Cover
Cover | 6 Months Ended |
Jun. 30, 2021 | |
Cover [Abstract] | |
Document Type | S-4 |
Entity Registrant Name | CIM REAL ESTATE FINANCE TRUST, INC. |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001498547 |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Real estate assets: | |||
Land | $ 843,192 | $ 881,896 | $ 700,210 |
Buildings, fixtures and improvements | 2,267,204 | 2,490,030 | 1,830,101 |
Intangible lease assets | 367,622 | 389,564 | 313,127 |
Condominium developments | 197,080 | 0 | |
Total real estate assets, at cost | 3,675,098 | 3,761,490 | 2,843,438 |
Less: accumulated depreciation and amortization | (472,399) | (453,385) | (374,103) |
Total real estate assets, net | 3,202,699 | 3,308,105 | 2,469,335 |
Real estate-related securities | 42,071 | 38,194 | 0 |
Loans held-for-investment and related receivables, net | 1,356,247 | 962,624 | 301,630 |
Less: Allowance for credit losses | (13,011) | (70,358) | 0 |
Total loans held-for-investment and related receivables, net | 1,343,236 | 892,266 | 301,630 |
Cash and cash equivalents | 141,299 | 121,385 | 466,024 |
Restricted cash | 32,918 | 7,023 | 7,331 |
Rents and tenant receivables, net | 57,945 | 74,419 | 58,374 |
Prepaid expenses and other assets | 17,028 | 10,406 | 11,731 |
Deferred costs, net | 5,842 | 4,293 | 2,301 |
Assets held for sale | 6,124 | 3,518 | 351,897 |
Total assets | 4,849,162 | 4,459,609 | 3,668,623 |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Credit facilities, notes payable and repurchase facilities, net | 2,540,809 | 2,144,993 | 1,604,860 |
Accrued expenses and accounts payable | 35,102 | 30,419 | 22,038 |
Due to affiliates | 15,957 | 14,723 | 14,458 |
Intangible lease liabilities, net | 27,578 | 32,718 | 20,523 |
Distributions payable | 10,997 | 10,969 | 16,510 |
Deferred rental income, derivative liabilities and other liabilities | 19,686 | 27,361 | 19,448 |
Total liabilities | 2,650,129 | 2,261,183 | 1,697,837 |
Commitments and contingencies | |||
Redeemable common stock | 173,628 | 0 | 180,838 |
STOCKHOLDERS' EQUITY | |||
Preferred stock, $0.01 par value per share; 10,000,000 shares authorized, none issued and outstanding | 0 | 0 | 0 |
Common stock, value | 3,629 | 3,620 | 3,112 |
Capital in excess of par value | 2,990,971 | 3,157,859 | 2,606,925 |
Accumulated distributions in excess of earnings | (971,826) | (961,006) | (816,181) |
Accumulated other comprehensive income (loss) | 2,631 | (2,047) | (3,908) |
Total stockholders' equity | 2,025,405 | 2,198,426 | 1,789,948 |
Total liabilities, redeemable common stock and stockholders' equity | $ 4,849,162 | $ 4,459,609 | $ 3,668,623 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | |||
Preferred stock, par value (USD per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (shares) | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (shares) | 0 | 0 | 0 |
Preferred stock, shares outstanding (shares) | 0 | 0 | 0 |
Common stock, par value (USD per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized (shares) | 490,000,000 | 490,000,000 | 490,000,000 |
Common stock, shares issued (shares) | 362,923,841 | 362,001,968 | 311,207,725 |
Common stock, shares outstanding (shares) | 362,923,841 | 362,001,968 | 311,207,725 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | |||||||
Rental and other property income | $ 75,302 | $ 60,103 | $ 152,232 | $ 128,539 | $ 261,530 | $ 393,224 | $ 429,636 |
Interest income | 16,460 | 7,193 | 28,413 | 12,764 | 29,393 | 20,132 | 1,640 |
Total revenues | 91,762 | 67,296 | 180,645 | 141,303 | 290,923 | 413,356 | 431,276 |
Operating expenses: | |||||||
General and administrative | 3,020 | 5,902 | 15,385 | 13,729 | 14,127 | ||
Property operating | 4,811 | 11,676 | 23,399 | 33,462 | 30,267 | ||
Real estate tax | 7,706 | 6,748 | 19,925 | 13,726 | 27,691 | 32,196 | 37,898 |
Expense reimbursements to related parties | 3,210 | 3,057 | 5,871 | 5,235 | |||
Management fees | 11,755 | 9,750 | 23,332 | 19,600 | |||
Management and advisory fees and expenses | 44,743 | 42,339 | 43,399 | ||||
Transaction-related | 27 | 125 | 31 | 250 | 905 | 2,278 | 2,601 |
Depreciation and amortization | 24,647 | 19,696 | 50,385 | 40,519 | 80,973 | 107,867 | 140,979 |
Real estate impairment | 77 | 3,831 | 4,377 | 15,507 | 16,737 | 72,939 | 32,975 |
Provision for credit losses | 123 | 7,905 | 691 | 25,682 | 68,356 | 0 | 0 |
Total operating expenses | 62,506 | 58,943 | 134,120 | 138,097 | 278,189 | 304,810 | 302,246 |
Gain on disposition of real estate and condominium developments, net | 46,469 | 3,791 | 46,469 | 16,901 | 27,518 | 180,666 | 6,299 |
Merger-related expenses, net | (2,193) | 0 | 0 | ||||
Merger termination fee income | 7,380 | 0 | 0 | ||||
Operating income | 75,725 | 12,144 | 92,994 | 20,107 | 45,439 | 289,212 | 135,329 |
Other expense: | |||||||
Interest expense and other, net | (16,460) | (15,520) | (36,482) | (31,276) | (64,116) | (98,965) | (97,871) |
Loss on extinguishment of debt | (1,478) | (370) | (1,478) | (4,752) | (4,841) | (7,227) | (46) |
Total other expense | (17,938) | (15,890) | (37,960) | (36,028) | (68,957) | (106,192) | (97,917) |
Net income (loss) | $ 57,787 | $ (3,746) | $ 55,034 | $ (15,921) | (23,518) | 183,020 | 37,412 |
Net income allocated to noncontrolling interest | 0 | 121 | 134 | ||||
Net income attributable to the Company | $ (23,518) | $ 182,899 | $ 37,278 | ||||
Weighted average number of common shares outstanding: | |||||||
Basic and diluted | 362,448,778 | 310,558,499 | 362,226,607 | 310,903,460 | 311,808,605 | 311,302,909 | 311,478,665 |
Net income (loss) per common share: | |||||||
Basic and diluted | $ 0.16 | $ (0.01) | $ 0.15 | $ (0.05) | $ (0.08) | $ 0.59 | $ 0.12 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||||||
Net income (loss) | $ 57,787 | $ (3,746) | $ 55,034 | $ (15,921) | $ (23,518) | $ 183,020 | $ 37,412 |
Other comprehensive income (loss) | |||||||
Unrealized gain on real estate-related securities | 1,930 | 20 | 2,052 | 20 | 1,657 | 0 | 0 |
Reclassification adjustment for realized gain included in income as other income | (648) | 0 | (648) | 0 | (510) | 0 | 0 |
Unrealized (loss) gain on interest rate swaps | (52) | (805) | 71 | (11,610) | (11,607) | (11,456) | 8,210 |
Amount of loss reclassified from other comprehensive income (loss) into income (loss) as interest expense and other, net | 71 | 3,343 | 3,203 | 4,320 | 12,321 | 3,475 | 4,305 |
Total other comprehensive income (loss) | 1,301 | 2,558 | 4,678 | (7,270) | 1,861 | (14,931) | 3,905 |
Comprehensive income (loss) | 59,088 | (1,188) | $ 59,712 | $ (23,191) | (21,657) | 168,089 | 41,317 |
Comprehensive income allocated to noncontrolling interest | 0 | 121 | 134 | ||||
Comprehensive (loss) income attributable to the Company | $ 59,088 | $ (1,188) | $ (21,657) | $ 167,968 | $ 41,183 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Revision of Prior Period, Accounting Standards Update, Adjustment | Common Stock | Capital in Excess of Par Value | Accumulated Distributions in Excess of Earnings | Accumulated Distributions in Excess of EarningsRevision of Prior Period, Accounting Standards Update, Adjustment | Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) IncomeRevision of Prior Period, Accounting Standards Update, Adjustment |
Beginning balance (shares) at Dec. 31, 2017 | 311,582,319 | |||||||
Beginning balance at Dec. 31, 2017 | $ 1,970,212 | $ 0 | $ 3,116 | $ 2,607,300 | $ (646,834) | $ (488) | $ 6,630 | $ 488 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of common stock (shares) | 9,615,850 | |||||||
Issuance of common stock | 91,764 | $ 96 | 91,668 | |||||
Equity-based compensation (shares) | 14,008 | |||||||
Equity-based compensation | 33 | 33 | ||||||
Distributions declared on common stock | (194,573) | (194,573) | ||||||
Redemptions of common stock (shares) | (9,830,781) | |||||||
Redemptions of common stock | (93,830) | $ (98) | (93,732) | |||||
Changes in redeemable common stock | 2,061 | 2,061 | ||||||
Comprehensive (loss) income | 41,183 | 37,278 | 3,905 | |||||
Ending balance (shares) at Dec. 31, 2018 | 311,381,396 | |||||||
Ending balance at Dec. 31, 2018 | 1,816,850 | $ 3,114 | 2,607,330 | (804,617) | 11,023 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of common stock (shares) | 9,335,895 | |||||||
Issuance of common stock | 82,388 | $ 93 | 82,295 | |||||
Equity-based compensation (shares) | 18,499 | |||||||
Equity-based compensation | 138 | 138 | ||||||
Distributions declared on common stock | (194,463) | (194,463) | ||||||
Redemptions of common stock (shares) | (9,528,065) | |||||||
Redemptions of common stock | (84,088) | $ (95) | (83,993) | |||||
Changes in redeemable common stock | 1,155 | 1,155 | ||||||
Comprehensive (loss) income | $ 167,968 | 182,899 | (14,931) | |||||
Ending balance (shares) at Dec. 31, 2019 | 311,207,725 | 311,207,725 | ||||||
Ending balance at Dec. 31, 2019 | $ 1,789,948 | (2,002) | $ 3,112 | 2,606,925 | (816,181) | (2,002) | (3,908) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of common stock (shares) | 2,223,298 | |||||||
Issuance of common stock | 19,231 | $ 22 | 19,209 | |||||
Equity-based compensation | 40 | 40 | ||||||
Distributions declared on common stock | (48,332) | (48,332) | ||||||
Redemptions of common stock (shares) | (2,256,037) | |||||||
Redemptions of common stock | (19,514) | $ (22) | (19,492) | |||||
Changes in redeemable common stock | 283 | 283 | ||||||
Comprehensive (loss) income | (22,003) | (12,175) | (9,828) | |||||
Ending balance (shares) at Mar. 31, 2020 | 311,174,986 | |||||||
Ending balance at Mar. 31, 2020 | $ 1,717,651 | $ 3,112 | 2,606,965 | (878,690) | (13,736) | |||
Beginning balance (shares) at Dec. 31, 2019 | 311,207,725 | 311,207,725 | ||||||
Beginning balance at Dec. 31, 2019 | $ 1,789,948 | $ (2,002) | $ 3,112 | 2,606,925 | (816,181) | $ (2,002) | (3,908) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of common stock (shares) | 4,211,747 | |||||||
Issuance of common stock | 34,191 | $ 42 | 34,149 | |||||
Issuance of common stock in connection with the Mergers (shares) | 52,574,431 | |||||||
Issuance of common stock in connection with the Mergers | 384,319 | $ 526 | 383,793 | |||||
Equity-based compensation (shares) | 22,059 | |||||||
Equity-based compensation | 160 | 160 | ||||||
Distributions declared on common stock | (119,305) | (119,305) | ||||||
Redemptions of common stock (shares) | (6,013,994) | |||||||
Redemptions of common stock | (48,066) | $ (60) | (48,006) | |||||
Changes in redeemable common stock | 180,838 | 180,838 | ||||||
Comprehensive (loss) income | $ (21,657) | (23,518) | 1,861 | |||||
Ending balance (shares) at Dec. 31, 2020 | 362,001,968 | 362,001,968 | ||||||
Ending balance at Dec. 31, 2020 | $ 2,198,426 | $ 3,620 | 3,157,859 | (961,006) | (2,047) | |||
Beginning balance (shares) at Mar. 31, 2020 | 311,174,986 | |||||||
Beginning balance at Mar. 31, 2020 | 1,717,651 | $ 3,112 | 2,606,965 | (878,690) | (13,736) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of common stock (shares) | 1,242,475 | |||||||
Issuance of common stock | 9,543 | $ 12 | 9,531 | |||||
Equity-based compensation | 40 | 40 | ||||||
Distributions declared on common stock | (13,072) | (13,072) | ||||||
Redemptions of common stock (shares) | (2,468,754) | |||||||
Redemptions of common stock | (19,191) | $ (25) | (19,166) | |||||
Changes in redeemable common stock | 9,643 | 9,643 | ||||||
Comprehensive (loss) income | (1,188) | (3,746) | 2,558 | |||||
Ending balance (shares) at Jun. 30, 2020 | 309,948,707 | |||||||
Ending balance at Jun. 30, 2020 | $ 1,703,426 | $ 3,099 | 2,607,013 | (895,508) | (11,178) | |||
Beginning balance (shares) at Dec. 31, 2020 | 362,001,968 | 362,001,968 | ||||||
Beginning balance at Dec. 31, 2020 | $ 2,198,426 | $ 3,620 | 3,157,859 | (961,006) | (2,047) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Equity-based compensation | 40 | 40 | ||||||
Distributions declared on common stock | (32,906) | (32,906) | ||||||
Comprehensive (loss) income | 624 | (2,753) | 3,377 | |||||
Ending balance (shares) at Mar. 31, 2021 | 362,001,968 | |||||||
Ending balance at Mar. 31, 2021 | 2,166,184 | $ 3,620 | 3,157,899 | (996,665) | 1,330 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of common stock (shares) | 917,769 | |||||||
Issuance of common stock | 6,660 | $ 9 | 6,651 | |||||
Equity-based compensation (shares) | 4,104 | |||||||
Equity-based compensation | 49 | 49 | ||||||
Distributions declared on common stock | (32,948) | (32,948) | ||||||
Changes in redeemable common stock | (173,628) | (173,628) | ||||||
Comprehensive (loss) income | $ 59,088 | 57,787 | 1,301 | |||||
Ending balance (shares) at Jun. 30, 2021 | 362,923,841 | 362,923,841 | ||||||
Ending balance at Jun. 30, 2021 | $ 2,025,405 | $ 3,629 | $ 2,990,971 | $ (971,826) | $ 2,631 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | Dec. 30, 2020 | Nov. 27, 2020 | Oct. 29, 2020 | Sep. 29, 2020 | Aug. 28, 2020 | Jul. 30, 2020 | Jun. 30, 2020 | May 31, 2020 | Apr. 30, 2020 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Stockholders' Equity [Abstract] | ||||||||||||||||
Distributions declared on common stock (USD per share) | $ 0.0303 | $ 0.0303 | $ 0.0303 | $ 0.0303 | $ 0.0303 | $ 0.0304 | $ 0.0161 | $ 0.0130 | $ 0.0130 | $ 0.09 | $ 0.09 | $ 0.04 | $ 0.15 | $ 0.38 | $ 0.625 | $ 0.625 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Cash flows from operating activities: | |||||
Net income (loss) | $ 55,034,000 | $ (15,921,000) | $ (23,518,000) | $ 183,020,000 | $ 37,412,000 |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||
