Cover page
Cover page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 22, 2021 | Jun. 30, 2020 | |
Document and Entity Information | |||
entity registrant name | Preferred Apartment Communities, Inc. | ||
entity CIK | 0001481832 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
document fiscal year focus | 2020 | ||
document fiscal period focus | FY | ||
amendment flag | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
entity common stock, shares outstanding | 49,994,032 | ||
Entity Public Float | $ 369,006,699 | ||
Entity File Number | 001-34995 | ||
Entity Tax Identification Number | 27-1712193 | ||
Entity Address, Address Line One | 3284 Northside Parkway NW, Suite 150 | ||
Entity Address, State or Province | GA | ||
Entity Address, City or Town | Atlanta | ||
Entity Address, Postal Zip Code | 30327 | ||
document type | 10-K | ||
Current fiscal year end date | --12-31 | ||
document period end date | Dec. 31, 2020 | ||
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 filer category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Incorporation, State or Country Code | MD | ||
Series A Preferred Stock [Member] | |||
Document and Entity Information | |||
Title of 12(g) Security | Series A Redeemable Preferred Stock, par value $0.01 per share | ||
Redeemable Preferred Stock | |||
Document and Entity Information | |||
Title of 12(g) Security | Series M Redeemable Preferred Stock, par value $0.01 per share | ||
Series B Preferred Stock | |||
Document and Entity Information | |||
Title of 12(g) Security | Series A1 Redeemable Preferred Stock, par value $0.01 per share | ||
Series C Preferred Stock | |||
Document and Entity Information | |||
Title of 12(g) Security | Series M1 Redeemable Preferred Stock, par value $0.01 per share |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Real estate | ||
Land | $ 605,282,000 | $ 635,757,000 |
Building and improvements | 3,034,727,000 | 3,256,223,000 |
Tenant Improvements | 184,288,000 | 167,275,000 |
Furniture, fixtures, and equipment | 306,725,000 | 323,381,000 |
Construction in progress | 12,269,000 | 11,893,000 |
Gross real estate | 4,143,291,000 | 4,394,529,000 |
Less: accumulated depreciation | (509,547,000) | (421,551,000) |
Net real estate | 3,633,744,000 | 3,972,978,000 |
Real estate loans | 279,895,000 | 325,790,000 |
Loans and Leases Receivable, Related Parties | 0 | 23,692,000 |
Total real estate and real estate loan, net | 3,913,639,000 | 4,322,460,000 |
Cash and cash equivalents | 28,657,000 | 94,381,000 |
Restricted cash | 47,059,000 | 42,872,000 |
Financing Receivable, Net | 1,863,000 | 17,079,000 |
Note receivable | 21,410,000 | |
Due from Related Parties, Current | 9,011,000 | 24,838,000 |
Interest receivable | 22,528,000 | 25,755,000 |
Intangible Assets, Net (Excluding Goodwill) | 127,138,000 | 154,803,000 |
Deferred loan costs, net of amortization of $155,953 and $64,480 | (714,000) | (1,286,000) |
Deferred offering costs | 4,786,000 | 2,147,000 |
tenants capitalized lease inducements | 18,206,000 | 19,607,000 |
Investment in unconsolidated joint venture | 6,657,000 | 0 |
Other assets | 100,821,000 | 65,332,000 |
Assets | 4,281,079,000 | 4,770,560,000 |
Liabilities | ||
Mortgage notes payable | 2,594,464,000 | 2,567,022,000 |
Accounts payable and accrued expenses | 41,912,000 | 42,191,000 |
deferred liability to former manager | 23,335,000 | 0 |
Contingent liability due to Former Manager | 14,814,000 | 0 |
Line of Credit Facility, Amount Outstanding | 22,000,000 | 0 |
Notes Payable | 0 | 69,489,000 |
unearned revenue from purchase option termination fees | 723,000 | 2,859,000 |
Interest Payable, Current | 7,877,000 | 8,152,000 |
Dividends payable | 20,137,000 | 23,519,000 |
Below Market Lease, Net | 51,934,000 | 62,611,000 |
Security deposits and prepaid rents | 29,425,000 | 20,879,000 |
Deferred income | 36,010,000 | 39,722,000 |
Total liabilities | 2,842,631,000 | 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 | 500,000 | 464,000 |
Additional paid in capital | 1,631,646,000 | 1,938,057,000 |
Accumulated deficit | (192,446,000) | (7,244,000) |
Total stockholders' equity | 1,439,719,000 | 1,931,298,000 |
Non-controlling interest | (1,271,000) | 2,818,000 |
Total equity | 1,438,448,000 | 1,934,116,000 |
Total liabilities and equity | 4,281,079,000 | 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 | 17,000 | 20,000 |
Series A1 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 | 0 |
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 M1 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 | $ 0 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Real Estate Related Loans, Deferred Fee Income and loan loss allowance | $ 10,261 | $ 1,460 |
Real Estate Related Loans, Deferred Fee Income And Loan Loss Allowance, Related Parties | 0 | 1,640 |
Finite-Lived Intangible Assets, Accumulated Amortization | 169,718 | 149,896 |
sales inducements accumulated amortization | 5,350 | 3,567 |
Below Market Lease, Accumulated Amortization | $ 34,006 | $ 23,655 |
Common Stock, par value per share | $ 0.01 | |
Common stock, shares outstanding | 49,994,032 | |
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 | 1,735,000 | 2,028,000 |
Series A1 Preferred Stock [Member] | ||
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 | 149,000 | 5,000 |
Shares outstanding, preferred stock | 149,000 | 5,000 |
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 | 89,000 | 103,000 |
Series M1 Preferred Stock [Member] | ||
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 | 19,000 | 0 |
Shares outstanding, preferred stock | 19,000 | 0 |
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 | 49,994,000 | 46,443,000 |
Common stock, shares outstanding | 49,994,000 | 46,443,000 |
Line of Credit [Member] | ||
Deferred loan costs, accumulated amortization | $ 1,544 | $ 849 |
Mortgages [Member] | ||
Deferred loan costs, accumulated amortization | 46,241 | 42,807 |
Notes Payable to Banks [Member] | ||
Deferred loan costs, accumulated amortization | $ 0 | $ 511 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | |||
Rental revenues | $ 445,815,000 | $ 406,916,000 | $ 331,465,000 |
Interest income on loan and note receivable | 46,610,000 | 49,542,000 | 50,190,000 |
Revenue from Related Parties | 4,235,000 | 11,946,000 | 15,616,000 |
miscellaneous revenues | 5,537,000 | 2,023,000 | 0 |
Total revenues | 502,197,000 | 470,427,000 | 397,271,000 |
Operating expenses: | |||
Property operating and maintenance | 69,255,000 | 59,845,000 | 51,006,000 |
property salaries related party | 22,377,000 | 20,693,000 | 17,766,000 |
Property management fees | 4,989,000 | 13,981,000 | 11,681,000 |
Real estate taxes | 63,294,000 | 56,832,000 | 47,020,000 |
General and administrative | 30,809,000 | 5,773,000 | 3,464,000 |
Share-based Compensation | 1,644,000 | 1,223,000 | 1,703,000 |
Depreciation and amortization | 201,677,000 | 185,065,000 | 171,136,000 |
Management fees | 3,099,000 | 33,516,000 | 27,541,000 |
Loans and Leases Receivable, Allowance | 6,103,000 | 2,038,000 | 2,533,000 |
Allowance for Loan and Lease Losses, Loans Acquired | (6,103,000) | (2,038,000) | (2,533,000) |
Other Expenses | 180,116,000 | 2,987,000 | 0 |
Total operating expenses | 583,363,000 | 381,953,000 | 333,850,000 |
manager's fees deferred | (1,136,000) | (11,764,000) | (6,656,000) |
Operating Expenses | 582,227,000 | 370,189,000 | 327,194,000 |
Operating Income (Loss) | (56,888,000) | 101,805,000 | 139,782,000 |
Interest Expense | 118,558,000 | 111,964,000 | 95,564,000 |
Gain (Loss) on Extinguishment of Debt | 6,674,000 | 84,000 | 0 |
Gain (Loss) on Sales of Loans, Net | 517,000 | 954,000 | 0 |
Income (Loss) before Gain (Loss) on Sale of Properties | (80,030,000) | 100,238,000 | 70,077,000 |
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | (314,000) | 0 | 0 |
Gains (Losses) on Sales of Investment Real Estate | 23,456,000 | 1,567,000 | 69,705,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (181,603,000) | (7,458,000) | 44,538,000 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | (181,603,000) | (7,458,000) | 44,538,000 |
net loss attributable to non-controlling interests | 3,815,000 | 214,000 | (1,071,000) |
Net loss attributable to the Company | (177,788,000) | (7,244,000) | 43,467,000 |
Dividends to preferred stockholders | (160,908,000) | (113,772,000) | (86,741,000) |
Deemed noncash dividend | 453,000 | 768,000 | 229,000 |
NetIncomeAllocatedToUnvestedRestrictedShares | (205,000) | (17,000) | (16,000) |
Net Income (Loss) Available to Common Stockholders, Basic | $ (338,901,000) | $ (121,033,000) | $ (43,290,000) |
Earnings Per Share, Basic | $ (6.95) | $ (2.73) | $ (1.08) |
Dividends, Common Stock, Cash | $ 38,868,000 | $ 46,755,000 | $ 41,129,000 |
Common Stock, Dividends, Per Share, Declared | $ 0.7875 | $ 1.05 | $ 1.02 |
Weighted Average Number of Shares Outstanding, Diluted | 48,743,000 | 44,265,000 | 40,032,000 |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $ 0 | $ 1,831,000 | $ 320,000 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement Parentheticals [Abstract] | |||
property management fees paid to related party | $ 894 | $ 10,307 | $ 8,976 |
Related Party Transaction, Property, Salary, And Benefits, Reimbursement Fees | $ 1,430 | $ 18,054 | $ 16,276 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Total | Series A Preferred Stock [Member] | Series M Preferred Stock [Member] | Series A1 Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member]Series A Preferred Stock [Member] | Common Stock [Member]Series M Preferred Stock [Member] | Common Stock [Member]Series A1 Preferred Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Series A Preferred Stock [Member] | Additional Paid-in Capital [Member]Series M Preferred Stock [Member] | Additional Paid-in Capital [Member]Series A1 Preferred Stock [Member] | Accumulated Deficit [Member] | Accumulated Deficit [Member]Series A Preferred Stock [Member] | Accumulated Deficit [Member]Series M Preferred Stock [Member] | Accumulated Deficit [Member]Series A1 Preferred Stock [Member] | Total Stockholders' Equity [Member] | Total Stockholders' Equity [Member]Series A Preferred Stock [Member] | Total Stockholders' Equity [Member]Series M Preferred Stock [Member] | Total Stockholders' Equity [Member]Series A1 Preferred Stock [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member]Series A Preferred Stock [Member] | Noncontrolling Interest [Member]Series M Preferred Stock [Member] | Noncontrolling Interest [Member]Series A1 Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member]Series A Preferred Stock [Member] | Preferred Stock [Member]Series M Preferred Stock [Member] | Preferred Stock [Member]Series A1 Preferred Stock [Member] | 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 | $ (408,644,000) | $ 420,393,000 | $ 0 | $ 420,389,000 | $ 0 | $ 420,393,000 | $ 4,000 | ||||||||||||||||||||||||||||
Balance at Dec. 31, 2017 | 1,280,766,000 | $ 386,000 | $ 1,271,040,000 | $ 4,449,000 | $ 1,275,887,000 | $ 4,879,000 | 12,000 | ||||||||||||||||||||||||||||
Stock Redeemed or Called During Period, Value | (9,428,000) | 17,000 | (9,445,000) | 0 | (9,428,000) | 0 | 0 | ||||||||||||||||||||||||||||
exercise of warrants | 16,054,000 | 12,000 | 16,042,000 | 0 | 16,054,000 | 0 | 0 | ||||||||||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Units | 0 | 3,000 | 2,011,000 | 0 | 2,014,000 | (2,014,000) | 0 | ||||||||||||||||||||||||||||
amortization of Class A Unit awards | $ 1,166,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 1,166,000 | $ 0 | ||||||||||||||||||||||||||||
Syndication and offering costs | (44,681,000) | 0 | (44,681,000) | 0 | (44,681,000) | 0 | 0 | ||||||||||||||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | 537,000 | 0 | 537,000 | 0 | 537,000 | 0 | 0 | ||||||||||||||||||||||||||||
Dividends, Common Stock, Cash | (41,129,000) | 0 | (41,129,000) | 0 | (41,129,000) | 0 | $ 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 | ||||||||||||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 44,538,000 | 0 | 0 | 43,467,000 | 43,467,000 | 1,071,000 | 0 | ||||||||||||||||||||||||||||
Contribution from non-controlling interests | 0 | ||||||||||||||||||||||||||||||||||
non-controlling interest equity adjustment | 0 | 0 | 2,822,000 | 0 | 2,822,000 | (2,822,000) | 0 | ||||||||||||||||||||||||||||
Payments to Noncontrolling Interests | (1,041,000) | 0 | 0 | 0 | 0 | (1,041,000) | 0 | ||||||||||||||||||||||||||||
Dividends, Preferred Stock | (1,899,000) | (84,842,000) | 0 | (850,000) | (37,975,000) | (1,049,000) | (46,867,000) | (1,899,000) | (84,842,000) | 0 | $ 0 | 0 | $ 0 | ||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | (28,951,000) | $ 0 | (28,951,000) | 0 | (28,951,000) | 0 | |||||||||||||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | (501,076,000) | 482,149,000 | $ 61,758,000 | $ 4,731,000 | 0 | 0 | $ 0 | 482,144,000 | $ 61,757,000 | $ 4,731,000 | $ 0 | $ 0 | 482,149,000 | $ 61,758,000 | $ 4,731,000 | $ 0 | $ 0 | 5,000 | 1,000 | $ 0 | |||||||||||||||
Stock Redeemed or Called During Period, Value | (12,105,000) | 36,000 | (12,140,000) | 0 | (12,105,000) | 0 | (1,000) | ||||||||||||||||||||||||||||
exercise of warrants | 11,495,000 | 9,000 | 11,486,000 | 0 | 11,495,000 | 0 | 0 | ||||||||||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Units | 0 | 1,000 | 676,000 | 0 | 677,000 | (677,000) | 0 | ||||||||||||||||||||||||||||
amortization of Class A Unit awards | 591,000 | 0 | 0 | 0 | 0 | 591,000 | 0 | ||||||||||||||||||||||||||||
Syndication and offering costs | (60,165,000) | 0 | (60,165,000) | 0 | (60,165,000) | 0 | 0 | ||||||||||||||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | 632,000 | 0 | 632,000 | 0 | 632,000 | 0 | 0 | ||||||||||||||||||||||||||||
Dividends, Common Stock, Cash | (46,755,000) | 0 | (46,755,000) | 0 | (46,755,000) | 0 | 0 | ||||||||||||||||||||||||||||
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 [Member]) at Dec. 31, 2019 | (7,414,000) | (7,414,000) | (7,414,000) | ||||||||||||||||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (7,458,000) | 0 | 0 | (7,244,000) | (7,244,000) | (214,000) | 0 | ||||||||||||||||||||||||||||
Contribution from non-controlling interests | 4,539,000 | ||||||||||||||||||||||||||||||||||
Contribution from non-controlling interests | 4,538,000 | 0 | 0 | 0 | 0 | 4,538,000 | 0 | ||||||||||||||||||||||||||||
non-controlling interest equity adjustment | 0 | 0 | 1,751,000 | 0 | 1,751,000 | (1,751,000) | 0 | ||||||||||||||||||||||||||||
Payments to Noncontrolling Interests | (908,000) | 0 | 0 | 0 | 0 | (908,000) | 0 | ||||||||||||||||||||||||||||
Dividends, Preferred Stock | (4,807,000) | (108,950,000) | (15,000) | 0 | $ 0 | 0 | (4,807,000) | (108,950,000) | (15,000) | 0 | 0 | 0 | (4,807,000) | (108,950,000) | (15,000) | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | (206,381,000) | 64,484,000 | 163,146,000 | 0 | 0 | 64,483,000 | 163,144,000 | 0 | 0 | 64,484,000 | 163,146,000 | 0 | 1,000 | 2,000 | |||||||||||||||||||||
Stock Redeemed or Called During Period, Value | (314,267,000) | 28,000 | (314,290,000) | 0 | (314,267,000) | 0 | (5,000) | ||||||||||||||||||||||||||||
exercise of warrants | 8,000 | 0 | 8,000 | 0 | 8,000 | 0 | 0 | ||||||||||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Units | 0 | 2,000 | 2,236,000 | 0 | 2,238,000 | (2,238,000) | 0 | ||||||||||||||||||||||||||||
amortization of Class A Unit awards | $ 247,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 247,000 | $ 0 | ||||||||||||||||||||||||||||
Syndication and offering costs | 25,935,000 | 0 | 25,935,000 | 0 | 25,935,000 | 0 | 0 | ||||||||||||||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | 1,397,000 | 0 | 1,397,000 | 0 | 1,397,000 | 0 | 0 | ||||||||||||||||||||||||||||
Dividends, Common Stock, Cash | (38,868,000) | 0 | (38,868,000) | 0 | (38,868,000) | 0 | $ 0 | ||||||||||||||||||||||||||||
Balance at Dec. 31, 2020 | 1,438,448,000 | 500,000 | 1,631,646,000 | (192,446,000) | 1,439,719,000 | (1,271,000) | 19,000 | ||||||||||||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (181,603,000) | 0 | 0 | (177,788,000) | (177,788,000) | (3,815,000) | 0 | ||||||||||||||||||||||||||||
Contribution from non-controlling interests | 186,000 | ||||||||||||||||||||||||||||||||||
Contribution from non-controlling interests | 186,000 | 0 | 0 | 0 | 0 | 186,000 | 0 | ||||||||||||||||||||||||||||
non-controlling interest equity adjustment | 0 | 0 | (2,286,000) | 0 | (2,286,000) | 2,286,000 | 0 | ||||||||||||||||||||||||||||
Payments to Noncontrolling Interests | (161,000) | (594,000) | 0 | 0 | 0 | 0 | (161,000) | (594,000) | 0 | ||||||||||||||||||||||||||
Dividends, Preferred Stock | (6,408,000) | $ (149,944,000) | $ (4,556,000) | $ 0 | $ 0 | (6,408,000) | $ (149,944,000) | $ (4,556,000) | 0 | $ 0 | $ 0 | (6,408,000) | $ (149,944,000) | $ (4,556,000) | 0 | $ 0 | $ 0 | 0 | $ 0 | $ 0 | |||||||||||||||
Stock Issued During Period, Value, New Issues | $ 4,614,000 | $ 6,000 | $ 4,608,000 | $ 0 | $ 4,614,000 | $ 0 | $ 0 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Common Stock, Dividends, Per Share, Declared | $ 0.7875 | $ 1.05 | $ 1.02 |
Series A Preferred Stock [Member] | |||
Preferred Stock, Dividends Per Share, Declared | 5 | 5 | 5 |
Series A1 And M1 Preferred Stock | |||
Preferred Stock, Dividends Per Share, Declared | 5 | ||
Minimum [Member] | Series M Preferred Stock [Member] | |||
Preferred Stock, Dividends Per Share, Declared | 4.79 | 4.79 | 4.79 |
Minimum [Member] | Series A1 And M1 Preferred Stock | |||
Preferred Stock, Dividends Per Share, Declared | 5.08 | ||
Maximum [Member] | Series M Preferred Stock [Member] | |||
Preferred Stock, Dividends Per Share, Declared | 6.25 | $ 6.25 | $ 6.25 |
Maximum [Member] | Series A1 And M1 Preferred Stock | |||
Preferred Stock, Dividends Per Share, Declared | $ 5.92 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating activities: | |||
Net loss attributable to the Company | $ (177,788,000) | $ (7,244,000) | $ 43,467,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (181,603,000) | (7,458,000) | 44,538,000 |
Reconciliation of net loss to net cash provided by (used in) operating activities: | |||
Depreciation expense | 201,677,000 | 185,065,000 | 171,136,000 |
Amortization of above and below Market Leases | (8,021,000) | (5,765,000) | (5,905,000) |
Deferred fee income amortization | (5,059,000) | (6,275,000) | (4,643,000) |
amortization of purchase option termination fee income | (6,536,000) | (9,111,000) | (8,660,000) |
Deferred Sales Inducement Cost, Amortization Expense | 4,267,000 | 3,220,000 | 3,347,000 |
Deferred loan cost amortization | 6,855,000 | 6,450,000 | 7,108,000 |
deferred interest income | (12,372,000) | (13,828,000) | (17,774,000) |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | (1,831,000) | (320,000) |
Share-based Compensation | 14,391,000 | 8,063,000 | 21,298,000 |
Gain (Loss) on Disposition of Assets | (23,456,000) | (1,567,000) | (69,705,000) |
Gain (Loss) on Condemnation | (517,000) | (954,000) | 0 |
Gain (Loss) From Unconsolidated Joint Ventures | 314,000 | 0 | 0 |
cash inflows purchase option terminations | 7,000,000 | 3,591,000 | 7,740,000 |
Gain (Loss) on Extinguishment of Debt | 6,674,000 | 84,000 | 0 |
Non-Cash Settlement Of Related Party Line Of Credit From Internalizations | 20,864,000 | 0 | 0 |
noncash loan interest income | 0 | (637,000) | 0 |
cash inflows mortgage interest from consolidated VIE | 0 | 18,750,000 | 6,049,000 |
mortgage interes cash outflows consolidated VIE | 0 | (18,750,000) | (6,049,000) |
Allowance for Loan and Lease Losses, Period Increase (Decrease) | 6,103,000 | 2,038,000 | 2,533,000 |
Changes in operating assets and liabilities: | |||
(Increase) in tenant accounts receivable | (24,437,000) | (20,565,000) | (7,631,000) |
Payments for (Proceeds from) Tenant Allowance | (382,000) | (644,000) | (7,607,000) |
Loans and Leases Receivable, Allowance | 6,103,000 | 2,038,000 | 2,533,000 |
(Increase) decrease in other assets | 7,084,000 | 1,518,000 | 2,876,000 |
Increase (Decrease) in Deferred Liabilities | 22,851,000 | 0 | 0 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 15,000,000 | 0 | 0 |
Increase in accounts payable and accrued expenses | (2,805,000) | 2,406,000 | 6,730,000 |
Net cash provided by (used in) operating activities | 47,892,000 | 145,631,000 | 145,381,000 |
Investing activities: | |||
Investments in real estate loans | (59,417,000) | (98,418,000) | (200,806,000) |
Proceeds from Principal Repayments on Loans and Leases Held-for-investment | 115,726,000 | 54,384,000 | 250,448,000 |
Notes receivable issued | 16,293,000 | 3,089,000 | 12,759,000 |
Deferred acquisition fee on real estate loans | (9,624,000) | (40,458,000) | (51,789,000) |
Deferred real estate loan income | (1,044,000) | (5,692,000) | (9,946,000) |
Acquisition of properties, net | (321,962,000) | (619,089,000) | (1,007,048,000) |
Proceeds from Sale of Real Estate Held-for-investment | 515,477,000 | 0 | 164,838,000 |
proceeds from sale of interest in joint venture | 19,221,000 | 0 | 0 |
return of capital from joint venture | 12,250,000 | 0 | 0 |
Receipt of insurance proceeds for capital improvements | 0 | 746,000 | 978,000 |
Proceeds from Sale of Land Held-for-use | 787,000 | 643,000 | 0 |
Payments to Develop Real Estate Assets | (50,000) | (100,000) | 0 |
Additions to real estate assets - improvements | (52,809,000) | (48,071,000) | (44,383,000) |
Increase (Decrease) in Earnest Money Deposits Outstanding | (65,000) | (146,000) | 4,534,000 |
AcquisitionFeesRelatedPartyCosts | 0 | (783,000) | (2,166,000) |
cash paid investment in CMBS | 0 | (30,841,000) | (45,927,000) |
Proceeds from Sale of Mortgage-backed Securities (MBS), Available-for-sale | 0 | 79,558,000 | 0 |
mortgage principal received from consolidated VIE | 0 | 6,570,000 | 1,255,000 |
Increase (Decrease) in Accounts and Notes Receivable | 4,546,000 | 35,239,000 | 41,117,000 |
Net cash (used in) investing activities | 244,125,000 | (661,057,000) | (881,805,000) |
Financing activities: | |||
Proceeds from mortgage notes payable | 469,184,000 | 405,430,000 | 602,375,000 |
Extinguishment of Debt, Amount | (438,308,000) | (176,903,000) | (121,797,000) |
Payments for mortgage loan costs | (12,140,000) | (8,705,000) | (12,299,000) |
Payment for Debt Extinguishment or Debt Prepayment Cost | (5,733,000) | 0 | 0 |
payments received from real estate loan participants | 0 | (5,223,000) | (10,420,000) |
Proceeds from non-revolving lines of credit | 442,000,000 | 265,200,000 | 550,300,000 |
Payments on revolving lines of credit | (420,000,000) | (322,200,000) | (535,100,000) |
Proceeds from Short-term Debt | 70,000,000 | ||
Repayments of Short-term Debt | 70,000,000 | (11,000,000) | |
mortgage principal paid to consolidated VIE | 0 | (6,570,000) | (1,255,000) |
cash flows financing proceeds repurchase agreements | 0 | 4,857,000 | 0 |
cash flows financing repayments repurchase agreements | 0 | (4,857,000) | 0 |
Proceeds from Issuance of Preferred Stock and Preference Stock | 206,381,000 | 501,076,000 | 408,644,000 |
Proceeds from Issuance of Common Stock | 4,522,000 | 0 | 0 |
Proceeds from Warrant Exercises | 24,000 | 11,659,000 | 20,052,000 |
Preferred Stock, Redemption Amount | (314,154,000) | (12,124,000) | (9,367,000) |
Dividends declared and paid | (42,100,000) | (45,439,000) | (39,865,000) |
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | (161,746,000) | (111,738,000) | (85,461,000) |
Payments for deferred offering costs, net of non cash items | (11,509,000) | (4,013,000) | (3,705,000) |
Net Cash Provided by (Used in) Financing Activities | (353,554,000) | 564,989,000 | 751,102,000 |
Cash and Cash Equivalents, Period Increase (Decrease) | (61,537,000) | 49,563,000 | 14,678,000 |
Cash beginning of period | 137,253,000 | 87,690,000 | 73,012,000 |
Cash end of period | 75,716,000 | 137,253,000 | 87,690,000 |
Supplemental cash flow information: | |||
Cash paid for interest | 111,076,000 | 103,298,000 | 86,222,000 |
Noncash Investing and Financing Items [Abstract] | |||
Accrued capital expenditures | 5,189,000 | 4,816,000 | 2,317,000 |
Deemed noncash dividend | 453,000 | 768,000 | 229,000 |
Dividends payable to non controlling interests | 130,000 | 225,000 | 228,000 |
Payments of Ordinary Dividends, Noncontrolling Interest | (161,000) | 0 | 0 |
Accrued and payable deferred offering costs | 98,000 | 3,836,000 | 461,000 |
receivable for deferred offering costs | 2,724,000 | 261,000 | 480,000 |
Writeoff of fully amortized deferred loan costs | 2,828,000 | 1,919,000 | 4,829,000 |
Payments for Tenant Improvements | 0 | 0 | 18,202,000 |
Variable Interest Entity, Consolidated, Assets, Noncurrent, Pledged | 0 | 270,669,000 | 264,886,000 |
Variable Interest Entity, Consolidated, Liabilities, Noncurrent | 0 | 270,670,000 | 264,886,000 |
deconsolidation of VIE assets | 0 | 578,707,000 | 0 |
deconsolidation of VIE liabilities | 0 | 578,707,000 | 0 |
Proceeds from Sale of Loans Receivable | 3,898,000 | 747,000 | 0 |
Reclass of offering costs from deferred asset to equity | 4,671,000 | 12,551,000 | 4,044,000 |
loan receivables converted to equity for property acquisition | 0 | 47,797,000 | 0 |
Contribution from non-controlling interests | (186,000) | (4,539,000) | 0 |
Loans Assumed | 0 | 41,550,000 | 47,125,000 |
Share-based Compensation | 6,461,000 | 719,000 | 4,972,000 |
Noncash settlement of loans | 40,000 | 512,000 | 1,890,000 |
loan fees received | 898,000 | 1,565,000 | 4,331,000 |
mortgage debt refinanced | 86,669,000 | 65,607,000 | 152,770,000 |
Restricted Cash and Cash Equivalents | 47,059,000 | 42,872,000 | |
Proceeds from Delayed Tax Exempt Exchange | 15,912,000 | 0 | 0 |
Sales Of Agency Mortgage Backed Security Investments, Settled After Year-End | 0 | 0 | 41,181,000 |
Noncash Extinguishment Of notes Receivable | 20,865,000 | 0 | 0 |
Non-Cash Contribution of Property into an Unconsolidated Joint Venture | 38,443,000 | 0 | 0 |
Common Stock [Member] | |||
Noncash Investing and Financing Items [Abstract] | |||
Dividends payable | 8,924,000 | 12,156,000 | 10,840,000 |
Series A Preferred Stock [Member] | |||
Financing activities: | |||
Proceeds from Issuance of Preferred Stock and Preference Stock | (64,484,000) | (482,149,000) | (420,393,000) |
Noncash Investing and Financing Items [Abstract] | |||
Dividends payable | 8,680,000 | 10,020,000 | 7,920,000 |
Series M Preferred Stock [Member] | |||
Financing activities: | |||
Proceeds from Issuance of Preferred Stock and Preference Stock | (61,758,000) | ||
Noncash Investing and Financing Items [Abstract] | |||
Dividends payable | 1,236,000 | 560,000 | 269,000 |
Series A1 Preferred Stock [Member] | |||
Financing activities: | |||
Proceeds from Issuance of Preferred Stock and Preference Stock | (163,146,000) | (4,731,000) | |
Noncash Investing and Financing Items [Abstract] | |||
Dividends payable | 844,000 | 15,000 | 0 |
Parent [Member] | |||
Operating activities: | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (177,788,000) | (7,244,000) | 43,467,000 |
Parent [Member] | Series A Preferred Stock [Member] | |||
Financing activities: | |||
Proceeds from Issuance of Preferred Stock and Preference Stock | (64,484,000) | (482,149,000) | $ (420,393,000) |
Parent [Member] | Series M Preferred Stock [Member] | |||
Financing activities: | |||
Proceeds from Issuance of Preferred Stock and Preference Stock | (61,758,000) | ||
Parent [Member] | Series A1 Preferred Stock [Member] | |||
Financing activities: | |||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ (163,146,000) | $ (4,731,000) |
Real Estate Assets Contribution
Real Estate Assets Contributions to revenue and net income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Business Combination, Separately Recognized Transactions [Line Items] | |||
Revenues | $ 502,197 | $ 470,427 | $ 397,271 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (181,603) | $ (7,458) | $ 44,538 |
Quarterly Financial Data (Detai
Quarterly Financial Data (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Revenues | $ 502,197 | $ 470,427 | $ 397,271 |
Operating Income (Loss) | (56,888) | 101,805 | 139,782 |
Net Income (Loss) Attributable to Parent | (177,788) | (7,244) | 43,467 |
Net Income (Loss) Available to Common Stockholders, Basic | $ (338,901) | $ (121,033) | $ (43,290) |
Earnings Per Share, Basic | $ (6.95) | $ (2.73) | $ (1.08) |
Weighted Average Number of Shares Outstanding, Diluted | 48,743,000 | 44,265,000 | 40,032,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (181,603) | $ (7,458) | $ 44,538 |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2020 | |
Organization [Abstract] | |
Organization and Basis of Presentation | 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 and Class A office buildings. Preferred Apartment Communities’ investment objective is to generate attractive, stable returns for stockholders by investing in income-producing properties and acquirin g or originating real estate loans. As of December 31, 2020, the Company owned or was invested in 116 properties in 13 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 January 31, 2020 (see Note 6). As of December 31, 2020, the Company had 49,994,032 shares of common stock, par value $0.01 per share, or Common Stock, issued and outstanding and was the approximate 98.7% 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 648,936 at December 31, 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 controls 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 will conduct substantially all of its business through PAC Carveout, LLC, 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 owned and conducted the business of our portfolio of off-campus student housing communities until the sale of all our student housing communities on November 3, 2020. Each of these en tities are or were 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. 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 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. Actual results could differ from those estimates. Amounts are presented in thousands where indicated. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Acquisitions and Impairments of Real Estate Assets When the Company acquires a property, it allocates the aggregate purchase price to tangible assets, consisting of land, building, site improvements and furniture, fixtures and equipment, and identifiable intangible assets, consisting of the value of in-place leases and above-market and below-market leases as described further below, using estimated fair values of each component at the time of purchase. The Company follows the guidance as outlined in ASC 805-10, Business Combinations, as amended by ASU 2017-01. As described below in the section entitled New Accounting Pronouncements, Accounting Standards Update 2017-01 was adopted by the Company effective January 1, 2017, which changed the definition of a business. Under this new guidance, most property acquisitions made by the Company will fall within the category of acquired assets rather than acquired businesses. This distinction will cause the Company to capitalize its costs for acquisitions (including, effective July 1, 2017, a 1% acquisition fee), allocate them to the fair value of acquired assets and liabilities and amortize these costs over the remaining useful lives of those assets and liabilities. Should the Company complete any acquisitions in the future which qualify as acquisitions of businesses, associated acquisition costs would be expensed as incurred. Tangible assets The fair values of land acquired is calculated under the highest and best use model, using formal appraisals and comparable land sales, among other inputs. Building value is determined by valuing the property on a “go-dark” basis as if it were vacant, and also using a replacement cost approach, which two results are then reconciled. Site improvements are valued using replacement cost. Management determines the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases, including leasing commissions and other related costs. The values of furniture, fixtures, and equipment are estimated by calculating their replacement cost and reducing that value by factors based upon estimates of their remaining useful lives. Identifiable intangible assets In-place leases Multifamily communities and student housing properties The fair value of in-place leases are estimated by calculating the estimated time to fill a hypothetically empty apartment complex to its stabilization level (estimated to be 93% occupancy) based on historical observed move-in rates for each property, and which approximate market rates. Carrying costs during these hypothetical expected lease-up periods are estimated, considering current market conditions and include real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates. The intangible assets are calculated by estimating the net cash flows of the in-place leases to be realized, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. The acquired in-place lease values are amortized over the average remaining non-cancelable term of the respective in-place leases in the depreciation and amortization line of the statements of operations. Grocery-anchored shopping centers and office properties The fair value of in-place leases represent the value of direct costs associated with leasing, including opportunity costs associated with lost rentals that are avoided by acquiring in-place leases. Direct costs associated with obtaining a new tenant include commissions, legal and marketing costs, incentives such as tenant improvement allowances and other direct costs. Such direct costs are estimated based on our consideration of current market costs to execute a similar lease. The value of opportunity costs is calculated using the estimated market lease rates and the estimated absorption period of the space. These direct costs and opportunity costs are included in the accompanying consolidated balance sheets as acquired intangible assets and are amortized over the remaining term of the respective leases in the depreciation and amortization line of the statements of operations. Above-market and below-market lease values Multifamily communities and student housing properties These values are usually not significant or are not applicable for these properties. Grocery-anchored shopping centers and office properties The values of above-market and below-market leases are developed by comparing the Company's estimate of the average market rents and expense reimbursements to the average contract rent at the property acquisition date. The amount by which contract rent and expense reimbursements exceed estimated market rent are summed for each individual lease and discounted for a singular aggregate above-market lease intangible asset for the property. The amount by which estimated market rent exceeds contract rent and expense reimbursements are summed for each individual lease and discounted for a singular aggregate below-market lease intangible liability. The above-market or below-market lease values are recorded as a reduction or increase, respectively, to rental revenue over the remaining noncancelable term of the respective leases, plus any below-market probable renewal options. 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. Real Estate Loan Investments The Company carries its investments in real estate loans at amortized cost with assessments made for expected loan loss allowances in the event recoverability of the principal amount becomes doubtful. The balances of real estate loans presented on the consolidated balance sheets consist of drawn amounts on the loans, net of unamortized deferred loan origination fees and current expected credit losses. Interest income on real estate loans and notes receivable is recognized on an accrual basis over the lives of the loans or notes. In the event that a loan or note is refinanced with the proceeds of another loan issued by the Company, any unamortized loan fee revenue from the first loan will be recognized as interest revenue at the date of refinancing. Loan origination fees applicable to real estate loans are amortized over the lives of the loans as adjustments to interest income using the effective interest rate method. When there is concern as to the ultimate collection of principal or interest, the Company either ceases the accrual of interest, or records allowances as necessary. Certain real estate loan assets include limited purchase options or additional amounts of accrued interest. Additional accrued interest becomes due in cash to the Company on the earliest to occur of: (i) the maturity of the loan, (ii) any uncured event of default as defined in the associated loan agreement, (iii) the sale of the project or the refinancing of the loan (other than a refinancing loan by the Company or one of its affiliates) and (iv) any other repayment of the loan. 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 developed property's future estimated fair market 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. Reserves for current expected credit losses are written off when the instrument is deemed to be uncollectible. 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 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 submarket 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, the results of which are included within the Company's expected loss model. See the Revenue Recognition section of this Note for other loan-related policy disclosures required by ASC 310-10-50-6. Deferred Leasing Costs Costs incurred to obtain tenant leases are amortized using the straight-line method over the term of the related lease agreement. Such costs include lease incentives, leasing commissions and legal costs. If the lease is terminated early, the remaining unamortized deferred leasing cost is written off. Variable Interest Entities A variable interest entity, or “VIE” is an entity that lacks sufficient equity to finance its activities without additional subordinated financial support from other parties, or whose equity holders lack the characteristics of a controlling financial interest. A VIE is consolidated by its primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through the (a) power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (b) obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. The Company assesses whether it meets the power and benefits criteria and in performing this analysis, the Company considers both qualitative and quantitative factors, including the Company’s ability to control or significantly influence key decisions of the VIE and the obligation or likelihood for the Company to fund operating losses of the VIE. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, may involve significant judgment, including the determination of which activities most significantly affect the entities’ performance, and estimates about the current and future fair values and performance of assets held by the VIE. If the Company determines that it meets both the power and benefits criteria of the VIE, the Company is deemed to be the primary beneficiary of the VIE and the Company consolidates the entire VIE entity in its consolidated financial statements. Purchase Option Terminations The Company will occasionally receive a purchase option and/or a right of first offer 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. Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Restricted cash includes cash restricted by state law or contractual requirement and relates primarily to real estate tax and insurance escrows, capital improvement reserves and resident security deposits. Fair Value Measurements Certain assets and liabilities are required to be carried at fair value, or if they are deemed impaired, to be adjusted to reflect this condition. The Company follows the guidance provided by ASC 820, Fair Value Measurements and Disclosures , in accounting and reporting for real estate assets where appropriate, as well as debt instruments both held for investment and as liabilities. The standard requires disclosure of fair values calculated utilizing each of the following input type within the following hierarchy: • Level 1 – Quoted prices in active markets for identical assets or liabilities at the measurement date. • Level 2 – Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. • Level 3 – Unobservable inputs for the asset or liability. Deferred Loan Costs Deferred loan costs are amortized using the effective interest rate method, over the terms of the related indebtedness. Non-controlling Interest Non-controlling interest represents the equity interest of the Operating Partnership that is not owned by the Company, as well as the equity interests held by our joint venture partners. Non-controlling interest is adjusted for contributions, distributions and earnings or loss attributable to the non-controlling interest in the consolidated entity in accordance with the Agreement of Limited Partnership of the Operating Partnership, as amended, or in accordance with the respective joint venture agreement. Redeemable Preferred Stock Shares of the Series A Redeemable Preferred Stock, stated value $1,000 per share, or Series A Preferred Stock, Series A1 Redeemable Preferred Stock, stated value $1,000 per share, or Series A1 Preferred Stock, Series M Redeemable Preferred Stock, stated value $1,000 per share, or mShares, and Series M1 Redeemable Preferred Stock, stated value $1,000 per share, or Series M1 Preferred Stock (collectively, Preferred Stock), are redeemable at the option of the holder, subject to a declining redemption fee schedule. Voluntary redemptions by the holder are outside the control of the Company. However, the Company retains the right to fund any redemptions of any of its shares of Preferred Stock in either Common Stock or cash at its option. Therefore, the Company records all its Preferred Stock as components of permanent stockholders’ equity. In the event of a call by the Company of outstanding shares of its Preferred Stock, the Company records the difference between the consideration paid to the holder of the Preferred Stock and the carrying value of the shares on the Company's consolidated balance sheets as a deemed dividend that is subtracted from net income to arrive at income available to common stockholders in the calculation of earnings per share. Deferred Offering Costs Deferred offering costs represent direct costs incurred by the Company related to current equity offerings, excluding costs specifically identifiable to a closing, such as commissions, dealer-manager fees, and other registration fees. For issuances of equity that occur on one specific date, associated offering costs are reclassified as a reduction of proceeds raised on the date of issue. The Company's offerings of Preferred Stock generally close on a bimonthly basis in variable amounts. Deferred offering costs related to the Preferred Stock offerings are reclassified to the stockholders’ equity section of the consolidated balance sheet as a reduction of proceeds raised on a pro-rata basis equal to the ratio of total shares or value of shares issued to the maximum number of shares or the value of shares, as applicable, that are expected to be issued. Revenue Recognition Multifamily communities Rental revenue is recognized when earned from residents of the Company's multifamily communities, which is over the terms of the rental agreements, typically a duration of thirteen months or less. The Company evaluates the collectability of amounts due from residents and recognizes revenue from residents when collectability is deemed probable, in accordance with ASC 842-30-25-12. 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. Reimbursement revenue and percentage rent were previously presented in the Company’s Other Property Revenues line item. For presentation purposes, the Company has reclassified its revenue from reimbursements into Rental and other property revenues for all periods presented, for comparability. 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). These items are recorded under Rental and other property revenues. 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. 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. The Company previously recorded bad debt expense within the Property operating and maintenance expense line item, and upon adoption of ASC 842 on January 1, 2019, began recording amounts not deemed probable of collection as a reduction of rental revenues and other property revenues, as applicable. The Company may provide grocery-anchored shopping center and office building tenants an allowance for the construction of leasehold improvements. Leasehold improvements that are owned by the Company 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. 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’s right of use asset and related lease liability in accordance with ASC 842-20-30 related to these ground leases are recorded within the Tenant Receivables and Other assets and the Security deposits and other liabilities line items of the balance sheet, respectively. The Company is also the lessee of furniture and equipment leases such as office equipment, which generally are three Acquisition Costs The Company accounts for acquisition costs in accordance with guidance provided in Accounting Standards Update 2017-01. Under this guidance, most property acquisitions made by the Company will fall within the category of acquired assets rather than acquired businesses. This distinction causes the Company to capitalize its costs for acquisitions, allocate them to the fair value of acquired assets and liabilities and amortize these costs over the remaining useful lives of those assets and liabilities. Should the Company complete any acquisitions in the future which qualify as acquisitions of businesses, associated acquisition costs would be expensed as incurred. Capitalization and Depreciation The Company capitalizes tenant improvements, replacements of furniture, fixtures and equipment, as well as carpet, appliances, air conditioning units, certain common area items and other assets. Significant repair and renovation costs that improve the usefulness or extend the useful life of the properties are also capitalized. These assets are then depreciated on a straight-line basis over their estimated useful lives, as follows: • Buildings: 30 - 50 years • Furniture, fixtures & equipment: 5 - 10 years • Improvements to buildings and land: 5 - 20 years • Tenant improvements: shorter of economic life or lease term Operating expenses related to unit turnover costs, such as carpet cleaning and minor repairs are expensed as incurred. Income Taxes The Company has elected to be taxed as a REIT under the Code. To continue to qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company's annual REIT taxable income to its stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes 100% of the Company's annual REIT taxable income to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at the corporate income tax rate and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could have a material adverse affect on the Company's net income and net cash available for distribution to stockholders. The Company intends to operate in such a manner as to maintain its election for treatment as a REIT. The Company recognizes a liability for uncertain tax positions. An uncertain tax position is defined as a position taken or expected to be taken in a tax return that is not based on clear and unambiguous tax law and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company measures the tax benefits recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The Company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes. Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income or loss available to common stockholders by the weighted average number of shares of Common Stock outstanding for the period. Net income or loss attributable to common stockholders is calculated by deducting dividends due to preferred stockholders, including deemed non-cash dividends emanating from beneficial conversion features within convertible preferred stock, as well as nonforfeitable dividends due to holders of unvested restricted stock, which are participating securities under the two-class method of calculating earnings per share. Diluted earnings (loss) per share is computed by dividing net income or net loss available to common stockholders by the weighted average number of shares of Common Stock outstanding adjusted for the effect of dilutive securities such as share grants or warrants. No adjustment is made for potential common stock equivalents that are anti-dilutive during the period. 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 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 will be limited to our real estate loans and notes and revolving lines of credit. 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 affo |
