans | (9,624,000) | (22,766,000) |
Deferred real estate loan income | (686,000) | (4,792,000) |
Acquisition of properties, net | (185,970,000) | (154,579,000) |
Receipt of insurance proceeds for capital improvements | 0 | 746,000 |
Proceeds from Sale of Productive Assets | 738,000 | 0 |
Additions to real estate assets - improvements | (26,422,000) | (20,647,000) |
Payments to Acquire Investments | (50,000) | 0 |
Increase (Decrease) in Earnest Money Deposits Outstanding | (105,000) | (8,202,000) |
AcquisitionFeesRelatedPartyCosts | 0 | (526,000) |
Payments to Acquire Mortgage Backed Securities (MBS) categorized as Held-to-maturity | 0 | (30,934,000) |
Proceeds from Sale of Mortgage Backed Securities (MBS) categorized as Available-for-sale | 0 | 53,445,000 |
mortgage principal received from consolidated VIE | 0 | 2,073,000 |
Increase (Decrease) in Accounts and Notes Receivable | 4,546,000 | 16,103,000 |
Net cash (used in) investing activities | (177,716,000) | (222,515,000) |
Financing activities: | ||
Proceeds from mortgage notes payable | 336,849,000 | 145,861,000 |
Extinguishment of Debt, Amount | (134,493,000) | (57,318,000) |
Payments for mortgage loan costs | (10,541,000) | (3,267,000) |
Payments of Debt Issuance Costs | (5,919,000) | 0 |
payments received from real estate loan participants | 0 | (5,223,000) |
Proceeds from non-revolving lines of credit | 284,000,000 | 162,200,000 |
Payments on revolving lines of credit | (191,500,000) | (219,200,000) |
Repayments of Short-term Debt | (70,000,000) | 0 |
mortgage principal paid to consolidated VIE | 0 | (2,073,000) |
cash flows financing proceeds repurchase agreements | 0 | 4,857,000 |
cash flows financing repayments repurchase agreements | 0 | (4,857,000) |
Proceeds from sales of Units, net of offering costs | 120,497,000 | 257,466,000 |
Proceeds from Warrant Exercises | 29,000 | 7,433,000 |
Preferred Stock, Redemption Amount | (48,202,000) | |
Dividends declared and paid | (24,647,000) | (5,115,000) |
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | (68,538,000) | (22,036,000) |
Payments for deferred offering costs, net of non cash items | (9,701,000) | |
Proceeds from Noncontrolling Interests | 197,000 | 0 |
Net Cash Provided by (Used in) Financing Activities | 178,031,000 | 204,748,000 |
Cash and Cash Equivalents, Period Increase (Decrease) | (20,819,000) | 56,869,000 |
Cash beginning of period | 137,253,000 | 87,690,000 |
Cash end of period | 116,434,000 | 144,559,000 |
Supplemental cash flow information: | ||
Cash paid for interest | 56,693,000 | 49,961,000 |
Noncash Investing and Financing Items [Abstract] | ||
Accrued capital expenditures | 6,315,000 | 5,294,000 |
Deemed noncash dividend | 347,000 | 210,000 |
Dividends payable to non controlling interests | 130,000 | 230,000 |
Payments of Ordinary Dividends, Noncontrolling Interest | (52,112,000) | |
Accrued and payable deferred offering costs | 133,000 | 731,000 |
receivable for deferred offering costs | 175,000 | 182,000 |
Writeoff of fully amortized deferred loan costs | 2,469,000 | 541,000 |
Assets | 4,819,283,000 | |
Liabilities | 3,109,287,000 | |
Transfer from Investments | 0 | 763,000 |
Notes Reduction | 20,865,000 | 0 |
Reclass of offering costs from deferred asset to equity | 4,098,000 | 5,508,000 |
Loan Receivable Transferred To Equity | 0 | 47,797,000 |
Contribution from non-controlling interests | (1,868,000) | |
Loans Assumed | 0 | 41,550,000 |
Share-based Compensation | 4,616,000 | 719,000 |
Noncash settlement of loans | 40,000 | 256,000 |
loan fees received | 467,000 | 1,051,000 |
mortgage debt refinanced | 86,669,000 | 24,477,000 |
Operating Lease Assumed | 15,912,000 | 0 |
Variable Interest Entity, Primary Beneficiary | ||
Noncash Investing and Financing Items [Abstract] | ||
Assets | 0 | 270,670,000 |
Liabilities | 0 | 270,670,000 |
Common Stock [Member] | ||
Noncash Investing and Financing Items [Abstract] | ||
Dividends payable | 8,625,000 | 11,581,000 |
Series A Preferred Stock [Member] | ||
Noncash Investing and Financing Items [Abstract] | ||
Dividends payable | 10,129,000 | 9,009,000 |
Series M Preferred Stock [Member] | ||
Noncash Investing and Financing Items [Abstract] | ||
Dividends payable | 1,143,000 | 625,000 |
Series A1/M1 Preferred Stock | ||
Noncash Investing and Financing Items [Abstract] | ||
Dividends payable | 326,000 | 0 |
Parent [Member] | ||
Operating activities: | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | $ (192,066,000) | $ (3,878,000) |
Statements of Equity and Accumu
Statements of Equity and Accumulated Deficit - USD ($) | Total | Series A Preferred Stock [Member] | Series A1/M1 Preferred Stock | Common Stock [Member] | Common Stock [Member]Series A Preferred Stock [Member] | Common Stock [Member]Series M Preferred Stock [Member] | Common Stock [Member]Series A1/M1 Preferred Stock | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Series A Preferred Stock [Member] | Additional Paid-in Capital [Member]Series A1/M1 Preferred Stock | Accumulated Deficit [Member] | Accumulated Deficit [Member]Series A Preferred Stock [Member] | Accumulated Deficit [Member]Series A1/M1 Preferred Stock | Total Stockholders' Equity [Member] | Total Stockholders' Equity [Member]Series A Preferred Stock [Member] | Total Stockholders' Equity [Member]Series A1/M1 Preferred Stock | Noncontrolling Interest [Member] | Noncontrolling Interest [Member]Series A Preferred Stock [Member] | Noncontrolling Interest [Member]Series A1/M1 Preferred Stock | Preferred Stock [Member] | Preferred Stock [Member]Series A Preferred Stock [Member] | Preferred Stock [Member]Series M Preferred Stock [Member] | Preferred Stock [Member]Series A1/M1 Preferred Stock | ClassBUnits [Member] | ClassBUnits [Member]Common Stock [Member] | ClassBUnits [Member]Additional Paid-in Capital [Member] | ClassBUnits [Member]Accumulated Deficit [Member] | ClassBUnits [Member]Total Stockholders' Equity [Member] | ClassBUnits [Member]Noncontrolling Interest [Member] | ClassBUnits [Member]Preferred Stock [Member]Series A Preferred Stock [Member] |
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 29,609,000 | $ 252,592,000 | $ 0 | $ 0 | $ 29,609,000 | $ 252,589,000 | $ 0 | $ 0 | $ 29,609,000 | $ 252,592,000 | $ 3,000 | $ 0 | ||||||||||||||||||
Balance at Dec. 31, 2018 | 1,609,385,000 | $ 418,000 | 1,607,712,000 | 0 | 1,608,146,000 | $ 1,239,000 | 16,000 | |||||||||||||||||||||||
Stock Redeemed or Called During Period, Value | (5,111,000) | 17,000 | (5,128,000) | 0 | (5,111,000) | 0 | 0 | |||||||||||||||||||||||
exercise of warrants | 7,592,000 | 6,000 | 7,586,000 | 0 | 7,592,000 | 0 | 0 | |||||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Units | 0 | 1,000 | 564,000 | 0 | 565,000 | (565,000) | 0 | |||||||||||||||||||||||
amortization of Class A Unit awards | $ 301,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 301,000 | $ 0 | |||||||||||||||||||||||
Syndication and offering costs | (30,242,000) | 0 | (30,242,000) | 0 | (30,242,000) | 0 | 0 | |||||||||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | 316,000 | 0 | 316,000 | 0 | 316,000 | 0 | 0 | |||||||||||||||||||||||
Dividends, Common Stock, Cash | (22,776,000) | 0 | (22,776,000) | 0 | (22,776,000) | 0 | $ 0 | |||||||||||||||||||||||
Balance at Jun. 30, 2019 | 1,784,170,000 | 442,000 | 1,784,197,000 | 0 | 1,784,658,000 | (488,000) | 19,000 | |||||||||||||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (3,957,000) | 0 | 0 | (3,878,000) | (3,878,000) | (79,000) | 0 | |||||||||||||||||||||||
non-controlling interest equity adjustment | 0 | 0 | 926,000 | 0 | 926,000 | (926,000) | 0 | |||||||||||||||||||||||
Payments to Noncontrolling Interests | (458,000) | 0 | 0 | 0 | 0 | (458,000) | 0 | |||||||||||||||||||||||
Dividends, Preferred Stock | (1,841,000) | (51,240,000) | 0 | (1,975,000) | (54,984,000) | 134,000 | 3,744,000 | (1,841,000) | (51,240,000) | 0 | $ 0 | 0 | 0 | |||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | 17,137,000 | 123,910,000 | 0 | $ 0 | 17,137,000 | 123,909,000 | 0 | 0 | 17,137,000 | 123,910,000 | 1,000 | 0 | ||||||||||||||||||
Balance at Mar. 31, 2019 | 1,699,569,000 | 432,000 | 1,698,810,000 | 0 | 1,699,260,000 | 309,000 | 18,000 | |||||||||||||||||||||||
Stock Redeemed or Called During Period, Value | (3,106,000) | 7,000 | (3,113,000) | 0 | (3,106,000) | 0 | 0 | |||||||||||||||||||||||
exercise of warrants | 3,344,000 | 3,000 | 3,341,000 | 0 | 3,344,000 | 0 | 0 | |||||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Units | 0 | 0 | 38,000 | 0 | 38,000 | (38,000) | 0 | |||||||||||||||||||||||
amortization of Class A Unit awards | 149,000 | 0 | 0 | 0 | 0 | 149,000 | 0 | |||||||||||||||||||||||
Syndication and offering costs | (15,961,000) | 0 | (15,961,000) | 0 | (15,961,000) | 0 | 0 | |||||||||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | 157,000 | 0 | 157,000 | 0 | 157,000 | 0 | 0 | |||||||||||||||||||||||
Dividends, Common Stock, Cash | (11,581,000) | 0 | (11,581,000) | 0 | (11,581,000) | 0 | 0 | |||||||||||||||||||||||
Balance at Jun. 30, 2019 | 1,784,170,000 | 442,000 | 1,784,197,000 | 0 | 1,784,658,000 | (488,000) | 19,000 | |||||||||||||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (1,677,000) | 0 | 0 | (1,106,000) | (1,106,000) | (571,000) | 0 | |||||||||||||||||||||||
non-controlling interest equity adjustment | 0 | 0 | 108,000 | 0 | 108,000 | (108,000) | 0 | |||||||||||||||||||||||
Payments to Noncontrolling Interests | (229,000) | 0 | 0 | 0 | 0 | (229,000) | 0 | |||||||||||||||||||||||
Dividends, Preferred Stock | (1,035,000) | (26,507,000) | 0 | (1,082,000) | (27,566,000) | 47,000 | 1,059,000 | (1,035,000) | (26,507,000) | 0 | 0 | 0 | 0 | |||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | 64,484,000 | $ 68,595,000 | 0 | $ 0 | 64,483,000 | $ 68,594,000 | 64,484,000 | $ 68,595,000 | 1,000 | $ 1,000 | ||||||||||||||||||||
Balance at Dec. 31, 2019 | 1,934,116,000 | 464,000 | 1,938,057,000 | (7,244,000) | 1,931,298,000 | 2,818,000 | 21,000 | |||||||||||||||||||||||
Balance (Accounting Standards Update 2016-13) at Dec. 31, 2019 | (7,414,000) | (7,414,000) | (7,414,000) | |||||||||||||||||||||||||||
Stock Redeemed or Called During Period, Value | (48,209,000) | 28,000 | (48,235,000) | 0 | (48,209,000) | 0 | (2,000) | |||||||||||||||||||||||
exercise of warrants | 8,000 | 0 | 8,000 | 0 | 8,000 | 0 | 0 | |||||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Units | 0 | 1,000 | 1,383,000 | 0 | 1,384,000 | (1,384,000) | 0 | |||||||||||||||||||||||
amortization of Class A Unit awards | 124,000 | 0 | 0 | 0 | 0 | 124,000 | 0 | |||||||||||||||||||||||
Syndication and offering costs | (16,648,000) | 0 | (16,648,000) | 0 | (16,648,000) | 0 | 0 | |||||||||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | 352,000 | 0 | 352,000 | 0 | 352,000 | 0 | 0 | |||||||||||||||||||||||
Dividends, Common Stock, Cash | (21,115,000) | 0 | (21,115,000) | 0 | (21,115,000) | 0 | 0 | |||||||||||||||||||||||
Balance at Jun. 30, 2020 | 1,709,996,000 | 493,000 | 1,917,212,000 | (206,724,000) | 1,711,002,000 | (1,006,000) | 21,000 | |||||||||||||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (195,473,000) | 0 | 0 | (192,066,000) | (192,066,000) | (3,407,000) | 0 | |||||||||||||||||||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 201,000 | 201,000 | ||||||||||||||||||||||||||||
non-controlling interest equity adjustment | 0 | 0 | (975,000) | 0 | (975,000) | 975,000 | 0 | |||||||||||||||||||||||
Payments to Noncontrolling Interests | (333,000) | 0 | 0 | 0 | 0 | (333,000) | 0 | |||||||||||||||||||||||
Dividends, Preferred Stock | (3,356,000) | (64,308,000) | (1,028,000) | 0 | 0 | (3,356,000) | (64,308,000) | (1,028,000) | 0 | 0 | $ 0 | (3,356,000) | (64,308,000) | (1,028,000) | 0 | 0 | $ 0 | 0 | 0 | 0 | ||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | 0 | 34,526,000 | 0 | 0 | 34,525,000 | 0 | 34,526,000 | 0 | 1,000 | |||||||||||||||||||||
Balance at Mar. 31, 2020 | 1,778,149,000 | 476,000 | 1,969,534,000 | (191,040,000) | 1,778,992,000 | (843,000) | 22,000 | |||||||||||||||||||||||
Stock Redeemed or Called During Period, Value | (38,309,000) | 17,000 | (38,324,000) | 0 | (38,309,000) | 0 | (2,000) | |||||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Units | 0 | 0 | 279,000 | 0 | 279,000 | (279,000) | 0 | |||||||||||||||||||||||
amortization of Class A Unit awards | $ 50,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 50,000 | $ 0 | |||||||||||||||||||||||
Syndication and offering costs | 4,288,000 | 4,288,000 | 4,288,000 | |||||||||||||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | 196,000 | 0 | 196,000 | 0 | 196,000 | 0 | 0 | |||||||||||||||||||||||
Dividends, Common Stock, Cash | (8,624,000) | 0 | (8,624,000) | 0 | (8,624,000) | 0 | $ 0 | |||||||||||||||||||||||
Balance at Jun. 30, 2020 | 1,709,996,000 | 493,000 | 1,917,212,000 | (206,724,000) | 1,711,002,000 | (1,006,000) | 21,000 | |||||||||||||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (15,950,000) | 0 | 0 | (15,684,000) | (15,684,000) | (266,000) | 0 | |||||||||||||||||||||||
non-controlling interest equity adjustment | 0 | 0 | (462,000) | 0 | (462,000) | 462,000 | 0 | |||||||||||||||||||||||
Payments to Noncontrolling Interests | (130,000) | $ 0 | 0 | 0 | 0 | (130,000) | 0 | |||||||||||||||||||||||
Dividends, Preferred Stock | $ (1,610,000) | $ (33,208,000) | $ (806,000) | $ 0 | $ 0 | $ (1,610,000) | $ (33,208,000) | $ (806,000) | $ 0 | $ 0 | $ 0 | $ (1,610,000) | $ (33,208,000) | $ (806,000) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Statements of Equity and Accu_2
Statements of Equity and Accumulated Deficit Parenthetical - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Common Stock, Dividends, Per Share, Declared | $ 0.175 | $ 0.2625 | $ 0.4375 | $ 0.5225 |
Series A Preferred Stock [Member] | ||||
Preferred Stock, Dividends Per Share, Declared | 5 | 5 | 5 | 5 |
Series A1 Preferred Stock | ||||
Preferred Stock, Dividends Per Share, Declared | 5 | 5 | ||
Minimum [Member] | Series M Preferred Stock [Member] | ||||
Preferred Stock, Dividends Per Share, Declared | 4.79 | 4.79 | 4.79 | 4.79 |
Minimum [Member] | Series M1 Preferred Stock | ||||
Preferred Stock, Dividends Per Share, Declared | 5.08 | 5.08 | ||
Maximum [Member] | Series M Preferred Stock [Member] | ||||
Preferred Stock, Dividends Per Share, Declared | 6.25 | $ 6.25 | 6.25 | $ 6.25 |
Maximum [Member] | Series M1 Preferred Stock | ||||
Preferred Stock, Dividends Per Share, Declared | $ 5.92 | $ 5.92 |
Pro Forma Financial Information
Pro Forma Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||
Revenues | $ 123,277 | $ 113,852 | $ 254,379 | $ 225,358 |
Quarterly Financial Data (Detai
Quarterly Financial Data (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||||
Revenues | $ 123,277 | $ 113,852 | $ 254,379 | $ 225,358 |
Operating Income (Loss) | 21,342 | 24,655 | (129,067) | 49,003 |
Net Income (Loss) Attributable to Parent | (15,684) | (1,106) | (192,066) | (3,878) |
Net Income (Loss) Available to Common Stockholders, Basic | $ (51,319) | $ (28,655) | $ (260,771) | $ (56,968) |
Organization
Organization | 6 Months Ended |
Jun. 30, 2020 | |
Organization [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Organization and Basis of Presentation Preferred Apartment Communities, Inc. (NYSE: APTS) is a real estate investment trust engaged primarily in the ownership and operation of Class A multifamily properties, with select investments in grocery anchored shopping centers, Class A office buildings, and student housing properties. Preferred Apartment Communities’ investment objective is to generate attractive, stable returns for stockholders by investing in income-producing properties and acquiring or originating real estate loans. As of June 30, 2020, the Company owned or was invested in 125 properties in 15 states, predominantly in the Southeast region of the United States. Preferred Apartment Communities, Inc. has elected to be taxed as a real estate investment trust under the Internal Revenue Code of 1986, as amended, commencing with its tax year ended December 31, 2011. The Company was externally managed and advised by Preferred Apartment Advisors, LLC, or its Former Manager, a Delaware limited liability company and related party until the Company acquired the Former Manager and NMP Advisors, LLC, or the Sub-Manager, or the Internalization, on January 31, 2020. Prior to the Internalization transaction, according to the Sixth Amended and Restated Management Agreement, effective as of June 3, 2016, among the Company, the Operating Partnership (as defined below), and the Former Manager, or the Former Management Agreement, the Company paid acquisition fees and other fees and expense reimbursements to the Former Manager. Following the Internalization transaction that closed on January 31, 2020, the Company no longer pays any fees or expense reimbursements to its Former Manager or Sub-manager (see Note 6). As of June 30, 2020, the Company had 49,283,249 shares of common stock, par value $0.01 per share, or Common Stock, issued and outstanding and was the approximate 98.5% owner of the Preferred Apartment Communities Operating Partnership, L.P., the Company's operating partnership, at that date. The number of partnership units not owned by the Company totaled 742,413 at June 30, 2020 and represented Class A OP Units of the Operating Partnership, or Class A OP Units. The Class A OP Units are convertible at any time at the option of the holder into the Operating Partnership's choice of either cash or Common Stock. In the case of cash, the value is determined based upon the trailing 20-day volume weighted average price of the Company's Common Stock. The Company controlled the Operating Partnership through its sole general partner interest and conducted substantially all of its business through the Operating Partnership until January 31, 2020. Beginning February 1, 2020, the Company conducts substantially all of its business through PAC Carveout, LLC, or Carveout, a wholly-owned subsidiary of the Operating Partnership. Carveout intends to elect to be taxed as a real estate investment trust under the Internal Revenue Code of 1986, as amended, commencing with its tax year ended December 31, 2020. The Company has determined the Operating Partnership is a variable interest entity, or VIE, of which the Company is the primary beneficiary. The Company is involved with other VIEs as discussed in Note 4. New Market Properties, LLC owns and conducts the business of our portfolio of grocery-anchored shopping centers. Preferred Office Properties, LLC owns and conducts the business of our portfolio of office buildings. Preferred Campus Communities, LLC owns and conducts the business of our portfolio of off-campus student housing communities. Each of these entities are indirect wholly-owned subsidiaries of the Operating Partnership. Basis of Presentation These consolidated financial statements include all of the accounts of the Company and the Operating Partnership presented in accordance with accounting principles generally accepted in the United States of America, or GAAP. These condensed financial statements were derived from audited financial statements, but do not contain all the disclosures required by GAAP. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the company’s Annual Report on Form 10-K for the year ended December 31, 2019. All significant intercompany transactions have been eliminated in consolidation. Certain adjustments have been made consisting of normal recurring accruals, which, in the opinion of management, are necessary for a fair presentation of the Company's financial condition and results of operations. The results of operations for the three and six months ended June 30, 2020 and 2019, are not necessarily indicative of the results that may be expected for the full year. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. During the first quarter of 2020, there was a global outbreak of a novel coronavirus, or COVID-19, that will continue to have an adverse impact on economic and market conditions and trigger a period of economic slowdown in the United States and globally. The potential reach, severity and duration of impacts of the COVID-19 pandemic will cause our estimates and forecasts of future events to be inherently less certain. Actual results could differ from those estimates. Amounts are presented in thousands where indicated. Reclassification Adjustments The Company recorded certain reclassification adjustments on its Condensed Consolidated Statement of Operations for the three-month and six-month periods ended June 30, 2019, to conform prior period presentation to the current presentation reflective of the internalized structure as shown in the table below. None of these reclassification adjustments were due to error or misstatement. For the three-month period ended June 30, 2019 (in thousands) As reported in Quarterly Report on Form 10-Q at June 30, 2019 Reclassification adjustments As reported in Quarterly Report on Form 10-Q at June 30, 2020 Rental revenues $ 95,592 $ (95,592) $ — Other property revenues $ 3,512 $ (3,512) $ — Rental and other property revenues $ — $ 99,127 $ 99,127 Miscellaneous revenues $ 1,023 $ (23) $ 1,000 Operating expenses: Property operating and maintenance $ 12,466 $ 1,398 $ 13,864 Real estate taxes $ 12,544 $ (12,544) $ — Real estate taxes and insurance — 14,081 14,081 General and administrative $ 1,913 $ (525) $ 1,388 Insurance, professional fees and other expenses $ 2,690 $ (2,690) $ — Management internalization expense $ — $ 280 $ 280 For the six-month period ended June 30, 2019 (in thousands) As reported in Quarterly Report on Form 10-Q at June 30, 2019 Reclassification adjustments As reported in Quarterly Report on Form 10-Q at June 30, 2020 Rental revenues $ 187,830 (187,830) — Other property revenues $ 5,690 (5,690) — Rental and other property revenues $ — 193,520 193,520 Miscellaneous revenues $ 1,023 — 1,023 Operating expenses: Property operating and maintenance $ 23,258 3,485 26,743 Real estate taxes $ 25,044 (25,044) — Real estate taxes and insurance $ — 28,172 28,172 General and administrative $ 4,527 (1,720) 2,807 Insurance, professional fees and other expenses $ 5,218 (5,218) — Management internalization expense $ — 325 325 |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies Impairment Assessment The Company evaluates its tangible and identifiable intangible real estate assets for impairment when events such as declines in a property’s operating performance, deteriorating market conditions, or environmental or legal concerns bring recoverability of the carrying value of one or more assets into question. When qualitative factors indicate the possibility of impairment, the total undiscounted cash flows of the property, including proceeds from disposition, are compared to the net book value of the property. If this test indicates that impairment exists, an impairment loss is recorded in earnings equal to the shortage of the book value to fair value, calculated as the discounted net cash flows of the property. Current expected credit losses on real estate loan investments The Company carries its investments in real estate loans at amortized cost that consists of drawn amounts on the loans, net of unamortized deferred loan origination fees and current expected credit losses. On January 1, 2020, the Company adopted ASU 2016-13, that replaced the incurred loss model with an expected loss model for instruments measured at amortized cost, and requires entities to record credit allowances for total expected future losses on financial assets at the outset of each loan. For each loan in which the Company is the lender, the amount of protection afforded to the Company is estimated to be the excess of the future estimated fair market value of the developed property over the developer’s related obligations (including the Company’s mezzanine or member loan(s)), other loans senior to the Company's, the expected future balance of accrued interest and any other obligations related to the project’s funding. The excess represents the amount of equity dollars in each real estate project plus profit expected to be realized by the developer on the project, both of which are in a subordinate position to the Company's real estate loan investments. This numeric result is expressed as a percentage of the property's expected future fair value (a "loss reserve ratio"), which is then pooled into ranges of loss percentages that was derived from company-specific loss experience. The product of this indicated loss reserve ratio and the expected fully-funded balance (inclusive of an expected future balance of accrued interest) is the initial total expected credit loss reserve. Over the life of the loan, the initial reserve is reevaluated for potential reduction at the achievement of certain milestones in construction and lease-up progress as the project approaches completion and the loan approaches maturity, given no unforeseen degradation in project performance or failure to adhere to the terms of the loan by the borrower/developer. Finally, the loss reserve may be further refined by the Company due to any subjective qualitative factors deemed pertinent and worthy of reflection. The Company implemented this new guidance by applying this model to its existing portfolio of real estate loan investments using the modified retrospective method and in doing so, recorded a cumulative effect adjustment to retained earnings on January 1, 2020. See note 4. The Company's notes and lines of credit receivable are unsecured and so are assessed for expected future credit loss by individually assessing the expected profit from current development projects in progress, as well as the viability of the personal guarantees of the borrowers. The Company's real estate loan investments are collateralized by real estate development projects and secured further by guaranties of repayment from one or more of the borrowers. The Company's lines of credit receivable are typically only collateralized by personal guaranties, but occasionally may be cross-collateralized by interests in other real estate projects. As a result, the Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property, as well as the financial and operating capability of the borrower. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess (i) whether cash from operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan, and/or (iii) the property’s liquidation value. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the overall economic environment, real estate sector, and geographic sub-market in which the borrower operates are considered. Such analyses are completed and reviewed by management, utilizing various data sources, including periodic financial data such as property operating statements, occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, capitalization and discount rates and site inspections. See the Revenue Recognition section of this Note for other loan-related policy disclosures required by ASC 310-10-50-6. Purchase Option Terminations The Company will occasionally receive a purchase option and/or a right of first refusal on the underlying property in conjunction with extending a real estate loan investment to the developer of the property. The purchase option is in some instances at a discount to the to-be-agreed-upon market value of the property, once stabilized. If the Company elects not to exercise the purchase option and acquire the property, it may negotiate to sell the purchase option back to the developer and receive a termination fee in consideration. The amount of the termination fee is accounted for as additional interest on the real estate loan investment and is recognized as interest revenue utilizing the effective interest method over the period beginning from the date of election until the earlier of (i) the maturity of the real estate loan investment and (ii) the sale of the property. Revenue Recognition Residential properties Rental revenue is recognized when earned from residents of the Company's residential properties, which is over the terms of the rental agreements, typically of nine The Company evaluated the various ancillary revenues within its multifamily leases, including resident utility reimbursements. Having met the criteria that (i) the timing and pattern of transfer for the lease component and associated non-lease components are the same and (ii) that the lease component, if accounted for separately would be classified as an operating lease, the Company has elected the practical expedient under ASC 842, Leases, paragraph 10-15-42 A, to elect reporting the lease component and non-lease components as one single component within the rental and other property revenues line on the Consolidated Statements of Operations. Revenue from utility reimbursements are considered variable lease payments and are recognized in the period in which the related expenses are incurred. Grocery-anchored shopping centers and office properties Our retail leases have original lease terms which generally range from three ten . Our office building leases have original lease terms which generally range from five Base rental revenue from tenants' operating leases is a lease component revenue in the Company's grocery-anchored shopping centers and office properties and is recognized on a straight-line basis over the term of the lease. Revenue based on "percentage rent" provisions that provide for additional rents that become due upon achievement of specified sales revenue targets (as specified in each lease agreement) is recognized only after the tenant exceeds its specified sales revenue target. Revenue from reimbursements of the tenants' share of real estate taxes, insurance and common area maintenance, or CAM, costs represent non-lease component revenue. Having met the criteria that (i) the timing and pattern of transfer for the lease component and associated non-lease components are the same and (ii) that the lease component, if accounted for separately would be classified as an operating lease, the Company has elected the practical expedient under ASC 842, Leases, paragraph 10-15-42A, to elect reporting the lease component and non-lease components as one single component under rental and other property revenues recognized in accordance with ASC 842. Revenue from reimbursements are considered variable lease payments and are recognized in the period in which the related expenses are incurred. The Company does not record income and offsetting expense for certain variable costs paid directly to third parties by lessees on behalf of lessors. Non-lease components which do not qualify under the practical expedient primarily include lease termination income and other ancillary revenue (e.g. application fees, license fees, late fees and tenant billbacks). Lease termination revenues are recognized ratably over the revised remaining lease term after giving effect to the termination notice or when tenant vacates and the Company has no further obligations under the lease. Rents and tenant reimbursements collected in advance are recorded as prepaid rent within other liabilities in the accompanying consolidated balance sheets. The Company evaluated the collectability of the tenant receivable related to rental and reimbursement billings due from tenants and straight-line rent receivables, which represent the cumulative amount of future adjustments necessary to present rental revenue on a straight-line basis, by taking into consideration the Company's historical write-off experience, tenant credit-worthiness, current economic trends, and remaining lease terms. In performing a detailed review of each tenant, we determined if the balances were paid in the subsequent month, if if the tenant had requested rent relief in the subsequent month due to COVID-19 circumstances, if the tenant was a credit tenant that was not typically late, and if the tenant had a security deposit on hand. If collection of substantially all of the outstanding balance is not probable, the tenant's rental revenue is recognized on a cash basis and all accrued balances are written off to rental revenue. The Company evaluates the collectability of these amounts and recognizes revenue related to tenants where collectability is deemed probable, in accordance with ASC 842-30-25-12. Upon adoption of ASC 842, the Company began recording amounts not deemed probable of collection as a reduction of rental and other property revenues, as applicable. In April 2020, the FASB issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of COVID-19. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated with the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A clarifies that entities may elect to not evaluate whether lease-related relief that lessors provide to mitigate the economic effects of COVID-19 on lessees is a lease modification under Topic 842, Leases. Instead, an entity that elects not to evaluate whether a concession directly related to COVID-19 is a modification can then elect whether to apply the modification guidance (i.e. assume the relief was always contemplated by the contract or assume the relief was not contemplated by the contract). Both lessees and lessors may make this election. The Company is evaluating its election on a disaggregated basis, with such election applied consistently to leases with similar characteristics and similar circumstances. The future impact of the Lease Modification Q&A is dependent upon the extent of lease concessions granted to tenants as a result of COVID-19 in future periods and the elections made by the Company at the time of entering into such concessions. The Company elected to account for rent deferments provided to our residents and tenants, which were primarily related to a change of timing of rent payments with no significant changes to total payments or term, as a deferred payment in which we continue to recognize rental revenue on the existing straight-line basis over the remaining lease term and recognize any changes in payment through lease receivables, which is recorded in tenant receivables and other assets in our condensed consolidated balance sheet. Any deferment agreements which resulted in a significant change in lease term were accounted for as a modification under ASC 842. The Company may provide grocery-anchored shopping center and office building tenants an allowance for the construction of leasehold improvements. These leasehold improvements are capitalized and depreciated over the shorter of the useful life of the improvements or the remaining lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements, the allowance is considered to be a lease incentive and is recognized over the lease term as a reduction of rental revenue. Determination of the appropriate accounting for the payment of a tenant allowance is made on a lease-by-lease basis, considering the facts and circumstances of the individual tenant lease. When the Company is the owner of the leasehold improvements, recognition of rental revenue commences when the lessee is given possession of the leased space upon completion of tenant improvements. However, when the leasehold improvements are owned by the tenant, the lease inception date is the date the tenant obtains possession of the leased space for purposes of constructing its leasehold improvements. For our office properties, if the improvement is deemed to be a “landlord asset,” and the tenant funded the tenant improvements, the cost is amortized over the term of the underlying lease with a corresponding recognition of rental revenues. In order to qualify as a landlord asset, the specifics of the tenant’s assets are reviewed, including the Company's approval of the tenant’s detailed expenditures, whether such assets may be usable by other future tenants, whether the Company has consent to alter or remove the assets from the premises and generally remain the Company's property at the end of the lease. Gains on sales of real estate assets The Company recognizes gains on sales of real estate based on the difference between the consideration received and the carrying amount of the distinct asset, including the carrying amount of any liabilities relieved or assumed by the purchasing counterparty and net of disposition expenses. Lessee accounting The Company has evaluated its leases for which it is the lessee to determine the value of any right of use assets and related lease liabilities. All of these leases qualify as operating leases. The Company has three ground leases related to our office and grocery-anchored shopping center assets, one of which had been recorded at fair value on the Company's balance sheet at acquisition due to a purchase option the Company deemed probable of exercising. These ground leases generally have extended terms (e.g. over twenty years with multiple renewal options) and generally have base rent with CPI-based increases. The Company evaluated its renewal option periods in quantifying its asset and liability related to these ground leases. In determining the value of its right of use asset and lease liability, the Company used discount rates comparable to recent loan rates obtained on comparative properties within its portfolio. The Company is also the lessee of office space for its corporate headquarters and of furniture and office equipment, which generally are three New Accounting Pronouncements Standard Description Date of Adoption Effect on the Consolidated Financial Statements Recently Adopted Accounting Guidance ASU 2016-13, Financial Instruments - Credit Losses (ASC 326) ASU 2016-03 ("CECL") changes how entities will measure credit losses for most financial assets, including loans, which are not measured at fair value through net income. The guidance replaces the existing incurred loss model with an expected loss model for instruments measured at amortized cost, and requires entities to record credit allowances for financial assets rather than reduce the carrying amount, as they do today under the other-than temporary impairment model. January 1, 2020 Implementation of the new guidance on accounting for financial assets was limited to our real estate loan investments. We have developed a model that derives a reserve ratio based upon the amount of financial protection afforded each instrument. For each loan in which we are the lender, the amount of protection afforded to us is estimated to be the excess of the future estimated fair market value of the developed property over the commitment amount of each loan (including other loans senior to the Company’s), inclusive of accrued interest and other related receivables. The excess represents the amount of equity dollars in each real estate project, which are in a subordinate position to our real estate loan investments. We implemented this new guidance using the modified retrospective basis by recording a cumulative effect adjustment to retained earnings on January 1, 2020 of approximately $7.4 million. Standard Description Date of Adoption Effect on the Consolidated Financial Statements Recently Issued Accounting Guidance Not Yet Adopted ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting The new standard enables affected entities to elect from a series of practical expedients designed to ease the transition from referenced base rates within contracts designated to be replaced by Reference Rate Reform. The amendments are effective March 12, 2020 through December 31, 2022. ASU 2020-04 will potentially be applicable to the Company's variable-rate debt instruments for which the Company is the borrower, which bear interest at a spread over the 1-month London Interbank Offer Rate (1-month LIBOR). Among the practical expedients are the option to elect prospective adjustment of the effective interest rate, foregoing reassessment of any instruments under loan modification rules. The Company is monitoring developments pertaining to Reference Rate Reform and does not currently anticipate ASU 2020-04 to have a material effect on its results of operations. |
Real Estate Assets (Notes)
Real Estate Assets (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Real Estate Assets [Abstract] | |
Business Combination Disclosure | Real Estate Assets The Company's real estate assets consisted of: As of: June 30, 2020 December 31, 2019 Residential properties: Properties (1,2) 44 42 Units 12,936 12,256 Beds 6,095 6,095 New Market Properties: Properties (2) 54 52 Gross leasable area (square feet) (3) 6,208,278 6,041,629 Preferred Office Properties: Properties (2,4) 9 10 Rentable square feet 3,169,000 3,204,000 (1) The acquired second phases of CityPark View and Crosstown Walk communities are managed in combination with the initial phases and so together are considered a single property, as is the Regent at Lenox Village within the Lenox Portfolio. (2) One multifamily community, two student housing properties, two grocery-anchored shopping centers and two office buildings are owned through consolidated joint ventures. (3) The Company also owns approximately 47,600 square feet of gross leasable area of ground floor retail space which is embedded within the Lenox Portfolio and is not included in the totals above for New Market Properties. (4) Excludes our 251 Armour property, comprising 35,000 rentable square feet that is under development. Impacts of COVID-19 Pandemic The COVID-19 pandemic emerged in December 2019 and has since spread globally, including to every state in the United States. On March 13, 2020, the United States declared a national emergency. Since that time, efforts to contain the spread of COVID-19 have intensified. Several countries, including the United States, have taken steps to restrict travel, temporarily close businesses and issue quarantine orders. The restrictions have resulted in impacts to earnings for commercial real estate, which in turn is expected to affect asset valuations to some degree. The Company does not consider this event to be a triggering event for purposes of impairment, since no evidence of declining valuations of any consequence have emerged to cause a triggering event, as evidenced by step one analyses performed on a sample of its properties from each segment. The Company found a significant amount of cushion between the asset’s book value and the undiscounted cash flows for the properties evaluated. The Company's monthly rent collections for the three-month period ended June 30, 2020 fell slightly across the Company's segments compared to the three-month period ended March 31, 2020, with a more pronounced decrease in collections for in-line retail tenants, whose businesses were closed during periods with state or local operating restrictions. Such tenants have reopened as restrictions were lifted and monthly rent collections are beginning to increase. Within our multifamily communities, despite the fact that collections of rents had still not yet begun to decline significantly as of June 2020, the Company offered rent deferral plans for the months of April, May and June 2020. Any deferred rents would be due over the remaining lease term of the individual tenants. Any uncollected deferred rent amounts will be deemed uncollectible. For retail and office tenants, the company evaluated all delinquent receivable balances by performing a detailed review of each tenant. In this review, we determined if the balances were paid in the subsequent month, if tenant had requested rent relief in the subsequent month due to COVID-19 circumstances, if the tenant was a credit tenant that was not typically late, and if the tenant had a security deposit on hand. If the likelihood of the tenant submitting payment was deemed to be less than probable based on the aforementioned criteria, we determined the tenant as being an “at risk” tenant and revenue would be recognized on a cash basis. The Company's average recurring rental revenue collections before and after any effect of rent deferrals for the second quarter 2020 were approximately 96.0% and 97.6% respectively. Rent deferments provided to residents and tenants primarily related to a change of timing of rent payments with no significant changes to total payments or term. The Company has deferred approximately $1.4 million, or 1.3% of total rental and other revenues for the three-month period ended June 30, 2020. In addition, the Company’s revenues were reduced by approximately $2.0 million, or 1.9% of rental and other revenues for the three-month period ended June 30, 2020 due to additional bad debt reserves related to the COVID-19 pandemic. Residential properties acquired During the six-month period ended June 30, 2020, the Company completed the acquisition of the following multifamily communities: Acquisition date Property Location Units 3/31/2020 Horizon at Wiregrass Tampa, Florida 392 4/30/2020 Parkside at the Beach Panama City Beach, Florida 288 680 The aggregate purchase prices of the multifamily acquisitions for the six-month period ended June 30, 2020 were approximately $141.2 million, exclusive of acquired escrows, security deposits, prepaids, capitalized acquisition costs and other miscellaneous assets and assumed liabilities. The Company acquired no multifamily communities during the six-month period ended June 30, 2019. The Company allocated the purchase prices and capitalized acquisition costs to the acquired assets and liabilities based upon their fair values, as shown in the following table. The purchase price allocations were based upon the Company's best estimates of the fair values of the acquired assets and liabilities. Multifamily Community acquired during the six-month period ended (In thousands, except amortization period data) June 30, 2020 Land $ 12,945 Buildings and improvements 100,113 Furniture, fixtures and equipment 26,284 Lease intangibles 5,968 Prepaids & other assets 24 Accrued taxes (437) Security deposits, prepaid rents, and other liabilities (384) Net assets acquired $ 144,513 Cash paid $ 99,476 Mortgage debt, net 45,037 Total consideration $ 144,513 Three-months ended June 30, 2020 Revenue $ 2,375 Net income (loss) $ (1,945) Six-months ended June 30, 2020 Revenue $ 2,375 Net income (loss) $ (2,185) Capitalized acquisition costs incurred by the Company $ 4,085 Acquisition costs paid to related party (included above) $ — Remaining amortization period of intangible assets and liabilities (months) 12.6 The Company had no acquisitions of student housing property assets during the six-month period ended June 30, 2020. During the six-month period ended June 30, 2019, the Company completed the acquisition of Haven49, a 322-unit, 887-bed student housing property adjacent to the University of North Carolina at Charlotte. The Company effectuated the acquisition via a negotiated agreement whereby the Company accepted the membership interest in the Haven49 project entity in satisfaction of the project indebtedness owed to the Company. See Note 4. The Company allocated the asset's fair value and capitalized acquisition costs to the acquired assets and liabilities based upon their fair values, as shown in the following table. The purchase price allocations were based upon the Company's best estimates of the fair values of the acquired assets and liabilities. Student housing property acquired during the six-month period ended (In thousands, except amortization period data) June 30, 2019 Land $ 7,289 Buildings and improvements 68,163 Furniture, fixtures and equipment 16,966 Lease intangibles 983 Accrued taxes (158) Security deposits, prepaid rents, and other liabilities (2,579) Net assets acquired $ 90,664 Satisfaction of loan receivables $ 46,397 Cash paid 2,717 Mortgage debt, net 41,550 Total consideration $ 90,664 Three-months ended June 30, 2020 Revenue $ 1,948 Net income (loss) $ 177 Six-months ended June 30, 2020 Revenue $ 3,938 Net income (loss) $ 271 Capitalized acquisition costs incurred by the Company $ 1,016 Acquisition costs paid to related party $ 936 Remaining amortization period of intangible assets and liabilities (months) 0 On March 20, 2020, we delivered a written termination notice to the prospective purchaser of six of our student housing properties for their failure to consummate the purchase. Accordingly, we received an additional $2.75 million of forfeited earnest money as liquidated damages. New Market Properties assets acquired During the six-month periods ended June 30, 2020 and 2019, the Company completed the acquisition of the following grocery-anchored shopping centers: Acquisition date Property Location Gross leasable area (square feet) 1/29/2020 Wakefield Crossing Raleigh, North Carolina 75,927 3/19/2020 Midway Market Dallas, Texas 85,599 161,526 1/17/2019 Gayton Crossing Richmond, Virginia 158,316 5/28/2019 Free State Shopping Center Washington, D.C. 264,152 6/12/2019 Disston Plaza Tampa - St. Petersburg, Florida 129,150 6/12/2019 Polo Grounds Mall West Palm Beach, Florida 130,285 681,903 The aggregate purchase price of the New Market Properties acquisitions for the six-month periods ended June 30, 2020 and 2019 was approximately $27.7 million and $149.3 million respectively, exclusive of acquired escrows, security deposits, prepaid assets, capitalized acquisition costs and other miscellaneous assets and assumed liabilities. The Company allocated the purchase prices to the acquired assets and liabilities based upon their fair values, as shown in the following table. The purchase price allocation was based upon the Company's best estimates of the fair values of the acquired assets and liabilities. New Market Properties' acquisitions during the six-month periods ended June 30, (In thousands, except amortization period data) 2020 2019 Land $ 9,328 $ 45,188 Buildings and improvements 12,264 89,680 Tenant improvements 2,099 5,897 In-place leases 3,043 13,111 Above market leases 107 2,045 Leasing costs 1,237 5,097 Below market leases (359) (9,066) Prepaid taxes and other assets 61 97 Security deposits, prepaid rents, and other (249) (604) Net assets acquired $ 27,531 $ 151,445 Cash paid $ 19,640 $ 55,282 Mortgage debt 7,891 96,163 Total consideration $ 27,531 $ 151,445 Three-month period ended June 30, 2020 Revenue $ 638 $ 3,630 Net income (loss) $ 9 $ (317) Six-month period ended June 30, 2020 Revenue $ 1,045 $ 7,503 Net income (loss) $ 54 $ (596) Capitalized acquisition costs incurred by the Company $ 470 $ 2,921 Capitalized acquisition costs paid to related party (included above) $ 249 $ 1,535 Remaining amortization period of intangible assets and liabilities (years) 10.3 8.5 The Company recorded aggregate amortization and depreciation expense of: Three-month periods ended June 30, Six-month periods ended June 30, (In thousands) 2020 2019 2020 2019 Depreciation: Buildings and improvements $ 28,755 $ 24,190 $ 56,762 $ 47,177 Furniture, fixtures, and equipment 12,926 12,532 25,315 25,665 41,681 36,722 82,077 72,842 Amortization: Acquired intangible assets 9,714 8,617 18,363 17,563 Deferred leasing costs 348 276 764 453 Website development costs 50 48 98 94 Total depreciation and amortization $ 51,793 $ 45,663 $ 101,302 $ 90,952 At June 30, 2020, the Company had recorded acquired gross intangible assets of $315.1 million, accumulated amortization of $169.9 million, gross intangible liabilities of $86.6 million and accumulated amortization of $28.8 million. Net intangible assets and liabilities as of June 30, 2020 will be amortized over the weighted average remaining amortization periods of approximately 7.2 and 8.9 years, respectively. At June 30, 2020, the Company had restricted cash of approxi mately $18.0 million that was contractually restricted to fund capital expenditures and other property-level commitments such as tenant improvements and leasing commissions. Purchase Options In the course of extending real estate loan investments for property development, the Company will often receive an exclusive option to purchase the property once development and stabilization are complete. If the Company determines that it does not wish to acquire the property, it has the right to sell its purchase option back to the borrower for a termination fee in the amount of the purchase option discount. |
Real Estate Loans, Notes Receiv
Real Estate Loans, Notes Receivable, and Lines of Credit | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Real Estate Loans, Notes Receivable, and Line of Credit | Real Estate Loans, Notes Receivable, and Line of Credit Our portfolio of fixed rate, interest-only real estate loans consisted of: June 30, 2020 December 31, 2019 Number of loans 25 27 Number of underlying properties in development 18 19 (In thousands) Drawn amount $ 323,233 $ 352,582 Deferred loan origination fees (1,416) (1,476) Allowance for loan losses (13,223) (1,400) Carrying value $ 308,594 $ 349,706 Unfunded loan commitments $ 59,949 $ 61,718 Weighted average current interest, per annum (paid monthly) 8.47 % 8.48 % Weighted average accrued interest, per annum 3.58 % 3.85 % (In thousands) Principal balance Deferred loan origination fees Provision for Expected Credit Losses Carrying value Balances as of December 31, 2019 $ 352,582 $ (1,476) $ (1,400) $ 349,706 Opening CECL reserve — — (7,414) (7,414) Loan fundings 24,547 — — 24,547 Loan repayments (53,896) — — (53,896) Loan origination fees collected — (467) — (467) Amortization of loan origination fees — 527 527 Reserve increases due to loan originations — — (409) (409) Net increases in reserves on existing loans or loans repaid — — (4,000) (4,000) Balances as of June 30, 2020 $ 323,233 $ (1,416) $ (13,223) $ 308,594 Property type Number of loans Carrying value Commitment amount Percentage of portfolio (In thousands) Residential properties 24 $ 300,896 $ 363,989 98 % New Market Properties — — — — % Preferred Office Properties 1 7,698 19,193 2 % Balances as of June 30, 2020 25 $ 308,594 $ 383,182 On May 14, 2020, the Company closed on a real estate loan investment of up to $10.0 million in partial support of a 277-unit multifamily community to be located in Raleigh, North Carolina. The loan pays a current monthly interest rate of 8.5% per annum and accrues additional deferred interest of 5.5% per annum and matures on November 14, 2023. On February 28, 2020, the Company closed on a real estate loan investment of up to approximately $13.4 million in partial support of a 256-unit multifamily community to be located in Charlotte, North Carolina. The loan pays a current monthly interest rate of 8.5% per annum and accrues additional deferred interest of 5.5% per annum and matures on February 28, 2025. The Company's real estate loan investments are primarily collateralized by 100% of the membership interests of the underlying project entity, and, where considered necessary, by unconditional joint and several repayment guaranties and performance guaranties by the principal(s) of the borrowers. These guaranties generally remain in effect until the receipt of a final certificate of occupancy. All of the guaranties are subject to the rights held by the senior lender pursuant to a standard intercreditor agreement. Prepayment of the real estate loans are permitted in whole, but not in part, without the Company's consent. As discussed in note 2, the Company established total expected credit losses against its existing portfolio of real estate loan investments on January 1, 2020. In doing so, it recorded a cumulative effect reduction adjustment to retained earnings of approximately $7.4 million . For the quarter ended June 30, 2020, the Company recorded an aggregate net decrease in its provision for expected credit losses of approximately $122,000. As described in note 2, the Company assesses the credit quality of its real estate loan investments by a calculated loss reserve ratio, which is an internally-developed credit quality indicator. Loss reserve ratios reflect the amount of protection afforded by the amount of equity and debt financing subordinate to the Company's position in the project; higher reserve ratios reflect a lower amount of invested dollars junior to the Company's position. The following table presents the Company's aggregation of loan amounts by final reserve ratio as of June 30, 2020: Final reserve ratio Number of loans Total receivables by project, net of reserves (in thousands) 0.50 % 6 $ 71,244 1.00 % 4 35,111 1.50 % 10 73,434 3.00 % 3 30,953 4.00 % 1 123,188 5.00% + 1 3,776 25 $ 337,706 The COVID-19 pandemic has, and will continue to have, impacts upon the development activity underlying our real estate loan investments, including the availability of labor, the supply and availability of construction materials and the ability to achieve leased stabilization. The Company's Berryessa real estate loan investment carried a 4% final reserve ratio at June 30, 2020. The project experienced a temporary construction delay due to effects of the COVID-19 pandemic but resumed in the second quarter of 2020 when the force majeure order was lifted. The Company assesses its real estate loan investment portfolio for impacts from COVID-19 at the outset of the project, as well as both quantitatively and qualitatively at the achievement of construction and leasing milestones during the projects' lives. The Company can make no assurances that economic or industry conditions or other circumstances will not lead to increases in allowances for credit losses. Management monitors the credit quality of the obligors under each of the Company's real estate loans by tracking the timeliness of scheduled interest and principal payments relative to the due dates as specified in the loan documents, as well as draw requests on the loans relative to the project budgets. In addition, management monitors the actual progress of development and construction relative to the construction plan, as well as local, regional and national economic conditions that may bear on our current and target markets. The Company's Starkville loan has been in default since August 20, 2019 under the terms of the underlying mezzanine loan agreement. During the fourth quarter of 2019, the Company recorded a specific loan loss reserve related to this loan totaling $1.4 million, reducing its net investment in the Starkville loan from $7.3 million, including accrued interest of $1.2 million, to a carrying amount of $5.9 million. In the first quarter of 2020, the Company recorded an additional $2.1 million in reserves pertaining to this loan under ASU 2016-03, reducing its carrying amount to $3.8 million as of June 30, 2020. No additional reserves were recorded in the second quarter of 2020. At June 30, 2020, the Company's portfolio of notes and lines of credit receivable consisted of: Borrower Date of loan Maturity date Total loan commitments Outstanding balance as of: Interest rate June 30, 2020 December 31, 2019 (In thousands) Preferred Capital Marketing Services, LLC (1) N/A N/A $ — $ — $ 650 N/A Preferred Apartment Advisors, LLC (1,2) N/A N/A — — 15,178 N/A Haven Campus Communities, LLC (1,3) 6/11/2014 12/31/2018 11,660 9,011 9,011 8 % Newport Development Partners, LLC (7) 6/17/2014 6/30/2021 1,000 — — 12 % Oxford Capital Partners, LLC (4, 8) 10/5/2015 6/30/2021 8,000 5,910 5,438 10 % Mulberry Development Group, LLC (5, 8) 3/31/2016 6/30/2021 750 630 525 12 % 360 Capital Company, LLC (5) 5/24/2016 12/31/2020 3,400 1,218 3,394 12 % 360 Capital Company, LLC (1,6) N/A N/A — — 7,754 N/A Unamortized loan fees — — (33) $ 24,810 $ 16,769 $ 41,917 (1) See related party disclosure in Note 6. (2) The amounts payable under this revolving credit line were collateralized by an assignment of the Former Manager's rights to fees due under the Sixth Amended and Restated Management Agreement between the Company and the Former Manager, or the Management Agreement. (3) The amount payable under the note is collateralized by one of the principals of the borrower's 49.49% interest in an unrelated shopping center located in Atlanta, Georgia and a personal guaranty of repayment by the principals of the borrower. (4) The amounts payable under the terms of this revolving credit line, up to the lesser of 25% of the loan balance or $2.0 million, are collateralized by a personal guaranty of repayment by the principals of the borrower. (5) The amounts