Depreciation and amortization, net | 49,184,000 | 39,886,000 | 79,546,000 | 106,262,000 | 139,330,000 |
Amortization of deferred financing costs | 3,782,000 | 2,034,000 | 4,245,000 | 5,167,000 | 5,351,000 |
Amortization of fair value adjustment of mortgage notes payable assumed | (149,000) | (45,000) | (92,000) | (90,000) | (88,000) |
Amortization and accretion on deferred loan fees | (817,000) | (1,425,000) | (1,909,000) | (2,441,000) | (268,000) |
Amortization of premiums and discounts on credit investments | (3,767,000) | (194,000) | (668,000) | 0 | 0 |
Capitalized interest income on real estate-related securities | (435,000) | (539,000) | (539,000) | (8,546,000) | 0 |
Equity-based compensation | 89,000 | 80,000 | 160,000 | 138,000 | 33,000 |
Straight-line rental income | (2,756,000) | (2,083,000) | (6,738,000) | (6,564,000) | (8,077,000) |
Write-offs for uncollectible lease-related receivables | 591,000 | 5,870,000 | 5,664,000 | 952,000 | 522,000 |
Gain on disposition of real estate assets and condominium developments, net | (46,469,000) | (16,901,000) | (27,518,000) | (180,666,000) | (6,299,000) |
Loss on sale of credit investments, net | 227,000 | 0 | 0 | ||
Gain on sale of credit investments, net | (813,000) | (223,000) | |||
Amortization of fair value adjustment and gain on interest rate swaps | (2,757,000) | (10,000) | (13,000) | (18,000) | 0 |
Impairment of real estate assets | 4,377,000 | 15,507,000 | 16,737,000 | 72,939,000 | 32,975,000 |
Provision for credit losses | 691,000 | 25,682,000 | 68,356,000 | 0 | 0 |
Write-off of deferred financing costs | 45,000 | 544,000 | 633,000 | 2,271,000 | 46,000 |
Changes in assets and liabilities: | |||||
Rents and tenant receivables, net | 15,315,000 | (12,958,000) | (12,536,000) | 16,034,000 | (2,432,000) |
Prepaid expenses and other assets | (6,083,000) | 2,045,000 | 1,276,000 | (6,456,000) | (833,000) |
Accrued expenses and accounts payable | 707,000 | 1,427,000 | 4,212,000 | (1,742,000) | 14,000 |
Deferred rental income and other liabilities | (1,656,000) | (4,885,000) | (508,000) | (987,000) | 4,921,000 |
Due from affiliates | 0 | 0 | 56,000 | ||
Due to affiliates | 1,234,000 | (662,000) | (656,000) | 9,302,000 | 3,172,000 |
Net cash provided by operating activities | 65,347,000 | 37,229,000 | 106,361,000 | 188,575,000 | 205,835,000 |
Cash flows from investing activities: | |||||
Cash acquired in connection with the Mergers | 13,810,000 | 0 | 0 | ||
Investment in real estate-related securities | (28,509,000) | (16,450,000) | (76,644,000) | 0 | 0 |
Investment in broadly syndicated loans | (142,324,000) | (404,896,000) | (582,654,000) | (2,750,000) | 0 |
Investment in real estate assets and capital expenditures | (14,543,000) | (7,171,000) | (48,995,000) | (23,887,000) | (19,202,000) |
Origination and acquisition of loans held-for-investment, net | (533,222,000) | (1,165,000) | (238,563,000) | (217,014,000) | (89,295,000) |
Origination and exit fees received on loans held-for-investment | 4,694,000 | 571,000 | 3,200,000 | 1,697,000 | 185,000 |
Principal payments received on loans held-for-investment | 97,459,000 | 63,592,000 | 119,443,000 | 17,186,000 | 0 |
Principal payments received on real estate-related securities | 20,000 | 355,000 | 2,571,000 | 0 | 0 |
Net proceeds from sale of real estate-related securities | 27,624,000 | 0 | 37,593,000 | 0 | 0 |
Net proceeds from disposition of real estate assets and condominium developments | 304,370,000 | 157,198,000 | 263,797,000 | 1,399,953,000 | 64,180,000 |
Net proceeds from sale of broadly syndicated loans | 36,518,000 | 19,842,000 | 39,902,000 | 0 | 0 |
Payment of property escrow deposits | 0 | (250,000) | (875,000) | (350,000) | (1,100,000) |
Refund of property escrow deposits | 0 | 250,000 | 875,000 | 350,000 | 1,100,000 |
Proceeds from the settlement of insurance claims | 58,000 | 0 | 400,000 | 110,000 | 240,000 |
Net cash used in investing activities | (247,855,000) | (188,124,000) | (466,140,000) | 1,175,295,000 | (43,892,000) |
Cash flows from financing activities: | |||||
Redemptions of common stock | 0 | (38,705,000) | (48,066,000) | (84,088,000) | (93,830,000) |
Distributions to stockholders | (59,166,000) | (44,150,000) | (90,655,000) | (112,083,000) | (102,822,000) |
Proceeds from credit facilities and repurchase facilities | 590,182,000 | 320,992,000 | 576,880,000 | 424,500,000 | 268,000,000 |
Repayments of credit facilities and notes payable | (298,021,000) | (218,814,000) | (417,902,000) | (1,137,022,000) | (227,181,000) |
Payment of loan deposits | (650,000) | 0 | (65,000) | 0 | 0 |
Refund of loan deposits | 65,000 | 0 | |||
Deferred financing costs paid | (4,093,000) | (844,000) | (5,360,000) | (1,211,000) | 0 |
Distributions to noncontrolling interest | 0 | (285,000) | (279,000) | ||
Net cash provided by financing activities | 228,317,000 | 18,479,000 | 14,832,000 | (910,189,000) | (156,112,000) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 45,809,000 | (132,416,000) | (344,947,000) | 453,681,000 | 5,831,000 |
Cash and cash equivalents and restricted cash, beginning of period | 128,408,000 | 473,355,000 | 473,355,000 | 19,674,000 | 13,843,000 |
Cash and cash equivalents and restricted cash, end of period | 174,217,000 | 340,939,000 | 128,408,000 | 473,355,000 | 19,674,000 |
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets: | |||||
Cash and cash equivalents | 141,299,000 | 336,142,000 | 121,385,000 | 466,024,000 | 10,533,000 |
Restricted cash | 32,918,000 | 4,797,000 | 7,023,000 | 7,331,000 | 9,141,000 |
Total cash and cash equivalents and restricted cash | $ 174,217,000 | $ 340,939,000 | $ 128,408,000 | $ 473,355,000 | $ 19,674,000 |
ORGANIZATION AND BUSINESS
ORGANIZATION AND BUSINESS | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
ORGANIZATION AND BUSINESS | NOTE 1 — ORGANIZATION AND BUSINESS CIM Real Estate Finance Trust, Inc. (the “Company”) is a non-exchange month-to-month A majority of the Company’s business is conducted through CIM Real Estate Finance Operating Partnership, LP, a Delaware limited partnership, of which the Company is the sole general partner and owns, directly or indirectly, 100% of the partnership interests. The Company is externally managed by CIM Real Estate Finance Management, LLC, a Delaware limited liability company (“CMFT Management”), which is an affiliate of CIM Group, LLC (“CIM”). CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Headquartered in Los Angeles, California, CIM has offices across the United States and in Tokyo, Japan. CCO Group, LLC owns and controls CMFT Management, the Company’s manager, and is the indirect owner of CCO Capital, LLC (“CCO Capital”), the Company’s dealer manager, and CREI Advisors, LLC (“CREI Advisors”), the Company’s property manager. CCO Group, LLC and its subsidiaries (collectively, “CCO Group”) serve as the Company’s sponsor and as a sponsor to CIM Income NAV, Inc. (“CIM Income NAV”). The Company relies upon CIM Capital IC Management, LLC, the Company’s investment advisor (the “Investment Advisor”) to provide substantially all of the Company’s day-to-day On January 26, 2012, the Company commenced its initial public offering on a “best efforts” basis of up to a maximum of $2.975 billion in shares of common stock (the “Offering”). The Company ceased issuing shares in the Offering on April 4, 2014. At the completion of the Offering, a total of approximately 297.4 million shares of common stock had been issued, including approximately 292.3 million shares of common stock sold to the public pursuant to the primary portion of the Offering and approximately 5.1 million shares of common stock issued pursuant to the distribution reinvestment plan (“DRIP”) portion of the Offering. The remaining approximately 404,000 unsold shares from the Offering were deregistered. The Company registered $247.0 million of shares of common stock under the DRIP (the “Initial DRIP Offering”) pursuant to a Registration Statement on Form S-3 No. 333-192958), $241.7 million of shares of common stock had been issued. The remaining $5.3 million of unsold shares from the Initial DRIP Offering were deregistered. The Company registered an additional $600.0 million of shares of common stock under the DRIP (the “Secondary DRIP Offering,” and together with the Initial DRIP Offering, the “DRIP Offerings,” and the DRIP Offerings collectively with the Offering, the “Offerings”) pursuant to a Registration Statement on Form S-3 No. 333-212832), The Board establishes an updated estimated per share net asset value (“NAV”) of the Company’s common stock on at least an annual basis for purposes of assisting broker-dealers that participated in the Offering in meeting their customer account reporting obligations under Financial Industry Regulatory Authority Rule 2231. Distributions are reinvested in shares of the Company’s common stock under the DRIP at the estimated per share NAV as determined by the Board. Additionally, the estimated per share NAV as determined by the Board serves as the per share NAV for purposes of the share redemption program. As of June 30, 2021, the estimated per share NAV of the Company’s common stock was $7.20, which was established by the Board on May 25, 2021 using a valuation date of March 31, 2021. Commencing on May 26, 2021, $7.20 served as the per share NAV under the DRIP. The Board previously established a per share NAV as of August 31, 2015, September 30, 2016, December 31, 2016, December 31, 2017, December 31, 2018, December 31, 2019, March 31, 2020 and June 30, 2020. The Company’s estimated per share NAVs are not audited or reviewed by its independent registered public accounting firm. | NOTE 1 — ORGANIZATION AND BUSINESS CIM Real Estate Finance Trust, Inc. (the “Company”) is a non-exchange month-to-month estate-related A majority of the Company’s business is conducted through CIM Real Estate Finance Operating Partnership, LP, a Delaware limited partnership, of which the Company is the sole general partner and owns, directly or indirectly, 100% of the partnership interests. The Company is externally managed by CIM Real Estate Finance Management, LLC, a Delaware limited liability company (“CMFT Management”), which is an affiliate of CIM Group, LLC (“CIM”). CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Headquartered in Los Angeles, California, CIM has offices across the United States and in Tokyo, Japan. CCO Group, LLC owns and controls CMFT Management, the Company’s manager, and is the indirect owner of CCO Capital, LLC (“CCO Capital”), the Company’s dealer manager, and CREI Advisors, LLC (“CREI Advisors”), the Company’s property manager. CCO Group, LLC and its subsidiaries (collectively, “CCO Group”) serve as the Company’s sponsor and as a sponsor to CIM Income NAV, Inc. (“CIM Income NAV”). The Company relies upon CIM Capital IC Management, LLC, our investment advisor with respect to investments in securities, to provide substantially all of our day-to-day On January 26, 2012, the Company commenced its initial public offering on a “best efforts” basis of up to a maximum of $2.975 billion in shares of common stock (the “Offering”). The Company ceased issuing shares in the Offering on April 4, 2014. At the completion of the Offering, a total of approximately 297.4 million shares of common stock had been issued, including approximately 292.3 million shares of common stock sold to the public pursuant to the primary portion of the Offering and approximately 5.1 million shares of common stock issued pursuant to the distribution reinvestment plan (“DRIP”) portion of the Offering. The remaining approximately 404,000 unsold shares from the Offering were deregistered. The Company registered $247.0 million of shares of common stock under the DRIP (the “Initial DRIP Offering”) pursuant to a Registration Statement on Form S-3 (Registration No. 333-192958), The Company registered an additional $600.0 million of shares of common stock under the DRIP (the “Secondary DRIP Offering,” and together with the Initial DRIP Offering, the “DRIP Offerings,” and the DRIP Offerings collectively with the Offering, the “Offerings”) pursuant to a Registration Statement on Form S-3 No. 333-212832), The Board establishes an updated estimated per share net asset value (“NAV”) of the Company’s common stock on at least an annual basis for purposes of assisting broker-dealers that participated in the Offering in meeting their customer account reporting obligations under Financial Industry Regulatory Authority Rule 2231. Distributions are reinvested in shares of the Company’s common stock under the DRIP at the estimated per share NAV as determined by the Board. Additionally, the estimated per share NAV as determined by the Board serves as the per share NAV for purposes of the share redemption program. As of December 31, 2020, the estimated per share NAV of the Company’s common stock was $7.31, which was established by the Board on August 11, 2020 using a valuation date of June 30, 2020. Commencing on August 14, 2020, $7.31 served as the per share NAV under the DRIP. The Board previously established a per share NAV as of August 31, 2015, September 30, 2016, December 31, 2016, December 31, 2017, December 31, 2018, December 31, 2019 and March 31, 2020. The Company’s estimated per share NAVs are not audited or reviewed by its independent registered public accounting firm. Completed Mergers On December 21, 2020, the Company completed the mergers previously disclosed in the Current Report on Form 8-K At the effective time of the Mergers and subject to the terms and conditions of the Merger Agreements, each issued and outstanding