Real Estate Assets (Notes)
Real Estate Assets (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate Assets [Abstract] | |
Business Combination Disclosure | Real Estate Assets The Company's real estate assets consisted of: As of: (unaudited) December 31, 2020 December 31, 2019 Residential properties: Properties (1) 37 (1, 2) 42 Units 11,143 12,256 Beds — 6,095 New Market Properties: Properties 54 ( 2, 3) 52 Gross leasable area (square feet) (3) 6,208,278 6,041,629 Preferred Office Properties: Properties 9 ( 2) 9 Rentable square feet 3,169,000 3,169,000 Development properties 2 1 Rentable square feet 35,000 35,000 (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 grocery-anchored shopping centers and two office buildings are owned through consolidated joint ventures. One grocery-anchored shopping center is an investment in an unconsolidated joint venture. (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. Impacts of COVID-19 Pandemic The COVID-19 pandemic that spread throughout the country during 2020 impacted earnings for commercial real estate to some degree but has not had a profound widespread negative effect on the valuations of real estate assets. The Company does not consider this event to be a triggering event for purposes of impairment, since overall occupancy rates for the Company’s real estate assets have not materially declined and the Company has continued to collect substantially all rent due. Thus, there is no evidence of declining valuations or a triggering event. Residential properties acquired During the years ended December 31, 2020 and 2019, 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 11/2/2020 The Blake Orlando, Florida 281 12/15/2020 The Menlo Jacksonville, Florida 332 1,293 8/8/2019 Artisan at Viera Melbourne, Florida 259 9/18/2019 Five Oaks at Westchase Tampa, Florida 218 477 The aggregate purchase prices of the multifamily acquisitions were approximate ly $276.9 million and $117.0 million for the acquisitions completed during the years ended December 31, 2020 and 2019 respectively, exclusive of acquired escrows, security deposits, prepaids, capitalized acquisition costs and other miscellaneous assets and assumed li abilities. 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 Communities acquired during the years ended December 31, (In thousands, except amortization period data) 2020 2019 Land $ 28,074 $ 9,264 Buildings and improvements 194,434 87,098 Furniture, fixtures and equipment 50,170 19,806 Lease intangibles 8,635 2,647 Prepaids & other assets 354 75 Accrued taxes (437) (477) Security deposits, prepaid rents, and other liabilities (742) (118) Net assets acquired $ 280,488 $ 118,295 Cash paid $ 144,016 $ 78,295 Mortgage debt, net 136,472 40,000 Total consideration $ 280,488 $ 118,295 Year ended December 31, 2020: Revenue $ 9,328 $ 9,206 Net income (loss) $ (6,244) $ (3,779) Year ended December 31, 2019: Revenue $ — $ 2,967 Net income (loss) $ — $ (2,074) Capitalized acquisition costs incurred by the Company $ 4,370 $ 1,771 Acquisition costs paid to related party (included above) $ — $ 1,216 Remaining amortization period of intangible assets and liabilities (months) 7.8 0 Multifamily communities sold On November 12, 2020, the Company closed on the sal e of its 395-unit multifamily community in San Antonio, Texas, or Avenues at Creekside, to an unrelated third party for a sales price of approximately $62.7 million, exclusive of closing costs and resulting in a gain of approximately $17.3 million, net of disposition costs. Avenues at Creekside contributed approximately $0.3 million of net income to t he consolidated operating results of the Company for the year ended December 31, 2020. The carrying amounts of the significant assets and liabilities of the disposed property at the date of sale were: (In thousands) Avenues at Creekside Real estate assets: Land $ 5,984 Building and improvements 42,750 Furniture, fixtures and equipment 7,840 Accumulated depreciation (12,186) Total assets, net $ 44,388 Liabilities: Mortgage note payable $ 38,114 Student housing property acquired On March 27, 2019, the Company acquired Rush, a 332-unit, 887-bed student housing community located 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 Rush project entity in satisfaction of the project indebtedness owed to the Company. See Note 4. The aggregate consideration for the acquisition was approximately $92.4 million, exclusive of acquired escrows, security deposits, prepaid assets, capitalized acquisition costs and other miscellaneous assets and assumed liabilities. 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. (In thousands, except amortization period data) 2019 Land $ 7,289 Buildings and improvements 68,163 Furniture, fixtures and equipment 16,966 Lease intangibles 983 Below market leases — Prepaids & other assets — Accrued taxes (158) Security deposits, prepaid rents, and other liabilities (2,579) Net assets acquired $ 90,664 Cash paid $ 2,717 Satisfaction of loan receivables 46,397 Mortgage debt, net 41,550 Total consideration $ 90,664 Year ended December 31, 2020: Revenue $ 6,774 Net income (loss) $ 319 Year ended December 31, 2019: Revenue $ 5,532 Net income (loss) $ (2,946) Capitalized acquisition costs incurred by the Company $ 1,016 Acquisition costs to related party (included above) $ 936 Remaining amortization period of intangible assets and liabilities (months) 0 The improvement in net income for the property for the year ended December 31, 2020 over 2019 was due to the payoff of the mortgage on the property in November 2019 and the resulting absence of interest expense. The Company di d not acquire any student housing properties during the year ended December 31, 2020. Student housing properties sold On November 3, 2020 the Company sold all eight of its student housing communities and one real estate loan investment to an unrelated third party for an aggregate purchase price of $478.7 million exclusive of closing costs and resulting in a gain of $2.9 million. The disposed assets collectively contributed approximately $5.3 million of net loss to the consolidated operating results of the Company for the year ended December 31, 2020. The communities disposed of were: Property University Location Number of units Number of beds Student housing properties sold: North by Northwest Florida State University Tallahassee, FL 219 679 SoL Arizona State University Tempe, AZ 224 639 Stadium Village (1) Kennesaw State University Atlanta, GA 198 792 Ursa (1) Baylor University Waco, TX 250 840 The Tradition Texas A&M University College Station, TX 427 808 Knightshade University of Central Florida Orlando, FL 221 894 The Bloc Texas Tech University Lubbock, TX 140 556 Rush University of North Carolina - Charlotte Charlotte, NC 332 887 Total/Average 2,011 6,095 The carrying amounts of the significant assets and liabilities of the disposed properties at the dates of sale were: (In thousands) Student Housing Portfolio Real estate assets: Land $ 61,149 Building and improvements 390,797 Furniture, fixtures and equipment 68,596 Accumulated depreciation (60,113) Total assets, net $ 460,429 Liabilities: Mortgage notes payable $ 216,219 New Market Properties assets acquired During the years ended December 31, 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 8/16/2019 Fairfield Shopping Center (1) Virginia Beach, Virginia 231,829 11/14/2019 Berry Town Center Orlando, Florida 99,441 12/19/2019 Hanover Shopping Center (1) Wilmington, North Carolina 305,346 1,318,519 (1) Property is owned through a consolidated joint venture. The agg regate purchase price of the New Market Properties acquisitions for the years ended December 31, 2020 and 2019 was approximately $27.7 million and $248.4 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 years ended December 31, (In thousands, except amortization period data) 2020 2019 Land $ 9,328 $ 77,612 Buildings and improvements 12,264 152,804 Tenant improvements 2,099 11,319 In-place leases 3,043 21,084 Above market leases 107 3,098 Leasing costs 1,237 7,216 Below market leases (359) (21,028) Prepaid taxes and other assets 61 124 Security deposits, prepaid rents, and other liabilities (249) (869) Net assets acquired $ 27,531 $ 251,360 Cash paid $ 19,640 $ 91,422 Mortgage debt 7,891 159,938 Total consideration $ 27,531 $ 251,360 Year ended December 31, 2020: Revenue $ 2,250 $ 25,371 Net income (loss) $ 121 $ (3,722) Year ended December 31, 2019: Revenue $ — $ 11,401 Net income (loss) $ — $ (1,686) Capitalized acquisition costs incurred by the Company $ 470 $ 5,266 Capitalized acquisition costs paid to related party (included above) $ 249 $ 2,367 Remaining amortization period of intangible assets and liabilities (in years, as of December 31, 2020) 10.2 7.8 Preferred Office Properties assets acquired The Company did not acquire any office buildings during 2020. During the year ended December 31, 2019, the Company completed the acquisition of the following office buildings: Acquisition date Property Location Gross leasable area (square feet) 7/25/2019 CAPTRUST Tower Raleigh, North Carolina 300,000 7/31/2019 251 Armour Drive Atlanta, Georgia 35,000 12/20/2019 Morrocroft Center Charlotte, North Carolina 291,000 626,000 The aggregate purchase price of the Preferred Office Properties acquisitions for the year ended 2019 was approximately $250.6 million, exclusive of acquired escrows, security deposits, prepaid assets, capitalized acquisition costs and other miscellaneous assets and assumed liabilities. 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. (In thousands, except amortization period data) Preferred Office Properties' acquisitions during the year ended December 31, 2019 Land $ 22,654 Buildings and improvements 193,243 Tenant improvements 13,205 In-place leases 12,766 Above-market leases 1,760 Leasing costs 6,021 Below-market leases (2,892) Prepaid and other assets 56 Accrued taxes (98) Security deposits, prepaid rents, and other liabilities (413) Net assets acquired $ 246,302 Cash paid $ 93,652 Mortgage debt, net 82,650 Term Note 70,000 Total consideration $ 246,302 Year ended December 31, 2020: Revenue $ 21,648 Net income (loss) $ (1,655) Year ended December 31, 2019: Revenue $ 5,530 Net income (loss) $ (718) Capitalized acquisition costs incurred by the Company $ 3,079 Acquisition costs paid to related party (included above) $ 2,570 Remaining amortization period of intangible assets and liabilities (in years, as of December 31, 2020) 7.1 The Company recorded aggregate amortization and depreciation expense of: (In thousands) Years ended December 31, 2020 2019 2018 Depreciation: Buildings and improvements $ 113,402 $ 99,137 $ 78,691 Furniture, fixtures, and equipment 50,474 50,747 47,158 163,876 149,884 125,849 Amortization: Acquired intangible assets 36,030 34,057 44,617 Deferred leasing costs 1,576 933 519 Website development costs 195 191 151 Total depreciation and amortization $ 201,677 $ 185,065 $ 171,136 At December 31, 2020, the Company had recorded acquired gross intangible assets of $296.9 million, accumulated amortization of $169.7 million, gross intangible liabilities of $85.9 million and accumulated amortization of $34.1 million. Net intangible assets and liabilities as of December 31, 2020 will be amortized over the weighted average remaining amortization periods of approximately 7.0 and 8.7 years, respectively. Included in the Company's aggregate restricted cash of approximately $47.1 million at December 31, 2020 was approximately $14.4 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. Effective May 7, 2018, the Company terminated its purchase options on the Encore, Bishop Street and Hidden River multifamily communities and the Haven46 and Rush student housing properties, all of which were partially supported by real estate loan investments held by the Company, in exchange for termination fees aggregating approximately $12.3 million from the developers. Effective January 1, 2019, the Company terminated its purchase options on the Sanibel Straits, Newbergh, Wiregrass and Cameron Square multifamily communities and the Solis Kennesaw student housing property, all of which are partially supported by real estate loan investments held by the Company, in exchange for termination fees aggregating approximately $9.1 million from the developers. Effective March 6, 2020, the Company terminated its purchase option on the Falls at Forsyth multifamily community for $2.5 million. Effective December 10, 2020, the Company terminated its purchase option on the Solis Kennesaw II student housing property for $1.2 million. These fees are treated as additional interest revenue and are amortized over the period ending with the earlier of (i) the sale of the underlying property and (ii) the maturity of the real estate loans. The Company recorded approximately $6.5 million, $9.1 million and $8.7 million of interest revenue related to these purchase option terminations for the years ended December 31, 2020, 2019 and 2018, respectively. Joint Venture Investment On July 15, 2020, we contributed our Neapolitan Way grocery-anchored shopping center that was previously wholly-owned and consolidated into a joint venture in exchange for approximately $19.2 million and 50% interest in the joint venture. We realized a gain on the transaction of approximately $3.3 million. We now hold our remaining interest in the property via an unconsolidated joint venture and retain a 50% voting and financial interest. The following tables summarize the balance sheet and statements of operations data for Neapolitan Way shopping center subsequent to its contribution into the joint venture as of and for the periods presented: (In thousands) December 31, 2020 Total assets $ 39,109 Total liabilities $ 25,795 Three months ended December 31, 2020 Year ended December 31, 2020 Rental and other property revenues $ 772 $ 1,423 Total operating expenses $ 924 $ 1,721 Interest expense $ 236 $ 330 Net income (loss) $ (388) $ (628) Net income (loss) attributable to the Company $ (194) $ (314) |
Real Estate Loans, Notes Receiv
Real Estate Loans, Notes Receivable, and Lines of Credit | 12 Months Ended |
Dec. 31, 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: December 31, 2020 December 31, 2019 Number of loans 20 27 Number of underlying properties in development 14 19 (In thousands) Drawn amount $ 290,156 $ 352,582 Deferred loan origination fees (1,194) (1,476) Allowances for expected credit losses (9,067) (1,400) Carrying value $ 279,895 $ 349,706 Unfunded loan commitments $ 44,403 $ 61,718 Weighted average current interest, per annum (paid monthly) 8.50 % 8.48 % Weighted average accrued interest, per annum 3.91 % 3.85 % (In thousands) Principal balance Deferred loan origination fees Allowances and CECL Reserves 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 59,417 — — 59,417 Loan repayments (119,627) — — (119,627) Loans and accrued interest settled through sale (2,216) — 3,548 1,332 Loan origination fees collected — (898) — (898) Amortization of loan origination fees — 1,180 — 1,180 Reserve increases due to loan originations — — (767) (767) Net increases in reserves on existing loans or loans repaid — — (3,034) (3,034) Balances as of December 31, 2020 $ 290,156 $ (1,194) $ (9,067) $ 279,895 (In thousands) Number of loans Carrying value Commitment amount Percentage of portfolio Residential Properties 19 $ 268,308 $ 315,365 96 % Preferred Office Properties 1 11,587 19,193 4 % Balances as of December 31, 2020 20 $ 279,895 $ 334,558 Effective June 30, 2019, the Company amended and sold its senior construction loan on the 8West office development to a third party and collected a gross fee of $1.55 million from the buyer. The Company's Palisades real estate loan investment was subject to a loan participation agreement with an unaffiliated third party, under which the syndicate was to fund approximately 25% of the loan commitment amount and collectively receive approximately 25% of interest payments, returns of principal and purchase option discount (if applicable). On March 13, 2019, the Company repurchased the loan participant's 25% balance in the loan from the loan participant and at December 31, 2019, carried the entire loan balance on its consolidated balance sheet without reflection of any liability to any third party. 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 year ended December 31, 2020, the Company recorded an aggregate net increase in its provision for expected credit losses of approximately $1.7 million, primarily related to changes in estimates to the valuations of the underlying development projects due to the COVID-19 pandemic, countered by other projects achieving construction and leasing milestones. The Company's total allowance for expected credit losses for the year ended December 31, 2020 was as follows: (In thousands) For the year ended December 31, 2020 Allowances recorded for interest receivable: Haven Campus Communities, LLC line of credit $ 1,649 Starkville real estate loan 652 Net increases in current expected loss reserves on existing loans 3,802 Total allowance for expected credit losses $ 6,103 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 4.0% final reserve ratio at December 31, 2020. The project experienced a temporary construction delay due to effects of the COVID-19 pandemic but has received its final certificates of occupancy and was over 50% leased at December 31, 2020. The Company assesses its real estate loan investment portfolio for impacts from COVID-19 at each quarter end. 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 had been in default since August 20, 2019 under the terms of the underlying mezzanine loan agreement. The Company recorded a 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 as of December 31, 2019 and an additional $2.1 million on January 1, 2020 with the Company's adoption of ASU 2016-13. This loan was included in the sale of the Company's eight student properties that closed on November 3, 2020. 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 (including unpaid interest) by final reserve ratio as of December 31, 2020: Final reserve ratio Number of loans Total receivables by project, net of reserves (in thousands) — % 3 $ 23,127 0.50 % 4 33,189 1.00 % 5 53,690 1.50 % 4 38,443 3.00 % 1 9,276 4.00 % 3 149,541 5.00% + — — 20 $ 307,266 At December 31, 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 December 31, 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 6/17/2014 6/30/2021 1,000 — — 12 % Oxford Capital Partners, LLC (4,6) 10/5/2015 6/30/2021 8,000 1,256 5,438 10 % Mulberry Development Group, LLC (5) 3/31/2016 6/30/2021 750 607 525 12 % 360 Capital Company, LLC (5) N/A N/A — — 3,394 N/A 360 Capital Company, LLC (5,7) N/A N/A — — 7,754 N/A Unamortized loan fees — (33) $ 21,410 $ 10,874 $ 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 overall decrease in the Oxford line of credit balance is a function of an approximate $5.0 million paydown on July 31, 2020, that was required as part of the line of credit agreement whenever there is a defined Capital Transaction, generally triggered by the sale of a development property. (7) The line of credit extended to 360 Residential was paid off in full on November 30, 2020. On November 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 December 31, 2020 was approximately $2.0 million. Under the terms of the loan, amounts collected are applied first to any legal costs incurred by the Company to collect a mounts 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 Rush student housing project in exchange for the complete settlement of the related Rush loans, which include the Haven Campus Communities Charlotte Member, LLC line of credit, the Rush mezzanine loan and the Rush 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 affi liates. 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 (In thousands) Years ended December 31, 2020 2019 2018 Real estate loans: Current interest $ 27,966 $ 30,985 $ 31,368 Additional accrued interest 12,372 13,663 19,003 Loan origination fee amortization 1,181 1,426 1,570 Purchase option termination fee amortization 6,536 9,111 9,820 Default interest 209 91 64 Total real estate loan revenue 48,264 55,276 61,825 Notes and lines of credit 2,541 5,430 3,784 Bank and money market accounts 40 687 147 Agency mortgage-backed securities — 95 50 Interest income on loans and notes receivable $ 50,845 $ 61,488 $ 65,806 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 December 31, 2020 of approxim ately $290.2 million. The maximum aggregate amount of loans to be funded as of December 31, 2020 was approximately $334.6 million, which includes approximately $44.4 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 also subject to a geographic concentration of risk that could be considered significant with regard to the Newbergh, Newbergh Capital, 8West, Kennesaw Crossing and Solis Cumming Town Center 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 December 31, 2020 totaled approximately $52.7 million (with a total commitment amount of approximately $72.6 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. On March 28, 2019, the Company purchased a subordinate tranche of Series 2019-ML05, a pool of 21 multifamily mortgages with a total pool size of approximately $295.7 million, from Freddie Mac. The Company's tranche of the 2019-ML05 pool paid monthly interest of approximately $103,000. The purchase price of the subordinate tranche was approximately $18.4 million. On December 17, 2019, the Company sold its investment in Series 2019-ML05 for $20.4 million. Agency Mortgage-Backed Securities investments |
Redeemable Preferred Stock
Redeemable Preferred Stock | 12 Months Ended |
Dec. 31, 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 December 31, 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 transa ctions 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 equity offerings that were active during 2020 consisted of: (In thousands) Deferred Offering Costs Offering Total offering Gross proceeds as of December 31, 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 1,000,000 168,226 758 3,747 4,505 15,935 20,440 2019 Shelf Offering (2) 400,000 4,614 24 1,039 1,063 92 1,155 Total $ 2,900,000 $ 1,409,254 $ 16,656 $ 4,786 $ 21,442 $ 131,677 $ 153,119 (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 subset of the $400 million Shelf Offering. (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. Aggregate offering expenses of the $1.5 Billion Unit Offering, including selling commissions and dealer manager fees, and of the mShares Offering, including dealer manager fees, are each individually capped at 11.5% of the aggregate gross proceeds of the two offerings. The Company reimbursed its Former Manager up to 1.5% of the gross proceeds of such offerings for all organization and offering expenses that were incurred by the Former Manager through the date of the Internalization. Dealer manager fees for both offerings and sales commissions for the $1.5 Billion Unit Offering are not reimbursable. On November 24, 2020, the Company called 208,786 shares of its Series A Redeemable Preferred Stock and redeemed the shares for cash at the stated value of $1,000 per share. See note 7. 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. Each share of Series A1 Preferred Stock ranks senior to Common Stock with respect to dividend rights and carries a cumulative annual 6% dividend of the stated per share value of $1,000, payable monthly as declared by the Company’s board of directors. Dividends begin accruing on the date of issuance. The redemption schedule of the Series A1 Preferred Stock allows redemptions at the option of the holder from the date of issuance through the first year subject to a 13% redemption fee. After year one, the redemption fee decreases to 10%, after year two the redemption fee decreases to 5% and after year three there is no redemption fee. Any redeemed shares of Series A1 Preferred Stock are entitled to any accrued but unpaid dividends at the time of the redemption and any redemptions may be in cash or Common Stock, at the Company’s discretion. Each share of Series M1 Preferred Stock ranks senior to Common Stock with respect to dividend rights and carries a cumulative annual dividend beginning at 6.1% of the stated per share value of $1,000, payable monthly as declared by the Company’s board of directors. The annual dividend rate increases by 0.1% on each anniversary of the issuance date up to a maximum annual dividend rate of 7.1%. Dividends begin accruing on the date of issuance. The redemption schedule of the Series M1 Preferred Stock allows redemptions at the option of the holder from the date of issuance of the Series M1 Preferred Stock through the first year at the stated value per share minus dividends paid for the three most previous dividend declaration dates. After year one, the shares of Series M1 Preferred Stock may be redeemed at 100% of the stated value per share. Any redeemed shares of Series M1 Preferred Stock are entitled to any accrued but unpaid dividends at the time of redemption and any redemptions may be in cash or Common Stock, at the Company’s discretion. Both the Series A1 Preferred Stock and the Series M1 Preferred Stock are callable by the Company after the second anniversary of the date of original issuance at 100% of the stated value per share. 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. The Company could reimburse its Former Manager up to 2.0% of the gross proceeds of such offerings for all organization and offering expenses that were incurred by the Former Manager through the date of the Internalization. However, upon approval by the conflicts committee of the board of directors, the Company could have reimbursed its Former Manager for any such organization and offering expenses incurred above the 2.0% amount as permitted by the Financial Industry Regulatory Authority, or FINRA. Dealer manager fees and sales commissions for the Series A1/M1 Preferred Stock Offering are not reimbursable. The shares are being offered by PCS on a "reasonable best efforts" basis. The Company intends to invest substantially all the net proceeds of the Series A1/M1 Registration Statement in connection with the acquisition of multifamily communities, other real estate-related investments and general working capital purposes. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Related Party Transactions On January 31, 2020, the Company internalized the functions performed by the Former Manager and Former Sub-Manager by acquiring the entities that owned the Former Manager and the Former Sub-Manager for an aggrega te 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 certa in 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 Former Sub-Manager. The Company's Haven Campus Communities LLC line of credit is 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 this loa n was negotiated and agreed upon while John A. Williams was the Chief Executive Officer of the Company, this instrument will continue to be reported as a related party transaction until the loan is repaid, including interest receivable of approximately $2.4 million that is included in the tenant receivables and other assets line of the consolidated balance sheet. 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 were settled in full in conjunction with the Company's acquisition of the underlying property o n 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) Years ended December 31, Type of Compensation Basis of Compensation 2020 2019 2018 Acquisition fees 1.0% of the gross purchase price of real estate assets $ 235 $ 7,203 $ 10,699 Loan origination fees 1.0% of the maximum commitment of any real estate loan, note or line of credit receivable — 783 2,166 Loan coordination fees 0.6% of any assumed, new or supplemental debt incurred in connection with an acquired property 47 2,939 3,897 Asset management fees Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted 1,349 15,596 14,698 Property management fees Monthly fee up to 4% of the monthly gross revenues of the properties managed 890 10,274 8,934 General and administrative expense fees Monthly fee equal to 2% of the monthly gross revenues of the Company 616 6,177 6,022 Construction management fees Quarterly fee for property renovation and takeover projects 14 264 408 Disposition fees 1% of the sale price of a real estate asset — 282 1,710 Contingent asset management fees / general and administrative fees Recognized upon disposition of the property when exceeding the 7% IRR hurdle — 11 671 $ 3,151 $ 43,529 $ 49,205 The Former Manager waived some of the asset managemen t, 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 conju nction 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) Years ended December 31, 2020 2019 2018 $ 1,430 $ 18,054 $ 16,276 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, b ut not limited to, legal and marketing functions. As permitted under the Management Agreement, the Former Manager was reimbursed $40,451, $512,324 and $477,076 for the years ended December 31, 2020, 2019 and 2018, respectively and Preferred Capital Securities, LLC, or PCS, was reimbursed $0, $1,367,798 and $1,412,522 for the years ended December 31, 2020, 2019 and 2018, respectively. These costs are recorded as deferred offering costs until such time as additional closings occur on the Series A1/M1 Preferred Stock Offering, $1.5 Billion Prior to the Internalization, the Company held a promissory note in the amount of approxima tely $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 |
Dividends
Dividends | 12 Months Ended |
Dec. 31, 2020 | |
Dividends [Abstract] | |
dividends and distributions [Text Block] | 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. Similarly, beginning in October 2019, the Company declares and pays monthly cash dividend distributions in the amount of $5.00 per share per month on 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, beginning in October 2019, 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 holders of Class A OP Units of the Operating Partnership are e ntitled to equivalent distributions as the dividends declared on the Common Stock. At December 31, 2020, the Company had 648,936 Cl ass 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 (In thousands) For the years ended December 31, 2020 2019 2018 Series A Preferred Stock $ 149,943 $ 108,950 $ 84,841 mShares 6,408 4,807 1,900 Series A1 Preferred Stock 4,069 15 — Series M1 Preferred Stock 488 — — Common Stock 38,868 46,755 41,129 Class A OP Units 593 908 1,041 Total $ 200,369 $ 161,435 $ 128,911 In conjunction with the call of 208,786 shares of its Series A Redeemable Preferred Stock, the Company recorded a deemed dividend to these shareholders of approximately $20.9 million, that is included in the Dividends declared to preferred stockholders line on the Consolidated Statements of Operations for the year ended December 31, 2020. |
Equity Compensation
Equity Compensation | 12 Months Ended |
Dec. 31, 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 stockholders approved, the Preferred Apartment Communities, Inc. 2019 Stock Incentive Plan, or the 2019 Plan, to incentivize, compensate and retain eligible officers, employees, 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: Years ended December 31, Unamortized expense as of December 31, 2020 (In thousands) 2020 2019 2018 Class B Unit awards to employees: 2016 $ — $ 2 $ 271 $ — 2017 3 312 344 — 2018 244 277 551 2 Restricted stock grants to Board members: 2017 — — 120 — 2018 — 120 241 — 2019 140 281 — — 2020 355 — — 177 Restricted stock grants for employees: 2020 522 — — 3,358 Performance-based restricted stock units: 2020 230 — — 1,615 Restricted stock units to employees: 2017 — 69 76 — 2018 35 74 100 — 2019 57 88 — 71 2020 58 — — 116 Total $ 1,644 $ 1,223 $ 1,703 $ 5,339 Performance-based Restricted Stock Unit Grants On July 31, 2020, the Company awarded performance-based restricted stock units (“PSUs”) to certain of its senior executives. Each PSU represents the right to receive one share of APTS common stock upon satisfaction of both (i) the market condition, at which time the PSUs become earned PSUs, and (ii) the service requirement, beyond which point the PSUs become vested PSUs. The market condition requirement of the PSUs consists of a relative measure of total shareholder return (“TSR”) of the Company's Common Stock versus the average TSR of a select group of publicly-traded peer companies. TSR is calculated by dividing the sum of price appreciation and cumulative dividends over the performance period divided by the beginning value of the common stock at the performance period commencement date (July 1, 2020), where the determining values are derived by calculating the 20-day volume weighted average stock price preceding both the performance period commencement date and the performance period end date (June 30, 2023). PSUs will become earned PSUs according to the percentile rank of the TSR of Company's Common Stock versus the peer group’s average TSR, as shown in the following table: Level Relative TSR performance (percentile rank versus peers) Earned PSUs (% of target) < Threshold <35 th Percentile 0% Threshold 35 th Percentile 50% Target 55 th Percentile 100% Maximum >=75 th Percentile 200% The number of PSUs that become earned PSUs can range between 0% and 200% of the original (target) number of PSUs awarded and actual percentile ranking results between the 35th and 75th percentile are to be interpolated between the percentage earned values shown. In order for earned PSUs to become vested PSUs, the participant must remain continuously employed by the Company or an affiliate company (i) from the grant date through the payout determination date (expected to be no more than 5 days following the performance period end date) for 50% of the PSU award and (ii) from the grant date through the first anniversary of the performance period end date for the remaining 50% of the PSU award. Since the PSUs vest in part based upon achievement of a market condition, they were valued utilizing a Monte-Carlo simulation, performed by an independent third party advisor, that excludes the value of Common Stock dividends since dividend equivalents accrue separately to the award holders. The underlying valuation assumptions and result for the Performance RSU award was: Stock price on grant date $ 7.23 Dividend yield 6.87 % Expected volatility 44.40 % Risk-free interest rate 0.11 % Target number of PSUs granted: First vesting tranche 136,462 Second vesting tranche 136,467 272,929 Calculated fair value per PSU $ 6.76 Total fair value of PSUs $ 1,845,000 The expected dividend yield assumptions were derived from the Company’s closing prices of the Common Stock and historical dividend amounts over the trailing five-year period from the grant date. The Company's own stock price history over the 2.91 year period trailing the grant date was utilized as the expected volatility assumption. The risk-free rate assumptions were obtained from the grant date yields on zero coupon U.S. Treasury STRIPS that have a term equal to the length of the remaining Performance Period and were calculated as the interpolated rate between the two-year and three-year yield percentages. 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 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 earlier of our next annual meeting of stockholders or 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 December 31, 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 (25,215) (5,334) Total forfeitures (191,757) (5,334) Units earned and converted into Class A Units — (281,058) Class B Units outstanding at December 31, 2020 64,330 — (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: 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 has granted restricted stock units, or RSUs, to certain employees of affiliates of the Company, 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 (3,000) (7,861) (8,154) Units earned and converted into common stock — — — RSUs outstanding at December 31, 2020 18,400 19,899 12,566 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 on of the sa me 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 automatically convert into 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 |
Indebtedness
Indebtedness | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Indebtedness Mortgage Notes Payable Mortgage financing of property acquisitions The Company partially financed the real estate properties acquired during the year ended December 31, 2020 with mortgage debt as shown in the following table: Property Date Initial principal amount Fixed/Variable rate 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 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 The Blake 11/2/2020 44,435 Fixed 2.82 % 5/1/2030 The Menlo 12/15/2020 47,000 Fixed 2.68 % 1/1/2031 $ 269,885 Repayments and refinancings The following table summarizes our mortgage debt refinancing and repayment activity for the years ended December 31, 2020 and 2019: Date Property Previous balance (millions) Previous interest rate / spread over 1 month LIBOR Loan refinancing or prepayment costs expensed (thousands) New balance (millions) New interest rate Total deferred loan costs subsequent to 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 7/10/2020 Citrus Village $ 28.5 3.65 % 704 $ 40.9 2.95 % 522 7/31/2020 Village at Baldwin Park $ 70.1 4.16 % 16 $ 70.1 3.59 % 864 11/3/2020 SoL $ 35.2 4.71 % — $ — N/A — 11/3/2020 Stadium Village $ 44.5 3.80 % — $ — N/A — 11/3/2020 Knightshade $ 47.1 4.09 % — $ — N/A — 11/3/2020 North by Northwest $ 30.5 4.02 % 2,168 $ — N/A — 11/3/2020 The Tradition $ 30.0 L + 375 300 $ — N/A — 11/3/2020 The Bloc $ 29.0 L + 355 73 $ — N/A — 11/12/2020 Avenues at Creekside $ 38.1 L + 160 381 $ — N/A — $ 552.2 $ 10,506 $ 356.1 $ 9,421 11/8/2019 Rush $ 41.6 L + 375 $ — $ — N/A $ — 10/1/2019 Kingwood Glen 10.9 3.48 % — — N/A — 10/1/2019 Sweetgrass Corner 7.4 3.58 % — — N/A — 9/17/2019 Spring Hill Plaza 9.1 3.36 % — 8.2 3.72 % 195 9/17/2019 Parkway Town Centre 6.6 3.36 % — 8.1 3.72 % 195 8/16/2019 Deltona Landings 6.5 3.48 % 5 6.3 4.18 % 204 8/16/2019 Barclay Crossing 6.1 3.48 % 4 6.3 4.18 % 209 8/16/2019 Parkway Center 4.3 3.48 % 3 4.6 4.18 % 148 8/13/2019 Powder Springs 6.9 3.48 % 4 8.0 3.65 % 236 7/29/2019 Citi Lakes 41.1 L + 217 155 41.3 3.66 % 668 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 2/28/2019 Lenox Village Town Center 29.2 3.82 % 17 39.3 4.34 % 1,153 $ 203.7 $ 557 $ 157.0 $ 4,018 The following table summarizes our mortgage notes payable at December 31, 2020: (In thousands) Fixed rate mortgage debt: Principal balances due Weighted-average interest rate Weighted average remaining life (years) Residential properties $ 1,372,035 3.56 % 9.1 New Market Properties 567,730 4.00 % 7.3 Preferred Office Properties 633,090 4.13 % 12.4 Total fixed rate mortgage debt $ 2,572,855 3.80 % 9.5 Variable rate mortgage debt: Residential properties $ 20,700 2.93 % 9.5 New Market Properties 47,150 2.81 % 2.9 Preferred Office Properties — — % — Total variable rate mortgage debt $ 67,850 2.85 % 4.9 Total mortgage debt: Residential properties $ 1,392,735 3.55 % 9.1 New Market Properties 614,880 3.91 % 7.0 Preferred Office Properties 633,090 4.13 % 12.4 Total principal amount 2,640,705 3.77 % 9.4 Deferred loan costs (42,233) Mark to market loan adjustment (4,008) Mortgage notes payable, net $ 2,594,464 The mortgage note secured by our Independence Square property is a seven year term with an anticipated repayment date of September 1, 2022. If the Company elects not to pay its principal balance at the anticipated repayment date, the term will be extended for an additional five years, maturing on September 1, 2027. The interest rate from September 1, 2022 to September 1, 2027 will be the greater of (i) the Initial Interest Rate of 3.93% plus 200 basis points or (ii) the yield on the seven year U.S. treasury security rate plus approximately 400 basis points. As of December 31, 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 defines 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 Agreeme nt, wa s 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% p er annum, depending upon the Company’s leverage ratio. The weighted average interest rate for the Revolving Line of Credit was 3.85% for the year ended December 31, 2020. The Amended and Restated Credit Agreement also reduced the commitment fee on the ave rage 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 in to 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 accrued interest at an average variable rate of 3.2% per annum until it 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 customa rily restricted in such agreements. The amount of dividends that may be paid out by the Company is restricted to a maximum of 95% of AFF O 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 December 31, 2020, the Company was in compliance with all covenants rel ated to the Revolving Line of Credit, as shown in the following table: Covenant (1) Requirement Result Net worth Minimum $1.5 billion $1.6 billion (2) Debt yield Minimum 8.5% 10.0% Payout ratio Maximum 95% (3) 90.1% Total leverage ratio Maximum 65% 62.4% Debt service coverage ratio Minimum 1.50x 1.87x (1) All covenants are as defined in the credit agreement for the Revolving Line of Credit. (2) Adjusted to exclude the effect of costs incurred with Internalization. (3) Calculated on a trailing four-quarter basis, except for common stock dividends and net preferred stock redemptions, that are annualized off of the trailing three quarters' dividends and redemptions. For the year ended December 31, 2020, the maximum dividends and distributions allowed under this covenant was approximately $174.3 million. Loan fees and closing costs for the establishment and subsequent amendments of the Credit Facility are amortized utilizing the straight line method over the life of the Credit Fac ility. At December 31, 2020, unamortized loan fees and closing costs for the Credit Facility were approximately $0.6 million, which will be amortized over a remaining loan life of approximately 1.0 year. 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 variable 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-year extension options, subject to certain conditions described therein. At December 31, 2020, unamortized loan fees and closing costs for the establishment of the Acquisition Facility were approximately $91,000, which will be amortized over a remaining loan life of approximately 1.2 years. Interest Expense Interest expense, including amortization of deferred loan costs was: Years ended December 31, (In thousands) 2020 2019 2018 Residential properties $ 60,676 $ 62,455 $ 56,879 New Market Properties 26,379 24,566 19,188 Preferred Office Properties 26,939 22,869 12,789 Interest paid to real estate loan participants — 110 2,430 Total 113,994 110,000 91,286 Credit Facility and Acquisition Facility 4,564 1,964 4,278 Interest Expense $ 118,558 $ 111,964 $ 95,564 Future Principal Payments The Company’s estimated future principal payments due on its debt instruments as of December 31, 2020 were: Period Future principal payments 2021 (1) $ 125,745 2022 72,655 2023 114,246 2024 289,795 2025 57,850 Thereafter 2,002,414 Total $ 2,662,705 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Income Tax Disclosure [Text Block] | 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 December 31, 2020 and December 31, 2019. The income tax characterization of the Company's dividend distributions were as follows: 2020 2019 2018 Preferred Stock: Ordinary income 16.9 % 44.7 % 51.4 % Return of capital 78.8 % 53.1 % — % Capital gains 4.3 % 2.2 % 48.6 % Common Stock: Ordinary income — % — % 27.0 % Return of capital 100.0 % 100.0 % 47.4 % Capital gains — % — % 25.6 % |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies On January 31, 2020, the Company assumed its Former Manager's eleven-year offic e lease as amended, which began on October 9, 2014. As of December 31, 2020, the amount of rent due from the Company was $14.6 million over the remaining term of the lease. At December 31, 2020 the Company had unfunded commitments on its real estate loan portfolio of approximately $44.4 million. At December 31, 2020, the Company had unfunded contractual commitments for tenant, leasing, and capital improvements of approximately $5.0 million. The Company is otherwise currently subject to neither any known materia l commitments or contingencies from its business operations, nor any material known or threatened litigation. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Operating Leases | Operating Leases Company as Lessor For the years ended December 31, 2020, 2019 and 2018, the Company recognized rental property revenues of $435.4 million, $395.1 million and $322.2 million respectively, of which $42.0 million, $40.1 million and $35.3 million, respectively, represented variable rental revenue. The Company's future minimum rental revenues were: For the year ending December 31: Future Minimum Rents as of December 31, 2020 (In thousands) New Market Properties Preferred Office Properties Total 2021 $ 74,150 $ 82,466 $ 156,616 2022 65,292 82,578 147,870 2023 55,570 81,952 137,522 2024 44,579 78,225 122,804 2025 32,490 69,734 102,224 Thereafter 93,146 292,415 385,561 Total $ 365,227 $ 687,370 $ 1,052,597 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: (Dollars in thousands) Weighted average remaining lease term (years) Weighted average discount rate Lease expense Cash paid Office space $ 2,670 $ 2,626 5.0 3.0 % Ground leases 58 51 35.5 4.4 % Office equipment 336 336 2.5 3.0 % Total $ 3,064 $ 3,013 Tenants often have the option to extend the lease within a specified amount of time, typically for an additional term of between five Future minimum rent expense for office space, ground leases and office equipment were: For the year ending December 31: Future Minimum Rents as of December 31, 2020 (In thousands) Office space Ground leases Office equipment Total 2021 $ 2,930 $ 51 $ 134 $ 3,115 2022 2,855 51 57 2,963 2023 2,497 51 27 2,575 2024 3,139 51 13 3,203 2025 2,808 52 11 2,871 Thereafter 355 1,084 — 1,439 Total $ 14,584 $ 1,340 $ 242 $ 16,166 The Company’s grocery-anchored shopping centers are geographically concentrated within the Su nbelt and Mid-Atlantic region of the United States. The Company’s retail tenant base primarily consists of national and regional supermarkets, consumer services, healthcare providers, and restaurants. Our grocery anchor tenants comprise approximately 44.1% of our gross leasable area. Our credit risk, therefore, is concentrated in the retail/grocery real estate sector. Amounts required a s security deposits vary depending upon the terms of the respective leases and the creditworthiness of the tenant, with the exception of our grocer anchor tenants, who generally are not required to provide security deposits. Exposure to credit risk is limited to the extent that tenant receivables exceed security deposits. Security deposits related to tenant leases are included in security deposits and other liabilities in the accompanying consolidated balance sheets. |
