Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2021 | Nov. 04, 2020 | |
Document and Entity Information | ||
entity registrant name | Preferred Apartment Communities, Inc. | |
entity CIK | 0001481832 | |
Current fiscal year end date | --12-31 | |
document type | 10-Q | |
document period end date | Mar. 31, 2021 | |
document fiscal year focus | 2021 | |
entity filer category | Accelerated Filer | |
document fiscal period focus | Q1 | |
Entity Current Reporting Status | Yes | |
amendment flag | false | |
entity common stock, shares outstanding | 50,094,599 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-34995 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 27-1712193 | |
Entity Address, Address Line One | 3284 Northside Parkway NW, Suite 150 | |
Entity Address, City or Town | Atlanta | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 30327 | |
City Area Code | 770 | |
Local Phone Number | 818-4100 | |
Title of 12(b) Security | Common Stock, par value $.01 per share | |
Trading Symbol | APTS | |
Security Exchange Name | NYSE | |
Entity Interactive Data Current | Yes | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Real estate | ||
Land | $ 605,282 | $ 605,282 |
Building and improvements | 3,039,783 | 3,034,727 |
Tenant Improvements | 186,843 | 184,288 |
Furniture, fixtures, and equipment | 308,222 | 306,725 |
Construction in progress | 11,649 | 12,269 |
Gross real estate | 4,151,779 | 4,143,291 |
Less: accumulated depreciation | (546,634) | (509,547) |
Net real estate | 3,605,145 | 3,633,744 |
Real estate loans | 280,938 | 279,895 |
Total real estate and real estate loan, net | 3,886,083 | 3,913,639 |
Cash and cash equivalents | 32,322 | 28,657 |
Restricted cash | 45,052 | 47,059 |
Financing Receivable, Net | 1,784 | 1,863 |
Note receivable | 19,960 | |
Due from Related Parties, Current | 9,011 | 9,011 |
Interest Receivable | 22,241 | 22,528 |
Intangible Assets, Net (Excluding Goodwill) | 118,388 | 127,138 |
tenants capitalized lease inducements | 17,803 | 18,206 |
Investment in unconsolidated joint venture | 6,463 | 6,657 |
Other assets | 95,821 | 106,321 |
Total assets | 4,234,968 | 4,281,079 |
Liabilities | ||
Mortgage notes payable | 2,587,660 | 2,594,464 |
Accounts payable and accrued expenses | 37,237 | 41,912 |
deferred liability to former manager | 23,512 | 23,335 |
contingent liability due to former manager | 14,755 | 14,814 |
Line of Credit Facility, Amount Outstanding | 40,000 | 22,000 |
unearned revenue from purchase option termination fees | 473 | 723 |
Interest Payable, Current | 7,997 | 7,877 |
Dividends payable | 20,410 | 20,137 |
Below Market Lease, Net | 49,879 | 51,934 |
Security deposits and prepaid rents | 31,122 | 29,425 |
Deferred income | 35,070 | 36,010 |
Total liabilities | 2,848,115 | 2,842,631 |
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 | 501 | 500 |
Additional paid in capital | 1,582,193 | 1,631,646 |
Accumulated deficit | (195,093) | (192,446) |
Total stockholders' equity | 1,387,620 | 1,439,719 |
Non-controlling interest | (767) | (1,271) |
Total equity | 1,386,853 | 1,438,448 |
Total liabilities and equity | 4,234,968 | 4,281,079 |
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 | 17 |
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 | 1 |
series A1M1 offering [Domain] | ||
Stockholder's equity | ||
Series A Redeemable Preferred Stock, $0.01 par value per share; 150,000 shares authorized; 12,178 and 0 shares issued and outstanding at September 30, 2012 and December 31, 2011, respectively | 1 | 1 |
series m1 [Domain] | ||
Stockholder's equity | ||
Series A Redeemable Preferred Stock, $0.01 par value per share; 150,000 shares authorized; 12,178 and 0 shares issued and outstanding at September 30, 2012 and December 31, 2011, respectively | $ 0 | $ 0 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accumulated Depreciation, Depletion and Amortization, Sale or Disposal of Property, Plant and Equipment | $ 546,634 | $ 509,547 |
Finite-Lived Intangible Assets, Accumulated Amortization | 178,468 | 169,718 |
sales inducements accumulated amortization | 5,799 | 5,350 |
Below Market Lease, Accumulated Amortization | $ 36,062 | 34,006 |
Common Stock, par value per share | $ 0.01 | |
Common stock, shares outstanding | 50,094,599 | |
Financing Receivable, Related Party, Allowance For Doubtful Accounts | $ 10,950 | $ 10,261 |
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 | 2,226,000 |
Shares outstanding, preferred stock | 1,694,000 | 1,735,000 |
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 | 87,000 | 89,000 |
Common Stock [Member] | ||
Common Stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 400,067,000 | 400,067,000 |
Common Stock, Shares, Issued | 50,095,000 | 49,994,000 |
Common stock, shares outstanding | 50,095,000 | 49,994,000 |
Series A1 Preferred Stock | ||
Series A Redeemable Preferred Stock, par value per share | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 184,000 | 149,000 |
Shares outstanding, preferred stock | 184,000 | 149,000 |
Series M1 Preferred Stock | ||
Series A Redeemable Preferred Stock, par value per share | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 22,000 | 19,000 |
Shares outstanding, preferred stock | 21,000 | 19,000 |
Mortgages [Member] | ||
Deferred loan costs, accumulated amortization | $ 44,856 | $ 46,241 |
Statements of Operations
Statements of Operations - USD ($) shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues: | ||
Operating Leases, Income Statement, Lease Revenue | $ 104,459,000 | $ 111,866,000 |
Interest income on loan and note receivable | 10,512,000 | 13,439,000 |
Revenue from Related Parties | 405,000 | 2,537,000 |
miscellaneous revenues | 324,000 | 3,040,000 |
Revenues | 115,700,000 | 130,882,000 |
Operating expenses: | ||
Property operating and maintenance | 15,249,000 | 16,846,000 |
Payments to Employees | 4,821,000 | 5,191,000 |
Management Fee Expense | 1,105,000 | 2,003,000 |
Provision for Other Credit Losses | 522,000 | 5,133,000 |
Real Estate Taxes and Insurance | 16,140,000 | 15,675,000 |
General and administrative | 7,539,000 | 5,948,000 |
Employee Benefits and Share-based Compensation | 574,000 | 230,000 |
Depreciation, Depletion and Amortization | 45,827,000 | 49,509,000 |
Asset management and G&A | 0 | 3,099,000 |
Share-based Compensation | 522,000 | 5,133,000 |
Depreciation and amortization | 45,827,000 | 49,509,000 |
Allowance for Loan and Lease Losses, Loans Acquired | 0 | (1,963,000) |
Other Expenses | 245,000 | 178,793,000 |
Total operating expenses | 92,022,000 | 282,427,000 |
manager's fees deferred | 0 | 1,136,000 |
Operating Expenses | 92,022,000 | 281,291,000 |
Operating Income (Loss) | 23,678,000 | (150,409,000) |
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | (194,000) | 0 |
Gain on Sale of Investments | 798,000 | 0 |
Interest Expense | 26,991,000 | 29,593,000 |
gain on sale of financial instruments | 0 | 479,000 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (2,709,000) | (179,523,000) |
Net Income (Loss) Attributable to Noncontrolling Interest | 62,000 | 3,141,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 24,282,000 | (150,409,000) |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | (2,709,000) | (179,523,000) |
Net loss attributable to the Company | (2,647,000) | (176,382,000) |
Preferred Stock Dividends, Income Statement Impact | 33,820,000 | 33,068,000 |
net income attributable to unvested restricted stockholders | (142,000) | (2,000) |
Net Income (Loss) Available to Common Stockholders, Basic | $ (36,609,000) | $ (209,452,000) |
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ (0.73) | $ (4.44) |
Weighted Average Number of Shares Outstanding, Basic | 50,033 | 47,129 |
Dividends, Common Stock, Cash | $ 8,991,000 | $ 12,491,000 |
Common Stock, Dividends, Per Share, Declared | $ 0.175 | $ 0.2625 |
Statements of Operations (Paren
Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement Parentheticals [Abstract] | ||
property management fees paid to related party | $ 0 | $ 894 |
Related Party Transaction, Property Salary And Benefits Reimbursement Fees | $ 0 | $ 1,430 |
Statements of Cash Flows Statem
Statements of Cash Flows Statement - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating activities: | ||
Net loss attributable to the Company | $ (2,647,000) | $ (176,382,000) |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (2,709,000) | (179,523,000) |
Reconciliation of net loss to net cash provided by (used in) operating activities: | ||
Depreciation expense | 45,827,000 | 49,509,000 |
Amortization of above and below Market Leases | (1,399,000) | (1,705,000) |
Deferred fee income amortization | (1,195,000) | (1,269,000) |
amortization of purchase option termination fee income | (1,229,000) | (4,040,000) |
Deferred Sales Inducement Cost, Amortization Expense | 1,229,000 | 849,000 |
Deferred loan cost amortization | 1,609,000 | 1,781,000 |
deferred interest income | (2,822,000) | (3,296,000) |
Receipt of accrued interest income on real estate loans | 3,109,000 | 8,865,000 |
Share-based Compensation | 522,000 | 5,133,000 |
Gain (Loss) on Disposition of Assets | (798,000) | (479,000) |
Gain (Loss) From Unconsolidated Joint Ventures | 194,000 | 0 |
cash inflows purchase option terminations | 1,479,000 | 4,800,000 |
Provision for Loan and Lease Losses | 522,000 | 5,133,000 |
Changes in operating assets and liabilities: | ||
(Increase) in tenant accounts receivable | 4,788,000 | (10,775,000) |
Payments for (Proceeds from) Tenant Allowance | (22,000) | 0 |
Loans and Leases Receivable, Allowance | 0 | 1,963,000 |
(Increase) decrease in other assets | (2,787,000) | 24,190,000 |
Increase (Decrease) in Deferred Liabilities | 0 | 22,851,000 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 0 | 15,000,000 |
Increase in accounts payable and accrued expenses | 2,589,000 | (1,282,000) |
Net cash provided by (used in) operating activities | 48,385,000 | (69,391,000) |
Investing activities: | ||
Investments in real estate loans | (19,657,000) | (11,631,000) |
Proceeds from Principal Repayments on Loans and Leases Held-for-investment | 17,925,000 | 53,896,000 |
Notes receivable issued | 143,000 | 10,041,000 |
Deferred acquisition fee on real estate loans | 0 | (9,624,000) |
Deferred real estate loan income | (64,000) | (249,000) |
Acquisition of properties, net | 0 | (125,107,000) |
Gain (Loss) on Sale of Properties | 4,798,000 | 0 |
Proceeds from Sale of Productive Assets | 0 | 738,000 |
Additions to real estate assets - improvements | (10,263,000) | (12,817,000) |
Increase (Decrease) in Earnest Money Deposits Outstanding | (289,000) | (915,000) |
Increase (Decrease) in Accounts and Notes Receivable | 0 | 4,546,000 |
Net cash (used in) investing activities | (6,590,000) | (90,855,000) |
Financing activities: | ||
Proceeds from mortgage notes payable | 2,152,000 | 81,413,000 |
Extinguishment of Debt, Amount | (10,340,000) | (42,252,000) |
Payments for mortgage loan costs | (285,000) | (1,694,000) |
Proceeds from non-revolving lines of credit | 105,000,000 | 284,000,000 |
Payments on revolving lines of credit | (87,000,000) | (92,500,000) |
Repayments of Short-term Debt | 0 | (70,000,000) |
Proceeds from sales of Units, net of offering costs | 34,109,000 | 89,398,000 |
Proceeds from Warrant Exercises | 0 | 44,000 |
Preferred Stock, Redemption Amount | (40,018,000) | (9,890,000) |
Dividends declared and paid | (8,829,000) | (12,156,000) |
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | (33,840,000) | (32,732,000) |
Payments for deferred offering costs, net of non cash items | (1,030,000) | (7,042,000) |
Proceeds from Noncontrolling Interests | (56,000) | 0 |
Net Cash Provided by (Used in) Financing Activities | (40,137,000) | 186,786,000 |
Cash and Cash Equivalents, Period Increase (Decrease) | 1,658,000 | 26,540,000 |
Cash beginning of period | 75,716,000 | 137,253,000 |
Cash end of period | 77,374,000 | 163,793,000 |
Supplemental cash flow information: | ||
Cash paid for interest | 25,231,000 | 27,190,000 |
Noncash Investing and Financing Items [Abstract] | ||
Accrued capital expenditures | 3,756,000 | 5,552,000 |
Payments of Ordinary Dividends, Noncontrolling Interest | 0 | (197,000) |
Accrued and payable deferred offering costs | 59,000 | 880,000 |
Assets | 4,234,968,000 | |
Liabilities | 2,848,115,000 | |
Notes Reduction | 0 | 20,865,000 |
Reclass of offering costs from deferred asset to equity | 647,000 | 3,189,000 |
Share-based Compensation | 6,168,000 | 226,000 |
loan fees received | 817,000 | 267,000 |
Common Stock [Member] | ||
Noncash Investing and Financing Items [Abstract] | ||
Dividends payable | 9,087,000 | 12,491,000 |
Series A Preferred Stock [Member] | ||
Noncash Investing and Financing Items [Abstract] | ||
Dividends payable | 11,323,000 | 11,924,000 |
Parent [Member] | ||
Operating activities: | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | $ (2,647,000) | $ (176,382,000) |
Statements of Equity and Accumu
Statements of Equity and Accumulated Deficit - USD ($) $ in Thousands | Total | Series A Preferred Stock [Member] | Series A1/M1 Preferred Stock | carveout | Common Stock [Member] | Common Stock [Member]Series A Preferred Stock [Member] | Common Stock [Member]Series A1/M1 Preferred Stock | Common Stock [Member]carveout | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Series A Preferred Stock [Member] | Additional Paid-in Capital [Member]Series A1/M1 Preferred Stock | Additional Paid-in Capital [Member]carveout | Accumulated Deficit [Member] | Accumulated Deficit [Member]Series A Preferred Stock [Member] | Accumulated Deficit [Member]Series A1/M1 Preferred Stock | Accumulated Deficit [Member]carveout | Total Stockholders' Equity [Member] | Total Stockholders' Equity [Member]Series A Preferred Stock [Member] | Total Stockholders' Equity [Member]Series A1/M1 Preferred Stock | Total Stockholders' Equity [Member]carveout | Noncontrolling Interest [Member] | Noncontrolling Interest [Member]Series A Preferred Stock [Member] | Noncontrolling Interest [Member]Series A1/M1 Preferred Stock | Noncontrolling Interest [Member]carveout | Preferred Stock [Member] | Preferred Stock [Member]Series A Preferred Stock [Member] | Preferred Stock [Member]Series M Preferred Stock [Member] | Preferred Stock [Member]Series A1/M1 Preferred Stock | Preferred Stock [Member]carveout | 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] |
cumulativeadjustmentadoptionASU2016-13 | $ (7,414) | $ 0 | $ 0 | $ (7,414) | $ (7,414) | $ 0 | ||||||||||||||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | 98,553 | 0 | 98,552 | 0 | 98,553 | 1 | ||||||||||||||||||||||||||||||
Balance at Dec. 31, 2019 | $ 1,934,116 | $ 464 | $ 1,938,057 | $ (7,244) | $ 1,931,298 | $ 2,818 | 21 | |||||||||||||||||||||||||||||
Stock Redeemed or Called During Period, Value | (9,900) | 11 | (9,911) | 0 | (9,900) | 0 | 0 | |||||||||||||||||||||||||||||
exercise of warrants | 8 | 0 | 8 | 0 | 8 | 0 | 0 | |||||||||||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Units | 0 | 1 | 1,104 | 0 | 1,105 | (1,105) | 0 | |||||||||||||||||||||||||||||
amortization of Class A Unit awards | $ 74 | $ 0 | $ 0 | $ 0 | $ 0 | $ 74 | $ 0 | |||||||||||||||||||||||||||||
Syndication and offering costs | (12,360) | 0 | (12,360) | 0 | (12,360) | 0 | 0 | |||||||||||||||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | 156 | 0 | 156 | 0 | 156 | 0 | 0 | |||||||||||||||||||||||||||||
Dividends, Common Stock, Cash | (12,491) | 0 | (12,491) | 0 | (12,491) | 0 | $ 0 | |||||||||||||||||||||||||||||
Balance at Mar. 31, 2020 | 1,778,149 | 476 | 1,969,534 | (191,040) | 1,778,992 | (843) | 22 | |||||||||||||||||||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (179,523) | 0 | 0 | (176,382) | (176,382) | (3,141) | 0 | |||||||||||||||||||||||||||||
Other Ownership Interests, Contributed Capital | $ 201 | $ 0 | $ 0 | $ 201 | $ 0 | |||||||||||||||||||||||||||||||
non-controlling interest equity adjustment | 0 | 0 | (513) | 0 | (513) | 513 | 0 | |||||||||||||||||||||||||||||
Payments to Noncontrolling Interests | (203) | 0 | 0 | 0 | 0 | (203) | 0 | |||||||||||||||||||||||||||||
Dividends, Preferred Stock | (1,746) | (31,100) | (222) | 0 | 0 | (1,746) | (31,100) | $ (222) | 0 | 0 | $ 0 | (1,746) | (31,100) | (222) | 0 | $ 0 | 0 | 0 | $ 0 | 0 | ||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | 37,929 | 0 | 37,929 | 37,929 | 0 | |||||||||||||||||||||||||||||||
Balance at Dec. 31, 2020 | 1,438,448 | 500 | 1,631,646 | (192,446) | 1,439,719 | (1,271) | 19 | |||||||||||||||||||||||||||||
Stock Redeemed or Called During Period, Value | (40,038) | 0 | (40,038) | 0 | (40,038) | 0 | ||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Units | 0 | 1 | 733 | 0 | 734 | (734) | 0 | |||||||||||||||||||||||||||||
amortization of Class A Unit awards | $ (39) | $ 0 | $ 0 | $ 0 | $ 0 | $ (39) | $ 0 | |||||||||||||||||||||||||||||
Syndication and offering costs | 4,388 | 0 | 4,388 | 0 | 4,388 | 0 | ||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | 613 | 0 | 613 | 0 | 613 | 0 | 0 | |||||||||||||||||||||||||||||
Dividends, Common Stock, Cash | (8,991) | 0 | (8,991) | 0 | (8,991) | 0 | $ 0 | |||||||||||||||||||||||||||||
Balance at Mar. 31, 2021 | 1,386,853 | 501 | 1,582,193 | (195,093) | 1,387,620 | (767) | 19 | |||||||||||||||||||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (2,709) | 0 | 0 | (2,647) | (2,647) | (62) | 0 | |||||||||||||||||||||||||||||
non-controlling interest equity adjustment | 0 | 0 | (1,491) | 0 | (1,491) | 1,491 | 0 | |||||||||||||||||||||||||||||
Payments to Noncontrolling Interests | (56) | 0 | 0 | 0 | 0 | (56) | 0 | |||||||||||||||||||||||||||||
us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders | 96 | $ 0 | 0 | 0 | 0 | 96 | 0 | |||||||||||||||||||||||||||||
Dividends, Preferred Stock | $ (1,493) | $ (29,431) | $ (2,893) | $ (3) | $ 0 | $ 0 | $ 0 | $ (1,493) | $ (29,431) | $ (2,893) | $ (3) | $ 0 | $ 0 | $ 0 | $ 0 | $ (1,493) | $ (29,431) | $ (2,893) | $ (3) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Statements of Equity and Accu_2
Statements of Equity and Accumulated Deficit Parenthetical - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Common Stock, Dividends, Per Share, Declared | $ 0.175 | $ 0.2625 |
Series A Preferred Stock [Member] | ||
Preferred Stock, Dividends Per Share, Declared | 5 | 5 |
Series A1 Preferred Stock | ||
Preferred Stock, Dividends Per Share, Declared | 5 | 5 |
Minimum [Member] | Series M Preferred Stock [Member] | ||
Preferred Stock, Dividends Per Share, Declared | 4.79 | 4.79 |
Minimum [Member] | Series M1 Preferred Stock | ||
Preferred Stock, Dividends Per Share, Declared | 5.08 | 5.08 |
Maximum [Member] | Series M Preferred Stock [Member] | ||
Preferred Stock, Dividends Per Share, Declared | 6.25 | 6.25 |
Maximum [Member] | Series M1 Preferred Stock | ||
Preferred Stock, Dividends Per Share, Declared | $ 5.92 | $ 5.92 |
Pro Forma Financial Information
Pro Forma Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Revenues | $ 115,700 | $ 130,882 |
Quarterly Financial Data (Detai
Quarterly Financial Data (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Revenues | $ 115,700 | $ 130,882 |
Operating Income (Loss) | 23,678 | (150,409) |
Net Income (Loss) Attributable to Parent | (2,647) | (176,382) |
Net Income (Loss) Available to Common Stockholders, Basic | $ (36,609) | $ (209,452) |
Organization
Organization | 3 Months Ended |
Mar. 31, 2021 | |