payable under the terms of these revolving credit lines are collateralized by a personal guaranty of repayment by the principals of the borrower. (6) The amount payable under the note is collateralized by the developer's interest in the Fort Myers multifamily community project and a personal guaranty of repayment by the principals of the borrower. (7) The maturity date for the line of credit held by Newport Development Partners, LLC was extended from 6/30/2020 to 6/30/2021. Additionally, the total commitment of $2.0 million was reduced to $1.0 million during Q2 2020. (8) The lines of credit held by Oxford Capital Partners, LLC and Mulberry Development Group, LLC were extended from 6/30/2020 to 6/30/2021. On No vember 20, 2018, the borrower on the Haven Campus Communities, LLC line of credit defaulted on the loan, triggering the accrual of an additional 10% default interest rate, which is incremental to the original 8% current interest rate. The amount of default interest recorded from the default date through June 30, 2020 was approximately $1.6 million. Under the terms of the loan, amounts collected are applied first to any legal costs incurred by the Company to collect amounts due on the loan; second, to pay any accrued default and current interest on the loan; and third, to repay the principal amount owed. Based on the negotiated agreement between the Company and the borrowers, on March 27, 2019, the Company received the membership interests of the Haven49 student housing project in exchange for the complete settlement of the related Haven49 loans, which include the Haven Campus Communities Charlotte Member, LLC line of credit, the Haven49 real estate loan investment and the Haven49 member loan. Additionally, under the same agreement, the Company received payouts and credits totaling approximately $3.75 million towards the Haven Campus Communities, LLC line of credit. These amounts were applied in accordance with the terms of the line of credit. The Company retains a pledge of a 49.49% interest in an unrelated shopping center located in Atlanta, Georgia as collateral on the Haven Campus Communities, LLC line of credit, as well as personal guaranties of repayment from the principals of the borrower. In January 2019 the Company filed a lawsuit to collect the amounts owed under the line of credit it provided to Haven Campus Communities, LLC. In September 2019, Haven Campus Communities, LLC answered the lawsuit and filed counterclaims against the Company and its affiliates. At this time, the case is in the early stages of discovery, so the Company is unable to make any estimates on timing or amounts that may be collected by the Company on its Haven Campus Communities, LLC line of credit. The Company recorded interest income and other revenue from these instruments as follows: Interest income Three month periods ended June 30, Six month periods ended June 30, (In thousands) 2020 2019 2020 2019 Real estate loans: Current interest $ 6,792 $ 7,479 $ 14,149 $ 14,948 Additional accrued interest 2,860 3,184 6,156 6,569 Loan origination fee amortization 250 465 527 780 Purchase option termination fee amortization 434 1,383 4,475 5,617 Default interest 62 — 124 — Total real estate loan revenue 10,398 12,511 25,431 27,914 Notes and lines of credit 607 925 1,518 2,414 Bank and money market accounts 6 280 38 280 Agency mortgage-backed securities — 9 — 207 Interest income on loans and notes receivable $ 11,011 $ 13,725 $ 26,987 $ 30,815 The Company extends loans for purposes such as to partially finance the development of multifamily residential communities, to acquire land in anticipation of developing and constructing multifamily residential communities, and for other real estate or real estate related projects. Certain of these loans include characteristics such as exclusive options to purchase the project within a specific time window following project completion and stabilization, the sufficiency of the borrowers' investment at risk and the existence of payment and performance guaranties provided by the borrowers, any of which can cause the loans to create variable interests to the Company and require further evaluation as to whether the variable interest creates a VIE, which would necessitate consolidation of the project. The Company considers the facts and circumstances pertinent to each entity borrowing under the loan, including the relative amount of financing the Company is contributing to the overall project cost, decision making rights or control held by the Company, guarantees provided by third parties, and rights to expected residual gains or obligations to absorb expected residual losses that could be significant from the project. If the Company is deemed to be the primary beneficiary of a VIE, consolidation treatment would be required. The Company has no decision making authority or power to direct activity, except normal lender rights, which are subordinate to the rights of the senior lenders on the projects. The Company has concluded that it is not the primary beneficiary of the borrowing entities and therefore it has not consolidated these entities in its consolidated financial statements. The Company's maximum exposure to loss from these loans is their drawn amount as of June 30, 2020 of approximate ly $323.2 million. The maximum aggregat e amount of loans to be funded as of June 30, 2020 was approximately $383.2 million, which includes approximately $59.9 million of loan committed amounts not yet funded. 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. The Company evaluates the expected residual profit it expects to collect under the terms of the loan versus the expected residual profit expected to be collected by the developer (in conjunction with any equity investors, if applicable), along with the "loan versus investment" characteristics as set forth by ASC 310-25. For each loan, the characteristics and the facts and circumstances indicate that loan accounting treatment is appropriate in cases where (i) the majority of the expected residual profit is expected to be due the developer and (ii) the majority of "loan versus investment" tests indicate that the instrument is a loan. The Company is subject to a geographic concentration of risk that could be considered significant with regard to the Newbergh, Newbergh Capital, Solis Kennesaw II, 8West and Kennesaw Crossing real estate loan investments, all of which are partially supporting various real estate projects in or near Atlanta, Georgia. The drawn amount, in addition to outstanding accrued interest, for these loans as of June 30, 2020 totaled approximately $51.4 million (with a total commitment amount of approximately $65.5 million). The Company is also subject to a geographic concentration of risk that could be considered significant with regard to the Sanibel Straits, Sanibel Straits Capital, E-Town, Vintage Destin, Hidden River, Hidden River Capital and Vintage Horizon West real estate loan investments, all of which are partially supporting various real estate projects in Florida. The drawn amount, in addition to outstanding accrued interest, for these loans as of June 30, 2020 totaled approximately $55.4 million (with a total commitment amount of approximately $61.2 million). The event of a total failure to perform by the borrowers and guarantors would subject the Company to a total possible loss of the drawn amount and all outstanding accrued interest. Freddie Mac K Program investments On May 23, 2018, the Company purchased a subordinate tranche of Series 2018-ML04, a pool of 20 multifamily mortgages with a total pool size of approximately $276.3 million, from Freddie Mac. The purchase price of the subordinate tranche was approximately $4.7 million. On December 10, 2019, the Company sold its investment in Series 2018-ML04 for $6.2 million. |
Redeemable Preferred Stock
Redeemable Preferred Stock | 6 Months Ended |
Jun. 30, 2020 | |
Redeemable Stock, Preferred [Abstract] | |
Preferred Stock [Text Block] | Redeemable Preferred Stock and Equity Offerings On February 14, 2020, the Company's offering of a maximum of 1,500,000 Units, with each Unit consisting of one share of Series A Redeemable Preferred Stock, par value $0.01 per share, and one Warrant to purchase up to 20 shares of Common Stock (the "$1.5 Billion Unit Offering") expired. See note 6 for discussion regarding a termination fee agreement with and payment to Preferred Capital Securities, LLC, or PCS, an affiliate of the Company, in conjunction with the Company's winding down of the $1.5 Billion Unit Offering. At June 30, 2020, the Company's active equity offerings consisted of: • an offering of up to 1,000,000 Shares of Series A1 Redeemable Preferred Stock ("Series A1 Preferred Stock"), Series M1 Redeemable Preferred Stock ("Series M1 Preferred Stock"), or a combination of both (collectively the "Series A1/M1 Offering") • an offering of up to $400 million of equity or debt securities (the "2019 Shelf Offering"), including an offering of up to $125 million of Common Stock from time to time in an "at the market" offering (the "2019 ATM Offering"); and • an offering of up to $100 million of equity securities for the Preferred Office Growth Fund, a consolidated entity (the “Preferred Office Growth Fund Offering”). Certain offering costs are not related to specific closing transactions and are recognized as a reduction of stockholders' equity in the proportion of the number of instruments issued to the maximum number of shares of Preferred Stock anticipated to be issued. Any offering costs not yet reclassified as reductions of stockholders' equity are are reflected in the asset section of the consolidated balance sheets as deferred offering costs. Cumulative gross proceeds and offering costs for our active equity offerings consisted of: (In thousands) Deferred Offering Costs Offering Total offering Gross proceeds as of June 30, 2020 Reclassified as reductions of stockholders' equity Recorded as deferred assets Total Specifically identifiable offering costs (3) Total offering costs $1.5 Billion Unit Offering (1) 1,500,000 $ 1,236,414 $ 15,874 $ — $ 15,874 $ 115,650 $ 131,524 Series A1/M1 Offering 1,000,000 73,428 208 2,627 2,835 7,213 10,048 2019 Shelf Offering (2) 400,000 — — 972 972 — 972 Preferred Office Growth Fund 100,000 113 1 489 490 3 493 Total $ 3,000,000 $ 1,309,955 $ 16,083 $ 4,088 $ 20,171 $ 122,866 $ 143,037 (1) The Series A $1.5 billion unit offering expired in Q1 2020 and therefore all remaining deferred offering costs were reclassified as reductions of stockholder's equity in Q1 2020. (2) The $125 million ATM Offering is a part of the $400 million Shelf Offering and therefore it is not included in the total. (3) These offering costs specifically identifiable to Unit offering closing transactions, such as commissions, dealer manager fees, and other registration fees, are reflected as a reduction of stockholders' equity at the time of closing. Series A1/M1 Preferred Stock Offering On September 27, 2019, the Company’s registration statement on Form S-3 (Registration No. 333-233576) (the “Series A1/M1 Registration Statement”) was declared effective by the SEC. Shares of Series A1 Preferred Stock and Series M1 Preferred Stock issued under the Series A1/M1 Registration Statement are each offered at a price of $1,000 per share, subject to adjustment under certain conditions. Aggregate offering expenses of the Series A1/M1 Preferred Stock Offering, including selling commissions and dealer manager fees for the Series A1 Preferred Stock and only dealer manager fees for the Series M1 Preferred Stock, are capped at 12.0% of aggregate gross proceeds of the offering. Dealer manager fees and sales commissions for the Series A1/M1 Preferred Stock Offering are not reimbursable. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Related Party TransactionsOn January 31, 2020, the Company internalized the functions performed by the Former Manager and Sub-Manager by acquiring the entities that owned the Former Manager and the Sub-Manager for an aggregate purchase price of $154 million, plus up to $25 million of additional consideration to be paid within 36 months, due upon the earlier of (i) if, for the immediately preceding fiscal year beginning on January 1, funds from operations ("FFO") of the Company per weighted average basic share of the Company’s common stock and Class A Unit (as defined in the limited partnership agreement of PAC OP) outstanding for such fiscal year is determined to be greater than or equal to $1.55 or (ii) on the thirty-six (36) month anniversary of the closing of the Internalization. Pursuant to the Stock Purchase Agreement, the sellers sold all of the outstanding shares of capital stock of NELL Partners, Inc. ("NELL") and NMA Holdings, Inc. ("NMA") to PAC Carveout, LLC ("PAC Sub") in exchange for an aggregate of approximately $111.1 million in cash paid at the closing which reflects the satisfaction of certain indebtedness of NELL, the estimated net working capital adjustment, and a hold back of $15 million for certain specified matters (the "Specified Matters Holdback Amount"). The Specified Matters Holdback Amount is payable to the NELL sellers less certain losses following final resolution of any such specified matters. Daniel M. DuPree and Leonard A. Silverstein were executive directors of NELL Partners, Inc., which controlled the Former Manager through the date of the Internalization. Daniel M. DuPree was the Chief Executive Officer and Leonard A. Silverstein was the President and Chief Operating Officer of the Former Manager. Trusts established, or entities owned, by the family of John A. Williams, Daniel M. DuPree, the family of Leonard A. Silverstein, the Company’s former Vice Chairman of the Board, and former President and Chief Operating Officer, were the owners of NELL. Trusts established, or entities owned, by Joel T. Murphy, the Company’s Chief Executive Officer and a member of the Board, the family of Mr. Williams, Mr. DuPree and the family of Mr. Silverstein were the owners of the Sub-Manager. The Company's Haven 12 real estate loan investment and Haven Campus Communities LLC line of credit are both supported in part by a guaranty of repayment and performance by John A. Williams, Jr., the son of the late John A. Williams, the Company's former Chief Executive Officer and Chairman of the Board. Because the terms of these loans were negotiated and agreed upon while John A. Williams was the Chief Executive Officer of the Company, these instruments will continue to be reported as related party transactions until the loans are repaid. The Company's Wiregrass and Wiregrass Capital real estate loan investments partially financed the development of a multifamily community in Tampa, Florida by the Altman Companies. Timothy A. Peterson is a member of management of the Altman Companies as well as Chairman of the Audit Committee of the Company's Board of Directors. The Wiregrass loans and the acquisition of the underlying property on March 31, 2020 as described in note 3, therefore qualify as related party transactions. The Management Agreement entitled the Former Manager to receive compensation for various services it performed related to acquiring assets and managing properties on the Company's behalf: (In thousands) Three-month periods ended June 30, Six-month periods ended June 30, Type of Compensation Basis of Compensation 2020 2019 2020 2019 Acquisition fees 1.0% of the gross purchase price of real estate assets $ — $ 1,203 $ 235 $ 2,603 Loan origination fees 1.0% of the maximum commitment of any real estate loan, note or line of credit receivable — 125 — 526 Loan coordination fees 0.6% of any assumed, new or supplemental debt incurred in connection with an acquired property — 621 47 965 Asset management fees Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted — 3,840 1,349 7,565 Property management fees Monthly fee up to 4% of the monthly gross revenues of the properties managed — 2,495 890 4,951 General and administrative expense fees Monthly fee equal to 2% of the monthly gross revenues of the Company — 1,581 616 3,067 Construction management fees Quarterly fee for property renovation and takeover projects — 78 14 136 Disposition fees 1% of the sale price of a real estate asset — 16 — 16 Contingent asset management fees / general and administrative fees Recognized upon disposition of the property when exceeding the 7% IRR hurdle — — — — $ — $ 9,959 $ 3,151 $ 19,829 The Former Manager waived some of the asset management, property management, or general and administrative fees for properties owned by the Company. A cumulative total of approximately $25.6 million of combined asset management and general and administrative fees related to acquired properties had been waived by the Former Manager; at the date of Internalization, all of the remaining contingent fees of $24.1 million were eliminated in conjunction with the Company's Internalization transaction. In addition to property management fees, the Company incurred the following reimbursable on-site personnel salary and related benefits expenses at the properties, which are listed on the Consolidated Statements of Operations: (In thousands) Three-month periods ended June 30, Six-month periods ended June 30, 2020 2019 2020 2019 $ — $ 4,213 $ 1,430 $ 8,292 The Former Manager utilized its own and its affiliates' personnel to accomplish certain tasks related to raising capital that would typically be performed by third parties, including, but not limited to, legal and marketing functions. As permitted under the Management Agreement, the Former Manager was reimbursed $40,451 and $256,162 for the six-month periods ended June 30, 2020 and 2019, respectively and Preferred Capital Securities, LLC, or PCS, was reimbursed $0 and $680,116 for the six-month periods ended June 30, 2020 and 2019, respectively. These costs are recorded as deferred offering costs until such time as additional closings occur on the Series A1/M1 Preferred Stock Offering or the 2019 Shelf Offering, at which time they are reclassified on a pro-rata basis as a reduction of offering proceeds within stockholders’ equity. In conjunction with the winding down of the $1.5 Billion Unit Offering, the Company has engaged PCS to perform certain termination-related services. These services began in October 2019 and continued through April 2020. For the six-month period ended June 30, 2020, the Company paid an additional $3.1 million for these services, which were recorded as deferred offering costs. Prior to the Internalization, the Company held a promissory note in the amount of approximately $650,000 due from Preferred Capital Marketing Services, LLC, or PCMS, which is a wholly-owned subsidiary of NELL Partners and a revolving line of credit with a maximum borrowing amount of $24.0 million to its Manager. Both of these instruments were extinguished in connection with the Internalization transaction. Of the Company’s $23.0 million accrued interest receivable on real estate loans balance on the Consolidated Balance Sheet, interest receivable of approximately $1.2 million relates to the Haven 12 real estate loan investment, which is to a related party. Interest receivable of approximately $1.6 million on its Haven Campus Communities, LLC line of credit is included in the tenant receivables and other assets line. |
Dividends
Dividends | 6 Months Ended |
Jun. 30, 2020 | |
Dividends [Abstract] | |
Dividends and Distributions | Dividends and Distributions The Company declares and pays monthly cash dividend distributions in the amount of $5.00 per share per month on its Series A Preferred Stock and its Series A1 Preferred Stock. For the Company's mShares Preferred Stock, dividends are paid on an escalating scale of $4.79 per month in the first year following share issuance, increasing each year to $6.25 per month in year eight and beyond. Similarly, for the Company's Series M1 Preferred Stock, dividends are paid on an escalating scale of $5.08 per month in the first year following share issuance, increasing each year to $5.92 per month in year ten and beyond. All preferred stock dividends are prorated for partial months at issuance as necessary. Given the nature of the escalating dividends associated with the Company’s mShares Preferred Stock and Series M1 Preferred Stock, the Company accrues dividends at the effective dividend rate in accordance with GAAP. This results in the Company recording larger dividends declared to preferred stockholders in the Company’s Consolidated Statements of Operations than dividends required to be paid for the first four years after issuance with respect to the mShares and the first five years after issuance with respect to the Series M1 Preferred Stock. Similarly, this will result in the Company recording smaller dividends declared to preferred stockholders in the Company’s Consolidated Statements of Operations than dividends required to be paid for the fifth through the eighth year after issuance with respect to the mShares and the sixth through the tenth year after issuance with respect to the Series M1 Preferred Stock. Following the escalation period (year eight for the mShares Preferred Stock and year ten for the Series M1 Preferred Stock), the dividends declared to preferred stockholders in the Company’s Consolidated Statements of Operations will equal the dividend paid. The Company declared aggregate quarterly cash dividends on its Common Stock of $0.175 and $0.2625 per share for the three-month periods ended June 30, 2020 and 2019 respectively and $0.4375 and $0.5225 per share for the six-month periods ended June 30, 2020 and 2019, respectively. The holders of Class A OP Units of the Operating Partnership are entitled to equivalent distributions as the dividends declared on the Common Stock. At June 30, 2020, the Company had 742,413 Class A OP Units outstanding, which are exchangeable on a one-for-one basis for shares of Common Stock or the equivalent amount of cash. The Company's dividend and distribution activity consisted of: Dividends and distributions declared For the six-month periods ended June 30, (In thousands) 2020 2019 Series A Preferred Stock $ 64,308 $ 51,240 mShares 3,356 1,841 Series A1 Preferred Stock 968 — Series M1 Preferred Stock 60 — Common Stock 21,115 22,776 Class A OP Units 333 458 Total $ 90,140 $ 76,315 |
Equity Compensation
Equity Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Equity Compensation [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Equity Compensation Stock Incentive Plan On May 2, 2019, the Company’s board of directors adopted, and the Company’s Common stockholders approved, the Preferred Apartment Communities, Inc. 2019 Stock Incentive Plan, or the 2019 Plan, to incentivize, compensate and retain eligible officers, consultants, and non-employee directors. The 2019 Plan increased the aggregate number of shares of Common Stock authorized for issuance under the 2011 Plan from 2,617,500 to 3,617,500. The 2019 Plan does not have a stated expiration date. Equity compensation expense by award type for the Company was: Three-month periods ended June 30, Six-month periods ended June 30, Unamortized expense as of June 30, (In thousands) 2020 2019 2020 2019 2020 Class B Unit awards to employees: 2016 $ — $ — $ — $ 2 $ — 2017 — 78 3 156 — 2018 50 71 121 143 140 Restricted stock grants to Board members: 2018 — 30 — 120 — 2019 35 70 140 70 — 2020 89 — 89 — — Restricted stock grants for employees: 2020 37 — 37 — 3,843 Restricted stock units to employees: 2017 — 20 — 38 — 2018 10 21 24 40 38 2019 12 16 31 48 116 2020 13 — 31 — 155 Total $ 246 $ 306 $ 476 $ 617 $ 4,292 Restricted Stock Grants The following annual grants of restricted stock were made to members of the Company's independent directors, as payment of the annual retainer fees. The restricted stock grants for service years 2017-2019 vested (or are scheduled to vest) on a pro-rata basis over the four consecutive 90-day periods following the date of grant. The restricted stock grant for service year 2020 is scheduled to vest on the one Service year Shares Fair value per share Total compensation cost (in thousands) 2017 24,408 $ 14.75 $ 360 2018 24,810 $ 14.51 $ 360 2019 26,446 $ 15.88 $ 420 2020 66,114 $ 8.05 $ 532 On June 17, 2020, the Company granted Restricted Stock to certain of its executives and employees. The fair value per share of $8.05 was based upon the closing price of the Company's Common Stock on the business day preceding the grant date. A total of 137,741 shares representing a fair value of approximately $1.1 million will vest on the four four Class B OP Units As of June 30, 2020, cumulative activity of grants of Class B Units of the Operating Partnership, or Class B OP units, was: Grant date 1/2/2018 1/3/2017 Units granted 256,087 286,392 Units forfeited: John A. Williams (1) (38,284) — Voluntary forfeiture by senior executives (2) (128,258) — Other (24,237) (5,334) Total forfeitures (190,779) (5,334) Units earned and converted into Class A Units — (281,058) Class B Units outstanding at June 30, 2020 65,308 — Units unearned but vested 48,678 — Units unearned and not yet vested 16,630 — Class B Units outstanding at June 30, 2020 65,308 — (1) Pro rata modification of award on April 16, 2018, the date of Mr. Williams' passing. (2) Additional Class B OP units granted to senior executives other than Mr. Williams were voluntarily forfeited at the end of 2018. There were no grants of Class B OP Units for 2019 or 2020. The underlying valuation assumptions and results for the 2018 Class B OP Unit awards were: Grant dates 1/2/2018 Stock price $ 20.19 Dividend yield 4.95 % Expected volatility 25.70 % Risk-free interest rate 2.71 % Number of Units granted: One year vesting period 171,988 Three year vesting period 84,099 256,087 Calculated fair value per Unit $ 16.66 Total fair value of Units $ 4,266,409 Target market threshold increase $ 5,660,580 The expected dividend yield assumptions were derived from the Company’s closing prices of the Common Stock on the grant dates and the projected future quarterly dividend payments per share of $0.25 for the 2018 awards. For the 2018 awards, the Company's own stock price history was utilized as the basis for deriving the expected volatility assumption. The risk-free rate assumptions were obtained from the Federal Reserve yield table and were calculated as the interpolated rate between the 20 and 30 year yield percentages on U. S. Treasury securities on the grant date. Since the Class B OP Units have no expiration date, a derived service period of one year was utilized, which equals the period of time from the grant date to the initial valuation date. Restricted Stock Units The Company, made grants of restricted stock units, or RSUs, to its employees under the 2019 Plan, and prior to Internalization, made grants of RSUs to certain employees of affiliates of the Company under the 2011 Plan, as shown in the following table: Grant date 1/2/2020 1/2/2019 1/2/2018 Service period 2020-2022 2019-2021 2018-2020 RSU activity: Granted 21,400 27,760 20,720 Forfeited (1,700) (6,021) (6,554) RSUs outstanding at June 30, 2020 19,700 21,739 14,166 RSUs unearned but vested — 7,328 9,520 RSUs unearned and not yet vested 19,700 14,411 4,646 RSUs outstanding at June 30, 2020 19,700 21,739 14,166 Fair value per RSU $ 9.47 $ 10.77 $ 16.66 Total fair value of RSU grant $ 202,658 $ 298,975 $ 345,195 The RSUs vest in three equal consecutive one capitalization of the same number of shares of Common Stock at the Initial Valuation Date. If the market capitalization measure results in an increase which exceeds the target market threshold, the Vested RSUs become earned RSUs and are settled in shares of Common Stock on a one-to-one basis. Vested RSUs may become Earned RSUs on a pro-rata basis should the result of the market capitalization test be an increase of less than the target market threshold. Any Vested RSUs that do not become Earned RSUs on the Initial Valuation Date are subsequently remeasured on a quarterly basis until such time as all Vested RSUs become Earned RSUs or are forfeited due to termination of continuous service due to an event other than as a result of a qualified event, which is generally the death or disability of the holder. Continuous service through the final valuation date is required for the Vested RSUs to qualify to become fully Earned RSUs. Because RSUs are valued using the identical market condition vesting requirement that determines the transition of the Vested Class B Units to Earned Class B Units, the same valuation assumptions per RSU were utilized to calculate the total fair values of the RSUs. The total fair value amounts pertaining to grants of RSUs, net of forfeitures, are amortized as compensation expense over the three one-year periods ending on the three successive anniversaries of the grant dates. |
Indebtedness