Operating Leases | Operating Leases Company as Lessor For the years ended December 31, 2020, 2019 and 2018, the Company recognized rental property revenues of $435.4 million, $395.1 million and $322.2 million respectively, of which $42.0 million, $40.1 million and $35.3 million, respectively, represented variable rental revenue. The Company's future minimum rental revenues were: For the year ending December 31: Future Minimum Rents as of December 31, 2020 (In thousands) New Market Properties Preferred Office Properties Total 2021 $ 74,150 $ 82,466 $ 156,616 2022 65,292 82,578 147,870 2023 55,570 81,952 137,522 2024 44,579 78,225 122,804 2025 32,490 69,734 102,224 Thereafter 93,146 292,415 385,561 Total $ 365,227 $ 687,370 $ 1,052,597 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: (Dollars in thousands) Weighted average remaining lease term (years) Weighted average discount rate Lease expense Cash paid Office space $ 2,670 $ 2,626 5.0 3.0 % Ground leases 58 51 35.5 4.4 % Office equipment 336 336 2.5 3.0 % Total $ 3,064 $ 3,013 Tenants often have the option to extend the lease within a specified amount of time, typically for an additional term of between five Future minimum rent expense for office space, ground leases and office equipment were: For the year ending December 31: Future Minimum Rents as of December 31, 2020 (In thousands) Office space Ground leases Office equipment Total 2021 $ 2,930 $ 51 $ 134 $ 3,115 2022 2,855 51 57 2,963 2023 2,497 51 27 2,575 2024 3,139 51 13 3,203 2025 2,808 52 11 2,871 Thereafter 355 1,084 — 1,439 Total $ 14,584 $ 1,340 $ 242 $ 16,166 The Company’s grocery-anchored shopping centers are geographically concentrated within the Su nbelt and Mid-Atlantic region of the United States. The Company’s retail tenant base primarily consists of national and regional supermarkets, consumer services, healthcare providers, and restaurants. Our grocery anchor tenants comprise approximately 44.1% of our gross leasable area. Our credit risk, therefore, is concentrated in the retail/grocery real estate sector. Amounts required a s security deposits vary depending upon the terms of the respective leases and the creditworthiness of the tenant, with the exception of our grocer anchor tenants, who generally are not required to provide security deposits. Exposure to credit risk is limited to the extent that tenant receivables exceed security deposits. Security deposits related to tenant leases are included in security deposits and other liabilities in the accompanying consolidated balance sheets. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 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: multifamily communities, real estate related financing, New Market Properties and Preferred Office Properties. Multifamily Communities - consists of the Company's portfolio of residential multifamily communities. Prior to the sale of the Company's student housing communities on November 3, 2020, this reportable segment's results also included those assets and was referred to as Residential Properties. 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 wholly-owned subsidiary of the Company, as well as the financial results from the Company's grocery-anchored shopping center real estate loans. 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) December 31, 2020 December 31, 2019 Assets: Multifamily Communities $ 1,745,020 $ 2,047,905 Financing 321,026 409,226 New Market Properties 1,072,090 1,125,230 Preferred Office Properties 1,121,992 1,123,212 Other 20,951 64,987 Consolidated assets $ 4,281,079 $ 4,770,560 Total capitalized expenditures (inclusive of additions to construction in progress, but exclusive of the purchase price of acquisitions) for the years ended December 31, 2020, 2019 and 2018 were as follows: Years ended December 31, (In thousands) 2020 2019 2018 Capitalized expenditures: Residential properties $ 14,311 $ 14,511 $ 19,879 New Market Properties 9,494 8,913 6,901 Preferred Office Properties 25,621 19,761 28,795 Total $ 49,426 $ 43,185 $ 55,575 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: Years ended December 31, (In thousands) 2020 2019 2018 Revenues Rental and other property revenues: Residential properties $ 234,039 $ 220,872 $ 196,071 New Market Properties 107,525 96,389 77,243 Preferred Office Properties (1) 108,826 93,416 60,162 Total rental and other property revenues 450,390 410,677 333,476 Financing revenues 50,723 59,750 63,795 Miscellaneous revenues 1,084 — — Consolidated revenues $ 502,197 $ 470,427 397,271 (1) Included in rental revenues for our Preferred Office Properties segment is the amortization of deferred revenue for tenant-funded leasehold improvements from tenants in our Three Ravinia and Westridge office buildings. The remaining unamortized balance of approximately $36.0 million is included in the deferred revenues line on the consolidated balance sheets at December 31, 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 $3.8 million, $3.8 million and $2.7 million for the years ended December 31, 2020, 2019 and 2018 respectively. Of over 900 retail tenants, the Company has 11 leases with six companies that have entered bankruptcy proceedings, some of which are due wholly or in part to the COVID-19 pandemic and its effects on consumers. In the aggregate, this constitutes approximately 1% of the total recurring rental revenue for the New Market Properties segment. 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 years ended December 31, 2020, 2019 and 2018 were as follows: Years ended December 31, (In thousands) 2020 2019 2018 Segment net operating income (Segment NOI) Residential properties $ 134,513 $ 123,576 $ 109,232 Financing 50,689 59,750 63,795 New Market Properties 76,536 69,271 55,013 Preferred Office Properties 79,463 66,510 41,800 Miscellaneous revenues 1,084 — — Consolidated segment net operating income 342,285 319,107 269,840 Interest expense: Residential properties 60,676 62,455 56,878 New Market Properties 26,379 24,566 19,188 Preferred Office Properties 26,939 22,869 12,789 Financing 4,564 2,074 6,709 Depreciation and amortization: Residential properties 102,035 99,391 106,106 New Market Properties 51,813 44,786 39,269 Preferred Office Properties 47,829 40,888 25,761 Management fees, net of forfeitures 1,963 21,752 20,885 Management Internalization 180,116 2,987 — Expected credit loss allowance 6,103 2,038 2,533 Equity compensation to directors and executives 1,644 1,223 1,703 Gains on sale of real estate loan investment and land condemnation (517) (954) — Gains on sales of real estate and mortgage-backed securities, net (23,456) (1,567) (69,705) Gain on non-cash net assets of consolidated VIEs — (1,831) (320) Loss from unconsolidated joint venture 314 — — Loss on extinguishment of debt 6,674 84 — Other 30,812 5,804 3,506 Net income (loss) $ (181,603) $ (7,458) $ 44,538 |
Income (Loss) Per Share
Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 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: Years ended December 31, (In thousands, except per-share figures) 2020 2019 2018 Numerator: Operating income before gains on sales of real estate and mortgage-backed securities $ (80,030) $ 100,238 $ 70,077 Loss from unconsolidated joint venture (314) — — Gains on sales of real estate and mortgage-backed securities 23,456 1,567 69,705 Operating (loss) income (56,888) 101,805 139,782 Interest expense 118,558 111,964 95,564 Change in fair value of net assets of consolidated VIEs from mortgage-backed pools — 1,831 320 Less: loss on extinguishment of debt (6,674) (84) — Gains on sale of real estate loan investment and land condemnation 517 954 — Net (loss) income (181,603) (7,458) 44,538 Consolidated net loss (income) attributable to non-controlling interests 3,815 214 (1,071) Net (loss) income attributable to the Company (177,788) (7,244) 43,467 Dividends declared to preferred stockholders (160,908) (113,772) (86,741) Earnings attributable to unvested restricted stock (205) (17) (16) Net loss attributable to common stockholders $ (338,901) $ (121,033) $ (43,290) Denominator: Weighted average number of shares of Common Stock - basic 48,743 44,265 40,032 Effect of dilutive securities: (D) — — — Weighted average number of shares of Common Stock - basic and diluted 48,743 44,265 40,032 Net loss per share of Common Stock attributable to common stockholders, basic and diluted $ (6.95) $ (2.73) $ (1.08) (A) The Company's outstanding Class A Units of the Operating Pa rtnership (649, 856 and 877 Units at December 31, 2020, 2019 and 2018, 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 s hare 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 S tock outstanding accrue dividends at an annual rate of 6% of the stated value of $1,000 per share, payable monthly. The Company had 1,735, 2,028 and 1,608 outstanding shares of Series A Preferred Stock at December 31, 2020, 2019 and 2018, respectively and 149 and 5 outstanding shares of Series A1 Preferred Stock at December 31, 2020 and 2019, respectively. 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 89, 103 and 44 mShares outstanding at December 31, 2020, 2019 and 2018, 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 19 and 0 shares of Series M1 preferred stock outstanding at December 31, 2020 and 2019, respectively. (C) The Company's outstanding unvested restricted share awards (548, 13 and 12 shares of Common Stock at December 31, 2020, 2019 and 2018, 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 t wo-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 outstan ding from issuances of Units from our Series A Preferred Stock offerings that are potentially exercisable into 26,006 shares of Common Stock; (ii) 64 Class B Units; (iii) 548 shares of unvested restricted common stock; (iv) 51 outstanding Restricted Stock Units; and 273 performance-based restricted stock units are excluded from the diluted shares calculations because the effect was antidilu tive. 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 | 12 Months Ended |
Dec. 31, 2020 | |
Fair Values of Financial Instruments [Abstract] | |
Fair Value Disclosures [Text Block] | 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 and are presented net of deferred loan fee revenue, where applicable. As of December 31, 2020 Carrying value Fair value measurements (In thousands) Fair Value Level 1 Level 2 Level 3 Financial Assets: Real estate loans (1) $ 302,423 $ 315,074 $ — $ — $ 315,074 Notes receivable and line of credit receivable 10,874 10,874 — — 10,874 $ 313,297 $ 325,948 $ — $ — $ 325,948 Financial Liabilities: Mortgage notes payable $ 2,640,705 2,666,471 $ — $ — $ 2,666,471 Revolving credit facility 22,000 22,000 — — 22,000 $ 2,662,705 $ 2,688,471 $ — $ — $ 2,688,471 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 The fair value of the real estate loans within the level 3 hierarchy are comprised of estimates of the fair value of the notes, which were developed utilizing a discounted cash flow model over the remaining terms of the notes until their maturity dates |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events Between January 1, 2021 and February 28, 2021, the Company issued 35,040 shares of Series A1 Preferred Stock and collected net proceeds of approximately $31.5 million after commissions and fees and issued 2,858 shares of Series M1 Preferred Stock and collected net proceeds of approximately $2.8 million after commissions and fees. During the same period, the Company redeemed 17,363 shares of Series A Preferred Stock, 750 shares of Series M1 Preferred Stock and 461 shares of Series M Preferred Stock, or mShares. On February 24, 2021, the Company's board of directors declared a quarterly dividend on its Common Stock of $0.175 per share, payable on April 15, 2021 to stockholders of record on March 15, 2021. |
Schedule III
Schedule III | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure | Schedule III Preferred Apartment Communities, Inc. Real Estate Investments and Accumulated Depreciation December 31, 2020 (Dollars in thousands) Initial Costs Gross Amount at Which Carried at Close of Period Property name Location (MSA) Related Encum-brances Land Building and Improvements Costs Capitalized Land Building and Improvements Construction in Progress Total (1) Accumulated Depreciation Year Constr-ucted/Renova-ted Date Acquired Deprec-iable Lives - Years Summit Crossing Atlanta, GA $36,929 $3,450 $27,705 $2,604 $3,450 $30,309 $— $33,759 $(10,895) 2007 4/21/2011 5 - 40 Summit Crossing II Atlanta, GA 20,700 3,220 15,852 526 3,220 16,377 1 19,598 (4,921) 2013 12/31/2013 5 - 40 Vineyards Houston, TX 32,703 5,456 46,201 2,330 5,456 48,514 17 53,987 (11,778) 2003 9/26/2014 5 - 35 Avenues at Cypress Houston, TX 28,366 3,242 30,093 918 3,242 30,941 70 34,253 (8,559) 2014 2/13/2015 5 - 40 Avenues at Northpointe Houston, TX 33,546 3,921 37,203 1,054 3,921 38,257 — 42,178 (10,305) 2013 2/13/2015 5 - 40 Venue at Lakewood Ranch Sarasota, FL 36,555 3,791 42,950 1,044 3,791 43,904 90 47,785 (10,263) 2015 5/21/2015 5 - 40 Aster at Lely Resort Naples, FL 50,400 7,675 43,794 1,307 7,675 45,093 8 52,776 (11,025) 2015 6/24/2015 5 - 40 CityPark View Charlotte, NC 29,000 3,559 28,360 1,003 3,559 29,047 316 32,922 (7,472) 2014 6/30/2015 5 - 40 Citi Lakes Orlando, FL 40,324 5,558 56,828 1,389 5,558 58,125 92 63,775 (13,284) 2014 9/3/2015 5 - 40 Stone Creek Houston, TX 19,451 2,211 22,916 304 2,211 23,220 — 25,431 (4,737) 2009 11/12/2015 5 - 40 Regent at Lenox Nashville, TN — 301 3,493 72 301 3,565 — 3,866 (722) 2009 12/21/2015 5 - 40 Retreat at Lenox Nashville, TN 16,751 2,965 24,211 501 2,860 24,600 217 27,677 (5,600) 2015 12/21/2015 5 - 40 Lenox Village Town Center Nashville, TN 38,169 4,612 39,911 1,819 4,355 41,853 134 46,342 (8,569) 2009 12/21/2015 5 - 40 Village at Baldwin Park Orlando, FL 69,608 17,403 90,464 8,621 17,403 97,379 1,706 116,488 (17,575) 2008 1/5/2016 5 - 37 Crosstown Walk Tampa, FL 46,500 5,178 39,332 1,016 5,178 40,134 214 45,526 (8,753) 2014 1/15/2016 5 - 49 Overton Rise Atlanta, GA 37,607 8,511 50,996 958 8,511 51,947 7 60,465 (9,556) 2015 2/1/2016 5 - 49 525 Avalon Park Orlando, FL 63,256 7,410 82,349 3,993 7,410 86,311 31 93,752 (16,208) 2008 5/31/2016 5 - 45 City Vista Pittsburgh, PA 32,938 4,082 41,486 390 4,082 41,876 — 45,958 (8,837) 2014 7/1/2016 5 - 49 Sorrel Jacksonville, FL 30,740 4,412 42,217 1,230 4,412 43,374 73 47,859 (8,963) 2015 8/24/2016 5 - 48 Citrus Village Tampa, FL 40,900 4,809 40,481 1,816 4,809 42,107 190 47,106 (8,133) 2011 03/03/17 5 - 44 Retreat at Greystone Birmingham, AL 33,439 4,077 44,462 1,047 4,077 45,509 — 49,586 (10,482) 2015 03/24/17 5 - 49 (Dollars in thousands) Initial Costs Gross Amount at Which Carried at Close of Period Property name Location (MSA) Related Encum-brances Land Building and Improvements Costs Capitalized Land Building and Improvements Construction in Progress Total (1) Accumulated Depreciation Year Constr-ucted/Renova-ted Date Acquired Deprec-iable Lives - Years Founder's Village Williamsburg, VA 29,635 5,315 38,761 1,014 5,315 39,775 — 45,090 (7,275) 2014 03/31/17 5 - 47 Claiborne Crossing Louisville, KY 25,503 2,147 37,579 1,494 2,147 39,048 25 41,220 (9,249) 2014 04/26/17 5 - 47 Luxe at Lakewood Ranch Sarasota, FL 36,922 4,852 51,033 761 4,852 51,756 38 56,646 (8,492) 2016 07/26/17 5 - 48 Adara Overland Park Kansas City, KS 30,024 2,854 42,030 670 2,854 42,701 (1) 45,554 (9,981) 2016 09/27/17 5 - 49 Reserve at Summit Crossing Atlanta, GA 18,893 4,375 25,939 407 4,375 26,346 — 30,721 (4,931) 2016 09/29/17 5 - 48 Aldridge at Town Village Atlanta, GA 35,892 7,122 45,418 547 7,122 45,921 44 53,087 (9,951) 2016 09/29/17 5 - 49 Overlook at Crosstown Walk Tampa, FL 21,038 3,309 28,014 238 3,309 28,252 — 31,561 (4,925) 2016 11/21/17 5 - 48 Colony at Centerpointe Richmond, VA 31,445 7,259 38,199 1,223 7,259 39,422 — 46,681 (7,020) 2016 12/20/17 5 - 48 Lux at Sorrel Jacksonville, FL 29,868 5,332 42,531 797 5,332 43,296 32 48,660 (6,991) 2017 1/9/2018 5 - 49 Green Park Atlanta, GA 37,785 7,478 49,211 482 7,478 49,693 — 57,171 (10,278) 2017 2/28/2018 5 - 48 Lodge at Hidden River Tampa, FL 40,204 5,600 52,930 483 5,600 53,372 41 59,013 (6,075) 2017 9/27/2018 5 - 48 Vestavia Reserve Birmingham, AL 36,511 4,140 54,206 815 4,140 54,940 81 59,161 (6,238) 2016 11/9/2018 5 - 48 CityPark View South Charlotte, NC 23,379 5,816 27,528 409 5,816 27,905 32 33,753 (3,586) 2017 11/15/2018 5 - 49 Artisan at Viera Melbourne, FL 39,104 4,839 58,791 450 4,839 59,198 43 64,080 (4,072) 2018 8/8/2019 5 - 50 Five Oaks at Westchase Tampa, FL 30,818 4,425 48,113 360 4,425 48,483 (10) 52,898 (2,925) 2019 9/18/2019 5 - 50 Horizon at Wiregrass Tampa, FL 51,360 6,842 72,708 (42) 6,842 72,805 (139) 79,508 (2,913) 2018 3/31/2020 5 - 47 Parkside at the Beach Panama City Beach, FL 45,037 6,103 53,689 267 6,103 53,776 180 60,059 (2,064) 2019 4/30/2020 5 - 50 The Blake Orlando, FL 44,435 7,459 53,223 15 7,459 53,238 — 60,697 (348) 2019 11/2/2020 5 - 50 The Menlo Jacksonville, FL 47,000 7,670 64,983 — 7,670 64,983 — 72,653 (137) 2020 12/15/2020 5 - 50 1,392,735 208,780 1,736,190 44,332 208,418 1,777,352 3,532 1,989,302 (304,088) (Dollars in thousands) Initial Costs Gross Amount at Which Carried at Close of Period Property name Location (MSA) Related Encum-brances Land Building and Improvements Costs Capitalized Land Building and Improvements Construction in Progress Total (1) Accumulated Depreciation Year Constr-ucted/Renova-ted Date Acquired Deprec-iable Lives - Years Woodstock Crossing Atlanta, GA $2,818 $1,751 $3,800 $662 $1,751 $4,462 $— $6,213 $(1,360) 1994 2/12/2014 5 - 30 Spring Hill Plaza Nashville, TN 7,962 4,376 8,104 193 4,376 8,297 — 12,673 (2,493) 2005 9/5/2014 5 - 40 Parkway Town Centre Nashville, TN 7,866 3,054 6,694 584 3,054 7,278 — 10,332 (1,750) 2005 9/5/2014 5 - 40 Barclay Crossing Tampa, FL 6,086 2,856 7,572 248 2,856 7,820 — 10,676 (1,875) 1998 9/30/2014 5 - 30 Deltona Landings Orlando, FL 6,141 2,256 8,344 470 2,256 8,814 — 11,070 (2,107) 1999 9/30/2014 5 - 30 Kingwood Glen Houston, TX — 5,021 12,930 1,188 4,762 14,336 41 19,139 (3,308) 1998 9/30/2014 5 - 30 Parkway Centre Columbus, GA 4,423 2,071 4,516 444 2,071 4,960 — 7,031 (1,241) 1999 9/30/2014 5 - 30 Powder Springs Atlanta, GA 7,749 1,832 8,246 371 1,832 8,617 — 10,449 (2,193) 1999 9/30/2014 5 - 30 Sweetgrass Corner Charleston, SC — 3,076 12,670 236 3,076 12,906 — 15,982 (3,086) 1999 9/30/2014 5 - 30 The Market at Salem Cove Nashville, TN 8,889 2,427 10,272 174 2,427 10,445 1 12,873 (2,100) 2010 10/6/2014 5 - 40 Independence Square Dallas, TX 11,184 4,115 13,690 2,012 4,115 15,697 5 19,817 (3,703) 1977 7/1/2015 5 - 30 Royal Lakes Marketplace Atlanta, GA 9,345 4,874 10,439 487 4,924 10,876 — 15,800 (2,407) 2008 9/4/2015 5 - 30 Summit Point Atlanta, GA 11,118 7,064 11,430 515 7,064 11,945 — 19,009 (2,694) 2004 10/30/2015 5 - 30 The Overlook at Hamilton Place Chattanooga, TN 19,088 6,787 25,244 1,571 6,787 26,815 — 33,602 (5,293) 1992 12/22/2015 5 - 30 Wade Green Village Atlanta, GA 7,488 1,840 8,410 522 1,840 8,932 — 10,772 (1,974) 1993 2/29/2016 5 - 35 Anderson Central Greenville Spartanburg, SC 11,246 5,059 13,278 349 5,059 13,627 — 18,686 (3,403) 1999 4/29/2016 5 - 30 East Gate Shopping Center Augusta, GA 5,118 1,653 7,391 56 1,653 7,447 — 9,100 (1,481) 1995 4/29/2016 5 - 30 Fairview Market Greenville Spartanburg, SC — 1,353 5,179 1,469 1,353 6,648 — 8,001 (1,194) 1998 4/29/2016 5 - 30 Fury's Ferry Augusta, GA 5,912 2,084 8,107 265 2,084 8,372 — 10,456 (1,527) 1996 4/29/2016 5 - 35 Rosewood Shopping Center Columbia, SC 3,971 1,671 5,347 157 1,671 5,504 — 7,175 (867) 2002 4/29/2016 5 - 40 Southgate Village Birmingham, AL 7,059 2,262 10,290 317 2,262 10,607 — 12,869 (1,867) 1988 4/29/2016 5 - 35 The Market at Victory Village Nashville, TN 8,751 2,271 12,275 138 2,271 12,413 — 14,684 (2,118) 2007 5/16/2016 5 - 40 (Dollars in thousands) Initial Costs Gross Amount at Which Carried at Close of Period Property name Location (MSA) Related Encum-brances Land Building and Improvements Costs Capitalized Land Building and Improvements Construction in Progress Total (1) Accumulated Depreciation Year Constr-ucted/Renova-ted Date Acquired Deprec-iable Lives - Years Lakeland Plaza Atlanta, GA 26,632 7,079 33,087 709 7,079 33,790 6 40,875 (6,146) 1990 7/15/2016 5 - 35 Cherokee Plaza Atlanta, GA 24,277 8,392 32,249 563 8,392 32,753 59 41,204 (4,374) 1958 8/8/2016 5 - 35 Heritage Station Raleigh, NC 8,315 1,684 9,883 1,604 1,684 11,476 11 13,171 (1,999) 2004 8/8/2016 5 - 40 Oak Park Village San Antonio, TX 8,580 5,745 10,779 143 5,745 10,922 — 16,667 (1,803) 1970 8/8/2016 5 - 40 Sandy Plains Exchange Atlanta, GA 8,404 4,788 9,309 420 4,788 9,729 — 14,517 (1,799) 1997 8/8/2016 5 - 32 Shoppes of Parkland Miami - Ft. Lauderdale, FL 15,414 10,779 16,543 436 10,779 16,979 — 27,758 (3,713) 2000 8/8/2016 5 - 35 Thompson Bridge Commons Atlanta, GA 11,234 1,478 16,047 46 1,478 16,093 — 17,571 (2,232) 2001 8/8/2016 5 - 40 University Palms Orlando, FL 12,030 4,854 16,706 1,016 4,854 17,626 96 22,576 (2,723) 1993 8/8/2016 5 - 37 Champions Village Houston, TX 27,400 12,813 33,399 3,716 12,813 36,563 552 49,928 (7,182) 1973 10/18/2016 5 - 40 Castleberry - Southard Atlanta, GA 10,734 3,024 14,142 165 3,024 14,307 — 17,331 (1,939) 2006 4/21/2017 5 - 39 Rockbridge Village Atlanta, GA 13,310 3,141 15,944 575 3,141 16,519 — 19,660 (1,805) 2005 6/6/2017 5 - 40 Irmo Station Columbia, SC 9,758 3,602 11,859 1,079 3,602 12,938 — 16,540 (1,876) 1980 7/26/2017 5 - 33 Maynard Crossing Raleigh, NC 16,953 6,304 22,566 809 6,304 23,374 1 29,679 (3,686) 1996 8/25/2017 5 - 30 Woodmont Village Atlanta, GA 8,096 2,713 10,030 362 2,713 10,392 — 13,105 (1,588) 2002 9/8/2017 5 - 30 West Town Market Charlotte, NC 8,260 1,937 12,298 — 1,937 12,298 — 14,235 (1,459) 2004 9/22/2017 5 - 37 Crossorads Market Naples, FL 17,622 7,044 22,627 543 7,044 23,170 — 30,214 (2,189) 1993 12/5/2017 5 - 40 Roswell Wieuca Shopping Center Atlanta, GA — 12,006 18,485 234 12,006 18,719 — 30,725 (1,820) 2007 11/30/2017 5 - 40 Greensboro Village Nashville, TN 8,040 3,134 10,771 387 3,134 11,158 — 14,292 (1,443) 2005 4/27/2018 5 - 40 Governors Towne Square Atlanta, GA 10,696 2,766 13,027 53 2,766 13,080 — 15,846 (1,306) 2004 4/27/2018 5 - 40 Conway Plaza Orlando, FL 9,375 4,202 9,782 1,533 4,202 11,315 — 15,517 (1,549) 1966 6/29/2018 5 - 30 Brawley Commons Charlotte, NC 17,519 8,786 18,716 300 8,786 19,016 — 27,802 (2,314) 1997 7/6/2018 5 - 40 Hollymead Town Center Charlottesville, VA 26,139 7,503 33,009 81 7,503 33,085 5 40,593 (2,327) 2005 12/21/2018 5 - 40 (Dollars in thousands) Initial Costs Gross Amount at Which Carried at Close of Period Property name Location (MSA) Related Encum-brances Land Building and Improvements Costs Capitalized Land Building and Improvements Construction in Progress Total (1) Accumulated Depreciation Year Constr-ucted/Renova-ted Date Acquired Deprec-iable Lives - Years Gayton Crossing Richmond, VA 17,276 9,109 17,791 1,635 9,109 18,748 678 28,535 (1,641) 1983 1/17/2019 5 - 30 Free State Shopping Center Washington D.C. 45,549 21,443 44,831 10 21,443 44,833 8 66,284 (3,207) 1970 5/28/2019 5 - 35 Polo Grounds Mall West Palm Beach, FL 12,986 9,057 10,907 252 9,057 11,148 11 20,216 (1,009) 1966 6/12/2019 5 - 30 Disston Plaza Tampa-St Petersburg, FL 17,578 5,579 22,048 66 5,579 22,114 — 27,693 (1,403) 1954 6/12/2019 5 - 35 Fairfield Shopping Center Virginia Beach, VA 19,750 12,728 14,526 488 12,728 14,950 64 27,742 (1,728) 1985 8/16/2019 5 - 30 Berry Town Center Orlando, FL 11,794 3,062 13,628 57 3,062 13,672 13 16,747 (767) 2003 11/14/2019 5 - 30 Hanover Center Wilmington, NC 31,217 16,634 40,393 644 16,634 41,016 21 57,671 (2,500) 1954 12/19/2019 5 - 30 Wakefield Crossing Raleigh, NC 7,728 1,997 9,252 — 1,997 9,252 — 11,249 (446) 1954 12/19/2019 5 - 30 Midway Market Dallas, TX — 7,331 5,110 — 7,331 5,110 — 12,441 (287) 1954 12/19/2019 5 - 30 614,880 280,467 783,972 30,354 280,258 812,963 1,572 1,094,793 (120,301) (Dollars in thousands) Initial Costs Gross Amount at Which Carried at Close of Period Property name Location (MSA) Related Encum-brances Land Building and Improvements Costs Capitalized Land Building and Improvements Construction in Progress Total (1) Accumulated Depreciation Year Constr-ucted/Renova-ted Date Acquired Deprec-iable Lives - Years Brookwood Office Center Birmingham, AL $29,925 $1,745 $42,661 $345 $1,745 $42,997 $9 $44,751 $(5,365) 2007 8/29/2016 5 - 50 Galleria 75 Atlanta, GA 5,131 15,156 1,512 324 15,156 1,831 5 16,992 (811) 1988 11/4/2016 5 - 25 Three Ravinia Atlanta, GA 115,500 9,785 154,023 65,699 11,083 218,214 210 229,507 (33,974) 1991 12/30/2016 7 - 39 Westridge San Antonio, TX 50,449 15,778 58,496 5,637 15,778 64,113 20 79,911 (8,372) 2016 11/13/2017 13 - 50 Armour Yards Atlanta, GA 39,425 6,756 54,534 274 6,756 54,719 89 61,564 (5,429) 2016 1/29/2018 9 - 50 150 Fayetteville Raleigh, NC 113,768 16,072 140,467 20,559 16,072 158,937 2,089 177,098 (12,352) 1990 7/31/2018 8 - 50 Capitol Towers Charlotte, NC 122,720 13,445 174,029 5,019 13,445 178,868 180 192,493 (9,659) 2015 12/20/2018 7 - 50 (Dollars in thousands) Initial Costs Gross Amount at Which Carried at Close of Period Property name Location (MSA) Related Encum-brances Land Building and Improvements Costs Capitalized Land Building and Improvements Construction in Progress Total (1) Accumulated Depreciation Year Constr-ucted/Renova-ted Date Acquired Deprec-iable Lives - Years CAPTRUST Tower Raleigh, NC 82,650 9,629 115,629 4,546 9,629 119,069 1,106 129,804 (5,338) 2009 7/25/2019 5 - 50 251 Armour Drive Atlanta, GA 3,522 3,658 1,675 1,750 3,658 1,675 1,750 7,083 — 1996 7/31/2019 12 - 45 Morrocroft Centre Charlotte, NC 70,000 9,367 89,145 5,502 9,367 92,940 1,707 104,014 (3,427) 2013 - 2017 12/20/2019 5 - 50 4th & Brevard Charlotte, NC — 13,917 101 — 13,917 101 — 14,018 (34) n/a 3/16/2020 7 633,090 115,308 832,272 109,655 116,606 933,464 7,165 1,057,235 (84,761) $2,640,705 $604,555 $3,352,434 $184,341 $605,282 $3,523,779 $12,269 $4,141,330 $(509,150) (1) The aggregate cost for federal income tax purposes to the Company was approximately $4.0 billion at December 31, 2020. (2) The costs capitalized subsequent to acquisition amount includes approximately $6.9 million of assets in 2017 which were written off due to damages from Hurricane Harvey. (In thousands) For the years ended December 31, Real estate investments 2020 2019 2018 Balance at the beginning of the year $ 4,394,529 $ 3,672,715 $ 2,735,342 Acquisitions 310,329 679,423 1,003,791 Improvements 49,821 39,259 56,007 Construction in progress 795 3,628 (123) Write-off of assets no longer in service (1,208) (261) (438) Disposal of assets (612,622) (549) (121,864) Gross Corporate Entity Assets 1,647 314 — Balance at the end of the year $ 4,143,291 $ 4,394,529 $ 3,672,715 Accumulated depreciation Balance at the beginning of the year $ (421,551) $ (272,042) $ (172,756) Depreciation (a) (163,463) (149,884) (125,849) Write-off of assets no longer in service 1,208 261 438 Disposal of assets 74,656 114 26,125 Accumulated Depreciation Corporate Entity Assets (397) — — Balance at the end of the year $ (509,547) $ (421,551) $ (272,042) (a) Represents depreciation expense of real estate assets. Amounts include corporate entity assets following the Internalization transaction and exclude amortization of lease intangible assets for all periods. |
Schedule IV
Schedule IV | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate | Schedule IV Preferred Apartment Communities, Inc. Mortgage Loans on Real Estate December 31, 2020 Description Property Name Location (MSA) Interest Rate Maturity Date Periodic Payment Terms Prior Liens Face Amount of Mortgages (in thousands) Carrying Amount of Mortgages (in thousands) Principal Amount of Mortgages Subject to Delinquent Principal or Interest Real Estate Construction Loan on Multifamily Community Newbergh Atlanta, GA 14.0 % 3/31/2021 (3) 8.5 / 5.5 $ — $ 11,749 $ 11,749 $ — Real Estate Construction Loan on Multifamily Community Newbergh Atlanta, GA 14.0 % 3/31/2021 (3) 8.5 / 5.5 — 6,176 6,176 — Real Estate Construction Loan on Multifamily Community V & Three Charlotte, NC 13.5 % 8/15/2021 (2) 8.5 / 5.0 — 10,336 10,335 — Real Estate Construction Loan on Multifamily Community V & Three Charlotte, NC 13.5 % 8/18/2021 (2) 8.5 / 5.0 — 7,338 7,162 — Real Estate Construction Loan on Multifamily Community Cameron Park Alexandria, VA 11.5 % 10/11/2021 (1) 8.5 / 3.0 — 21,340 20,874 — Real Estate Construction Loan on Multifamily Community Cameron Park Capital Alexandria, VA 11.5 % 10/11/2021 (1) 8.5 / 3.0 — 8,850 8,850 — Real Estate Construction Loan on Multifamily Community The Anson Nashville, TN 13.0 % 11/24/2021 (6) 8.5 / 4.5 — 6,240 6,240 — Real Estate Construction Loan on Multifamily Community The Anson Nashville, TN 13.0 % 11/24/2021 (6) 8.5 / 4.5 — 5,659 4,839 — Real Estate Construction Loan on Multifamily Community Berryessa San Jose, CA 11.5 % 2/13/2022 (1) 8.5 / 3.0 — 137,616 126,237 — Real Estate Construction Loan on Multifamily Community Southpoint Fredericksburg, VA 12.5 % 2/28/2022 (5) 8.5 / 4.0 — 7,348 7,348 — Real Estate Construction Loan on Multifamily Community Southpoint Fredericksburg, VA 12.5 % 2/28/2022 (5) 8.5 / 4.0 — 4,962 4,626 — Real Estate Construction Loan on Multifamily Community Vintage Destin Destin, FL 12.5 % 3/24/2022 (5) 8.5 / 4.0 — 10,763 9,736 — Real Estate Construction Loan on Multifamily Community Hidden River II Tampa, FL 12.0 % 10/11/2022 (4) 8.5 / 3.5 — 4,462 4,462 — Real Estate Construction Loan on Multifamily Community Hidden River II Tampa, FL 12.0 % 10/11/2022 (4) 8.5 / 3.5 — 2,763 2,461 — Real Estate Construction Loan on Multifamily Community Vintage Horizon West Orlando, FL 14.0 % 10/11/2022 (3) 8.5 / 5.5 — 10,900 9,019 — Real Estate Construction Loan on Multifamily Community Kennesaw Crossing Atlanta, GA 14.0 % 9/1/2023 (3) 8.5 / 5.5 — 14,810 13,025 — Description Property Name Location (MSA) Interest Rate Maturity Date Periodic Payment Terms Prior Liens Face Amount of Mortgages (in thousands) Carrying Amount of Mortgages (in thousands) Principal Amount of Mortgages Subject to Delinquent Principal or Interest Real Estate Construction Loan on Multifamily Community Vintage Jones Franklin Raleigh, NC 14.0 % 11/14/2023 (3) 8.5 / 5.5 — 10,000 7,904 — Real Estate Construction Loan on Multifamily Community Solis Cumming Town Center Atlanta, GA 14.0 % 9/3/2024 (3) 8.5 / 5.5 — 20,681 5,584 — Real Estate Construction Loan on Multifamily Community Solis Chestnut Farm Charlotte, NC 14.0 % 2/28/2025 (3) 8.5 / 5.5 — 13,372 11,671 — Real Estate Construction Loan on Office Property 8 West Atlanta, GA 13.5 % 11/29/2022 (2) 8.5 / 5.0 — 19,193 11,858 — Total — 334,558 290,156 — Unamortized loan origination fees — — (1,194) — Allowances for expected credit losses — — (9,067) — Carrying amount $ — $ 334,558 $ 279,895 $ — (1) Fixed rate, interest only, 8.5% payable monthly and 3.0% accrued (2) Fixed rate, interest only, 8.0% payable monthly and 5.0% accrued (3) Fixed rate, interest only, 8.5% payable monthly and 5.5% accrued (4) Fixed rate, interest only, 8.5% payable monthly and 3.5% accrued (5) Fixed rate, interest only, 8.5% payable monthly and 4.0% accrued (6) Fixed rate, interest only, 8.5% payable monthly and 4.5% accrued |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Revenue Recognition Leases, Operating [Policy Text Block] | Revenue Recognition Multifamily communities Rental revenue is recognized when earned from residents of the Company's multifamily communities, which is over the terms of the rental agreements, typically a duration of thirteen months or less. The Company evaluates the collectability of amounts due from residents and recognizes revenue from residents when collectability is deemed probable, in accordance with ASC 842-30-25-12. 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. Reimbursement revenue and percentage rent were previously presented in the Company’s Other Property Revenues line item. For presentation purposes, the Company has reclassified its revenue from reimbursements into Rental and other property revenues for all periods presented, for comparability. 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). These items are recorded under Rental and other property revenues. 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. 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. The Company previously recorded bad debt expense within the Property operating and maintenance expense line item, and upon adoption of ASC 842 on January 1, 2019, began recording amounts not deemed probable of collection as a reduction of rental revenues and other property revenues, as applicable. The Company may provide grocery-anchored shopping center and office building tenants an allowance for the construction of leasehold improvements. Leasehold improvements that are owned by the Company 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. 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’s right of use asset and related lease liability in accordance with ASC 842-20-30 related to these ground leases are recorded within the Tenant Receivables and Other assets and the Security deposits and other liabilities line items of the balance sheet, respectively. The Company is also the lessee of furniture and equipment leases such as office equipment, which generally are three |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Acquisitions and Impairments of Real Estate Assets When the Company acquires a property, it allocates the aggregate purchase price to tangible assets, consisting of land, building, site improvements and furniture, fixtures and equipment, and identifiable intangible assets, consisting of the value of in-place leases and above-market and below-market leases as described further below, using estimated fair values of each component at the time of purchase. The Company follows the guidance as outlined in ASC 805-10, Business Combinations, as amended by ASU 2017-01. As described below in the section entitled New Accounting Pronouncements, Accounting Standards Update 2017-01 was adopted by the Company effective January 1, 2017, which changed the definition of a business. Under this new guidance, most property acquisitions made by the Company will fall within the category of acquired assets rather than acquired businesses. This distinction will cause the Company to capitalize its costs for acquisitions (including, effective July 1, 2017, a 1% acquisition fee), allocate them to the fair value of acquired assets and liabilities and amortize these costs over the remaining useful lives of those assets and liabilities. Should the Company complete any acquisitions in the future which qualify as acquisitions of businesses, associated acquisition costs would be expensed as incurred. Tangible assets The fair values of land acquired is calculated under the highest and best use model, using formal appraisals and comparable land sales, among other inputs. Building value is determined by valuing the property on a “go-dark” basis as if it were vacant, and also using a replacement cost approach, which two results are then reconciled. Site improvements are valued using replacement cost. Management determines the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases, including leasing commissions and other related costs. The values of furniture, fixtures, and equipment are estimated by calculating their replacement cost and reducing that value by factors based upon estimates of their remaining useful lives. |
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 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 will be limited to our real estate loans and notes and revolving lines of credit. 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 of approximately $7.4 million to retained earnings on January 1, 2020. 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 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. |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Identifiable intangible assets In-place leases Multifamily communities and student housing properties The fair value of in-place leases are estimated by calculating the estimated time to fill a hypothetically empty apartment complex to its stabilization level (estimated to be 93% occupancy) based on historical observed move-in rates for each property, and which approximate market rates. Carrying costs during these hypothetical expected lease-up periods are estimated, considering current market conditions and include real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates. The intangible assets are calculated by estimating the net cash flows of the in-place leases to be realized, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. The acquired in-place lease values are amortized over the average remaining non-cancelable term of the respective in-place leases in the depreciation and amortization line of the statements of operations. Grocery-anchored shopping centers and office properties The fair value of in-place leases represent the value of direct costs associated with leasing, including opportunity costs associated with lost rentals that are avoided by acquiring in-place leases. Direct costs associated with obtaining a new tenant include commissions, legal and marketing costs, incentives such as tenant improvement allowances and other direct costs. Such direct costs are estimated based on our consideration of current market costs to execute a similar lease. The value of opportunity costs is calculated using the estimated market lease rates and the estimated absorption period of the space. These direct costs and opportunity costs are included in the accompanying consolidated balance sheets as acquired intangible assets and are amortized over the remaining term of the respective leases in the depreciation and amortization line of the statements of operations. Above-market and below-market lease values Multifamily communities and student housing properties These values are usually not significant or are not applicable for these properties. Grocery-anchored shopping centers and office properties The values of above-market and below-market leases are developed by comparing the Company's estimate of the average market rents and expense reimbursements to the average contract rent at the property acquisition date. The amount by which contract rent and expense reimbursements exceed estimated market rent are summed for each individual lease and discounted for a singular aggregate above-market lease intangible asset for the property. The amount by which estimated market rent exceeds contract rent and expense reimbursements are summed for each individual lease and discounted for a singular aggregate below-market lease intangible liability. The above-market or below-market lease values are recorded as a reduction or increase, respectively, to rental revenue over the remaining noncancelable term of the respective leases, plus any below-market probable renewal options. 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. Real Estate Loan Investments The Company carries its investments in real estate loans at amortized cost with assessments made for expected loan loss allowances in the event recoverability of the principal amount becomes doubtful. The balances of real estate loans presented on the consolidated balance sheets consist of drawn amounts on the loans, net of unamortized deferred loan origination fees and current expected credit losses. Interest income on real estate loans and notes receivable is recognized on an accrual basis over the lives of the loans or notes. In the event that a loan or note is refinanced with the proceeds of another loan issued by the Company, any unamortized loan fee revenue from the first loan will be recognized as interest revenue at the date of refinancing. Loan origination fees applicable to real estate loans are amortized over the lives of the loans as adjustments to interest income using the effective interest rate method. When there is concern as to the ultimate collection of principal or interest, the Company either ceases the accrual of interest, or records allowances as necessary. Certain real estate loan assets include limited purchase options or additional amounts of accrued interest. Additional accrued interest becomes due in cash to the Company on the earliest to occur of: (i) the maturity of the loan, (ii) any uncured event of default as defined in the associated loan agreement, (iii) the sale of the project or the refinancing of the loan (other than a refinancing loan by the Company or one of its affiliates) and (iv) any other repayment of the loan. 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 developed property's future estimated fair market 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. Reserves for current expected credit losses are written off when the instrument is deemed to be uncollectible. 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 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 submarket 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, the results of which are included within the Company's expected loss model. See the Revenue Recognition section of this Note for other loan-related policy disclosures required by ASC 310-10-50-6. |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Variable Interest EntitiesA variable interest entity, or “VIE” is an entity that lacks sufficient equity to finance its activities without additional subordinated financial support from other parties, or whose equity holders lack the characteristics of a controlling financial interest. A VIE is consolidated by its primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through the (a) power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (b) obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. The Company assesses whether it meets the power and benefits criteria and in performing this analysis, the Company considers both qualitative and quantitative factors, including the Company’s ability to control or significantly influence key decisions of the VIE and the obligation or likelihood for the Company to fund operating losses of the VIE. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, may involve significant judgment, including the determination of which activities most significantly affect the entities’ performance, and estimates about the current and future fair values and performance of assets held by the VIE. If the Company determines that it meets both the power and benefits criteria of the VIE, the Company is deemed to be the primary beneficiary of the VIE and the Company consolidates the entire VIE entity in its consolidated financial statements. |