Organization [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Organization and Basis of Presentation Preferred Apartment Communities, Inc. (NYSE: APTS), or the Company, 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 March 31, 2021, the Company owned or was invested in 117 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). We refer to this transaction as the Internalization. As of March 31, 2021, the Company had 50,094,599 shares of common stock, par value $0.01 per share, or Common Stock, issued and outstanding and was the approximate 98.9% owner of Preferred Apartment Communities Operating Partnership, L.P., or the Operating Partnership, at that date. The number of partnership units not owned by the Company totaled 548,369 at March 31, 2021 and represented Class A OP Units of the Operating Partnership, or Class A OP Units. The Class A OP Units are convertible at any time at the option of the holder into the Operating Partnership's choice of either cash or Common Stock. In the case of cash, the value is determined based upon the trailing 20-day volume weighted average price of the Company's Common Stock. The Company controlled the Operating Partnership through its sole general partner interest and conducted substantially all of its business through the Operating Partnership until January 31, 2020. Beginning February 1, 2020, the Company conducts substantially all of its business through PAC Carveout, LLC, or Carveout, a wholly-owned subsidiary of the Operating Partnership. Carveout intends to elect to be taxed as a real estate investment trust under the Internal Revenue Code of 1986, as amended, commencing with its tax year ended December 31, 2020. The Company has determined the Operating Partnership is a variable interest entity, or VIE, of which the Company is the primary beneficiary. The Company is involved with other VIEs as discussed in Note 4. New Market Properties, LLC owns and conducts the business of our portfolio of grocery-anchored shopping centers. Preferred Office Properties, LLC owns and conducts the business of our portfolio of office buildings. Preferred Campus Communities, LLC 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. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not contain all disclosures required by accounting principles generally accepted in the United States of America, or GAAP. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. All significant intercompany transactions have been eliminated in consolidation. Certain adjustments have been made consisting of normal recurring accruals, which, in the opinion of management, are necessary for a fair presentation of the Company's financial condition and results of operations. The results of operations for the three months ended March 31, 2021 and 2020 are not necessarily indicative of the results that may be expected for the full year. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The potential reach, severity and duration of impacts of the COVID-19 pandemic will cause our estimates and forecasts of future events to be inherently less certain. Act ual results could differ from those estimates. Amounts are presented in thousands where indicated. Reclassification Adjustments The Company recorded certain reclassification adjustments on its Condensed Consolidated Statement of Operations for the three-month period ended March 31, 2021 to conform prior period presentation to the current presentation as shown in the table below. The adjustment is made to present sublease income received by the Company for a portion of its corporate office space as a net adjustment against rent expense, which is included in the general and administrative expense line on the consolidated statements of operations. Additionally, an adjustment has been made to present certain expenses such as franchise taxes and insurance claims within the real estate taxes and insurance line on the consolidated statements of operations. These reclassification adjustments had no effect on previously-reported net loss attributable to common stockholders. For the three-month period ended March 31, 2020 (in thousands) As reported in Quarterly Report on Form 10-Q at March 31, 2020 Reclassification adjustments As reported in Quarterly Report on Form 10-Q at March 31, 2021 Revenues: Miscellaneous revenues $ 3,260 $ (220) $ 3,040 Operating expenses: Property operating and maintenance $ 16,800 $ 46 $ 16,846 Real estate taxes and insurance $ 15,525 $ 150 $ 15,675 General and administrative $ 6,364 $ (416) $ 5,948 |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Summary of Significant Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies The Company's significant accounting policies have not changed materially from those described in its Annual Report on Form 10-K as of December 31, 2020. Standard Description Date of Adoption Effect on the Consolidated Financial Statements Recently Issued Accounting Guidance Not Yet Adopted ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting The new standard enables affected entities to elect from a series of practical expedients designed to ease the transition from referenced base rates within contracts designated to be replaced by Reference Rate Reform. The amendments are effective March 12, 2020 through December 31, 2022. ASU 2020-04 will be applicable to the Company's variable-rate debt instruments for which the Company is the borrower, which bear interest at a spread over the 1-month London Interbank Offer Rate (1-month LIBOR). Among the practical expedients are the option to elect prospective adjustment of the effective interest rate, foregoing reassessment of any instruments under loan modification rules. The Company is monitoring developments pertaining to Reference Rate Reform and does not currently anticipate ASU 2020-04 to have a material effect on its results of operations. |
Real Estate Assets (Notes)
Real Estate Assets (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Real Estate Assets [Abstract] | |
Business Combination Disclosure | New Market Properties assets acquired The Company acquired no grocery-anchored shopping centers during the three-month period ended March 31, 2021. During the three-month period ended March 31, 2020, 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 The aggregate purchase price of t he New Market Properties acquisitions for the three-month period ended March 31, 2020 was approximately $27.7 million, exclusive of acquired escrows, security deposits, prepaid assets, capitalized acquisition costs and other miscellaneous assets and assumed liabilities. The Company recorded aggregate amortization and depreciation expense of: (In thousands) Three-month periods ended March 31, 2021 2020 Depreciation: Buildings and improvements $ 26,695 $ 28,007 Furniture, fixtures, and equipment 10,528 12,388 37,223 40,395 Amortization: Acquired intangible assets 8,092 8,650 Deferred leasing costs 469 415 Website development costs 43 49 Total depreciation and amortization $ 45,827 $ 49,509 At March 31, 2021, the Company had recorded acquired gross intangible assets of $296.9 million, accumulated amortization of $178.5 million, gross intangible liabilities of $85.9 million and accumulated amortization of $36.1 million. Net intangible assets and liabilities as of March 31, 2021 will be amortized over the weighted average remaining amortization periods of approximately 7.0 and 8.6 years, respectively. At March 31, 2021, the Company held restricted cash that totaled approximately $45.1 million. Of this total, $14.3 million was contractually restricted to fund capital expenditures and other property-level commitments such as tenant improvements and leasing commissions. Another $25.4 million was for lender-required escrows for real estate taxes, insurance premiums and COVID-19 reserves. The remainder of the Company's restricted cash consisted primarily of resident and tenant security deposits. 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. 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 $1.2 million and $4.0 million of interest revenue from the amortization of these purchase option terminations for the three-month periods ended March 31, 2021 and 2020, respectively. Remaining unamortized termination fee revenue of approximately $473,000 at March 31, 2021 will be recognized by December 31, 2021. Joint Venture Investment On July 15, 2020, the Company contributed its 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. In doing so, the Company realized a gain on the transaction of approximately $3.3 million and now holds its 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 income data for the Neapolitan Way shopping center subsequent to its contribution into the joint venture as of and for the periods presented: (in thousands) March 31, 2021 December 31, 2020 Total assets $ 38,457 $ 39,109 Total liabilities $ 25,530 $ 25,795 Three months ended March 31, 2021 Rental and other property revenues $ 815 Total operating expenses $ 973 Interest expense $ 230 Net income (loss) $ (388) Net income (loss) attributable to the Company $ (194) |
Real Estate Disclosure | Real Estate Assets The Company's real estate assets consisted of: As of: March 31, 2021 December 31, 2020 Residential Properties: Properties (1,2) 37 37 Units 11,143 11,143 New Market Properties: Properties (2) 54 54 Gross leasable area (square feet) (3) 6,208,278 6,208,278 Preferred Office Properties: (4) Properties (2) 9 9 Rentable square feet 3,169,000 3,169,000 Development properties 2 2 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. (4) Seven of our office properties and the real estate loan investment supporting the 8West office building are under contract to be sold to Highwoods Properties, an unrelated party, pursuant to purchase and sale agreements as of April 16, 2021. 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 The Company acquired no multifamily communities during the three-month period ended March 31, 2021. On March 31, 2020, the Company completed the acquisition of Horizon at Wiregrass, a 392-unit multifamily community located in Tampa, Florida. The aggregate purchase price was approximately $84.0 million, exclusive of acquired escrows, security deposits, prepaids, capitalized acquisition costs and other miscellaneous assets and assumed liabilities. |
Real Estate Loans, Notes Receiv
Real Estate Loans, Notes Receivable, and Lines of Credit | 3 Months Ended |
Mar. 31, 2021 | |
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: March 31, 2021 December 31, 2020 Number of loans 20 20 Number of underlying properties in development 15 14 (In thousands) Drawn amount $ 291,888 $ 290,156 Deferred loan origination fees (1,766) (1,194) Allowance for expected credit losses (9,184) (9,067) Carrying value $ 280,938 $ 279,895 Unfunded loan commitments $ 49,281 $ 44,403 Weighted average current interest, per annum (paid monthly) 8.62 % 8.50 % Weighted average accrued interest, per annum 3.73 % 3.91 % (In thousands) Principal balance Deferred loan origination fees Allowances and CECL Reserves Carrying value Balances as of December 31, 2020 $ 290,156 $ (1,194) $ (9,067) $ 279,895 Loan fundings 19,657 — — 19,657 Loan repayments (17,925) — — (17,925) Loan origination fees collected — (817) — (817) Amortization of loan origination fees — 245 — 245 Reserve increases due to loan originations — — (283) (283) Net decreases in reserves on existing or loans repaid — — 166 166 Balances as of March 31, 2021 $ 291,888 $ (1,766) $ (9,184) $ 280,938 Property type Number of loans Carrying value Commitment amount Percentage of portfolio (In thousands) Residential properties 19 $ 269,049 $ 321,975 96 % Preferred Office Properties 1 11,889 19,193 4 % Balances as of March 31, 2021 20 $ 280,938 $ 341,168 On March 1, 2021, we closed on a real estate loan investment of up to approximately $16.8 million to partially finance the development and construction of a 320-unit multifamily community to be located in Orlando, Florida. The loan pays a current monthly interest rate of 8.5% per annum and accrues additional deferred interest of 4.5% per annum and matures on September 1, 2024. 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. For the three-month periods ended March 31, (In thousands) 2021 2020 Allowances recorded for interest receivable: Haven Campus Communities, LLC line of credit $ 405 $ 410 Starkville real estate loan — 193 Net increases in current expected loss reserves on existing loans 117 4,530 Total allowance for expected credit losses $ 522 $ 5,133 The Company incurred an aggregate net increase in its allowance for expected credit losses of approximately $0.5 million and $5.1 million for the three-month periods ended March 31, 2021 and 2020, respectively. In the three-month period ended March 31, 2020, $4.5 million of the aggregate increase in the Company’s allowance for expected credit losses was due to the onset of the COVID-19 pandemic and the Company updating its estimates to the valuations of the underlying developments. The Company does not anticipate such a large increase in future periods. In the three month period ended March 31, 2021, changes in estimates to the valuations of the underlying developments were countered by additional reserves for loan originations and other projects achieving construction and leasing milestones. 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 March 31, 2021: Final reserve ratio Number of loans Total receivables by project, net of reserves (in thousands) — % 4 $ 31,402 0.50 % 4 19,474 1.00 % 4 61,929 1.50 % 4 32,085 3.00 % 1 9,594 4.00 % 3 154,521 5.00% + — — 20 $ 309,005 The Company continues to monitor the extent of any impact the COVID-19 pandemic has on 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 assesses its real estate loan investment portfolio for impacts from COVID-19 at the outset of the project, as well as both quantitatively and qualitatively at the achievement of construction and leasing milestones during the projects' lives. The Company can make no assurances that economic or industry conditions or other circumstances will not lead to increases in allowances for credit losses. Management monitors the credit quality of the obligors under each of the Company's real estate loans by tracking the timeliness of scheduled interest and principal payments relative to the due dates as specified in the loan documents, as well as draw requests on the loans relative to the project budgets. In addition, management monitors the actual progress of development and construction relative to the construction plan, as well as local, regional and national economic conditions that may bear on our current and target markets. The Company's 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 March 31, 2021 December 31, 2020 (In thousands) Haven Campus Communities, LLC (1,2) 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 (3,5) 10/5/2015 3/15/2022 1,250 1,134 1,256 10 % Oxford Capital Partners II, LLC (3,5) 3/30/2021 3/15/2022 5,300 — — 10 % Mulberry Development Group, LLC (4) 3/31/2016 6/30/2021 750 650 607 12 % Unamortized loan fees — — $ 19,960 $ 10,795 $ 10,874 (1) See related party disclosure in Note 6. (2) 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. (3) 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. (4) 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. (5) The commitment was reduced from $8 million to $1.25 million for the Oxford Capital Partners LOC I on March 30, 2021. A second Oxford line of credit was opened on March 30, 2021 with a commitment of $5.3 million. On No vember 20, 2018, the borrower on the Haven Campus Communities, LLC line of credit defaulted on th e 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 March 31, 2021 was approximately $2.3 million. Under the terms of the loan, amounts collected are applied first to any legal costs incurred by the Company to collect amounts due on the loan; second, to pay any accrued default and current interest on the loan; and third, to repay the principal amount owed. The Company retains a pledge of a 49.49% interest in an unrelated shopping center located in Atlanta, Georgia as collateral on the Haven Campus Communities, LLC line of credit, as well as personal guaranties of repayment from the principals of the borrower. In January 2019 the Company filed a lawsuit to collect the amounts owed under the line of credit it provided to Haven Campus Communities, LLC. In September 2019, Haven Campus Communities, LLC answered the lawsuit and filed counterclaims against the Company and its affiliates. At this time, the case is in discovery, so the Company is unable to make any estimates on timing or amounts that may be collected by the Company on its Haven Campus Communities, LLC line of credit. The Company recorded interest income and other revenue from these instruments as follows: Interest income Three month periods ended March 31, (In thousands) 2021 2020 Real estate loans: Current interest $ 6,167 $ 7,357 Additional accrued interest 2,822 3,295 Loan origination fee amortization 244 277 Purchase option termination fee amortization 1,229 4,040 Default interest — 62 Total real estate loan revenue 10,462 15,031 Notes and lines of credit 455 912 Bank and money market accounts — 33 Interest income on loans and notes receivable $ 10,917 $ 15,976 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 March 31, 2021 of approximately $291.9 million. The maximum aggregate amount of loans to be funded as of March 31, 2021 was approximately $341.2 million, which includes approximately $49.3 million of loan committed amounts not yet funded. The Company has evaluated its real estate loans, where appropriate, for accounting treatment as loans versus real estate development projects, as required by ASC 310. The Company evaluates the expected residual profit it expects to collect under the terms of the loan versus the expected residual profit expected to be collected by the developer (in conjunction with any equity investors, if applicable), along with the "loan versus investment" characteristics as set forth by ASC 310-25. For each loan, the characteristics and the facts and circumstances indicate that loan accounting treatment is appropriate in cases where (i) the majority of the expected residual profit is expected to be due the developer and (ii) the majority of "loan versus investment" tests indicate that the instrument is a loan. The Company is subject to a geographic concentration of risk that could be considered significant with regard to the 8West, Kennesaw Crossing and Solis Cumming Town Center real estate loan investments, as well as the Club Drive land loan investment, 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 March 31, 2021 totaled approximately $43.4 million (with a total commitment amount of approximately $62.4 million). The Company is also subject to a geographic concentration of risk that could be considered significant with regard to the Vintage Destin, Hidden River II, Hidden River II Capital, Vintage Horizon West and The Hudson real estate loan investments, all of which are partially supporting various real estate projects in Florida. The drawn amount, in addition to outstanding accrued interest, for these loans as of March 31, 2021 totaled approximately $31.3 million (with a total commitment amount of approximately $45.7 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. |
Redeemable Preferred Stock
Redeemable Preferred Stock | 3 Months Ended |
Mar. 31, 2021 | |
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. The Series A Redeemable Preferred Stock, Series A1 Preferred Stock, mShares, and Series M1 Preferred Stock are collectively defined as (“Preferred Stock”). At March 31, 2021, 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"); and • an offering of up to $125 million of Common Stock from time to time in an "at the market" offering (the "2019 ATM Offering") under our $400 million shelf registration statement (the "2019 Shelf Registration Statement") on Form S-3 that was filed with the SEC on March 21, 2019. Certain offering costs are not related to specific closing transactions and are recognized as a reduction of stockholders' equity in the proportion of the number of instruments issued to the maximum number of shares of Preferred Stock anticipated to be issued. Any offe ring costs not yet reclassified as reductions of stockholders' equity are reflected in the asset section of the consolidated balance sheets as deferred offering costs. Cumulative gross proceeds and offering costs for our active equity offerings consisted of: (In thousands) Deferred Offering Costs Offering Total offering Gross proceeds as of March 31, 2021 Reclassified as reductions of stockholders' equity Recorded as deferred assets Total Specifically identifiable offering costs (1) Total offering costs Series A1/M1 Offering $ 1,000,000 $ 206,124 $ 1,403 $ 4,042 $ 5,445 $ 19,627 $ 25,072 2019 ATM Offering 125,000 4,614 27 1,088 1,115 92 1,207 Total $ 1,125,000 $ 210,738 $ 1,430 $ 5,130 $ 6,560 $ 19,719 $ 26,279 (1) These offering costs specifically identifiable to preferred stock or ATM offering closing transactions, such as commissions, dealer manager fees, and other registration fees, are reflected as a reduction of stockholders' equity at the time of closing. Series A1/M1 Preferred Stock Offering On September 27, 2019, the Company’s registration statement on Form S-3 (Registration No. 333-233576) (the “Series A1/M1 Registration Statement”) was declared effective by the SEC. Shares of Series A1 Preferred Stock and Series M1 Preferred Stock issued under the Series A1/M1 Registration Statement are each offered at a price of $1,000 per share, subject to adjustment under certain conditions. Aggregate offering expenses of the Series A1/M1 Preferred Stock Offering, including selling commissions and dealer manager fees for the Series A1 Preferred Stock and only dealer manager fees for the Series M1 Preferred Stock, are capped at 12.0% of aggregate gross proceeds of the offering. Dealer manager fees and sales commissions for the Series A1/M1 Preferred Stock Offering are not reimbursable. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Related Party TransactionsOn January 31, 2020, the Company internalized the functions performed by the Former Manager and Sub-Manager by acquiring the entities that owned the Former Manager and the Sub-Manager for an aggregate purchase price of $154 million, plus up to $25 million of additional consideration to be paid within 36 months, due upon the earlier of (i) if, for the immediately preceding fiscal year beginning on January 1, funds from operations ("FFO") of the Company per weighted average basic share of the Company’s common stock and Class A Unit (as defined in the limited partnership agreement of PAC OP) outstanding for such fiscal year is determined to be greater than or equal to $1.55 or (ii) on the thirty-six (36) month anniversary of the closing of the Internalization. Pursuant to the Stock Purchase Agreement, the sellers sold all of the outstanding shares of capital stock of NELL Partners, Inc. ("NELL") and NMA Holdings, Inc. ("NMA") to Carveout in exchange for an aggregate of approximately $111.1 million in cash paid at the closing which reflects the satisfaction of certain indebtedness of NELL, the estimated net working capital adjustment, and a hold back of $15 million for certain specified matters (the "Specified Matters Holdback Amount"). The Specified Matters Holdback Amount is payable to the NELL sellers less certain losses following final resolution of any such specified matters. Daniel M. DuPree and Leonard A. Silverstein were executive directors of NELL Partners, Inc., which controlled the Former Manager through the date of the Internalization. Daniel M. DuPree was the Chief Executive Officer and Leonard A. Silverstein was the President and Chief Operating Officer of the Former Manager. Trusts established, or entities owned, by the family of John A. Williams, Daniel M. DuPree, the family of Leonard A. Silverstein, the Company’s former Vice Chairman of the Board, and former President and Chief Operating Officer, were the owners of NELL. Trusts established, or entities owned, by Joel T. Murphy, the Company’s Chief Executive Officer and a member of the Board, the family of Mr. Williams, Mr. DuPree and the family of Mr. Silverstein were the owners of the Sub-Manager. The Company's Haven 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 these loans were negotiated and agreed upon while John A. Williams was the Chief Executive Officer of the Company, these instruments will continue to be reported as related party transactions until the loans are repaid. The Company's Wiregrass and Wiregrass Capital real estate loan investments partially financed the development of a multifamily community in Tampa, Florida by the Altman Companies. Timothy A. Peterson is a member of management of the Altman Companies as well as Chairman of the Audit Committee of the Company's Board of Directors. The Wiregrass loans and the acquisition of the underlying property on March 31, 2020 as described in note 3, therefore qualify as related party transactions. The Management Agreement entitled the Former Manager to receive compensation for various services it performed related to acquiring assets and managing properties on the Company's behalf: (In thousands) Three-month periods ended March 31, Type of Compensation Basis of Compensation 2021 2020 Acquisition fees 1.0% of the gross purchase price of real estate assets $ — $ 235 Loan origination fees 1.0% of the maximum commitment of any real estate loan, note or line of credit receivable — — Loan coordination fees 0.6% of any assumed, new or supplemental debt incurred in connection with an acquired property — 47 Asset management fees Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted — 1,349 Property management fees Monthly fee up to 4% of the monthly gross revenues of the properties managed — 890 General and administrative expense fees Monthly fee equal to 2% of the monthly gross revenues of the Company — 616 Construction management fees Quarterly fee for property renovation and takeover projects — 14 Disposition fees 1% of the sale price of a real estate asset — — $ — $ 3,151 The Former Manager waived some of the asset management, property management, or general and administrative fees for properties owned by the Company. A cumulative total of appro ximately $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: Three-month periods ended March 31, (In thousands) 2021 2020 $ — $ 1,430 The Former Manager utilized its own and its affiliates' personnel to accomplish certain tasks related to raising capital that would typically be performed by third parties, including, but not limited to, legal and marketing functions. As permitted under the Management Agreement, the Former Manager was reimbursed $40,451 for the three-month period ended March 31, 2020. These costs were recorded as deferred offering costs until such time as additional closings occur on the Series A1/M1 Preferred Stock Offering or the 2019 Shelf Offering, at which time they are reclassified on a pro-rata basis as a reduction of offering proceeds within stockholders’ equity. In conjunction with the winding down of the $1.5 Billion Unit Offering, the Company engaged PCS to perform certain termination-related services. These services began in October 2019 and continued through April 2020. For the three-month period ended March 31, 2020, the Company paid an additional $2.3 million for these services, which were recorded as deferred offering costs. Prior to the Internalization, the Company held a promissory note in the amount of approximately $650,000 due from Preferred Capital Marketing Services, LLC, or PCMS, which was a wholly-owned subsidiary of NELL Partners, and a revolving line of credit with a maximum borrowing amount of $24.0 million to its Manager. Both of these instruments were extinguished in connection with the Internalization transaction. 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 March 31, 2021 was approximately $2.3 million. Under the terms of the loan, amounts collected are applied first to any legal costs incurred by the Company to collect amounts due on the loan; second, to pay any accrued default and current interest on the loan; and third, to repay the principal amount owed. |
Dividends
Dividends | 3 Months Ended |
Mar. 31, 2021 | |
Dividends [Abstract] | |
Dividends and Distributions | Dividends and Distributions The Company declares and pays monthly cash dividend distributions in the amount of $5.00 per share per month on its Series A Preferred Stock and its Series A1 Preferred Stock. For the Company's Series M Preferred Stock, or mShares, dividends are paid on an escalating scale of $4.79 per month in the first year following share issuance, increasing each year to $6.25 per month in year eight and beyond. Similarly, for the Company's Series M1 Preferred Stock, dividends are paid on an escalating scale of $5.08 per month in the first year following share issuance, increasing each year to $5.92 per month in year ten and beyond. All preferred stock dividends are prorated for partial months at issuance as necessary. Given the nature of the escalating dividends associated with the Company’s mShares 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 and year ten for the Series M1 Preferred Stock), the dividends declared to preferred stockholders in the Company’s Consolidated Statements of Operations will equal the dividend paid. The Company declared aggregate quarterly cash dividends on its Common Stock of $0.175 and $0.2625 per share for the three-month periods ended March 31, 2021 and 2020, respectively. The holders of Class A OP Units of the Operating Partnership are entitled to equivalent distributions as the dividends declared on the Common Stock. At March 31, 2021, the Company had 548,369 Class A OP Units outstanding, which are exchangeable on a one-for-one basis for shares of Common Stock or the equ ivalent amount of cash. The Company's dividend and distribution activity consisted of: Dividends and distributions declared For the three-month periods ended March 31, (In thousands) 2021 2020 Series A Preferred Stock $ 29,431 $ 31,100 mShares 1,493 1,746 Series A1 Preferred Stock 2,550 212 Series M1 Preferred Stock 343 10 PAC Carveout REIT Preferred Stock 3 — Common Stock 8,991 12,491 Restricted Stock and Class A OP Units 96 203 Total $ 42,907 $ 45,762 |
Equity Compensation
Equity Compensation | 3 Months Ended |
Mar. 31, 2021 | |
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 holders of the Company’s Common Stock approved, the Preferred Apartment Communities, Inc. 2019 Stock Incentive Plan, or the 2019 Plan, to incentivize, compensate and retain eligible officers, consultants, and non-employee directors. The 2019 Plan increased the aggregate number of shares of Common Stock authorized for issuance under the 2011 Plan from 2,617,500 to 3,617,500. The 2019 Plan does not have a stated expiration date. Equity compensation expense by award type for the Company was: (In thousands) Three-month periods ended March 31, Unamortized expense as of March 31, 2021 2021 2020 Class B Unit awards to employees: 2017 $ — $ 3 $ — 2018 (39) 71 — Restricted stock grants to Board members: 2019 — 105 — 2020 133 — 44 Restricted stock grants for employees: 2020 243 — 3,115 2021 29 — 2,763 Performance-based restricted stock units: 2020 138 — 1,477 2021 39 — 3,116 Restricted stock units to employees: 2018 — 14 — 2019 16 19 52 2020 12 18 98 2021 3 — 217 Total $ 574 $ 230 $ 10,882 Performance-based Restricted Stock Unit Grants O n March 15, 2021 and 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 Common Stock upon satisfaction of both (i) the market condition, at which ti me 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 St ock at the performance period commencement date (July 1, 2020 for the 2020 awards and January 1, 2021 for the 2021 awards), 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 for the 2020 awards and December 31, 2023 for t he 2021 awards). 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 for the 2020 awards and between 0% and 250% of the original (target) number of PSUs for the 2021 awards, 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 that excludes the value of Common Stock dividends since dividend equivalents accrue separately to the award holders. The underlying valuation assumptions and results for the PSUs were: Grant date 3/15/2021 7/31/2020 Stock price on grant date $ 10.86 $ 7.23 Dividend yield 7.19 % 6.87 % Expected volatility 49.81 % 44.40 % Risk-free interest rate 0.29 % 0.11 % Target number of PSUs granted: First vesting tranche 103,511 136,462 Second vesting tranche 103,517 136,467 207,028 272,929 Calculated fair value per PSU $ 15.24 $ 6.76 Total fair value of PSUs $ 3,155,107 $ 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 2.80 year and 2.91 year periods trailing the grant dates was utilized as the expected volatility assumptions for the 2021 and 2020 awards, respectively. 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 three Restricted Stock Grants The following annual grants of restricted stock were made to members of the Company's independent directors, as payment of the annual retainer fees. The restricted stock grants for service years 2017-2019 vested (or are scheduled to vest) on a pro-rata basis over the four consecutive 90-day periods following the date of grant. The restricted stock grant for service year 2020 is scheduled to vest on the one Service year Shares Fair value per share Total compensation cost (in thousands) 2017 24,408 $ 14.75 $ 360 2018 24,810 $ 14.51 $ 360 2019 26,446 $ 15.88 $ 420 2020 66,114 $ 8.05 $ 532 On June 17, 2020, the Company granted restricted stock to certain of its executives and employees. The fair value per share of $8.05 was based upon the closing price of the Company's Common Stock on the business day preceding the grant date. A total of 137,741 shares representing a fair value of approximately $1.1 million will vest on the four four On March 15, 2021, the Company granted restricted stock to certain of its executives and employees. The fair value per share of $10.69 was based upon the closing price of the Company's Common Stock on the grant date. A total of 261,226 shares representing a fair value of approximately $2.8 million will vest on a pro-rata basis on each of the four Class B OP Units As of March 31, 2021, cumulative activity of grants of Class B Units of the Operating Partnership, or Class B OP units, was: Grant date 1/2/2018 Units granted 256,087 Units forfeited: John A. Williams (1) (38,284) Voluntary forfeiture by senior executives (2) (128,258) Other (27,658) Total forfeitures (194,200) Units earned and converted into Class A Units — Class B Units outstanding at March 31, 2021 61,887 Units unearned but vested 61,887 Units unearned and not yet vested — Class B Units outstanding at March 31, 2021 61,887 (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 subsequent to January 2, 2018. The underlying valuation assumptions and results for the 2018 Class B OP Unit awards were: Grant date 1/2/2018 Stock price $ 20.19 Dividend yield 4.95 % Expected volatility 25.70 % Risk-free interest rate 2.71 % Number of Units granted: One year vesting period 171,988 Three year vesting period 84,099 256,087 Calculated fair value per Unit $ 16.66 Total fair value of Units $ 4,266,409 Target market threshold increase $ 5,660,580 The expected dividend yield assumptions were derived from the Company’s closing prices of the Common Stock on the grant dates and the projected future quarterly dividend payments per share of $0.25 for the 2018 awards. For the 2018 awards, the Company's own stock price history was utilized as the basis for deriving the expected volatility assumption. The risk-free rate assumptions were obtained from the Federal Reserve yield table and were calculated as the interpolated rate between the 20 and 30 year yield percentages on U. S. Treasury securities on the grant date. Since the Class B OP Units have no expiration date, a derived service period of one year was utilized, which equals the period of time from the grant date to the initial valuation date. Restricted Stock Units The Company, made grants of restricted stock units, or RSUs, to its employees under the 2019 Plan, and prior to Internalization, made grants of RSUs to certain employees of affiliates of the Company under the 2011 Plan, as shown in the following table: Grant date 3/15/2021 1/2/2020 1/2/2019 1/2/2018 Service period 2021-2023 2020-2022 2019-2021 2018-2020 RSU activity: Granted 20,600 21,400 27,760 20,720 Forfeited — (3,700) (8,101) (8,274) RSUs outstanding at March 31, 2021 20,600 17,700 19,659 12,446 RSUs unearned but vested — 5,928 13,191 12,446 RSUs unearned and not yet vested 20,600 11,772 6,468 — RSUs outstanding at March 31, 2021 20,600 17,700 19,659 12,446 Fair value per RSU $ 10.69 $ 9.47 $ 10.77 $ 16.66 Total fair value of RSU grant $ 220,214 $ 202,658 $ 298,975 $ 345,195 The RSUs vest in three equal consecutive one ch grant prior to March 15, 2021, on the Initial Valuation Date, the market capitalization of the number of shares of Common Stock at the date of grant is compared to the market capitalization of the same number of shares of Common Stock at the Initial Valuation Date. If the market capitalization measure results in an increase which exceeds the target market threshold, the Vested RSUs become earned RSUs and are settled in shares of Common Stock on a one-to-one basis. Vested RSUs may become Earned RSUs on a pro-rata basis should the result of the market capitalization test be an increase of less than the target market threshold. Any Vested RSUs that do not become Earned RSUs on the Initial Valuation Date are subsequently remeasured on a quarterly basis until such time as all Vested RSUs become Earned RSUs or are forfeited due to termination of continuous service due to an event other than as a result of a qualified event, which is generally the death or disability of the holder. Continuous service through the final valuation date is required for the Vested RSUs to qualify to become fully Earned RSUs. RSUs issued on March 15, 2021 may become vested subject only to satisfaction of the service requirement. Because RSUs are valued using the identical market condition vesting requirement that determines the transition of the Vested Class B Units to Earned Class B Units, the same valuation assumptions per RSU were utilized to calculate the total fair values of the RSUs. The total fair value amounts pertaining to grants of RSUs, net of forfeitures, are amortized as compensation expense over the three one-year periods ending on the three successive anniversaries of the grant dates. |
Indebtedness
Indebtedness | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Indebtedness Mortgage Notes Payable Mortgage financing of property acquisitions During the three-month period ended March 31, 2020, the Company obtained original mortgage financing on the following properties as shown in the following table: Property Date Initial principal amount Fixed/Variable rate Interest rate Maturity date 251 Armour Yards 1/22/2020 $ 3,522 Fixed 4.50 % 1/22/2025 Wakefield Crossing 1/29/2020 7,891 Fixed 3.66 % 2/1/2032 Morrocroft Centre 3/19/2020 70,000 Fixed 3.40 % 4/10/2033 $ 81,413 Repayments and refinancings The following table summarizes our mortgage debt refinancing and repayment activity for the three-month periods ended March 31, 2021 and 2020: Date Property Previous balance (millions) Previous interest rate / spread over 1 month LIBOR Loan refinancing costs expensed (thousands) New balance (millions) New interest rate Additional deferred loan costs from refinancing (thousands) 2/28/2021 Village at Baldwin Park $ 69.4 3.59 % $ 6 $ 69.4 3.27 % $ 923 1/3/2020 Ursa $ 31.4 L + 300 $ — $ — — $ — The following table summarizes our mortgage notes payable at March 31, 2021: (In thousands) Fixed rate mortgage debt: Principal balances due Weighted-average interest rate Weighted average remaining life (years) Residential Properties $ 1,367,132 3.55 % 8.9 New Market Properties 564,098 4.00 % 7.1 Preferred Office Properties 633,436 4.13 % 12.1 Total fixed rate mortgage debt $ 2,564,666 3.79 % 9.3 Variable rate mortgage debt: Residential Properties $ 20,700 2.90 % 9.3 New Market Properties 47,150 2.79 % 2.6 Preferred Office Properties — — % — Total variable rate mortgage debt $ 67,850 2.83 % 4.6 Total mortgage debt: Residential Properties $ 1,387,832 3.54 % 8.9 New Market Properties 611,248 3.91 % 6.7 Preferred Office Properties 633,436 4.13 % 12.1 Total principal amount 2,632,516 3.77 % 9.2 Deferred loan costs (40,878) Mark to market loan adjustment (3,978) Mortgage notes payable, net $ 2,587,660 The mortgage note secured by our Independence Square property is a seven five seven As of March 31, 2021, the weighted-average remaining life of deferred loan costs related to the Company's mortgage indebtedness was approximately 9.3 years. Our mortgage notes have maturity dates between September 1, 2021 and June 1, 2054. Credit Facility The Company has a credit facility, or Credit Facility, with KeyBank National Association, or KeyBank, which includes a revolving line of credit, or Revolving Line of Credit, which is used to fund investments, capital expenditures, dividends (with consent of KeyBank), working capital and other general corporate purposes on an as needed basis. The maximum borrowing capacity on the Revolving Line of Credit is $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 May 4, 2021, the Fourth Amended and Restated Credit Agreement, or the Amended and Restated Credit Agreement, was amended to extend the maturity to May 4, 2024, with an option to extend the maturity date to May 4, 2025, 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 2.50% to 3.50% per annum, depending upon the Company’s leverage ratio. The weighted average interest rate for the Revolving Line of Credit was 3.63% for the three-month period ended March 31, 2021. The commitment fee on the average daily unused portion of the Revolving Line of Credit is 0.20% or 0.25% per annum, depending upon the Company's outstanding Credit Facility balance. On December 20, 2019, the Compa ny entered into a $70.0 million interim term loan with KeyBank, or the 2019 Term Loan, to partially finance the acquisition of Morrocroft Centre, an office building located in Charlotte, North Carolina. The 2019 Term Loan accrues interest at a rate of LIBOR plus 1.7% per annum. The 2019 Term Loan was repaid in conjunction with the closing of permanent mortgage financing for Morrocroft Centre on March 19, 2020. The Fourth Amended and Restated Credit Agreement, as amended on May 4, 2021, contains certain affirmative and negative covenants, including negative covenants that limit or restrict secured and unsecured indebtedness, mergers and fundamental changes, investments and acquisitions, liens and encumbrances, dividends, transactions with affiliates, burdensome agreements, changes in fiscal year and other matters customarily restricted in such agreements. The amount of dividends that may be paid out by the Company is restricted to a maximum of 100% of AFFO for the trailing four quarters without the lender's consent; solely for purposes of this covenant, AFFO is calculated as earnings before interest, taxes, depreciation and amortization expense, plus reserves for capital expenditures, less normally recurring capital expenditures, less consolidated interest expense. As of March 31, 2021, the Company was in compliance with all covenants related to the Revolving Line of Credit, as amended, as shown in the following table: Covenant (1) Requirement Result Net worth Minimum $1.6 billion $2.1 billion Debt yield Minimum 8.75% (2) 9.83% Payout ratio Maximum 100% (3) 96.2% Total leverage ratio Maximum 65% 62.2% Debt service coverage ratio Minimum 1.70x (4) 1.92x (1) All c ovenants are as defined in the credit agreement for the Revolving Line of Credit. (2) The minimum debt yield covenant increases to a minimum of 9.0% after 24 months. (3) Calculated on a trailing four-quarter basis. For the three months ended March 31, 2021, the maximum dividends and distributions allowed under this covenant was approximately $170.2 million. (4) Minimum of 1.50x if AFFO payout ratio is less than or equal to 95%. Loan fees and closing costs for the establishment and subsequent amendments of the Credit Facility are amortized utilizing the straight line method ove r the life of the Credit Facility. At March 31, 2021, unamortized loan fees and closing costs for the Credit Facility were approximately $0.4 million, which will be amortized over a remaining loan life of approximately 0.8 years. Loan fees and closing costs for the mortgage debt on the Company's properties are amortized utilizing the effective interest rate method over the lives of the loans. Acquisition Facility On February 28, 2017, the Company entered into a credit agreement, or Acquisition Credit Agreement, with Freddie Mac through KeyBank to obtain an acquisition revolving credit facility, or Acquisition Facility, with a maximum borrowing capacity of $200 million. The purpose of the Acquisition Facility is to finance acquisitions. The maximum borrowing capacity on the Acquisition Facility may be increased at the Company's request up to $300 million at any time prior to March 1, 2021. On March 25, 2019, the maximum borrowing capacity was decreased to $90 million by agreement between the Company and KeyBank.The Acquisition Facility accrues interest at a vari able rate of one month LIBOR plus a margin of between 1.75% per annum and 2.20% per annum, depending on the type of assets acquired and the resulting property debt service coverage ratio. The Acquisition Facility has a maturity date of March 1, 2022 and has two one Interest Expense Interest expense, including amortization of deferred loan costs was: (In thousands) Three-month periods ended March 31, 2021 2020 Residential Properties $ 13,224 $ 14,866 New Market Properties 6,444 6,750 Preferred Office Properties 6,668 6,858 Total 26,336 28,474 Credit Facility and Acquisition Facility 655 1,119 Interest Expense $ 26,991 $ 29,593 Future Principal Payments The Company’s estimated future principal payments due on its debt instruments as of March 31, 2021 were: Period Future principal payments 2021 (1) $ 133,360 2022 72,728 2023 116,473 2024 289,868 2025 57,922 2026 255,389 2027 280,200 2028 338,848 2029 321,689 2030 359,141 Thereafter 446,898 Total $ 2,672,516 (1) Includes the principal amount due on our revolving line of credit of $40.0 million as of March 31, 2021. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | Income TaxesThe Company elected to be taxed as a REIT effective with its tax year ended December 31, 2011, and therefore, the Company will not be subject to federal and state income taxes, so long as it distributes 100% of the Company's annual REIT taxable income (which does not equal net income as calculated in accordance with GAAP and determined without regard for the deduction for dividends paid and excluding net capital gains) to its stockholders. For the Company's tax years prior to its REIT election year, its operations resulted in a tax loss. As of December 31, 2010, the Company had deferred federal and state tax assets totaling approximately $298,100, none of which were based upon tax positions deemed to be uncertain. These deferred tax assets will most likely not be used since the Company elected REIT status; therefore, management has determined that a 100% valuation allowance is appropriate as of March 31, 2021 and December 31, 2020. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies On January 31, 2020, the Company assumed its Former Manager's eleven office lease as amended, which began on October 9, 2014. As of March 31, 2021, the amount of rent due from the Company was $13.9 million over the remaining term of the lease. At March 31, 2021, the Company had unfunded commitments on its real estate loan portfolio of approximately $49.3 million. At March 31, 2021, the Company had unfunded contractual commitments for tenant, leasing, and capital improvements of approximately $3.6 million. The Company is otherwise currently subject to neither any known material commitments or contingencies from its business operations, nor any material known or threatened litigation. |