share of common stock of CCIT III and CCPT V was converted into the right to receive 1.098 and 2.892 shares of the Company’s common stock, $0.01 par value per share, respectively, subject to the treatment of fractional shares in accordance with the Merger Agreements (the “Merger Consideration”). At the effective time of the Mergers and subject to the terms and conditions of the Merger Agreements, each issued and outstanding share of common stock granted under CCIT III’s and CCPT V’s respective 2018 Equity Incentive Plans, whether vested or unvested, was cancelled in exchange for an amount equal to the applicable Merger Consideration. Concurrently with the entry into the Merger Agreements, (i) CCIT III and its advisor entered into a Termination Agreement (the “CCIT III Termination Agreement”) pursuant to which the Advisory Agreement, dated September 22, 2016, by and between CCIT III and its advisor terminated at the effective time of the CCIT III Merger, and (ii) CCPT V and its advisor entered into a Termination Agreement (the “CCPT V Termination Agreement” and, together with the CCIT III Termination Agreement, the “Termination Agreements”) pursuant to which the Advisory Agreement, dated March 17, 2014, by and between CCPT V and its advisor terminated at the effective time of the CCPT V Merger. Pursuant to the Termination Agreements, each of CCIT III’s advisor and CCPT V’s advisor agreed to waive any subordinated performance fee or disposition fee it otherwise would have been entitled to pursuant to the applicable advisory agreement related to the CCIT III Merger or CCPT V Merger, as applicable. In order to manage the financial health of the Company, the Board approved and adopted a Second Amended and Restated Distribution Reinvestment Plan (the “Amended DRIP”) and an amended and restated share redemption program (the “Amended Share Redemption Program”) that, among other changes, provides that the Amended DRIP and the Amended Share Redemption Program may be suspended at any time by majority vote of the Board without prior notice if the Board believes such action is in the best interest of the Company and its stockholders. In connection with the entry of the Company into the Merger Agreements, on August 30, 2020, the Board approved the suspension of the Amended DRIP, and therefore, distributions paid after that date were paid in cash to all stockholders until the Amended DRIP was reinstated, effective April 1, 2021, by the Board on March 25, 2021. Additionally, on August 30, 2020, the Board approved the suspension of the Company’s Amended Share Redemption Program, and therefore, no shares were redeemed from the Company’s stockholders after that date until the Amended Share Redemption Program was reinstated, effective April 1, 2021, by the Board on March 25, 2021. Terminated Merger Agreement On August 30, 2020, the Company, Cole Office & Industrial REIT (CCIT II), Inc. (“CCIT II”) and Thor II Merger Sub, LLC, a wholly owned subsidiary of the Company (“CCIT II Merger Sub”), entered into an Agreement and Plan of Merger (the “CCIT II Merger Agreement”). Subject to the terms and conditions of the CCIT II Merger Agreement, CCIT II would have merged with and into CCIT II Merger Sub (the “CCIT II Merger”), with CCIT II Merger Sub surviving the CCIT II Merger, such that following the CCIT II Merger, the surviving entity would continue as a wholly owned subsidiary of the Company. On October 29, 2020, CCIT II terminated the CCIT II Merger Agreement pursuant to Sections 9.1(c)(ii) and 9.2 of the CCIT II Merger Agreement and entered into an agreement (the “Termination Notice”) with the Company reflecting such termination and pursuant to which, among other things, CCIT II paid the termination fee equal to $7.38 million to the Company in accordance with the CCIT II Merger Agreement, and agreed to pay to the Company the amount of its expenses up to $3.69 million, required to be paid pursuant to the terms of the CCIT II Merger Agreement (such amounts together, the “CCIT II Termination Payment”). During the year ended December 31, 2020, the Company incurred $2.0 million in CCIT II merger-related |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The summary of significant accounting policies presented below is designed to assist in understanding the Company’s condensed consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying condensed consolidated financial statements. Principles of Consolidation and Basis of Presentation The condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the SEC regarding interim financial reporting, including the instructions to Form 10-Q S-X, 10-Q 10-K 10-Q. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Reclassifications Certain amounts in the Company’s prior period condensed consolidated financial statements have been reclassified to conform to the current period presentation. This reclassification had no effect on previously reported totals or subtotals. The reclassifications have been made to the condensed consolidated statements of operations for the three and six months ended June 30, 2020 as follows (in thousands): Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 As previously Reclassification As Revised As previously Reclassification As Revised Condensed Consolidated Statements of Operations General and administrative $ 4,235 $ (1,215 ) $ 3,020 $ 7,917 $ (2,015 ) $ 5,902 Management fees $ 11,398 $ (1,648 ) $ 9,750 $ 22,488 $ (2,888 ) $ 19,600 Transaction-related $ 330 $ (205 ) $ 125 $ 582 $ (332 ) $ 250 Expense reimbursements to related parties $ — $ 3,057 $ 3,057 $ — $ 5,235 $ 5,235 Interest expense and other, net $ 15,509 $ 11 $ 15,520 $ 31,276 $ — $ 31,276 Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Real Estate Assets Real estate assets are stated at cost, less accumulated depreciation and amortization. The Company considers the period of future benefit of each respective asset to determine the appropriate useful life. The estimated useful lives of the Company’s real estate assets by class are generally as follows: Buildings 40 years Site improvements 15 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term Recoverability of Real Estate Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to: bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, lease concessions and other factors; a significant decrease in a property’s revenues due to lease terminations; vacancies; co- assets by determining whether the carrying amount of the assets will be recovered through the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to their respective fair values and recognize an impairment loss. Generally, fair value is determined using a discounted cash flow analysis and recent comparable sales transactions. During the six months ended June 30, 2021, as part of the Company’s quarterly impairment review procedures, the Company recorded impairment charges of $4.4 million related to five properties, of which impairment at three properties was due to sales prices that were less than their respective carrying values and impairment at two properties was due to vacancy. The Company’s impairment assessment as of June 30, 2021 was based on the most current information available to the Company, including expected holding periods. If the Company’s expected holding periods for assets change, subsequent tests for impairment could result in additional impairment charges in the future. The Company cannot provide any assurance that additional material impairment charges with respect to the Company’s real estate assets will not occur during 2021 or in future periods. During the six months ended June 30, 2020, the Company recorded impairment charges of $15.5 million related to nine properties due to revised cash flow estimates as a result of market conditions and one property due to a tenant bankruptcy. The assumptions and uncertainties utilized in the evaluation of the impairment of real estate assets are discussed in detail in Note 3 — Fair Value Measurements. See also Note 4 — Real Estate Assets for further discussion regarding real estate investment activity. Assets Held for Sale When a real estate asset is identified by the Company as held for sale, the Company will cease recording depreciation and amortization of the assets related to the property and estimate its fair value, net of selling costs. If, in management’s opinion, the fair value, net of selling costs, of the asset is less than the carrying amount of the asset, an adjustment to the carrying amount is then recorded to reflect the estimated fair value of the property, net of selling costs. As of June 30, 2021, the Company identified two properties with a fair value of $6.1 million as held for sale, which were sold subsequent to June 30, 2021 at a gain of $779,000. As of December 31, 2020, the Company identified one property with a fair value of $3.5 million as held for sale, which was sold during the six months ended June 30, 2021. No gain or loss was recognized on this disposition. Disposition of Real Estate Assets Gains and losses from dispositions are recognized once the various criteria relating to the terms of sale and any subsequent involvement by the Company with the asset sold are met. A discontinued operation includes only the disposal of a component of an entity and represents a strategic shift that has (or will have) a major effect on an entity’s financial results. The Company’s dispositions during the six months ended June 30, 2021 and 2020 did not qualify for discontinued operations presentation and thus, the results of the properties and condominiums that were sold will remain in operating income, and any associated gains or losses from the disposition are included in gain on disposition of real estate and condominium developments, net. See Note 4 — Real Estate Assets for a discussion of the disposition of individual properties and condominiums during the six months ended June 30, 2021. Allocation of Purchase Price of Real Estate Assets Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and to identified intangible assets and liabilities, consisting of the value of above- and below-market leases and the value of in-place determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information. The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could materially impact the Company’s results of operations. Certain acquisition-related expenses related to asset acquisitions are capitalized and allocated to tangible and intangible assets and liabilities, as described above. Acquisition-related manager expense reimbursements are expensed as incurred and are included in expense reimbursements to related parties in the accompanying condensed consolidated statements of operations. Other acquisition-related expenses continue to be expensed as incurred and are included in transaction-related Restricted Cash The Company had $32.9 million and $7.0 million in restricted cash as of June 30, 2021 and December 31, 2020, respectively. Included in restricted cash was $4.1 million and $3.6 million held by lenders in lockbox accounts, as of June 30, 2021 and December 31, 2020, respectively. As part of certain debt agreements, rents from certain encumbered properties are deposited directly into a lockbox account, from which the monthly debt service payment is disbursed to the lender and the excess is disbursed to the Company. Also included in restricted cash was $28.8 million and $3.4 million of construction reserves, amounts held by lenders in escrow accounts for real estate taxes and other lender reserves for certain properties, in accordance with the associated lender’s loan agreement, as of June 30, 2021 and December 31, 2020, respectively. Real Estate-Related Securities Real estate-related securities consists primarily of the Company’s investment in commercial mortgage-backed securities (“CMBS”). The Company determines the appropriate classification for real estate-related securities at the time of purchase and reevaluates such designation as of each balance sheet date. As of June 30, 2021, the Company classified its investments as available-for-sale The Company monitors its available-for-sale securities for changes in fair value. An allowance for credit losses is recorded when the Company acquires CMBS, and any subsequent impairment is recognized when the Company determines that a decline in the estimated fair value of a security below its amortized cost has resulted from a credit loss or other factors. The Company records impairments related to credit losses through the allowance for credit losses. However, the allowance is limited by the amount that the fair value is less than the amortized cost basis. The Company considers many factors in determining whether a credit loss exists, including, but not limited to, the extent to which the fair value is less than the amortized cost basis, recent events specific to the security, industry or geographic area, the payment structure of the security, the failure of the issuer of the security to make scheduled interest or principal payments, and external credit ratings and recent changes in such ratings. The analysis of determining whether a credit loss exists requires significant judgments and assumptions. The use of alternative judgments and assumptions could result in a different conclusion. The amortized cost of real estate-related securities is adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method and is recorded in the accompanying condensed consolidated statements of operations in interest income. Upon the sale of