Loans and Leases Receivable, Nonmortgage Loan, Valuation, Policy [Policy Text Block] | Purchase Option Terminations The Company will occasionally receive a purchase option and/or a right of first offer 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. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements Certain assets and liabilities are required to be carried at fair value, or if they are deemed impaired, to be adjusted to reflect this condition. The Company follows the guidance provided by ASC 820, Fair Value Measurements and Disclosures , in accounting and reporting for real estate assets where appropriate, as well as debt instruments both held for investment and as liabilities. The standard requires disclosure of fair values calculated utilizing each of the following input type within the following hierarchy: • Level 1 – Quoted prices in active markets for identical assets or liabilities at the measurement date. • Level 2 – Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. • Level 3 – Unobservable inputs for the asset or liability. |
Cash and Cash Equivalents, Policy | Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Restricted cash includes cash restricted by state law or contractual requirement and relates primarily to real estate tax and insurance escrows, capital improvement reserves and resident security deposits. |
Real Estate Assets (Tables)
Real Estate Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Acquisition | |
schedule of depreciation and amortization expense [Table Text Block] | The Company recorded aggregate amortization and depreciation expense of: (In thousands) Years ended December 31, 2020 2019 2018 Depreciation: Buildings and improvements $ 113,402 $ 99,137 $ 78,691 Furniture, fixtures, and equipment 50,474 50,747 47,158 163,876 149,884 125,849 Amortization: Acquired intangible assets 36,030 34,057 44,617 Deferred leasing costs 1,576 933 519 Website development costs 195 191 151 Total depreciation and amortization $ 201,677 $ 185,065 $ 171,136 |
real estate owned [Table Text Block] | The Company's real estate assets consisted of: As of: (unaudited) December 31, 2020 December 31, 2019 Residential properties: Properties (1) 37 (1, 2) 42 Units 11,143 12,256 Beds — 6,095 New Market Properties: Properties 54 ( 2, 3) 52 Gross leasable area (square feet) (3) 6,208,278 6,041,629 Preferred Office Properties: Properties 9 ( 2) 9 Rentable square feet 3,169,000 3,169,000 Development properties 2 1 Rentable square feet 35,000 35,000 (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 grocery-anchored shopping centers and two office buildings are owned through consolidated joint ventures. One grocery-anchored shopping center is an investment in an unconsolidated joint venture. (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. |
Table of Properties Acquired | During the years ended December 31, 2020 and 2019, 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 11/2/2020 The Blake Orlando, Florida 281 12/15/2020 The Menlo Jacksonville, Florida 332 1,293 8/8/2019 Artisan at Viera Melbourne, Florida 259 9/18/2019 Five Oaks at Westchase Tampa, Florida 218 477 The aggregate purchase prices of the multifamily acquisitions were approximate ly $276.9 million and $117.0 million for the acquisitions completed during the years ended December 31, 2020 and 2019 respectively, exclusive of acquired escrows, security deposits, prepaids, capitalized acquisition costs and other miscellaneous assets and assumed li New Market Properties assets acquired During the years ended December 31, 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 8/16/2019 Fairfield Shopping Center (1) Virginia Beach, Virginia 231,829 11/14/2019 Berry Town Center Orlando, Florida 99,441 12/19/2019 Hanover Shopping Center (1) Wilmington, North Carolina 305,346 1,318,519 (1) Property is owned through a consolidated joint venture. The agg regate purchase price of the New Market Properties acquisitions for the years ended December 31, 2020 and 2019 was approximately $27.7 million and $248.4 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 years ended December 31, (In thousands, except amortization period data) 2020 2019 Land $ 9,328 $ 77,612 Buildings and improvements 12,264 152,804 Tenant improvements 2,099 11,319 In-place leases 3,043 21,084 Above market leases 107 3,098 Leasing costs 1,237 7,216 Below market leases (359) (21,028) Prepaid taxes and other assets 61 124 Security deposits, prepaid rents, and other liabilities (249) (869) Net assets acquired $ 27,531 $ 251,360 Cash paid $ 19,640 $ 91,422 Mortgage debt 7,891 159,938 Total consideration $ 27,531 $ 251,360 Year ended December 31, 2020: Revenue $ 2,250 $ 25,371 Net income (loss) $ 121 $ (3,722) Year ended December 31, 2019: Revenue $ — $ 11,401 Net income (loss) $ — $ (1,686) Capitalized acquisition costs incurred by the Company $ 470 $ 5,266 Capitalized acquisition costs paid to related party (included above) $ 249 $ 2,367 Remaining amortization period of intangible assets and liabilities (in years, as of December 31, 2020) 10.2 7.8 |
Schedule of Business Acquisitions, by Acquisition | Multifamily Communities acquired during the years ended December 31, (In thousands, except amortization period data) 2020 2019 Land $ 28,074 $ 9,264 Buildings and improvements 194,434 87,098 Furniture, fixtures and equipment 50,170 19,806 Lease intangibles 8,635 2,647 Prepaids & other assets 354 75 Accrued taxes (437) (477) Security deposits, prepaid rents, and other liabilities (742) (118) Net assets acquired $ 280,488 $ 118,295 Cash paid $ 144,016 $ 78,295 Mortgage debt, net 136,472 40,000 Total consideration $ 280,488 $ 118,295 Year ended December 31, 2020: Revenue $ 9,328 $ 9,206 Net income (loss) $ (6,244) $ (3,779) Year ended December 31, 2019: Revenue $ — $ 2,967 Net income (loss) $ — $ (2,074) Capitalized acquisition costs incurred by the Company $ 4,370 $ 1,771 Acquisition costs paid to related party (included above) $ — $ 1,216 Remaining amortization period of intangible assets and liabilities (months) 7.8 0 |
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. (In thousands, except amortization period data) 2019 Land $ 7,289 Buildings and improvements 68,163 Furniture, fixtures and equipment 16,966 Lease intangibles 983 Below market leases — Prepaids & other assets — Accrued taxes (158) Security deposits, prepaid rents, and other liabilities (2,579) Net assets acquired $ 90,664 Cash paid $ 2,717 Satisfaction of loan receivables 46,397 Mortgage debt, net 41,550 Total consideration $ 90,664 Year ended December 31, 2020: Revenue $ 6,774 Net income (loss) $ 319 Year ended December 31, 2019: Revenue $ 5,532 Net income (loss) $ (2,946) Capitalized acquisition costs incurred by the Company $ 1,016 Acquisition costs to related party (included above) $ 936 Remaining amortization period of intangible assets and liabilities (months) 0 |
Disposal Groups, Including Discontinued Operations | The carrying amounts of the significant assets and liabilities of the disposed property at the date of sale were: (In thousands) Avenues at Creekside Real estate assets: Land $ 5,984 Building and improvements 42,750 Furniture, fixtures and equipment 7,840 Accumulated depreciation (12,186) Total assets, net $ 44,388 Liabilities: Mortgage note payable $ 38,114 Property University Location Number of units Number of beds Student housing properties sold: North by Northwest Florida State University Tallahassee, FL 219 679 SoL Arizona State University Tempe, AZ 224 639 Stadium Village (1) Kennesaw State University Atlanta, GA 198 792 Ursa (1) Baylor University Waco, TX 250 840 The Tradition Texas A&M University College Station, TX 427 808 Knightshade University of Central Florida Orlando, FL 221 894 The Bloc Texas Tech University Lubbock, TX 140 556 Rush University of North Carolina - Charlotte Charlotte, NC 332 887 Total/Average 2,011 6,095 The carrying amounts of the significant assets and liabilities of the disposed properties at the dates of sale were: (In thousands) Student Housing Portfolio Real estate assets: Land $ 61,149 Building and improvements 390,797 Furniture, fixtures and equipment 68,596 Accumulated depreciation (60,113) Total assets, net $ 460,429 Liabilities: Mortgage notes payable $ 216,219 |
Equity Method Investments | The following tables summarize the balance sheet and statements of operations data for Neapolitan Way shopping center subsequent to its contribution into the joint venture as of and for the periods presented: (In thousands) December 31, 2020 Total assets $ 39,109 Total liabilities $ 25,795 Three months ended December 31, 2020 Year ended December 31, 2020 Rental and other property revenues $ 772 $ 1,423 Total operating expenses $ 924 $ 1,721 Interest expense $ 236 $ 330 Net income (loss) $ (388) $ (628) Net income (loss) attributable to the Company $ (194) $ (314) |
Preferred Office Properties [Member] | |
Business Acquisition | |
Table of Properties Acquired | Preferred Office Properties assets acquired The Company did not acquire any office buildings during 2020. During the year ended December 31, 2019, the Company completed the acquisition of the following office buildings: Acquisition date Property Location Gross leasable area (square feet) 7/25/2019 CAPTRUST Tower Raleigh, North Carolina 300,000 7/31/2019 251 Armour Drive Atlanta, Georgia 35,000 12/20/2019 Morrocroft Center Charlotte, North Carolina 291,000 626,000 The aggregate purchase price of the Preferred Office Properties acquisitions for the year ended 2019 was approximately $250.6 million, exclusive of acquired escrows, security deposits, prepaid assets, capitalized acquisition costs and other miscellaneous assets and assumed liabilities. 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. (In thousands, except amortization period data) Preferred Office Properties' acquisitions during the year ended December 31, 2019 Land $ 22,654 Buildings and improvements 193,243 Tenant improvements 13,205 In-place leases 12,766 Above-market leases 1,760 Leasing costs 6,021 Below-market leases (2,892) Prepaid and other assets 56 Accrued taxes (98) Security deposits, prepaid rents, and other liabilities (413) Net assets acquired $ 246,302 Cash paid $ 93,652 Mortgage debt, net 82,650 Term Note 70,000 Total consideration $ 246,302 Year ended December 31, 2020: Revenue $ 21,648 Net income (loss) $ (1,655) Year ended December 31, 2019: Revenue $ 5,530 Net income (loss) $ (718) Capitalized acquisition costs incurred by the Company $ 3,079 Acquisition costs paid to related party (included above) $ 2,570 Remaining amortization period of intangible assets and liabilities (in years, as of December 31, 2020) 7.1 |
Real Estate Loans, Notes Rece_2
Real Estate Loans, Notes Receivable, and Lines of Credit (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2020 December 31, 2019 Number of loans 20 27 Number of underlying properties in development 14 19 (In thousands) Drawn amount $ 290,156 $ 352,582 Deferred loan origination fees (1,194) (1,476) Allowances for expected credit losses (9,067) (1,400) Carrying value $ 279,895 $ 349,706 Unfunded loan commitments $ 44,403 $ 61,718 Weighted average current interest, per annum (paid monthly) 8.50 % 8.48 % Weighted average accrued interest, per annum 3.91 % 3.85 % (In thousands) Principal balance Deferred loan origination fees Allowances and CECL Reserves 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 59,417 — — 59,417 Loan repayments (119,627) — — (119,627) Loans and accrued interest settled through sale (2,216) — 3,548 1,332 Loan origination fees collected — (898) — (898) Amortization of loan origination fees — 1,180 — 1,180 Reserve increases due to loan originations — — (767) (767) Net increases in reserves on existing loans or loans repaid — — (3,034) (3,034) Balances as of December 31, 2020 $ 290,156 $ (1,194) $ (9,067) $ 279,895 (In thousands) Number of loans Carrying value Commitment amount Percentage of portfolio Residential Properties 19 $ 268,308 $ 315,365 96 % Preferred Office Properties 1 11,587 19,193 4 % Balances as of December 31, 2020 20 $ 279,895 $ 334,558 |
Financing Receivable Credit Quality Indicators [Table Text Block] | The following table presents the Company's aggregation of loan amounts (including unpaid interest) by final reserve ratio as of December 31, 2020: Final reserve ratio Number of loans Total receivables by project, net of reserves (in thousands) — % 3 $ 23,127 0.50 % 4 33,189 1.00 % 5 53,690 1.50 % 4 38,443 3.00 % 1 9,276 4.00 % 3 149,541 5.00% + — — 20 $ 307,266 |
Notes receivable [Table Text Block] | At December 31, 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 December 31, 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 6/17/2014 6/30/2021 1,000 — — 12 % Oxford Capital Partners, LLC (4,6) 10/5/2015 6/30/2021 8,000 1,256 5,438 10 % Mulberry Development Group, LLC (5) 3/31/2016 6/30/2021 750 607 525 12 % 360 Capital Company, LLC (5) N/A N/A — — 3,394 N/A 360 Capital Company, LLC (5,7) N/A N/A — — 7,754 N/A Unamortized loan fees — (33) $ 21,410 $ 10,874 $ 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 overall decrease in the Oxford line of credit balance is a function of an approximate $5.0 million paydown on July 31, 2020, that was required as part of the line of credit agreement whenever there is a defined Capital Transaction, generally triggered by the sale of a development property. (7) The line of credit extended to 360 Residential was paid off in full on November 30, 2020. |
interest income [Table Text Block] | The Company recorded interest income and other revenue from these instruments as follows: Interest income (In thousands) Years ended December 31, 2020 2019 2018 Real estate loans: Current interest $ 27,966 $ 30,985 $ 31,368 Additional accrued interest 12,372 13,663 19,003 Loan origination fee amortization 1,181 1,426 1,570 Purchase option termination fee amortization 6,536 9,111 9,820 Default interest 209 91 64 Total real estate loan revenue 48,264 55,276 61,825 Notes and lines of credit 2,541 5,430 3,784 Bank and money market accounts 40 687 147 Agency mortgage-backed securities — 95 50 Interest income on loans and notes receivable $ 50,845 $ 61,488 $ 65,806 |
Redeemable Preferred Stock (Tab
Redeemable Preferred Stock (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Stockholders Equity [Table Text Block] | Cumulative gross proceeds and offering costs for our equity offerings that were active during 2020 consisted of: (In thousands) Deferred Offering Costs Offering Total offering Gross proceeds as of December 31, 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 1,000,000 168,226 758 3,747 4,505 15,935 20,440 2019 Shelf Offering (2) 400,000 4,614 24 1,039 1,063 92 1,155 Total $ 2,900,000 $ 1,409,254 $ 16,656 $ 4,786 $ 21,442 $ 131,677 $ 153,119 (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 subset of the $400 million Shelf Offering. (3) These offering costs specifically identifiable to Unit offering closing transactions, such as commissions, dealer manager fees, and |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | 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) Years ended December 31, Type of Compensation Basis of Compensation 2020 2019 2018 Acquisition fees 1.0% of the gross purchase price of real estate assets $ 235 $ 7,203 $ 10,699 Loan origination fees 1.0% of the maximum commitment of any real estate loan, note or line of credit receivable — 783 2,166 Loan coordination fees 0.6% of any assumed, new or supplemental debt incurred in connection with an acquired property 47 2,939 3,897 Asset management fees Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted 1,349 15,596 14,698 Property management fees Monthly fee up to 4% of the monthly gross revenues of the properties managed 890 10,274 8,934 General and administrative expense fees Monthly fee equal to 2% of the monthly gross revenues of the Company 616 6,177 6,022 Construction management fees Quarterly fee for property renovation and takeover projects 14 264 408 Disposition fees 1% of the sale price of a real estate asset — 282 1,710 Contingent asset management fees / general and administrative fees Recognized upon disposition of the property when exceeding the 7% IRR hurdle — 11 671 $ 3,151 $ 43,529 $ 49,205 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) Years ended December 31, 2020 2019 2018 $ 1,430 $ 18,054 $ 16,276 |
Equity Compensation (Tables)
Equity Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity Compensation [Abstract] | |
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 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 earlier of our next annual meeting of stockholders or 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 December 31, 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 (25,215) (5,334) Total forfeitures (191,757) (5,334) Units earned and converted into Class A Units — (281,058) Class B Units outstanding at December 31, 2020 64,330 — (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. The Company has granted restricted stock units, or RSUs, to certain employees of affiliates of the Company, 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 (3,000) (7,861) (8,154) Units earned and converted into common stock — — — RSUs outstanding at December 31, 2020 18,400 19,899 12,566 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 result for the Performance RSU award was: Stock price on grant date $ 7.23 Dividend yield 6.87 % Expected volatility 44.40 % Risk-free interest rate 0.11 % Target number of PSUs granted: First vesting tranche 136,462 Second vesting tranche 136,467 272,929 Calculated fair value per PSU $ 6.76 Total fair value of PSUs $ 1,845,000 The underlying valuation assumptions and results for the 2018 Class B OP Unit awards were: 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 has granted restricted stock units, or RSUs, to certain employees of affiliates of the Company, 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 (3,000) (7,861) (8,154) Units earned and converted into common stock — — — RSUs outstanding at December 31, 2020 18,400 19,899 12,566 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 on of the sa me 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 automatically convert into 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 |
equity compensation expense [Table Text Block] | Equity compensation expense by award type for the Company was: Years ended December 31, Unamortized expense as of December 31, 2020 (In thousands) 2020 2019 2018 Class B Unit awards to employees: 2016 $ — $ 2 $ 271 $ — 2017 3 312 344 — 2018 244 277 551 2 Restricted stock grants to Board members: 2017 — — 120 — 2018 — 120 241 — 2019 140 281 — — 2020 355 — — 177 Restricted stock grants for employees: 2020 522 — — 3,358 Performance-based restricted stock units: 2020 230 — — 1,615 Restricted stock units to employees: 2017 — 69 76 — 2018 35 74 100 — 2019 57 88 — 71 2020 58 — — 116 Total $ 1,644 $ 1,223 $ 1,703 $ 5,339 |
ClassBUnitGrantsvaluationassumptions [Table Text Block] | The underlying valuation assumptions and results for the 2018 Class B OP Unit awards were: 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 |
Performance Shares Schedule Of Percentile Rank | The market condition requirement of the PSUs consists of a relative measure of total shareholder return (“TSR”) of the Company's Common Stock versus the average TSR of a select group of publicly-traded peer companies. TSR is calculated by dividing the sum of price appreciation and cumulative dividends over the performance period divided by the beginning value of the common stock at the performance period commencement date (July 1, 2020), where the determining values are derived by calculating the 20-day volume weighted average stock price preceding both the performance period commencement date and the performance period end date (June 30, 2023). PSUs will become earned PSUs according to the percentile rank of the TSR of Company's Common Stock versus the peer group’s average TSR, as shown in the following table: Level Relative TSR performance (percentile rank versus peers) Earned PSUs (% of target) < Threshold <35 th Percentile 0% Threshold 35 th Percentile 50% Target 55 th Percentile 100% Maximum >=75 th Percentile 200% |
Indebtedness (Tables)
Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | The Company partially financed the real estate properties acquired during the year ended December 31, 2020 with mortgage debt as shown in the following table: Property Date Initial principal amount Fixed/Variable rate 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 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 The Blake 11/2/2020 44,435 Fixed 2.82 % 5/1/2030 The Menlo 12/15/2020 47,000 Fixed 2.68 % 1/1/2031 $ 269,885 The following table summarizes our mortgage debt refinancing and repayment activity for the years ended December 31, 2020 and 2019: Date Property Previous balance (millions) Previous interest rate / spread over 1 month LIBOR Loan refinancing or prepayment costs expensed (thousands) New balance (millions) New interest rate Total deferred loan costs subsequent to 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 7/10/2020 Citrus Village $ 28.5 3.65 % 704 $ 40.9 2.95 % 522 7/31/2020 Village at Baldwin Park $ 70.1 4.16 % 16 $ 70.1 3.59 % 864 11/3/2020 SoL $ 35.2 4.71 % — $ — N/A — 11/3/2020 Stadium Village $ 44.5 3.80 % — $ — N/A — 11/3/2020 Knightshade $ 47.1 4.09 % — $ — N/A — 11/3/2020 North by Northwest $ 30.5 4.02 % 2,168 $ — N/A — 11/3/2020 The Tradition $ 30.0 L + 375 300 $ — N/A — 11/3/2020 The Bloc $ 29.0 L + 355 73 $ — N/A — 11/12/2020 Avenues at Creekside $ 38.1 L + 160 381 $ — N/A — $ 552.2 $ 10,506 $ 356.1 $ 9,421 11/8/2019 Rush $ 41.6 L + 375 $ — $ — N/A $ — 10/1/2019 Kingwood Glen 10.9 3.48 % — — N/A — 10/1/2019 Sweetgrass Corner 7.4 3.58 % — — N/A — 9/17/2019 Spring Hill Plaza 9.1 3.36 % — 8.2 3.72 % 195 9/17/2019 Parkway Town Centre 6.6 3.36 % — 8.1 3.72 % 195 8/16/2019 Deltona Landings 6.5 3.48 % 5 6.3 4.18 % 204 8/16/2019 Barclay Crossing 6.1 3.48 % 4 6.3 4.18 % 209 8/16/2019 Parkway Center 4.3 3.48 % 3 4.6 4.18 % 148 8/13/2019 Powder Springs 6.9 3.48 % 4 8.0 3.65 % 236 7/29/2019 Citi Lakes 41.1 L + 217 155 41.3 3.66 % 668 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 2/28/2019 Lenox Village Town Center 29.2 3.82 % 17 39.3 4.34 % 1,153 $ 203.7 $ 557 $ 157.0 $ 4,018 The following table summarizes our mortgage notes payable at December 31, 2020: (In thousands) Fixed rate mortgage debt: Principal balances due Weighted-average interest rate Weighted average remaining life (years) Residential properties $ 1,372,035 3.56 % 9.1 New Market Properties 567,730 4.00 % 7.3 Preferred Office Properties 633,090 4.13 % 12.4 Total fixed rate mortgage debt $ 2,572,855 3.80 % 9.5 Variable rate mortgage debt: Residential properties $ 20,700 2.93 % 9.5 New Market Properties 47,150 2.81 % 2.9 Preferred Office Properties — — % — Total variable rate mortgage debt $ 67,850 2.85 % 4.9 Total mortgage debt: Residential properties $ 1,392,735 3.55 % 9.1 New Market Properties 614,880 3.91 % 7.0 Preferred Office Properties 633,090 4.13 % 12.4 Total principal amount 2,640,705 3.77 % 9.4 Deferred loan costs (42,233) Mark to market loan adjustment (4,008) Mortgage notes payable, net $ 2,594,464 |
debt covenant [Table Text Block] | As of December 31, 2020, the Company was in compliance with all covenants rel ated to the Revolving Line of Credit, as shown in the following table: Covenant (1) Requirement Result Net worth Minimum $1.5 billion $1.6 billion (2) Debt yield Minimum 8.5% 10.0% Payout ratio Maximum 95% (3) 90.1% Total leverage ratio Maximum 65% 62.4% Debt service coverage ratio Minimum 1.50x 1.87x (1) All covenants are as defined in the credit agreement for the Revolving Line of Credit. (2) Adjusted to exclude the effect of costs incurred with Internalization. (3) Calculated on a trailing four-quarter basis, except for common stock dividends and net preferred stock redemptions, that are annualized off of the trailing three quarters' dividends and redemptions. For the year ended December 31, 2020, the maximum dividends and distributions allowed under this covenant was approximately $174.3 million. |
Schedule of Debt [Table Text Block] | Interest expense, including amortization of deferred loan costs was: Years ended December 31, (In thousands) 2020 2019 2018 Residential properties $ 60,676 $ 62,455 $ 56,879 New Market Properties 26,379 24,566 19,188 Preferred Office Properties 26,939 22,869 12,789 Interest paid to real estate loan participants — 110 2,430 Total 113,994 110,000 91,286 Credit Facility and Acquisition Facility 4,564 1,964 4,278 Interest Expense $ 118,558 $ 111,964 $ 95,564 |
Schedule of Maturities of Long-term Debt [Table Text Block] | The Company’s estimated future principal payments due on its debt instruments as of December 31, 2020 were: Period Future principal payments 2021 (1) $ 125,745 2022 72,655 2023 114,246 2024 289,795 2025 57,850 Thereafter 2,002,414 Total $ 2,662,705 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Schedule Of Income Tax Characterization | The income tax characterization of the Company's dividend distributions were as follows: 2020 2019 2018 Preferred Stock: Ordinary income 16.9 % 44.7 % 51.4 % Return of capital 78.8 % 53.1 % — % Capital gains 4.3 % 2.2 % 48.6 % Common Stock: Ordinary income — % — % 27.0 % Return of capital 100.0 % 100.0 % 47.4 % Capital gains — % — % 25.6 % |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lessor, Operating Lease, Payments to be Received, Maturity | The Company's future minimum rental revenues were: For the year ending December 31: Future Minimum Rents as of December 31, 2020 (In thousands) New Market Properties Preferred Office Properties Total 2021 $ 74,150 $ 82,466 $ 156,616 2022 65,292 82,578 147,870 2023 55,570 81,952 137,522 2024 44,579 78,225 122,804 2025 32,490 69,734 102,224 Thereafter 93,146 292,415 385,561 Total $ 365,227 $ 687,370 $ 1,052,597 |
Lease, Cost | The Company recorded lease expense as follows: (Dollars in thousands) Weighted average remaining lease term (years) Weighted average discount rate Lease expense Cash paid Office space $ 2,670 $ 2,626 5.0 3.0 % Ground leases 58 51 35.5 4.4 % Office equipment 336 336 2.5 3.0 % Total $ 3,064 $ 3,013 |
Lessee, Operating Lease, Liability, Maturity | Future minimum rent expense for office space, ground leases and office equipment were: For the year ending December 31: Future Minimum Rents as of December 31, 2020 (In thousands) Office space Ground leases Office equipment Total 2021 $ 2,930 $ 51 $ 134 $ 3,115 2022 2,855 51 57 2,963 2023 2,497 51 27 2,575 2024 3,139 51 13 3,203 2025 2,808 52 11 2,871 Thereafter 355 1,084 — 1,439 Total $ 14,584 $ 1,340 $ 242 $ 16,166 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Information [Abstract] | |
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) December 31, 2020 December 31, 2019 Assets: Multifamily Communities $ 1,745,020 $ 2,047,905 Financing 321,026 409,226 New Market Properties 1,072,090 1,125,230 Preferred Office Properties 1,121,992 1,123,212 Other 20,951 64,987 Consolidated assets $ 4,281,079 $ 4,770,560 Total capitalized expenditures (inclusive of additions to construction in progress, but exclusive of the purchase price of acquisitions) for the years ended December 31, 2020, 2019 and 2018 were as follows: Years ended December 31, (In thousands) 2020 2019 2018 Capitalized expenditures: Residential properties $ 14,311 $ 14,511 $ 19,879 New Market Properties 9,494 8,913 6,901 Preferred Office Properties 25,621 19,761 28,795 Total $ 49,426 $ 43,185 $ 55,575 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Total revenues by reportable segment of the Company were: Years ended December 31, (In thousands) 2020 2019 2018 Revenues Rental and other property revenues: Residential properties $ 234,039 $ 220,872 $ 196,071 New Market Properties 107,525 96,389 77,243 Preferred Office Properties (1) 108,826 93,416 60,162 Total rental and other property revenues 450,390 410,677 333,476 Financing revenues 50,723 59,750 63,795 Miscellaneous revenues 1,084 — — Consolidated revenues $ 502,197 $ 470,427 397,271 (1) Included in rental revenues for our Preferred Office Properties segment is the amortization of deferred revenue for tenant-funded leasehold improvements from tenants in our Three Ravinia and Westridge office buildings. The remaining unamortized balance of approximately $36.0 million is included in the deferred revenues line on the consolidated balance sheets at December 31, 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 $3.8 million, $3.8 million and $2.7 million for the years ended December 31, 2020, 2019 and 2018 respectively. |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Segment NOI for each reportable segment for the years ended December 31, 2020, 2019 and 2018 were as follows: Years ended December 31, (In thousands) 2020 2019 2018 Segment net operating income (Segment NOI) Residential properties $ 134,513 $ 123,576 $ 109,232 Financing 50,689 59,750 63,795 New Market Properties 76,536 69,271 55,013 Preferred Office Properties 79,463 66,510 41,800 Miscellaneous revenues 1,084 — — Consolidated segment net operating income 342,285 319,107 269,840 Interest expense: Residential properties 60,676 62,455 56,878 New Market Properties 26,379 24,566 19,188 Preferred Office Properties 26,939 22,869 12,789 Financing 4,564 2,074 6,709 Depreciation and amortization: Residential properties 102,035 99,391 106,106 New Market Properties 51,813 44,786 39,269 Preferred Office Properties 47,829 40,888 25,761 Management fees, net of forfeitures 1,963 21,752 20,885 Management Internalization 180,116 2,987 — Expected credit loss allowance 6,103 2,038 2,533 Equity compensation to directors and executives 1,644 1,223 1,703 Gains on sale of real estate loan investment and land condemnation (517) (954) — Gains on sales of real estate and mortgage-backed securities, net (23,456) (1,567) (69,705) Gain on non-cash net assets of consolidated VIEs — (1,831) (320) Loss from unconsolidated joint venture 314 — — Loss on extinguishment of debt 6,674 84 — Other 30,812 5,804 3,506 Net income (loss) $ (181,603) $ (7,458) $ 44,538 |
Income (Loss) Per Share (Tables
Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 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: Years ended December 31, (In thousands, except per-share figures) 2020 2019 2018 Numerator: Operating income before gains on sales of real estate and mortgage-backed securities $ (80,030) $ 100,238 $ 70,077 Loss from unconsolidated joint venture (314) — — Gains on sales of real estate and mortgage-backed securities 23,456 1,567 69,705 Operating (loss) income (56,888) 101,805 139,782 Interest expense 118,558 111,964 95,564 Change in fair value of net assets of consolidated VIEs from mortgage-backed pools — 1,831 320 Less: loss on extinguishment of debt (6,674) (84) — Gains on sale of real estate loan investment and land condemnation 517 954 — Net (loss) income (181,603) (7,458) 44,538 Consolidated net loss (income) attributable to non-controlling interests 3,815 214 (1,071) Net (loss) income attributable to the Company (177,788) (7,244) 43,467 Dividends declared to preferred stockholders (160,908) (113,772) (86,741) Earnings attributable to unvested restricted stock (205) (17) (16) Net loss attributable to common stockholders $ (338,901) $ (121,033) $ (43,290) Denominator: Weighted average number of shares of Common Stock - basic 48,743 44,265 40,032 Effect of dilutive securities: (D) — — — Weighted average number of shares of Common Stock - basic and diluted 48,743 44,265 40,032 Net loss per share of Common Stock attributable to common stockholders, basic and diluted $ (6.95) $ (2.73) $ (1.08) (A) The Company's outstanding Class A Units of the Operating Pa rtnership (649, 856 and 877 Units at December 31, 2020, 2019 and 2018, 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 s hare 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 S tock outstanding accrue dividends at an annual rate of 6% of the stated value of $1,000 per share, payable monthly. The Company had 1,735, 2,028 and 1,608 outstanding shares of Series A Preferred Stock at December 31, 2020, 2019 and 2018, respectively and 149 and 5 outstanding shares of Series A1 Preferred Stock at December 31, 2020 and 2019, respectively. 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 89, 103 and 44 mShares outstanding at December 31, 2020, 2019 and 2018, 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 19 and 0 shares of Series M1 preferred stock outstanding at December 31, 2020 and 2019, respectively. (C) The Company's outstanding unvested restricted share awards (548, 13 and 12 shares of Common Stock at December 31, 2020, 2019 and 2018, 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 t wo-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 outstan ding from issuances of Units from our Series A Preferred Stock offerings that are potentially exercisable into 26,006 shares of Common Stock; (ii) 64 Class B Units; (iii) 548 shares of unvested restricted common stock; (iv) 51 outstanding Restricted Stock Units; and 273 performance-based restricted stock units are excluded from the diluted shares calculations because the effect was antidilu tive. 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) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Values of Financial Instruments [Abstract] | |
Fair Value Measurements, Recurring and 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 and are presented net of deferred loan fee revenue, where applicable. As of December 31, 2020 Carrying value Fair value measurements (In thousands) Fair Value Level 1 Level 2 Level 3 Financial Assets: Real estate loans (1) $ 302,423 $ 315,074 $ — $ — $ 315,074 Notes receivable and line of credit receivable 10,874 10,874 — — 10,874 $ 313,297 $ 325,948 $ — $ — $ 325,948 Financial Liabilities: Mortgage notes payable $ 2,640,705 2,666,471 $ — $ — $ 2,666,471 Revolving credit facility 22,000 22,000 — — 22,000 $ 2,662,705 $ 2,688,471 $ — $ — $ 2,688,471 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 |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Details) | Dec. 31, 2020$ / sharesshares |
Organization [Abstract] | |
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 |
Common Stock, Shares, Outstanding | 49,994,032 |
Noncontrolling Interest, Ownership Percentage by Parent | 98.70% |
minority interest partnership units outstanding | 648,936 |
daycountvolweightedavgcalcformarketvalue | 20 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 12 Months Ended | |||
Dec. 31, 2020USD ($)lease$ / shares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Real Estate Properties [Line Items] | ||||
Lessee, Operating Lease, Term of Contract | 20 years | |||
Number of Properties Subject to Ground Leases | lease | 3 | |||
Acquisition Fee, Percent | 1.00% | |||
stabilized occupancy level | 93.00% | |||
preferred stock stated value per share | $ / shares | $ 1,000 | |||
Financing Receivable, Allowance for Credit Losses | $ 1,438,448,000 | $ 1,934,116,000 | $ 1,609,385,000 | $ 1,280,766,000 |
Accumulated Deficit [Member] | ||||
Real Estate Properties [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses | $ (192,446,000) | (7,244,000) | $ 0 | $ 4,449,000 |
Accounting Standards Update 2016-13 [Member] | ||||
Real Estate Properties [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses | (7,414,000) | |||
Accounting Standards Update 2016-13 [Member] | Accumulated Deficit [Member] | ||||
Real Estate Properties [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses | (7,414,000) | |||
Restatement Adjustment | Accounting Standards Update 2016-13 [Member] | Accumulated Deficit [Member] | ||||
Real Estate Properties [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses | $ (7,400,000) | |||
Building [Member] | Maximum [Member] | ||||
Real Estate Properties [Line Items] | ||||
Lessee, Operating Lease, Term of Contract | 15 years | |||
Base Rental Rate Escalation | 3.00% | |||
Property, Plant and Equipment, Useful Life | 50 years | |||
Building [Member] | Minimum [Member] | ||||
Real Estate Properties [Line Items] | ||||
Lessee, Operating Lease, Term of Contract | 5 years | |||
Base Rental Rate Escalation | 2.00% | |||
Property, Plant and Equipment, Useful Life | 30 years | |||
Furniture and Fixtures [Member] | Maximum [Member] | ||||
Real Estate Properties [Line Items] | ||||
Lessee, Operating Lease, Term of Contract | 5 years | |||
Property, Plant and Equipment, Useful Life | 10 years | |||
Furniture and Fixtures [Member] | Minimum [Member] | ||||
Real Estate Properties [Line Items] | ||||
Lessee, Operating Lease, Term of Contract | 3 years | |||
Property, Plant and Equipment, Useful Life | 5 years | |||
Land, Buildings and Improvements [Member] | Maximum [Member] | ||||
Real Estate Properties [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 20 years | |||
Land, Buildings and Improvements [Member] | Minimum [Member] | ||||
Real Estate Properties [Line Items] | ||||
Lessee, Operating Lease, Term of Contract | 20 years | |||
Property, Plant and Equipment, Useful Life | 5 years | |||
Spaces Under 5,000 Square Feet [Member] | Maximum [Member] | ||||
Real Estate Properties [Line Items] | ||||
Lease Term | 7 years | |||
Spaces Under 5,000 Square Feet [Member] | Minimum [Member] | ||||
Real Estate Properties [Line Items] | ||||
Lease Term | 3 years | |||
Spaces Over 10,000 Square Feet [Member] | Maximum [Member] | ||||
Real Estate Properties [Line Items] | ||||
Lease Term | 20 years | |||
Spaces Over 10,000 Square Feet [Member] | Minimum [Member] | ||||
Real Estate Properties [Line Items] | ||||
Lease Term | 10 years |
Real Estate Assets - Narrative
Real Estate Assets - Narrative (Details) | Dec. 10, 2020USD ($) | Mar. 06, 2020USD ($) | Jan. 01, 2019USD ($) | May 07, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020ft² | Dec. 31, 2020 | Dec. 31, 2020number_of_properties | Dec. 31, 2020unit | Dec. 31, 2019ft² | Dec. 31, 2019 | Dec. 31, 2019number_of_properties | Dec. 31, 2019unit |
Business Acquisition | |||||||||||||||
purchase option termination fees received | $ 1,200,000 | $ 2,500,000 | $ 9,100,000 | $ 12,300,000 | |||||||||||
unearned revenue from purchase option termination fees | $ 723,000 | $ 2,859,000 | |||||||||||||
Intangible Assets, Gross (Excluding Goodwill) | 296,900,000 | ||||||||||||||
Number of Real Estate Properties | 14 | 2 | 19 | 1 | |||||||||||
Number of units in real estate property | unit | 1,293 | 477 | |||||||||||||
Net assets acquired | 250,600,000 | ||||||||||||||
Revenues | 502,197,000 | 470,427,000 | $ 397,271,000 | ||||||||||||
Net Income contributed to consolidated results | (181,603,000) | (7,458,000) | 44,538,000 | ||||||||||||
Gains (Losses) on Sales of Investment Real Estate | 23,456,000 | 1,567,000 | 69,705,000 | ||||||||||||
Income (Loss) before Gain (Loss) on Sale of Properties | (80,030,000) | 100,238,000 | 70,077,000 | ||||||||||||
Finite-Lived Intangible Assets, Accumulated Amortization | 169,718,000 | 149,896,000 | |||||||||||||
Finite-Lived Intangible Liabilities | 85,900,000 | ||||||||||||||
finite lived intangible liabilities accumulated amortization | 34,100,000 | ||||||||||||||
amortization of purchase option termination fee income | 6,536,000 | 9,111,000 | 9,820,000 | ||||||||||||
amortization of purchase option termination fee income net | 6,500,000 | 9,100,000 | $ 8,700,000 | ||||||||||||
Restricted Cash | 47,100,000 | ||||||||||||||
Restricted cash, capital expenditures and property improvements | 14,400,000 | ||||||||||||||
New Market Properties [Member] | |||||||||||||||
Business Acquisition | |||||||||||||||
Net assets acquired | 27,700,000 | $ 248,400,000 | |||||||||||||
New Market Properties [Member] | |||||||||||||||
Business Acquisition | |||||||||||||||
Number of Real Estate Properties | 54 | 52 | |||||||||||||
Net assets acquired | $ 92,400,000 | ||||||||||||||
Area of Real Estate Property | ft² | 6,208,278 | 6,041,629 |
Real Estate Assets - Table of P
Real Estate Assets - Table of Properties Acquired (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)ft²number_of_propertiesunit | Dec. 31, 2019USD ($)ft²unit | Mar. 27, 2019unitbed | |
Business Acquisition | |||
Number of units in real estate property | unit | 1,293 | 477 | |
business combination purchase price | $ | $ 250,600,000 | ||
Restricted Cash and Cash Equivalents | $ | 47,059,000 | $ 42,872,000 | |
gayton crossing [Domain] | |||
Business Acquisition | |||
Area of Real Estate Property | 158,316 | ||
viera [Domain] | |||
Business Acquisition | |||
Number of units in real estate property | unit | 259 | ||
five oaks [Member] | |||
Business Acquisition | |||
Number of units in real estate property | unit | 218 | ||
New Market Properties [Member] | |||
Business Acquisition | |||
business combination purchase price | $ | 27,700,000 | $ 248,400,000 | |
Student Housing Properties [Member] | |||
Business Acquisition | |||
Land | $ | 7,289,000 | ||
Buildings and improvements | $ | 68,163,000 | ||
business combinations, accrued property tax liability | $ | 158,000 | ||
Other liabilities | $ | (2,579,000) | ||
Business Combination, Consideration Transferred | $ | 90,664,000 | ||
Cash paid | $ | $ 2,717,000 | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 0 months | ||
Lenox Portfolio [Member] | |||
Business Acquisition | |||
Net Rentable Area | 47,600 | ||
free state [Domain] | |||
Business Acquisition | |||
Area of Real Estate Property | 264,152 | ||
disston plaza [Member] | |||
Business Acquisition | |||
Area of Real Estate Property | 129,150 | ||
polo grounds [Domain] | |||
Business Acquisition | |||
Area of Real Estate Property | 130,285 | ||
fairfield [Domain] | |||
Business Acquisition | |||
Area of Real Estate Property | 231,829 | ||
berry town center [Domain] | |||
Business Acquisition | |||
Area of Real Estate Property | 99,441 | ||
Hanover Shopping Center [Domain] | |||
Business Acquisition | |||
Area of Real Estate Property | 305,346 | ||
Horizon At Wiregrass | |||
Business Acquisition | |||
Number of units in real estate property | unit | 392 | ||
Parkside At The Beach [Member] | |||
Business Acquisition | |||
Number of units in real estate property | unit | 288 | ||
The Blake [Member] | |||
Business Acquisition | |||
Number of units in real estate property | unit | 281 | ||
The Menlo [Member] | |||
Business Acquisition | |||
Number of units in real estate property | unit | 332 | ||
Rush [Member] | |||
Business Acquisition | |||
Number of units in real estate property | unit | 332 | ||
Number of beds, student housing | bed | 887 | ||
Wakefield Crossing [Member] | |||
Business Acquisition | |||
Area of Real Estate Property | 75,927 | ||
Midway Market [Member] | |||
Business Acquisition | |||
Area of Real Estate Property | 85,599 | ||
Office Building [Member] | |||
Business Acquisition | |||
Number Of Properties Owned Through Consolidated Joint Ventures | number_of_properties | 2 | ||
Grocery Anchored Shopping Center | |||
Business Acquisition | |||
Number Of Properties Owned Through UnConsolidated Joint Ventures | number_of_properties | 1 | ||
Number Of Properties Owned Through Consolidated Joint Ventures | number_of_properties | 2 | ||
Multifamily Community | |||
Business Acquisition | |||
Number Of Properties Owned Through Consolidated Joint Ventures | number_of_properties | 1 | ||
CAPTRUST Tower [Domain] | |||
Business Acquisition | |||
Net Rentable Area | 300,000 | ||
251 armour drive [Domain] | |||
Business Acquisition | |||
Net Rentable Area | 35,000 | ||
Morrocroft Centre [Domain] | |||
Business Acquisition | |||
Net Rentable Area | 291,000 | ||
New Market Properties [Member] | |||
Business Acquisition | |||
Area of Real Estate Property | 6,208,278 | 6,041,629 | |
business combination purchase price | $ | $ 92,400,000 | ||
New Market Properties [Member] | 2020 Acquired Properties | |||
Business Acquisition | |||
Area of Real Estate Property | 161,526 | ||
New Market Properties [Member] | 2019 Acquired Properties | |||
Business Acquisition | |||
Area of Real Estate Property | 1,318,519 | ||
Preferred Office Properties [Member] | |||
Business Acquisition | |||
Net Rentable Area | 626,000 |
Real Estate Assets - Purchase P
Real Estate Assets - Purchase Price Allocation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition | |||
Land | $ 605,282,000 | $ 635,757,000 | |
Less: accumulated depreciation | (509,547,000) | (421,551,000) | |
Building and improvements | 3,034,727,000 | 3,256,223,000 | |
Furniture, fixtures, and equipment | 306,725,000 | 323,381,000 | |
Construction in progress | 12,269,000 | 11,893,000 | |
Real Estate Investment Property, at Cost | 4,143,291,000 | 4,394,529,000 | |
Tenant Improvements | 184,288,000 | 167,275,000 | |
Revenues | 502,197,000 | 470,427,000 | $ 397,271,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (181,603,000) | (7,458,000) | $ 44,538,000 |
Other Notes Payable | 70,000,000 | ||
Student Housing Properties 2019 [Member] | |||
Business Acquisition | |||
Revenues | 5,532,000 | 6,774,000 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (2,946,000) | 319,000 | |
Prepaid Expenses and Other Current Assets [Member] | |||
Business Acquisition | |||
Amortization | 0 | ||
Furniture and Fixtures [Member] | |||
Business Acquisition | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | (16,966,000) | ||
Multifamily Acquisitions [Member] | |||
Business Acquisition | |||
Land | 28,074,000 | 9,264,000 | |
Building and improvements | 194,434,000 | 87,098,000 | |
Furniture, fixtures, and equipment | 50,170,000 | 19,806,000 | |
business combinations, accrued property tax liability | (437,000) | (477,000) | |
Business Combination, Consideration Transferred | 280,488,000 | 118,295,000 | |