Indebtedness | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Indebtedness Mortgage Notes Payable Mortgage financing of property acquisitions During the six-month period ended June 30, 2020, the Company obtained mortgage financing on the following properties as shown in the following table: Property Date Initial principal amount Fixed/Variable rate Interest rate Maturity date 251 Armour Yards 1/22/2020 $ 3,522 Fixed 4.50 % 1/22/2025 Wakefield Crossing 1/29/2020 7,891 Fixed 3.66 % 2/1/2032 Morrocroft Centre 3/19/2020 70,000 Fixed 3.40 % 4/10/2033 Horizon at Wiregrass Ranch 4/23/2020 52,000 Fixed 2.90 % 5/1/2030 Parkside at the Beach 4/30/2020 45,037 Fixed 2.95 % 5/1/2030 $ 178,450 Repayments and refinancings The following table summarizes our mortgage debt refinancing and repayment activity for the six-month periods ended June 30, 2020 and 2019: Date Property Previous balance (millions) Previous interest rate / spread over 1 month LIBOR Loan refinancing costs expensed (thousands) New balance (millions) New interest rate Additional deferred loan costs from refinancing (thousands) 1/3/2020 Ursa $ 31.4 L + 300 $ — $ — n/a $ — 6/25/2020 CityPark View 19.8 3.27 % $ 1,314 29.0 2.75 % $ 314 6/29/2020 Aster at Lely Resort 30.7 3.84 % $ 293 50.4 2.95 % $ 2,777 6/29/2020 Avenues at Northpointe 26.0 3.16 % $ 166 33.5 2.79 % $ 1,247 6/30/2020 Avenues at Cypress 20.5 3.43 % $ 1,607 28.4 2.96 % $ 336 6/30/2020 Venue at Lakewood Ranch 27.8 3.55 % $ 2,457 36.6 2.99 % $ 384 6/30/2020 Crosstown Walk 29.9 3.90 % $ 248 46.5 2.92 % $ 2,841 6/30/2020 Summit Crossing II 13.1 4.49 % $ 779 20.7 L + 278 $ 136 $ 199.2 $ 6,864 $ 245.1 $ 8,035 2/28/2019 Lenox Village Town Center $ 29.2 3.82 % $ 17 $ 39.3 4.34 % $ 1,153 4/12/2019 Royal Lakes Marketplace 9.5 L + 250 $ 52 9.7 4.29 % $ 287 4/12/2019 Cherokee Plaza 24.5 L + 225 $ 317 25.2 4.28 % $ 723 $ 63.2 $ 386 $ 74.2 $ 2,163 The following table summarizes our mortgage notes payable at June 30, 2020: (In thousands) Fixed rate mortgage debt: Principal balances due Weighted-average interest rate Weighted average remaining life (years) Residential Properties $ 1,435,711 3.73 % 9.0 New Market Properties 574,867 4.00 % 7.8 Preferred Office Properties 636,332 4.13 % 12.9 Total fixed rate mortgage debt 2,646,910 3.88 % 9.7 Variable rate mortgage debt: Residential Properties 118,124 3.77 % 3.6 New Market Properties 47,150 2.83 % 3.3 Preferred Office Properties — — % — Total variable rate mortgage debt 165,274 3.5 Total mortgage debt: Residential Properties 1,553,835 3.73 % 8.6 New Market Properties 622,017 3.91 % 7.5 Preferred Office Properties 636,332 4.13 % 12.9 Total principal amount 2,812,184 3.86 % 9.3 Deferred loan costs (45,402) Mark to market loan adjustment (4,491) Mortgage notes payable, net $ 2,762,291 The Company has placed interest rate caps on the variable rate mortgages on its Avenues at Creekside, Summit Crossing II, Tradition and Bloc residential properties. Under guidance provided by ASC 815-10, these interest rate caps are derivatives that are embedded in the debt hosts. Because the interest rate caps are deemed to be clearly and closely related to the debt hosts, bifurcation and fair value accounting treatment is not required. The mortgage note secured by our Independence Square property is a seven five seven As of June 30, 2020, the weighted-average remaining life of deferred loan costs related to the Company's mortgage indebtedness was approximately 9.4 years. Our mortgage notes have maturity dates between June 6, 2021 and June 1, 2054. Credit Facility The Company has a credit facility, or Credit Facility, with KeyBank National Association, or KeyBank, which includes a revolving line of credit, or Revolving Line of Credit, which is used to fund investments, capital expenditures, dividends (with consent of KeyBank), working capital and other general corporate purposes on an as needed basis. On March 23, 2018, the maximum borrowing capacity on the Revolving Line of Credit was increased to $200 million pursuant to an accordion feature. The accordion feature permits the maximum borrowing capacity to be expanded or contracted without amending any further terms of the instrument. On December 12, 2018, the Fourth Amended and Restated Credit Agreement, or the Amended and Restated Credit Agreement, was amended to extend the maturity to December 12, 2021, with an option to extend the maturity date to December 12, 2022, subject to certain conditions described therein. The Revolving Line of Credit accrues interest at a variable rate of one month LIBOR plus an applicable margin of 2.75% to 3.50% per annum, depending upon the Company’s leverage ratio. The weighted average interest rate for the Revolving Line of Credit was 4.05% for the six-month period ended June 30, 2020. The Amended and Restated Credit Agreement also reduced the commitment fee on the average daily unused portion of the Revolving Line of Credit to 0.25% or 0.30% per annum, depending upon the Company’s outstanding Credit Facility balance. On December 20, 2019, the Company entered into a $70.0 million interim term loan with KeyBank, or the 2019 Term Loan, to partially finance the acquisition of Morrocroft Centre, an office building located in Charlotte, North Carolina. The 2019 Term Loan accrues interest at a rate of LIBOR plus 1.7% per annum. The 2019 Term Loan was repaid in conjunction with the closing of permanent mortgage financing for Morrocroft Centre on March 19, 2020. The Fourth Amended and Restated Credit Agreement contains certain affirmative and negative covenants, including negative covenants that limit or restrict secured and unsecured indebtedness, mergers and fundamental changes, investments and acquisitions, liens and encumbrances, dividends, transactions with affiliates, burdensome agreements, changes in fiscal year and other matters customarily restricted in such agreements. The amount of dividends that may be paid out by the Company is restricted to a maximum of 95% of AFFO for the trailing four quarters without the lender's consent; solely for purposes of this covenant, AFFO is calculated as earnings before interest, taxes, depreciation and amortization expense, plus reserves for capital expenditures, less normally recurring capital expenditures, less consolidated interest expense. As of June 30, 2020, the Company was in compliance with all covenants related to the Revolving Line of Credit, as shown in the following table: Covenant (1) Requirement Result Net worth Minimum $1.7 billion $1.9 billion (3) Debt yield Minimum 8.25% 9.92% Payout ratio Maximum 95% (2) 91.8% Total leverage ratio Maximum 65% 62.1% Debt service coverage ratio Minimum 1.50x 1.92x (1) All c ovenants are as defined in the credit agreement for the Revolving Line of Credit. (2) Calculated on a trailing four-quarter basis, except for Common Stock dividends, which are annualized off of the current quarter dividend. For the year ended June 30, 2020, the maximum dividends and distributions allowed under this covenant was approximately $174.6 million. (3) Adjusted to exclude the effect of costs incurred with internalization. Loan fees and closing costs for the establishment and subsequent amendments of the Credit Facility are amortized utilizing the straight line method ove r the life of the Credit Facility. At June 30, 2020, unamortized loan fees and closing costs for the Credit Facility were approximately $0.8 million, which will be amortized over a remaining loan life of approximately 1.5 years. Loan fees and closing costs for the mortgage debt on the Company's properties are amortized utilizing the effective interest rate method over the lives of the loans. Acquisition Facility On February 28, 2017, the Company entered into a credit agreement, or Acquisition Credit Agreement, with Freddie Mac through KeyBank to obtain an acquisition revolving credit facility, or Acquisition Facility, with a maximum borrowing capacity of $200 million. The purpose of the Acquisition Facility is to finance acquisitions. The maximum borrowing capacity on the Acquisition Facility may be increased at the Company's request up to $300 million at any time prior to March 1, 2021. On March 25, 2019, the maximum borrowing capacity was decreased to $90 million by agreement between the Company and KeyBank.The Acquisition Facility accrues interest at a vari able rate of one month LIBOR plus a margin of between 1.75% per annum and 2.20% per annum, depending on the type of assets acquired and the resulting property debt service coverage ratio. The Acquisition Facility has a maturity date of March 1, 2022 and has two one Interest Expense Interest expense, including amortization of deferred loan costs was: Three-month periods ended June 30, Six-month periods ended June 30, (In thousands) 2020 2019 2020 2019 Residential Properties $ 15,932 $ 15,821 $ 30,798 $ 30,621 New Market Properties 6,587 6,115 13,337 11,701 Preferred Office Properties 6,699 5,357 13,557 10,708 Interest paid to real estate loan participants — — — 110 Total 29,218 27,293 57,692 53,140 Credit Facility and Acquisition Facility 1,918 318 3,037 1,227 Interest Expense $ 31,136 $ 27,611 $ 60,729 $ 54,367 Future Principal Payments The Company’s estimated future principal payments due on its debt instruments as of June 30, 2020 were: Period Future principal payments 2020 $ 114,351 2021 167,256 2022 105,707 2023 143,506 2024 366,436 Thereafter 2,007,428 Total $ 2,904,684 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Income Taxes [Abstract] | |
Income Taxes | Income TaxesThe Company elected to be taxed as a REIT effective with its tax year ended December 31, 2011, and therefore, the Company will not be subject to federal and state income taxes, so long as it distributes 100% of the Company's annual REIT taxable income (which does not equal net income as calculated in accordance with GAAP and determined without regard for the deduction for dividends paid and excluding net capital gains) to its stockholders. For the Company's tax years prior to its REIT election year, its operations resulted in a tax loss. As of December 31, 2010, the Company had deferred federal and state tax assets totaling approximately $298,100, none of which were based upon tax positions deemed to be uncertain. These deferred tax assets will most likely not be used since the Company elected REIT status; therefore, management has determined that a 100% valuation allowance is appropriate as of June 30, 2020 and December 31, 2019. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies On January 31, 2020, the Company assumed its Former Manager's eleven A total of approximately $24.1 million of asset management and general and administrative fees related to acquired properties as of June 30, 2020 that have been waived by the Former Manager were eliminated in conjunction with the Company's Internalization transaction. At June 30, 2020, the Company had unfunded commitments on its real estate loan portfolio of approximately $59.9 million. At June 30, 2020, the Company had unfunded contractual commitments for tenant, leasing, and capital i mprovements of approximately $9.5 million. The Company is otherwise currently subject to neither any known material commitments or contingencies from its business operations, nor any material known or threatened litigation. |
Segment information
Segment information | 6 Months Ended |
Jun. 30, 2020 | |
Segment Information [Abstract] | |
Segment Information | Segment Information The Company's Chief Operating Decision Maker, or CODM, evaluates the performance of the Company's business operations and allocates financial and other resources by assessing the financial results and outlook for future performance across four distinct segments: residential properties, real estate related financing, New Market Properties and Preferred Office Properties. Residential Properties - consists of the Company's portfolio of residential multifamily communities and student housing properties. Multifamily Communities and Student Housing Properties were previously presented as separate reporting segments. The Company has combined these two segments into the Residential Properties reportable segment. Financing - consists of the Company's portfolio of real estate loans, bridge loans, and other instruments deployed by the Company to partially finance the development, construction, and prestabilization carrying costs of new multifamily communities and other real estate and real estate related assets. Excluded from the financing segment are consolidated assets of VIEs and financial results of the Company's Dawson Marketplace grocery-anchored shopping center real estate loan, which are included in the New Market Properties segment. New Market Properties - consists of the Company's portfolio of grocery-anchored shopping centers, which are owned by New Market Properties, LLC, a subsidiary of the Company, as well as the financial results from the Company's Dawson Marketplace real estate loan, that was repaid and extinguished on February 3, 2020. Preferred Office Properties - consists of the Company's portfolio of office buildings, which are owned by Preferred Office Properties, LLC, a wholly-owned subsidiary of the Company. The CODM monitors net operating income (“NOI”) on a segment and a consolidated basis as a key performance measure for its operating segments. NOI is a non-GAAP measure that is defined as rental and other property revenue from real estate assets plus interest income from its loan portfolio less total property operating and maintenance expenses, property management fees, real estate taxes, property insurance, and general and administrative expenses. The CODM uses NOI as a measure of operating performance because it provides a measure of the core operations, rather than factoring in depreciation and amortization, financing costs, acquisition expenses, and other expenses generally incurred at the corporate level. The following tables present the Company's assets, revenues, and NOI results by reportable segment, as well as a reconciliation from NOI to net income (loss). The assets attributable to 'Other' primarily consist of deferred offering costs recorded but not yet reclassified as reductions of stockholders' equity and cash balances at the Company and Operating Partnership levels. (In thousands) June 30, 2020 December 31, 2019 Assets: Residential properties $ 2,166,384 $ 2,047,905 Financing 355,189 409,226 New Market Properties 1,113,130 1,125,230 Preferred Office Properties 1,153,947 1,123,212 Other 30,633 64,987 Consolidated assets $ 4,819,283 $ 4,770,560 Total capitalized expenditures (inclusive of additions to construction in progress, but exclusive of the purchase price of acquisitions) for the three-month and six-month periods ended June 30, 2020 and 2019 were as follows: Three-month periods ended June 30, Six-month periods ended June 30, (In thousands) 2020 2019 2020 2019 Capitalized expenditures: Residential properties $ 2,831 $ 4,543 $ 6,590 $ 6,668 New Market Properties 1,264 1,427 2,540 3,004 Total $ 4,095 $ 5,970 $ 9,130 $ 9,672 Second-generation capital expenditures exclude those expenditures made in our office building portfolio (i) to lease space to "first generation" tenants (i.e. leasing capital for existing vacancies and known move-outs at the time of acquisition), (ii) to bring recently acquired properties up to our Class A ownership standards (and which amounts were underwritten into the total investment at the time of acquisition), (iii) for property redevelopments and repositionings (iv) to newly leased space which had been vacant for more than one year and (v) for building improvements that are recoverable from future operating cost savings. Total revenues by reportable segment of the Company were: Three-month periods ended June 30, Six-month periods ended June 30, (In thousands) 2020 2019 2020 2019 Revenues Rental and other property revenues: Residential properties $ 58,733 $ 53,836 $ 116,298 $ 105,663 New Market Properties 26,105 22,882 54,108 44,941 Preferred Office Properties (1) 26,736 22,848 53,198 43,790 Total rental and other property revenues 111,574 99,566 223,604 194,394 Financing revenues 11,011 13,286 26,823 29,941 Miscellaneous revenues 692 1,000 3,952 1,023 Consolidated revenues $ 123,277 $ 113,852 $ 254,379 $ 225,358 (1) Included in rental revenues for our Preferred Office Properties segment is the amortization of deferred revenue for tenant-funded leasehold improvements from a major tenant in our Three Ravinia and Westridge office buildings. As of June 30, 2020, the Company has recorded deferred revenue in an aggregate amount of $47.0 million in connection with such improvements. The remaining balance to be recognized is approximately $37.9 million which is included in the deferred revenues line on the consolidated balance sheets at June 30, 2020. These total costs will be amortized over the lesser of the useful lives of the improvements or the individual lease terms. The Company recorded non-cash revenue of approximately $1.9 million and $1.9 million for the six-month periods ended June 30, 2020 and 2019, respectively. The Company expects that negative impacts from the COVID-19 pandemic affecting its in-line retail tenants within its New Market Properties segment may continue throughout 20 20. Of our over 900 retail tenants, the Company has 10 leases with six companies that have entered bankruptcy proceedings and in the aggregate this constitutes approximately 1% of the total revenue. The chief operating decision maker utilizes segment net operating income, or Segment NOI, in evaluating the performance of its operating segments. Segment NOI represents total property revenues less total property operating expenses, excluding depreciation and amortization, for all properties held during the period. Segment NOI for the Company's financing segment consists of interest revenues from the Company's real estate loan investments and notes and lines of credit receivable, as well as revenues from terminated property purchase options. Management believes that Segment NOI is a helpful tool in evaluating the operating performance of the segments because it measures the core operations of property performance by excluding corporate level expenses and other items not directly related to property operating performance. Segment NOI for each reportable segment for the three-month and six-month periods ended June 30, 2020 and 2019 were as follows: Three-month periods ended June 30, Six-month periods ended June 30, (In thousands) 2020 2019 2020 2019 Segment net operating income (Segment NOI) Residential Properties $ 34,127 $ 31,296 $ 70,145 $ 60,631 Financing 11,010 13,286 26,823 29,965 New Market Properties 18,301 16,425 38,147 32,230 Preferred Office Properties 19,413 16,704 39,093 31,509 Miscellaneous revenues 316 — 547 — Consolidated segment net operating income 83,167 77,711 174,755 154,335 Interest expense: Residential Properties 15,932 15,821 30,798 30,621 New Market Properties 6,587 6,115 13,337 11,701 Preferred Office Properties 6,699 5,357 13,557 10,708 Financing 1,918 318 3,037 1,337 Depreciation and amortization: Residential Properties 26,815 24,570 51,229 50,435 New Market Properties 13,308 10,632 26,722 20,967 Preferred Office Properties 11,670 10,461 23,351 19,550 Management Internalization 458 280 179,251 325 Management fees, net of forfeitures — 5,414 1,963 10,614 Provision for expected credit losses 482 — 5,615 — Equity compensation to directors and executives 246 306 476 617 Gain on land condemnation — — (479) — Gain on sale of real estate loan investment — (747) — (747) Gain on non-cash net assets of consolidated VIEs — (584) — (725) Loss on extinguishment of debt 6,156 52 6,156 69 Gain on trading investment, net — — — (4) Corporate G&A and other 8,846 1,393 15,215 2,824 Net income (loss) $ (15,950) $ (1,677) $ (195,473) $ (3,957) |
Loss per Share
Loss per Share | 6 Months Ended |
Jun. 30, 2020 | |
Loss per share [Abstract] | |
Income (Loss) per Share | Income (Loss) Per Share The following is a reconciliation of weighted average basic and diluted shares outstanding used in the calculation of income (loss) per share of Common Stock: Three-month periods ended June 30, Six-month periods ended June 30, (In thousands, except per-share figures) 2020 2019 2020 2019 Numerator: Operating (loss) income before gain on sale of trading investment $ 21,342 $ 24,655 $ (129,067) $ 49,003 Gain on sale of trading investment — — — 4 Operating (loss) income 21,342 24,655 (129,067) 49,007 Interest expense 31,136 27,611 60,729 54,367 Change in fair value of net assets of consolidated VIEs from mortgage-backed pools — 584 — 725 Less: loss on extinguishment of debt (6,156) (52) (6,156) (69) Gains on sale of real estate loan investment and land condemnation — 747 479 747 Net (loss) income (15,950) (1,677) (195,473) (3,957) Consolidated net loss (income) attributable to non-controlling interests 266 571 3,407 79 Net (loss) income attributable to the Company (15,684) (1,106) (192,066) (3,878) Dividends declared to preferred stockholders (35,624) (27,542) (68,692) (53,081) Earnings attributable to unvested restricted stock (11) (7) (13) (9) Net loss attributable to common stockholders $ (51,319) $ (28,655) $ (260,771) $ (56,968) Denominator: Weighted average number of shares of Common Stock - basic 48,220 43,703 47,674 43,194 Effect of dilutive securities: (D) — — — — Weighted average number of shares of Common Stock - basic and diluted 48,220 43,703 47,674 43,194 Net loss per share of Common Stock attributable to common stockholders, basic and diluted $ (1.06) $ (0.66) $ (5.47) $ (1.32) (A) The Company's outstanding Class A Units of the Operating Partnership (742 and 875 Units at June 30, 2020, and 2019, respectively) contain rights to distributions in the same amount per unit as for dividends declared on the Company's Common Stock. The impact of the Class A Unit distributions on earnings per share has been calculated using the two-class method whereby earnings are allocated to the Class A Units based on dividends declared and the Class A Units' participation rights in undistributed earnings. (B) The Company’s shares of Series A Preferred Stock outstanding accrue dividends at an annual rate of 6% of the stated value of $1,000 per share, payable monthly. The Company had 2,026 and 1,829 outstanding shares of Series A Preferred Stock at June 30, 2020 and 2019, respectively and 68 outstanding shares of Series A1 Preferred Stock at June 30, 2020. The Company's shares of Series M preferred stock, or mShares, accrue dividends at an escalating rate of 5.75% in year one to 7.50% in year eight and thereafter. The Company had 93 and 73 mShares outstanding at June 30, 2020 and 2019, respectively. The Company's shares of Series M1 preferred stock accrue dividends at an escalating rate of 6.1% in year one to 7.1% in year ten and thereafter. The Company had 5 shares of Series M1 preferred stock outstanding at June 30, 2020. (C) The Company's outstanding unvested restricted share awards (548 and 26 shares of Common Stock at June 30, 2020 and 2019, respectively) contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share awards on earnings per share has been calculated using the two-class method whereby earnings are allocated to the unvested restricted share awards based on dividends declared and the unvested restricted shares' participation rights in undistributed earnings. Given the Company's unvested restricted share awards are defined as participating securities, the dividends declared for that period are adjusted in determining the calculation of loss per share of Common Stock. (D) Potential dilution from (i) warrants outstanding from issuances of Units from our Series A Preferred Stock offerings that are potentially exercisable into 29,610 shares of Common Stock; (ii) 65 Class B Units; (iii) 548 shares of unvested restricted common stock; and (iv) 56 outstanding Restricted Stock Units are excluded from the diluted shares calculations because the effect was antidilutive. Class A Units were excluded from the denominator because earnings were allocated to non-controlling interests in the calculation of the numerator. |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Fair Values of Financial Instruments [Abstract] | |
Fair Values of Financial Instruments | Fair Values of Financial Instruments Fair value is defined as the price at which an asset or liability is exchanged between market participants in an orderly transaction at the reporting date. The Company’s cash equivalents, notes receivable, accounts receivable and payables and accrued expenses all approximate fair value due to their short term nature. The following tables provide estimated fair values of the Company’s financial instruments. The carrying values of the Company's real estate loans include accrued interest receivable from additional interest or exit fee provisions and are presented net of deferred loan fee revenue and credit losses reserves, where applicable. As of June 30, 2020 Carrying value Fair value measurements (In thousands) Fair Value Level 1 Level 2 Level 3 Financial Assets: Real estate loans $ 331,640 $ 346,178 $ — $ — $ 346,178 Notes receivable and line of credit receivable 16,769 16,769 — — 16,769 $ 348,409 $ 362,947 $ — $ — $ 362,947 Financial Liabilities: Mortgage notes payable $ 2,812,184 $ 2,854,507 $ — $ — $ 2,854,507 Revolving credit facility 92,500 92,500 — — 92,500 $ 2,904,684 $ 2,947,007 $ — $ — $ 2,947,007 As of December 31, 2019 Carrying value Fair value measurements (In thousands) Fair Value Level 1 Level 2 Level 3 Financial Assets: Real estate loans $ 375,460 $ 382,373 $ — $ — $ 382,373 Notes receivable and line of credit receivable 41,917 41,917 — — 41,917 $ 417,377 $ 424,290 $ — $ — $ 424,290 Financial Liabilities: Mortgage notes payable $ 2,609,829 $ 2,659,242 $ — $ — $ 2,659,242 Revolving line of credit — — — — — Term note payable 70,000 70,000 — — 70,000 $ 2,679,829 $ 2,729,242 $ — $ — $ 2,729,242 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Between July 1, 2020 and July 31, 2020, the Company issued 10,421 shares of Series A1 Redeemable Preferred Stock and collected net proceeds of $9.4 million after commissions and fees and issued 4,123 shares of Series M1 Redeemable Preferred Stock and collected net proceeds of approximately $4.0 million after commissions and fees. On July 10, 2020, we closed on a refinancing of the mortgage on our Citrus Village multifamily community. The new instrument has a principal amount of $40.9 million, bears interest at a fixed 2.95% per annum and matures on August 1, 2027. Monthly interest-only payments are due through August 31, 2022. On July 31, 2020, we received approximately $18.7 million in full satisfaction of the principal and all interest due on our Palisades real estate loan investment. On August 6, 2020, our board of directors declared a quarterly dividend on our Common Stock of $0.175 per share, payable on October 15, 2020 to stockholders of record on September 15, 2020. |
Operating Leases (Notes)
Operating Leases (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Operating Leases | Operating Leases Company as Lessor For the six months ended June 30, 2020 and 2019, the Company recognized rental property revenues of $223.4 million and $193.5 million, respectively, of which $20.5 million and $18.9 million, respectively, represented variable rental revenue. Company as Lessee The Company has three ground leases related to our office and grocery-anchored shopping center assets that generally have extended terms (e.g. over twenty years with multiple renewal options) and generally have base rent with CPI-based increases. The Company evaluated its renewal option periods in quantifying its asset and liability related to these ground leases. In determining the value of its right of use asset and lease liability, the Company used discount rates comparable to recent loan rates obtained on comparative properties within its portfolio. The Company is also, as of January 31, 2020 following the Internalization, the lessee of office space for its property support center which expires in May 2026, and of furniture and office equipment, which leases generally are three The Company recorded lease expense as follows: Weighted average remaining lease term (years) Weighted average discount rate Lease expense Cash paid (dollars in thousands) Office space $ 1,214 $ 1,189 5.5 3.0 % Ground leases 29 25 35.8 4.4 % Office equipment 191 191 2.6 3.0 % Total $ 1,434 $ 1,405 Future minimum rent expense for office space, ground leases and office equipment were: For the year ending December 31: Future Minimum Rents as of June 30, 2020 (in thousands) Office space Ground leases Office equipment Total 2020 (1) $ 1,294 $ 25 $ 181 $ 1,500 2021 2,359 51 318 2,728 2022 2,998 51 146 3,195 2023 3,067 51 55 3,173 2024 3,139 51 39 3,229 Thereafter 3,163 1,136 — 4,299 Total $ 16,020 $ 1,365 $ 739 $ 18,124 (1) Remaining six months |
Operating Leases | Operating Leases Company as Lessor For the six months ended June 30, 2020 and 2019, the Company recognized rental property revenues of $223.4 million and $193.5 million, respectively, of which $20.5 million and $18.9 million, respectively, represented variable rental revenue. Company as Lessee The Company has three ground leases related to our office and grocery-anchored shopping center assets that generally have extended terms (e.g. over twenty years with multiple renewal options) and generally have base rent with CPI-based increases. The Company evaluated its renewal option periods in quantifying its asset and liability related to these ground leases. In determining the value of its right of use asset and lease liability, the Company used discount rates comparable to recent loan rates obtained on comparative properties within its portfolio. The Company is also, as of January 31, 2020 following the Internalization, the lessee of office space for its property support center which expires in May 2026, and of furniture and office equipment, which leases generally are three The Company recorded lease expense as follows: Weighted average remaining lease term (years) Weighted average discount rate Lease expense Cash paid (dollars in thousands) Office space $ 1,214 $ 1,189 5.5 3.0 % Ground leases 29 25 35.8 4.4 % Office equipment 191 191 2.6 3.0 % Total $ 1,434 $ 1,405 Future minimum rent expense for office space, ground leases and office equipment were: For the year ending December 31: Future Minimum Rents as of June 30, 2020 (in thousands) Office space Ground leases Office equipment Total 2020 (1) $ 1,294 $ 25 $ 181 $ 1,500 2021 2,359 51 318 2,728 2022 2,998 51 146 3,195 2023 3,067 51 55 3,173 2024 3,139 51 39 3,229 Thereafter 3,163 1,136 — 4,299 Total $ 16,020 $ 1,365 $ 739 $ 18,124 (1) Remaining six months |
Significant Accounting Polici_2
Significant Accounting Policies Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment Assessment |