a security, the realized net gain or loss is computed on the specific identification method. Interest earned is either received in cash or capitalized to real estate-related securities in the Company’s condensed consolidated balance sheets. Interest is capitalized when certain conditions are met as specified in each security agreement. During the three and six months ended June 30, 2021, the Company capitalized $435,000 of interest income to real estate-related Loans Held-for-Investment The Company has acquired, and may continue to acquire, loans related to real estate assets. Additionally, the Company may acquire and originate credit investments, including commercial mortgage loans, mezzanine loans, preferred equity, and other loans and securities related to commercial real estate assets, as well as corporate loan opportunities that are consistent with the Company’s investment strategy and objectives. The Company intends to hold the loans held-for- held-for-investment Interest earned is either received in cash or capitalized to loans held-for-investment Accrual of interest income is suspended on nonaccrual loans. Loans that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual status. Interest collected is recognized on a cash basis by crediting income when received. Loans may be restored to accrual status when all principal and interest are current and full repayment of the remaining contractual principal and interest are reasonably assured. As of June 30, 2021, the Company did not have nonaccrual loans. Allowance for Credit Losses The Company adopted Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326) 2016-13”), 2016-13 held-for-investment 2016-13 2016-13 The Company has elected to use a discounted cash flow model to estimate the allowance for credit losses. This model requires the Company to develop cash flows which project estimated credit losses over the life of the loan and discount these cash flows at the asset’s effective interest rate. The Company then records an allowance for credit losses equal to the difference between the amortized cost basis of the asset and the present value of the expected cash flows. The Company considers loan investments that are both (i) expected to be substantially repaid through the operation or sale of the underlying collateral, and (ii) for which the borrower is experiencing financial difficulty, to be “collateral-dependent” loans. For such loans that the Company determines that foreclosure of the collateral is probable, the Company measures the expected losses based on the difference between the fair value of the collateral less costs to sell and the amortized cost basis of the loan as of the measurement date. For collateral-dependent loans that the Company determines foreclosure is not probable, the Company applies a practical expedient to estimate expected losses using the difference between the collateral’s fair value (less costs to sell the asset if repayment is expected through the sale of the collateral) and the amortized cost basis of the loan. For the Company’s broadly syndicated loans, the Company uses a probability of default and loss given default method using an underlying third-party CMBS/Commercial Real Estate (“CRE”) loan database with historical loan losses from 1998 to 2019. The Company may use other acceptable alternative approaches in the future depending on, among other factors, the type of loan, underlying collateral, and availability of relevant historical market loan loss data. The Company adopted ASU 2016-13 Quarterly, the Company evaluates the risk of all loans and assigns a risk rating based on a variety of factors, grouped as follows: (i) loan and credit structure, including the as-is loan-to-value Based on a 5-point 1- Outperform — Most satisfactory asset quality and liquidity, good leverage capacity. A “1” rating maintains predictable and strong cash flows from operations. The trends and outlook for the credit’s operations, balance sheet, and industry are neutral to favorable. Collateral, if appropriate, exceeds performance metrics; 2- Meets or Exceeds Expectations — Acceptable asset quality, moderate excess liquidity, modest leverage capacity. A “2” rating could have some financial/non-financial weaknesses which are offset by strengths; however, the credit demonstrates an ample current cash flow from operations. The trends and outlook for the credit’s operations, balance sheet, and industry are generally positive or neutral. Collateral performance, if appropriate, meets or exceeds substantially all performance metrics included in original or current underwriting / business plan; 3- Satisfactory — Acceptable asset quality, somewhat strained liquidity, minimal leverage capacity. A “3” rating is at times characterized by acceptable cash flows from operations. The trends and conditions of the credit’s operations and balance sheet are neutral. Collateral performance, if appropriate, meets or is on track to meet underwriting; business plan can reasonably be achieved; 4- Underperformance — The debt investment possesses credit deficiencies or potential weaknesses which deserve management’s close and continued attention. The portfolio company’s operations and/or balance sheet have demonstrated an adverse trend or deterioration which, while serious, has not reached the point where the liquidation of debt is jeopardized. These weaknesses are generally considered correctable by the borrower in the normal course of business but may weaken the asset or inadequately protect the Company’s credit position if not checked or corrected. Collateral performance, if appropriate, falls short of original underwriting, material differences exist from business plan, or both; technical milestones have been missed; defaults may exist, or may soon occur absent material improvement; and 5- Default/Possibility of Loss — The debt investment is protected inadequately by the current enterprise value or paying capacity of the obligor or of the collateral, if any. The underlying company’s operations have well-defined weaknesses based upon objective evidence, such as recurring or significant decreases in revenues and cash flows. Major variance from business plan; loan covenants or technical milestones have been breached; timely exit from loan via sale or refinancing is questionable; risk of principal loss. Collateral performance, if appropriate, is significantly worse than underwriting. The Company generally assigns a risk rating of “3” to all newly originated or acquired loans held-for-investment Leases The Company has lease agreements with lease and non-lease non-lease Non-lease Significant judgments and assumptions are inherent in not only determining if a contract contains a lease, but also the lease classification, terms, payments, and, if needed, discount rates. Judgments include the nature of any options, including if they will be exercised, evaluation of implicit discount rates and the assessment and consideration of “fixed” payments for straight-line rent revenue calculations. The Company has an investment in a real estate property that is subject to a ground lease, for which a lease liability and right of use (“ROU”) asset of $2.4 million was recorded as of both June 30, 2021 and December 31, 2020. See Note 15 — Leases for a further discussion regarding this ground lease. Lease costs represent the initial direct costs incurred in the origination, negotiation and processing of a lease agreement. Such costs include outside broker commissions and other independent third-party costs and are amortized over the life of the lease on a straight-line basis. Costs related to salaries and benefits, supervision, administration, unsuccessful origination efforts and other activities not directly related to completed lease agreements are expensed as incurred. Upon successful lease execution, leasing commissions are capitalized. Development Activities Project costs and expenses, including interest incurred, associated with the development, construction and lease-up Revenue Recognition Revenue from leasing activities Rental and other property income is primarily derived from fixed contractual payments from operating leases, and therefore, is generally recognized on a straight-line basis over the term of the lease, which typically begins the date the tenant takes control of the space. When the Company acquires a property, the terms of existing leases are considered to commence as of the acquisition date for the purpose of this calculation. Variable rental and other property income consists primarily of tenant reimbursements for recoverable real estate taxes and operating expenses which are included in rental and other property income in the period when such costs are incurred, with offsetting expenses in real estate taxes and property operating expenses, respectively, within the condensed consolidated statements of operations. The Company defers the recognition of variable rental and other property income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. The Company continually reviews whether collection of lease-related During the six months ended June 30, 2021, the Company identified certain tenants where collection was no longer considered probable. For these tenants, the Company made the determination to record revenue on a cash basis and wrote off total outstanding receivables of $591,000 for the six months ended June 30, 2021, which included $525,000 of straight-line rental income. These write-offs reduced rental and other property income during the six months ended June 30, 2021. Revenue from lending activities Interest income from the Company’s loans held-for-investment Reportable Segments During the year ended December 31, 2020, the Company updated its reportable segment information to reflect how the chief operating decision makers regularly review and manage the business and determined that it has two reportable segments: Credit Real estate See Note 16 — Segment Reporting for a further discussion regarding these segments. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by various standard setting bodies that may have an impact on the Company’s accounting and reporting. Except as otherwise stated below, the Company is currently evaluating the effect that certain new accounting requirements may have on the Company’s accounting and related reporting and disclosures in the Company’s condensed consolidated financial statements. In April 2020, the FASB issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the current novel coronavirus (“COVID-19”) COVID-19 No. 2016-02, Leases (Topic 842) COVID-19 modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. The Company has elected to apply this guidance to avoid performing a lease by lease analysis for the lease concessions that (1) were granted as relief due to COVID-19 COVID-19 As of August 9, 2021, the Company has collected approximately 99% of rental payments billed to tenants during the three months ended June 30, 2021, and as of August 9, 2021, the Company collected $4.1 million of deferred rent, representing approximately 99% of amounts due through June 30, 2021. In January 2021, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2021-01, Reference Rate Reform (Topic 848) 2021-01”). 2021-01 2021-01 2021-01. | NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The summary of significant accounting policies presented below is designed to assist in understanding the Company’s consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying consolidated financial statements. Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company evaluates its relationships and investments to determine if it has variable interests. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns. If the Company determines that it has a variable interest in an entity, it evaluates whether such interest is in a variable interest entity (“VIE”). VIEs are entities where investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or where equity investors, as a group, lack one of the following characteristics: (a) the power to direct the activities that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of the entity, or (c) the right to receive the expected returns of the entity. The Company consolidates any VIEs when it is determined to be the primary beneficiary of the VIE’s operations. For legal entities being evaluated for consolidation, the Company must first determine whether the interests that it holds and fees it receives qualify as variable interests in the entity. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns. The Company’s evaluation includes consideration of fees paid to the Company where the Company acts as a decision maker or service provider to the entity being evaluated. If the Company determines that it holds a variable interest in an entity, it evaluates whether that entity is a VIE. A VIE must be consolidated by its primary beneficiary, which is generally defined as the party who has a controlling financial interest in the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but are not limited to, the Company’s ability to direct the activities that most significantly impact the entity’s economic performance and its obligation to absorb losses from or right to receive benefits of the VIE that could potentially be significant to the VIE. The Company consolidates any VIEs when the Company is determined to be the primary beneficiary of the VIE and the difference between consolidating the VIE and accounting for it using the equity method could be material to the Company’s consolidated financial statements. The Company continually evaluates the need to consolidate any VIEs based on standards set forth in GAAP as described above. As of December 31, 2018, the Company determined that it had a controlling interest in nine properties owned through a consolidated joint venture arrangement (the “Consolidated Joint Venture”) and therefore met the GAAP requirements for consolidation. During the year ended December 31, 2019, the Company disposed of the nine properties previously owned through the Consolidated Joint Venture and therefore determined it no longer had a controlling financial interest in the Consolidated Joint Venture as of December 31, 2019. See Note 4 — Real Estate Assets for a further discussion of this disposition. Reclassifications Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on previously reported totals or subtotals. The Company is separately presenting the write-offs for uncollectible lease-related receivables of $952,000 and $522,000 for the years ended December 31, 2019 and 2018, respectively, which were previously included in straight-line The Company combined investment in real estate assets of $6.2 million and capital expenditures of $17.7 million for the year ended December 31, 2019, and investment in real estate assets of $11.9 million and capital expenditures of $7.3 million for the year ended December 31, 2018 into a single financial statement line item, investment in real estate assets and capital expenditures, in the consolidated statements of cash flows. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Real Estate Assets Real estate assets are stated at cost, less accumulated depreciation and amortization. The Company considers the period of future benefit of each respective asset to determine the appropriate useful life. The estimated useful lives of the Company’s real estate assets by class are generally as follows: Buildings 40 years Site improvements 15 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term Recoverability of Real Estate Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to: bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, lease concessions and other factors; a significant decrease in a property’s revenues due to lease terminations; vacancies; co-tenancy Assets Held for Sale When a real estate asset is identified by the Company as held for sale, the Company will cease recording depreciation and amortization of the assets related to the property and estimate its fair value, net of selling costs. If, in management’s opinion, the fair value, net of selling costs, of the asset is less than the carrying amount of the asset, an adjustment to the carrying amount is then recorded to reflect the estimated fair value of the property, net of selling costs. As of December 31, 2019, the Company identified 29 properties with a fair value of $351.9 million as held for sale, and expected to sell a substantial portion of its anchored-shopping center portfolio and certain single-tenant properties within the next 24 months, subject to market conditions. As the Company could not provide assurance that these properties would be sold within a 24-month Disposition of Real Estate Assets Gains and losses from dispositions are recognized once the various criteria relating to the terms of sale and any subsequent involvement by the Company with the asset sold are met. A discontinued operation includes only the disposal of a component of an entity and represents a strategic shift that has (or will have) a major effect on an entity’s financial results. The Company’s property dispositions during the years ended December 31, 2020 and 2019 did not qualify for discontinued operations presentation and thus, the results of the properties that were sold will remain in operating income, and any associated gains or losses from the disposition are included in gain on disposition of real estate, net. See Note 4 — Real Estate Assets to the consolidated financial statements in the Company’s Annual Report on Form 10-K Allocation of Purchase Price of Real Estate Assets Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and to identified intangible assets and liabilities, consisting of the value of above- and below-market leases and the value of in-place The fair values of above- and below-market lease intangibles are recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place in-place below-market the respective leases, including any bargain renewal periods. In considering whether or not the Company expects a tenant to execute a bargain renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition, such as the financial strength of the tenant, the remaining lease term, the tenant mix of the leased property, the Company’s relationship with the tenant and the availability of competing tenant space. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above- or below-market lease intangibles relating to that lease would be recorded as an adjustment to rental income. The fair values of in-place in-place in- in-place The Company has acquired, and may continue to acquire, certain properties subject to contingent consideration arrangements that may obligate the Company to pay additional consideration to the seller based on the outcome of future events. Additionally, the Company may acquire certain properties for which it funds certain contingent consideration amounts into an escrow account pending the outcome of certain future events. The outcome may result in the release of all or a portion of the escrowed funds to the Company or the seller or a combination thereof. The Company estimates the fair value of assumed mortgage notes payable based upon indications of current market pricing for similar types of debt financing with similar maturities. Assumed mortgage notes payable are initially recorded at their estimated fair value as of the assumption date, and any difference between such estimated fair value and the mortgage note’s outstanding principal balance is amortized or accreted to interest expense over the term of the respective mortgage note payable. The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could materially impact the Company’s results of operations. Acquisition-related fees and certain acquisition-related expenses related to asset acquisitions are capitalized and allocated to tangible and intangible assets and liabilities, as described above. Other acquisition-related expenses, such as manager reimbursements, continue to be expensed as incurred and are included in transaction-related Redeemable Noncontrolling Interest in Consolidated Joint Venture From June 2014 to December 2019, the Company determined it had a controlling interest in the Consolidated Joint Venture and, therefore, met the GAAP requirements for consolidation. The Company recorded net income of $121,000 and paid distributions of $285,000 related to the noncontrolling interest during the year ended December 31, 2019. During the year ended December 31, 2019, the Company disposed of its interest in the underlying properties previously owned through the Consolidated Joint Venture, as further discussed in Note 4 — Real Estate Assets. Therefore, the Company determined it no longer had a controlling financial interest as of December 31, 2019. Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents include cash in bank accounts, as well as investments in highly-liquid money market funds. The Company deposits cash with several high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company (“FDIC”) up to an insurance limit of $250,000. At times, the Company’s cash and cash equivalents may exceed federally insured levels. Although the Company bears risk on amounts in excess of those insured by the FDIC, it has not experienced and does not anticipate any losses due to the high quality of the institutions where the deposits are held. Included in cash and cash equivalents was $41.0 million and $126.8 million of unsettled broadly syndicated loan purchases as of December 31, 2020 and 2019, respectively. The Company had $7.0 million and $7.3 million in restricted cash as of December 31, 2020 and December 31, 2019, respectively. Included in restricted cash was $3.6 million and $3.1 million held by lenders in lockbox accounts, as of December 31, 2020 and 2019, respectively. As part of certain debt agreements, rents from certain encumbered properties are deposited directly into a lockbox account, from which the monthly debt service payment is disbursed to the lender and the excess is disbursed to the Company. Also included in restricted cash was $3.4 million and $4.2 million held by lenders in escrow accounts for real estate taxes and other lender reserves for certain properties, in accordance with the associated lender’s loan agreement as of December 31, 2020 and 2019, respectively. Real Estate-Related Securities Real estate-related securities consists primarily of the Company’s investment in commercial mortgage-backed available-for-sale The Company monitors its available-for-sale The amortized cost of real estate-related securities is adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method and is recorded in the accompanying consolidated statements of operations in interest and other expense, net. Upon the sale of a security, the realized net gain or loss is computed on the specific identification method. Loans Held-for-Investment The Company has acquired, and may continue to acquire, loans related to real estate assets. Additionally, the Company may acquire and originate credit investments, including commercial mortgage loans, mezzanine loans, preferred equity, and other loans and securities related to commercial real estate assets, as well as corporate loan opportunities that are consistent with the Company’s investment strategy and objectives. The Company intends to hold the loans held-for-investment held-for-investment Interest earned is either received in cash or capitalized to loans held-for-investment held-for-investment Accrual of interest income is suspended on nonaccrual loans. Loans that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual status. Interest collected is recognized on a cash basis by crediting income when received. Loans may be restored to accrual status when all principal and interest are current and full repayment of the remaining contractual principal and interest are reasonably assured. As of December 31, 2020, the Company’s eight mezzanine loans with a net book value of $89.4 million were nonaccrual loans. During the year ended December 31, 2020, the Company recorded $565,000 in interest income related to the nonaccrual loans. Subsequent to December 31, 2020, the Company completed foreclosure proceedings to take control of the assets securing the mezzanine loans. Allowance for Credit Losses The Company adopted Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses (Topic 326) 2016-13”), 2016-13 held-for-investment 2016-13 2016-13 The Company has elected to use a discounted cash flow model to estimate the allowance for credit losses. This model requires the Company to develop cash flows which project estimated credit losses over the life of the loan and discount these cash flows at the asset’s effective interest rate. The Company then records an allowance for credit losses equal to the difference between the amortized cost basis of the asset and the present value of the expected cash flows. The Company considers loan investments that are both (i) expected to be substantially repaid through the operation or sale of the underlying collateral, and (ii) for which the borrower is experiencing financial difficulty, to be “collateral-dependent” loans. For such loans that the Company determines that foreclosure of the collateral is probable, the Company measures the expected losses based on the difference between the fair value of the collateral less costs to sell and the amortized cost basis of the loan as of the measurement date. For collateral-dependent loans that the Company determines foreclosure is not probable, the Company applies a practical expedient to estimate expected losses using the difference between the collateral’s fair value (less costs to sell the asset if repayment is expected through the sale of the collateral) and the amortized cost basis of the loan. For the Company’s broadly syndicated loans, the Company uses a probability of default and loss given default method using an underlying third-party CMBS/Commercial Real Estate (“CRE”) loan database with historical loan losses from 1998 to 2019. The Company may use other acceptable alternative approaches in the future depending on, among other factors, the type of loan, underlying collateral, and availability of relevant historical market loan loss data. The Company adopted ASU 2016-13 cumulative-effective Quarterly, the Company evaluates the risk of all loans and assigns a risk rating based on a variety of factors, grouped as follows: (i) loan and credit structure, including the as-is loan-to-value 5-point 1- Outperform — Most satisfactory asset quality and liquidity, good leverage capacity. A “1” rating maintains predictable and strong cash flows from operations. The trends and outlook for the credit’s operations, balance sheet, and industry are neutral to favorable. Collateral, if appropriate, exceeds performance metrics; 2- Meets or Exceeds Expectations — Acceptable asset quality, moderate excess liquidity, modest leverage capacity. A “2” rating could have some financial/non-financial 3- Satisfactory — Acceptable asset