Payments to Acquire Businesses, Gross | 144,016,000 | 78,295,000 | |
Other liabilities | (742,000) | (118,000) | |
capitalized acquisition costs asset acquisition | $ 4,370,000 | $ 1,771,000 | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 7 years 9 months 18 days | 0 years | |
Amortization | $ 8,635,000 | $ 2,647,000 | |
business combination prepaids and other assets acquired | 354,000 | 75,000 | |
business combination debt financing | 136,472,000 | 40,000,000 | |
Transaction costs | 0 | 1,216,000 | |
Multifamily Acquisitions 2019 [Member] | |||
Business Acquisition | |||
Land | 9,328,000 | ||
Buildings and improvements | 12,264,000 | ||
Tenant Improvements | 2,099,000 | ||
Business Combination, Consideration Transferred | 27,531,000 | ||
Revenues | 2,250,000 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 121,000 | ||
capitalized acquisition costs asset acquisition | $ 470,000 | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 10 years 2 months 12 days | ||
Finite-Lived Intangible Asset, Acquired-in-Place Leases | $ 3,043,000 | ||
Other Finite-Lived Intangible Assets, Gross | 1,237,000 | ||
Off-market Lease, Unfavorable | (359,000) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (249,000) | ||
business combination debt financing | 7,891,000 | ||
Transaction costs | 249,000 | ||
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross | 107,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 61,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 27,531,000 | ||
business combination cash paid | 19,640,000 | ||
Multifamily Acquisitions 2018 [Member] | |||
Business Acquisition | |||
Revenues | 9,206,000 | 2,967,000 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (3,779,000) | (2,074,000) | |
Multifamily Acquisitions 2019 [Member] | |||
Business Acquisition | |||
Revenues | 9,328,000 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (6,244,000) | ||
2019 acquisition [Domain] | |||
Business Acquisition | |||
Land | 22,654,000 | ||
Buildings and improvements | 193,243,000 | ||
business combinations, accrued property tax liability | (98,000) | ||
Business Combination, Consideration Transferred | 246,302,000 | ||
Payments to Acquire Businesses, Gross | 93,652,000 | ||
Revenues | 21,648,000 | 5,530,000 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (1,655,000) | $ (718,000) | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 7 years 1 month 6 days | ||
Amortization | 56,000 | ||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed tenant improvements | 13,205,000 | ||
Finite-Lived Intangible Asset, Acquired-in-Place Leases | 12,766,000 | ||
above market lease intangibles | 1,760,000 | ||
Other Finite-Lived Intangible Assets, Gross | 6,021,000 | ||
Off-market Lease, Unfavorable | (2,892,000) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (413,000) | ||
business combination debt financing | 82,650,000 | ||
Transaction costs | $ 3,079,000 | ||
Acquisition costs paid to related party | 2,570,000 | ||
Q2 2018 NMP acquisitions [Domain] | |||
Business Acquisition | |||
Land | 77,612,000 | ||
Buildings and improvements | 152,804,000 | ||
Tenant Improvements | 11,319,000 | ||
Business Combination, Consideration Transferred | 251,360,000 | ||
Revenues | 25,371,000 | 11,401,000 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (3,722,000) | (1,686,000) | |
capitalized acquisition costs asset acquisition | $ 5,266,000 | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 7 years 9 months 18 days | ||
Finite-Lived Intangible Asset, Acquired-in-Place Leases | $ 21,084,000 | ||
Other Finite-Lived Intangible Assets, Gross | 7,216,000 | ||
Off-market Lease, Unfavorable | (21,028,000) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (869,000) | ||
business combination debt financing | 159,938,000 | ||
Transaction costs | 2,367,000 | ||
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross | 3,098,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 124,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 251,360,000 | ||
business combination cash paid | $ 91,422,000 | ||
westridge [Member] | |||
Business Acquisition | |||
Land | 7,289,000 | ||
Buildings and improvements | 68,163,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 0 | ||
business combinations, accrued property tax liability | (158,000) | ||
Business Combination, Consideration Transferred | 90,664,000 | ||
Payments to Acquire Businesses, Gross | 2,717,000 | ||
Business Combination, Satisfaction Of Loan Receivable | 46,397,000 | ||
Business Combination, Consideration Transferred, Liabilities Incurred | 41,550,000 | ||
Other liabilities | (2,579,000) | ||
capitalized acquisition costs asset acquisition | $ 1,016,000 | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 0 months | ||
Lease Intangibles [Member] | |||
Business Acquisition | |||
Amortization | $ 983,000 | ||
PAA [Member] | westridge [Member] | |||
Business Acquisition | |||
capitalized acquisition costs asset acquisition | $ 936,000 |
Real Estate Assets - Depreciati
Real Estate Assets - Depreciation and Amortization (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition | |||
Intangible Assets, Gross (Excluding Goodwill) | $ 296,900,000 | ||
finite lived intangible liabilities accumulated amortization | $ 34,100,000 | ||
Depreciation: | |||
Depreciation | 163,876,000 | 149,884,000 | $ 125,849,000 |
Amortization: | |||
Depreciation and amortization | 201,677,000 | 185,065,000 | 171,136,000 |
Below Market Lease, Accumulated Amortization | 34,006,000 | 23,655,000 | |
Furniture and Fixtures [Member] | |||
Depreciation: | |||
Depreciation | 50,474,000 | 50,747,000 | 47,158,000 |
Building and Building Improvements [Member] | |||
Depreciation: | |||
Depreciation | 113,402,000 | 99,137,000 | 78,691,000 |
Finite-Lived Intangible Assets [Member] | |||
Amortization: | |||
Amortization of Intangible Assets | 36,030,000 | 34,057,000 | 44,617,000 |
Lease Agreements [Member] | |||
Amortization: | |||
Amortization of Deferred Leasing Fees | 1,576,000 | 933,000 | 519,000 |
Website Development [Member] | |||
Amortization: | |||
amortization website development costs | $ 195,000 | $ 191,000 | $ 151,000 |
Maximum [Member] | |||
Business Acquisition | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years 8 months 12 days | ||
Minimum [Member] | |||
Business Acquisition | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years |
Real Estate Assets Real estate
Real Estate Assets Real estate assets owned (Details) $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2020USD ($)ft² | Dec. 31, 2020 | Dec. 31, 2020number_of_properties | Dec. 31, 2020unit | Dec. 31, 2019ft² | Dec. 31, 2019 | Dec. 31, 2019number_of_properties | Dec. 31, 2019unit | |
Business Combination Segment Allocation [Line Items] | ||||||||
business combination purchase price | $ | $ 250.6 | |||||||
Number of Real Estate Properties | 14 | 2 | 19 | 1 | ||||
Number of units in real estate property | unit | 1,293 | 477 | ||||||
Area of Real Estate Property, Excluded from Floor Retail Space | 35,000 | 35,000 | ||||||
Residential Properties | ||||||||
Business Combination Segment Allocation [Line Items] | ||||||||
Number of Real Estate Properties | 37 | 42 | ||||||
Number of units in real estate property | 11,143 | 12,256 | ||||||
Number of beds, student housing | 0 | 6,095 | ||||||
New Market Properties [Member] | ||||||||
Business Combination Segment Allocation [Line Items] | ||||||||
business combination purchase price | $ | $ 92.4 | |||||||
Number of Real Estate Properties | 54 | 52 | ||||||
Area of Real Estate Property | 6,208,278 | 6,041,629 | ||||||
Preferred Office Properties [Member] | ||||||||
Business Combination Segment Allocation [Line Items] | ||||||||
Number of Real Estate Properties | 9 | 9 | ||||||
Net Rentable Area | 626,000 | |||||||
Area of Real Estate Property, Excluded from Floor Retail Space | 3,169,000 | 3,169,000 | ||||||
Lenox Portfolio [Member] | ||||||||
Business Combination Segment Allocation [Line Items] | ||||||||
Net Rentable Area | 47,600 |
Real Estate Assets Real estat_2
Real Estate Assets Real estate sold (Details) | Nov. 12, 2020USD ($)unit | Nov. 03, 2020USD ($)bedunitcommunity | Dec. 31, 2020USD ($)unit | Dec. 31, 2019USD ($)unit | Dec. 31, 2018USD ($) |
Property, Plant and Equipment [Line Items] | |||||
Number of units in real estate property | unit | 1,293 | 477 | |||
Land | $ 605,282,000 | $ 635,757,000 | |||
Investment Building and Building Improvements | 3,034,727,000 | 3,256,223,000 | |||
Furniture, fixtures, and equipment | 306,725,000 | 323,381,000 | |||
Real Estate Investment Property, Accumulated Depreciation | (509,547,000) | (421,551,000) | |||
Assets | 4,281,079,000 | 4,770,560,000 | |||
Liabilities | 2,842,631,000 | 2,836,444,000 | |||
business combination purchase price | 250,600,000 | ||||
Gains (Losses) on Sales of Investment Real Estate | 23,456,000 | 1,567,000 | $ 69,705,000 | ||
Income (Loss) before Gain (Loss) on Sale of Properties | (80,030,000) | 100,238,000 | $ 70,077,000 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||
Property, Plant and Equipment [Line Items] | |||||
Sales price | $ 478,700,000 | ||||
Gain on sale | $ 2,900,000 | ||||
Income (loss) contributed to the operating results of the company | (5,300,000) | ||||
Number of units in the property | unit | 2,011 | ||||
Number of Communities | community | 8 | ||||
Number Of Beds | bed | 6,095 | ||||
Accumulated depreciation | $ (60,113,000) | ||||
Disposal Group, Including Discontinued Operation, Assets | 460,429,000 | ||||
Disposal Group, Including Discontinued Operation, Liabilities | $ 216,219,000 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Multifamily Community In San Antonio, Texas | |||||
Property, Plant and Equipment [Line Items] | |||||
Land | 5,984,000 | ||||
Investment Building and Building Improvements | 42,750,000 | ||||
Furniture, fixtures, and equipment | 7,840,000 | ||||
Real Estate Investment Property, Accumulated Depreciation | (12,186,000) | ||||
Assets | 44,388,000 | ||||
Long-term Debt, Gross | 38,114,000 | ||||
Sales price | $ 62,700,000 | ||||
Gain on sale | $ 17,300,000 | ||||
Income (loss) contributed to the operating results of the company | 300,000 | ||||
Number of units in the property | unit | 395 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | North by northwest FSU [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of units in the property | unit | 219 | ||||
Number Of Beds | bed | 679 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | SoL [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of units in the property | unit | 224 | ||||
Number Of Beds | bed | 639 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Stadium Village [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of units in the property | unit | 198 | ||||
Number Of Beds | bed | 792 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Ursa [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of units in the property | unit | 250 | ||||
Number Of Beds | bed | 840 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | The Tradition [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of units in the property | unit | 427 | ||||
Number Of Beds | bed | 808 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Knightsdale | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of units in the property | unit | 221 | ||||
Number Of Beds | bed | 894 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | The Bloc [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of units in the property | unit | 140 | ||||
Number Of Beds | bed | 556 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Rush [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of units in the property | unit | 332 | ||||
Number Of Beds | bed | 887 | ||||
Land | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment | $ 61,149,000 | ||||
Building and Building Improvements [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment | 390,797,000 | ||||
Furniture, Fixtures And Equipment | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment | $ 68,596,000 | ||||
Multifamily Acquisitions [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Land | 28,074,000 | 9,264,000 | |||
Investment Building and Building Improvements | 194,434,000 | 87,098,000 | |||
Furniture, fixtures, and equipment | 50,170,000 | 19,806,000 | |||
business combination purchase price | $ 276,900,000 | $ 117,000,000 |
Real Estate Assets Real estat_3
Real Estate Assets Real estate assets correction (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Investment Building and Building Improvements | $ 3,034,727 | $ 3,256,223 |
Tenant Improvements | $ 184,288 | $ 167,275 |
Real Estate Assets purchase opt
Real Estate Assets purchase options (Details) - USD ($) $ in Thousands | Dec. 10, 2020 | Mar. 06, 2020 | Jan. 01, 2019 | May 07, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | |||||||
purchase option termination fees received | $ 1,200 | $ 2,500 | $ 9,100 | $ 12,300 | |||
amortization of purchase option termination fee income | $ 6,536 | $ 9,111 | $ 9,820 |
Real Estate Assets amortization
Real Estate Assets amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Liabilities | $ 85,900 | ||
Revenues | 502,197 | $ 470,427 | $ 397,271 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (181,603) | $ (7,458) | $ 44,538 |
Real Estate Assets - Joint Vent
Real Estate Assets - Joint Venture Investment (Details) - USD ($) | Jul. 15, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Combination Segment Allocation [Line Items] | |||||
Assets | $ 4,281,079,000 | $ 4,281,079,000 | $ 4,770,560,000 | ||
Liabilities | 2,842,631,000 | 2,842,631,000 | 2,836,444,000 | ||
Rental revenues | 445,815,000 | 406,916,000 | $ 331,465,000 | ||
Costs and Expenses | 583,363,000 | 381,953,000 | 333,850,000 | ||
Interest Expense | 118,558,000 | 111,964,000 | 95,564,000 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (181,603,000) | (7,458,000) | 44,538,000 | ||
Net Income (Loss) Attributable to Parent | (177,788,000) | $ (7,244,000) | $ 43,467,000 | ||
Corporate Joint Venture | |||||
Business Combination Segment Allocation [Line Items] | |||||
Payments to acquire joint ventures | $ 19,200,000 | ||||
Ownership Interest In Joint Ventures | 50.00% | ||||
Gain Loss From Transactions With Joint Ventures | $ 3,300,000 | ||||
Ownership In Joint Ventures, Voting And Financial Interest | 50.00% | ||||
Assets | 39,109,000 | 39,109,000 | |||
Liabilities | 25,795,000 | 25,795,000 | |||
Rental revenues | 772,000 | 1,423,000 | |||
Costs and Expenses | 924,000 | 1,721,000 | |||
Interest Expense | 236,000 | 330,000 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (388,000) | (628,000) | |||
Net Income (Loss) Attributable to Parent | $ (194,000) | $ (314,000) |
Real Estate Loans, Notes Rece_3
Real Estate Loans, Notes Receivable, and Lines of Credit Real Estate Loans (Details) | 12 Months Ended | |||||||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020number_of_properties | Dec. 31, 2020loan | Dec. 31, 2019USD ($) | Dec. 31, 2019number_of_properties | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
number of loans receivable | 20 | 27 | ||||||
number of loans receivable | 20 | |||||||
Number of Real Estate Properties | 14 | 19 | 2 | 1 | ||||
Carrying Amount of Mortgages (in thousands) | $ 279,895,000 | |||||||
real estate loans commitment amount | $ 334,558,000 | |||||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 290,200,000 | |||||||
variable interest entity loans amount to be funded | 334,600,000 | |||||||
interest revenue current pay | 27,966,000 | $ 30,985,000 | $ 31,368,000 | |||||
Loans and Leases Receivable, Deferred Income | 0 | $ 33,000 | ||||||
Loans Receivable, Gross, Commercial, Real Estate | 290,156,000 | 352,582,000 | ||||||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | (1,194,000) | (1,476,000) | ||||||
Loans and Leases Receivable, Allowance | (9,067,000) | (1,400,000) | ||||||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 279,895,000 | 349,706,000 | ||||||
Loans and Leases Receivable, Impaired, Commitment to Lend | 61,718,000 | |||||||
real estate loans amount funded | 59,417,000 | |||||||
Real Estate Loan Repayments | (119,627,000) | |||||||
Loans Settled, Net | 1,332,000 | |||||||
Loans And Leases Receivable, Allowance, Accrued And Settled Through Sale | 3,548,000 | |||||||
Loans Settled With Acquisition | (2,216,000) | |||||||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | (767,000) | |||||||
Loans And Leases Receivable, Credit Loss Expense On Existing Or Repaid Loans | (3,034,000) | |||||||
real estate loan origination fees collected | (898,000) | |||||||
real estate loan fees amortized | $ 1,180,000 | |||||||
Current interest rate | 8.50% | 8.48% | ||||||
Deferred interest rate | 3.91% | 3.85% | ||||||
Interest receivable | 22,528,000 | 25,755,000 | ||||||
Real Estate Loan Investment, Number Of Loans | loan | 20 | |||||||
Real Estate Loan Investment | 307,266,000 | |||||||
Real Estate Loan Investment Reserve Ratio 000 | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Real Estate Loan Investment, Number Of Loans | loan | 3 | |||||||
Real Estate Loan Investment | 23,127,000 | |||||||
Real Estate Loan Investment Reserve Ratio 050 | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Real Estate Loan Investment, Number Of Loans | loan | 4 | |||||||
Real Estate Loan Investment | 33,189,000 | |||||||
Real Estate Loan Investment Reserve Ratio 100 | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Real Estate Loan Investment, Number Of Loans | loan | 5 | |||||||
Real Estate Loan Investment | 53,690,000 | |||||||
Real Estate Loan Investment Reserve Ratio 150 | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Real Estate Loan Investment, Number Of Loans | loan | 4 | |||||||
Real Estate Loan Investment | 38,443,000 | |||||||
Real Estate Loan Investment Reserve Ratio 300 | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Real Estate Loan Investment, Number Of Loans | loan | 1 | |||||||
Real Estate Loan Investment | 9,276,000 | |||||||
Real Estate Loan Investment Reserve Ratio 400 | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Real Estate Loan Investment, Number Of Loans | loan | 3 | |||||||
Real Estate Loan Investment | 149,541,000 | |||||||
Real Estate Loan Investment Reserve Ratio 500 | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Real Estate Loan Investment, Number Of Loans | loan | 0 | |||||||
Real Estate Loan Investment | 0 | |||||||
Accounting Standards Update 2016-13 [Member] | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Loans and Leases Receivable, Allowance | $ (7,414,000) | |||||||
Multifamily Communities | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
number of loans receivable | 19 | |||||||
Carrying Amount of Mortgages (in thousands) | 268,308,000 | |||||||
real estate loans commitment amount | $ 315,365,000 | |||||||
real estate loans percent of portfolio | 96.00% | |||||||
Preferred Office Properties [Member] | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
number of loans receivable | 1 | |||||||
Number of Real Estate Properties | 9 | 9 | ||||||
Carrying Amount of Mortgages (in thousands) | $ 11,587,000 | |||||||
real estate loans commitment amount | $ 19,193,000 | |||||||
real estate loans percent of portfolio | 4.00% |
Real Estate Loans, Notes Rece_4
Real Estate Loans, Notes Receivable, and Lines of Credit - Allowance (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Net increases in current expected loss reserves on existing loans | $ 1,700 |
Total allowance for expected credit losses | 6,103 |
Haven Campus Communities, Line Of Credit | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Net increases in current expected loss reserves on existing loans | 1,649 |
Starkville Real Estate Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Net increases in current expected loss reserves on existing loans | 652 |
Existing Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Net increases in current expected loss reserves on existing loans | $ 3,802 |
Real Estate Loans, Notes Rece_5
Real Estate Loans, Notes Receivable, and Lines of Credit Notes and lines of credit (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | $ 21,410,000 | |
Loans and Leases Receivable, Net Amount | 10,874,000 | $ 41,917,000 |
Loans and Leases Receivable, Deferred Income | 0 | (33,000) |
PCMS [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | 0 | |
Loans and Leases Receivable, Net Amount | 0 | 650,000 |
PAA [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Note Receivable And Line Of Credit Receivable | 0 | |
Loans and Leases Receivable, Net Amount | 0 | 15,178,000 |
HCC [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Note Receivable And Line Of Credit Receivable | 11,660,000 | |
Loans and Leases Receivable, Net Amount | $ 9,011,000 | 9,011,000 |
interest rate note receivable | 8.00% | |
Oxford Capital Partners LLC [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Note Receivable And Line Of Credit Receivable | $ 8,000,000 | |
Loans and Leases Receivable, Net Amount | $ 1,256,000 | 5,438,000 |
interest rate note receivable | 10.00% | |
newport development partners [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Note Receivable And Line Of Credit Receivable | $ 1,000,000 | |
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] | ||
Note Receivable And Line Of Credit Receivable | $ 750,000 | |
Loans and Leases Receivable, Net Amount | $ 607,000 | 525,000 |
interest rate note receivable | 12.00% | |
360 Capital Company - Due December 31, 2019 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Note Receivable And Line Of Credit Receivable | $ 0 | |
Loans and Leases Receivable, Net Amount | 0 | 3,394,000 |
360 Capital Company - Due December 31, 2020 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Note Receivable And Line Of Credit Receivable | 0 | |
Loans and Leases Receivable, Net Amount | $ 0 | $ 7,754,000 |
Real Estate Loans, Notes Rece_6
Real Estate Loans, Notes Receivable, and Lines of Credit Interest income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Receivables [Abstract] | |||
interest revenue current pay | $ 27,966 | $ 30,985 | $ 31,368 |
Accrued exit fee revenue | 12,372 | 13,663 | 19,003 |
Deferred Revenue, Revenue Recognized | 1,181 | 1,426 | 1,570 |
amortization of purchase option termination fee income | 6,536 | 9,111 | 9,820 |
Debt Instrument, Debt Default Interest, Amount | 209 | 91 | 64 |
Net loan fee revenue | 48,264 | 55,276 | 61,825 |
interest revenue notes receivable | 2,541 | 5,430 | 3,784 |
Interest Income, Money Market Deposits | 40 | 687 | 147 |
Interest Income, Securities, Mortgage Backed | 0 | 95 | 50 |
Interest income on loans and notes receivable | $ 50,845 | $ 61,488 | $ 65,806 |
Real Estate Loans, Notes Rece_7
Real Estate Loans, Notes Receivable, and Lines of Credit Real Estate Loans Narrative (Details) | Mar. 28, 2019USD ($) | Dec. 20, 2018USD ($) | Mar. 23, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020USD ($) | Nov. 20, 2018 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Proceeds from Sale of Mortgage Loans Held-for-sale | $ 41,100,000 | |||||||
fee on sale of loan | $ 1,550,000 | |||||||
payments received from real estate loan participants | 0 | $ 5,223,000 | $ 10,420,000 | |||||
real estate loan participation percentage | 25.00% | |||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Gross | 290,156,000 | $ 290,156,000 | ||||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 290,200,000 | 290,200,000 | ||||||
variable interest entity loans amount to be funded | 334,600,000 | 334,600,000 | ||||||
real estate loan balances unfunded | 44,400,000 | 44,400,000 | ||||||
Carrying Amount of Mortgages (in thousands) | $ 279,895,000 | $ 279,895,000 | ||||||
Proceeds from Sale and Collection of Mortgage Notes Receivable | $ 41,200,000 | |||||||
Final Reserve Ratio | 0.040 | 0.040 | ||||||
Mortgage Backed Securities, Other [Member] | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Monthly Interest Expense | $ 103,000 | |||||||
Payments to Acquire Investments | $ 18,400,000 | $ 4,700,000 | ||||||
Starkville Loan [Member] | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Gross | $ 7,300,000 | $ 7,300,000 | ||||||
Carrying Amount of Mortgages (in thousands) | 5,900,000 | 5,900,000 | ||||||
Accrued Interest Receivable | 1,200,000 | 1,200,000 | ||||||
Allowance for Loan and Lease Losses, Real Estate | 1,400,000 | 1,400,000 | ||||||
Starkville Loan [Member] | Accounting Standards Update 2016-13 [Member] | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Allowance for Loan and Lease Losses, Real Estate | $ 2,100,000 | |||||||
Haven Campus Communities, LLC [Member] | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Default interest rate | 10.00% | |||||||
interest rate note receivable | 8.00% | |||||||
Cumulative amount | $ 2,000,000 | $ 2,000,000 | ||||||
Haven Campus Communities, LLC [Member] | Shopping Center In Atlanta, GA | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 49.49% | 49.49% | ||||||
Proceeds from collection of financing receivable | $ 3,750,000 | |||||||
Geographic Concentration Risk [Member] | Oxford [Member] | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
amount drawn under loan agreement | $ 52,700,000 | 52,700,000 | ||||||
loan commitment amount | $ 72,600,000 | $ 72,600,000 |
Real Estate Loans, Notes Rece_8
Real Estate Loans, Notes Receivable, and Lines of Credit phantom facts (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
loan commitment guaranty limit amount | $ 2,000,000 | |
loan commitment guaranty percent | 25.00% | |
Borrowers Interest Rate | 49.00% | |
Oxford Capital Partners LLC [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, Paydown | $ 5,000,000 |
Real Estate Loans, Notes Rece_9
Real Estate Loans, Notes Receivable, and Lines of Credit CMBS (Details) $ in Thousands | Mar. 28, 2019USD ($) | Mar. 23, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Proceeds from Sale of Mortgage-backed Securities (MBS), Available-for-sale | $ 0 | $ 79,558 | $ 0 | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 290,200 | ||||
Mortgage Backed Securities, Other [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Proceeds from Sale of Mortgage-backed Securities (MBS), Available-for-sale | $ 20,400 | $ 6,200 | |||
number of loans in CMBS trust | 21 | 20 | |||
total maturity amount of CMBS pool | $ 295,700 | $ 276,300 |
Redeemable Preferred Stock (Det
Redeemable Preferred Stock (Details) | Nov. 24, 2020$ / sharesshares | Feb. 14, 2020USD ($)warrant$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / shares |
Class of Stock [Line Items] | |||||
gross potential offering proceeds | $ 2,900,000,000 | ||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.7875 | $ 1.05 | $ 1.02 | ||
Proceeds from Other Equity | $ 1,409,254,000 | ||||
daycountvolweightedavgcalcformarketvalue | 20 | ||||
aggregate offering costs | $ 153,119,000 | ||||
prorataamountofferingcostsreclassed | 16,656,000 | ||||
deferred offering costs not yet reclassified | $ 4,786,000 | ||||
maximum shares available to be issued | shares | 1,500,000 | ||||
shares common stock from warrant exercises | shares | 20 | 20 | |||
Deferred offering costs | $ 21,442,000 | ||||
specifically identifiable offering costs | 131,677,000 | ||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | ||||
Dividends, Common Stock, Cash | $ 38,868,000 | $ 46,755,000 | $ 41,129,000 | ||
Redemption Percent | 100.00% | ||||
Gross Proceeds Reimbursement Percent | 2.00% | ||||
Consideration received on transaction | $ 1,500,000,000 | ||||
Number Of Warrants For Each Equity Offering Unit | warrant | 1 | ||||
A1M1 Offering [Member] | |||||
Class of Stock [Line Items] | |||||
Shares Issued, Price Per Share | $ / shares | $ 1,000 | ||||
Series A Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | ||||
preferred stock | shares | 2,226,000 | 2,161,000 | |||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | |||
Preferred Stock, Value, Issued | $ 17,000 | $ 20,000 | |||
Shares called during the period | shares | 208,786 | ||||
Redemption price per share (usd per share) | $ / shares | $ 1,000 | ||||
Number Of Equity Instruments Called By Equity Offering Unit | shares | 1 | ||||
A1 Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Shares Issued, Price Per Share | $ / shares | $ 1,000 | ||||
Redemption Fee Percent | 13.00% | ||||
Redemption Fee Percent, After Year One | 10.00% | ||||
Redemption Fee Percent, After Year Two | 5.00% | ||||
Preferred Share Dividend Percent | 6.00% | ||||
Redemption Percent | 100.00% | ||||
M1 Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred Share Dividend Percent | 6.10% | ||||
Dividend Rate, Annual Increase | 0.10% | ||||
M1 Preferred Stock [Member] | Maximum [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred Share Dividend Percent | 7.10% | ||||
Dealer Manager Fees, Percent | 12.00% | ||||
Equity Or Debt Securities | |||||
Class of Stock [Line Items] | |||||
Consideration received on transaction | $ 100,000,000 | ||||
2019 Shelf Offering [Member] [Domain] | |||||
Class of Stock [Line Items] | |||||
gross potential offering proceeds | 400,000,000 | ||||
Proceeds from Other Equity | 4,614,000 | ||||
aggregate offering costs | 1,155,000 | ||||
prorataamountofferingcostsreclassed | 24,000 | ||||
deferred offering costs not yet reclassified | 1,039,000 | ||||
Deferred offering costs | 1,063,000 | ||||
specifically identifiable offering costs | 92,000 | ||||
Consideration received on transaction | 400,000,000 | ||||
2019 ATM Offering [Member] [Domain] | |||||
Class of Stock [Line Items] | |||||
Consideration received on transaction | 125,000,000 | ||||
A1M1 Offering [Domain] | |||||
Class of Stock [Line Items] | |||||
gross potential offering proceeds | 1,000,000,000 | ||||
Proceeds from Other Equity | 168,226,000 | ||||
aggregate offering costs | 20,440,000 | ||||
prorataamountofferingcostsreclassed | 758,000 | ||||
deferred offering costs not yet reclassified | $ 3,747,000 | ||||
maximum shares available to be issued | shares | 1,000,000 | ||||
Deferred offering costs | $ 4,505,000 | ||||
specifically identifiable offering costs | $ 15,935,000 | ||||
$1.5 billion unit [Domain] | |||||
Class of Stock [Line Items] | |||||
maximum shares available to be issued | shares | 1,500,000,000 | ||||
Unit Offering [Member] | |||||
Class of Stock [Line Items] | |||||
gross potential offering proceeds | $ 1,500,000,000 | ||||
Proceeds from Other Equity | 1,236,414,000 | ||||
aggregate offering costs | 131,524,000 | ||||
prorataamountofferingcostsreclassed | 15,874,000 | ||||
deferred offering costs not yet reclassified | 0 | ||||
Deferred offering costs | 15,874,000 | ||||
specifically identifiable offering costs | $ 115,650,000 | ||||
ceiling deferred offering costs | 11.50% | ||||
offering costs reimbursable to the Manager | 0.015 |
Related Party Transactions (Det
Related Party Transactions (Details) | Jan. 31, 2020USD ($)$ / shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020 | Dec. 31, 2020number_of_properties | Feb. 14, 2020shares | Dec. 31, 2019 | Dec. 31, 2019number_of_properties |
Related Party Transaction [Line Items] | ||||||||||
Payments Of Deferred Offering Costs | $ 3,100,000 | $ 3,600,000 | ||||||||
Management fees | 3,099,000 | 33,516,000 | $ 27,541,000 | |||||||
loan coordination fee percentage | 1.60% | |||||||||
loan coordination fees | 47,000 | 2,939,000 | 3,897,000 | |||||||
Cost of Reimbursable Expense | 1,430,000 | |||||||||
property salaries related party net | 18,054,000 | 16,276,000 | ||||||||
capital marketing and professional | $ 40,451 | 512,324 | 477,076 | |||||||
maximum shares available to be issued | shares | 1,500,000 | |||||||||
Common Stock, Shares, Outstanding | shares | 49,994,032 | |||||||||
Construction Management Fee | $ 14,000 | 264,000 | 408,000 | |||||||
Related Party Transaction, Expenses from Transactions with Related Party | 3,151,000 | 43,529,000 | 49,205,000 | |||||||
Property management fees | 894,000 | 10,307,000 | 8,976,000 | |||||||
AcquisitionFeesRelatedPartyCosts | 235,000 | 7,203,000 | 10,699,000 | |||||||
loan origination fees | 0 | 783,000 | 2,166,000 | |||||||
Number of Real Estate Properties | 14 | 2 | 19 | 1 | ||||||
manager's fees deferred | 25,600,000 | |||||||||
Financing Receivable, Gross | $ 21,410,000 | |||||||||
Loans and Leases Receivable, Net Amount | 41,917,000 | 10,874,000 | ||||||||
disposition fee to manager | 0 | 282,000 | 1,710,000 | |||||||
percent of asset value for loan coordination fee | 63.00% | |||||||||
Contingent Asset Management Fees | 0 | 11,000 | 671,000 | |||||||
Interest receivable | 25,755,000 | 22,528,000 | ||||||||
Remaining contingent fees | 24,100,000 | |||||||||
AssetmanagementFees [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Management fees | 1,349,000 | 15,596,000 | 14,698,000 | |||||||
Propertymanagementfees [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Property management fees | 890,000 | 10,274,000 | 8,934,000 | |||||||
General and Administrative Expense [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 616,000 | 6,177,000 | 6,022,000 | |||||||
preferred capital securities [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
marketing and legal cost reimbursements | $ 0 | 1,367,798 | $ 1,412,522 | |||||||
Former Manager And Sub Manager | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Transaction costs | $ 154,000,000 | |||||||||
Contingent consideration | $ 25,000,000 | |||||||||
Share Price | $ / shares | $ 1.55 | |||||||||
Contingent consideration, payment period | 36 months | |||||||||
Holdback amount | $ 15,000,000 | |||||||||
PCMS [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Financing Receivable, Gross | 0 | |||||||||
Loans and Leases Receivable, Net Amount | 650,000 | 0 | ||||||||
PCMS [Member] | PCMS [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Loans and Leases Receivable, Net Amount | 650,000 | |||||||||
PAA [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Loans and Leases Receivable, Net Amount | $ 15,178,000 | 0 | ||||||||
Note Receivable And Line Of Credit Receivable | 0 | |||||||||
PAA [Member] | Revolving Credit Facility [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Debt Instrument, Face Amount | 24,000,000 | |||||||||
PAC Carveout, LLC | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Consideration per transaction | $ 111,100,000 | |||||||||
Haven Campus Communities, LLC [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Interest receivable | $ 2,400,000 | |||||||||
$1.5 billion unit [Domain] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
maximum shares available to be issued | shares | 1,500,000,000 |
Dividends (Details)
Dividends (Details) | Nov. 24, 2020shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Dividends Payable [Line Items] | ||||
minority interest partnership units outstanding | shares | 648,936 | |||
Dividends, Preferred Stock, Cash | $ | $ 200,369,000 | $ 161,435,000 | $ 128,911,000 | |
Conversion ratio | 1 | |||
Series A Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $ 5 | |||
Dividends, Preferred Stock, Cash | $ | $ 149,943,000 | 108,950,000 | 84,841,000 | |
Shares called during the period | shares | 208,786 | |||
Stock Issued During Period, Value, Stock Dividend | $ | 20,900,000 | |||
M 1 Shares [Member] | ||||
Dividends Payable [Line Items] | ||||
Dividends, Preferred Stock, Cash | $ | $ 488,000 | $ 0 | $ 0 | |
Minimum [Member] | M Shares [Member] | ||||
Dividends Payable [Line Items] | ||||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $ 4.79 | |||
Minimum [Member] | M 1 Shares [Member] | ||||
Dividends Payable [Line Items] | ||||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | 5.08 | |||
Maximum [Member] | M Shares [Member] | ||||
Dividends Payable [Line Items] | ||||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | 6.25 | |||
Maximum [Member] | M 1 Shares [Member] | ||||
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 ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Dividends Payable [Line Items] | |||
Dividends, Preferred Stock, Cash | $ 200,369,000 | $ 161,435,000 | $ 128,911,000 |
Distribution Made to Limited Partner, Cash Distributions Declared | 593,000 | 908,000 | 1,041,000 |
dividends common stock declared | 38,868,000 | 46,755,000 | 41,129,000 |
Series A Preferred Stock [Member] | |||
Dividends Payable [Line Items] | |||
Dividends, Preferred Stock, Cash | 149,943,000 | 108,950,000 | 84,841,000 |
Series M Preferred Stock [Member] | |||
Dividends Payable [Line Items] | |||
Dividends, Preferred Stock, Cash | 6,408,000 | 4,807,000 | 1,900,000 |
Series A1 Preferred Stock [Member] | |||
Dividends Payable [Line Items] | |||
Dividends, Preferred Stock, Cash | 4,069,000 | 15,000 | 0 |
M 1 Shares [Member] | |||
Dividends Payable [Line Items] | |||
Dividends, Preferred Stock, Cash | $ 488,000 | $ 0 | $ 0 |
Equity Compensation (Details)
Equity Compensation (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 03, 2017 | |
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 | 2,617,500 | ||
Share-based Compensation | $ 1,644,000 | $ 1,223,000 | $ 1,703,000 | |
market vesting condition capital increase threshhold | $ 5,660,580 | |||
ClassBUnits [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Stock price on grant date | $ 20.19 | |||
Dividend yield | 4.95% | |||
Expected volatility | 25.70% | |||
Risk-free interest rate | 2.71% | |||
Target number of PSUs granted: | 256,087 | |||
Calculated fair value per PSU | $ 4,266,409 | |||
2019 Service Year [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
class B units issued during period | 0 |
Equity Compensation - Compensat
Equity Compensation - Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee compensation expense | $ 1,644 | $ 1,223 | $ 1,703 |
Unamortized expense as of December 31, 2020 | 5,339 | ||
ClassBUnits [Member] | 2016 Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee compensation expense | 0 | 2 | 271 |
Unamortized expense as of December 31, 2020 | 0 | ||
ClassBUnits [Member] | 2017 Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee compensation expense | 3 | 312 | 344 |
Unamortized expense as of December 31, 2020 | 0 | ||
ClassBUnits [Member] | 2018 Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee compensation expense | 244 | 277 | 551 |
Unamortized expense as of December 31, 2020 | 2 | ||
Restricted Stock [Member] | 2017 Award | Director | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee compensation expense | 0 | 0 | 120 |
Unamortized expense as of December 31, 2020 | 0 | ||
Restricted Stock [Member] | 2018 Award | Director | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee compensation expense | 0 | 120 | 241 |
Unamortized expense as of December 31, 2020 | 0 | ||
Restricted Stock [Member] | 2019 Award | Director | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee compensation expense | 140 | 281 | 0 |
Unamortized expense as of December 31, 2020 | 0 | ||
Restricted Stock [Member] | 2020 Award | Director | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee compensation expense | 355 | 0 | 0 |
Unamortized expense as of December 31, 2020 | 177 | ||
Restricted Stock [Member] | 2020 Award | Employee | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee compensation expense | 522 | 0 | 0 |
Unamortized expense as of December 31, 2020 | 3,358 | ||
Restricted Stock Units (RSUs) [Member] | 2017 Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee compensation expense | 0 | 69 | 76 |
Unamortized expense as of December 31, 2020 | 0 | ||
Restricted Stock Units (RSUs) [Member] | 2018 Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee compensation expense | 35 | 74 | 100 |
Unamortized expense as of December 31, 2020 | 0 | ||
Restricted Stock Units (RSUs) [Member] | 2019 Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee compensation expense | 57 | 88 | 0 |
Unamortized expense as of December 31, 2020 | 71 | ||
Restricted Stock Units (RSUs) [Member] | 2020 Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee compensation expense | 58 | 0 | 0 |
Unamortized expense as of December 31, 2020 | 116 | ||
Performance Shares | 2020 Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee compensation expense | 230 | $ 0 | $ 0 |
Unamortized expense as of December 31, 2020 | $ 1,615 |
Equity Compensation - Performan
Equity Compensation - Performance Shares (Details) | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Earned PSUs (% of target) | 0.00% |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Earned PSUs (% of target) | 200.00% |
Share-based Payment Arrangement, Tranche One [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Earned PSUs (% of target) | 0.00% |
35th Percentile | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Earned PSUs (% of target) | 50.00% |
55th Percentile | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Earned PSUs (% of target) | 100.00% |
>=75th Percentile | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Earned PSUs (% of target) | 200.00% |
Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock price on grant date | $ / shares | $ 7.23 |
Dividend yield | 6.87% |
Expected volatility | 44.40% |
Risk-free interest rate | 0.11% |
Target number of PSUs granted: | 272,929 |
Calculated fair value per PSU | $ / shares | $ 6.76 |
Total fair value of PSUs | $ | $ 1,845,000 |
Expected volatility | 2 years 10 months 28 days |
Performance Shares | Share-based Payment Arrangement, Tranche One [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Target number of PSUs granted: | 136,462 |
Performance Shares | 35th Percentile | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Target number of PSUs granted: | 136,467 |
Equity Compensation Restricted
Equity Compensation Restricted Stock (Details) - USD ($) | Jun. 17, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 03, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,617,500 | 2,617,500 | |||
Share-based Compensation | $ 1,644,000 | $ 1,223,000 | $ 1,703,000 | ||
ClassBUnits [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock price on grant date | $ 20.19 | ||||
Target number of PSUs granted: | 256,087 | ||||
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, 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 | 13,000 | 12,000 | ||
Restricted Stock [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 4 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 137,741 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | $ 1,100,000 | ||||
Restricted Stock [Member] | 35th Percentile | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 4 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 344,356 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | $ 2,800,000 | ||||
2017 [Member] | 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 [Domain] | 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 [Domain] [Domain] | 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 | ||||
2017 Through 2019 | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 90 days | ||||
2020 Award | 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 | 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 | ||||
Vesting period | 1 year |
Equity Compensation Committee F
Equity Compensation Committee Fee Grants (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation | $ 1,644 | $ 1,223 | $ 1,703 |
ClassBUnits [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Target number of PSUs granted: | 256,087 |
Equity Compensation Class B Uni
Equity Compensation Class B Units (Details) - USD ($) | Feb. 24, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 03, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.7875 | $ 1.05 | $ 1.02 | ||
Share-based Compensation | $ 1,644,000 | $ 1,223,000 | $ 1,703,000 | ||
market vesting condition capital increase threshhold | $ 5,660,580 | ||||
ClassBUnits [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock price on grant date | $ 20.19 | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.25 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 20 years | ||||
Target number of PSUs granted: | 256,087 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 30 years | ||||
Calculated fair value per PSU | $ 4,266,409 | ||||
Dividend yield | 4.95% | ||||
Expected volatility | 25.70% | ||||
Risk-free interest rate | 2.71% | ||||
100percentvestinglevel [Member] | ClassBUnits [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Calculated fair value per PSU | $ 16.66 | ||||
one year [Member] | ClassBUnits [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Target number of PSUs granted: | 171,988 | ||||
three year [Member] | ClassBUnits [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Target number of PSUs granted: | 84,099 | ||||
2018 Service Year [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
class B units issued during period | 256,087 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (191,757) | ||||
Partners' Capital Account, Units, Converted | 0 | ||||
class b units outstanding | 64,330 | ||||
2017 Service Year [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
class B units issued during period | 286,392 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (5,334) | ||||
Partners' Capital Account, Units, Converted | (281,058) | ||||
class b units outstanding | 0 | ||||
Subsequent Event [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.175 | ||||
Executive Officer [Member] | 2018 Service Year [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 | (128,258) | ||||
Executive Officer [Member] | 2017 Service Year [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 | 0 | ||||
Former CEO - John A. Williams [Member] | 2018 Service Year [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 | (38,284) | ||||
Former CEO - John A. Williams [Member] | 2017 Service Year [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 | 0 | ||||
Other OP Unit Participants [Member] | 2018 Service Year [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 | (25,215) | ||||
Other OP Unit Participants [Member] | 2017 Service Year [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 | (5,334) |
Equity Compensation Warrant (De
Equity Compensation Warrant (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.7875 | $ 1.05 | $ 1.02 |