Segment information
Segment information | 3 Months Ended |
Mar. 31, 2021 | |
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. 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 the consolidated assets of VIEs. New Market Properties - consists of the Company's portfolio of grocery-anchored shopping centers. 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) March 31, 2021 December 31, 2020 Assets: Residential properties $ 1,720,238 $ 1,745,020 Financing 320,991 321,026 New Market Properties 1,055,188 1,072,090 Preferred Office Properties 1,117,632 1,121,992 Other 20,919 20,951 Consolidated assets $ 4,234,968 $ 4,281,079 Total capitalized expenditures (inclusive of additions to construction in progress, but exclusive of the purchase price of acquisitions) were as follows: (In thousands) Three-month periods ended March 31, 2021 2020 Capitalized expenditures: Residential properties $ 2,506 $ 3,759 New Market Properties 1,623 1,276 Preferred Office Properties 3,007 6,822 Total $ 7,136 $ 11,857 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: (In thousands) Three-month periods ended March 31, 2021 2020 Revenues Rental and other property revenues: Residential properties $ 50,521 $ 60,583 New Market Properties 26,967 28,002 Preferred Office Properties (1) 27,275 26,462 Total rental and other property revenues 104,763 115,047 Financing revenues 10,917 15,825 Miscellaneous revenues 20 10 Consolidated revenues $ 115,700 $ 130,882 (1) Included in rental revenues for our Preferred Office Properties segment is the amortization of deferred revenue for tenant-funded leasehold improvements from a major tenant in our Three Ravinia and Westridge office buildings. As of March 31, 2021, the Company has recorded deferred revenue in an aggregate amount of $47.0 million in connection with such improvements. The remaining balance to be recognized is approximately $35.0 million which is included in the deferred revenues line on the consolidated balance sheets at March 31, 2021. 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 $0.9 million and $0.9 million for the three-month periods ended March 31, 2021 and 2020, respectively. The CODM 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 was as follows: Three-month periods ended March 31, (In thousands) 2021 2020 Segment net operating income (Segment NOI) Residential Properties $ 29,223 $ 35,845 New Market Properties 18,596 19,819 Preferred Office Properties 19,635 19,668 Financing 10,911 15,825 Miscellaneous revenues 20 10 Consolidated segment net operating income 78,385 91,167 Interest expense: Residential Properties 13,224 14,866 New Market Properties 6,444 6,750 Preferred Office Properties 6,668 6,858 Corporate 655 1,119 Depreciation and amortization: Residential Properties 22,094 24,385 New Market Properties 11,761 13,414 Preferred Office Properties 11,915 11,681 Corporate 57 29 Equity compensation to directors and executives 574 230 Management fees, net of waived fees — 1,963 Management Internalization 245 178,793 Allowance for expected credit losses 522 5,133 (Gain) / loss on sale of real estate (798) — (Gain) / loss from land condemnation, net — (479) Loss from unconsolidated joint venture 194 — Corporate G&A 7,539 5,948 Net income (loss) $ (2,709) $ (179,523) |
Loss per Share
Loss per Share | 3 Months Ended |
Mar. 31, 2021 | |
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: (In thousands, except per-share figures) Three-month periods ended March 31, 2021 2020 Numerator: Operating income (loss) before gain on sale of real estate and loss from unconsolidated joint venture $ 23,678 $ (150,409) Loss from unconsolidated joint venture (194) — Gain on sale of real estate, net 798 — Operating income (loss) 24,282 (150,409) Interest expense 26,991 29,593 Gain on land condemnation — 479 Net loss (2,709) (179,523) Consolidated net loss attributable to non-controlling interests 62 3,141 Net loss attributable to the Company (2,647) (176,382) Dividends declared to preferred stockholders (33,820) (33,068) Net loss attributable to unvested restricted stock (142) (2) Net loss attributable to common stockholders $ (36,609) $ (209,452) Denominator: Weighted average number of shares of Common Stock - basic 50,033 47,129 Effect of dilutive securities: (D) — — Weighted average number of shares of Common Stock - basic and diluted 50,033 47,129 Net loss per share of Common Stock attributable to common stockholders, basic and diluted $ (0.73) $ (4.44) (A) The Company's outstanding Class A Units of the Operating P artnership (548 and 775 Units at March 31, 2021, and 2020, respectively) contain rights to distributions in the same amount per unit as for dividends declared on the Company's Common Stock. The impact of the Class A Unit distributions on earnings per share has been calculated using the two-class method whereby earnings are allocated to the Class A Units based on dividends declared and the Class A Units' participation rights in undistributed earnings. (B) The Company’s shares of Series A Preferred Stock outstanding accrue dividends at an annual rate of 6% of the stated value of $1,000 per share, payable monthly. The Company had 1,694 and 2,075 outstanding shares of Series A Preferred Stock at March 31, 2021 and 2020, respectively and 184 and 37 outstanding shares of Series A1 Preferred Stock at March 31, 2021 and 2020, respectively. The Company's mShares accrue dividends at an escalating rate of 5.75% in year one to 7.50% in year eight and thereafter. The Company had 87 and 98 mShares outstanding at March 31, 2021 and 2020, 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 21 and 2 shares of Series M1 Preferred Stock outstanding at March 31, 2021 and 2020, respectively. (C) The Company's outstanding unvested restricted share awards (809 and 7 shares of Common Stock at March 31, 2021 and 2020, respectively) contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share awards on earnings per share has been calculated using the two-class method whereby earnings are allocated to the unvested restricted share awards based on dividends declared and the unvested restricted shares' participation rights in undistributed earnings. Given the Company's unvested restricted share awards are defined as participating securities, the dividends declared for that period are adjusted in determining the calculation of loss per share of Common Stock. (D) Potential dilution from (i) warrants outstanding from issuances of Units from our Series A Preferred Stock offerings that are potentially exercisable into 24,484 shares of Common Stock; (ii) 62 Class B Units; (iii) 809 shares of unvested restricted common stock; (iv) 71 outstanding Restricted Stock Units; and (v) 480 PSUs are excluded from the diluted shares calculations because the effect was antidilutive. Class A Units were excluded from the denominator because earnings were allocated to non-controlling interests in the calculation of the numerator. |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Fair Values of Financial Instruments [Abstract] | |
Fair Values of Financial Instruments | Fair Values of Financial Instruments Fair value is defined as the price at which an asset or liability is exchanged between market participants in an orderly transaction at the reporting date. The Company’s cash equivalents, notes receivable, accounts receivable and payables and accrued expenses all approximate fair value due to their short term nature. The following tables provide estimated fair values of the Company’s financial instruments. The carrying values of the Company's real estate loans include accrued interest receivable from additional interest or exit fee allowances and are presented net of deferred loan fee revenue and credit losses reserves, where applicable. As of March 31, 2021 (In thousands) Carrying value Fair value measurements Fair Value Level 1 Level 2 Level 3 Financial Assets: Real estate loans $ 303,179 $ 315,864 $ — $ — $ 315,864 Notes receivable and line of credit receivable 10,795 10,795 — — 10,795 $ 313,974 $ 326,659 $ — $ — $ 326,659 Financial Liabilities: Mortgage notes payable $ 2,632,516 $ 2,605,981 $ — $ — $ 2,605,981 Revolving line of credit 40,000 40,000 — — 40,000 $ 2,672,516 $ 2,645,981 $ — $ — $ 2,645,981 As of December 31, 2020 (In thousands) Carrying value Fair value measurements Fair Value Level 1 Level 2 Level 3 Financial Assets: Real estate loans $ 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 line of credit 22,000 22,000 — — 22,000 $ 2,662,705 $ 2,688,471 $ — $ — $ 2,688,471 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 and utilizing discount rates believed to approximate the market risk factor for notes of similar type and duration. The fair values |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Between April 1, 2021 and April 30, 2021, the Company issued 24,096 shares of Series A1 Redeemable Preferred Stock and collected net proceeds of approximately $21.7 million after commissions and fees and issued 3,968 shares of Series M1 Redeemable Preferred Stock and collected net proceeds of approximately $3.8 million after commissions and fees. During the same period, the Company redeemed 11,680 shares of Series A Preferred Stock and 93 mShares. We expect redemptions to generally meet or exceed Preferred Stock issuances in the quarter. On April 16, 2021, the Company entered into a series of transactions with Highwoods Properties in order to dispose of seven office properties and one office real estate loan investment for an aggregate purchase price of $717.5 million. The earnest money deposit of $50 million is nonrefundable, provided the purchaser is able to successfully qualify for the assumption of existing debt on the office properties and also subject to other customary closing conditions. On May 4, 2021, the Company amended its revolving line of credit agreement to extend the maturity date to May 4, 2024 and, among other things, modified certain covenants, reduced certain rates and fees and prepared for LIBOR transitioning. |
Operating Leases (Notes)
Operating Leases (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Operating Leases | Operating Leases Company as Lessor For the three months ended March 31, 2021 and 2020, the Company recognized rental property revenues of $101.6 million and $109.1 million, respectively, of which $11.3 million and $10.4 million, respectively, represented variable rental revenue. Company as Lessee The Company has three ground leases related to our office and grocery-anchored shopping center assets that generally have extended terms (e.g. over twenty years with multiple renewal options) and generally have base rent with CPI-based increases. The Company evaluated its renewal option periods in quantifying its asset and liability related to these ground leases. In determining the value of its right of use asset and lease liability, the Company used discount rates comparable to recent loan rates obtained on comparative properties within its portfolio. The Company is also, as of January 31, 2020 following the Internalization, the lessee of office space for its property support center which expires in May 2026, and of furniture and office equipment, which leases generally are three The Company recorded lease expense as follows: For the three-month periods ended March 31, As of March 31, 2021 (In thousands) 2021 2020 Weighted average remaining lease term (years) Weighted average discount rate Lease expense Cash paid Lease expense Cash paid Office space $ 728 $ 730 $ 475 $ 475 4.8 3.0 % Ground leases 15 13 13 4 35.4 4.4 % Office equipment 36 36 101 101 2.5 3.0 % Total $ 779 $ 779 $ 589 $ 580 |
Operating Leases | Operating Leases Company as Lessor For the three months ended March 31, 2021 and 2020, the Company recognized rental property revenues of $101.6 million and $109.1 million, respectively, of which $11.3 million and $10.4 million, respectively, represented variable rental revenue. Company as Lessee The Company has three ground leases related to our office and grocery-anchored shopping center assets that generally have extended terms (e.g. over twenty years with multiple renewal options) and generally have base rent with CPI-based increases. The Company evaluated its renewal option periods in quantifying its asset and liability related to these ground leases. In determining the value of its right of use asset and lease liability, the Company used discount rates comparable to recent loan rates obtained on comparative properties within its portfolio. The Company is also, as of January 31, 2020 following the Internalization, the lessee of office space for its property support center which expires in May 2026, and of furniture and office equipment, which leases generally are three The Company recorded lease expense as follows: For the three-month periods ended March 31, As of March 31, 2021 (In thousands) 2021 2020 Weighted average remaining lease term (years) Weighted average discount rate Lease expense Cash paid Lease expense Cash paid Office space $ 728 $ 730 $ 475 $ 475 4.8 3.0 % Ground leases 15 13 13 4 35.4 4.4 % Office equipment 36 36 101 101 2.5 3.0 % Total $ 779 $ 779 $ 589 $ 580 |
Significant Accounting Polici_2
Significant Accounting Policies Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Summary of Significant Accounting Policies [Abstract] | |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | The Company |
Goodwill and Intangible Assets, Policy [Policy Text Block] | s |
New Accounting Pronouncements, Policy [Policy Text Block] | Standard Description Date of Adoption Effect on the Consolidated Financial Statements Recently Issued Accounting Guidance Not Yet Adopted ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting The new standard enables affected entities to elect from a series of practical expedients designed to ease the transition from referenced base rates within contracts designated to be replaced by Reference Rate Reform. The amendments are effective March 12, 2020 through December 31, 2022. ASU 2020-04 will be applicable to the Company's variable-rate debt instruments for which the Company is the borrower, which bear interest at a spread over the 1-month London Interbank Offer Rate (1-month LIBOR). Among the practical expedients are the option to elect prospective adjustment of the effective interest rate, foregoing reassessment of any instruments under loan modification rules. The Company is monitoring developments pertaining to Reference Rate Reform and does not currently anticipate ASU 2020-04 to have a material effect on its results of operations. |
Real Estate Assets (Tables)
Real Estate Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Business Acquisition | |
real estate owned [Table Text Block] | The Company's real estate assets consisted of: As of: March 31, 2021 December 31, 2020 Residential Properties: Properties (1,2) 37 37 Units 11,143 11,143 New Market Properties: Properties (2) 54 54 Gross leasable area (square feet) (3) 6,208,278 6,208,278 Preferred Office Properties: (4) Properties (2) 9 9 Rentable square feet 3,169,000 3,169,000 Development properties 2 2 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. (4) Seven of our office properties and the real estate loan investment supporting the 8West office building are under contract to be sold to Highwoods Properties, an unrelated party, pursuant to purchase and sale agreements as of April 16, 2021. |
schedule of depreciation and amortization expense [Table Text Block] | The Company recorded aggregate amortization and depreciation expense of: (In thousands) Three-month periods ended March 31, 2021 2020 Depreciation: Buildings and improvements $ 26,695 $ 28,007 Furniture, fixtures, and equipment 10,528 12,388 37,223 40,395 Amortization: Acquired intangible assets 8,092 8,650 Deferred leasing costs 469 415 Website development costs 43 49 Total depreciation and amortization $ 45,827 $ 49,509 |
Schedule of Joint Venture Activity | The following tables summarize the balance sheet and statements of income data for the Neapolitan Way shopping center subsequent to its contribution into the joint venture as of and for the periods presented: (in thousands) March 31, 2021 December 31, 2020 Total assets $ 38,457 $ 39,109 Total liabilities $ 25,530 $ 25,795 Three months ended March 31, 2021 Rental and other property revenues $ 815 Total operating expenses $ 973 Interest expense $ 230 Net income (loss) $ (388) Net income (loss) attributable to the Company $ (194) |
multifamily community [Domain] | |
Business Acquisition | |
Table of Properties Acquired | March 31, 2020, the Company completed the acquisition of Horizon at Wiregrass, a 392-unit multifamily community located in Tampa, Florida. The |
Retail Segment [Member] | |
Business Acquisition | |
Table of Properties Acquired | During the three-month period ended March 31, 2020, 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 |
Real Estate Loans, Notes Rece_2
Real Estate Loans, Notes Receivable, and Lines of Credit (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, 2021 December 31, 2020 Number of loans 20 20 Number of underlying properties in development 15 14 (In thousands) Drawn amount $ 291,888 $ 290,156 Deferred loan origination fees (1,766) (1,194) Allowance for expected credit losses (9,184) (9,067) Carrying value $ 280,938 $ 279,895 Unfunded loan commitments $ 49,281 $ 44,403 Weighted average current interest, per annum (paid monthly) 8.62 % 8.50 % Weighted average accrued interest, per annum 3.73 % 3.91 % (In thousands) Principal balance Deferred loan origination fees Allowances and CECL Reserves Carrying value Balances as of December 31, 2020 $ 290,156 $ (1,194) $ (9,067) $ 279,895 Loan fundings 19,657 — — 19,657 Loan repayments (17,925) — — (17,925) Loan origination fees collected — (817) — (817) Amortization of loan origination fees — 245 — 245 Reserve increases due to loan originations — — (283) (283) Net decreases in reserves on existing or loans repaid — — 166 166 Balances as of March 31, 2021 $ 291,888 $ (1,766) $ (9,184) $ 280,938 Property type Number of loans Carrying value Commitment amount Percentage of portfolio (In thousands) Residential properties 19 $ 269,049 $ 321,975 96 % Preferred Office Properties 1 11,889 19,193 4 % Balances as of March 31, 2021 20 $ 280,938 $ 341,168 |
Notes receivable [Table Text Block] | portfolio of notes and lines of credit receivable consisted of: Borrower Date of loan Maturity date Total loan commitments Outstanding balance as of: Interest rate March 31, 2021 December 31, 2020 (In thousands) Haven Campus Communities, LLC (1,2) 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 (3,5) 10/5/2015 3/15/2022 1,250 1,134 1,256 10 % Oxford Capital Partners II, LLC (3,5) 3/30/2021 3/15/2022 5,300 — — 10 % Mulberry Development Group, LLC (4) 3/31/2016 6/30/2021 750 650 607 12 % Unamortized loan fees — — $ 19,960 $ 10,795 $ 10,874 (1) See related party disclosure in Note 6. (2) 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. (3) 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. (4) 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. (5) The commitment was reduced from $8 million to $1.25 million for the Oxford Capital Partners LOC I on March 30, 2021. A second Oxford line of credit was opened on March 30, 2021 with a commitment of $5.3 million. |
interest income [Table Text Block] | The Company recorded interest income and other revenue from these instruments as follows: Interest income Three month periods ended March 31, (In thousands) 2021 2020 Real estate loans: Current interest $ 6,167 $ 7,357 Additional accrued interest 2,822 3,295 Loan origination fee amortization 244 277 Purchase option termination fee amortization 1,229 4,040 Default interest — 62 Total real estate loan revenue 10,462 15,031 Notes and lines of credit 455 912 Bank and money market accounts — 33 Interest income on loans and notes receivable $ 10,917 $ 15,976 |
Real Estate Loan Investments Receivable, By Final Reserve Ratio | The following table presents the Company's aggregation of loan amounts (including unpaid interest) by final reserve ratio as of March 31, 2021: Final reserve ratio Number of loans Total receivables by project, net of reserves (in thousands) — % 4 $ 31,402 0.50 % 4 19,474 1.00 % 4 61,929 1.50 % 4 32,085 3.00 % 1 9,594 4.00 % 3 154,521 5.00% + — — 20 $ 309,005 |
Premium Receivable, Allowance for Credit Loss | For the three-month periods ended March 31, (In thousands) 2021 2020 Allowances recorded for interest receivable: Haven Campus Communities, LLC line of credit $ 405 $ 410 Starkville real estate loan — 193 Net increases in current expected loss reserves on existing loans 117 4,530 Total allowance for expected credit losses $ 522 $ 5,133 |