quality, somewhat strained liquidity, minimal leverage capacity. A “3” rating is at times characterized by acceptable cash flows from operations. The trends and conditions of the credit’s operations and balance sheet are neutral. Collateral performance, if appropriate, meets or is on track to meet underwriting; business plan can reasonably be achieved; 4- Underperformance — The debt investment possesses credit deficiencies or potential weaknesses which deserve management’s close and continued attention. The portfolio company’s operations and/or balance sheet have demonstrated an adverse trend or deterioration which, while serious, has not reached the point where the liquidation of debt is jeopardized. These weaknesses are generally considered correctable by the borrower in the normal course of business but may weaken the asset or inadequately protect the Company’s credit position if not checked or corrected. Collateral performance, if appropriate, falls short of original underwriting, material differences exist from business plan, or both; technical milestones have been missed; defaults may exist, or may soon occur absent material improvement; and 5- Default/Possibility of Loss — The debt investment is protected inadequately by the current enterprise value or paying capacity of the obligor or of the collateral, if any. The underlying company’s operations has well-defined weaknesses based upon objective evidence, such as recurring or significant decreases in revenues and cash flows. Major variance from business plan; loan covenants or technical milestones have been breached; timely exit from loan via sale or refinancing is questionable; risk of principal loss. Collateral performance, if appropriate, is significantly worse than underwriting. The Company generally assigns a risk rating of “3” to all newly originated or acquired loans-held-for-investment Deferred Financing Costs Deferred financing costs represent commitment fees, legal fees and other costs associated with obtaining commitments for financing. These costs are amortized to interest expense over the terms of the respective financing agreements using the straight-line method, which approximates the effective interest method. Unamortized deferred financing costs are written off when the associated debt is extinguished or repaid before maturity. The presentation of all deferred financing costs, other than those associated with the revolving loan portion of the credit facilities, are classified such that the debt issuance costs related to a recognized debt liability are presented on the consolidated balance sheets as a direct deduction from the carrying amount of the related debt liability rather than as an asset. Debt issuance costs related to securing a revolving line of credit are presented as an asset and amortized ratably over the term of the line of credit arrangement. As such, the Company’s current and corresponding prior period total deferred costs, net in the accompanying consolidated balance sheets relate only to the revolving loan portion of the credit facilities and the historical presentation, amortization and treatment of unamortized costs are still applicable. As of December 31, 2020 and 2019, the Company had $4.3 million and $2.3 million, respectively, of deferred financing costs, net of accumulated amortization, related to the revolving loan portion of the credit facilities. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined the financing will not close. Due to Affiliates CMFT Management, and certain of its affiliates, received and will continue to receive, fees, reimbursements and compensation in connection with services provided relating to the Offerings and the acquisition, management, financing and leasing of the properties of the Company. Derivative Instruments and Hedging Activities The Company accounts for its derivative instruments at fair value. Accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative instrument and the designation of the derivative instrument. The change in fair value of the derivative instrument that is designated as a cash flow hedge is recorded as other comprehensive income. The changes in fair value for derivative instruments that are not designated as hedges or that do not meet the hedge accounting criteria are recorded as a gain or loss to operations. Redeemable Common Stock Under the Company’s Amended Share Redemption Program, the Company’s obligation to redeem shares of its outstanding common stock is limited, among other things, to the net proceeds received by the Company from the sale of shares under the Amended DRIP, net of shares redeemed to date. The Company records the maximum amount that is redeemable under the Amended Share Redemption Program as redeemable common stock outside of permanent equity in its consolidated balance sheets. Changes in the amount of redeemable common stock from period to period are recorded as an adjustment to capital in excess of par value. As of December 31, 2020, there was no redeemable common stock, as the Board approved the suspension of the share redemption program on August 30, 2020 in connection with our entry into the Merger Agreements. Leases The Company has lease agreements with lease and non-lease non-lease Non-lease Significant judgments and assumptions are inherent in not only determining if a contract contains a lease, but also the lease classification, terms, payments, and, if needed, discount rates. Judgments include the nature of any options, including if they will be exercised, evaluation of implicit discount rates and the assessment and consideration of “fixed” payments for straight-line rent revenue calculations. The Company has an investment in a real estate property that is subject to a ground lease, for which a lease liability and right of use (“ROU”) asset of $2.4 million was recorded as of December 31, 2020. See Note 16 — Leases for a further discussion regarding this ground lease. Lease costs represent the initial direct costs incurred in the origination, negotiation and processing of a lease agreement. Such costs include outside broker commissions and other independent third-party costs and are amortized over the life of the lease on a straight-line basis. Costs related to salaries and benefits, supervision, administration, unsuccessful origination efforts and other activities not directly related to completed lease agreements are expensed as incurred. Upon successful lease execution, leasing commissions are capitalized. Revenue Recognition Revenue from leasing activities Rental and other property income is primarily derived from fixed contractual payments from operating leases and, therefore, is generally recognized on a straight- line basis over the term of the lease, which typically begins the date the tenant takes control of the space. When the Company acquires a property, the terms of existing leases are considered to commence as of the acquisition date for the purpose of this calculation. Variable rental and other property income consists primarily of tenant reimbursements for recoverable real estate taxes and operating expenses which are included in rental and other property income in the period when such costs are incurred, with offsetting expenses in real estate taxes and property operating expenses, respectively, within the consolidated statements of operations. The Company defers the recognition of variable rental and other property income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. The Company continually reviews whether collection of lease-related During the year ended December 31, 2020, the Company identified certain tenants where collection was no longer considered probable. For these tenants, the Company made the determination to record revenue on a cash basis and wrote off total outstanding receivables of $5.6 million for the year ended December 31, 2020, which included $206,000 of straight-line rental income and $1.0 million related to certain tenant reimbursements that were written off during the year ended December 31, 2020. These write-offs Revenue from lending activities Interest income from the Company’s loans held-for-investment Income Taxes The Company elected to be taxed, and currently qualifies, as a REIT for federal income tax purposes under Sections 856 through 860 of the Code, commencing with the taxable year ended December 31, 2012. The Company will generally not be subject to federal corporate income tax to the extent it distributes its taxable income to its stockholders, and so long as it, among other things, distributes at least 90% of its annual taxable income (computed without regard to the dividends paid deduction and excluding net capital gains). REITs are subject to a number of other organizational and operational requirements. Even if the Company maintains its qualification for taxation as a REIT, it or its subsidiaries may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. Earnings (Loss) and Distributions Per Share Earnings (loss) per share are calculated based on the weighted average number of common shares outstanding during each period presented. Diluted income (loss) per share considers the effect of any potentially dilutive share equivalents, of which the Company had none for each of the years ended December 31, 2020, 2019 or 2018. Distributions per share are calculated based on the authorized daily distribution rate. Reportable Segments During the year ended December 31, 2020, the Company realigned the business and reportable segment information to reflect how the chief operating decision makers regularly review and manage the business and determined that it has two reportable segments: Credit Real estate See Note 17 — Segment Reporting for a further discussion regarding these segments. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by various standard setting bodies that may have an impact on the Company’s accounting and reporting. Except as otherwise stated below, the Company is currently evaluating the effect that certain new accounting requirements may have on the Company’s accounting and related reporting and disclosures in the Company’s consolidated financial statements. In June 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU 2016-13, No. 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses 2018-19”), No. 2019-04, 2019-05, No. 2019-10, No. 2019-11 No. 2020-02 2016-13 held-to-maturity 2016-13 2016-13 2018-19 No. 2016-02, Leases (Topic 842) . 2016-13 2018-19 2016-13 Held-For-Investment 2016-13. In August 2018, the FASB issued ASU No. 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement 2018-13”). 2018-13 average of significant unobservable inputs used to develop Level 3 fair value measurements. The provisions of ASU 2018-13 2018-13 2018-13 In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities 2018-17”). 2018-17 2018-17 In April 2020, the FASB issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 COVID-19 COVID-19 The Company has elected to apply this guidance to avoid performing a lease by lease analysis for the lease concessions that (1) were granted as relief due to COVID-19 COVID-19 lease-related In addition, the Company entered into lease amendments during the year ended December 31, 2020 that provided for lease concessions, through rent abatements or rent deferrals, that represented substantive changes to the consideration in the original lease. These lease amendments extended the lease periods ranging from 12 months to 84 months. For these leases, the Company applied the lease modification accounting framework pursuant to ASC 842. As of December 31, 2020, these lease amendments resulted in rent abatements of $3.7 million and deferred rental income of $1.3 million. As of March 24, 2021, the Company has collected approximately 98% of rental payments billed to tenants during the three months ended December 31, 2020. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848) 2021-01”). 2021-01 2021-01. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | ||