Equity Compensation Equity comp
Equity Compensation Equity compensation expense by grant (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.7875 | $ 1.05 | $ 1.02 |
Share-based Compensation | $ 1,644 | $ 1,223 | $ 1,703 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 5,339 | ||
ClassBUnits [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.25 |
Equity Compensation Restricte_2
Equity Compensation Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
2019 Service Year [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock Units outstanding | 18,400 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instrument Other than Option, Nonvested, Intrinsic Value | $ 9.47 | ||
Target number of PSUs granted: | 21,400 | ||
Calculated fair value per PSU | $ 202,658 | ||
share based compensation awards forfeited | (3,000) | ||
Share Based Compensation Awards, Units Earned And Converted Into Common Stock | 0 | ||
2018 Service Year [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock Units outstanding | 19,899 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instrument Other than Option, Nonvested, Intrinsic Value | $ 10.77 | ||
Target number of PSUs granted: | 27,760 | ||
Calculated fair value per PSU | $ 298,975 | ||
share based compensation awards forfeited | (7,861) | ||
Share Based Compensation Awards, Units Earned And Converted Into Common Stock | 0 | ||
2017 Service Year [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted Stock Units outstanding | 12,566 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instrument Other than Option, Nonvested, Intrinsic Value | $ 16.66 | ||
Target number of PSUs granted: | 20,720 | ||
Calculated fair value per PSU | $ 345,195 | ||
share based compensation awards forfeited | (8,154) | ||
Share Based Compensation Awards, Units Earned And Converted Into Common Stock | 0 |
Indebtedness - Schedule of Mort
Indebtedness - Schedule of Mortgage Loan Acquisitions (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 290,156,000 | $ 352,582,000 |
Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 269,885,000 | |
251 Armour Yards | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 3,522,000 | |
Interest Rate | 4.50% | |
Wakefield Crossing [Member] | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 7,891,000 | |
Interest Rate | 3.66% | |
Morrocroft Centre [Member] | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 70,000,000 | |
Interest Rate | 3.40% | |
Horizon At Wiregrass | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 52,000,000 | |
Interest Rate | 2.90% | |
Parkside At The Beach [Member] | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 45,037,000 | |
Interest Rate | 2.95% | |
The Blake [Member] | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 44,435,000 | |
Interest Rate | 2.82% | |
The Menlo [Member] | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 47,000,000 | |
Interest Rate | 2.68% |
Indebtedness - Schedule of Debt
Indebtedness - Schedule of Debt Refinancing and Repayment Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Long-term Debt | $ 2,594,464 | ||
Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 552,200 | $ 203,700 | |
Write off of Deferred Debt Issuance Cost | 10,506 | 557 | |
Long Term Debt, Refinanced | 356,100 | 157,000 | |
Debt Issuance Costs, Gross | 9,421 | $ 4,018 | |
Ursa [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 31,400 | ||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||
Write off of Deferred Debt Issuance Cost | 0 | ||
Long Term Debt, Refinanced | 0 | ||
Debt Issuance Costs, Gross | 0 | ||
CityPark View | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 19,800 | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.75% | 3.27% | |
Write off of Deferred Debt Issuance Cost | $ 1,314 | ||
Long Term Debt, Refinanced | 29,000 | ||
Debt Issuance Costs, Gross | 314 | ||
Lely [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 30,700 | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.95% | 3.84% | |
Write off of Deferred Debt Issuance Cost | $ 293 | ||
Long Term Debt, Refinanced | 50,400 | ||
Debt Issuance Costs, Gross | 2,777 | ||
Northpointe [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 26,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.79% | 3.16% | |
Write off of Deferred Debt Issuance Cost | $ 166 | ||
Long Term Debt, Refinanced | 33,500 | ||
Debt Issuance Costs, Gross | 1,247 | ||
Cypress [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 20,500 | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.96% | 3.43% | |
Write off of Deferred Debt Issuance Cost | $ 1,607 | ||
Long Term Debt, Refinanced | 28,400 | ||
Debt Issuance Costs, Gross | 336 | ||
Lakewood Ranch [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 27,800 | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.99% | 3.55% | |
Write off of Deferred Debt Issuance Cost | $ 2,457 | ||
Long Term Debt, Refinanced | 36,600 | ||
Debt Issuance Costs, Gross | 384 | ||
Crosstown Walk [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 29,900 | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.92% | 3.90% | |
Write off of Deferred Debt Issuance Cost | $ 248 | ||
Long Term Debt, Refinanced | 46,500 | ||
Debt Issuance Costs, Gross | 2,841 | ||
Summit Crossing II [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 13,100 | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.49% | ||
Debt Instrument, Basis Spread on Variable Rate | 2.78% | ||
Write off of Deferred Debt Issuance Cost | $ 779 | ||
Long Term Debt, Refinanced | 20,700 | ||
Debt Issuance Costs, Gross | 136 | ||
Citrus Village [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 28,500 | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.95% | 3.65% | |
Write off of Deferred Debt Issuance Cost | $ 704 | ||
Long Term Debt, Refinanced | 40,900 | ||
Debt Issuance Costs, Gross | 522 | ||
Village At Baldwin Park [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 70,100 | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.59% | 4.16% | |
Write off of Deferred Debt Issuance Cost | $ 16 | ||
Long Term Debt, Refinanced | 70,100 | ||
Debt Issuance Costs, Gross | 864 | ||
SoL [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 35,200 | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.71% | ||
Write off of Deferred Debt Issuance Cost | 0 | ||
Long Term Debt, Refinanced | 0 | ||
Debt Issuance Costs, Gross | 0 | ||
Stadium Village [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 44,500 | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.80% | ||
Write off of Deferred Debt Issuance Cost | 0 | ||
Long Term Debt, Refinanced | 0 | ||
Debt Issuance Costs, Gross | 0 | ||
Knightshade [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 47,100 | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.09% | ||
Write off of Deferred Debt Issuance Cost | 0 | ||
Long Term Debt, Refinanced | 0 | ||
Debt Issuance Costs, Gross | 0 | ||
North By Northwest [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 30,500 | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.02% | ||
Write off of Deferred Debt Issuance Cost | 2,168 | ||
Long Term Debt, Refinanced | 0 | ||
Debt Issuance Costs, Gross | 0 | ||
The Tradition [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 30,000 | ||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | ||
Write off of Deferred Debt Issuance Cost | 300 | ||
Long Term Debt, Refinanced | 0 | ||
Debt Issuance Costs, Gross | 0 | ||
The Bloc [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 29,000 | ||
Debt Instrument, Basis Spread on Variable Rate | 3.55% | ||
Write off of Deferred Debt Issuance Cost | 73 | ||
Long Term Debt, Refinanced | 0 | ||
Debt Issuance Costs, Gross | 0 | ||
Avenues At Creekside [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 38,100 | ||
Debt Instrument, Basis Spread on Variable Rate | 1.60% | ||
Write off of Deferred Debt Issuance Cost | 381 | ||
Long Term Debt, Refinanced | 0 | ||
Debt Issuance Costs, Gross | $ 0 | ||
Rush [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 41,600 | ||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | ||
Write off of Deferred Debt Issuance Cost | 0 | ||
Long Term Debt, Refinanced | 0 | ||
Debt Issuance Costs, Gross | 0 | ||
Kingwood Glen [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 10,900 | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.48% | ||
Write off of Deferred Debt Issuance Cost | 0 | ||
Long Term Debt, Refinanced | 0 | ||
Debt Issuance Costs, Gross | 0 | ||
Sweetgrass Corner [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 7,400 | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.58% | ||
Write off of Deferred Debt Issuance Cost | 0 | ||
Long Term Debt, Refinanced | 0 | ||
Debt Issuance Costs, Gross | 0 | ||
Spring Hill Plaza [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 9,100 | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.72% | 3.36% | |
Write off of Deferred Debt Issuance Cost | $ 0 | ||
Long Term Debt, Refinanced | 8,200 | ||
Debt Issuance Costs, Gross | 195 | ||
Parkway Town Centre [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 6,600 | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.72% | 3.36% | |
Write off of Deferred Debt Issuance Cost | $ 0 | ||
Long Term Debt, Refinanced | 8,100 | ||
Debt Issuance Costs, Gross | 195 | ||
Deltona Landing [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 6,500 | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.18% | 3.48% | |
Write off of Deferred Debt Issuance Cost | $ 5 | ||
Long Term Debt, Refinanced | 6,300 | ||
Debt Issuance Costs, Gross | 204 | ||
Barclay Crossing [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 6,100 | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.18% | 3.48% | |
Write off of Deferred Debt Issuance Cost | $ 4 | ||
Long Term Debt, Refinanced | 6,300 | ||
Debt Issuance Costs, Gross | 209 | ||
Parkway Center [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 4,300 | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.18% | 3.48% | |
Write off of Deferred Debt Issuance Cost | $ 3 | ||
Long Term Debt, Refinanced | 4,600 | ||
Debt Issuance Costs, Gross | 148 | ||
Powder Springs [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 6,900 | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.65% | 3.48% | |
Write off of Deferred Debt Issuance Cost | $ 4 | ||
Long Term Debt, Refinanced | 8,000 | ||
Debt Issuance Costs, Gross | 236 | ||
Citi Lakes [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 41,100 | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.66% | ||
Debt Instrument, Basis Spread on Variable Rate | 2.17% | ||
Write off of Deferred Debt Issuance Cost | $ 155 | ||
Long Term Debt, Refinanced | 41,300 | ||
Debt Issuance Costs, Gross | 668 | ||
Royal Lakes [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 9,500 | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.29% | ||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||
Write off of Deferred Debt Issuance Cost | $ 52 | ||
Long Term Debt, Refinanced | 9,700 | ||
Debt Issuance Costs, Gross | 287 | ||
Cherokee Plaza [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 24,500 | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.28% | ||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||
Write off of Deferred Debt Issuance Cost | $ 317 | ||
Long Term Debt, Refinanced | 25,200 | ||
Debt Issuance Costs, Gross | 723 | ||
Lenox Portfolio [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 29,200 | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.34% | 3.82% | |
Write off of Deferred Debt Issuance Cost | $ 17 | ||
Long Term Debt, Refinanced | 39,300 | ||
Debt Issuance Costs, Gross | $ 1,153 |
Indebtedness - Summary of Mortg
Indebtedness - Summary of Mortgage Notes Payable (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | |
Secured Debt | $ 2,640,705 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.77% |
average maturity mortgage debt | 9 years 4 months 24 days |
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Accumulated Amortization Adjustment | $ (42,233) |
Mark-to-Market debt | (4,008) |
Long-term Debt | 2,594,464 |
Fixed Income Interest Rate [Member] | |
Debt Instrument [Line Items] | |
Secured Debt | $ 2,572,855 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.80% |
average maturity mortgage debt | 9 years 6 months |
Variable Income Interest Rate [Member] | |
Debt Instrument [Line Items] | |
Secured Debt | $ 67,850 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 2.85% |
average maturity mortgage debt | 4 years 10 months 24 days |
Residential Properties | |
Debt Instrument [Line Items] | |
Secured Debt | $ 1,392,735 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.55% |
average maturity mortgage debt | 9 years 1 month 6 days |
Residential Properties | Fixed Income Interest Rate [Member] | |
Debt Instrument [Line Items] | |
Secured Debt | $ 1,372,035 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.56% |
average maturity mortgage debt | 9 years 1 month 6 days |
Residential Properties | Variable Income Interest Rate [Member] | |
Debt Instrument [Line Items] | |
Secured Debt | $ 20,700 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 2.93% |
average maturity mortgage debt | 9 years 6 months |
New Market Properties [Member] | |
Debt Instrument [Line Items] | |
Secured Debt | $ 614,880 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.91% |
average maturity mortgage debt | 7 years |
New Market Properties [Member] | Fixed Income Interest Rate [Member] | |
Debt Instrument [Line Items] | |
Secured Debt | $ 567,730 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.00% |
average maturity mortgage debt | 7 years 3 months 18 days |
New Market Properties [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 | 2.81% |
average maturity mortgage debt | 2 years 10 months 24 days |
Preferred Office Properties [Member] | |
Debt Instrument [Line Items] | |
Secured Debt | $ 633,090 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.13% |
average maturity mortgage debt | 12 years 4 months 24 days |
Preferred Office Properties [Member] | Fixed Income Interest Rate [Member] | |
Debt Instrument [Line Items] | |
Secured Debt | $ 633,090 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.13% |
average maturity mortgage debt | 12 years 4 months 24 days |
Preferred Office Properties [Member] | 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 - Mortgage Notes P
Indebtedness - Mortgage Notes Payable, Narrative (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Instrument [Line Items] | |
Indebtedness Weighted Average Remaining Maturity | 9 years 4 months 24 days |
Independence Square [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Term | 7 years |
Initial Interest Rate | 3.93% |
Spread over Initial Interest Rate option 1 | 200 |
Spread over Initial Interest Rate option 2 | 400 |
Indebtedness - Credit Facility
Indebtedness - Credit Facility (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Mar. 19, 2020 | Dec. 20, 2019 | Dec. 31, 2016 | |
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | |||
Indebtedness Weighted Average Remaining Maturity | 9 years 4 months 24 days | |||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 3.85% | |||
Short-term Debt | $ 70,000,000 | |||
Debt Instrument, Interest Rate, Effective Percentage | 3.20% | |||
dividend restriction AFFO | 95.00% | |||
Unamortized Debt Issuance Expense | $ 600,000 | |||
Indebtedness Weighted Average Remaining Maturity | 1 year | |||
Minimum [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Loans Receivable, Basis Spread on Variable Rate | 2.75% | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |||
Maximum [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Loans Receivable, Basis Spread on Variable Rate | 3.50% | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.30% |
Indebtedness - Debt Covenants (
Indebtedness - Debt Covenants (Details) - Revolving Credit Facility [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | |
Minimum Net Worth Required for Compliance | $ 1,600 |
debt yield | 10.00% |
payout ratio | 90.10% |
Total leverage ratio | 62.40% |
Debt Instrument, Debt Covenant, Debt Service Coverage Ratio | 1.87 |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Minimum Net Worth Required for Compliance | $ 1,500 |
debt yield | 850.00% |
Debt Instrument, Debt Covenant, Debt Service Coverage Ratio | 1.50 |
Maximum [Member] | |
Debt Instrument [Line Items] | |
payout ratio | 9500.00% |
Total leverage ratio | 6500.00% |
maximum dividends debt covenant | $ 174.3 |
Indebtedness - Acquisition Faci
Indebtedness - Acquisition Facility (Details) | 12 Months Ended | |||
Dec. 31, 2020USD ($)extensionOption | Mar. 01, 2021USD ($) | Mar. 25, 2019USD ($) | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | |||
Indebtedness Weighted Average Remaining Maturity | 9 years 4 months 24 days | |||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Unamortized Debt Issuance Expense | $ 600,000 | |||
Indebtedness Weighted Average Remaining Maturity | 1 year | |||
acquisition facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Number Of Renewal Options | extensionOption | 2 | |||
Debt Instrument, Renewal Term | 1 year | |||
Unamortized Debt Issuance Expense | $ 91,000,000 | |||
Indebtedness Weighted Average Remaining Maturity | 1 year 2 months 12 days | |||
Minimum [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Loans Receivable, Basis Spread on Variable Rate | 2.75% | |||
Maximum [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Loans Receivable, Basis Spread on Variable Rate | 3.50% | |||
February 2017 facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | $ 90,000,000 | ||
February 2017 facility [Member] | Minimum [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Loans Receivable, Basis Spread on Variable Rate | 1.75% | |||
February 2017 facility [Member] | Maximum [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Loans Receivable, Basis Spread on Variable Rate | 2.20% | |||
February 2017 facility [Member] | Subsequent Event [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300,000,000 |
Indebtedness - Schedule of Inte
Indebtedness - Schedule of Interest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Interest Expense, Long-term Debt | $ 113,994 | $ 110,000 | $ 91,286 |
interest expense to loan participant | 0 | 110 | 2,430 |
interest expense credit facility | 4,564 | 1,964 | 4,278 |
Interest Expense | 118,558 | 111,964 | 95,564 |
Residential Properties | |||
Debt Instrument [Line Items] | |||
Interest Expense, Long-term Debt | 60,676 | 62,455 | 56,879 |
Interest Expense | 60,676 | 62,455 | 56,878 |
New Market Properties [Member] | |||
Debt Instrument [Line Items] | |||
Interest Expense, Long-term Debt | 26,379 | 24,566 | 19,188 |
Interest Expense | 26,379 | 24,566 | 19,188 |
Preferred Office Properties [Member] | |||
Debt Instrument [Line Items] | |||
Interest Expense, Long-term Debt | 26,939 | 22,869 | 12,789 |
Interest Expense | $ 26,939 | $ 22,869 | $ 12,789 |
Indebtedness - Future Principal
Indebtedness - Future Principal Payments (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Debt Disclosure [Abstract] | |
Long-term Debt, Current Maturities | $ 125,745 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 72,655 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 114,246 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 289,795 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 57,850 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 2,002,414 |
future principal amounts due long term debt total | $ 2,662,705 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2010 | |
Operating Loss Carryforwards [Line Items] | ||||
Deferred Tax Assets, Net of Valuation Allowance | $ 298,100 | |||
DeferredTaxAssetsValuationAllowancePercentage | 100.00% | 100.00% | ||
Ordinary Income [Member] | Preferred Stock [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income Tax Characterization | 16.90% | 44.70% | 51.40% | |
Ordinary Income [Member] | Common Stock [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income Tax Characterization | 0.00% | 0.00% | 27.00% | |
Return Of Capital [Member] | Preferred Stock [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income Tax Characterization | 78.80% | 53.10% | 0.00% | |
Return Of Capital [Member] | Common Stock [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income Tax Characterization | 100.00% | 100.00% | 47.40% | |
Capital Gains [Member] | Preferred Stock [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income Tax Characterization | 4.30% | 2.20% | 48.60% | |
Capital Gains [Member] | Common Stock [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income Tax Characterization | 0.00% | 0.00% | 25.60% |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jan. 31, 2020 |
Loss Contingencies [Line Items] | ||
Lessee, Operating Lease, Term of Contract | 20 years | |
Financing Receivable, Originated in Current Fiscal Year | $ 44,403 | |
Unfunded Contractual Commitments | 5,000 | |
Former Manager Office Lease | ||
Loss Contingencies [Line Items] | ||
Lessee, Operating Lease, Term of Contract | 11 years | |
Operating Lease, Liability | $ 14,600 |
Operating Leases - Narrative (D
Operating Leases - Narrative (Details) ft² in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)ft²lease | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Operating Lease, Lease Income | $ 435.4 | $ 395.1 | $ 322.2 |
Operating Lease, Variable Lease Income | $ 42 | $ 40.1 | $ 35.3 |
Operating Lease, Number Of Leases | lease | 3 | ||
Lessee, Operating Lease, Term of Contract | 20 years | ||
gross leasable area percent leased | 95.00% | ||
office space leasable square feet | ft² | 3.2 | ||
Minimum [Member] | |||
Lessee, Operating Lease, Renewal Term | 5 years | ||
Maximum [Member] | |||
Lessee, Operating Lease, Renewal Term | 10 years | ||
Office Equipment | Minimum [Member] | |||
Lessee, Operating Lease, Term of Contract | 3 years | ||
Office Equipment | Maximum [Member] | |||
Lessee, Operating Lease, Term of Contract | 5 years | ||
Other Property [Member] | |||
gross leasable area percent leased | 44.10% |
Operating Leases - Schedule of
Operating Leases - Schedule of Future Minimum Rental Revenues (Details) | Dec. 31, 2019USD ($) |
Operating Leases, Future Minimum Payments Receivable, Current | $ 156,616,000 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 147,870,000 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 137,522,000 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 122,804,000 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 102,224,000 |
Operating Leases, Future Minimum Payments Receivable, Thereafter | 385,561,000 |
Operating Leases, Future Minimum Payments Receivable | 1,052,597,000 |
New Market Properties [Member] | |
Operating Leases, Future Minimum Payments Receivable, Current | 74,150,000 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 65,292,000 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 55,570,000 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 44,579,000 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 32,490,000 |
Operating Leases, Future Minimum Payments Receivable, Thereafter | 93,146,000 |
Operating Leases, Future Minimum Payments Receivable | 365,227,000 |
Office Building [Member] | |
Operating Leases, Future Minimum Payments Receivable, Current | 82,466,000 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 82,578,000 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 81,952,000 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 78,225,000 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 69,734,000 |
Operating Leases, Future Minimum Payments Receivable, Thereafter | 292,415,000 |
Operating Leases, Future Minimum Payments Receivable | $ 687,370,000 |
Operating Leases - Lease Cost (
Operating Leases - Lease Cost (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Lessee, Lease, Description [Line Items] | |
Operating Lease, Cost | $ 3,064 |
Operating Lease, Payments | 3,013 |
Office Space | |
Lessee, Lease, Description [Line Items] | |
Operating Lease, Cost | 2,670 |
Operating Lease, Payments | $ 2,626 |
Operating Lease, Weighted Average Remaining Lease Term | 5 years |
Operating Lease, Weighted Average Discount Rate, Percent | 3.00% |
Ground Leases | |
Lessee, Lease, Description [Line Items] | |
Operating Lease, Cost | $ 58 |
Operating Lease, Payments | $ 51 |
Operating Lease, Weighted Average Remaining Lease Term | 35 years 6 months |
Operating Lease, Weighted Average Discount Rate, Percent | 4.40% |
Office Equipment | |
Lessee, Lease, Description [Line Items] | |
Operating Lease, Cost | $ 336 |
Operating Lease, Payments | $ 336 |
Operating Lease, Weighted Average Remaining Lease Term | 2 years 6 months |
Operating Lease, Weighted Average Discount Rate, Percent | 3.00% |
Operating Leases - Future Minim
Operating Leases - Future Minimum Rents (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 3,115 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 2,963 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 2,575 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 3,203 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 2,871 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 1,439 |
Lessee, Operating Lease, Liability, Payments, Due | 16,166 |
Office Space | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 2,930 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 2,855 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 2,497 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 3,139 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 2,808 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 355 |
Lessee, Operating Lease, Liability, Payments, Due | 14,584 |
Ground Leases | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 51 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 51 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 51 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 51 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 52 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 1,084 |
Lessee, Operating Lease, Liability, Payments, Due | 1,340 |
Office Equipment | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 134 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 57 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 27 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 13 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 11 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 0 |
Lessee, Operating Lease, Liability, Payments, Due | $ 242 |
Segment Information (Details)
Segment Information (Details) | 12 Months Ended | |||
Dec. 31, 2020USD ($)tenantsegmentcompanylease | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 01, 2019USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of Operating Segments | segment | 4 | |||
Assets | $ 4,281,079,000 | $ 4,770,560,000 | ||
capitalized expenditures for long lived assets | 49,426,000 | 43,185,000 | $ 55,575,000 | |
Operating Leases, Income Statement, Lease Revenue | 445,815,000 | 406,916,000 | 331,465,000 | |
adjusted funds from operations | 342,285,000 | 319,107,000 | 269,840,000 | |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | (181,603,000) | (7,458,000) | 44,538,000 | |
Interest Expense | 118,558,000 | 111,964,000 | 95,564,000 | |
Depreciation | 163,876,000 | 149,884,000 | 125,849,000 | |
Share-based Compensation | (1,644,000) | (1,223,000) | (1,703,000) | |
Gain (Loss) on Condemnation | (517,000) | (954,000) | 0 | |
Gains (Losses) on Sales of Investment Real Estate | (23,456,000) | (1,567,000) | (69,705,000) | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | (1,831,000) | (320,000) | |
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | 314,000 | 0 | 0 | |
Gain (Loss) on Extinguishment of Debt | 6,674,000 | 84,000 | 0 | |
Management fees net of deferrals | 1,963,000 | 21,752,000 | 20,885,000 | |
noncash loan interest income | 180,116,000 | 2,987,000 | 0 | |
Allowance for Loan and Lease Losses, Loans Acquired | 6,103,000 | 2,038,000 | 2,533,000 | |
rental and other property revenues | 450,390,000 | 410,677,000 | 333,476,000 | |
interest revenues loans and notes | 50,723,000 | 59,750,000 | 63,795,000 | |
miscellaneous revenues | 1,084,000 | 0 | 0 | |
Revenues | 502,197,000 | 470,427,000 | 397,271,000 | |
Contract with Customer, Liability, Revenue Recognized | $ 5,059,000 | 6,275,000 | 4,643,000 | |
Number Of Retail Tenants | tenant | 900 | |||
Number Of Leases With Companies In Bankruptcy | lease | 11 | |||
Number Of Leases With Companies In Bankruptcy, Total Companies | company | 6 | |||
Residential Properties | ||||
Segment Reporting Information [Line Items] | ||||
capitalized expenditures for long lived assets | $ 14,311,000 | 14,511,000 | 19,879,000 | |
adjusted funds from operations | 134,513,000 | 123,576,000 | 109,232,000 | |
Interest Expense | 60,676,000 | 62,455,000 | 56,878,000 | |
Multifamily Communities | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 1,745,020,000 | 2,047,905,000 | ||
Operating Leases, Income Statement, Lease Revenue | 234,039,000 | 220,872,000 | 196,071,000 | |
Depreciation | 102,035,000 | 99,391,000 | 106,106,000 | |
financingsegment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 321,026,000 | 409,226,000 | ||
adjusted funds from operations | 50,689,000 | 59,750,000 | 63,795,000 | |
Interest Expense | 4,564,000 | 2,074,000 | 6,709,000 | |
New Market Properties [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 1,072,090,000 | 1,125,230,000 | ||
capitalized expenditures for long lived assets | 9,494,000 | 8,913,000 | 6,901,000 | |
Operating Leases, Income Statement, Lease Revenue | 107,525,000 | 96,389,000 | 77,243,000 | |
adjusted funds from operations | 76,536,000 | 69,271,000 | 55,013,000 | |
Interest Expense | 26,379,000 | 24,566,000 | 19,188,000 | |
Depreciation | $ 51,813,000 | 44,786,000 | 39,269,000 | |
Number Of Leases With Companies In Bankruptcy, Percentage Of Total Rental Revenue | 1.00% | |||
All Other Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | $ 20,951,000 | 64,987,000 | ||
adjusted funds from operations | 30,812,000 | 5,804,000 | 3,506,000 | |
Preferred Office Properties [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 1,121,992,000 | 1,123,212,000 | ||
capitalized expenditures for long lived assets | 25,621,000 | 19,761,000 | 28,795,000 | |
Operating Leases, Income Statement, Lease Revenue | 108,826,000 | 93,416,000 | 60,162,000 | |
adjusted funds from operations | 79,463,000 | 66,510,000 | 41,800,000 | |
Interest Expense | 26,939,000 | 22,869,000 | 12,789,000 | |
Depreciation | 47,829,000 | 40,888,000 | 25,761,000 | |
Contract with Customer, Liability | $ 36,000,000 | |||
Contract with Customer, Liability, Revenue Recognized | 3,800,000 | 2,800,000 | 2,700,000 | |
Miscellaneous | ||||
Segment Reporting Information [Line Items] | ||||
adjusted funds from operations | $ 1,084,000 | $ 0 | $ 0 |
Income (Loss) Per Share (Detail
Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Income (Loss) before Gain (Loss) on Sale of Properties | $ (80,030) | $ 100,238 | $ 70,077 |
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | (314) | 0 | 0 |
Gains (Losses) on Sales of Investment Real Estate | 23,456 | 1,567 | 69,705 |
Operating Income (Loss) | (56,888) | 101,805 | 139,782 |
Interest Expense | 118,558 | 111,964 | 95,564 |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 1,831 | 320 |
Gain (Loss) on Extinguishment of Debt | (6,674) | (84) | 0 |
Gain (Loss) on Sales of Loans, Net | 517 | 954 | 0 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (181,603) | (7,458) | 44,538 |
net loss attributable to non-controlling interests | 3,815 | 214 | (1,071) |
Net Income (Loss) Attributable to Parent | (177,788) | (7,244) | 43,467 |
Dividends to preferred stockholders | (160,908) | (113,772) | (86,741) |
NetIncomeAllocatedToUnvestedRestrictedShares | (205) | (17) | (16) |
Net Income (Loss) Available to Common Stockholders, Basic | $ (338,901) | $ (121,033) | $ (43,290) |
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | 0 | 0 | 0 |
Weighted Average Number of Shares Outstanding, Diluted | 48,743,000 | 44,265,000 | 40,032,000 |
Earnings Per Share, Basic | $ (6.95) | $ (2.73) | $ (1.08) |
Common Unit, Outstanding | 649,000 | 856,000 | 877,000 |
preferred stock stated value per share | $ 1,000 | ||
Common Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 26,006,000 | ||
ClassBUnits [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 64,000 | ||
Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 548,000 | ||
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 51,000 | ||
Performance Shares | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 273 | ||
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 | 13,000 | 12,000 |
Series A Preferred Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Preferred Stock, Dividend Rate, Percentage | 6.00% | ||
preferred stock stated value per share | $ 1,000 | ||
Preferred Stock, Shares Outstanding | 1,735,000 | 2,028,000 | 1,608,000 |
Series A1 Preferred Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Preferred Stock, Shares Outstanding | 149,000 | 5,000 | |
Series M Preferred Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Preferred Stock, Shares Outstanding | 89,000 | 103,000 | 44 |
Series M Preferred Stock [Member] | Minimum [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Preferred Stock, Dividend Rate, Percentage | 5.75% | ||
Series M Preferred Stock [Member] | Maximum [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Preferred Stock, Dividend Rate, Percentage | 7.50% | ||
Series M1 Preferred Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Preferred Stock, Shares Outstanding | 19,000 | 0 | |
Series M1 Preferred Stock [Member] | Minimum [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Preferred Stock, Dividend Rate, Percentage | 6.10% | ||
Series M1 Preferred Stock [Member] | 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 ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Line of Credit | $ 22,000,000 | $ 0 |
Notes Payable | 0 | 69,489,000 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Real Estate Loans | 302,423,000 | 375,460,000 |
Note Receivable And Line Of Credit Receivable | 10,874,000 | 41,917,000 |
Assets, Fair Value Disclosure | 313,297,000 | 417,377,000 |
Mortgage Loan Payable | 2,640,705,000 | 2,609,829,000 |
Long-term Line of Credit | 22,000,000 | 0 |
Notes Payable | 70,000,000 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 2,662,705,000 | 2,679,829,000 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Real Estate Loans | 315,074,000 | 382,373,000 |
Note Receivable And Line Of Credit Receivable | 10,874,000 | 41,917,000 |
Assets, Fair Value Disclosure | 325,948,000 | 424,290,000 |
Mortgage Loan Payable | 2,666,471,000 | 2,659,242,000 |
Long-term Line of Credit | 22,000,000 | 0 |
Notes Payable | 70,000,000 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 2,688,471,000 | 2,729,242,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Real Estate Loans | 0 | 0 |
Note Receivable And Line Of Credit Receivable | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Mortgage Loan Payable | 0 | 0 |
Long-term Line of Credit | 0 | 0 |
Notes Payable | 0 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Real Estate Loans | 0 | 0 |
Note Receivable And Line Of Credit Receivable | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Mortgage Loan Payable | 0 | 0 |
Long-term Line of Credit | 0 | 0 |
Notes Payable | 0 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Real Estate Loans | 315,074,000 | 382,373,000 |
Note Receivable And Line Of Credit Receivable | 10,874,000 | 41,917,000 |
Assets, Fair Value Disclosure | 325,948,000 | 424,290,000 |
Mortgage Loan Payable | 2,666,471,000 | 2,659,242,000 |
Long-term Line of Credit | 22,000,000 | 0 |
Notes Payable | 70,000,000 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 2,688,471,000 | $ 2,729,242,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Feb. 24, 2021 | Nov. 24, 2020 | Feb. 28, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Subsequent Event [Line Items] | ||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 206,381,000 | $ 501,076,000 | $ 408,644,000 | |||
Common Stock, Dividends, Per Share, Declared | $ 0.7875 | $ 1.05 | $ 1.02 | |||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Common Stock, Dividends, Per Share, Declared | $ 0.175 | |||||
Series A1 Preferred Stock [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ (163,146,000) | $ (4,731,000) | ||||
Series A1 Preferred Stock [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 35,040 | |||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 31,500,000 | |||||
Series M1 Preferred Stock [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 2,858 | |||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 2,800,000 | |||||
Shares called during the period | 750 | |||||
Series A Preferred Stock [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ (64,484,000) | (482,149,000) | $ (420,393,000) | |||
Shares called during the period | 208,786 | |||||
Series A Preferred Stock [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Shares called during the period | 17,363 | |||||
Series M Preferred Stock [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ (61,758,000) | |||||
Series M Preferred Stock [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Shares called during the period | 461 |
Schedule III (Details)
Schedule III (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 2,640,705,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 604,555,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 3,352,434,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 184,341,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 605,282,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 3,523,779,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 12,269,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | $ 4,394,529,000 | $ 3,672,715,000 | $ 3,672,715,000 | 4,141,330,000 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ (421,551,000) | (272,042,000) | (172,756,000) | (509,150,000) |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Federal Income Tax Basis | 4,000,000,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve, Basis | 6.9 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | $ 4,394,529,000 | 3,672,715,000 | 2,735,342,000 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Acquisition Through Foreclosure | 310,329,000 | 679,423,000 | 1,003,791,000 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Improvements | 49,821,000 | 39,259,000 | 56,007,000 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Other Addition | 795,000 | 3,628,000 | (123,000) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve, Amount | (1,208,000) | (261,000) | (438,000) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Other Deduction | (612,622,000) | (549,000) | (121,864,000) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 4,141,330,000 | 4,394,529,000 | 3,672,715,000 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (421,551,000) | (272,042,000) | (172,756,000) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Depreciation Expense | (163,463,000) | (149,884,000) | (125,849,000) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Other Deduction | 1,208,000 | 261,000 | 438,000 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Investment in Real Estate Sold | 74,656,000 | 114,000 | 26,125,000 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (509,150,000) | $ (421,551,000) | $ (272,042,000) | |
Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 1,392,735,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 208,780,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 1,736,190,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 44,332,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 208,418,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 1,777,352,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 3,532,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 1,989,302,000 | 1,989,302,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (304,088,000) | (304,088,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 1,989,302,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (304,088,000) | |||
Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 614,880,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 280,467,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 783,972,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 30,354,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 280,258,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 812,963,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 1,572,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 1,094,793,000 | 1,094,793,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (120,301,000) | (120,301,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 1,094,793,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (120,301,000) | |||
Office Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 633,090,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 115,308,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 832,272,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 109,655,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 116,606,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 933,464,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 7,165,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 1,057,235,000 | 1,057,235,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (84,761,000) | (84,761,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 1,057,235,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (84,761,000) | |||
Summit Crossing [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 36,929,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,450,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 27,705,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 2,604,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,450,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 30,309,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 33,759,000 | 33,759,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (10,895,000) | (10,895,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 33,759,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (10,895,000) | |||
Summit II [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 20,700,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,220,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 15,852,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 526,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,220,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 16,377,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 1,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 19,598,000 | 19,598,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (4,921,000) | (4,921,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 19,598,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (4,921,000) | |||
Vineyards Apartments [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 32,703,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,456,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 46,201,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 2,330,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 5,456,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 48,514,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 17,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 53,987,000 | 53,987,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (11,778,000) | (11,778,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 53,987,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (11,778,000) | |||
Cypress [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 28,366,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,242,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 30,093,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 918,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,242,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 30,941,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 70,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 34,253,000 | 34,253,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (8,559,000) | (8,559,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 34,253,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (8,559,000) | |||
Northpointe [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 33,546,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,921,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 37,203,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,054,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,921,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 38,257,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 42,178,000 | 42,178,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (10,305,000) | (10,305,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 42,178,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (10,305,000) | |||
Lakewood Ranch [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 36,555,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,791,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 42,950,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,044,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,791,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 43,904,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 90,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 47,785,000 | 47,785,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (10,263,000) | (10,263,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 47,785,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (10,263,000) | |||