Redeemable Preferred Stock Proc
Redeemable Preferred Stock Proceeds and offering costs (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of Stockholders Equity [Table Text Block] | Cumulative gross proceeds and offering costs for our active equity offerings consisted of: (In thousands) Deferred Offering Costs Offering Total offering Gross proceeds as of March 31, 2021 Reclassified as reductions of stockholders' equity Recorded as deferred assets Total Specifically identifiable offering costs (1) Total offering costs Series A1/M1 Offering $ 1,000,000 $ 206,124 $ 1,403 $ 4,042 $ 5,445 $ 19,627 $ 25,072 2019 ATM Offering 125,000 4,614 27 1,088 1,115 92 1,207 Total $ 1,125,000 $ 210,738 $ 1,430 $ 5,130 $ 6,560 $ 19,719 $ 26,279 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | (In thousands) Three-month periods ended March 31, Type of Compensation Basis of Compensation 2021 2020 Acquisition fees 1.0% of the gross purchase price of real estate assets $ — $ 235 Loan origination fees 1.0% of the maximum commitment of any real estate loan, note or line of credit receivable — — Loan coordination fees 0.6% of any assumed, new or supplemental debt incurred in connection with an acquired property — 47 Asset management fees Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted — 1,349 Property management fees Monthly fee up to 4% of the monthly gross revenues of the properties managed — 890 General and administrative expense fees Monthly fee equal to 2% of the monthly gross revenues of the Company — 616 Construction management fees Quarterly fee for property renovation and takeover projects — 14 Disposition fees 1% of the sale price of a real estate asset — — $ — $ 3,151 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: Three-month periods ended March 31, (In thousands) 2021 2020 $ — $ 1,430 |
Dividends (Tables)
Dividends (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Dividends [Abstract] | |
Schedule of Dividends Payable | The Company's dividend and distribution activity consisted of: Dividends and distributions declared For the three-month periods ended March 31, (In thousands) 2021 2020 Series A Preferred Stock $ 29,431 $ 31,100 mShares 1,493 1,746 Series A1 Preferred Stock 2,550 212 Series M1 Preferred Stock 343 10 PAC Carveout REIT Preferred Stock 3 — Common Stock 8,991 12,491 Restricted Stock and Class A OP Units 96 203 Total $ 42,907 $ 45,762 |
Equity Compensation (Tables)
Equity Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity Compensation [Abstract] | |
equity compensation expense [Table Text Block] | Equity compensation expense by award type for the Company was: (In thousands) Three-month periods ended March 31, Unamortized expense as of March 31, 2021 2021 2020 Class B Unit awards to employees: 2017 $ — $ 3 $ — 2018 (39) 71 — Restricted stock grants to Board members: 2019 — 105 — 2020 133 — 44 Restricted stock grants for employees: 2020 243 — 3,115 2021 29 — 2,763 Performance-based restricted stock units: 2020 138 — 1,477 2021 39 — 3,116 Restricted stock units to employees: 2018 — 14 — 2019 16 19 52 2020 12 18 98 2021 3 — 217 Total $ 574 $ 230 $ 10,882 |
Performance Shares, Schedule of Percentile Rank [Table Text Block] | 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% |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Restricted Stock Grants The following annual grants of restricted stock were made to members of the Company's independent directors, as payment of the annual retainer fees. The restricted stock grants for service years 2017-2019 vested (or are scheduled to vest) on a pro-rata basis over the four consecutive 90-day periods following the date of grant. The restricted stock grant for service year 2020 is scheduled to vest on the one Service year Shares Fair value per share Total compensation cost (in thousands) 2017 24,408 $ 14.75 $ 360 2018 24,810 $ 14.51 $ 360 2019 26,446 $ 15.88 $ 420 2020 66,114 $ 8.05 $ 532 Grant date 3/15/2021 1/2/2020 1/2/2019 1/2/2018 Service period 2021-2023 2020-2022 2019-2021 2018-2020 RSU activity: Granted 20,600 21,400 27,760 20,720 Forfeited — (3,700) (8,101) (8,274) RSUs outstanding at March 31, 2021 20,600 17,700 19,659 12,446 RSUs unearned but vested — 5,928 13,191 12,446 RSUs unearned and not yet vested 20,600 11,772 6,468 — RSUs outstanding at March 31, 2021 20,600 17,700 19,659 12,446 Fair value per RSU $ 10.69 $ 9.47 $ 10.77 $ 16.66 Total fair value of RSU grant $ 220,214 $ 202,658 $ 298,975 $ 345,195 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The underlying valuation assumptions and results for the PSUs were: Grant date 3/15/2021 7/31/2020 Stock price on grant date $ 10.86 $ 7.23 Dividend yield 7.19 % 6.87 % Expected volatility 49.81 % 44.40 % Risk-free interest rate 0.29 % 0.11 % Target number of PSUs granted: First vesting tranche 103,511 136,462 Second vesting tranche 103,517 136,467 207,028 272,929 Calculated fair value per PSU $ 15.24 $ 6.76 Total fair value of PSUs $ 3,155,107 $ 1,845,000 The underlying valuation assumptions and results for the 2018 Class B OP Unit awards were: Grant date 1/2/2018 Stock price $ 20.19 Dividend yield 4.95 % Expected volatility 25.70 % Risk-free interest rate 2.71 % Number of Units granted: One year vesting period 171,988 Three year vesting period 84,099 256,087 Calculated fair value per Unit $ 16.66 Total fair value of Units $ 4,266,409 Target market threshold increase $ 5,660,580 |
Indebtedness (Tables)
Indebtedness (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Mortgage financing of property acquisitions During the three-month period ended March 31, 2020, the Company obtained original mortgage financing on the following properties as shown in the following table: Property Date Initial principal amount Fixed/Variable rate Interest rate Maturity date 251 Armour Yards 1/22/2020 $ 3,522 Fixed 4.50 % 1/22/2025 Wakefield Crossing 1/29/2020 7,891 Fixed 3.66 % 2/1/2032 Morrocroft Centre 3/19/2020 70,000 Fixed 3.40 % 4/10/2033 $ 81,413 Repayments and refinancings The following table summarizes our mortgage debt refinancing and repayment activity for the three-month periods ended March 31, 2021 and 2020: Date Property Previous balance (millions) Previous interest rate / spread over 1 month LIBOR Loan refinancing costs expensed (thousands) New balance (millions) New interest rate Additional deferred loan costs from refinancing (thousands) 2/28/2021 Village at Baldwin Park $ 69.4 3.59 % $ 6 $ 69.4 3.27 % $ 923 1/3/2020 Ursa $ 31.4 L + 300 $ — $ — — $ — The following table summarizes our mortgage notes payable at March 31, 2021: (In thousands) Fixed rate mortgage debt: Principal balances due Weighted-average interest rate Weighted average remaining life (years) Residential Properties $ 1,367,132 3.55 % 8.9 New Market Properties 564,098 4.00 % 7.1 Preferred Office Properties 633,436 4.13 % 12.1 Total fixed rate mortgage debt $ 2,564,666 3.79 % 9.3 Variable rate mortgage debt: Residential Properties $ 20,700 2.90 % 9.3 New Market Properties 47,150 2.79 % 2.6 Preferred Office Properties — — % — Total variable rate mortgage debt $ 67,850 2.83 % 4.6 Total mortgage debt: Residential Properties $ 1,387,832 3.54 % 8.9 New Market Properties 611,248 3.91 % 6.7 Preferred Office Properties 633,436 4.13 % 12.1 Total principal amount 2,632,516 3.77 % 9.2 Deferred loan costs (40,878) Mark to market loan adjustment (3,978) Mortgage notes payable, net $ 2,587,660 |
debt covenant [Table Text Block] | As of March 31, 2021, the Company was in compliance with all covenants related to the Revolving Line of Credit, as amended, as shown in the following table: Covenant (1) Requirement Result Net worth Minimum $1.6 billion $2.1 billion Debt yield Minimum 8.75% (2) 9.83% Payout ratio Maximum 100% (3) 96.2% Total leverage ratio Maximum 65% 62.2% Debt service coverage ratio Minimum 1.70x (4) 1.92x (1) All c ovenants are as defined in the credit agreement for the Revolving Line of Credit. (2) The minimum debt yield covenant increases to a minimum of 9.0% after 24 months. (3) Calculated on a trailing four-quarter basis. For the three months ended March 31, 2021, the maximum dividends and distributions allowed under this covenant was approximately $170.2 million. (4) Minimum of 1.50x if AFFO payout ratio is less than or equal to 95%. |
mortgage interest [Table Text Block] | c |
Schedule of Maturities of Long-term Debt [Table Text Block] | The Company’s estimated future principal payments due on its debt instruments as of March 31, 2021 were: Period Future principal payments 2021 (1) $ 133,360 2022 72,728 2023 116,473 2024 289,868 2025 57,922 2026 255,389 2027 280,200 2028 338,848 2029 321,689 2030 359,141 Thereafter 446,898 Total $ 2,672,516 (1) Includes the principal amount due on our revolving line of credit of $40.0 million as of March 31, 2021. |
Schedule of Debt [Table Text Block] | Interest expense, including amortization of deferred loan costs was: (In thousands) Three-month periods ended March 31, 2021 2020 Residential Properties $ 13,224 $ 14,866 New Market Properties 6,444 6,750 Preferred Office Properties 6,668 6,858 Total 26,336 28,474 Credit Facility and Acquisition Facility 655 1,119 Interest Expense $ 26,991 $ 29,593 |
Segment information (Tables)
Segment information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | |
segment assets [Table Text Block] | The following tables present the Company's assets, revenues, and NOI results by reportable segment, as well as a reconciliation from NOI to net income (loss). The assets attributable to 'Other' primarily consist of deferred offering costs recorded but not yet reclassified as reductions of stockholders' equity and cash balances at the Company and Operating Partnership levels. (In thousands) March 31, 2021 December 31, 2020 Assets: Residential properties $ 1,720,238 $ 1,745,020 Financing 320,991 321,026 New Market Properties 1,055,188 1,072,090 Preferred Office Properties 1,117,632 1,121,992 Other 20,919 20,951 Consolidated assets $ 4,234,968 $ 4,281,079 |
Capital Expenditures By Segment | Total capitalized expenditures (inclusive of additions to construction in progress, but exclusive of the purchase price of acquisitions) were as follows: (In thousands) Three-month periods ended March 31, 2021 2020 Capitalized expenditures: Residential properties $ 2,506 $ 3,759 New Market Properties 1,623 1,276 Preferred Office Properties 3,007 6,822 Total $ 7,136 $ 11,857 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Total revenues by reportable segment of the Company were: (In thousands) Three-month periods ended March 31, 2021 2020 Revenues Rental and other property revenues: Residential properties $ 50,521 $ 60,583 New Market Properties 26,967 28,002 Preferred Office Properties (1) 27,275 26,462 Total rental and other property revenues 104,763 115,047 Financing revenues 10,917 15,825 Miscellaneous revenues 20 10 Consolidated revenues $ 115,700 $ 130,882 (1) Included in rental revenues for our Preferred Office Properties segment is the amortization of deferred revenue for tenant-funded leasehold improvements from a major tenant in our Three Ravinia and Westridge office buildings. As of March 31, 2021, the Company has recorded deferred revenue in an aggregate amount of $47.0 million in connection with such improvements. The remaining balance to be recognized is approximately $35.0 million which is included in the deferred revenues line on the consolidated balance sheets at March 31, 2021. 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 $0.9 million and $0.9 million for the three-month periods ended March 31, 2021 and 2020, respectively. |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Segment NOI for each reportable segment was as follows: Three-month periods ended March 31, (In thousands) 2021 2020 Segment net operating income (Segment NOI) Residential Properties $ 29,223 $ 35,845 New Market Properties 18,596 19,819 Preferred Office Properties 19,635 19,668 Financing 10,911 15,825 Miscellaneous revenues 20 10 Consolidated segment net operating income 78,385 91,167 Interest expense: Residential Properties 13,224 14,866 New Market Properties 6,444 6,750 Preferred Office Properties 6,668 6,858 Corporate 655 1,119 Depreciation and amortization: Residential Properties 22,094 24,385 New Market Properties 11,761 13,414 Preferred Office Properties 11,915 11,681 Corporate 57 29 Equity compensation to directors and executives 574 230 Management fees, net of waived fees — 1,963 Management Internalization 245 178,793 Allowance for expected credit losses 522 5,133 (Gain) / loss on sale of real estate (798) — (Gain) / loss from land condemnation, net — (479) Loss from unconsolidated joint venture 194 — Corporate G&A 7,539 5,948 Net income (loss) $ (2,709) $ (179,523) |
Income (Loss) per Share (Tables
Income (Loss) per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Loss per share [Abstract] | |
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method | 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: (In thousands, except per-share figures) Three-month periods ended March 31, 2021 2020 Numerator: Operating income (loss) before gain on sale of real estate and loss from unconsolidated joint venture $ 23,678 $ (150,409) Loss from unconsolidated joint venture (194) — Gain on sale of real estate, net 798 — Operating income (loss) 24,282 (150,409) Interest expense 26,991 29,593 Gain on land condemnation — 479 Net loss (2,709) (179,523) Consolidated net loss attributable to non-controlling interests 62 3,141 Net loss attributable to the Company (2,647) (176,382) Dividends declared to preferred stockholders (33,820) (33,068) Net loss attributable to unvested restricted stock (142) (2) Net loss attributable to common stockholders $ (36,609) $ (209,452) Denominator: Weighted average number of shares of Common Stock - basic 50,033 47,129 Effect of dilutive securities: (D) — — Weighted average number of shares of Common Stock - basic and diluted 50,033 47,129 Net loss per share of Common Stock attributable to common stockholders, basic and diluted $ (0.73) $ (4.44) (A) The Company's outstanding Class A Units of the Operating P artnership (548 and 775 Units at March 31, 2021, and 2020, respectively) contain rights to distributions in the same amount per unit as for dividends declared on the Company's Common Stock. The impact of the Class A Unit distributions on earnings per share has been calculated using the two-class method whereby earnings are allocated to the Class A Units based on dividends declared and the Class A Units' participation rights in undistributed earnings. (B) The Company’s shares of Series A Preferred Stock outstanding accrue dividends at an annual rate of 6% of the stated value of $1,000 per share, payable monthly. The Company had 1,694 and 2,075 outstanding shares of Series A Preferred Stock at March 31, 2021 and 2020, respectively and 184 and 37 outstanding shares of Series A1 Preferred Stock at March 31, 2021 and 2020, respectively. The Company's mShares accrue dividends at an escalating rate of 5.75% in year one to 7.50% in year eight and thereafter. The Company had 87 and 98 mShares outstanding at March 31, 2021 and 2020, 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 21 and 2 shares of Series M1 Preferred Stock outstanding at March 31, 2021 and 2020, respectively. (C) The Company's outstanding unvested restricted share awards (809 and 7 shares of Common Stock at March 31, 2021 and 2020, respectively) contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share awards on earnings per share has been calculated using the two-class method whereby earnings are allocated to the unvested restricted share awards based on dividends declared and the unvested restricted shares' participation rights in undistributed earnings. Given the Company's unvested restricted share awards are defined as participating securities, the dividends declared for that period are adjusted in determining the calculation of loss per share of Common Stock. (D) Potential dilution from (i) warrants outstanding from issuances of Units from our Series A Preferred Stock offerings that are potentially exercisable into 24,484 shares of Common Stock; (ii) 62 Class B Units; (iii) 809 shares of unvested restricted common stock; (iv) 71 outstanding Restricted Stock Units; and (v) 480 PSUs are excluded from the diluted shares calculations because the effect was antidilutive. Class A Units were excluded from the denominator because earnings were allocated to non-controlling interests in the calculation of the numerator. |
Fair Values of Financial Inst_2
Fair Values of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Values of Financial Instruments [Abstract] | |
Fair Value Measurements, Nonrecurring [Table Text Block] | The following tables provide estimated fair values of the Company’s financial instruments. The carrying values of the Company's real estate loans include accrued interest receivable from additional interest or exit fee allowances and are presented net of deferred loan fee revenue and credit losses reserves, where applicable. As of March 31, 2021 (In thousands) Carrying value Fair value measurements Fair Value Level 1 Level 2 Level 3 Financial Assets: Real estate loans $ 303,179 $ 315,864 $ — $ — $ 315,864 Notes receivable and line of credit receivable 10,795 10,795 — — 10,795 $ 313,974 $ 326,659 $ — $ — $ 326,659 Financial Liabilities: Mortgage notes payable $ 2,632,516 $ 2,605,981 $ — $ — $ 2,605,981 Revolving line of credit 40,000 40,000 — — 40,000 $ 2,672,516 $ 2,645,981 $ — $ — $ 2,645,981 As of December 31, 2020 (In thousands) Carrying value Fair value measurements Fair Value Level 1 Level 2 Level 3 Financial Assets: Real estate loans $ 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 line of credit 22,000 22,000 — — 22,000 $ 2,662,705 $ 2,688,471 $ — $ — $ 2,688,471 |
Operating Leases (Tables)
Operating Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum rent expense for office space, ground leases and office equipment were: For the year ending December 31: Future Minimum Rents as of March 31, 2021 (in thousands) Office space Ground leases Office equipment Total 2021 (1) $ 2,200 $ 38 $ 95 $ 2,333 2022 2,855 51 53 2,959 2023 2,497 51 26 2,574 2024 3,139 51 13 3,203 2025 2,808 52 11 2,871 Thereafter 355 1,084 — 1,439 Total $ 13,854 $ 1,327 $ 198 $ 15,379 (1) Remaining nine months |
Lease, Cost | The Company recorded lease expense as follows: For the three-month periods ended March 31, As of March 31, 2021 (In thousands) 2021 2020 Weighted average remaining lease term (years) Weighted average discount rate Lease expense Cash paid Lease expense Cash paid Office space $ 728 $ 730 $ 475 $ 475 4.8 3.0 % Ground leases 15 13 13 4 35.4 4.4 % Office equipment 36 36 101 101 2.5 3.0 % Total $ 779 $ 779 $ 589 $ 580 |
Organization (Details)
Organization (Details) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | |
Common Stock, Shares, Outstanding | 50,094,599 | |
Noncontrolling Interest, Ownership Percentage by Parent | 98.90% | |
minority interest partnership units outstanding | 548,369 | |
daycountvolweightedavgcalcformarketvalue | 20 | |
Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares, Outstanding | 50,095,000 | 49,994,000 |
Organization - Adjustments (Det
Organization - Adjustments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Operating Leases, Income Statement, Lease Revenue | $ 104,459 | $ 111,866 |
miscellaneous revenues | 324 | 3,040 |
Operating Costs and Expenses | 15,249 | 16,846 |
Real Estate Taxes and Insurance | 16,140 | 15,675 |
General and administrative | 7,539 | 5,948 |
Other Expenses | $ 245 | 178,793 |
Previously Reported | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
miscellaneous revenues | 3,260 | |
Operating Costs and Expenses | 16,800 | |
Real Estate Taxes and Insurance | 15,525 | |
General and administrative | 6,364 | |
Restatement Adjustment | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
miscellaneous revenues | (220) | |
Operating Costs and Expenses | 46 | |
Real Estate Taxes and Insurance | 150 | |
General and administrative | $ (416) |
Significant Accounting Polici_3
Significant Accounting Policies (Details) shares in Thousands, $ in Thousands | Mar. 31, 2021USD ($)leaseshares | Dec. 31, 2020USD ($)shares | Jan. 31, 2020 |
Real Estate Properties [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 20 years | ||
Lease term | 11 years | ||
Lessee, Operating Lease, Number Of Leases | lease | 3 | ||
Accumulated deficit | $ | $ (195,093) | $ (192,446) | |
Minimum [Member] | |||
Real Estate Properties [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 3 years | ||
Maximum [Member] | |||
Real Estate Properties [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 5 years | ||
Series M Preferred Stock [Member] | |||
Real Estate Properties [Line Items] | |||
preferred stock | 106 | 106 | |
Series A Preferred Stock [Member] | |||
Real Estate Properties [Line Items] | |||
preferred stock | 2,226 | 2,226 |
Real Estate Assets - Real estat
Real Estate Assets - Real estate assets owned (Details) | Mar. 31, 2021ft²number_of_properties | Dec. 31, 2020ft² |
Business Combination Segment Allocation [Line Items] | ||
Number of units in real estate property | 11,143 | 11,143 |
Area of Real Estate Property | 6,208,278 | 6,208,278 |
Area of Real Estate Property, Excluded from Floor Retail Space | 3,169,000 | 3,169,000 |
Net Rentable Area | 161,526 | |
Lennox Portfolio | ||
Business Combination Segment Allocation [Line Items] | ||
Net Rentable Area | 47,600 | |
Armour And Brevard | ||
Business Combination Segment Allocation [Line Items] | ||
Net Rentable Area | 35,000 | |
Multifamily | ||
Business Combination Segment Allocation [Line Items] | ||
Number of units in real estate property | number_of_properties | 1 | |
Student housing | ||
Business Combination Segment Allocation [Line Items] | ||
Number of units in real estate property | number_of_properties | 2 | |
Shopping Center | ||