Goodwill and Intangible Assets, Policy [Policy Text Block] | s |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements Standard Description Date of Adoption Effect on the Consolidated Financial Statements Recently Adopted Accounting Guidance ASU 2016-13, Financial Instruments - Credit Losses (ASC 326) ASU 2016-03 ("CECL") changes how entities will measure credit losses for most financial assets, including loans, which are not measured at fair value through net income. The guidance replaces the existing incurred loss model with an expected loss model for instruments measured at amortized cost, and requires entities to record credit allowances for financial assets rather than reduce the carrying amount, as they do today under the other-than temporary impairment model. January 1, 2020 Implementation of the new guidance on accounting for financial assets was limited to our real estate loan investments. We have developed a model that derives a reserve ratio based upon the amount of financial protection afforded each instrument. For each loan in which we are the lender, the amount of protection afforded to us is estimated to be the excess of the future estimated fair market value of the developed property over the commitment amount of each loan (including other loans senior to the Company’s), inclusive of accrued interest and other related receivables. The excess represents the amount of equity dollars in each real estate project, which are in a subordinate position to our real estate loan investments. We implemented this new guidance using the modified retrospective basis by recording a cumulative effect adjustment to retained earnings on January 1, 2020 of approximately $7.4 million. Standard Description Date of Adoption Effect on the Consolidated Financial Statements Recently Issued Accounting Guidance Not Yet Adopted ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting The new standard enables affected entities to elect from a series of practical expedients designed to ease the transition from referenced base rates within contracts designated to be replaced by Reference Rate Reform. The amendments are effective March 12, 2020 through December 31, 2022. ASU 2020-04 will potentially be applicable to the Company's variable-rate debt instruments for which the Company is the borrower, which bear interest at a spread over the 1-month London Interbank Offer Rate (1-month LIBOR). Among the practical expedients are the option to elect prospective adjustment of the effective interest rate, foregoing reassessment of any instruments under loan modification rules. The Company is monitoring developments pertaining to Reference Rate Reform and does not currently anticipate ASU 2020-04 to have a material effect on its results of operations. |
Organization (Tables)
Organization (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Organization [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments | The Company recorded certain reclassification adjustments on its Condensed Consolidated Statement of Operations for the three-month and six-month periods ended June 30, 2019, to conform prior period presentation to the current presentation reflective of the internalized structure as shown in the table below. None of these reclassification adjustments were due to error or misstatement. For the three-month period ended June 30, 2019 (in thousands) As reported in Quarterly Report on Form 10-Q at June 30, 2019 Reclassification adjustments As reported in Quarterly Report on Form 10-Q at June 30, 2020 Rental revenues $ 95,592 $ (95,592) $ — Other property revenues $ 3,512 $ (3,512) $ — Rental and other property revenues $ — $ 99,127 $ 99,127 Miscellaneous revenues $ 1,023 $ (23) $ 1,000 Operating expenses: Property operating and maintenance $ 12,466 $ 1,398 $ 13,864 Real estate taxes $ 12,544 $ (12,544) $ — Real estate taxes and insurance — 14,081 14,081 General and administrative $ 1,913 $ (525) $ 1,388 Insurance, professional fees and other expenses $ 2,690 $ (2,690) $ — Management internalization expense $ — $ 280 $ 280 For the six-month period ended June 30, 2019 (in thousands) As reported in Quarterly Report on Form 10-Q at June 30, 2019 Reclassification adjustments As reported in Quarterly Report on Form 10-Q at June 30, 2020 Rental revenues $ 187,830 (187,830) — Other property revenues $ 5,690 (5,690) — Rental and other property revenues $ — 193,520 193,520 Miscellaneous revenues $ 1,023 — 1,023 Operating expenses: Property operating and maintenance $ 23,258 3,485 26,743 Real estate taxes $ 25,044 (25,044) — Real estate taxes and insurance $ — 28,172 28,172 General and administrative $ 4,527 (1,720) 2,807 Insurance, professional fees and other expenses $ 5,218 (5,218) — Management internalization expense $ — 325 325 |
Real Estate Assets (Tables)
Real Estate Assets (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Business Acquisition | |
real estate owned [Table Text Block] | The Company's real estate assets consisted of: As of: June 30, 2020 December 31, 2019 Residential properties: Properties (1,2) 44 42 Units 12,936 12,256 Beds 6,095 6,095 New Market Properties: Properties (2) 54 52 Gross leasable area (square feet) (3) 6,208,278 6,041,629 Preferred Office Properties: Properties (2,4) 9 10 Rentable square feet 3,169,000 3,204,000 (1) The acquired second phases of CityPark View and Crosstown Walk communities are managed in combination with the initial phases and so together are considered a single property, as is the Regent at Lenox Village within the Lenox Portfolio. (2) One multifamily community, two student housing properties, two grocery-anchored shopping centers and two office buildings are owned through consolidated joint ventures. (3) The Company also owns approximately 47,600 square feet of gross leasable area of ground floor retail space which is embedded within the Lenox Portfolio and is not included in the totals above for New Market Properties. (4) Excludes our 251 Armour property, comprising 35,000 rentable square feet that is under development. |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The Company allocated the purchase prices to the acquired assets and liabilities based upon their fair values, as shown in the following table. The purchase price allocation was based upon the Company's best estimates of the fair values of the acquired assets and liabilities. New Market Properties' acquisitions during the six-month periods ended June 30, (In thousands, except amortization period data) 2020 2019 Land $ 9,328 $ 45,188 Buildings and improvements 12,264 89,680 Tenant improvements 2,099 5,897 In-place leases 3,043 13,111 Above market leases 107 2,045 Leasing costs 1,237 5,097 Below market leases (359) (9,066) Prepaid taxes and other assets 61 97 Security deposits, prepaid rents, and other (249) (604) Net assets acquired $ 27,531 $ 151,445 Cash paid $ 19,640 $ 55,282 Mortgage debt 7,891 96,163 Total consideration $ 27,531 $ 151,445 Three-month period ended June 30, 2020 Revenue $ 638 $ 3,630 Net income (loss) $ 9 $ (317) Six-month period ended June 30, 2020 Revenue $ 1,045 $ 7,503 Net income (loss) $ 54 $ (596) Capitalized acquisition costs incurred by the Company $ 470 $ 2,921 Capitalized acquisition costs paid to related party (included above) $ 249 $ 1,535 Remaining amortization period of intangible assets and liabilities (years) 10.3 8.5 |
schedule of depreciation and amortization expense [Table Text Block] | The Company recorded aggregate amortization and depreciation expense of: Three-month periods ended June 30, Six-month periods ended June 30, (In thousands) 2020 2019 2020 2019 Depreciation: Buildings and improvements $ 28,755 $ 24,190 $ 56,762 $ 47,177 Furniture, fixtures, and equipment 12,926 12,532 25,315 25,665 41,681 36,722 82,077 72,842 Amortization: Acquired intangible assets 9,714 8,617 18,363 17,563 Deferred leasing costs 348 276 764 453 Website development costs 50 48 98 94 Total depreciation and amortization $ 51,793 $ 45,663 $ 101,302 $ 90,952 |
multifamily community [Domain] | |
Business Acquisition | |
Table of Properties Acquired | During the six-month period ended June 30, 2020, the Company completed the acquisition of the following multifamily communities: Acquisition date Property Location Units 3/31/2020 Horizon at Wiregrass Tampa, Florida 392 4/30/2020 Parkside at the Beach Panama City Beach, Florida 288 680 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The Company allocated the purchase prices and capitalized acquisition costs to the acquired assets and liabilities based upon their fair values, as shown in the following table. The purchase price allocations were based upon the Company's best estimates of the fair values of the acquired assets and liabilities. Multifamily Community acquired during the six-month period ended (In thousands, except amortization period data) June 30, 2020 Land $ 12,945 Buildings and improvements 100,113 Furniture, fixtures and equipment 26,284 Lease intangibles 5,968 Prepaids & other assets 24 Accrued taxes (437) Security deposits, prepaid rents, and other liabilities (384) Net assets acquired $ 144,513 Cash paid $ 99,476 Mortgage debt, net 45,037 Total consideration $ 144,513 Three-months ended June 30, 2020 Revenue $ 2,375 Net income (loss) $ (1,945) Six-months ended June 30, 2020 Revenue $ 2,375 Net income (loss) $ (2,185) Capitalized acquisition costs incurred by the Company $ 4,085 Acquisition costs paid to related party (included above) $ — Remaining amortization period of intangible assets and liabilities (months) 12.6 |
student housing community [Domain] | |
Business Acquisition | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The Company allocated the asset's fair value and capitalized acquisition costs to the acquired assets and liabilities based upon their fair values, as shown in the following table. The purchase price allocations were based upon the Company's best estimates of the fair values of the acquired assets and liabilities. Student housing property acquired during the six-month period ended (In thousands, except amortization period data) June 30, 2019 Land $ 7,289 Buildings and improvements 68,163 Furniture, fixtures and equipment 16,966 Lease intangibles 983 Accrued taxes (158) Security deposits, prepaid rents, and other liabilities (2,579) Net assets acquired $ 90,664 Satisfaction of loan receivables $ 46,397 Cash paid 2,717 Mortgage debt, net 41,550 Total consideration $ 90,664 Three-months ended June 30, 2020 Revenue $ 1,948 Net income (loss) $ 177 Six-months ended June 30, 2020 Revenue $ 3,938 Net income (loss) $ 271 Capitalized acquisition costs incurred by the Company $ 1,016 Acquisition costs paid to related party $ 936 Remaining amortization period of intangible assets and liabilities (months) 0 |
Retail Segment [Member] | |
Business Acquisition | |
Table of Properties Acquired | During the six-month periods ended June 30, 2020 and 2019, the Company completed the acquisition of the following grocery-anchored shopping centers: Acquisition date Property Location Gross leasable area (square feet) 1/29/2020 Wakefield Crossing Raleigh, North Carolina 75,927 3/19/2020 Midway Market Dallas, Texas 85,599 161,526 1/17/2019 Gayton Crossing Richmond, Virginia 158,316 5/28/2019 Free State Shopping Center Washington, D.C. 264,152 6/12/2019 Disston Plaza Tampa - St. Petersburg, Florida 129,150 6/12/2019 Polo Grounds Mall West Palm Beach, Florida 130,285 681,903 |
Real Estate Loans, Notes Rece_2
Real Estate Loans, Notes Receivable, and Lines of Credit (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | June 30, 2020 December 31, 2019 Number of loans 25 27 Number of underlying properties in development 18 19 (In thousands) Drawn amount $ 323,233 $ 352,582 Deferred loan origination fees (1,416) (1,476) Allowance for loan losses (13,223) (1,400) Carrying value $ 308,594 $ 349,706 Unfunded loan commitments $ 59,949 $ 61,718 Weighted average current interest, per annum (paid monthly) 8.47 % 8.48 % Weighted average accrued interest, per annum 3.58 % 3.85 % (In thousands) Principal balance Deferred loan origination fees Provision for Expected Credit Losses Carrying value Balances as of December 31, 2019 $ 352,582 $ (1,476) $ (1,400) $ 349,706 Opening CECL reserve — — (7,414) (7,414) Loan fundings 24,547 — — 24,547 Loan repayments (53,896) — — (53,896) Loan origination fees collected — (467) — (467) Amortization of loan origination fees — 527 527 Reserve increases due to loan originations — — (409) (409) Net increases in reserves on existing loans or loans repaid — — (4,000) (4,000) Balances as of June 30, 2020 $ 323,233 $ (1,416) $ (13,223) $ 308,594 Property type Number of loans Carrying value Commitment amount Percentage of portfolio (In thousands) Residential properties 24 $ 300,896 $ 363,989 98 % New Market Properties — — — — % Preferred Office Properties 1 7,698 19,193 2 % Balances as of June 30, 2020 25 $ 308,594 $ 383,182 |
Notes receivable [Table Text Block] | portfolio of notes and lines of credit receivable consisted of: Borrower Date of loan Maturity date Total loan commitments Outstanding balance as of: Interest rate June 30, 2020 December 31, 2019 (In thousands) Preferred Capital Marketing Services, LLC (1) N/A N/A $ — $ — $ 650 N/A Preferred Apartment Advisors, LLC (1,2) N/A N/A — — 15,178 N/A Haven Campus Communities, LLC (1,3) 6/11/2014 12/31/2018 11,660 9,011 9,011 8 % Newport Development Partners, LLC (7) 6/17/2014 6/30/2021 1,000 — — 12 % Oxford Capital Partners, LLC (4, 8) 10/5/2015 6/30/2021 8,000 5,910 5,438 10 % Mulberry Development Group, LLC (5, 8) 3/31/2016 6/30/2021 750 630 525 12 % 360 Capital Company, LLC (5) 5/24/2016 12/31/2020 3,400 1,218 3,394 12 % 360 Capital Company, LLC (1,6) N/A N/A — — 7,754 N/A Unamortized loan fees — — (33) $ 24,810 $ 16,769 $ 41,917 (1) See related party disclosure in Note 6. (2) The amounts payable under this revolving credit line were collateralized by an assignment of the Former Manager's rights to fees due under the Sixth Amended and Restated Management Agreement between the Company and the Former Manager, or the Management Agreement. (3) The amount payable under the note is collateralized by one of the principals of the borrower's 49.49% interest in an unrelated shopping center located in Atlanta, Georgia and a personal guaranty of repayment by the principals of the borrower. (4) The amounts payable under the terms of this revolving credit line, up to the lesser of 25% of the loan balance or $2.0 million, are collateralized by a personal guaranty of repayment by the principals of the borrower. (5) The amounts payable under the terms of these revolving credit lines are collateralized by a personal guaranty of repayment by the principals of the borrower. (6) The amount payable under the note is collateralized by the developer's interest in the Fort Myers multifamily community project and a personal guaranty of repayment by the principals of the borrower. (7) The maturity date for the line of credit held by Newport Development Partners, LLC was extended from 6/30/2020 to 6/30/2021. Additionally, the total commitment of $2.0 million was reduced to $1.0 million during Q2 2020. (8) The lines of credit held by Oxford Capital Partners, LLC and Mulberry Development Group, LLC were extended from 6/30/2020 to 6/30/2021. |
interest income [Table Text Block] | The Company recorded interest income and other revenue from these instruments as follows: Interest income Three month periods ended June 30, Six month periods ended June 30, (In thousands) 2020 2019 2020 2019 Real estate loans: Current interest $ 6,792 $ 7,479 $ 14,149 $ 14,948 Additional accrued interest 2,860 3,184 6,156 6,569 Loan origination fee amortization 250 465 527 780 Purchase option termination fee amortization 434 1,383 4,475 5,617 Default interest 62 — 124 — Total real estate loan revenue 10,398 12,511 25,431 27,914 Notes and lines of credit 607 925 1,518 2,414 Bank and money market accounts 6 280 38 280 Agency mortgage-backed securities — 9 — 207 Interest income on loans and notes receivable $ 11,011 $ 13,725 $ 26,987 $ 30,815 |
Real Estate Loan Investments Receivable, By Final Reserve Ratio | The following table presents the Company's aggregation of loan amounts by final reserve ratio as of June 30, 2020: Final reserve ratio Number of loans Total receivables by project, net of reserves (in thousands) 0.50 % 6 $ 71,244 1.00 % 4 35,111 1.50 % 10 73,434 3.00 % 3 30,953 4.00 % 1 123,188 5.00% + 1 3,776 25 $ 337,706 |
Redeemable Preferred Stock Proc
Redeemable Preferred Stock Proceeds and offering costs (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Schedule of Stockholders Equity [Table Text Block] | Cumulative gross proceeds and offering costs for our active equity offerings consisted of: (In thousands) Deferred Offering Costs Offering Total offering Gross proceeds as of June 30, 2020 Reclassified as reductions of stockholders' equity Recorded as deferred assets Total Specifically identifiable offering costs (3) Total offering costs $1.5 Billion Unit Offering (1) 1,500,000 $ 1,236,414 $ 15,874 $ — $ 15,874 $ 115,650 $ 131,524 Series A1/M1 Offering 1,000,000 73,428 208 2,627 2,835 7,213 10,048 2019 Shelf Offering (2) 400,000 — — 972 972 — 972 Preferred Office Growth Fund 100,000 113 1 489 490 3 493 Total $ 3,000,000 $ 1,309,955 $ 16,083 $ 4,088 $ 20,171 $ 122,866 $ 143,037 (1) The Series A $1.5 billion unit offering expired in Q1 2020 and therefore all remaining deferred offering costs were reclassified as reductions of stockholder's equity in Q1 2020. (2) The $125 million ATM Offering is a part of the $400 million Shelf Offering and therefore it is not included in the total. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | (In thousands) Three-month periods ended June 30, Six-month periods ended June 30, Type of Compensation Basis of Compensation 2020 2019 2020 2019 Acquisition fees 1.0% of the gross purchase price of real estate assets $ — $ 1,203 $ 235 $ 2,603 Loan origination fees 1.0% of the maximum commitment of any real estate loan, note or line of credit receivable — 125 — 526 Loan coordination fees 0.6% of any assumed, new or supplemental debt incurred in connection with an acquired property — 621 47 965 Asset management fees Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted — 3,840 1,349 7,565 Property management fees Monthly fee up to 4% of the monthly gross revenues of the properties managed — 2,495 890 4,951 General and administrative expense fees Monthly fee equal to 2% of the monthly gross revenues of the Company — 1,581 616 3,067 Construction management fees Quarterly fee for property renovation and takeover projects — 78 14 136 Disposition fees 1% of the sale price of a real estate asset — 16 — 16 Contingent asset management fees / general and administrative fees Recognized upon disposition of the property when exceeding the 7% IRR hurdle — — — — $ — $ 9,959 $ 3,151 $ 19,829 In addition to property management fees, the Company incurred the following reimbursable on-site personnel salary and related benefits expenses at the properties, which are listed on the Consolidated Statements of Operations: (In thousands) Three-month periods ended June 30, Six-month periods ended June 30, 2020 2019 2020 2019 $ — $ 4,213 $ 1,430 $ 8,292 |
Dividends (Tables)
Dividends (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Dividends [Abstract] | |
Schedule of Dividends Payable | The Company's dividend and distribution activity consisted of: Dividends and distributions declared For the six-month periods ended June 30, (In thousands) 2020 2019 Series A Preferred Stock $ 64,308 $ 51,240 mShares 3,356 1,841 Series A1 Preferred Stock 968 — Series M1 Preferred Stock 60 — Common Stock 21,115 22,776 Class A OP Units 333 458 Total $ 90,140 $ 76,315 |
Equity Compensation (Tables)
Equity Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Equity Compensation [Abstract] | |
equity compensation expense [Table Text Block] | Equity compensation expense by award type for the Company was: Three-month periods ended June 30, Six-month periods ended June 30, Unamortized expense as of June 30, (In thousands) 2020 2019 2020 2019 2020 Class B Unit awards to employees: 2016 $ — $ — $ — $ 2 $ — 2017 — 78 3 156 — 2018 50 71 121 143 140 Restricted stock grants to Board members: 2018 — 30 — 120 — 2019 35 70 140 70 — 2020 89 — 89 — — Restricted stock grants for employees: 2020 37 — 37 — 3,843 Restricted stock units to employees: 2017 — 20 — 38 — 2018 10 21 24 40 38 2019 12 16 31 48 116 2020 13 — 31 — 155 Total $ 246 $ 306 $ 476 $ 617 $ 4,292 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Restricted Stock Grants The following annual grants of restricted stock were made to members of the Company's independent directors, as payment of the annual retainer fees. The restricted stock grants for service years 2017-2019 vested (or are scheduled to vest) on a pro-rata basis over the four consecutive 90-day periods following the date of grant. The restricted stock grant for service year 2020 is scheduled to vest on the one Service year Shares Fair value per share Total compensation cost (in thousands) 2017 24,408 $ 14.75 $ 360 2018 24,810 $ 14.51 $ 360 2019 26,446 $ 15.88 $ 420 2020 66,114 $ 8.05 $ 532 Grant date 1/2/2020 1/2/2019 1/2/2018 Service period 2020-2022 2019-2021 2018-2020 RSU activity: Granted 21,400 27,760 20,720 Forfeited (1,700) (6,021) (6,554) RSUs outstanding at June 30, 2020 19,700 21,739 14,166 RSUs unearned but vested — 7,328 9,520 RSUs unearned and not yet vested 19,700 14,411 4,646 RSUs outstanding at June 30, 2020 19,700 21,739 14,166 Fair value per RSU $ 9.47 $ 10.77 $ 16.66 Total fair value of RSU grant $ 202,658 $ 298,975 $ 345,195 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The underlying valuation assumptions and results for the 2018 Class B OP Unit awards were: Grant dates 1/2/2018 Stock price $ 20.19 Dividend yield 4.95 % Expected volatility 25.70 % Risk-free interest rate 2.71 % Number of Units granted: One year vesting period 171,988 Three year vesting period 84,099 256,087 Calculated fair value per Unit $ 16.66 Total fair value of Units $ 4,266,409 Target market threshold increase $ 5,660,580 |
Indebtedness (Tables)
Indebtedness (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Mortgage financing of property acquisitions During the six-month period ended June 30, 2020, the Company obtained mortgage financing on the following properties as shown in the following table: Property Date Initial principal amount Fixed/Variable rate Interest rate Maturity date 251 Armour Yards 1/22/2020 $ 3,522 Fixed 4.50 % 1/22/2025 Wakefield Crossing 1/29/2020 7,891 Fixed 3.66 % 2/1/2032 Morrocroft Centre 3/19/2020 70,000 Fixed 3.40 % 4/10/2033 Horizon at Wiregrass Ranch 4/23/2020 52,000 Fixed 2.90 % 5/1/2030 Parkside at the Beach 4/30/2020 45,037 Fixed 2.95 % 5/1/2030 $ 178,450 The following table summarizes our mortgage notes payable at June 30, 2020: (In thousands) Fixed rate mortgage debt: Principal balances due Weighted-average interest rate Weighted average remaining life (years) Residential Properties $ 1,435,711 3.73 % 9.0 New Market Properties 574,867 4.00 % 7.8 Preferred Office Properties 636,332 4.13 % 12.9 Total fixed rate mortgage debt 2,646,910 3.88 % 9.7 Variable rate mortgage debt: Residential Properties 118,124 3.77 % 3.6 New Market Properties 47,150 2.83 % 3.3 Preferred Office Properties — — % — Total variable rate mortgage debt 165,274 3.5 Total mortgage debt: Residential Properties 1,553,835 3.73 % 8.6 New Market Properties 622,017 3.91 % 7.5 Preferred Office Properties 636,332 4.13 % 12.9 Total principal amount 2,812,184 3.86 % 9.3 Deferred loan costs (45,402) Mark to market loan adjustment (4,491) Mortgage notes payable, net $ 2,762,291 |
debt covenant [Table Text Block] | As of June 30, 2020, the Company was in compliance with all covenants related to the Revolving Line of Credit, as shown in the following table: Covenant (1) Requirement Result Net worth Minimum $1.7 billion $1.9 billion (3) Debt yield Minimum 8.25% 9.92% Payout ratio Maximum 95% (2) 91.8% Total leverage ratio Maximum 65% 62.1% Debt service coverage ratio Minimum 1.50x 1.92x (1) All c ovenants are as defined in the credit agreement for the Revolving Line of Credit. (2) Calculated on a trailing four-quarter basis, except for Common Stock dividends, which are annualized off of the current quarter dividend. For the year ended June 30, 2020, the maximum dividends and distributions allowed under this covenant was approximately $174.6 million. |
mortgage interest [Table Text Block] | c |
Schedule of Maturities of Long-term Debt [Table Text Block] | The Company’s estimated future principal payments due on its debt instruments as of June 30, 2020 were: Period Future principal payments 2020 $ 114,351 2021 167,256 2022 105,707 2023 143,506 2024 366,436 Thereafter 2,007,428 Total $ 2,904,684 |
Schedule of Debt [Table Text Block] | Interest expense, including amortization of deferred loan costs was: Three-month periods ended June 30, Six-month periods ended June 30, (In thousands) 2020 2019 2020 2019 Residential Properties $ 15,932 $ 15,821 $ 30,798 $ 30,621 New Market Properties 6,587 6,115 13,337 11,701 Preferred Office Properties 6,699 5,357 13,557 10,708 Interest paid to real estate loan participants — — — 110 Total 29,218 27,293 57,692 53,140 Credit Facility and Acquisition Facility 1,918 318 3,037 1,227 Interest Expense $ 31,136 $ 27,611 $ 60,729 $ 54,367 |
Segment information (Tables)
Segment information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | |
segment assets [Table Text Block] | The following tables present the Company's assets, revenues, and NOI results by reportable segment, as well as a reconciliation from NOI to net income (loss). The assets attributable to 'Other' primarily consist of deferred offering costs recorded but not yet reclassified as reductions of stockholders' equity and cash balances at the Company and Operating Partnership levels. (In thousands) June 30, 2020 December 31, 2019 Assets: Residential properties $ 2,166,384 $ 2,047,905 Financing 355,189 409,226 New Market Properties 1,113,130 1,125,230 Preferred Office Properties 1,153,947 1,123,212 Other 30,633 64,987 Consolidated assets $ 4,819,283 $ 4,770,560 |
Capital Expenditures By Segment | Total capitalized expenditures (inclusive of additions to construction in progress, but exclusive of the purchase price of acquisitions) for the three-month and six-month periods ended June 30, 2020 and 2019 were as follows: Three-month periods ended June 30, Six-month periods ended June 30, (In thousands) 2020 2019 2020 2019 Capitalized expenditures: Residential properties $ 2,831 $ 4,543 $ 6,590 $ 6,668 New Market Properties 1,264 1,427 2,540 3,004 Total $ 4,095 $ 5,970 $ 9,130 $ 9,672 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Total revenues by reportable segment of the Company were: Three-month periods ended June 30, Six-month periods ended June 30, (In thousands) 2020 2019 2020 2019 Revenues Rental and other property revenues: Residential properties $ 58,733 $ 53,836 $ 116,298 $ 105,663 New Market Properties 26,105 22,882 54,108 44,941 Preferred Office Properties (1) 26,736 22,848 53,198 43,790 Total rental and other property revenues 111,574 99,566 223,604 194,394 Financing revenues 11,011 13,286 26,823 29,941 Miscellaneous revenues 692 1,000 3,952 1,023 Consolidated revenues $ 123,277 $ 113,852 $ 254,379 $ 225,358 (1) Included in rental revenues for our Preferred Office Properties segment is the amortization of deferred revenue for tenant-funded leasehold improvements from a major tenant in our Three Ravinia and Westridge office buildings. As of June 30, 2020, the Company has recorded deferred revenue in an aggregate amount of $47.0 million in connection with such improvements. The remaining balance to be recognized is approximately $37.9 million which is included in the deferred revenues line on the consolidated balance sheets at June 30, 2020. These total costs will be amortized over the lesser of the useful lives of the improvements or the individual lease terms. The Company recorded non-cash revenue of approximately $1.9 million and $1.9 million for the six-month periods ended June 30, 2020 and 2019, respectively. |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Segment NOI for each reportable segment for the three-month and six-month periods ended June 30, 2020 and 2019 were as follows: Three-month periods ended June 30, Six-month periods ended June 30, (In thousands) 2020 2019 2020 2019 Segment net operating income (Segment NOI) Residential Properties $ 34,127 $ 31,296 $ 70,145 $ 60,631 Financing 11,010 13,286 26,823 29,965 New Market Properties 18,301 16,425 38,147 32,230 Preferred Office Properties 19,413 16,704 39,093 31,509 Miscellaneous revenues 316 — 547 — Consolidated segment net operating income 83,167 77,711 174,755 154,335 Interest expense: Residential Properties 15,932 15,821 30,798 30,621 New Market Properties 6,587 6,115 13,337 11,701 Preferred Office Properties 6,699 5,357 13,557 10,708 Financing 1,918 318 3,037 1,337 Depreciation and amortization: Residential Properties 26,815 24,570 51,229 50,435 New Market Properties 13,308 10,632 26,722 20,967 Preferred Office Properties 11,670 10,461 23,351 19,550 Management Internalization 458 280 179,251 325 Management fees, net of forfeitures — 5,414 1,963 10,614 Provision for expected credit losses 482 — 5,615 — Equity compensation to directors and executives 246 306 476 617 Gain on land condemnation — — (479) — Gain on sale of real estate loan investment — (747) — (747) Gain on non-cash net assets of consolidated VIEs — (584) — (725) Loss on extinguishment of debt 6,156 52 6,156 69 Gain on trading investment, net — — — (4) Corporate G&A and other 8,846 1,393 15,215 2,824 Net income (loss) $ (15,950) $ (1,677) $ (195,473) $ (3,957) |
Income (Loss) per Share (Tables