Lely [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 50,400,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,675,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 43,794,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,307,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 7,675,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 45,093,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 8,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 52,776,000 | 52,776,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (11,025,000) | (11,025,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 52,776,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (11,025,000) | |||
citypark view II [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 29,000,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,559,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 28,360,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,003,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,559,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 29,047,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 316,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 32,922,000 | 32,922,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (7,472,000) | (7,472,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 32,922,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (7,472,000) | |||
Citi Lakes [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 40,324,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,558,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 56,828,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,389,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 5,558,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 58,125,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 92,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 63,775,000 | 63,775,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (13,284,000) | (13,284,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 63,775,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (13,284,000) | |||
Stone Creek [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 19,451,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,211,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 22,916,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 304,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,211,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 23,220,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 25,431,000 | 25,431,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (4,737,000) | (4,737,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 25,431,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (4,737,000) | |||
Regent at Lenox [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 301,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 3,493,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 72,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 301,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 3,565,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 3,866,000 | 3,866,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (722,000) | (722,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 3,866,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (722,000) | |||
Retreat at Lenox [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 16,751,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,965,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 24,211,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 501,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,860,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 24,600,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 217,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 27,677,000 | 27,677,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (5,600,000) | (5,600,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 27,677,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (5,600,000) | |||
Lenox Village [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 38,169,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,612,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 39,911,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,819,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,355,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 41,853,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 134,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 46,342,000 | 46,342,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (8,569,000) | (8,569,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 46,342,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (8,569,000) | |||
baldwin park [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 69,608,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 17,403,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 90,464,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 8,621,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 17,403,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 97,379,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 1,706,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 116,488,000 | 116,488,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (17,575,000) | (17,575,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 116,488,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (17,575,000) | |||
Crosstown Walk [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 46,500,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,178,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 39,332,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,016,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 5,178,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 40,134,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 214,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 45,526,000 | 45,526,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (8,753,000) | (8,753,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 45,526,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (8,753,000) | |||
overton rise [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 37,607,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 8,511,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 50,996,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 958,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 8,511,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 51,947,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 7,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 60,465,000 | 60,465,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (9,556,000) | (9,556,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 60,465,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (9,556,000) | |||
Avalon Park [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 63,256,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,410,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 82,349,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 3,993,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 7,410,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 86,311,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 31,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 93,752,000 | 93,752,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (16,208,000) | (16,208,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 93,752,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (16,208,000) | |||
City Vista [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 32,938,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,082,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 41,486,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 390,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,082,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 41,876,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 45,958,000 | 45,958,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (8,837,000) | (8,837,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 45,958,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (8,837,000) | |||
Sorrel [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 30,740,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,412,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 42,217,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,230,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,412,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 43,374,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 73,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 47,859,000 | 47,859,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (8,963,000) | (8,963,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 47,859,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (8,963,000) | |||
Citrus Village [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 40,900,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,809,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 40,481,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,816,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,809,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 42,107,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 190,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 47,106,000 | 47,106,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (8,133,000) | (8,133,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 47,106,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (8,133,000) | |||
retreat at greystone [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 33,439,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,077,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 44,462,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,047,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,077,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 45,509,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 49,586,000 | 49,586,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (10,482,000) | (10,482,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 49,586,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (10,482,000) | |||
founders village [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 29,635,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,315,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 38,761,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,014,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 5,315,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 39,775,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 45,090,000 | 45,090,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (7,275,000) | (7,275,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 45,090,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (7,275,000) | |||
Claiborne Crossing [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 25,503,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,147,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 37,579,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,494,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,147,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 39,048,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 25,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 41,220,000 | 41,220,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (9,249,000) | (9,249,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 41,220,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (9,249,000) | |||
Luxe at Lakewood Ranch [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 36,922,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,852,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 51,033,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 761,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,852,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 51,756,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 38,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 56,646,000 | 56,646,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (8,492,000) | (8,492,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 56,646,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (8,492,000) | |||
adara [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 30,024,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,854,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 42,030,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 670,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,854,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 42,701,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | (1,000) | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 45,554,000 | 45,554,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (9,981,000) | (9,981,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 45,554,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (9,981,000) | |||
reserve at Summit Crossing [Member] [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 18,893,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,375,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 25,939,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 407,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,375,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 26,346,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 30,721,000 | 30,721,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (4,931,000) | (4,931,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 30,721,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (4,931,000) | |||
Aldridge at Town Village [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 35,892,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,122,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 45,418,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 547,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 7,122,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 45,921,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 44,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 53,087,000 | 53,087,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (9,951,000) | (9,951,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 53,087,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (9,951,000) | |||
Overlook at Crosstown Walk [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 21,038,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,309,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 28,014,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 238,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,309,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 28,252,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 31,561,000 | 31,561,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (4,925,000) | (4,925,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 31,561,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (4,925,000) | |||
Colony at centerpointe [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 31,445,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,259,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 38,199,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,223,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 7,259,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 39,422,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 46,681,000 | 46,681,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (7,020,000) | (7,020,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 46,681,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (7,020,000) | |||
Lux at Sorrel [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 29,868,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,332,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 42,531,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 797,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 5,332,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 43,296,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 32,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 48,660,000 | 48,660,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (6,991,000) | (6,991,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 48,660,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (6,991,000) | |||
Green Park [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 37,785,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,478,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 49,211,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 482,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 7,478,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 49,693,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 57,171,000 | 57,171,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (10,278,000) | (10,278,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 57,171,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (10,278,000) | |||
hidden river [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 40,204,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,600,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 52,930,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 483,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 5,600,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 53,372,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 41,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 59,013,000 | 59,013,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (6,075,000) | (6,075,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 59,013,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (6,075,000) | |||
Vestavia Reserve [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 36,511,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,140,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 54,206,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 815,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,140,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 54,940,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 81,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 59,161,000 | 59,161,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (6,238,000) | (6,238,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 59,161,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (6,238,000) | |||
City Park II [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 23,379,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,816,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 27,528,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 409,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 5,816,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 27,905,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 32,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 33,753,000 | 33,753,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (3,586,000) | (3,586,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 33,753,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (3,586,000) | |||
Artisan at Viera [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 39,104,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,839,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 58,791,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 450,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,839,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 59,198,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 43,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 64,080,000 | 64,080,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (4,072,000) | (4,072,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 64,080,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (4,072,000) | |||
Five Oaks At Westchase [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 30,818,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,425,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 48,113,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 360,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,425,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 48,483,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | (10,000) | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 52,898,000 | 52,898,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,925,000) | (2,925,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 52,898,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,925,000) | |||
Horizon At Wiregrass | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 51,360,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 6,842,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 72,708,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | (42,000) | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 6,842,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 72,805,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | (139,000) | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 79,508,000 | 79,508,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,913,000) | (2,913,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 79,508,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,913,000) | |||
Parkside At The Beach [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 45,037,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 6,103,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 53,689,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 267,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 6,103,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 53,776,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 180,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 60,059,000 | 60,059,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,064,000) | (2,064,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 60,059,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,064,000) | |||
The Blake [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 44,435,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,459,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 53,223,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 15,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 7,459,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 53,238,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 60,697,000 | 60,697,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (348,000) | (348,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 60,697,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (348,000) | |||
The Menlo [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 47,000,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,670,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 64,983,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 7,670,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 64,983,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 72,653,000 | 72,653,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (137,000) | (137,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 72,653,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (137,000) | |||
woodstock retail [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 2,818,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,751,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 3,800,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 662,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 1,751,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 4,462,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 6,213,000 | 6,213,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,360,000) | (1,360,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 6,213,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,360,000) | |||
Spring Hill Plaza [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 7,962,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,376,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 8,104,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 193,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,376,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 8,297,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 12,673,000 | 12,673,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,493,000) | (2,493,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 12,673,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,493,000) | |||
Parkway Town Centre [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 7,866,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,054,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 6,694,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 584,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,054,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 7,278,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 10,332,000 | 10,332,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,750,000) | (1,750,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 10,332,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,750,000) | |||
Barclay Crossing [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 6,086,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,856,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 7,572,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 248,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,856,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 7,820,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 10,676,000 | 10,676,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,875,000) | (1,875,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 10,676,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,875,000) | |||
Deltona Landing [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 6,141,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,256,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 8,344,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 470,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,256,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 8,814,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 11,070,000 | 11,070,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,107,000) | (2,107,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 11,070,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,107,000) | |||
Kingwood Glen [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,021,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 12,930,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,188,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,762,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 14,336,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 41,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 19,139,000 | 19,139,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (3,308,000) | (3,308,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 19,139,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (3,308,000) | |||
Parkway Centre [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 4,423,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,071,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 4,516,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 444,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,071,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 4,960,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 7,031,000 | 7,031,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,241,000) | (1,241,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 7,031,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,241,000) | |||
Powder Springs [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 7,749,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,832,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 8,246,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 371,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 1,832,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 8,617,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 10,449,000 | 10,449,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,193,000) | (2,193,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 10,449,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,193,000) | |||
Sweetgrass Corner [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,076,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 12,670,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 236,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,076,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 12,906,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 15,982,000 | 15,982,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (3,086,000) | (3,086,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 15,982,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (3,086,000) | |||
salem cove [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 8,889,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,427,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 10,272,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 174,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,427,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 10,445,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 1,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 12,873,000 | 12,873,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,100,000) | (2,100,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 12,873,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,100,000) | |||
Independence Square [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 11,184,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,115,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 13,690,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 2,012,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,115,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 15,697,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 5,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 19,817,000 | 19,817,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (3,703,000) | (3,703,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 19,817,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (3,703,000) | |||
Royal Lakes [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 9,345,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,874,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 10,439,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 487,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,924,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 10,876,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 15,800,000 | 15,800,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,407,000) | (2,407,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 15,800,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,407,000) | |||
Summit Point [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 11,118,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,064,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 11,430,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 515,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 7,064,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 11,945,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 19,009,000 | 19,009,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,694,000) | (2,694,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 19,009,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,694,000) | |||
Overlook at Hamilton Place [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 19,088,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 6,787,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 25,244,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,571,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 6,787,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 26,815,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 33,602,000 | 33,602,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (5,293,000) | (5,293,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 33,602,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (5,293,000) | |||
wade green [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 7,488,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,840,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 8,410,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 522,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 1,840,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 8,932,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 10,772,000 | 10,772,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,974,000) | (1,974,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 10,772,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,974,000) | |||
anderson central [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 11,246,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,059,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 13,278,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 349,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 5,059,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 13,627,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 18,686,000 | 18,686,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (3,403,000) | (3,403,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 18,686,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (3,403,000) | |||
East Gate retail [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 5,118,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,653,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 7,391,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 56,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 1,653,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 7,447,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 9,100,000 | 9,100,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,481,000) | (1,481,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 9,100,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,481,000) | |||
fairview [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,353,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 5,179,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,469,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 1,353,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 6,648,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 8,001,000 | 8,001,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,194,000) | (1,194,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 8,001,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,194,000) | |||
Furys ferry retail [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 5,912,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,084,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 8,107,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 265,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,084,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 8,372,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 10,456,000 | 10,456,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,527,000) | (1,527,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 10,456,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,527,000) | |||
Rosewood retail [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 3,971,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,671,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 5,347,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 157,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 1,671,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 5,504,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 7,175,000 | 7,175,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (867,000) | (867,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 7,175,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (867,000) | |||
Southgate retail [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 7,059,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,262,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 10,290,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 317,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,262,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 10,607,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 12,869,000 | 12,869,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,867,000) | (1,867,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 12,869,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,867,000) | |||
victory village [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 8,751,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,271,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 12,275,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 138,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,271,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 12,413,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 14,684,000 | 14,684,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,118,000) | (2,118,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 14,684,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,118,000) | |||
lakeland plaza [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 26,632,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,079,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 33,087,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 709,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 7,079,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 33,790,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 6,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 40,875,000 | 40,875,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (6,146,000) | (6,146,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 40,875,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (6,146,000) | |||
Cherokee Plaza [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 24,277,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 8,392,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 32,249,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 563,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 8,392,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 32,753,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 59,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 41,204,000 | 41,204,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (4,374,000) | (4,374,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 41,204,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (4,374,000) | |||
Heritage Station [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 8,315,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,684,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 9,883,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,604,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 1,684,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 11,476,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 11,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 13,171,000 | 13,171,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,999,000) | (1,999,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 13,171,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,999,000) | |||
Oak Park Village [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 8,580,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,745,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 10,779,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 143,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 5,745,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 10,922,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 16,667,000 | 16,667,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,803,000) | (1,803,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 16,667,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,803,000) | |||
Sandy Plains Exchange [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 8,404,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,788,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 9,309,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 420,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,788,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 9,729,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 14,517,000 | 14,517,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,799,000) | (1,799,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 14,517,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,799,000) | |||
Shoppes of Parkland [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 15,414,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 10,779,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 16,543,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 436,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 10,779,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 16,979,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 27,758,000 | 27,758,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (3,713,000) | (3,713,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 27,758,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (3,713,000) | |||
Thompson Bridge Commons [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 11,234,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,478,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 16,047,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 46,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 1,478,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 16,093,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 17,571,000 | 17,571,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,232,000) | (2,232,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 17,571,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,232,000) | |||
University Palms [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 12,030,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,854,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 16,706,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,016,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,854,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 17,626,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 96,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 22,576,000 | 22,576,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,723,000) | (2,723,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 22,576,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,723,000) | |||
Champions Village [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 27,400,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 12,813,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 33,399,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 3,716,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 12,813,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 36,563,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 552,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 49,928,000 | 49,928,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (7,182,000) | (7,182,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 49,928,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (7,182,000) | |||
Castleberry-Southard [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 10,734,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,024,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 14,142,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 165,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,024,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 14,307,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 17,331,000 | 17,331,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,939,000) | (1,939,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 17,331,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,939,000) | |||
Rockbridge Village [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 13,310,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,141,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 15,944,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 575,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,141,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 16,519,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 19,660,000 | 19,660,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,805,000) | (1,805,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 19,660,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,805,000) | |||
Irmo Station [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 9,758,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,602,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 11,859,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,079,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,602,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 12,938,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 16,540,000 | 16,540,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,876,000) | (1,876,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 16,540,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,876,000) | |||
Maynard Crossing [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 16,953,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 6,304,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 22,566,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 809,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 6,304,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 23,374,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 1,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 29,679,000 | 29,679,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (3,686,000) | (3,686,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 29,679,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (3,686,000) | |||