Business Combination Segment Allocation [Line Items] | ||
Number of units in real estate property | number_of_properties | 2 | |
Office Building | ||
Business Combination Segment Allocation [Line Items] | ||
Number of units in real estate property | number_of_properties | 2 | |
Lenox Portfolio [Member] | ||
Business Combination Segment Allocation [Line Items] | ||
Net Rentable Area | 47,600 | |
Lenox Portfolio [Member] | Construction in Progress | ||
Business Combination Segment Allocation [Line Items] | ||
Net Rentable Area | 35,000 | |
Office Building | ||
Business Combination Segment Allocation [Line Items] | ||
Number of Real Estate Properties | 9 | 9 |
Multifamily | ||
Business Combination Segment Allocation [Line Items] | ||
Number of Real Estate Properties | 37 | 37 |
Retail Site [Member] | ||
Business Combination Segment Allocation [Line Items] | ||
Number of Real Estate Properties | 54 | 54 |
Other Property [Member] | ||
Business Combination Segment Allocation [Line Items] | ||
Number of Real Estate Properties | 2 | 2 |
Area of Real Estate Property, Excluded from Floor Retail Space | 35,000 | 35,000 |
Real Estate Assets - Table of P
Real Estate Assets - Table of Properties Acquired (Details) | Mar. 31, 2021ft² | Dec. 31, 2020 |
Business Acquisition | ||
Number of units in real estate property | 11,143 | 11,143 |
Net Rentable Area | 161,526 | |
Horizon At Wiregrass [Member] | ||
Business Acquisition | ||
Number of units in real estate property | 392 | |
wakefield crossing [Domain] | ||
Business Acquisition | ||
Net Rentable Area | 75,927 | |
Midway Market | ||
Business Acquisition | ||
Net Rentable Area | 85,599 |
Real Estate Assets - Narrative
Real Estate Assets - Narrative (Details) $ in Thousands | Jul. 15, 2020USD ($) | Mar. 31, 2021USD ($)ft² | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) |
Business Acquisition | ||||
Number of units in real estate property | 11,143 | 11,143 | ||
Intangible Assets, Gross (Excluding Goodwill) | $ 296,900 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | 178,468 | $ 169,718 | ||
Finite-Lived Intangible Liabilities | 85,900 | |||
finite lived intangible liabilities accumulated amortization | 36,100 | |||
Restricted Cash | 14,300 | |||
amortization of purchase option termination fee income | 1,229 | $ 4,040 | ||
Restricted cash | 45,052 | $ 47,059 | ||
Unamortized Termination Fee Revenue | 473 | |||
Restricted Cash and Cash Equivalents, Other | ||||
Business Acquisition | ||||
Restricted cash | 25,400 | |||
Joint Venture | ||||
Business Acquisition | ||||
Payments to Acquire Real Estate and Real Estate Joint Ventures | $ 19,200 | |||
Gain (Loss) from Transactions With Joint Ventures | $ 3,300 | |||
Ownership Interest in Joint Ventures | 50.00% | |||
Ownership in Joint Ventures, Voting And Financial Interest | 50.00% | |||
sanibel straights [Member] | ||||
Business Acquisition | ||||
amortization of purchase option termination fee income | $ 1,200 | 4,000 | ||
Minimum [Member] | ||||
Business Acquisition | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | |||
Maximum [Member] | ||||
Business Acquisition | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years 7 months 6 days | |||
New Market Properties [Member] | ||||
Business Acquisition | ||||
Business Combination, Consideration Transferred | $ 27,700 | |||
Horizon At Wiregrass [Member] | ||||
Business Acquisition | ||||
Number of units in real estate property | ft² | 392 | |||
business combination purchase price | $ 84,000 |
Real Estate Assets - Purchase P
Real Estate Assets - Purchase Price Allocation (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Business Acquisition | |||
Furniture, fixtures, and equipment | $ 308,222 | $ 306,725 | |
Tenant Improvements | 186,843 | $ 184,288 | |
Revenues | 115,700 | $ 130,882 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 24,282 | $ (150,409) |
Real Estate Assets - Depreciati
Real Estate Assets - Depreciation and Amortization (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Depreciation: | ||
Depreciation | $ 37,223,000 | $ 40,395,000 |
Depreciation and amortization | 45,827,000 | 49,509,000 |
Building and Building Improvements [Member] | ||
Depreciation: | ||
Depreciation | 26,695,000 | 28,007,000 |
Furniture and Fixtures [Member] | ||
Depreciation: | ||
Depreciation | 10,528,000 | 12,388,000 |
Finite-Lived Intangible Assets [Member] | ||
Depreciation: | ||
Amortization of Intangible Assets | 8,092,000 | 8,650,000 |
Lease Agreements [Member] | ||
Depreciation: | ||
Amortization of Deferred Leasing Fees | 469,000 | 415,000 |
Website Development [Member] | ||
Depreciation: | ||
amortization website development costs | $ 43,000 | $ 49,000 |
Real Estate Assets - Schedule o
Real Estate Assets - Schedule of Joint Ventures (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Business Acquisition | |||
Assets | $ 4,234,968 | $ 4,281,079 | |
Liabilities | 2,848,115 | $ 2,842,631 | |
Operating Leases, Income Statement, Lease Revenue | 104,459 | $ 111,866 | |
Costs and Expenses | 92,022 | 282,427 | |
Interest Expense | 26,991 | 29,593 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (2,709) | (179,523) | |
Net Income (Loss) Attributable to Parent | (2,647) | $ (176,382) | |
Joint Venture | |||
Business Acquisition | |||
Assets | 38,457 | ||
Liabilities | 25,530 | ||
Operating Leases, Income Statement, Lease Revenue | 815 | ||
Costs and Expenses | 973 | ||
Interest Expense | 230 | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (388) | ||
Net Income (Loss) Attributable to Parent | $ (194) |
Real Estate Loans, Notes Rece_3
Real Estate Loans, Notes Receivable, and Lines of Credit Real Estate Loans (Details) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2021USD ($)number_of_properties | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)number_of_properties | Sep. 03, 2020USD ($)number_of_properties | May 14, 2020 | |
Mortgage Loans on Real Estate [Line Items] | |||||
number of loans receivable | 20 | 20 | |||
Number Of Underlying Properties In Development | number_of_properties | 15 | 14 | |||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 280,938,000 | ||||
real estate loans commitment amount | 341,168,000 | ||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 291,900,000 | ||||
variable interest entity loans amount to be funded | 341,200,000 | ||||
interest revenue current pay | 6,167,000 | $ 7,357,000 | |||
Loans and Leases Receivable, Deferred Income | 0 | $ 0 | |||
Loans Receivable, Gross, Commercial, Real Estate | 291,888,000 | 290,156,000 | |||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | (1,766,000) | (1,194,000) | |||
Loans and Leases Receivable, Allowance | (9,184,000) | (9,067,000) | |||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 280,938,000 | 279,895,000 | |||
Loans and Leases Receivable, Impaired, Commitment to Lend | 49,281,000 | $ 44,403,000 | |||
real estate loans amount funded | 19,657,000 | ||||
Loan Receivable, Repayments | (17,925,000) | ||||
real estate loans repaid | (17,925,000) | ||||
real estate loan origination fees collected | 0 | ||||
real estate loan fees amortized | (817,000) | ||||
Amortization of Deferred Loan Origination Fees, Net | 245,000 | ||||
Financing Receivable, Credit Loss, Expense (Reversal) | (283,000) | ||||
Loans And Leases Receivable, Credit Loss Expense On Existing Or Repaid Loans | $ 166,000 | ||||
current interest rate | 8.62% | 8.50% | |||
Deferred interest rate | 3.73% | 3.91% | |||
Interest Receivable | $ 22,241,000 | $ 22,528,000 | |||
Number of units in real estate property | 11,143 | 11,143 | |||
Accounts Receivable, Credit Loss Expense (Reversal) | $ 500,000 | $ 5,100,000 | |||
Multifamily | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
Number of units in real estate property | number_of_properties | 1 | ||||
Multifamily | Multifamily Community In Raleigh, Atlanta Georgia [Member] | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
Real Estate Loan Investment, Maximum | $ 16,800,000 | ||||
Number of units in real estate property | number_of_properties | 320 | ||||
Loan Receivable, Deferred Fixed Interest | 4.50% | ||||
Loan Receivable, Fixed Interest Rate | 8.50% | ||||
multifamily community [Domain] | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
number of loans receivable | 19 | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 269,049,000 | ||||
real estate loans commitment amount | $ 321,975,000 | ||||
real estate loans percent of portfolio | 96.00% | ||||
Preferred Office Properties | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
number of loans receivable | 1 | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 11,889,000 | ||||
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 Notes and lines of credit (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
line of credit receivable | $ 10,874 | ||
Financing Receivable, Gross | $ 19,960 | ||
Loans and Leases Receivable, Net Amount | 10,795 | 10,874 | |
Loans and Leases Receivable, Deferred Income | 0 | 0 | |
HCC [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
line of credit receivable | 11,660 | ||
Loans and Leases Receivable, Net Amount | $ 9,011 | 9,011 | |
interest rate note receivable | 8.00% | 8.00% | |
Oxford Capital Partners LLC [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
line of credit receivable | $ 1,250 | ||
Loans and Leases Receivable, Net Amount | $ 1,134 | 1,256 | |
interest rate note receivable | 10.00% | ||
newport development partners [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
line of credit receivable | $ 1,000 | ||
Loans and Leases Receivable, Net Amount | $ 0 | 0 | |
interest rate note receivable | 12.00% | ||
Mulberry Development Group LLC [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
line of credit receivable | $ 750 | ||
Loans and Leases Receivable, Net Amount | $ 650 | 607 | |
interest rate note receivable | 12.00% | ||
oxford capital partners II [Domain] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
line of credit receivable | $ 5,300 | ||
Loans and Leases Receivable, Net Amount | $ 0 | $ 0 | |
interest rate note receivable | 10.00% |
Real Estate Loans, Notes Rece_5
Real Estate Loans, Notes Receivable, and Lines of Credit Interest income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Receivables [Abstract] | ||
interest revenue current pay | $ 6,167 | $ 7,357 |
Accrued exit fee revenue | 2,822 | 3,295 |
Deferred Revenue, Revenue Recognized | 244 | 277 |
amortization of purchase option termination fee income | 1,229 | 4,040 |
default interest accrued | 0 | 62 |
Net loan fee revenue | 10,462 | 15,031 |
interest revenue notes receivable | 455 | 912 |
Interest Income, Deposit Accounts | 0 | 33 |
Interest income on loans and notes receivable | $ 10,917 | $ 15,976 |
Real Estate Loans, Notes Rece_6
Real Estate Loans, Notes Receivable, and Lines of Credit Real Estate Loans Narrative (Details) | Mar. 31, 2021USD ($)number_of_properties | Dec. 31, 2020USD ($) | Sep. 03, 2020USD ($)number_of_properties | Jun. 30, 2020USD ($) | May 14, 2020 | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Mortgage Loans on Real Estate [Line Items] | |||||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 291,900,000 | ||||||
variable interest entity loans amount to be funded | 341,200,000 | ||||||
real estate loan balances unfunded | $ 49,300,000 | ||||||
Number of units in real estate property | 11,143 | 11,143 | |||||
Real Estate Loan Investments Collateralized, Percent | 100.00% | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 1,386,853,000 | $ 1,438,448,000 | $ 1,778,149,000 | $ 1,934,116,000 | |||
Real Estate Loan Investment, Number Of Loans | number_of_properties | 20 | ||||||
Real Estate Loan Investment | $ 309,005 | ||||||
Real Estate Loan Investment, Reserve Ratio 0.00 | |||||||
Mortgage Loans on Real Estate [Line Items] | |||||||
Real Estate Loan Investment, Number Of Loans | number_of_properties | 4 | ||||||
Real Estate Loan Investment | $ 31,402 | ||||||
Real Estate Loan Investment, Reserve Ratio 0.50 | |||||||
Mortgage Loans on Real Estate [Line Items] | |||||||
Real Estate Loan Investment, Number Of Loans | number_of_properties | 4 | ||||||
Real Estate Loan Investment | $ 19,474 | ||||||
Real Estate Loan Investment, Reserve Ratio 1.00 | |||||||
Mortgage Loans on Real Estate [Line Items] | |||||||
Real Estate Loan Investment, Number Of Loans | number_of_properties | 4 | ||||||
Real Estate Loan Investment | $ 61,929 | ||||||
Real Estate Loan Investment, Reserve Ratio 1.50 | |||||||
Mortgage Loans on Real Estate [Line Items] | |||||||
Real Estate Loan Investment, Number Of Loans | number_of_properties | 4 | ||||||
Real Estate Loan Investment | $ 32,085 | ||||||
Real Estate Loan Investment, Reserve Ratio 3.00 | |||||||
Mortgage Loans on Real Estate [Line Items] | |||||||
Real Estate Loan Investment, Number Of Loans | number_of_properties | 1 | ||||||
Real Estate Loan Investment | $ 9,594 | ||||||
Real Estate Loan Investment, Reserve Ratio 4.00 | |||||||
Mortgage Loans on Real Estate [Line Items] | |||||||
Real Estate Loan Investment, Number Of Loans | number_of_properties | 3 | ||||||
Real Estate Loan Investment | $ 154,521 | ||||||
Real Estate Loan Investment, Reserve Ratio 5.00 And Above | |||||||
Mortgage Loans on Real Estate [Line Items] | |||||||
Real Estate Loan Investment, Number Of Loans | number_of_properties | 0 | ||||||
Real Estate Loan Investment | $ 0 | ||||||
Accumulated Deficit [Member] | |||||||
Mortgage Loans on Real Estate [Line Items] | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (195,093,000) | $ (192,446,000) | $ (191,040,000) | $ (7,244,000) | |||
Multifamily | |||||||
Mortgage Loans on Real Estate [Line Items] | |||||||
Number of units in real estate property | number_of_properties | 1 | ||||||
Multifamily | Multifamily Community In Raleigh, Atlanta Georgia [Member] | |||||||
Mortgage Loans on Real Estate [Line Items] | |||||||
Real Estate Loan Investment, Maximum | $ 16,800,000 | ||||||
Number of units in real estate property | number_of_properties | 320 | ||||||
Loan Receivable, Fixed Interest Rate | 8.50% | ||||||
Loan Receivable, Deferred Fixed Interest | 4.50% | ||||||
HCC [Member] | |||||||
Mortgage Loans on Real Estate [Line Items] | |||||||
interest rate note receivable | 8.00% | 8.00% | |||||
Loan Receivable Default Interest Rate | 10.00% | 10.00% | |||||
Loan Receivable, Default Interest Income | $ 2,300,000 | ||||||
HCC [Member] | Shopping Center In Atlanta Georgia [Member] | |||||||
Mortgage Loans on Real Estate [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 49.49% | ||||||
Geographic Concentration Risk [Member] | GEORGIA | |||||||
Mortgage Loans on Real Estate [Line Items] | |||||||
amount drawn under loan agreement | $ 43,400,000 | ||||||
loan commitment amount | 62,400,000 | ||||||
Geographic Concentration Risk [Member] | FLORIDA | |||||||
Mortgage Loans on Real Estate [Line Items] | |||||||
amount drawn under loan agreement | 31,300,000 | ||||||
loan commitment amount | $ 45,700,000 |
Real Estate Loans, Notes Rece_7
Real Estate Loans, Notes Receivable, and Lines of Credit phantom facts (Details) - USD ($) | Jul. 31, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 23, 2018 |
Mortgage Loans on Real Estate [Line Items] | |||||
line of credit receivable | $ 10,874,000 | ||||
Deferred interest rate | 3.73% | 3.91% | |||
current interest rate | 8.62% | 8.50% | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | ||||
Oxford Capital Partners LLC [Member] | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
line of credit receivable | $ 1,250,000 | ||||
interest rate note receivable | 10.00% | ||||
Line Of Credit Amount Collateralized By Principals, Percentage | 25.00% | ||||
Payments for Line of Credit, Required Payments | $ 5,000,000 | ||||
Amount Collateralized By Principals | $ 2,000,000 | ||||
HCC [Member] | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
line of credit receivable | $ 11,660,000 | ||||
interest rate note receivable | 8.00% | 8.00% | |||
HCC [Member] | Shopping Center In Atlanta Georgia [Member] | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 49.49% | ||||
newport development partners [Member] | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
line of credit receivable | $ 1,000,000 | ||||
interest rate note receivable | 12.00% |
Real Estate Loans, Notes Rece_8
Real Estate Loans, Notes Receivable, and Lines of Credit - Allowance for Expected Credit Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Allowance for Credit Loss | $ 522 | $ 5,133 |
Haven Campus Communities, LLC and Haven Campus Communities Charlotte Member, LLC [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 405 | 410 |
Existing Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 117 | 4,530 |
Starkville [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | $ 0 | $ 193 |
Acquired Intangible Assets amor
Acquired Intangible Assets amortization (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Liabilities | $ 85,900 | |
Revenues | 115,700 | $ 130,882 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 24,282 | $ (150,409) |
Redeemable Preferred Stock (Det
Redeemable Preferred Stock (Details) | Feb. 14, 2020USD ($)$ / sharesshares | Sep. 27, 2019$ / shares | Mar. 31, 2021USD ($)$ / sharesshares | Mar. 31, 2020USD ($)$ / shares | Dec. 31, 2020USD ($)$ / sharesshares |
Class of Stock [Line Items] | |||||
gross potential offering proceeds | $ 1,125,000,000 | ||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.175 | $ 0.2625 | |||
Proceeds from Other Equity | $ 210,738,000 | ||||
daycountvolweightedavgcalcformarketvalue | 20 | ||||
aggregate offering costs | $ 26,279,000 | ||||
prorataamountofferingcostsreclassed | 1,430,000 | ||||
deferred offering costs not yet reclassified | 5,130,000 | ||||
shares common stock from warrant exercises | shares | 20 | ||||
Deferred offering costs | 6,560,000 | ||||
specifically identifiable offering costs | 19,719,000 | ||||
Aggregate Offering Expenses, Maximum As a Percentage Of Gross Proceeds | 12.00% | ||||
Sale of Stock, Price Per Share | $ / shares | $ 1,000 | ||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | ||||
Dividends, Common Stock, Cash | $ 8,991,000 | $ 12,491,000 | |||
Sale Of Stock, Maximum Consideration Received On Transaction | $ 1,500,000,000 | ||||
Series A Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | ||||
preferred stock | shares | 2,226,000 | 2,226,000 | |||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | |||
Preferred Stock, Value, Issued | $ 17,000 | $ 17,000 | |||
Redeemable Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Sale Of Stock, Maximum Shares Sold | shares | 1,000,000 | ||||
Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Common Stock, Shares, Issued | shares | 50,095,000 | 49,994,000 | |||
Sale Of Stock, Maximum Consideration Received On Transaction | $ 125,000,000 | ||||
$1.5 billion unit [Domain] | |||||
Class of Stock [Line Items] | |||||
maximum shares available to be issued | shares | 1,500,000 | ||||
2016 Shelf Offering [Member] [Domain] | |||||
Class of Stock [Line Items] | |||||
gross potential offering proceeds | $ 125,000,000 | ||||
Proceeds from Other Equity | 4,614,000 | ||||
aggregate offering costs | 1,207,000 | ||||
prorataamountofferingcostsreclassed | 27,000 | ||||
deferred offering costs not yet reclassified | 1,088,000 | ||||
Deferred offering costs | 1,115,000 | ||||
specifically identifiable offering costs | 92,000 | ||||
series A1M1 offering [Domain] | |||||
Class of Stock [Line Items] | |||||
gross potential offering proceeds | 1,000,000,000 | ||||
Proceeds from Other Equity | 206,124,000 | ||||
aggregate offering costs | 25,072,000 | ||||
prorataamountofferingcostsreclassed | 1,403,000 | ||||
deferred offering costs not yet reclassified | 4,042,000 | ||||
Deferred offering costs | 5,445,000 | ||||
specifically identifiable offering costs | $ 19,627,000 |
Related Party Transactions (Det
Related Party Transactions (Details) | Feb. 14, 2020USD ($) | Jan. 31, 2020USD ($)$ / shares | Mar. 31, 2021USD ($)shares | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Jun. 30, 2020 |
Related Party Transaction [Line Items] | ||||||
loan coordination fees | $ 0 | $ 47,000 | ||||
Cost of Reimbursable Expense | $ 0 | 1,430,000 | ||||
capital marketing and professional | 40,451 | |||||
Common Stock, Shares, Outstanding | shares | 50,094,599 | |||||
Construction Management Fee | $ 0 | 14,000 | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 0 | 3,151,000 | ||||
AcquisitionFeesRelatedPartyCosts | 0 | 235,000 | ||||
loan origination fees | 0 | 0 | ||||
manager's fees deferred | 25,600,000 | |||||
Financing Receivable, Gross | 19,960,000 | |||||
Loans and Leases Receivable, Net Amount | 10,795,000 | $ 10,874,000 | ||||
disposition fee to manager | 0 | $ 0 | ||||
line of credit receivable | 10,874,000 | |||||
Sale Of Stock, Maximum Consideration Received On Transaction | $ 1,500,000,000 | |||||
Interest Receivable | 22,241,000 | $ 22,528,000 | ||||
Remaining Contingent Fees | $ 24,100,000 | |||||
Gross Purchase Price, Real Estate Assets, Percentage | 1.00% | 1.00% | ||||
Loan Origination Fee, Percentage | 1.00% | 1.00% | ||||
loan coordination fee percentage | 0.60% | 0.60% | ||||
Asset Management Fee, Percentage | 0.04% | 0.04% | ||||
Property Management Fee, Percentage | 4.00% | 4.00% | ||||
General and Administrative Expense Fee, Percentage | 2.00% | 2.00% | ||||
Disposition Fee, Percentage | 1.00% | 1.00% | ||||
Transition Services [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 2,300,000 | |||||
AssetmanagementFees [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Asset Management Costs | $ 0 | 1,349,000 | ||||
Propertymanagementfees [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Asset Management Costs | 0 | 890,000 | ||||
General and Administrative Expense [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $ 0 | $ 616,000 | ||||
Former Manager and Sub-Manager [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Business Acquisition, Transaction Costs | $ 154,000,000 | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 25,000,000 | |||||