FAIR VALUE MEASUREMENTS | NOTE 3 — FAIR VALUE MEASUREMENTS GAAP defines fair value, establishes a framework for measuring fair value and requires disclosures about fair value measurements. GAAP emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows: Level 1 — Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 — Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs). Level 3 — Unobservable inputs, which are only used to the extent that observable inputs are not available, reflect the Company’s assumptions about the pricing of an asset or liability. The following describes the methods the Company uses to estimate the fair value of the Company’s financial assets and liabilities: Real estate-related securities Credit facilities and notes payable Derivative instruments Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. However, as of June 30, 2021 and December 31, 2020, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. Loans held-for-investment held-for-investment held-for-investment held-for-investment held-for-investment held-for-investment Other financial instruments Considerable judgment is necessary to develop estimated fair values of financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize, or be liable for, upon disposition of the financial assets and liabilities. As of June 30, 2021 and December 31, 2020, there have been no transfers of financial assets or liabilities between fair value hierarchy levels. Items Measured at Fair Value on a Recurring Basis In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 (in thousands): Balance as of Quoted Prices in Active Identical Assets Significant Other Inputs (Level 2) Significant Inputs Financial assets: CMBS $ 42,071 $ — $ — $ 42,071 Interest rate caps — — — — Total financial assets $ 42,071 $ — $ — $ 42,071 Financial liabilities: Interest rate swaps $ (6,289 ) $ — $ (6,289 ) $ — Total financial liabilities $ (6,289 ) $ — $ (6,289 ) $ — Balance as of Quoted Prices in Active Identical Assets Significant Other Inputs (Level 2) Significant Inputs Financial assets: CMBS $ 38,194 $ — $ 27,461 $ 10,733 Total financial assets $ 38,194 $ — $ 27,461 $ 10,733 Financial liabilities: Interest rate swaps $ (12,308 ) $ — $ (12,308 ) $ — Total financial liabilities $ (12,308 ) $ — $ (12,308 ) $ — The following are reconciliations of the changes in financial assets with Level 3 inputs in the fair value hierarchy for the six months ended June 30, 2021 (in thousands): CMBS Beginning Balance, January 1, 2021 $ 10,733 Total gains and losses: Unrealized loss included in other comprehensive income (loss), net 1,804 Purchases and payments received: Purchases 34,491 Discounts, net (5,372 ) Capitalized interest income 435 Principal payments received (20 ) Ending Balance, June 30, 2021 $ 42,071 Items Measured at Fair Value on a Non-Recurring Certain financial and nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. The Company’s process for identifying and recording impairment related to real estate assets and intangible assets is discussed in Note 2 — Summary of Significant Accounting Policies. As discussed in Note 4 — Real Estate Assets, during the six months ended June 30, 2021, real estate assets related to five properties were deemed to be impaired and their carrying values were reduced to an estimated fair value of $31.2 million, resulting in impairment charges of $4.4 million. During the six months ended June 30, 2020, real estate assets related to 10 properties were deemed to be impaired and their carrying values were reduced to an estimated fair value of $70.2 million, resulting in impairment charges of $15.5 million. The Company estimates fair values using Level 3 inputs and a combined income and market approach, specifically using discounted cash flow analysis and recent comparable sales transactions. The evaluation of real estate assets for potential impairment requires the Company’s management to exercise significant judgment and to make certain key assumptions, including, but not limited to, the following: (1) terminal capitalization rates; (2) discount rates; (3) the number of years the property will be held; (4) property operating expenses; and (5) re-leasing assumptions, including the number of months to re-lease, The following summarizes the ranges of discount rates and terminal capitalization rates used for the Company’s impairment test for the real estate assets during the six months ended June 30, 2021: Six Months Ended June 30, 2021 Discount Rate Terminal Capitalization Rate 7.9% — 9.7% 7.4% — 9.2% The following table presents the impairment charges by asset class recorded during the six months ended June 30, 2021 and 2020 (in thousands): Six Months Ended June 30, 2021 2020 Asset class impaired: Land $ 781 $ 3,541 Buildings, fixtures and improvements 3,496 11,315 Intangible lease assets 230 696 Intangible lease liabilities (130 ) (45 ) Total impairment loss $ 4,377 $ 15,507 | NOTE 3 — FAIR VALUE MEASUREMENTS GAAP defines fair value, establishes a framework for measuring fair value, and requires disclosures about fair value measurements. GAAP emphasizes that fair value is intended to be a market-based measurement, as opposed to a transaction-specific measurement. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate the fair value. Assets and liabilities are measured using inputs from three levels of the fair value hierarchy, as follows: Level 1 — Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market is defined as a market in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 — Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active (markets with few transactions), inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data correlation or other means (market corroborated inputs). Level 3 — Unobservable inputs, which are only used to the extent that observable inputs are not available, reflect the Company’s assumptions about the pricing of an asset or liability. The following describes the methods the Company uses to estimate the fair value of the Company’s financial assets and liabilities: Real estate-related securities performance such as prepayment speeds and default rates, as available. Depending upon the significance of the fair value inputs used in determining these fair values, these securities are valued using either Level 2 or Level 3 inputs. As of December 31, 2020, the Company concluded that $27.5 million of real estate-related securities fell under Level 2 and $10.7 million of real estate-related securities fell under Level 3. Credit facilities and notes payable Derivative instruments Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. However, as of December 31, 2020 and 2019, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. Loans held-for-investment held-for-investment held-for-investment held-for-investment held-for-investment held-for-investment Other financial instruments Considerable judgment is necessary to develop estimated fair values of financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize, or be liable for, upon disposition of the financial assets and liabilities. As of December 31, 2020 and 2019, there have been no transfers of financial assets or liabilities between fair value hierarchy levels. Items Measured at Fair Value on a Recurring Basis In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of December 31, 2020 and 2019 (in thousands): Balance as of Quoted Prices in Significant Other Significant Financial assets: CMBS $ 38,194 $ — $ 27,461 $ 10,733 Total financial assets $ 38,194 $ — $ 27,461 $ 10,733 Financial liabilities: Interest rate swaps $ (12,308 ) $ — $ (12,308 ) $ — Total financial liabilities $ (12,308 ) $ — $ (12,308 ) $ — Balance as of Quoted Prices in Significant Other Significant Financial assets: Interest rate swaps $ 261 $ — $ 261 $ — Total financial assets $ 261 $ — $ 261 $ — Financial liability: Interest rate swap $ (4,181 ) $ — $ (4,181 ) $ — Total financial liability $ (4,181 ) $ — $ (4,181 ) $ — The following are reconciliations of the changes in financial assets with Level 3 inputs in the fair value hierarchy for the year ended December 31, 2020 (in thousands): CMBS Beginning Balance, January 1, 2020 $ — Total gains and losses: Unrealized gain included in other comprehensive income, net 747 Purchases and payments received: Purchases 26,883 Premiums (discounts), net (16,875 ) Principal payments received (22 ) Ending Balance, December 31, 2020 $ 10,733 Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges) Certain financial and nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. The Company’s process for identifying and recording impairment related to real estate assets and intangible assets is discussed in Note 2 — Summary of Significant Accounting Policies. As discussed in Note 4 — Real Estate Assets, during the year ended December 31, 2020, real estate assets related to 12 properties were deemed to be impaired and their carrying values were reduced to an estimated fair value of $86.4 million, resulting in impairment charges of $16.7 million. During the year ended December 31, 2019, real estate assets related to 34 properties were deemed to be impaired and their carrying values were reduced to an estimated fair value of $384.4 million, resulting in impairment charges of $72.9 million. During the year ended December 31, 2018, real estate assets related to 22 properties were deemed to be impaired and their carrying values were reduced to an estimated fair value of $332.4 million, resulting in impairment charges of $33.0 million. The Company estimates fair values using Level 3 inputs and using a combined income and market approach, specifically using discounted cash flow analysis and recent comparable sales transactions. The evaluation of real estate assets for potential impairment requires the Company’s management to exercise significant judgment and to make certain key assumptions, including, but not limited to, the following: (1) terminal capitalization rates; (2) discount rates; (3) the number of years the property will be held; (4) property operating expenses; and (5) re-leasing assumptions, including the number of months to re-lease, market rental income and required tenant improvements. There are inherent uncertainties in making these estimates such as market conditions and the future performance and sustainability of the Company’s tenants. The Company determined that the selling prices used to determine the fair values were Level 2 inputs. The following summarizes the ranges of discount rates and terminal capitalization rates used for the Company’s impairment test for the real estate assets during the year ended December 31, 2020: Year Ended December 31, 2020 Discount Rate Terminal Capitalization Rate 7.9%–9.7% 7.4%–9.2% The following table presents the impairment charges by asset class recorded during the years ended December 31, 2020, 2019 and 2018 (in thousands): Year Ended December 31, 2020 2019 2018 Asset class impaired: Land $ 3,738 $ 12,648 $ 6,436 Buildings, fixtures and improvements 12,310 56,572 25,299 Intangible lease assets 737 4,056 1,385 Intangible lease liabilities (48 ) (337 ) (145 ) Total impairment loss $ 16,737 $ 72,939 $ 32,975 |
REAL ESTATE ASSETS
REAL ESTATE ASSETS | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Real Estate [Abstract] | ||
REAL ESTATE ASSETS | NOTE 4 — REAL ESTATE ASSETS 2021 Property Acquisitions During the six months ended June 30, 2021, the Company did not acquire any properties. Assets Acquired Via Foreclosure On January 7, 2021, the Company completed foreclosure proceedings to take control of the assets which previously secured its eight mezzanine loans, including 75 condominium units and 21 rental units across four buildings. No land was acquired in connection with the foreclosure. The following table summarizes the purchase price allocation for the real estate acquired via foreclosure (in thousands): As of June 30, 2021 Buildings, fixtures and improvements $ 192,182 Acquired in-place 134 Intangible lease liabilities (326 ) Total purchase price $ 191,990 In connection with the foreclosure, the Company assumed $102.6 million of mortgage notes payable related to the assets, as further discussed in Note 9 — Credit Facilities, Notes Payable and Repurchase Facilities. 2021 Condominium Development Project During the six months ended June 30, 2021, the Company capitalized $4.5 million of expenses as construction in progress associated with the development of condominiums acquired via foreclosure, which is included in condominium developments in the accompanying condensed consolidated balance sheets. 2021 Condominium Dispositions During the six months ended June 30, 2021, the Company disposed of condominium units for an aggregate sales price of $8.8 million, resulting in proceeds of $8.5 million after closing costs and a gain of $1.5 million. The Company has no continuing involvement with these condominium units. The gain on sale of condominium units is included in gain on disposition of real estate and condominium developments, net in the condensed consolidated statements of operations. 2021 Property Dispositions and Real Estate Assets Held for Sale During the six months ended June 30, 2021, the Company disposed of 47 retail properties for an aggregate gross sales price of $304.0 million, resulting in proceeds of $296.0 million after closing costs and a gain of $46.5 million. The Company has no continuing involvement with these properties. The gain on sale of real estate is included in gain on disposition of real estate and condominium developments, net in the condensed consolidated statements of operations. As of June 30, 2021, there were two properties classified as held for sale with a carrying value of $6.1 million included in assets held for sale in the accompanying condensed consolidated balance sheets. Subsequent to June 30, 2021, the Company disposed of these properties, as further discussed in Note 17 — Subsequent Events. 2021 Impairment The Company performs quarterly impairment review procedures, primarily through continuous monitoring of events and changes in circumstances that could indicate that the carrying value of certain of its real estate assets may not be recoverable. See Note 2 — Summary of Significant Accounting Policies for a discussion of the Company’s accounting policies regarding impairment of real estate assets. During the six months ended June 30, 2021, five properties totaling approximately 165,000 square feet with a carrying value of $35.5 million were deemed to be impaired and their carrying values were reduced to an estimated fair value of $31.2 million, resulting in impairment charges of $4.4 million, which were recorded in the condensed consolidated statements of operations. See Note 3 — Fair Value Measurements for a further discussion regarding these impairment charges. 