Woodmont Village [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 8,096,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,713,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 10,030,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 362,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,713,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 10,392,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 13,105,000 | 13,105,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,588,000) | (1,588,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 13,105,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,588,000) | |||
West Town Market [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 8,260,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,937,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 12,298,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 1,937,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 12,298,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 14,235,000 | 14,235,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,459,000) | (1,459,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 14,235,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,459,000) | |||
crossroads market [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 17,622,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,044,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 22,627,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 543,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 7,044,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 23,170,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 30,214,000 | 30,214,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,189,000) | (2,189,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 30,214,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,189,000) | |||
Roswell Wieuca Shopping Center [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 12,006,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 18,485,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 234,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 12,006,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 18,719,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 30,725,000 | 30,725,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,820,000) | (1,820,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 30,725,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,820,000) | |||
Greensboro Village [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 8,040,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,134,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 10,771,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 387,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,134,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 11,158,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 14,292,000 | 14,292,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,443,000) | (1,443,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 14,292,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,443,000) | |||
Governors Towne Square [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 10,696,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,766,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 13,027,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 53,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,766,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 13,080,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 15,846,000 | 15,846,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,306,000) | (1,306,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 15,846,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,306,000) | |||
conway plaza [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 9,375,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,202,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 9,782,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,533,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,202,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 11,315,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 15,517,000 | 15,517,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,549,000) | (1,549,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 15,517,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,549,000) | |||
Brawley Commons [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 17,519,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 8,786,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 18,716,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 300,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 8,786,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 19,016,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 27,802,000 | 27,802,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,314,000) | (2,314,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 27,802,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,314,000) | |||
Hollymead Town Center [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 26,139,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,503,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 33,009,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 81,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 7,503,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 33,085,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 5,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 40,593,000 | 40,593,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,327,000) | (2,327,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 40,593,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,327,000) | |||
Gayton Crossing [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 17,276,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 9,109,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 17,791,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,635,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 9,109,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 18,748,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 678,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 28,535,000 | 28,535,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,641,000) | (1,641,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 28,535,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,641,000) | |||
Free State Shopping Center [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 45,549,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 21,443,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 44,831,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 10,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 21,443,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 44,833,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 8,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 66,284,000 | 66,284,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (3,207,000) | (3,207,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 66,284,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (3,207,000) | |||
Polo Grounds Mall [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 12,986,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 9,057,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 10,907,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 252,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 9,057,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 11,148,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 11,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 20,216,000 | 20,216,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,009,000) | (1,009,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 20,216,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,009,000) | |||
disston plaza [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 17,578,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,579,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 22,048,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 66,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 5,579,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 22,114,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 27,693,000 | 27,693,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,403,000) | (1,403,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 27,693,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,403,000) | |||
Fairfield Shopping Center [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 19,750,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 12,728,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 14,526,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 488,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 12,728,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 14,950,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 64,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 27,742,000 | 27,742,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,728,000) | (1,728,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 27,742,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,728,000) | |||
Berry Town Center [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 11,794,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,062,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 13,628,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 57,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,062,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 13,672,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 13,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 16,747,000 | 16,747,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (767,000) | (767,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 16,747,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (767,000) | |||
Hanover Center [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 31,217,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 16,634,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 40,393,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 644,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 16,634,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 41,016,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 21,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 57,671,000 | 57,671,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,500,000) | (2,500,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 57,671,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,500,000) | |||
Wakefield Crossing [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 7,728,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,997,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 9,252,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 1,997,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 9,252,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 11,249,000 | 11,249,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (446,000) | (446,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 11,249,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (446,000) | |||
Midway Market [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,331,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 5,110,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 7,331,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 5,110,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 12,441,000 | 12,441,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (287,000) | (287,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 12,441,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (287,000) | |||
brookwood office [Member] | Office Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 29,925,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,745,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 42,661,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 345,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 1,745,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 42,997,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 9,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 44,751,000 | 44,751,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (5,365,000) | (5,365,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 44,751,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (5,365,000) | |||
Galleria 75 [Member] | Office Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 5,131,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 15,156,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 1,512,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 324,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 15,156,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 1,831,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 5,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 16,992,000 | 16,992,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (811,000) | (811,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 16,992,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (811,000) | |||
Three ravinia [Member] | Office Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 115,500,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 9,785,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 154,023,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 65,699,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 11,083,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 218,214,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 210,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 229,507,000 | 229,507,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (33,974,000) | (33,974,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 229,507,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (33,974,000) | |||
westridge [Member] | Office Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 50,449,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 15,778,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 58,496,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 5,637,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 15,778,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 64,113,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 20,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 79,911,000 | 79,911,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (8,372,000) | (8,372,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 79,911,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (8,372,000) | |||
Armour Yards [Member] | Office Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 39,425,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 6,756,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 54,534,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 274,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 6,756,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 54,719,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 89,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 61,564,000 | 61,564,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (5,429,000) | (5,429,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 61,564,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (5,429,000) | |||
150 Fayetteville [Member] | Office Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 113,768,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 16,072,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 140,467,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 20,559,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 16,072,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 158,937,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 2,089,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 177,098,000 | 177,098,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (12,352,000) | (12,352,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 177,098,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (12,352,000) | |||
Capitol Towers [Member] | Office Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 122,720,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 13,445,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 174,029,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 5,019,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 13,445,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 178,868,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 180,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 192,493,000 | 192,493,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (9,659,000) | (9,659,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 192,493,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (9,659,000) | |||
CAPTRUST Tower [Member] | Office Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 82,650,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 9,629,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 115,629,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 4,546,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 9,629,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 119,069,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 1,106,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 129,804,000 | 129,804,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (5,338,000) | (5,338,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 129,804,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (5,338,000) | |||
251 Armour Drive [Member] | Office Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 3,522,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,658,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 1,675,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,750,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,658,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 1,675,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 1,750,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 7,083,000 | 7,083,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | 0 | 0 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 7,083,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | 0 | |||
Morrocroft Centre [Member] | Office Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 70,000,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 9,367,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 89,145,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 5,502,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 9,367,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 92,940,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 1,707,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 104,014,000 | 104,014,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (3,427,000) | (3,427,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 104,014,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (3,427,000) | |||
4th And Brevard [Member] | Office Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 13,917,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 101,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 13,917,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 101,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Construction In Progress, Amount | 0 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 14,018,000 | 14,018,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ (34,000) | $ (34,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 7 years | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | $ 14,018,000 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ (34,000) | |||
Minimum [Member] | Summit Crossing [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Summit II [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Vineyards Apartments [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Cypress [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Northpointe [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Lakewood Ranch [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Lely [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | citypark view II [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Citi Lakes [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Stone Creek [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Regent at Lenox [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Retreat at Lenox [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Lenox Village [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | baldwin park [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Crosstown Walk [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | overton rise [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Avalon Park [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | City Vista [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Sorrel [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Citrus Village [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | retreat at greystone [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | founders village [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Claiborne Crossing [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Luxe at Lakewood Ranch [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | adara [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | reserve at Summit Crossing [Member] [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Aldridge at Town Village [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Overlook at Crosstown Walk [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Colony at centerpointe [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Lux at Sorrel [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Green Park [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | hidden river [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Vestavia Reserve [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | City Park II [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Artisan at Viera [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Five Oaks At Westchase [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Horizon At Wiregrass | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Parkside At The Beach [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | The Blake [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | The Menlo [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | woodstock retail [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Spring Hill Plaza [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Parkway Town Centre [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Barclay Crossing [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Deltona Landing [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Kingwood Glen [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Parkway Centre [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Powder Springs [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Sweetgrass Corner [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | salem cove [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Independence Square [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Royal Lakes [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Summit Point [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Overlook at Hamilton Place [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | wade green [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | anderson central [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | East Gate retail [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | fairview [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Furys ferry retail [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Rosewood retail [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Southgate retail [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | victory village [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | lakeland plaza [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Cherokee Plaza [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Heritage Station [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Oak Park Village [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Sandy Plains Exchange [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Shoppes of Parkland [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Thompson Bridge Commons [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | University Palms [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Champions Village [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Castleberry-Southard [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Rockbridge Village [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Irmo Station [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Maynard Crossing [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Woodmont Village [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | West Town Market [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | crossroads market [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Roswell Wieuca Shopping Center [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Greensboro Village [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Governors Towne Square [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | conway plaza [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Brawley Commons [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Hollymead Town Center [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Gayton Crossing [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Free State Shopping Center [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Polo Grounds Mall [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | disston plaza [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Fairfield Shopping Center [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Berry Town Center [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Hanover Center [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Wakefield Crossing [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Midway Market [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | brookwood office [Member] | Office Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Galleria 75 [Member] | Office Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Three ravinia [Member] | Office Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 7 years | |||
Minimum [Member] | westridge [Member] | Office Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 13 years | |||
Minimum [Member] | Armour Yards [Member] | Office Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 9 years | |||
Minimum [Member] | 150 Fayetteville [Member] | Office Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 8 years | |||
Minimum [Member] | Capitol Towers [Member] | Office Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 7 years | |||
Minimum [Member] | CAPTRUST Tower [Member] | Office Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | 251 Armour Drive [Member] | Office Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 12 years | |||
Minimum [Member] | Morrocroft Centre [Member] | Office Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Maximum [Member] | Summit Crossing [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Maximum [Member] | Summit II [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Maximum [Member] | Vineyards Apartments [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 35 years | |||
Maximum [Member] | Cypress [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Maximum [Member] | Northpointe [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Maximum [Member] | Lakewood Ranch [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Maximum [Member] | Lely [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Maximum [Member] | citypark view II [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Maximum [Member] | Citi Lakes [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Maximum [Member] | Stone Creek [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Maximum [Member] | Regent at Lenox [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Maximum [Member] | Retreat at Lenox [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Maximum [Member] | Lenox Village [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Maximum [Member] | baldwin park [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 37 years | |||
Maximum [Member] | Crosstown Walk [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 49 years | |||
Maximum [Member] | overton rise [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 49 years | |||
Maximum [Member] | Avalon Park [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 45 years | |||
Maximum [Member] | City Vista [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 49 years | |||
Maximum [Member] | Sorrel [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 48 years | |||
Maximum [Member] | Citrus Village [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 44 years | |||
Maximum [Member] | retreat at greystone [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 49 years | |||
Maximum [Member] | founders village [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 47 years | |||
Maximum [Member] | Claiborne Crossing [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 47 years | |||
Maximum [Member] | Luxe at Lakewood Ranch [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 48 years | |||
Maximum [Member] | adara [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 49 years | |||
Maximum [Member] | reserve at Summit Crossing [Member] [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 48 years | |||
Maximum [Member] | Aldridge at Town Village [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 49 years | |||
Maximum [Member] | Overlook at Crosstown Walk [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 48 years | |||
Maximum [Member] | Colony at centerpointe [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 48 years | |||
Maximum [Member] | Lux at Sorrel [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 49 years | |||
Maximum [Member] | Green Park [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 48 years | |||
Maximum [Member] | hidden river [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 48 years | |||
Maximum [Member] | Vestavia Reserve [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 48 years | |||
Maximum [Member] | City Park II [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 49 years | |||
Maximum [Member] | Artisan at Viera [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | |||
Maximum [Member] | Five Oaks At Westchase [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | |||
Maximum [Member] | Horizon At Wiregrass | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 47 years | |||
Maximum [Member] | Parkside At The Beach [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | |||
Maximum [Member] | The Blake [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | |||
Maximum [Member] | The Menlo [Member] | Apartment Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | |||
Maximum [Member] | woodstock retail [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | |||
Maximum [Member] | Spring Hill Plaza [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Maximum [Member] | Parkway Town Centre [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Maximum [Member] | Barclay Crossing [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | |||
Maximum [Member] | Deltona Landing [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | |||
Maximum [Member] | Kingwood Glen [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | |||
Maximum [Member] | Parkway Centre [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | |||
Maximum [Member] | Powder Springs [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | |||
Maximum [Member] | Sweetgrass Corner [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | |||
Maximum [Member] | salem cove [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Maximum [Member] | Independence Square [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | |||
Maximum [Member] | Royal Lakes [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | |||
Maximum [Member] | Summit Point [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | |||
Maximum [Member] | Overlook at Hamilton Place [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | |||
Maximum [Member] | wade green [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 35 years | |||
Maximum [Member] | anderson central [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | |||
Maximum [Member] | East Gate retail [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | |||
Maximum [Member] | fairview [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | |||
Maximum [Member] | Furys ferry retail [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 35 years | |||
Maximum [Member] | Rosewood retail [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Maximum [Member] | Southgate retail [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 35 years | |||
Maximum [Member] | victory village [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Maximum [Member] | lakeland plaza [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 35 years | |||
Maximum [Member] | Cherokee Plaza [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 35 years | |||
Maximum [Member] | Heritage Station [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Maximum [Member] | Oak Park Village [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Maximum [Member] | Sandy Plains Exchange [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 32 years | |||
Maximum [Member] | Shoppes of Parkland [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 35 years | |||
Maximum [Member] | Thompson Bridge Commons [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Maximum [Member] | University Palms [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 37 years | |||
Maximum [Member] | Champions Village [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Maximum [Member] | Castleberry-Southard [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 39 years | |||
Maximum [Member] | Rockbridge Village [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Maximum [Member] | Irmo Station [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 33 years | |||
Maximum [Member] | Maynard Crossing [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | |||
Maximum [Member] | Woodmont Village [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | |||
Maximum [Member] | West Town Market [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 37 years | |||
Maximum [Member] | crossroads market [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Maximum [Member] | Roswell Wieuca Shopping Center [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Maximum [Member] | Greensboro Village [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Maximum [Member] | Governors Towne Square [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Maximum [Member] | conway plaza [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | |||
Maximum [Member] | Brawley Commons [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Maximum [Member] | Hollymead Town Center [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Maximum [Member] | Gayton Crossing [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | |||
Maximum [Member] | Free State Shopping Center [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 35 years | |||
Maximum [Member] | Polo Grounds Mall [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | |||
Maximum [Member] | disston plaza [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 35 years | |||
Maximum [Member] | Fairfield Shopping Center [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | |||
Maximum [Member] | Berry Town Center [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | |||
Maximum [Member] | Hanover Center [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | |||
Maximum [Member] | Wakefield Crossing [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | |||
Maximum [Member] | Midway Market [Member] | Retail Site [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | |||
Maximum [Member] | brookwood office [Member] | Office Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | |||
Maximum [Member] | Galleria 75 [Member] | Office Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 25 years | |||
Maximum [Member] | Three ravinia [Member] | Office Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 39 years | |||
Maximum [Member] | westridge [Member] | Office Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | |||
Maximum [Member] | Armour Yards [Member] | Office Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | |||
Maximum [Member] | 150 Fayetteville [Member] | Office Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | |||
Maximum [Member] | Capitol Towers [Member] | Office Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | |||
Maximum [Member] | CAPTRUST Tower [Member] | Office Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | |||
Maximum [Member] | 251 Armour Drive [Member] | Office Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 45 years | |||
Maximum [Member] | Morrocroft Centre [Member] | Office Building [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years |
Schedule IV (Details)
Schedule IV (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Current interest rate | 8.50% | 8.48% |
Deferred interest rate | 3.91% | 3.85% |
Prior Liens | $ 0 | |
Face Amount of Mortgages (in thousands) | 334,558,000 | |
Carrying Amount of Mortgages (in thousands) | 279,895,000 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | 0 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Gross | 290,156,000 | |
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | (1,194,000) | $ (1,476,000) |
Loans and Leases Receivable, Allowance | $ (9,067,000) | $ (1,400,000) |
Periodic Payment Terms One | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Current interest rate | 850.00% | |
Deferred interest rate | 300.00% | |
Periodic Payment Terms Two | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Current interest rate | 800.00% | |
Deferred interest rate | 500.00% | |
Periodic Payment Terms Three | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Current interest rate | 850.00% | |
Deferred interest rate | 550.00% | |
Periodic Payment Terms Four | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Current interest rate | 850.00% | |
Deferred interest rate | 350.00% | |
Periodic Payment Terms Five | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Current interest rate | 850.00% | |
Deferred interest rate | 400.00% | |
Periodic Payment Terms Six | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Current interest rate | 850.00% | |
Deferred interest rate | 450.00% | |
Newbergh [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 14.00% | |
Current interest rate | 8.50% | |
Deferred interest rate | 5.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages (in thousands) | 11,749,000 | |
Carrying Amount of Mortgages (in thousands) | 11,749,000 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Newbergh Capital [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 14.00% | |
Current interest rate | 8.50% | |
Deferred interest rate | 5.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages (in thousands) | 6,176,000 | |
Carrying Amount of Mortgages (in thousands) | 6,176,000 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
V And Three [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 13.50% | |
Current interest rate | 8.50% | |
Deferred interest rate | 5.00% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages (in thousands) | 10,336,000 | |
Carrying Amount of Mortgages (in thousands) | 10,335,000 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
V And Three Capital [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 13.50% | |
Current interest rate | 8.50% | |
Deferred interest rate | 5.00% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages (in thousands) | 7,338,000 | |
Carrying Amount of Mortgages (in thousands) | 7,162,000 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Cameron Park [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 11.50% | |
Current interest rate | 8.50% | |
Deferred interest rate | 3.00% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages (in thousands) | 21,340,000 | |
Carrying Amount of Mortgages (in thousands) | 20,874,000 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Cameron Park Capital [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 11.50% | |
Current interest rate | 8.50% | |
Deferred interest rate | 3.00% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages (in thousands) | 8,850,000 | |
Carrying Amount of Mortgages (in thousands) | 8,850,000 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
The Anson [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 13.00% | |
Current interest rate | 8.50% | |
Deferred interest rate | 4.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages (in thousands) | 6,240,000 | |
Carrying Amount of Mortgages (in thousands) | 6,240,000 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
The Anson Capital [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 13.00% | |
Current interest rate | 8.50% | |
Deferred interest rate | 4.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages (in thousands) | 5,659,000 | |
Carrying Amount of Mortgages (in thousands) | 4,839,000 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Berryessa [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 11.50% | |
Current interest rate | 8.50% | |
Deferred interest rate | 3.00% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages (in thousands) | 137,616,000 | |
Carrying Amount of Mortgages (in thousands) | 126,237,000 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Southpoint [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 12.50% | |
Current interest rate | 8.50% | |
Deferred interest rate | 4.00% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages (in thousands) | 7,348,000 | |
Carrying Amount of Mortgages (in thousands) | 7,348,000 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Southpoint Capital [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 12.50% | |
Current interest rate | 8.50% | |
Deferred interest rate | 4.00% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages (in thousands) | 4,962,000 | |
Carrying Amount of Mortgages (in thousands) | 4,626,000 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Vintage Destin [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 12.50% | |
Current interest rate | 8.50% | |
Deferred interest rate | 4.00% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages (in thousands) | 10,763,000 | |
Carrying Amount of Mortgages (in thousands) | 9,736,000 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Hidden River II [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 12.00% | |
Current interest rate | 8.50% | |
Deferred interest rate | 3.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages (in thousands) | 4,462,000 | |
Carrying Amount of Mortgages (in thousands) | 4,462,000 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Hidden River II Capital [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 12.00% | |
Current interest rate | 8.50% | |
Deferred interest rate | 3.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages (in thousands) | 2,763,000 | |
Carrying Amount of Mortgages (in thousands) | 2,461,000 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Vintage Horizon West [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 14.00% | |
Current interest rate | 8.50% | |
Deferred interest rate | 5.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages (in thousands) | 10,900,000 | |
Carrying Amount of Mortgages (in thousands) | 9,019,000 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Kennesaw Crossing [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 14.00% | |
Current interest rate | 8.50% | |
Deferred interest rate | 5.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages (in thousands) | 14,810,000 | |
Carrying Amount of Mortgages (in thousands) | 13,025,000 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Vintage Jones Franklin [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 14.00% | |
Current interest rate | 8.50% | |
Deferred interest rate | 5.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages (in thousands) | 10,000,000 | |
Carrying Amount of Mortgages (in thousands) | 7,904,000 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Solis Cumming Town Center [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 14.00% | |
Current interest rate | 8.50% | |
Deferred interest rate | 5.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages (in thousands) | 20,681,000 | |
Carrying Amount of Mortgages (in thousands) | 5,584,000 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Solis Chestnut Farm [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 14.00% | |
Current interest rate | 8.50% | |
Deferred interest rate | 5.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages (in thousands) | 13,372,000 | |
Carrying Amount of Mortgages (in thousands) | 11,671,000 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
8 West [Member] | Office Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 13.50% | |
Current interest rate | 8.50% | |
Deferred interest rate | 5.00% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages (in thousands) | 19,193,000 | |
Carrying Amount of Mortgages (in thousands) | 11,858,000 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 |