Business Combination, Specified Matters Holdback Amount | $ 15,000,000 | |||||
Former Manager and Sub-Manager [Member] | Minimum [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Share Price | $ / shares | $ 1.55 | |||||
Retail Site [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Number of Real Estate Properties | 54 | 54 | ||||
PCMS [Member] | PCMS [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Loans and Leases Receivable, Net Amount | $ 650,000 | |||||
PAA [Member] | Revolving Credit Facility [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt Instrument, Face Amount | 24,000,000 | |||||
PAC Carveout, LLC [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Sale of Stock, Consideration Received Per Transaction | $ 111,100,000 | |||||
Haven Campus Communities, LLC and Haven Campus Communities Charlotte Member, LLC [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Interest Receivable | 2,300,000 | |||||
HCC [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Loans and Leases Receivable, Net Amount | 9,011,000 | $ 9,011,000 | ||||
line of credit receivable | $ 11,660,000 | |||||
Loan Receivable Default Interest Rate | 10.00% | 10.00% | ||||
interest rate note receivable | 8.00% | 8.00% |
Dividends (Details)
Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Dividends Payable [Line Items] | ||
minority interest partnership units outstanding | 548,369 | |
Common Stock, Dividends, Per Share, Declared | $ 0.175 | $ 0.2625 |
dividends common stock declared | $ 8,991 | $ 12,491 |
Dividends, Preferred Stock, Cash | $ 42,907 | 45,762 |
Common Stock, Shares, Outstanding | 50,094,599 | |
Series A Preferred Stock [Member] | ||
Dividends Payable [Line Items] | ||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $ 5 | |
Dividends, Preferred Stock, Cash | $ 29,431 | 31,100 |
Series M1 Preferred Stock | ||
Dividends Payable [Line Items] | ||
Dividends, Preferred Stock, Cash | $ 343 | $ 10 |
Minimum [Member] | mShares [Domain] | ||
Dividends Payable [Line Items] | ||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $ 4.79 | |
Minimum [Member] | Series M1 Preferred Stock | ||
Dividends Payable [Line Items] | ||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | 5.08 | |
Maximum [Member] | mShares [Domain] | ||
Dividends Payable [Line Items] | ||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | 6.25 | |
Maximum [Member] | Series M1 Preferred Stock | ||
Dividends Payable [Line Items] | ||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $ 5.92 |
Dividends Series A Preferred Di
Dividends Series A Preferred Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Dividends Payable [Line Items] | ||
Common Stock, Dividends, Per Share, Declared | $ 0.175 | $ 0.2625 |
Dividends, Preferred Stock, Cash | $ 42,907 | $ 45,762 |
Distribution Made to Limited Partner, Cash Distributions Declared | 96 | 203 |
dividends common stock declared | 8,991 | 12,491 |
Series A Preferred Stock [Member] | ||
Dividends Payable [Line Items] | ||
Dividends, Preferred Stock, Cash | 29,431 | 31,100 |
Series M Preferred Stock [Member] | ||
Dividends Payable [Line Items] | ||
Dividends, Preferred Stock, Cash | 1,493 | 1,746 |
Series A1 Preferred Stock | ||
Dividends Payable [Line Items] | ||
Dividends, Preferred Stock, Cash | 2,550 | 212 |
Series M1 Preferred Stock | ||
Dividends Payable [Line Items] | ||
Dividends, Preferred Stock, Cash | 343 | 10 |
PAC Carveout REIT Preferred Stock | ||
Dividends Payable [Line Items] | ||
Dividends, Preferred Stock, Cash | $ 3 | $ 0 |
Dividends NCI (Details)
Dividends NCI (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Equity [Abstract] | ||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 96 | $ 203 |
Equity Compensation (Details)
Equity Compensation (Details) - USD ($) | Mar. 15, 2021 | Jul. 31, 2020 | Jun. 17, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | Jan. 02, 2018 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Share-based Compensation | $ 522,000 | $ 5,133,000 | ||||||
market vesting condition capital increase threshhold | $ 5,660,580 | |||||||
Share-based Compensation Award, Tranche One [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Share-Based Compensation, Earned Performance Shares As Percentage of Target | 0.00% | |||||||
Share-based Compensation Award, Tranche Two [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Share-Based Compensation, Earned Performance Shares As Percentage of Target | 50.00% | |||||||
Share-based Compensation Award, Tranche Three [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Share-Based Compensation, Earned Performance Shares As Percentage of Target | 100.00% | |||||||
Share-based Compensation Award, Tranche Four [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Share-Based Compensation, Earned Performance Shares As Percentage of Target | 200.00% | |||||||
2011 Plan [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,617,500 | |||||||
2019 Plan [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,617,500 | |||||||
Restricted Stock [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Share-based Compensation | $ 809,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 10.69 | $ 8.05 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 809,000 | 7,000 | ||||||
Restricted Stock [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 261,226 | 137,741 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | $ 2,800,000 | $ 1,100,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||
Restricted Stock [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 344,356 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | $ 2,800,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||
ClassBUnits [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
common stock fair value per share | $ 20.19 | |||||||
Class B Units valuation assumption dividend yield | 4.95% | |||||||
ClassBUnit valuation assumption expected volatility | 25.70% | |||||||
Class B Unit valuation assumptions risk free rate | 2.71% | |||||||
Share-based Compensation | $ 62,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 4,266,409 | |||||||
Performance based restricted stock units | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
common stock fair value per share | $ 10.86 | $ 7.23 | ||||||
Class B Units valuation assumption dividend yield | 7.19% | 6.87% | ||||||
ClassBUnit valuation assumption expected volatility | 49.81% | 44.40% | ||||||
Class B Unit valuation assumptions risk free rate | 0.29% | 0.11% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 3,155,107 | $ 1,845,000 | ||||||
Share-based Compensation, Period Trailing Grant Date, Expected Volatility Assumption | 2 years 9 months 18 days | 2 years 10 months 28 days |
Equity Compensation Restricted
Equity Compensation Restricted Stock (Details) - USD ($) | Mar. 15, 2021 | Jun. 17, 2020 | Jan. 02, 2018 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | Jul. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation | $ 522,000 | $ 5,133,000 | ||||||
ClassBUnits [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
common stock fair value per share | $ 20.19 | |||||||
Share-based Compensation | $ 62,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 256,087 | |||||||
Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation | $ 809,000 | |||||||
Restricted Stock [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||
Restricted Stock [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||
Performance based restricted stock units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
common stock fair value per share | $ 10.86 | $ 7.23 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 207,028 | 272,929 | ||||||
2017 through 2019 | Restricted Stock [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 90 days | |||||||
2017 through 2019 | Restricted Stock [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 90 days | |||||||
2017 through 2019 | Restricted Stock [Member] | Share-based Compensation Award, Tranche Three [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 90 days | |||||||
2017 through 2019 | Restricted Stock [Member] | Share-Based Payment Arrangement, Tranche Four [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 90 days | |||||||
2017 | Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 24,408 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share | $ 14.75 | |||||||
Stock Granted, Value, Share-based Compensation, Gross | $ 360,000 | |||||||
2018 | Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 24,810 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share | $ 14.51 | |||||||
Stock Granted, Value, Share-based Compensation, Gross | $ 360,000 | |||||||
2019 | Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 26,446 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share | $ 15.88 | |||||||
Stock Granted, Value, Share-based Compensation, Gross | $ 420,000 | |||||||
2020 | Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 66,114 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share | $ 8.05 | |||||||
Stock Granted, Value, Share-based Compensation, Gross | $ 532,000 |
Equity Compensation Committee F
Equity Compensation Committee Fee Grants (Details) - USD ($) | Jan. 02, 2018 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation | $ 522,000 | $ 5,133,000 | |||
ClassBUnits [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 256,087 | ||||
Share-based Compensation | $ 62,000 | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation | $ 809,000 | ||||
Performance based restricted stock units | |||||
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 | 207,028 | 272,929 |
Equity Compensation Class B Uni
Equity Compensation Class B Units (Details) - USD ($) | Jan. 02, 2018 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | Mar. 15, 2021 | Jul. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.175 | $ 0.2625 | |||||
Share-based Compensation | $ 522,000 | $ 5,133,000 | |||||
market vesting condition capital increase threshhold | $ 5,660,580 | ||||||
ClassBUnits [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
common stock fair value per share | $ 20.19 | ||||||
Common Stock, Dividends, Per Share, Declared | $ 0.25 | ||||||
Share-based Compensation | $ 62,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 20 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 256,087 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 30 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 4,266,409 | ||||||
Class B Units valuation assumption dividend yield | 4.95% | ||||||
ClassBUnit valuation assumption expected volatility | 25.70% | ||||||
Class B Unit valuation assumptions risk free rate | 2.71% | ||||||
Performance based restricted stock units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
common stock fair value per share | $ 10.86 | $ 7.23 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 2 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 207,028 | 272,929 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 3 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 3,155,107 | $ 1,845,000 | |||||
Class B Units valuation assumption dividend yield | 7.19% | 6.87% | |||||
ClassBUnit valuation assumption expected volatility | 49.81% | 44.40% | |||||
Class B Unit valuation assumptions risk free rate | 0.29% | 0.11% | |||||
100percentvestinglevel [Member] | ClassBUnits [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 16.66 | ||||||
100percentvestinglevel [Member] | Performance based restricted stock units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 15.24 | $ 6.76 | |||||
one year [Member] | ClassBUnits [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 171,988 | ||||||
one year [Member] | Performance based restricted stock units | |||||||
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 | 103,511 | 136,462 | |||||
three year [Member] | ClassBUnits [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 84,099 | ||||||
three year [Member] | Performance based restricted stock units | |||||||
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 | 103,517 | 136,467 |
Equity Compensation Warrant (De
Equity Compensation Warrant (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common Stock, Dividends, Per Share, Declared | $ 0.175 | $ 0.2625 |
Equity Compensation Equity comp
Equity Compensation Equity compensation expense by grant (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.175 | $ 0.2625 | |
Share-based Compensation | $ 522,000 | $ 5,133,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 10,882,000 | ||
Employee Benefits and Share-based Compensation | 574,000 | $ 230,000 | |
ClassBUnits [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.25 | ||
Share-based Compensation | $ 62,000 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation | 809,000 | ||
2017 | ClassBUnits [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 0 | ||
Employee Benefits and Share-based Compensation | 0 | $ 3,000 | |
2014 [Member] | ClassBUnits [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 0 | ||
2014 [Member] | Restricted Stock Units outstanding | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 0 | ||
Employee Benefits and Share-based Compensation | 0 | 14,000 | |
2019 | 2011restrictedstockgrant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 0 | ||
Employee Benefits and Share-based Compensation | 0 | 105,000 | |
2019 | Restricted Stock Units outstanding | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 52,000 | ||
Employee Benefits and Share-based Compensation | 16,000 | 19,000 | |
2018 | ClassBUnits [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Benefits and Share-based Compensation | (39,000) | 71,000 | |
2020 | Performance based restricted stock units | Share-based Payment Arrangement, Employee | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 1,477,000 | ||
Employee Benefits and Share-based Compensation | 138,000 | 0 | |
2020 | 2011restrictedstockgrant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 44,000 | ||
Employee Benefits and Share-based Compensation | 133,000 | 0 | |
2020 | 2011restrictedstockgrant | Share-based Payment Arrangement, Employee | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 3,115,000 | ||
Employee Benefits and Share-based Compensation | 243,000 | 0 | |
2020 | Restricted Stock Units outstanding | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 98,000 | ||
Employee Benefits and Share-based Compensation | 12,000 | 18,000 | |
2021 | Performance based restricted stock units | Share-based Payment Arrangement, Employee | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 3,116,000 | ||
Employee Benefits and Share-based Compensation | 39,000 | 0 | |
2021 | 2011restrictedstockgrant | Share-based Payment Arrangement, Employee | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 2,763,000 | ||
Employee Benefits and Share-based Compensation | 29,000 | 0 | |
2021 | Restricted Stock Units outstanding | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 217,000 | ||
Employee Benefits and Share-based Compensation | $ 3,000 | $ 0 |
Equity Compensation Restricte_2
Equity Compensation Restricted Stock Units (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 15, 2021 | Jul. 31, 2020 | |
Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award, Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||
Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||
Restricted Stock Units (RSUs) [Member] | Share-based Compensation Award, Tranche Three [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||
Performance based restricted stock units | ||||
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 | 207,028 | 272,929 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 3,155,107 | $ 1,845,000 | ||
common stock fair value per share | $ 10.86 | $ 7.23 | ||
Class B Units valuation assumption dividend yield | 7.19% | 6.87% | ||
ClassBUnit valuation assumption expected volatility | 49.81% | 44.40% | ||
Class B Unit valuation assumptions risk free rate | 0.29% | 0.11% | ||
Performance based restricted stock units | one 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, Grants in Period | 103,511 | 136,462 | ||
Performance based restricted stock units | three 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, Grants in Period | 103,517 | 136,467 | ||
2018 | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted Stock Units outstanding | 12,446 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value, Amount Per Share | $ 16.66 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 20,720 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 345,195 | |||
share based compensation awards forfeited | (8,274) | |||
RSUs Unearned And Unvested | 0 | |||
RSUs Vested And Unearned | 12,446 | |||
2019 | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted Stock Units outstanding | 19,659 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value, Amount Per Share | $ 10.77 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 27,760 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 298,975 | |||
share based compensation awards forfeited | (8,101) | |||
RSUs Unearned And Unvested | 6,468 | |||
RSUs Vested And Unearned | 13,191 | |||
2020 | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted Stock Units outstanding | 17,700 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value, Amount Per Share | $ 9.47 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 21,400 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 202,658 | |||
share based compensation awards forfeited | (3,700) | |||
RSUs Unearned And Unvested | 11,772 | |||
RSUs Vested And Unearned | 5,928 | |||
2021 | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted Stock Units outstanding | 20,600 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value, Amount Per Share | $ 10.69 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 20,600 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 220,214 | |||
share based compensation awards forfeited | 0 | |||
RSUs Unearned And Unvested | 20,600 | |||
RSUs Vested And Unearned | 0 |
Equity Compensation Class B OP
Equity Compensation Class B OP Units (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Class B Units Issued During Period (shares) | 0 | 0 |
2018 Award | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Class B Units Issued During Period (shares) | 256,087 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (shares) | (194,200) | |
Partners' Capital Account, Units, Converted (shares) | 0 | |
Class B Units Outstanding (shares) | 61,887 | |
Class B Units Unearned And Vested (shares) | 61,887 | |
Class B Units Unearned And Unvested (shares) | 0 | |
2018 Award | Former CEO - John A. Williams [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (shares) | (38,284) | |
2018 Award | Executive Officer | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (shares) | (128,258) | |
2018 Award | Other OP Unit Participants | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (shares) | (27,658) |
Indebtedness (Details)
Indebtedness (Details) $ in Thousands | Dec. 20, 2019USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | ||||
Unamortized Debt Issuance Expense | $ 400 | |||
Interest Expense, Long-term Debt | 26,336 | $ 28,474 | ||
Long-term Debt, Current Maturities | 133,360 | |||
Long-term Debt | $ 2,587,660 | $ 2,594,464 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.27% | |||
Long-term Debt, Maturities, Repayments of Principal in Year Two | $ 72,728 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 116,473 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 289,868 | |||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 57,922 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Six | 255,389 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Seven | 280,200 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Eight | 338,848 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Nine | 321,689 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Ten | 359,141 | |||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 446,898 | |||
Long-term Debt | 2,672,516 | |||
Interest Expense | 26,991 | 29,593 | ||
Line of Credit Facility, Amount Outstanding | 40,000 | $ 22,000 | ||
Amortization of Financing Costs | 1,609 | 1,781 | ||
interest expense credit facility | $ 655 | 1,119 | ||
Short-term Debt | $ 70,000 | |||
Debt Instrument, Debt Covenant, Debt Service Coverage Ratio | 1.74 | |||
Long-term Debt, Current Maturities, Line of Credit | $ 33,000 | |||
London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.70% | |||
Secured Mortgage Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Initial Interest Rate | 3.93% | |||
Spread over Initial Interest Rate option 1 | 200 | |||
Spread over Initial Interest Rate option 2 | 400 | |||
Indebtedness Weighted Average Remaining Maturity | 9 years 3 months 18 days | |||
Long-term Debt, Term | 7 years | |||
Debt, Term Of Extension | 5 years | |||
Retail Segment [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest Expense, Long-term Debt | $ 6,444 | 6,750 | ||
Office Building | ||||
Debt Instrument [Line Items] | ||||
Interest Expense, Long-term Debt | 6,668 | 6,858 | ||
Interest Expense | 6,668 | 6,858 | ||
Multifamily Communities | ||||
Debt Instrument [Line Items] | ||||
Interest Expense, Long-term Debt | 13,224 | 14,866 | ||
Interest Expense | $ 13,224 | $ 14,866 |
Indebtedness debt covenants (De
Indebtedness debt covenants (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 23, 2018 | |
debt covenants [Line Items] | ||
dividend restriction AFFO | 100.00% | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | |
maximum dividends debt covenant | $ 170,200,000 | |
Minimum Net Worth Required for Compliance | $ 2,100,000,000 | |
debt yield | 9.83% | |
payout ratio | 96.20% | |
Total leverage ratio | 62.20% |
Indebtedness Credit Facility (D
Indebtedness Credit Facility (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 20, 2019 | Mar. 23, 2018 | |
Line of Credit Facility [Line Items] | |||