Income (Loss) per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Loss per share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following is a reconciliation of weighted average basic and diluted shares outstanding used in the calculation of income (loss) per share of Common Stock: Three-month periods ended June 30, Six-month periods ended June 30, (In thousands, except per-share figures) 2020 2019 2020 2019 Numerator: Operating (loss) income before gain on sale of trading investment $ 21,342 $ 24,655 $ (129,067) $ 49,003 Gain on sale of trading investment — — — 4 Operating (loss) income 21,342 24,655 (129,067) 49,007 Interest expense 31,136 27,611 60,729 54,367 Change in fair value of net assets of consolidated VIEs from mortgage-backed pools — 584 — 725 Less: loss on extinguishment of debt (6,156) (52) (6,156) (69) Gains on sale of real estate loan investment and land condemnation — 747 479 747 Net (loss) income (15,950) (1,677) (195,473) (3,957) Consolidated net loss (income) attributable to non-controlling interests 266 571 3,407 79 Net (loss) income attributable to the Company (15,684) (1,106) (192,066) (3,878) Dividends declared to preferred stockholders (35,624) (27,542) (68,692) (53,081) Earnings attributable to unvested restricted stock (11) (7) (13) (9) Net loss attributable to common stockholders $ (51,319) $ (28,655) $ (260,771) $ (56,968) Denominator: Weighted average number of shares of Common Stock - basic 48,220 43,703 47,674 43,194 Effect of dilutive securities: (D) — — — — Weighted average number of shares of Common Stock - basic and diluted 48,220 43,703 47,674 43,194 Net loss per share of Common Stock attributable to common stockholders, basic and diluted $ (1.06) $ (0.66) $ (5.47) $ (1.32) (A) The Company's outstanding Class A Units of the Operating Partnership (742 and 875 Units at June 30, 2020, and 2019, respectively) contain rights to distributions in the same amount per unit as for dividends declared on the Company's Common Stock. The impact of the Class A Unit distributions on earnings per share has been calculated using the two-class method whereby earnings are allocated to the Class A Units based on dividends declared and the Class A Units' participation rights in undistributed earnings. (B) The Company’s shares of Series A Preferred Stock outstanding accrue dividends at an annual rate of 6% of the stated value of $1,000 per share, payable monthly. The Company had 2,026 and 1,829 outstanding shares of Series A Preferred Stock at June 30, 2020 and 2019, respectively and 68 outstanding shares of Series A1 Preferred Stock at June 30, 2020. The Company's shares of Series M preferred stock, or mShares, accrue dividends at an escalating rate of 5.75% in year one to 7.50% in year eight and thereafter. The Company had 93 and 73 mShares outstanding at June 30, 2020 and 2019, respectively. The Company's shares of Series M1 preferred stock accrue dividends at an escalating rate of 6.1% in year one to 7.1% in year ten and thereafter. The Company had 5 shares of Series M1 preferred stock outstanding at June 30, 2020. (C) The Company's outstanding unvested restricted share awards (548 and 26 shares of Common Stock at June 30, 2020 and 2019, respectively) contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share awards on earnings per share has been calculated using the two-class method whereby earnings are allocated to the unvested restricted share awards based on dividends declared and the unvested restricted shares' participation rights in undistributed earnings. Given the Company's unvested restricted share awards are defined as participating securities, the dividends declared for that period are adjusted in determining the calculation of loss per share of Common Stock. (D) Potential dilution from (i) warrants outstanding from issuances of Units from our Series A Preferred Stock offerings that are potentially exercisable into 29,610 shares of Common Stock; (ii) 65 Class B Units; (iii) 548 shares of unvested restricted common stock; and (iv) 56 outstanding Restricted Stock Units are excluded from the diluted shares calculations because the effect was antidilutive. Class A Units were excluded from the denominator because earnings were allocated to non-controlling interests in the calculation of the numerator. |
Fair Values of Financial Inst_2
Fair Values of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Values of Financial Instruments [Abstract] | |
Fair Value Measurements, Nonrecurring [Table Text Block] | The following tables provide estimated fair values of the Company’s financial instruments. The carrying values of the Company's real estate loans include accrued interest receivable from additional interest or exit fee provisions and are presented net of deferred loan fee revenue and credit losses reserves, where applicable. As of June 30, 2020 Carrying value Fair value measurements (In thousands) Fair Value Level 1 Level 2 Level 3 Financial Assets: Real estate loans $ 331,640 $ 346,178 $ — $ — $ 346,178 Notes receivable and line of credit receivable 16,769 16,769 — — 16,769 $ 348,409 $ 362,947 $ — $ — $ 362,947 Financial Liabilities: Mortgage notes payable $ 2,812,184 $ 2,854,507 $ — $ — $ 2,854,507 Revolving credit facility 92,500 92,500 — — 92,500 $ 2,904,684 $ 2,947,007 $ — $ — $ 2,947,007 As of December 31, 2019 Carrying value Fair value measurements (In thousands) Fair Value Level 1 Level 2 Level 3 Financial Assets: Real estate loans $ 375,460 $ 382,373 $ — $ — $ 382,373 Notes receivable and line of credit receivable 41,917 41,917 — — 41,917 $ 417,377 $ 424,290 $ — $ — $ 424,290 Financial Liabilities: Mortgage notes payable $ 2,609,829 $ 2,659,242 $ — $ — $ 2,659,242 Revolving line of credit — — — — — Term note payable 70,000 70,000 — — 70,000 $ 2,679,829 $ 2,729,242 $ — $ — $ 2,729,242 |
Operating Leases (Tables)
Operating Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum rent expense for office space, ground leases and office equipment were: For the year ending December 31: Future Minimum Rents as of June 30, 2020 (in thousands) Office space Ground leases Office equipment Total 2020 (1) $ 1,294 $ 25 $ 181 $ 1,500 2021 2,359 51 318 2,728 2022 2,998 51 146 3,195 2023 3,067 51 55 3,173 2024 3,139 51 39 3,229 Thereafter 3,163 1,136 — 4,299 Total $ 16,020 $ 1,365 $ 739 $ 18,124 (1) Remaining six months |
Lease, Cost | The Company recorded lease expense as follows: Weighted average remaining lease term (years) Weighted average discount rate Lease expense Cash paid (dollars in thousands) Office space $ 1,214 $ 1,189 5.5 3.0 % Ground leases 29 25 35.8 4.4 % Office equipment 191 191 2.6 3.0 % Total $ 1,434 $ 1,405 |
Organization (Details)
Organization (Details) | Jun. 30, 2020number_of_propertiesstate$ / sharesshares | Dec. 31, 2019$ / sharesshares |
Class of Stock [Line Items] | ||
Number of Real Estate Properties | number_of_properties | 125 | |
Number Of States With Real Estate Properties | state | 15 | |
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | |
Common Stock, Shares, Outstanding | 49,283,249 | |
Noncontrolling Interest, Ownership Percentage by Parent | 98.50% | |
minority interest partnership units outstanding | 742,413 | |
daycountvolweightedavgcalcformarketvalue | 20 | |
Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 |
Common Stock, Shares, Outstanding | 47,674,000 | 46,443,000 |
Organization - Adjustments (Det
Organization - Adjustments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Rental revenues | $ 0 | $ 0 | ||
Other property revenues | 0 | 0 | ||
Rental and other property revenues | $ 111,574 | 99,127 | $ 223,440 | 193,520 |
miscellaneous revenues | 692 | 1,000 | 3,952 | 1,023 |
Operating Costs and Expenses | 16,841 | 13,864 | 33,641 | 26,743 |
Real estate taxes | 0 | 0 | ||
Real Estate Taxes and Insurance | 16,506 | 14,081 | 32,031 | 28,172 |
General and administrative | 8,847 | 1,388 | 15,211 | 2,807 |
Other General and Administrative Expense | 0 | 0 | ||
Other Expenses | $ 458 | 280 | $ 179,251 | 325 |
Previously Reported | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Rental revenues | 95,592 | 187,830 | ||
Other property revenues | 3,512 | 5,690 | ||
Rental and other property revenues | 0 | 0 | ||
miscellaneous revenues | 1,023 | 1,023 | ||
Operating Costs and Expenses | 12,466 | 23,258 | ||
Real estate taxes | 12,544 | 25,044 | ||
Real Estate Taxes and Insurance | 0 | 0 | ||
General and administrative | 1,913 | 4,527 | ||
Other General and Administrative Expense | 2,690 | 5,218 | ||
Other Expenses | 0 | 0 | ||
Restatement Adjustment | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Rental revenues | (95,592) | (187,830) | ||
Other property revenues | (3,512) | (5,690) | ||
Rental and other property revenues | 99,127 | 193,520 | ||
miscellaneous revenues | (23) | 0 | ||
Operating Costs and Expenses | 1,398 | 3,485 | ||
Real estate taxes | (12,544) | (25,044) | ||
Real Estate Taxes and Insurance | 14,081 | 28,172 | ||
General and administrative | (525) | (1,720) | ||
Other General and Administrative Expense | (2,690) | (5,218) | ||
Other Expenses | $ 280 | $ 325 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) shares in Thousands, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2020USD ($)number_of_propertiesshares | Jan. 31, 2020 | Dec. 31, 2019USD ($)shares | |
Real Estate Properties [Line Items] | |||
Lease term | 11 years | ||
Lessee, Operating Lease, Number Of Leases | number_of_properties | 3 | ||
Lessee, Operating Lease, Renewal Term | 20 years | ||
Accumulated deficit | $ | $ (206,724) | $ (7,244) | |
Accounting Standards Update 2016-13 | |||
Real Estate Properties [Line Items] | |||
Accumulated deficit | $ | $ 7,400 | ||
Minimum [Member] | |||
Real Estate Properties [Line Items] | |||
Rental Agreement Term | 9 months | ||
Maximum [Member] | |||
Real Estate Properties [Line Items] | |||
Rental Agreement Term | 15 months | ||
Series M Preferred Stock [Member] | |||
Real Estate Properties [Line Items] | |||
preferred stock | shares | 106 | 106 | |
Series A Preferred Stock [Member] | |||
Real Estate Properties [Line Items] | |||
preferred stock | shares | 2,226 | 2,161 | |
Leases Under Five Thousand Square Feet [Member] | Minimum [Member] | |||
Real Estate Properties [Line Items] | |||
Lease term | 3 years | ||
Leases Under Five Thousand Square Feet [Member] | Maximum [Member] | |||
Real Estate Properties [Line Items] | |||
Lease term | 7 years | ||
Leases Over Ten Thousand Square Feet [Member] | Minimum [Member] | |||
Real Estate Properties [Line Items] | |||
Lease term | 10 years | ||
Leases Over Ten Thousand Square Feet [Member] | Maximum [Member] | |||
Real Estate Properties [Line Items] | |||
Lease term | 20 years | ||
Building [Member] | Minimum [Member] | |||
Real Estate Properties [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 3 years | ||
Lessee, Operating Lease, Annual Rent Increase Percentage | 2.00% | ||
Lease term | 5 years | ||
Building [Member] | Maximum [Member] | |||
Real Estate Properties [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 5 years | ||
Lessee, Operating Lease, Annual Rent Increase Percentage | 3.00% | ||
Lease term | 15 years |
Real Estate Assets - Real estat
Real Estate Assets - Real estate assets owned (Details) | Jun. 30, 2020ft² | Jun. 30, 2020number_of_properties | Jun. 30, 2020 | Dec. 31, 2019ft² | Jun. 30, 2019ft² |
Business Combination Segment Allocation [Line Items] | |||||
Number of Real Estate Properties | number_of_properties | 125 | ||||
Number of units in real estate property | 680 | 12,936 | 12,256 | ||
Area of Real Estate Property | 6,208,278 | 6,041,629 | |||
Area of Real Estate Property, Excluded from Floor Retail Space | 3,169,000 | 3,204,000 | |||
Net Rentable Area | 161,526 | 681,903 | |||
Lennox Portfolio | |||||
Business Combination Segment Allocation [Line Items] | |||||
Net Rentable Area | 47,600 | ||||
Armour And Brevard | |||||
Business Combination Segment Allocation [Line Items] | |||||
Net Rentable Area | 35,000 | ||||
Multifamily | |||||
Business Combination Segment Allocation [Line Items] | |||||
Number of units in real estate property | number_of_properties | 1 | ||||
Student housing | |||||
Business Combination Segment Allocation [Line Items] | |||||
Number of units in real estate property | number_of_properties | 2 | ||||
Shopping Center | |||||
Business Combination Segment Allocation [Line Items] | |||||
Number of units in real estate property | number_of_properties | 2 | ||||
Office Building | |||||
Business Combination Segment Allocation [Line Items] | |||||
Number of units in real estate property | number_of_properties | 2 | ||||
Lenox Portfolio [Member] | |||||
Business Combination Segment Allocation [Line Items] | |||||
Net Rentable Area | 47,600 | ||||
Lenox Portfolio [Member] | Construction in Progress | |||||
Business Combination Segment Allocation [Line Items] | |||||
Net Rentable Area | 35,000 | ||||
Office Building | |||||
Business Combination Segment Allocation [Line Items] | |||||
Number of Real Estate Properties | 9 | 10 | |||
Multifamily | |||||
Business Combination Segment Allocation [Line Items] | |||||
Number of Real Estate Properties | 44 | 42 | |||
Retail Site [Member] | |||||
Business Combination Segment Allocation [Line Items] | |||||
Number of Real Estate Properties | 54 | 52 | |||
Student housing | |||||
Business Combination Segment Allocation [Line Items] | |||||
Number of beds, student housing | 6,095 | 6,095 |
Real Estate Assets - Table of P
Real Estate Assets - Table of Properties Acquired (Details) | Jun. 30, 2020ft² | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019ft² |
Business Acquisition | ||||
Number of units in real estate property | 680 | 12,936 | 12,256 | |
Net Rentable Area | 161,526 | 681,903 | ||
Parkside at the Beach [Member] | ||||
Business Acquisition | ||||
Number of units in real estate property | 288 | |||
Horizon At Wiregrass [Member] | ||||
Business Acquisition | ||||
Number of units in real estate property | 392 | |||
wakefield crossing [Domain] | ||||
Business Acquisition | ||||
Net Rentable Area | 75,927 | |||
Midway Market | ||||
Business Acquisition | ||||
Net Rentable Area | 85,599 | |||
Gayton Crossing | ||||
Business Acquisition | ||||
Net Rentable Area | 158,316 | |||
Free State Shopping Center | ||||
Business Acquisition | ||||
Net Rentable Area | 264,152 | |||
Disston Plaza | ||||
Business Acquisition | ||||
Net Rentable Area | 129,150 | |||
Polo Grounds Mall | ||||
Business Acquisition | ||||
Net Rentable Area | 130,285 |
Real Estate Assets - Narrative
Real Estate Assets - Narrative (Details) | Mar. 20, 2020USD ($)number_of_properties | Mar. 06, 2020USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($)number_of_propertiesbed | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($)number_of_propertiesbed | Dec. 31, 2019USD ($) | Jun. 30, 2020 | Jun. 30, 2020ft² |
Business Acquisition | |||||||||
Total consideration | $ 90,664,000 | ||||||||
Number of units in real estate property | 12,256 | 12,936 | 680 | ||||||
purchase option termination fees received | $ 2,750,000 | $ 2,500,000 | $ 9,100,000 | ||||||
Intangible Assets, Gross (Excluding Goodwill) | $ 315,100,000 | $ 315,100,000 | |||||||
Finite-Lived Intangible Assets, Accumulated Amortization | 169,867,000 | 169,867,000 | $ 149,896,000 | ||||||
Finite-Lived Intangible Liabilities | 86,600,000 | ||||||||
finite lived intangible liabilities accumulated amortization | 28,800,000 | ||||||||
Restricted Cash | 18,000,000 | 18,000,000 | |||||||
amortization of purchase option termination fee income | $ 434,000 | $ 1,383,000 | 4,475,000 | 5,617,000 | |||||
Average Recurring Rental Revenue Collections, After Rent Deferrrals | 97.60% | ||||||||
Average Recurring Rental Revenue Collections, Before Rent Deferrrals | 96.00% | ||||||||
Contract with Customer, Liability | $ 1,400,000 | 1,400,000 | |||||||
Contract With Customer, Liability, Percent Of Total Rental And Other Revenue | 1.30% | ||||||||
Bad Debt Expense Related To COVID-19 | $ 2,000,000 | ||||||||
Bad Debt Expense Related To COVID-19, Percentage Of Rental And Other Revenues | 1.90% | ||||||||
Business Acquisition, Number Of Properties Failure to Consummate Purchase | number_of_properties | 6 | ||||||||
sanibel straights [Member] | |||||||||
Business Acquisition | |||||||||
amortization of purchase option termination fee income | $ 2,000,000 | $ 2,300,000 | |||||||
Minimum [Member] | |||||||||
Business Acquisition | |||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years 2 months 12 days | ||||||||
Maximum [Member] | |||||||||
Business Acquisition | |||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years 10 months 24 days | ||||||||
Multifamily Communities | |||||||||
Business Acquisition | |||||||||
Total consideration | $ 141,200,000 | ||||||||
Haven49 [Member] | |||||||||
Business Acquisition | |||||||||
Number of units in real estate property | number_of_properties | 322 | 322 | |||||||
Number Of Beds In Real Estate Property | bed | 887 | 887 | |||||||
New Market Properties [Member] | |||||||||
Business Acquisition | |||||||||
Total consideration | $ 27,700,000 | $ 149,300,000 |
Real Estate Assets - Purchase P
Real Estate Assets - Purchase Price Allocation (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Business Acquisition | |||||
Tenant Improvements | $ 174,565,000 | $ 174,565,000 | $ 167,275,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 24,000 | 24,000 | |||
Net assets acquired | $ 90,664,000 | $ 90,664,000 | |||
Satisfaction of loan receivables | 46,397,000 | ||||
Total consideration | 90,664,000 | ||||
Revenues | 123,277,000 | 113,852,000 | 254,379,000 | 225,358,000 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 21,342,000 | 24,655,000 | (129,067,000) | 49,007,000 | |
Business Acquisition, Transaction Costs | 1,016,000 | 1,016,000 | |||
Business Combination, Acquisition Related Costs Paid To Related Party | 936,000 | ||||
Multifamily Acquisitions [Member] | |||||
Business Acquisition | |||||
Land | 12,945,000 | 12,945,000 | |||
Buildings and improvements | 100,113,000 | 100,113,000 | |||
Furniture, fixtures and equipment | 26,284,000 | 26,284,000 | |||
Lease intangibles | 5,968,000 | ||||
Accrued taxes | (437,000) | (437,000) | |||
Security deposits, prepaid rents, and other liabilities | (384,000) | (384,000) | |||
Cash paid | 45,037,000 | ||||
Total consideration | 144,513,000 | ||||
Revenues | 2,375,000 | 2,375,000 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (1,945,000) | (2,185,000) | |||
capitalized acquisition costs asset acquisition | $ 4,085,000 | ||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 12 years 7 months 6 days | ||||
business combination debt financing | $ 99,476,000 | ||||
Business Acquisition, Transaction Costs | 0 | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 144,513,000 | 144,513,000 | |||
Q2 2018 NMP acquisitions [Domain] | |||||
Business Acquisition | |||||
Land | 9,328,000 | 45,188,000 | 9,328,000 | 45,188,000 | |
Buildings and improvements | 12,264,000 | 89,680,000 | 12,264,000 | 89,680,000 | |
Tenant Improvements | 2,099,000 | 5,897,000 | 2,099,000 | 5,897,000 | |
Finite-Lived Intangible Asset, Acquired-in-Place Leases | 3,043,000 | 13,111,000 | 3,043,000 | 13,111,000 | |
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross | 107,000 | 2,045,000 | 107,000 | 2,045,000 | |
Other Finite-Lived Intangible Assets, Gross | 1,237,000 | 5,097,000 | 1,237,000 | 5,097,000 | |
Off-market Lease, Unfavorable | (359,000) | (9,066,000) | (359,000) | (9,066,000) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 61,000 | 97,000 | 61,000 | 97,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (249,000) | (604,000) | (249,000) | (604,000) | |
Cash paid | 7,891,000 | 96,163,000 | |||
Total consideration | 27,531,000 | 151,445,000 | |||
Revenues | 638,000 | 3,630,000 | 1,045,000 | 7,503,000 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 9,000 | (317,000) | 54,000 | (596,000) | |
capitalized acquisition costs asset acquisition | $ 470,000 | $ 2,921,000 | |||
Finite-Lived Intangible Assets, Remaining Amortization Period | 10 years 3 months 18 days | 8 years 6 months | |||
business combination debt financing | $ 19,640,000 | $ 55,282,000 | |||
Business Acquisition, Transaction Costs | 249,000 | 1,535,000 | 249,000 | 1,535,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 27,531,000 | 151,445,000 | 27,531,000 | 151,445,000 | |
westridge [Member] | |||||
Business Acquisition | |||||
Land | 7,289,000 | 7,289,000 | |||
Buildings and improvements | 68,163,000 | 68,163,000 | |||
Furniture, fixtures and equipment | 16,966,000 | 16,966,000 | |||
Lease intangibles | 983,000 | ||||
Accrued taxes | (158,000) | (158,000) | |||
Security deposits, prepaid rents, and other liabilities | $ (2,579,000) | (2,579,000) | |||
Cash paid | 2,717,000 | ||||
Mortgage debt, net | $ 41,550,000 | ||||
Revenues | 1,948,000 | 3,938,000 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 177,000 | $ 271,000 | |||
Finite-Lived Intangible Assets, Remaining Amortization Period | 0 months |
Real Estate Assets - Depreciati
Real Estate Assets - Depreciation and Amortization (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Depreciation: | ||||
Depreciation | $ 41,681,000 | $ 36,722,000 | $ 82,077,000 | $ 72,842,000 |
Depreciation and amortization | 51,793,000 | 45,663,000 | 101,302,000 | 90,952,000 |
Building and Building Improvements [Member] | ||||
Depreciation: | ||||
Depreciation | 28,755,000 | 24,190,000 | 56,762,000 | 47,177,000 |
Furniture and Fixtures [Member] | ||||
Depreciation: | ||||
Depreciation | 12,926,000 | 12,532,000 | 25,315,000 | 25,665,000 |
Finite-Lived Intangible Assets [Member] | ||||
Depreciation: | ||||
Amortization of Intangible Assets | 9,714,000 | 8,617,000 | 18,363,000 | 17,563,000 |
Lease Agreements [Member] | ||||
Depreciation: | ||||
Amortization of Deferred Leasing Fees | 348,000 | 276,000 | 764,000 | 453,000 |
Website Development [Member] | ||||
Depreciation: | ||||
amortization website development costs | $ 50,000 | $ 48,000 | $ 98,000 | $ 94,000 |
Real Estate Loans, Notes Rece_3
Real Estate Loans, Notes Receivable, and Lines of Credit Real Estate Loans (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020USD ($)number_of_properties | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)number_of_properties | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($)number_of_properties | |
Mortgage Loans on Real Estate [Line Items] | |||||
number of loans receivable | 25 | 25 | 27 | ||
Number Of Underlying Properties In Development | number_of_properties | 18 | 18 | 19 | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 308,594 | $ 308,594 | |||
real estate loans commitment amount | 383,182 | ||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 323,200 | 323,200 | |||
variable interest entity loans amount to be funded | 383,200 | 383,200 | |||
interest revenue current pay | 6,792 | $ 7,479 | 14,149 | $ 14,948 | |
Loans and Leases Receivable, Deferred Income | 0 | 0 | $ 33 | ||
Loans Receivable, Gross, Commercial, Real Estate | 323,233 | 323,233 | 352,582 | ||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | (1,416) | (1,416) | (1,476) | ||
Loans and Leases Receivable, Allowance | (13,223) | (13,223) | (1,400) | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 308,594 | 308,594 | 349,706 | ||
Loans and Leases Receivable, Impaired, Commitment to Lend | 59,949 | 59,949 | $ 61,718 | ||
real estate loans amount funded | 24,547 | ||||
Loan Receivable, Repayments | (53,896) | ||||
real estate loan fees amortized | (467) | ||||
Amortization of Deferred Loan Origination Fees, Net | 527 | ||||
Financing Receivable, Credit Loss, Expense (Reversal) | (409) | ||||
Loans And Leases Receivable, Credit Loss Expense On Existing Or Repaid Loans | $ (4,000) | ||||
current interest rate | 8.47% | 8.48% | |||
Deferred interest rate | 3.58% | 3.85% | |||
Interest Receivable | $ 23,046 | $ 23,046 | $ 25,755 | ||
Accounting Standards Update 2016-13 | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
Loans and Leases Receivable, Allowance | (7,414) | ||||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | $ (7,414) | ||||
multifamily community [Domain] | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
number of loans receivable | 24 | 24 | |||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 300,896 | $ 300,896 | |||
real estate loans commitment amount | $ 363,989 | ||||
real estate loans percent of portfolio | 98.00% | 98.00% | |||
Retail Segment [Member] | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
number of loans receivable | 0 | 0 | |||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 0 | $ 0 | |||
real estate loans commitment amount | $ 0 | ||||
real estate loans percent of portfolio | 0.00% | 0.00% | |||
Preferred Office Properties [Domain] | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
number of loans receivable | 1 | 1 | |||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 7,698 | $ 7,698 | |||
real estate loans commitment amount | $ 19,193 | ||||
real estate loans percent of portfolio | 2.00% | 2.00% |
Real Estate Loans, Notes Rece_4
Real Estate Loans, Notes Receivable, and Lines of Credit Notes and lines of credit (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jan. 01, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
line of credit receivable | $ 41,917 | ||
Financing Receivable, Gross | $ 24,810 | ||
Loans and Leases Receivable, Net Amount | 16,769 | 41,917 | |
Loans and Leases Receivable, Deferred Income | 0 | $ (33) | |
360 Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
interest rate note receivable | 12.00% | 8.00% | |
PCMS [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Gross | 0 | ||
Loans and Leases Receivable, Net Amount | 0 | $ 650 | |
PAA [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
line of credit receivable | 0 | ||
Loans and Leases Receivable, Net Amount | 0 | 15,178 | |
HCC [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
line of credit receivable | 11,660 | ||
Loans and Leases Receivable, Net Amount | $ 9,011 | 9,011 | |
interest rate note receivable | 8.00% | ||
Oxford Capital Partners LLC [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
line of credit receivable | $ 8,000 | ||
Loans and Leases Receivable, Net Amount | $ 5,910 | 5,438 | |
interest rate note receivable | 10.00% | ||
newport development partners [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
line of credit receivable | $ 1,000 | ||
Loans and Leases Receivable, Net Amount | $ 0 | 0 | |
interest rate note receivable | 12.00% | ||
Mulberry Development Group LLC [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
line of credit receivable | $ 750 | ||
Loans and Leases Receivable, Net Amount | $ 630 | 525 | |
interest rate note receivable | 12.00% | ||
360 Capital Company - Due December 31, 2019 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
line of credit receivable | $ 3,400 | ||
Loans and Leases Receivable, Net Amount | $ 1,218 | 3,394 | |
interest rate note receivable | 12.00% | ||
360 Capital Company - Due December 31, 2020 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
line of credit receivable | $ 0 | ||
Loans and Leases Receivable, Net Amount | $ 0 | $ 7,754 |
Real Estate Loans, Notes Rece_5
Real Estate Loans, Notes Receivable, and Lines of Credit Interest income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Receivables [Abstract] | ||||
interest revenue current pay | $ 6,792 | $ 7,479 | $ 14,149 | $ 14,948 |
Accrued exit fee revenue | 2,860 | 3,184 | 6,156 | 6,569 |
Deferred Revenue, Revenue Recognized | 250 | 465 | 527 | 780 |
amortization of purchase option termination fee income | 434 | 1,383 | 4,475 | 5,617 |
default interest accrued | 62 | 0 | 124 | 0 |
Net loan fee revenue | 10,398 | 12,511 | 25,431 | 27,914 |
interest revenue notes receivable | 607 | 925 | 1,518 | 2,414 |
Interest Income, Deposit Accounts | 6 | 280 | 38 | 280 |
Interest Income, Securities, Mortgage Backed | 0 | 9 | 0 | 207 |
Interest income on loans and notes receivable | $ 11,011 | $ 13,725 | $ 26,987 | $ 30,815 |
Real Estate Loans, Notes Rece_6
Real Estate Loans, Notes Receivable, and Lines of Credit Real Estate Loans Narrative (Details) | Dec. 17, 2019USD ($) | Dec. 10, 2019USD ($) | Mar. 28, 2019USD ($)loan | May 23, 2018USD ($)loan | Jun. 30, 2020USD ($)number_of_properties | Mar. 31, 2020USD ($) | Jun. 30, 2020USD ($)number_of_properties | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)number_of_properties | Jun. 30, 2020 | Jun. 30, 2020USD ($) | Jun. 30, 2020ft² | May 14, 2020USD ($)number_of_properties | Feb. 28, 2020USD ($)number_of_properties | Dec. 31, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||
Payments to Acquire Investments | $ 50,000 | $ 0 | |||||||||||||||
payments received from real estate loan participants | $ 0 | 5,223,000 | |||||||||||||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 323,200,000 | ||||||||||||||||
variable interest entity loans amount to be funded | 383,200,000 | ||||||||||||||||
real estate loan balances unfunded | 59,900,000 | ||||||||||||||||
Number of units in real estate property | 12,936 | 680 | 12,256 | ||||||||||||||
Real Estate Loan Investments Collateralized, Percent | 100.00% | ||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 1,778,149,000 | 1,784,170,000 | 1,709,996,000 | $ 1,934,116,000 | $ 1,699,569,000 | $ 1,609,385,000 | |||||||||||
Real Estate Loan Investments, Credit Loss Expense | $ 122,000,000,000 | ||||||||||||||||
Real Estate Loan Investment, Number Of Loans | number_of_properties | 25 | 25 | 25 | ||||||||||||||
Real Estate Loan Investment | 337,706,000 | ||||||||||||||||
Proceeds from Sale of Notes Receivable | $ 20,400,000 | $ 6,200,000 | |||||||||||||||
Real Estate Loan Investment, Reserve Ratio 0.50 | |||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||
Real Estate Loan Investment, Number Of Loans | number_of_properties | 6 | 6 | 6 | ||||||||||||||
Real Estate Loan Investment | 71,244,000 | ||||||||||||||||
Real Estate Loan Investment, Reserve Ratio 1.00 | |||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||
Real Estate Loan Investment, Number Of Loans | number_of_properties | 4 | 4 | 4 | ||||||||||||||
Real Estate Loan Investment | 35,111,000 | ||||||||||||||||
Real Estate Loan Investment, Reserve Ratio 1.50 | |||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||
Real Estate Loan Investment, Number Of Loans | number_of_properties | 10 | 10 | 10 | ||||||||||||||
Real Estate Loan Investment | 73,434,000 | ||||||||||||||||
Real Estate Loan Investment, Reserve Ratio 3.00 | |||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||
Real Estate Loan Investment, Number Of Loans | number_of_properties | 3 | 3 | 3 | ||||||||||||||