Short-term Debt | $ 70,000,000 | ||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 3.63% | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.27% | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Indebtedness Weighted Average Remaining Maturity | 9 months 18 days | ||
Minimum [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Loans Receivable, Basis Spread on Variable Rate | 2.50% | ||
Maximum [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Loans Receivable, Basis Spread on Variable Rate | 3.50% |
Indebtedness Acquisition Credit
Indebtedness Acquisition Credit Facility (Details) | 3 Months Ended | ||||
Mar. 31, 2021USD ($)number_of_properties | Mar. 01, 2021USD ($) | Mar. 25, 2019USD ($) | Mar. 23, 2018USD ($) | Feb. 28, 2017USD ($) | |
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | ||||
Unamortized Debt Issuance Expense | $ 400,000 | ||||
Line Of Credit, Number Of Extension Options | number_of_properties | 2 | ||||
Line Of Credit, Extension Term | 1 year | ||||
February 2017 facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 90,000,000 | $ 200,000,000 | |||
Subsequent Event [Member] | February 2017 facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300,000,000 | ||||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Indebtedness Weighted Average Remaining Maturity | 9 months 18 days | ||||
acquisition facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Unamortized Debt Issuance Expense | $ 71,000 | ||||
Indebtedness Weighted Average Remaining Maturity | 10 months 24 days | ||||
Minimum [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Loans Receivable, Basis Spread on Variable Rate | 2.50% | ||||
Minimum [Member] | Revolving Credit Facility [Member] | February 2017 facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Loans Receivable, Basis Spread on Variable Rate | 1.75% | ||||
Maximum [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Loans Receivable, Basis Spread on Variable Rate | 3.50% | ||||
Maximum [Member] | Revolving Credit Facility [Member] | February 2017 facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Loans Receivable, Basis Spread on Variable Rate | 2.20% |
Indebtedness Mortgage debt summ
Indebtedness Mortgage debt summary by segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Secured Debt | $ 2,632,516 | |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.77% | |
average maturity mortgage debt | 9 years 2 months 12 days | |
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Accumulated Amortization Adjustment | $ (40,878) | |
Mark-to-Market debt | (3,978) | |
Long-term Debt | 2,587,660 | $ 2,594,464 |
Fixed Income Interest Rate [Member] | ||
Debt Instrument [Line Items] | ||
Secured Debt | $ 2,564,666 | |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.79% | |
average maturity mortgage debt | 9 years 3 months 18 days | |
Variable Income Interest Rate [Member] | ||
Debt Instrument [Line Items] | ||
Secured Debt | $ 67,850 | |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 2.83% | |
average maturity mortgage debt | 4 years 7 months 6 days | |
multifamily community [Domain] | ||
Debt Instrument [Line Items] | ||
Secured Debt | $ 1,387,832 | |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.54% | |
average maturity mortgage debt | 8 years 10 months 24 days | |
multifamily community [Domain] | Fixed Income Interest Rate [Member] | ||
Debt Instrument [Line Items] | ||
Secured Debt | $ 1,367,132 | |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.55% | |
average maturity mortgage debt | 8 years 10 months 24 days | |
multifamily community [Domain] | Variable Income Interest Rate [Member] | ||
Debt Instrument [Line Items] | ||
Secured Debt | $ 20,700 | |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 2.90% | |
average maturity mortgage debt | 9 years 3 months 18 days | |
Retail Segment [Member] | ||
Debt Instrument [Line Items] | ||
Secured Debt | $ 611,248 | |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.91% | |
average maturity mortgage debt | 6 years 8 months 12 days | |
Retail Segment [Member] | Fixed Income Interest Rate [Member] | ||
Debt Instrument [Line Items] | ||
Secured Debt | $ 564,098 | |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.00% | |
average maturity mortgage debt | 7 years 1 month 6 days | |
Retail Segment [Member] | Variable Income Interest Rate [Member] | ||
Debt Instrument [Line Items] | ||
Secured Debt | $ 47,150 | |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 2.79% | |
average maturity mortgage debt | 2 years 7 months 6 days | |
Office Building | ||
Debt Instrument [Line Items] | ||
Secured Debt | $ 633,436 | |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.13% | |
average maturity mortgage debt | 12 years 1 month 6 days | |
Office Building | Fixed Income Interest Rate [Member] | ||
Debt Instrument [Line Items] | ||
Secured Debt | $ 633,436 | |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.13% | |
average maturity mortgage debt | 12 years 1 month 6 days | |
Office Building | Variable Income Interest Rate [Member] | ||
Debt Instrument [Line Items] | ||
Secured Debt | $ 0 | |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 0.00% | |
average maturity mortgage debt | 0 years |
Indebtedness New mortgages (Det
Indebtedness New mortgages (Details) - USD ($) | Jun. 29, 2020 | Dec. 20, 2019 | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 2,587,660,000 | $ 2,594,464,000 | ||
Mortgage Loans on Real Estate, Interest Rate | 4.50% | |||
Loans Receivable, Gross, Commercial, Real Estate | $ 291,888,000 | $ 290,156,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.27% | |||
London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.70% | |||
Mortgages [Member] | ||||
Debt Instrument [Line Items] | ||||
Loans Receivable, Gross, Commercial, Real Estate | $ 81,413,000 | |||
251 armour [Domain] | Mortgages [Member] | ||||
Debt Instrument [Line Items] | ||||
Loans Receivable, Gross, Commercial, Real Estate | $ 3,522,000 | |||
wakefield crossing [Domain] | ||||
Debt Instrument [Line Items] | ||||
Mortgage Loans on Real Estate, Interest Rate | 3.66% | |||
wakefield crossing [Domain] | Mortgages [Member] | ||||
Debt Instrument [Line Items] | ||||
Loans Receivable, Gross, Commercial, Real Estate | $ 7,891,000 | |||
morrocroft [Domain] | ||||
Debt Instrument [Line Items] | ||||
Mortgage Loans on Real Estate, Interest Rate | 3.40% | |||
morrocroft [Domain] | Mortgages [Member] | ||||
Debt Instrument [Line Items] | ||||
Loans Receivable, Gross, Commercial, Real Estate | $ 70,000,000 | |||
Ursa [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 31,400,000 | |||
Payments of Loan Costs | 0 | |||
deferred finance costs | 0 | |||
Long-term Debt, Refinanced | $ 0 | |||
Ursa [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Mortgage Loans on Real Estate, Interest Rate | 3.00% | |||
summit 2 [Domain] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Mortgage Loans on Real Estate, Interest Rate | 2.78% | |||
royal lakes marketplace [Domain] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Mortgage Loans on Real Estate, Interest Rate | 2.50% | |||
Cherokee Plaza [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Mortgage Loans on Real Estate, Interest Rate | 2.25% | |||
Citi Lakes [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Mortgage Loans on Real Estate, Interest Rate | 2.17% | |||
Village at Baldwin Park | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 69,400,000 | |||
Payments of Loan Costs | 6,000 | |||
deferred finance costs | 923,000 | |||
Long-term Debt, Refinanced | $ 69,400,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2010 |
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Net of Valuation Allowance | $ 298,100 | |
DeferredTaxAssetsValuationAllowancePercentage | 100.00% |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Jan. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Lease term | 11 years | |
Rent | $ 13.9 | |
cumulative manager's fees deferred | 25.6 | |
Unfunded Tenant Leasing Commissions and Tenant Allowances | 3.6 | |
real estate loan balances unfunded | $ 49.3 |
Segment information (Details)
Segment information (Details) | 3 Months Ended | ||||
Mar. 31, 2021USD ($)number_of_properties | Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jan. 01, 2019USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of Operating Segments | number_of_properties | 4 | ||||
Assets | $ 4,234,968,000 | $ 4,281,079,000 | |||
Operating Leases, Income Statement, Lease Revenue | 104,459,000 | $ 111,866,000 | |||
Financing Revenues | 10,917,000 | 15,825,000 | |||
miscellaneous revenues | 20,000 | 10,000 | |||
adjusted funds from operations | 78,385,000 | 91,167,000 | |||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | (2,709,000) | (179,523,000) | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 24,282,000 | (150,409,000) | |||
Interest Expense | 26,991,000 | 29,593,000 | |||
Depreciation | 37,223,000 | 40,395,000 | |||
Share-based Compensation | (522,000) | (5,133,000) | |||
Gains (Losses) on Sales of Investment Real Estate | (798,000) | 0 | |||
Trading Securities, Unrealized Holding Gain | 0 | (479,000) | |||
loan fees received | 817,000 | 267,000 | |||
noncash loan interest income | 245,000 | 178,793,000 | |||
Management fees net of deferrals | 574,000 | 230,000 | |||
Loans and Leases Receivable, Allowance | 0 | 1,963,000 | |||
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | 194,000 | 0 | |||
rental and other property revenues | 104,763,000 | 115,047,000 | |||
Revenues | 115,700,000 | 130,882,000 | |||
Payments to Acquire Productive Assets | 7,136,000 | 11,857,000 | |||
Contract with Customer, Liability, Revenue Recognized | 2,800,000 | $ 2,800,000 | |||
Multifamily Communities | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 1,720,238,000 | 1,745,020,000 | |||
adjusted funds from operations | 29,223,000 | 35,845,000 | |||
Interest Expense | 13,224,000 | 14,866,000 | |||
Depreciation | 22,094,000 | 24,385,000 | |||
financingsegment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 320,991,000 | 321,026,000 | |||
adjusted funds from operations | 10,911,000 | 15,825,000 | |||
Interest Expense | 655,000 | 1,119,000 | |||
New Market Properties [Member] | |||||
Segment Reporting Information [Line Items] | |||||
adjusted funds from operations | 18,596,000 | 19,819,000 | |||
Interest Expense | 6,444,000 | 6,750,000 | |||
Depreciation | 11,761,000 | 13,414,000 | |||
rental and other property revenues | 26,967,000 | 28,002,000 | |||
Payments to Acquire Productive Assets | 1,623,000 | 1,276,000 | |||
Retail Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 1,055,188,000 | 1,072,090,000 | |||
Office Building | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 1,117,632,000 | 1,121,992,000 | |||
adjusted funds from operations | 19,635,000 | 19,668,000 | |||
Interest Expense | 6,668,000 | 6,858,000 | |||
Depreciation | 11,915,000 | 11,681,000 | |||
Contract with Customer, Liability | 36,900,000 | $ 47,000,000 | |||
Other Assets [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | 20,919,000 | $ 20,951,000 | |||
All Other Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
adjusted funds from operations | 7,539,000 | 5,948,000 | |||
Miscellaneous | |||||
Segment Reporting Information [Line Items] | |||||
adjusted funds from operations | 20,000 | 10,000 | |||
Residential Properties | |||||
Segment Reporting Information [Line Items] | |||||
rental and other property revenues | 50,521,000 | 60,583,000 | |||
Payments to Acquire Productive Assets | 2,506,000 | 3,759,000 | |||
Preferred Office Properties | |||||
Segment Reporting Information [Line Items] | |||||
rental and other property revenues | 27,275,000 | 26,462,000 | |||
Payments to Acquire Productive Assets | $ 3,007,000 | $ 6,822,000 |
Income (Loss) per Share (Detail
Income (Loss) per Share (Details) - USD ($) | Jan. 02, 2018 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | Feb. 14, 2020 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
minority interest partnership units outstanding | 548,369 | |||||
Restricted Stock Units outstanding | 71,000 | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 24,282,000 | $ (150,409,000) | ||||
Net Income (Loss) Attributable to Parent | (2,647,000) | (176,382,000) | ||||
Net Income (Loss) Available to Common Stockholders, Basic | $ (36,609,000) | (209,452,000) | ||||
Incremental Common Shares from conversion of outstanding units | 24,484,000 | |||||
Share-based Compensation | $ 522,000 | $ 5,133,000 | ||||
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | 0 | 0 | ||||
Series A Redeemable Preferred Stock, par value per share | $ 0.01 | |||||
ClassBUnits [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 256,087 | |||||
Share-based Compensation | $ 62,000 | |||||
Restricted Stock [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 809,000 | 7,000 | ||||
Share-based Compensation | $ 809,000 | |||||
Performance based restricted stock units | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Restricted Stock Units outstanding | 480,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 207,028 | 272,929 | ||||
mShares [Domain] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Preferred Stock, Shares Outstanding | 87 | 98,000 | ||||
mShares [Domain] | Minimum [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Preferred Stock, Dividend Rate, Percentage | 5.75% | |||||
mShares [Domain] | Maximum [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Preferred Stock, Dividend Rate, Percentage | 7.50% | |||||
Series A Preferred Stock [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Preferred Stock, Shares Outstanding | 1,694,000 | 2,075,000 | 1,735,000 | |||
Preferred Stock, Dividend Rate, Percentage | 6.00% | |||||
Series A Redeemable Preferred Stock, par value per share | $ 0.01 | $ 0.01 | ||||
preferred stock stated value per share | $ 1,000 | |||||
Series M Preferred Stock [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Preferred Stock, Shares Outstanding | 87,000 | 89,000 | ||||
Series A Redeemable Preferred Stock, par value per share | $ 0.01 | $ 0.01 | ||||
Common Class A [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Common Unit, Outstanding | 548,000 | 775,000 | ||||
Series A1 Preferred Stock | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Preferred Stock, Shares Outstanding | 184,000 | 37,000 | 149,000 | |||
Series A Redeemable Preferred Stock, par value per share | $ 0.01 | $ 0.01 | ||||
Series M1 Preferred Stock | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Preferred Stock, Shares Outstanding | 21,000 | 2,000 | 19,000 | |||
Series A Redeemable Preferred Stock, par value per share | $ 0.01 | $ 0.01 | ||||
Series M1 Preferred Stock | Minimum [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Preferred Stock, Dividend Rate, Percentage | 6.10% | |||||
Series M1 Preferred Stock | Maximum [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Preferred Stock, Dividend Rate, Percentage | 7.10% |
Fair Values of Financial Inst_3
Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 20, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
line of credit receivable | $ 10,874 | ||
financial assets carrying value | 313,297 | ||
Mortgage notes payable | $ 2,587,660 | 2,594,464 | |
Line of Credit Facility, Amount Outstanding | 40,000 | 22,000 | |
Short-term Debt | $ 70,000 | ||
Debt, Long-term and Short-term, Combined Amount | 2,672,516 | 2,662,705 | |
Real estate loans carrying value including accrued interest | 302,423 | ||
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Assets, Fair Value Disclosure | 0 | ||
real estate related loans fair value | 0 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Assets, Fair Value Disclosure | 325,948 | ||
real estate related loans fair value | 315,074 | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 2,645,981 | 2,688,471 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
real estate related loans fair value | 0 | ||
Mortgages [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
real estate related loans fair value | 315,074 | ||
Reported Value Measurement [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
line of credit receivable | 10,795 | ||
financial assets carrying value | 313,974 | ||
Real estate loans carrying value including accrued interest | 303,179 | ||
Reported Value Measurement [Member] | Mortgages [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Mortgage notes payable | 2,632,516 | 2,640,705 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Line of Credit Facility, Amount Outstanding | 40,000 | 22,000 | |
Estimate of Fair Value Measurement [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
line of credit receivable | 10,795 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Assets, Fair Value Disclosure | 0 | ||
Long-term Debt, Fair Value | 0 | 0 | |
Line of Credit Facility, Amount Outstanding | 0 | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Assets, Fair Value Disclosure | 326,659 | ||
real estate related loans fair value | 315,864 | ||
Long-term Debt, Fair Value | 2,605,981 | 2,666,471 | |
Line of Credit Facility, Amount Outstanding | 40,000 | 22,000 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Assets, Fair Value Disclosure | 0 | ||
Long-term Debt, Fair Value | 0 | 0 | |
Line of Credit Facility, Amount Outstanding | 0 | 0 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | $ 0 | |
Estimate of Fair Value Measurement [Member] | Mortgages [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Assets, Fair Value Disclosure | $ 315,864 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Thousands | Apr. 16, 2021USD ($)number_of_properties | Mar. 31, 2021USD ($)number_of_properties$ / shares | Mar. 31, 2020USD ($)$ / shares | Dec. 31, 2020USD ($) |
Subsequent Event [Line Items] | ||||
Long-term Debt | $ | $ 2,587,660 | $ 2,594,464 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.27% | |||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.175 | $ 0.2625 | ||
Number of units in real estate property | 11,143 | 11,143 | ||
Office Building | ||||
Subsequent Event [Line Items] | ||||
Number of units in real estate property | number_of_properties | 2 | |||
Number of Properties Disposed Of | number_of_properties | 7 | |||
Office Real Estate Loan Investment | ||||
Subsequent Event [Line Items] | ||||
Number of Properties Disposed Of | number_of_properties | 1 | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Proceeds from Sale of Property Held-for-sale | $ | $ 717,500 | |||
Series A Preferred Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ | $ 98,553 |
Operating Leases (Details)
Operating Leases (Details) | 3 Months Ended | |||
Mar. 31, 2021USD ($)lease | Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Lessor, Lease, Description [Line Items] | ||||
Operating Leases, Variable Rental Revenue | $ 11,300,000 | $ 10,400,000 | ||
Contract with Customer, Liability, Revenue Recognized | $ 2,800,000 | $ 2,800,000 | ||
2020 | 2,333,000 | |||
2021 | 2,959,000 | |||
2022 | 2,574,000 | |||
2023 | 3,203,000 | |||
2024 | 2,871,000 | |||
Thereafter | 1,439,000 | |||
Lessee, Operating Lease, Liability, Payments, Due, Total | 15,379,000 | |||
Lease, Cost | 779,000 | 589,000 | ||
Operating Lease, Lease Income, Lease Payments | 779,000 | 580,000 | ||
Operating Lease, Lease Income | $ 101,600,000 | 109,100,000 | ||
Lessee, Operating Lease, Number Of Leases | lease | 3 | |||
Lessee, Operating Lease, Term of Contract | 20 years | |||
Minimum [Member] | ||||
Lessor, Lease, Description [Line Items] | ||||
Lessee, Operating Lease, Term of Contract | 3 years | |||
Maximum [Member] | ||||
Lessor, Lease, Description [Line Items] | ||||
Lessee, Operating Lease, Term of Contract | 5 years | |||
Office Space | ||||
Lessor, Lease, Description [Line Items] | ||||
2020 | $ 2,200,000 | |||
2021 | 2,855,000 | |||
2022 | 2,497,000 | |||
2023 | 3,139,000 | |||
2024 | 2,808,000 | |||
Thereafter | 355,000 | |||
Lessee, Operating Lease, Liability, Payments, Due, Total | 13,854,000 | |||
Lease, Cost | 728,000 | 475,000 | ||
Operating Lease, Lease Income, Lease Payments | 730,000 | 475,000 | ||
Ground Leases | ||||
Lessor, Lease, Description [Line Items] | ||||
2020 | 38,000 | |||
2021 | 51,000 | |||
2022 | 51,000 | |||
2023 | 51,000 | |||
2024 | 52,000 | |||
Thereafter | 1,084,000 | |||
Lessee, Operating Lease, Liability, Payments, Due, Total | 1,327,000 | |||
Lease, Cost | 15,000 | 13,000 | ||
Operating Lease, Lease Income, Lease Payments | 13,000 | 4,000 | ||
Office Equipment | ||||
Lessor, Lease, Description [Line Items] | ||||
2020 | 95,000 | |||
2021 | 53,000 | |||
2022 | 26,000 | |||
2023 | 13,000 | |||
2024 | 11,000 | |||
Thereafter | 0 | |||
Lessee, Operating Lease, Liability, Payments, Due, Total | 198,000 | |||
Lease, Cost | 36,000 | 101,000 | ||
Operating Lease, Lease Income, Lease Payments | $ 36,000 | $ 101,000 |
Operating Leases - Lease Expens
Operating Leases - Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Lease Income, Lease Payments | $ 779 | $ 580 |
Lease, Cost | $ 779 | 589 |
Office Space | ||
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Weighted Average Discount Rate, Percent | 3.00% | |
Operating Lease, Weighted Average Remaining Lease Term | 4 years 9 months 18 days | |
Operating Lease, Lease Income, Lease Payments | $ 730 | 475 |
Lease, Cost | $ 728 | 475 |
Ground Leases | ||
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Weighted Average Discount Rate, Percent | 4.40% | |
Operating Lease, Weighted Average Remaining Lease Term | 35 years 4 months 24 days | |
Operating Lease, Lease Income, Lease Payments | $ 13 | 4 |
Lease, Cost | $ 15 | 13 |
Office Equipment | ||
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Weighted Average Discount Rate, Percent | 3.00% | |
Operating Lease, Weighted Average Remaining Lease Term | 2 years 6 months | |
Operating Lease, Lease Income, Lease Payments | $ 36 | 101 |
Lease, Cost | $ 36 | $ 101 |
Schedule IV (Details)
Schedule IV (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Mortgage Loans on Real Estate [Line Items] | ||
current interest rate | 8.62% | 8.50% |
Deferred interest rate | 3.73% | 3.91% |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 280,938 |