Real Estate Loan Investment | 30,953,000 | ||||||||||||||||
Real Estate Loan Investment, Reserve Ratio 4.00 | |||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||
Real Estate Loan Investment, Number Of Loans | number_of_properties | 1 | 1 | 1 | ||||||||||||||
Real Estate Loan Investment | 123,188,000 | ||||||||||||||||
Real Estate Loan Investment, Reserve Ratio 5.00 And Above | |||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||
Real Estate Loan Investment, Number Of Loans | number_of_properties | 1 | 1 | 1 | ||||||||||||||
Real Estate Loan Investment | 3,776,000 | ||||||||||||||||
Accumulated Deficit [Member] | |||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (191,040,000) | $ 0 | (206,724,000) | (7,244,000) | $ 0 | $ 0 | |||||||||||
Accounting Standards Update 2016-13 | |||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (7,414,000) | ||||||||||||||||
Accounting Standards Update 2016-13 | Accumulated Deficit [Member] | |||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (7,414,000) | ||||||||||||||||
Berryessa [Member] | |||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||
Real Estate Loan Investment, Reserve Ratio | 4.00% | ||||||||||||||||
Starkville [Member] | |||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||
Real Estate Loan Investments, Credit Loss Expense | $ 0 | $ 2,100,000 | |||||||||||||||
Real Estate Loan Investment | 3,800,000 | 5,900,000 | |||||||||||||||
Allowance for Loan and Lease Losses, Real Estate | 1,400,000 | ||||||||||||||||
Real Estate Loan Investment, Initial Amount | 7,300,000 | ||||||||||||||||
Real Estate Loan Investment, Accrued Interest | $ 1,200,000 | ||||||||||||||||
Multifamily | |||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||
Number of units in real estate property | number_of_properties | 1 | 1 | 1 | ||||||||||||||
Multifamily | Multifamily Community In Raleigh, North Carolina [Member] | |||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||
Real Estate Loan Investment, Maximum | $ 10,000,000 | ||||||||||||||||
Number of units in real estate property | number_of_properties | 277 | ||||||||||||||||
Loan Receivable, Fixed Interest Rate | 8.50% | ||||||||||||||||
Loan Receivable, Deferred Fixed Interest | 5.50% | ||||||||||||||||
Multifamily | Multifamily Community In Charlotte, North Carolina [Member] | |||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||
Real Estate Loan Investment, Maximum | $ 13,400,000 | ||||||||||||||||
Number of units in real estate property | number_of_properties | 256 | ||||||||||||||||
Loan Receivable, Fixed Interest Rate | 8.50% | ||||||||||||||||
Loan Receivable, Deferred Fixed Interest | 5.50% | ||||||||||||||||
Mortgage Backed Securities, Other [Member] | |||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||
Monthly Interest Expense | $ 103,000 | ||||||||||||||||
Payments to Acquire Investments | $ 18,400,000 | $ 4,700,000 | |||||||||||||||
number of loans in CMBS trust | loan | 21 | 20 | |||||||||||||||
total maturity amount of CMBS pool | $ 295,700,000 | $ 276,300,000 | |||||||||||||||
HCC [Member] | |||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||
interest rate note receivable | 8.00% | ||||||||||||||||
Loan Receivable Default Interest Rate | 10.00% | ||||||||||||||||
Loan Receivable, Default Interest Income | 1,600,000 | ||||||||||||||||
Proceeds from Collection of Notes Receivable | $ 3,750,000 | ||||||||||||||||
Geographic Concentration Risk [Member] | GEORGIA | |||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||
amount drawn under loan agreement | 51,400,000 | ||||||||||||||||
loan commitment amount | 65,500,000 | ||||||||||||||||
Geographic Concentration Risk [Member] | FLORIDA | |||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||
amount drawn under loan agreement | 55,400,000 | ||||||||||||||||
loan commitment amount | $ 61,200,000 |
Real Estate Loans, Notes Rece_7
Real Estate Loans, Notes Receivable, and Lines of Credit phantom facts (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | Sep. 30, 2019 | Mar. 23, 2018 | Jan. 01, 2018 | |
Mortgage Loans on Real Estate [Line Items] | ||||||
loan commitment guaranty limit amount | $ 2,000,000 | |||||
line of credit receivable | $ 41,917,000 | |||||
Deferred interest rate | 3.58% | 3.85% | ||||
current interest rate | 8.47% | 8.48% | ||||
loan commitment guaranty percent | 25.00% | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | |||||
Oxford Capital Partners LLC [Member] | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
line of credit receivable | $ 8,000,000 | |||||
interest rate note receivable | 10.00% | |||||
Line Of Credit Amount Collateralized By Principals, Percentage | 25.00% | |||||
Amount Collateralized By Principals | $ 2,000,000 | |||||
360 Residential [Member] | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
interest rate note receivable | 12.00% | 8.00% | ||||
HCC [Member] | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
line of credit receivable | $ 11,660,000 | |||||
interest rate note receivable | 8.00% | |||||
HCC [Member] | Shopping Center In Atlanta Georgia [Member] | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 49.49% | |||||
newport development partners [Member] | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
line of credit receivable | $ 1,000,000 | |||||
interest rate note receivable | 12.00% | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | $ 2,000,000 |
Acquired Intangible Assets amor
Acquired Intangible Assets amortization (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Liabilities | $ 86,600,000 | |||
Total consideration | $ 90,664,000 | |||
Revenues | $ 123,277,000 | $ 113,852,000 | 254,379,000 | 225,358,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 21,342,000 | 24,655,000 | (129,067,000) | 49,007,000 |
Business Acquisition, Transaction Costs | $ 1,016,000 | $ 1,016,000 | ||
Multifamily communities [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Total consideration | $ 141,200,000 |
Redeemable Preferred Stock (Det
Redeemable Preferred Stock (Details) | Feb. 14, 2020USD ($)$ / sharesshares | Sep. 27, 2019$ / shares | Jun. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2019USD ($)$ / shares | Jun. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2019USD ($)$ / shares | Dec. 31, 2019USD ($)$ / sharesshares |
Class of Stock [Line Items] | |||||||
gross potential offering proceeds | $ 3,000,000,000 | $ 3,000,000,000 | |||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.175 | $ 0.2625 | $ 0.4375 | $ 0.5225 | |||
Proceeds from Other Equity | $ 1,309,955,000 | ||||||
daycountvolweightedavgcalcformarketvalue | 20 | 20 | |||||
aggregate offering costs | $ 143,037,000 | $ 143,037,000 | |||||
prorataamountofferingcostsreclassed | 16,083,000 | ||||||
deferred offering costs not yet reclassified | 4,088,000 | 4,088,000 | |||||
shares common stock from warrant exercises | shares | 20 | ||||||
Deferred offering costs | 20,171,000 | 20,171,000 | |||||
specifically identifiable offering costs | 122,866,000 | ||||||
Aggregate Offering Expenses, Maximum As a Percentage Of Gross Proceeds | 12.00% | ||||||
Sale of Stock, Price Per Share | $ / shares | $ 1,000 | ||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | ||||||
Dividends, Common Stock, Cash | $ 8,624,000 | $ 11,581,000 | $ 21,115,000 | $ 22,776,000 | |||
Sale Of Stock, Maximum Consideration Received On Transaction | $ 1,500,000,000 | ||||||
Series A Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | ||||||
preferred stock | shares | 2,226,000 | 2,226,000 | 2,161,000 | ||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Preferred Stock, Value, Issued | $ 20,000 | $ 20,000 | $ 20,000 | ||||
Redeemable Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Sale Of Stock, Maximum Shares Sold | shares | 1,000,000 | ||||||
Equity Or Debt Securities [Member] | |||||||
Class of Stock [Line Items] | |||||||
Sale Of Stock, Maximum Consideration Received On Transaction | $ 400,000,000 | ||||||
Common Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common Stock, Shares, Issued | shares | 47,674,000 | 47,674,000 | 46,443,000 | ||||
Sale Of Stock, Maximum Consideration Received On Transaction | 125,000,000 | ||||||
Preferred Office Growth Fund Equity Securities [Member] | |||||||
Class of Stock [Line Items] | |||||||
Sale Of Stock, Maximum Consideration Received On Transaction | $ 100,000,000 | ||||||
$1.5 billion unit [Domain] | |||||||
Class of Stock [Line Items] | |||||||
maximum shares available to be issued | shares | 1,500,000 | 1,500,000 | |||||
Unit Offering [Member] | |||||||
Class of Stock [Line Items] | |||||||
gross potential offering proceeds | $ 1,500,000,000 | $ 1,500,000,000 | |||||
Proceeds from Other Equity | 1,236,414,000 | ||||||
aggregate offering costs | 131,524,000 | 131,524,000 | |||||
prorataamountofferingcostsreclassed | 15,874,000 | ||||||
deferred offering costs not yet reclassified | 0 | 0 | |||||
Deferred offering costs | 15,874,000 | 15,874,000 | |||||
specifically identifiable offering costs | 115,650,000 | ||||||
2016 Shelf Offering [Member] [Domain] | |||||||
Class of Stock [Line Items] | |||||||
gross potential offering proceeds | 400,000,000 | 400,000,000 | |||||
Proceeds from Other Equity | 0 | ||||||
aggregate offering costs | 972,000 | 972,000 | |||||
prorataamountofferingcostsreclassed | 0 | ||||||
deferred offering costs not yet reclassified | 972,000 | 972,000 | |||||
Deferred offering costs | 972,000 | 972,000 | |||||
specifically identifiable offering costs | 0 | ||||||
series A1M1 offering [Domain] | |||||||
Class of Stock [Line Items] | |||||||
gross potential offering proceeds | 1,000,000,000 | 1,000,000,000 | |||||
Proceeds from Other Equity | 73,428,000 | ||||||
aggregate offering costs | 10,048,000 | 10,048,000 | |||||
prorataamountofferingcostsreclassed | 208,000 | ||||||
deferred offering costs not yet reclassified | 2,627,000 | 2,627,000 | |||||
Deferred offering costs | 2,835,000 | 2,835,000 | |||||
specifically identifiable offering costs | 7,213,000 | ||||||
preferred office growth fund [Domain] | |||||||
Class of Stock [Line Items] | |||||||
gross potential offering proceeds | 100,000,000 | 100,000,000 | |||||
Proceeds from Other Equity | 113,000 | ||||||
aggregate offering costs | 493,000 | 493,000 | |||||
prorataamountofferingcostsreclassed | 1,000 | ||||||
deferred offering costs not yet reclassified | 489,000 | 489,000 | |||||
Deferred offering costs | $ 490,000 | 490,000 | |||||
specifically identifiable offering costs | $ 3,000 |
Related Party Transactions (Det
Related Party Transactions (Details) | Feb. 14, 2020USD ($) | Jan. 31, 2020USD ($)$ / shares | Jun. 30, 2020USD ($)number_of_propertiesshares | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)number_of_propertiesshares | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019 |
Related Party Transaction [Line Items] | ||||||||
Business Acquisition, Transaction Costs | $ 1,016,000 | $ 1,016,000 | ||||||
loan coordination fee percentage | 1.60% | |||||||
loan coordination fees | $ 0 | 621,000 | $ 47,000 | 965,000 | ||||
Cost of Reimbursable Expense | $ 0 | 4,213,000 | 1,430,000 | 8,292,000 | ||||
capital marketing and professional | $ 40,451 | 256,162 | ||||||
Common Stock, Shares, Outstanding | shares | 49,283,249 | 49,283,249 | ||||||
Construction Management Fee | $ 0 | 78,000 | $ 14,000 | 136,000 | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 0 | 9,959,000 | 3,151,000 | 19,829,000 | ||||
AcquisitionFeesRelatedPartyCosts | 0 | 1,203,000 | 235,000 | 2,603,000 | ||||
loan origination fees | $ 0 | 125,000 | $ 0 | 526,000 | ||||
Number of Real Estate Properties | number_of_properties | 125 | 125 | ||||||
manager's fees deferred | $ 25,600,000 | 24,100,000 | ||||||
Financing Receivable, Gross | $ 24,810,000 | 24,810,000 | ||||||
Loans and Leases Receivable, Net Amount | 16,769,000 | 16,769,000 | $ 41,917,000 | |||||
disposition fee to manager | 0 | 16,000 | 0 | 16,000 | ||||
line of credit receivable | 41,917,000 | |||||||
percent of asset value for loan coordination fee | 63.00% | |||||||
Sale Of Stock, Maximum Consideration Received On Transaction | $ 1,500,000,000 | |||||||
Interest Receivable | 23,046,000 | 23,046,000 | $ 25,755,000 | |||||
Remaining Contingent Fees | 24,100,000 | |||||||
Transition Services [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 3,100,000 | |||||||
Have 12 Real Estate Loan Investment [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Interest Receivable | 1,200,000 | 1,200,000 | ||||||
HCC Line Of Credit [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Interest Receivable | 1,600,000 | 1,600,000 | ||||||
AssetmanagementFees [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Asset Management Costs | 0 | 3,840,000 | 1,349,000 | 7,565,000 | ||||
Propertymanagementfees [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Asset Management Costs | 0 | 2,495,000 | 890,000 | 4,951,000 | ||||
General and Administrative Expense [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $ 0 | $ 1,581,000 | 616,000 | 3,067,000 | ||||
preferred capital securities [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
marketing and legal cost reimbursements | $ 0 | $ 680,116 | ||||||
Former Manager and Sub-Manager [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Business Acquisition, Transaction Costs | $ 154,000,000 | |||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 25,000,000 | |||||||
Business Combination, Specified Matters Holdback Amount | $ 15,000,000 | |||||||
Former Manager and Sub-Manager [Member] | Minimum [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Share Price | $ / shares | $ 1.55 | |||||||
Retail Site [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of Real Estate Properties | 54 | 54 | 52 | |||||
PCMS [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Financing Receivable, Gross | $ 0 | $ 0 | ||||||
Loans and Leases Receivable, Net Amount | 0 | 0 | $ 650,000 | |||||
PCMS [Member] | PCMS [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Loans and Leases Receivable, Net Amount | 650,000 | 650,000 | ||||||
PAA [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Loans and Leases Receivable, Net Amount | 0 | 0 | $ 15,178,000 | |||||
line of credit receivable | 0 | 0 | ||||||
PAA [Member] | Revolving Credit Facility [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 24,000,000 | $ 24,000,000 | ||||||
PAC Carveout, LLC [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Sale of Stock, Consideration Received Per Transaction | $ 111,100,000 |
Dividends (Details)
Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Dividends Payable [Line Items] | ||||
minority interest partnership units outstanding | 742,413 | 742,413 | ||
Common Stock, Dividends, Per Share, Declared | $ 0.175 | $ 0.2625 | $ 0.4375 | $ 0.5225 |
dividends common stock declared | $ 21,115 | $ 22,776 | ||
Dividends, Preferred Stock, Cash | $ 90,140 | 76,315 | ||
Common Stock, Shares, Outstanding | 49,283,249 | 49,283,249 | ||
Series A Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $ 5 | |||
Dividends, Preferred Stock, Cash | $ 64,308 | 51,240 | ||
Series M1 Preferred Stock | ||||
Dividends Payable [Line Items] | ||||
Dividends, Preferred Stock, Cash | $ 60 | $ 0 | ||
Minimum [Member] | mShares [Domain] | ||||
Dividends Payable [Line Items] | ||||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $ 4.79 | |||
Minimum [Member] | Series M1 Preferred Stock | ||||
Dividends Payable [Line Items] | ||||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | 5.08 | |||
Maximum [Member] | mShares [Domain] | ||||
Dividends Payable [Line Items] | ||||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | 6.25 | |||
Maximum [Member] | Series M1 Preferred Stock | ||||
Dividends Payable [Line Items] | ||||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $ 5.92 |
Dividends Series A Preferred Di
Dividends Series A Preferred Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Dividends Payable [Line Items] | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.175 | $ 0.2625 | $ 0.4375 | $ 0.5225 |
Dividends, Preferred Stock, Cash | $ 90,140 | $ 76,315 | ||
Distribution Made to Limited Partner, Cash Distributions Declared | 333 | 458 | ||
dividends common stock declared | 21,115 | 22,776 | ||
Series A Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Dividends, Preferred Stock, Cash | 64,308 | 51,240 | ||
Series M Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Dividends, Preferred Stock, Cash | 3,356 | 1,841 | ||
Series A1 Preferred Stock | ||||
Dividends Payable [Line Items] | ||||
Dividends, Preferred Stock, Cash | 968 | 0 | ||
Series M1 Preferred Stock | ||||
Dividends Payable [Line Items] | ||||
Dividends, Preferred Stock, Cash | $ 60 | $ 0 |
Dividends NCI (Details)
Dividends NCI (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Equity [Abstract] | ||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 333 | $ 458 |
Equity Compensation (Details)
Equity Compensation (Details) - USD ($) | Jun. 17, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2019 | Jan. 02, 2018 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Share-based Compensation | $ 246,000 | $ 306,000 | $ 476,000 | $ 617,000 | ||||
market vesting condition capital increase threshhold | $ 5,660,580 | |||||||
2011 Plan [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,617,500 | 2,617,500 | ||||||
2019 Plan [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,617,500 | 3,617,500 | ||||||
Restricted Stock [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Share-based Compensation | $ 548,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 8.05 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 548,000 | 548,000 | 26,000 | |||||
Restricted Stock [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 137,741 | 137,741 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | $ 1,100,000 | $ 1,100,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||
Restricted Stock [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 344,356 | 344,356 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | $ 2,800,000 | $ 2,800,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||
ClassBUnits [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
common stock fair value per share | $ 20.19 | |||||||
Class B Units valuation assumption dividend yield | 4.95% | |||||||
ClassBUnit valuation assumption expected volatility | 25.70% | |||||||
Class B Unit valuation assumptions risk free rate | 2.71% | |||||||
Share-based Compensation | $ 65,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 4,266,409 |
Equity Compensation Restricted
Equity Compensation Restricted Stock (Details) - USD ($) | Jan. 02, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation | $ 246,000 | $ 306,000 | $ 476,000 | $ 617,000 | ||
ClassBUnits [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
common stock fair value per share | $ 20.19 | |||||
Share-based Compensation | $ 65,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 256,087 | |||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation | $ 548,000 | |||||
Restricted Stock [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||
Restricted Stock [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||
2017 through 2019 | Restricted Stock [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 90 days | |||||
2017 through 2019 | Restricted Stock [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 90 days | |||||
2017 through 2019 | Restricted Stock [Member] | Share-based Compensation Award, Tranche Three [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 90 days | |||||
2017 through 2019 | Restricted Stock [Member] | Share-Based Payment Arrangement, Tranche Four [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 90 days | |||||
2017 | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 24,408 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share | $ 14.75 | |||||
Stock Granted, Value, Share-based Compensation, Gross | $ 360,000 | |||||
2018 | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 24,810 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share | $ 14.51 | |||||
Stock Granted, Value, Share-based Compensation, Gross | $ 360,000 | |||||
2019 | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 26,446 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share | $ 15.88 | |||||
Stock Granted, Value, Share-based Compensation, Gross | $ 420,000 | |||||
2020 | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 66,114 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share | $ 8.05 | |||||
Stock Granted, Value, Share-based Compensation, Gross | $ 532,000 |
Equity Compensation Committee F
Equity Compensation Committee Fee Grants (Details) - USD ($) | Jan. 02, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation | $ 246,000 | $ 306,000 | $ 476,000 | $ 617,000 | ||
ClassBUnits [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 256,087 | |||||
Share-based Compensation | $ 65,000 | |||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation | $ 548,000 |
Equity Compensation Class B Uni
Equity Compensation Class B Units (Details) - USD ($) | Aug. 06, 2020 | Jan. 02, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.175 | $ 0.2625 | $ 0.4375 | $ 0.5225 | |||
Share-based Compensation | $ 246,000 | $ 306,000 | $ 476,000 | $ 617,000 | |||
market vesting condition capital increase threshhold | $ 5,660,580 | ||||||
ClassBUnits [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
common stock fair value per share | $ 20.19 | ||||||
Common Stock, Dividends, Per Share, Declared | $ 0.25 | ||||||
Share-based Compensation | $ 65,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 20 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 256,087 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 30 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 4,266,409 | ||||||
Class B Units valuation assumption dividend yield | 4.95% | ||||||
ClassBUnit valuation assumption expected volatility | 25.70% | ||||||
Class B Unit valuation assumptions risk free rate | 2.71% | ||||||
100percentvestinglevel [Member] | ClassBUnits [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 16.66 | ||||||
one year [Member] | ClassBUnits [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 171,988 | ||||||
three year [Member] | ClassBUnits [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 84,099 | ||||||
Subsequent Event [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.175 |
Equity Compensation Warrant (De
Equity Compensation Warrant (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.175 | $ 0.2625 | $ 0.4375 | $ 0.5225 |
Equity Compensation Equity comp
Equity Compensation Equity compensation expense by grant (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.175 | $ 0.2625 | $ 0.4375 | $ 0.5225 | |
Share-based Compensation | $ 246,000 | $ 306,000 | $ 476,000 | $ 617,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 4,292,000 | 4,292,000 | |||
Employee Benefits and Share-based Compensation | 246,000 | 306,000 | 476,000 | $ 617,000 | |
ClassBUnits [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.25 | ||||
Share-based Compensation | $ 65,000 | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation | 548,000 | ||||
2016 [Member] | ClassBUnits [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 0 | 0 | |||
Employee Benefits and Share-based Compensation | 0 | 0 | 0 | $ 2,000 | |
2017 | ClassBUnits [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 0 | 0 | |||
Employee Benefits and Share-based Compensation | 0 | 78,000 | 3,000 | 156,000 | |
2017 | Restricted Stock Units outstanding | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 0 | 0 | |||
Employee Benefits and Share-based Compensation | 0 | 20,000 | 0 | 38,000 | |
2014 [Member] | ClassBUnits [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 140,000 | 140,000 | |||
2014 [Member] | 2011restrictedstockgrant [Domain] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 0 | 0 | |||
Employee Benefits and Share-based Compensation | 0 | 30,000 | 0 | 120,000 | |
2014 [Member] | Restricted Stock Units outstanding | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 38,000 | 38,000 | |||
Employee Benefits and Share-based Compensation | 10,000 | 21,000 | 24,000 | 40,000 | |
2019 | 2011restrictedstockgrant [Domain] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 0 | 0 | |||
Employee Benefits and Share-based Compensation | 35,000 | 70,000 | 140,000 | 70,000 | |
2019 | Restricted Stock Units outstanding | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 116,000 | 116,000 | |||
Employee Benefits and Share-based Compensation | 12,000 | 16,000 | 31,000 | 48,000 | |
2018 | ClassBUnits [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee Benefits and Share-based Compensation | 50,000 | 71,000 | 121,000 | 143,000 | |
2020 | 2011restrictedstockgrant [Domain] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 0 | 0 | |||
Employee Benefits and Share-based Compensation | 89,000 | 0 | 89,000 | 0 | |
2020 | 2011restrictedstockgrant [Domain] | Share-based Payment Arrangement, Employee | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 3,843,000 | 3,843,000 | |||
Employee Benefits and Share-based Compensation | 37,000 | 0 | 37,000 | 0 | |
2020 | Restricted Stock Units outstanding | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 155,000 | 155,000 | |||
Employee Benefits and Share-based Compensation | $ 13,000 | $ 0 | $ 31,000 | $ 0 |
Equity Compensation Restricte_2
Equity Compensation Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] | 6 Months Ended |
Jun. 30, 2020$ / sharesshares | |
Share-based Compensation Award, Tranche One [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year |
Share-based Compensation Award, Tranche Two [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year |
Share-based Compensation Award, Tranche Three [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year |
2018 [Domain] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Stock Units outstanding | 14,166 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value, Amount Per Share | $ / shares | $ 16.66 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 20,720 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ / shares | $ 345,195 |
share based compensation awards forfeited | (6,554) |
RSUs Unearned And Unvested | 4,646 |
RSUs Vested And Unearned | 9,520 |
2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Stock Units outstanding | 21,739 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value, Amount Per Share | $ / shares | $ 10.77 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 27,760 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ / shares | $ 298,975 |
share based compensation awards forfeited | (6,021) |
RSUs Unearned And Unvested | 14,411 |
RSUs Vested And Unearned | 7,328 |
2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Stock Units outstanding | 19,700 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value, Amount Per Share | $ / shares | $ 9.47 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 21,400 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ / shares | $ 202,658 |
share based compensation awards forfeited | (1,700) |
RSUs Unearned And Unvested | 19,700 |
RSUs Vested And Unearned | 0 |
Equity Compensation Class B OP
Equity Compensation Class B OP Units (Details) - shares | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Class B Units Issued During Period (shares) | 0 | 0 |
2018 Award | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Class B Units Issued During Period (shares) | 256,087 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (shares) | (190,779) | |
Partners' Capital Account, Units, Converted (shares) | 0 | |
Class B Units Outstanding (shares) | 65,308 | |
Class B Units Unearned And Vested (shares) | 48,678 | |
Class B Units Unearned And Unvested (shares) | 16,630 | |
2018 Award | Former CEO - John A. Williams [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (shares) | (38,284) | |
2018 Award | Executive Officer | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (shares) | (128,258) | |
2018 Award | Other OP Unit Participants | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (shares) | (24,237) | |
2017 Award | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Class B Units Issued During Period (shares) | 286,392 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (shares) | (5,334) | |
Partners' Capital Account, Units, Converted (shares) | (281,058) | |
Class B Units Outstanding (shares) | 0 | |
Class B Units Unearned And Vested (shares) | 0 | |
Class B Units Unearned And Unvested (shares) | 0 | |
2017 Award | Former CEO - John A. Williams [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (shares) | 0 | |
2017 Award | Executive Officer | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (shares) | 0 | |
2017 Award | Other OP Unit Participants | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (shares) | (5,334) |
Indebtedness (Details)
Indebtedness (Details) $ in Thousands | Dec. 20, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 29, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 29, 2019USD ($) |
Debt Instrument [Line Items] | ||||||||
Unamortized Debt Issuance Expense | $ 800 | $ 800 | ||||||
Interest Expense, Long-term Debt | 29,218 | $ 27,293 | 57,692 | $ 53,140 | ||||
interest expense to loan participant | 0 | 0 | 0 | 110 | ||||
Long-term Debt, Current Maturities | 114,351 | 114,351 | ||||||
Long-term Debt | 2,762,291 | 2,762,291 | $ 199,200 | $ 2,567,022 | $ 63,200 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 167,256 | 167,256 | ||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 105,707 | 105,707 | ||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 143,506 | 143,506 | ||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 366,436 | 366,436 | ||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 2,007,428 | 2,007,428 | ||||||
Long-term Debt | 2,904,684 | 2,904,684 | ||||||
Interest Expense | 31,136 | 27,611 | 60,729 | 54,367 | ||||
Line of Credit Facility, Amount Outstanding | 92,500 | 92,500 | $ 0 | |||||
Amortization of Financing Costs | 3,424 | 3,139 | ||||||
interest expense credit facility | $ 1,918 | 318 | $ 3,037 | 1,227 | ||||
Short-term Debt | $ 70,000 | |||||||
Debt Instrument, Debt Covenant, Debt Service Coverage Ratio | 1.87 | 1.87 | ||||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.70% | |||||||
Secured Mortgage Note [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Initial Interest Rate | 3.93% | 3.93% | ||||||
Spread over Initial Interest Rate option 1 | 200 | 200 | ||||||
Spread over Initial Interest Rate option 2 | 400 | 400 | ||||||
Indebtedness Weighted Average Remaining Maturity | 9 years 4 months 24 days | |||||||
Long-term Debt, Term | 7 years | 7 years | ||||||
Debt, Term Of Extension | 5 years | |||||||
Retail Segment [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Expense, Long-term Debt | $ 6,587 | 6,115 | $ 13,337 | 11,701 | ||||
Office Building | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Expense, Long-term Debt | 6,699 | 5,357 | 13,557 | 10,708 | ||||
Interest Expense | 6,699 | 5,357 | 13,557 | 10,708 | ||||
Multifamily Communities | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Expense, Long-term Debt | 15,932 | 15,821 | 30,798 | 30,621 | ||||
Interest Expense | $ 15,932 | $ 15,821 | $ 30,798 | $ 30,621 |
Indebtedness debt covenants (De
Indebtedness debt covenants (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Mar. 23, 2018 | |
debt covenants [Line Items] | ||
dividend restriction AFFO | 95.00% | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | |
maximum dividends debt covenant | $ 174,600,000 | |
Minimum Net Worth Required for Compliance | $ 1,900,000,000 | |
debt yield | 9.92% | |
payout ratio | 91.80% | |
Total leverage ratio | 62.10% |
Indebtedness Credit Facility (D
Indebtedness Credit Facility (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2020 | Dec. 20, 2019 | Mar. 23, 2018 | |
Line of Credit Facility [Line Items] | |||
Short-term Debt | $ 70,000,000 | ||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 4.05% | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Indebtedness Weighted Average Remaining Maturity | 1 year 6 months | ||
Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||
Minimum [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Loans Receivable, Basis Spread on Variable Rate | 2.75% | ||
Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.30% | ||
Maximum [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Loans Receivable, Basis Spread on Variable Rate | 3.50% |
Indebtedness Acquisition Credit
Indebtedness Acquisition Credit Facility (Details) | 6 Months Ended | ||||
Jun. 30, 2020USD ($)number_of_properties | Mar. 01, 2021USD ($) | Mar. 25, 2019USD ($) | Mar. 23, 2018USD ($) | Feb. 28, 2017USD ($) | |
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | ||||
Unamortized Debt Issuance Expense | $ 800,000 | ||||
Line Of Credit, Number Of Extension Options | number_of_properties | 2 | ||||
Line Of Credit, Extension Term | 1 year | ||||
February 2017 facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 90,000,000 | $ 200,000,000 | |||
Subsequent Event [Member] | February 2017 facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300,000,000 | ||||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Indebtedness Weighted Average Remaining Maturity | 1 year 6 months | ||||
acquisition facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Unamortized Debt Issuance Expense | $ 100,000 | ||||
Indebtedness Weighted Average Remaining Maturity | 1 year 8 months 12 days | ||||
Minimum [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Loans Receivable, Basis Spread on Variable Rate | 2.75% | ||||
Minimum [Member] | Revolving Credit Facility [Member] | February 2017 facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Loans Receivable, Basis Spread on Variable Rate | 1.75% | ||||
Maximum [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Loans Receivable, Basis Spread on Variable Rate | 3.50% | ||||
Maximum [Member] | Revolving Credit Facility [Member] | February 2017 facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Loans Receivable, Basis Spread on Variable Rate | 2.20% |
Indebtedness Mortgage debt summ
Indebtedness Mortgage debt summary by segment (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 29, 2020 | Dec. 31, 2019 | Jun. 29, 2019 | |
Debt Instrument [Line Items] | ||||
Secured Debt | $ 2,812,184 | |||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.86% | |||
average maturity mortgage debt | 9 years 3 months 18 days | |||
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Accumulated Amortization Adjustment | $ (45,402) | |||
Mark-to-Market debt | (4,491) | |||
Long-term Debt | 2,762,291 | $ 199,200 | $ 2,567,022 | $ 63,200 |
Fixed Income Interest Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured Debt | $ 2,646,910 | |||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.88% | |||
average maturity mortgage debt | 9 years 8 months 12 days | |||
Variable Income Interest Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured Debt | $ 165,274 | |||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | ||||
average maturity mortgage debt | 3 years 6 months | |||
multifamily community [Domain] | ||||
Debt Instrument [Line Items] | ||||
Secured Debt | $ 1,553,835 | |||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.73% | |||
average maturity mortgage debt | 8 years 7 months 6 days | |||
multifamily community [Domain] | Fixed Income Interest Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured Debt | $ 1,435,711 | |||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.73% | |||
average maturity mortgage debt | 9 years | |||
multifamily community [Domain] | Variable Income Interest Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured Debt | $ 118,124 | |||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.77% | |||
average maturity mortgage debt | 3 years 7 months 6 days | |||
Retail Segment [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured Debt | $ 622,017 | |||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.91% | |||
average maturity mortgage debt | 7 years 6 months | |||
Retail Segment [Member] | Fixed Income Interest Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured Debt | $ 574,867 | |||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.00% | |||
average maturity mortgage debt | 7 years 9 months 18 days | |||
Retail Segment [Member] | Variable Income Interest Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured Debt | $ 47,150 | |||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 2.83% | |||
average maturity mortgage debt | 3 years 3 months 18 days | |||
Office Building | ||||
Debt Instrument [Line Items] | ||||
Secured Debt | $ 636,332 | |||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.13% | |||
average maturity mortgage debt | 12 years 10 months 24 days | |||
Office Building | Fixed Income Interest Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured Debt | $ 636,332 | |||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.13% | |||
average maturity mortgage debt | 12 years 10 months 24 days | |||
Office Building | Variable Income Interest Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Secured Debt | $ 0 | |||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 0.00% |
Indebtedness New mortgages (Det
Indebtedness New mortgages (Details) - USD ($) | Jun. 29, 2020 | Dec. 20, 2019 | Jun. 29, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 199,200,000 | $ 63,200,000 | $ 2,762,291,000 | $ 2,567,022,000 | ||
Mortgage Loans on Real Estate, Interest Rate | 4.50% | |||||
Debt Issuance Costs, Net | $ 950,000 | 1,286,000 | ||||
Loans Receivable, Gross, Commercial, Real Estate | 323,233,000 | $ 352,582,000 | ||||
Payments of Loan Costs | 6,864,000 | $ 386,000 | ||||
deferred finance costs | 8,035,000 | 2,163,000 | ||||
Long-term Debt, Refinanced | 245,100,000 | $ 74,200,000 | ||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.70% | |||||
Mortgages [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loans Receivable, Gross, Commercial, Real Estate | 178,450,000 | |||||
251 armour [Domain] | Mortgages [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loans Receivable, Gross, Commercial, Real Estate | $ 3,522,000 | |||||
wakefield crossing [Domain] | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage Loans on Real Estate, Interest Rate | 3.66% | |||||
wakefield crossing [Domain] | Mortgages [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loans Receivable, Gross, Commercial, Real Estate | $ 7,891,000 | |||||
morrocroft [Domain] | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage Loans on Real Estate, Interest Rate | 3.40% | |||||
morrocroft [Domain] | Mortgages [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loans Receivable, Gross, Commercial, Real Estate | $ 70,000,000 | |||||
wiregrass [Domain] | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage Loans on Real Estate, Interest Rate | 2.90% | |||||
wiregrass [Domain] | Mortgages [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loans Receivable, Gross, Commercial, Real Estate | $ 52,000,000 | |||||
parkside [Domain] | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage Loans on Real Estate, Interest Rate | 2.95% | |||||
parkside [Domain] | Mortgages [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loans Receivable, Gross, Commercial, Real Estate | $ 45,037,000 | |||||
city park view [Domain] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 19,800,000 | |||||
Mortgage Loans on Real Estate, Interest Rate | 3.27% | 2.75% | ||||
Payments of Loan Costs | $ 1,314,000 | |||||
deferred finance costs | 314,000 | |||||
Long-term Debt, Refinanced | 29,000,000 | |||||
Ursa [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 31,400,000 | |||||
Payments of Loan Costs | 0 | |||||
deferred finance costs | 0 | |||||
Long-term Debt, Refinanced | $ 0 | |||||
Ursa [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage Loans on Real Estate, Interest Rate | 3.00% | |||||
aster at lely [Domain] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 30,700,000 | |||||
Mortgage Loans on Real Estate, Interest Rate | 3.84% | 2.95% | ||||
Payments of Loan Costs | $ 293,000 | |||||
deferred finance costs | 2,777,000 | |||||
Long-term Debt, Refinanced | $ 50,400,000 | |||||
avenues at northpointe [Domain] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 26,000,000 | |||||
Mortgage Loans on Real Estate, Interest Rate | 3.16% | 2.79% | ||||
Payments of Loan Costs | $ 166,000 | |||||
deferred finance costs | 1,247,000 | |||||
Long-term Debt, Refinanced | $ 33,500,000 | |||||
avenues at cypress [Domain] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 20,500,000 | |||||
Mortgage Loans on Real Estate, Interest Rate | 3.43% | 2.96% | ||||
Payments of Loan Costs | $ 1,607,000 | |||||
deferred finance costs | 336,000 | |||||
Long-term Debt, Refinanced | $ 28,400,000 | |||||
avenues at lakewood ranch [Domain] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 27,800,000 | |||||
Mortgage Loans on Real Estate, Interest Rate | 3.55% | 2.99% | ||||
Payments of Loan Costs | $ 2,457,000 | |||||
deferred finance costs | 384,000 | |||||
Long-term Debt, Refinanced | $ 36,600,000 | |||||
crosstown walk [Domain] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 29,900,000 | |||||
Mortgage Loans on Real Estate, Interest Rate | 3.90% | 2.92% | ||||
Payments of Loan Costs | $ 248,000 | |||||
deferred finance costs | 2,841,000 | |||||
Long-term Debt, Refinanced | 46,500,000 | |||||
summit 2 [Domain] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 13,100,000 | |||||
Mortgage Loans on Real Estate, Interest Rate | 4.49% | |||||
Payments of Loan Costs | 779,000 | |||||
deferred finance costs | 136,000 | |||||
Long-term Debt, Refinanced | $ 20,700,000 | |||||
summit 2 [Domain] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage Loans on Real Estate, Interest Rate | 2.78% | |||||
lenox village town center [Domain] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 29,200,000 | |||||
Mortgage Loans on Real Estate, Interest Rate | 3.82% | 4.34% | ||||
Payments of Loan Costs | $ 17,000 | |||||
deferred finance costs | 1,153,000 | |||||
Long-term Debt, Refinanced | $ 39,300,000 | |||||
royal lakes marketplace [Domain] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 9,500,000 | |||||
Mortgage Loans on Real Estate, Interest Rate | 4.29% | |||||
Payments of Loan Costs | $ 52,000 | |||||
deferred finance costs | 287,000 | |||||
Long-term Debt, Refinanced | $ 9,700,000 | |||||
royal lakes marketplace [Domain] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage Loans on Real Estate, Interest Rate | 2.50% | |||||
Cherokee Plaza [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 24,500,000 | |||||
Mortgage Loans on Real Estate, Interest Rate | 4.28% | |||||
Payments of Loan Costs | $ 317,000 | |||||
deferred finance costs | 723,000 | |||||
Long-term Debt, Refinanced | $ 25,200,000 | |||||
Cherokee Plaza [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage Loans on Real Estate, Interest Rate | 2.25% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2010 |
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Net of Valuation Allowance | $ 298,100 | |
DeferredTaxAssetsValuationAllowancePercentage | 100.00% |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jan. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Lease term | 11 years | ||
Rent | $ 16 | ||
cumulative manager's fees deferred | 25.6 | $ 24.1 | |
Unfunded Tenant Leasing Commissions and Tenant Allowances | 9.5 | ||
real estate loan balances unfunded | $ 59.9 |
Segment information (Details)
Segment information (Details) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2020USD ($)leasesbusinesstenants | Mar. 31, 2020USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Jun. 30, 2020USD ($)leasesbusinessnumber_of_propertiestenants | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Jan. 01, 2019USD ($) | |
Segment Reporting Information [Line Items] | ||||||||
Number of Operating Segments | number_of_properties | 4 | |||||||
Assets | $ 4,819,283,000 | $ 4,819,283,000 | $ 4,770,560,000 | |||||
Operating Leases, Income Statement, Lease Revenue | 111,574,000 | $ 99,127,000 | 223,440,000 | $ 193,520,000 | ||||
Financing Revenues | 11,011,000 | 13,286,000 | 26,823,000 | 29,941,000 | ||||
miscellaneous revenues | 692,000 | 1,000,000 | 3,952,000 | 1,023,000 | ||||
adjusted funds from operations | 83,167,000 | 77,711,000 | 174,755,000 | 154,335,000 | ||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | (15,950,000) | (1,677,000) | (195,473,000) | (3,957,000) | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 21,342,000 | 24,655,000 | (129,067,000) | 49,007,000 | ||||
Interest Expense | 31,136,000 | 27,611,000 | 60,729,000 | 54,367,000 | ||||
Depreciation | 41,681,000 | 36,722,000 | 82,077,000 | 72,842,000 | ||||
Share-based Compensation | (246,000) | (306,000) | (476,000) | (617,000) | ||||
Gain (Loss) on Condemnation | 0 | 0 | (479,000) | 0 | ||||
Gains (Losses) on Sales of Investment Real Estate | 0 | (747,000) | 0 | (747,000) | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | (584,000) | 0 | (725,000) | ||||
Gain (Loss) on Extinguishment of Debt | 6,156,000 | 52,000 | 6,156,000 | 69,000 | ||||
Trading Securities, Unrealized Holding Gain | 0 | 0 | 0 | (4,000) | ||||
loan fees received | 467,000 | 1,051,000 | ||||||
noncash loan interest income | 458,000 | 280,000 | 179,251,000 | 325,000 | ||||
Management fees net of deferrals | 0 | 5,414,000 | 1,963,000 | 10,614,000 | ||||
Loans and Leases Receivable, Allowance | 482,000 | 0 | 5,615,000 | 0 | ||||
rental and other property revenues | 111,574,000 | 99,566,000 | 223,604,000 | 194,394,000 | ||||
Revenues | $ 123,277,000 | 113,852,000 | $ 254,379,000 | 225,358,000 | ||||
Number Of Retail Tenants | tenants | 900 | 900 | ||||||
Number Of Leases In Bankruptcy Proceedings | leases | 10 | 10 | ||||||
Number Of Companies With Leases From Company In Bankruptcy Proceedings | business | 6 | 6 | ||||||
Payments to Acquire Productive Assets | $ 4,095,000 | 5,970,000 | $ 9,130,000 | 9,672,000 | ||||
Contract with Customer, Liability | 1,400,000 | 1,400,000 | ||||||
Contract with Customer, Liability, Revenue Recognized | $ 900,000 | $ 900,000 | ||||||
Multifamily Communities | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Assets | 2,166,384,000 | 2,166,384,000 | 2,047,905,000 | |||||
adjusted funds from operations | 34,127,000 | 31,296,000 | 70,145,000 | 60,631,000 | ||||
Interest Expense | 15,932,000 | 15,821,000 | 30,798,000 | 30,621,000 | ||||
Depreciation | 26,815,000 | 24,570,000 | 51,229,000 | 50,435,000 | ||||
financingsegment [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Assets | 355,189,000 | 355,189,000 | 409,226,000 | |||||
adjusted funds from operations | 11,010,000 | 13,286,000 | 26,823,000 | 29,965,000 | ||||
Interest Expense | 1,918,000 | 318,000 | 3,037,000 | 1,337,000 | ||||
New Market Properties [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
adjusted funds from operations | 18,301,000 | 16,425,000 | 38,147,000 | 32,230,000 | ||||
Interest Expense | 6,587,000 | 6,115,000 | 13,337,000 | 11,701,000 | ||||
Depreciation | 13,308,000 | 10,632,000 | 26,722,000 | 20,967,000 | ||||
rental and other property revenues | 26,105,000 | 22,882,000 | 54,108,000 | 44,941,000 | ||||
Payments to Acquire Productive Assets | 1,264,000 | 1,427,000 | 2,540,000 | 3,004,000 | ||||
Retail Segment [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Assets | 1,113,130,000 | 1,113,130,000 | 1,125,230,000 | |||||
Office Building | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Assets | 1,153,947,000 | 1,153,947,000 | 1,123,212,000 | |||||
adjusted funds from operations | 19,413,000 | 16,704,000 | 39,093,000 | 31,509,000 | ||||
Interest Expense | 6,699,000 | 5,357,000 | 13,557,000 | 10,708,000 | ||||
Depreciation | 11,670,000 | 10,461,000 | 23,351,000 | 19,550,000 | ||||
Contract with Customer, Liability | $ 38,800,000 | $ 47,000,000 | ||||||
Other Assets [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Assets | 30,633,000 | 30,633,000 | $ 64,987,000 | |||||
All Other Segments [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
adjusted funds from operations | 8,846,000 | 1,393,000 | 15,215,000 | 2,824,000 | ||||
Miscellaneous | ||||||||
Segment Reporting Information [Line Items] | ||||||||
adjusted funds from operations | 316,000 | 0 | 547,000 | 0 | ||||
Residential Properties | ||||||||
Segment Reporting Information [Line Items] | ||||||||
rental and other property revenues | 58,733,000 | 53,836,000 | 116,298,000 | 105,663,000 | ||||
Payments to Acquire Productive Assets | 2,831,000 | 4,543,000 | 6,590,000 | 6,668,000 | ||||
Preferred Office Properties [Domain] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
rental and other property revenues | $ 26,736,000 | $ 22,848,000 | $ 53,198,000 | $ 43,790,000 |
Income (Loss) per Share (Detail
Income (Loss) per Share (Details) - USD ($) | Jan. 02, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2019 | Feb. 14, 2020 | Dec. 31, 2019 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
minority interest partnership units outstanding | 742,413 | 742,413 | ||||||
Restricted Stock Units outstanding | 56,000 | |||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 21,342,000 | $ 24,655,000 | $ (129,067,000) | $ 49,007,000 | ||||
Gains (Losses) on Sales of Investment Real Estate | 0 | 747,000 | 0 | 747,000 | ||||
Net Income (Loss) Attributable to Parent | (15,684,000) | (1,106,000) | (192,066,000) | (3,878,000) | ||||
Deemed noncash dividend | (347,000) | (210,000) | ||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ (51,319,000) | (28,655,000) | $ (260,771,000) | (56,968,000) | ||||
Incremental Common Shares from conversion of outstanding units | 29,610,000 | 29,610,000 | ||||||
Share-based Compensation | $ 246,000 | $ 306,000 | $ 476,000 | $ 617,000 | ||||
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | 0 | 0 | 0 | 0 | ||||
Series A Redeemable Preferred Stock, par value per share | $ 0.01 | |||||||
ClassBUnits [Member] | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 256,087 | |||||||
Share-based Compensation | $ 65,000 | |||||||
Restricted Stock [Member] | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 548,000 | 548,000 | 26,000 | |||||
Share-based Compensation | $ 548,000 | |||||||
mShares [Domain] | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Preferred Stock, Shares Outstanding | 93,000 | 73,000 | 93,000 | 73,000 | ||||
mShares [Domain] | Minimum [Member] | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Preferred Stock, Dividend Rate, Percentage | 5.75% | |||||||
mShares [Domain] | Maximum [Member] | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Preferred Stock, Dividend Rate, Percentage | 7.50% | |||||||
Series A Preferred Stock [Member] | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Preferred Stock, Shares Outstanding | 2,026,000 | 1,829,000 | 2,026,000 | 1,829,000 | 2,028,000 | |||
Preferred Stock, Dividend Rate, Percentage | 6.00% | |||||||
Series A Redeemable Preferred Stock, par value per share | $ 0.01 | $ 0.01 | $ 0.01 | |||||
preferred stock stated value per share | $ 1,000 | $ 1,000 | ||||||
Series M Preferred Stock [Member] | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Preferred Stock, Shares Outstanding | 98,000 | 98,000 | 103,000 | |||||
Series A Redeemable Preferred Stock, par value per share | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Common Class A [Member] | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Common Unit, Outstanding | 742,000 | 875,000 | 742,000 | 875,000 | ||||
Series A1 Preferred Stock | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Preferred Stock, Shares Outstanding | 68,000 | 68,000 | 5,000 | |||||
Series A Redeemable Preferred Stock, par value per share | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Series M1 Preferred Stock | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Preferred Stock, Shares Outstanding | 5,000 | 5,000 | 0 | |||||
Series A Redeemable Preferred Stock, par value per share | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Series M1 Preferred Stock | Minimum [Member] | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Preferred Stock, Dividend Rate, Percentage | 6.10% | |||||||
Series M1 Preferred Stock | Maximum [Member] | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Preferred Stock, Dividend Rate, Percentage | 7.10% |
Fair Values of Financial Inst_3
Fair Values of Financial Instruments (Details) - USD ($) | 6 Months Ended | |||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 29, 2020 | Dec. 31, 2019 | Dec. 20, 2019 | Jun. 29, 2019 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
line of credit receivable | $ 41,917,000 | |||||
financial assets carrying value | 417,377,000 | |||||
Mortgage notes payable | $ 2,762,291,000 | $ 199,200,000 | 2,567,022,000 | $ 63,200,000 | ||
Line of Credit Facility, Amount Outstanding | 92,500,000 | 0 | ||||
Short-term Debt | $ 70,000,000 | |||||
Debt, Long-term and Short-term, Combined Amount | 2,904,684,000 | 2,679,829,000 | ||||
Real estate loans carrying value including accrued interest | 375,460,000 | |||||
mortgage principal received from consolidated VIE | 0 | $ (2,073,000) | ||||
Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Assets, Fair Value Disclosure | 0 | |||||
real estate related loans fair value | 0 | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | ||||
Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Assets, Fair Value Disclosure | 424,290,000 | |||||
real estate related loans fair value | 382,373,000 | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 2,947,007,000 | 2,729,242,000 | ||||
Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
real estate related loans fair value | 0 | |||||
Mortgages [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
real estate related loans fair value | 382,373,000 | |||||
Reported Value Measurement [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
line of credit receivable | 16,769,000 | |||||
financial assets carrying value | 348,409,000 | |||||
Real estate loans carrying value including accrued interest | 331,640,000 | |||||
Reported Value Measurement [Member] | Mortgages [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Mortgage notes payable | 2,812,184,000 | 2,609,829,000 | ||||
Reported Value Measurement [Member] | Term Note | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Short-term Debt | 70,000,000 | |||||
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Line of Credit Facility, Amount Outstanding | 92,500,000 | 0 | ||||
Estimate of Fair Value Measurement [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
line of credit receivable | 16,769,000 | |||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Assets, Fair Value Disclosure | 0 | |||||
Long-term Debt, Fair Value | 0 | 0 | ||||
Line of Credit Facility, Amount Outstanding | 0 | 0 | ||||
Short-term Debt, Fair Value | 0 | |||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Assets, Fair Value Disclosure | 362,947,000 | |||||
real estate related loans fair value | 346,178,000 | |||||
Long-term Debt, Fair Value | 2,854,507,000 | 2,659,242,000 | ||||
Line of Credit Facility, Amount Outstanding | 92,500,000 | 0 | ||||
Short-term Debt, Fair Value | 70,000,000 | |||||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Assets, Fair Value Disclosure | 0 | |||||
Long-term Debt, Fair Value | 0 | 0 | ||||
Line of Credit Facility, Amount Outstanding | 0 | 0 | ||||
Short-term Debt, Fair Value | 0 | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | $ 0 | ||||
Estimate of Fair Value Measurement [Member] | Mortgages [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Assets, Fair Value Disclosure | $ 346,178,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 06, 2020 | Jul. 31, 2020 | Jul. 31, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jul. 10, 2020 | Jun. 29, 2020 | Dec. 31, 2019 | Jun. 29, 2019 |
Subsequent Event [Line Items] | |||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 17,137 | $ 29,609 | |||||||||
Long-term Debt | $ 2,762,291 | $ 2,762,291 | $ 199,200 | $ 2,567,022 | $ 63,200 | ||||||
Common Stock, Dividends, Per Share, Declared | $ 0.175 | $ 0.2625 | $ 0.4375 | $ 0.5225 | |||||||
Subsequent Event [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Proceeds from Issuance of Redeemable Preferred Stock | $ 4,000 | ||||||||||
Long-term Debt | $ 40,900 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.95% | ||||||||||
Payments for (Proceeds from) Investments | $ 18,700 | ||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.175 | ||||||||||
Series M Preferred Stock [Member] | Subsequent Event [Member] | Unitsissued [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Unitsissuedcumulative | 4,123 | ||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 9,400 | ||||||||||
Series A Preferred Stock [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 0 | $ 123,910 | $ 64,484 | $ 252,592 | |||||||
Series A Preferred Stock [Member] | Subsequent Event [Member] | Unitsissued [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Unitsissuedcumulative | 10,421 |
Operating Leases (Details)
Operating Leases (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Lessor, Lease, Description [Line Items] | ||||
Operating Leases, Variable Rental Revenue | $ 20,500,000 | $ 18,900,000 | ||
Contract with Customer, Liability, Revenue Recognized | $ 900,000 | $ 900,000 | ||
2020 | 1,500,000 | |||
2021 | 2,728,000 | |||
2022 | 3,195,000 | |||
2023 | 3,173,000 | |||
2024 | 3,229,000 | |||
Thereafter | 4,299,000 | |||
Lessee, Operating Lease, Liability, Payments, Due, Total | 18,124,000 | |||
Rental Revenue | ||||
Lessor, Lease, Description [Line Items] | ||||
Contract with Customer, Liability, Revenue Recognized | 223,400,000 | $ 193,500,000 | ||
Office Space | ||||
Lessor, Lease, Description [Line Items] | ||||
2020 | 1,294,000 | |||
2021 | 2,359,000 | |||
2022 | 2,998,000 | |||
2023 | 3,067,000 | |||
2024 | 3,139,000 | |||
Thereafter | 3,163,000 | |||
Lessee, Operating Lease, Liability, Payments, Due, Total | 16,020,000 | |||
Ground Leases | ||||
Lessor, Lease, Description [Line Items] | ||||
2020 | 25,000 | |||
2021 | 51,000 | |||
2022 | 51,000 | |||
2023 | 51,000 | |||
2024 | 51,000 | |||
Thereafter | 1,136,000 | |||
Lessee, Operating Lease, Liability, Payments, Due, Total | 1,365,000 | |||
Office Equipment | ||||
Lessor, Lease, Description [Line Items] | ||||
2020 | 181,000 | |||
2021 | 318,000 | |||
2022 | 146,000 | |||
2023 | 55,000 | |||
2024 | 39,000 | |||
Thereafter | 0 | |||
Lessee, Operating Lease, Liability, Payments, Due, Total | $ 739,000 |
Operating Leases - Lease Expens
Operating Leases - Lease Expense (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Lessee, Lease, Description [Line Items] | |
Operating Lease, Lease Income, Lease Payments | $ 1,405 |
Lease, Cost | $ 1,434 |
Office Space | |
Lessee, Lease, Description [Line Items] | |
Operating Lease, Weighted Average Discount Rate, Percent | 3.00% |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 6 months |
Operating Lease, Lease Income, Lease Payments | $ 1,189 |
Lease, Cost | $ 1,214 |
Ground Leases | |
Lessee, Lease, Description [Line Items] | |
Operating Lease, Weighted Average Discount Rate, Percent | 4.40% |
Operating Lease, Weighted Average Remaining Lease Term | 35 years 9 months 18 days |
Operating Lease, Lease Income, Lease Payments | $ 25 |
Lease, Cost | $ 29 |
Office Equipment | |
Lessee, Lease, Description [Line Items] | |
Operating Lease, Weighted Average Discount Rate, Percent | 3.00% |
Operating Lease, Weighted Average Remaining Lease Term | 2 years 7 months 6 days |
Operating Lease, Lease Income, Lease Payments | $ 191 |
Lease, Cost | $ 191 |
Schedule IV (Details)
Schedule IV (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Mortgage Loans on Real Estate [Line Items] | ||
current interest rate | 8.47% | 8.48% |
Deferred interest rate | 3.58% | 3.85% |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 308,594 |