2020 Property Acquisition During the six months ended June 30, 2020, the Company acquired one commercial property for an aggregate purchase price of $4.7 million (the “2020 Property Acquisition”), which includes $42,000 of external acquisition-related expenses that were capitalized. The Company funded the 2020 Property Acquisition with proceeds from real estate dispositions and available borrowings. The following table summarizes the purchase price allocation for the 2020 Property Acquisition (in thousands): 2020 Property Acquisition Land $ 1,417 Buildings, fixtures and improvements 2,800 Acquired in-place (1) 442 Total purchase price $ 4,659 (1) The amortization period for acquired in-place 2020 Property Dispositions During the six months ended June 30, 2020, the Company disposed of 16 properties, consisting of 10 retail properties and six anchored shopping centers, for an aggregate gross sales price of $160.8 million, resulting in proceeds of $157.2 million after closing costs and disposition fees due to CMFT Management or its affiliates, and a gain of $16.9 million. The Company has no continuing involvement with these properties. The gain on sale of real estate is included in gain on disposition of real estate and condominium developments, net in the condensed consolidated statements of operations. 2020 Impairment During the six months ended June 30, 2020, 10 properties totaling approximately 673,000 square feet with a carrying value of $85.7 million were deemed to be impaired and their carrying values were reduced to an estimated fair value of $70.2 million, resulting in impairment charges of $15.5 million, which were recorded in the condensed consolidated statements of operations. See Note 3 — Fair Value Measurements for a further discussion regarding these impairment charges. | NOTE 4 — REAL ESTATE ASSETS 2020 Property Acquisitions During the year ended December 31, 2020, the Company acquired 150 commercial properties, including 146 properties acquired in connection with the Mergers, for an aggregate purchase price of $798.5 million (the “2020 Property Acquisitions”), which includes $7.9 million of external acquisition-related expenses that were capitalized. The Company funded the 2020 Property Acquisitions acquired in connection with the Mergers with the Merger Consideration, and funded the remaining acquisitions with proceeds from real estate dispositions and available borrowings. The following table summarizes the purchase price allocation for the 2020 Property Acquisitions (in thousands): 2020 Property Acquisitions Land $ 166,395 Buildings, fixtures and improvements 571,777 Acquired in-place leases and other intangibles (1) 74,888 Acquired above-market leases (2) 2,367 Intangible lease liabilities (3) (16,927 ) Total purchase price $ 798,500 (1) The amortization period for acquired in-place leases and other intangibles is 8.9 years. (2) The amortization period for acquired above-market leases is 6.5 years. (3) The amortization period for acquired intangible lease liabilities is 9.7 years. 2020 Property Dispositions and Real Estate Asset Held for Sale During the year ended December 31, 2020, the Company disposed of 30 properties, consisting of 20 retail properties and 10 anchored shopping centers for an aggregate gross sales price of $270.4 million, resulting in net proceeds of $263.8 million after closing costs and disposition fees due to CMFT Management or its affiliates, and a recorded gain of $27.5 million. The Company has no continuing involvement with these properties. The gain on sale of real estate is included in gain on disposition of real estate, net in the consolidated statements of operations. As of December 31, 2020, there was one property classified as held for sale with a carrying value of $3.5 million included in assets held for sale in the accompanying consolidated balance sheets. Subsequent to December 31, 2020, the Company disposed of the property, as further discussed in Note 19 — Subsequent Events. 2020 Impairment The Company performs quarterly impairment review procedures, primarily through continuous monitoring of events and changes in circumstances that could indicate that the carrying value of certain of its real estate assets may not be recoverable. See Note 2 — Summary of Significant Accounting Policies for a discussion of the Company’s accounting policies regarding impairment of real estate assets. During the year ended December 31, 2020, 12 properties totaling approximately 824,000 square feet with a carrying value of $103.1 million were deemed to be impaired and their carrying values were reduced to an estimated fair value of $86.4 million, resulting in impairment charges of $16.7 million, which were recorded in the consolidated statements of operations. See Note 3 — Fair Value Measurements for a further discussion regarding these impairment charges. 2019 Property Acquisition During the year ended December 31, 2019, the Company acquired a 100% interest in one commercial property for an aggregate purchase price of $6.2 million (the “2019 Property Acquisition”), which includes $165,000 of external acquisition-related expenses that were capitalized. The Company funded the 2019 Property Acquisition with proceeds from real estate dispositions and available borrowings. The following table summarizes the purchase price allocation for the 2019 Property Acquisition (in thousands): 2019 Property Acquisition Land $ 1,501 Buildings, fixtures and improvements 3,804 Acquired in-place leases and other intangibles (1) 860 Total purchase price $ 6,165 (1) The amortization period for acquired in-place leases and other intangibles is 20.1 years. 2019 Property Dispositions and Real Estate Assets Held for Sale On September 3, 2019, certain subsidiaries of the Company entered into a purchase and sale agreement (the “Purchase and Sale Agreement”) with Realty Income Corporation (NYSE: O) (the “Purchaser”), an unaffiliated company, to sell approximately 452 single-tenant properties, including nine properties previously owned through the Consolidated Joint Venture, encompassing approximately 5.1 million gross rentable square feet of commercial space across 41 states. Pursuant to the Purchase and Sale Agreement, the sale of 444 properties closed in December 2019 for total consideration of $1.2 billion, including the assumption by the Purchaser of existing mortgage debt totaling $130.8 million and the repayment of $532.3 million in debt, as further discussed in Note 9 — Credit Facilities, Notes Payable and Repurchase Facilities. The remaining properties closed subsequent to December 31, 2019, for consideration of $26.3 million, as discussed in “2020 Property Dispositions” above. During the year ended December 31, 2019, the Company disposed of a total of 497 properties, consisting of 482 retail properties, one industrial property and 14 anchored shopping centers, excluding a related outparcel of land, for an aggregate gross sales price of $1.65 billion, resulting in net proceeds of $1.40 billion after closing costs and disposition fees due to CMFT Management or its affiliates, and a recorded gain of $180.7 million. The Company has no continuing involvement with these properties. The gain on sale of real estate is included in gain on disposition of real estate, net in the consolidated statements of operations. As of December 31, 2019, there were 29 properties classified as held for sale with a carrying value of $351.9 million included in assets held for sale in the consolidated balance sheets. As of December 31, 2019, the Company had mortgage notes payable of $126.7 million that are related to the held for sale properties, which the Company expects to repay in connection with the disposition of the underlying held for sale properties. 2019 Impairment During the year ended December 31, 2019, 34 properties totaling approximately 3.4 million square feet with a carrying value of $457.3 million were deemed to be impaired and their carrying values were reduced to an estimated fair value of $384.4 million, resulting in impairment charges of $72.9 million, which were recorded in the consolidated statements of operations. See Note 3 — Fair Value Measurements for a further discussion regarding these impairment charges. 2018 Property Acquisition During the year ended December 31, 2018, the Company acquired a 100% interest in one commercial property for an aggregate purchase price of $11.9 million (the “2018 Acquisition”), which includes $277,000 of external acquisition-related expenses that were capitalized. The Company funded the 2018 Acquisition with net cash provided by operations and available borrowings. The following table summarizes the purchase price allocation for the 2018 Acquisition (in thousands): 2018 Acquisition Land $ 2,107 Buildings, fixtures and improvements 9,044 Acquired in-place leases and other intangibles (1) 1,392 Intangible lease liabilities (2) (638 ) Total purchase price $ 11,905 (1) The amortization period for acquired in-place leases and other intangibles is 19.0 years. (2) The amortization period for acquired intangible lease liabilities is 19.0 years. 2018 Property Dispositions During the year ended December 31, 2018, the Company disposed of 21 properties, consisting of 19 retail properties and two anchored shopping centers, excluding a related outparcel of land, for an aggregate gross sales price of $66.6 million, resulting in net proceeds of $49.1 million after closing costs and the repayment of the $15.0 million variable rate debt secured by one of the disposed properties and a gain of $6.3 million. During the year ended December 31, 2018, $478,000 was incurred for disposition fees to CMFT Management or its affiliates in connection with the sale of the properties and the Company has no continuing involvement with these properties. The gain on sale of real estate is included in gain on disposition of real estate, net in the consolidated statements of operations. 2018 Impairment During the year ended December 31, 2018, 22 properties totaling approximately 2.3 million square feet with a carrying value of $365.4 million were deemed to be impaired and their carrying values were reduced to an estimated fair value of $332.4 million, resulting in impairment charges of $33.0 million, which were recorded in the consolidated statements of operations. See Note 3 — Fair Value Measurements for a further discussion regarding these impairment charges. |
INTANGIBLE LEASE ASSETS AND LIA
INTANGIBLE LEASE ASSETS AND LIABILITIES | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
INTANGIBLE LEASE ASSETS AND LIABILITIES | NOTE 5 — INTANGIBLE LEASE ASSETS AND LIABILITIES Intangible lease assets and liabilities consisted of the following as of June 30, 2021 and December 31, 2020 (in thousands, except weighted average life remaining): June 30, 2021 December 31, 2020 Intangible lease assets: In-place $ 187,922 $ 217,431 Acquired above-market leases, net of accumulated amortization of $22,746 and $22,054, respectively (with a weighted average life remaining of 7.5 years and 7.6 years, respectively) 15,467 17,112 Total intangible lease assets, net $ 203,389 $ 234,543 Intangible lease liabilities: Acquired below-market leases, net of accumulated amortization of $34,297 and $31,933, respectively (with a weighted average life remaining of 7.4 years and 7.5 years, respectively) $ 27,917 $ 32,718 Amortization of the above-market in-place The following table summarizes the amortization related to the intangible lease assets and liabilities for the three and six months ended June 30, 2021 and 2020 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 In-place $ 7,428 $ 5,615 $ 15,201 $ 11,555 Above-market lease amortization $ 599 $ 729 $ 1,249 $ 1,637 Below-market lease amortization $ 1,377 $ 1,267 $ 2,843 $ 2,666 As of June 30, 2021, the estimated amortization relating to the intangible lease assets and liabilities is as follows (in thousands): Amortization In-Place Leases and Above-Market Leases Below-Market Leases Remainder of 2021 $ 14,027 $ 1,188 $ 2,541 2022 26,209 2,281 4,496 2023 23,027 2,028 3,832 2024 19,849 1,533 2,872 2025 16,071 1,292 2,503 Thereafter 88,739 7,145 11,673 Total $ 187,922 $ 15,467 $ 27,917 | NOTE 5 — INTANGIBLE LEASE ASSETS AND LIABILITIES Intangible lease assets and liabilities consisted of the following as of December 31, 2020 and 2019 (in thousands, except weighted average life remaining): As of December 31, 2020 2019 Intangible lease assets: In-place leases and other intangibles, net of accumulated amortization of $132,967 and $111,670, respectively (with a weighted average life remaining of 9.7 years and 10.4 years, respectively) $ 217,431 $ 164,724 Acquired above-market leases, net of accumulated amortization of $22,054 and $19,310, respectively (with aweighted average life remaining of 7.6 years and 7.9 years, respectively) 17,112 17,423 Total intangible lease assets, net $ 234,543 $ 182,147 Intangible lease liabilities: Acquired below-market leases, net of accumulated amortization of $31,933 and $25,800, respectively (with aweighted average life remaining of 7.5 years and 7.3 years, respectively) $ 32,718 $ 20,523 Amortization of the above-market leases is recorded as a reduction to rental and other property income, and amortization expense for the in-place leases and other intangibles is included in depreciation and amortization in the accompanying consolidated statements of operations. Amortization of below-market leases is recorded as an increase to rental and other property income in the accompanying consolidated statements of operations. The following table summarizes the amortization related to the intangible lease assets and liabilities for the years ended December 31, 2020, 2019, and 2018 (in thousands): Year Ended December 31, 2020 2019 2018 In-place lease and other intangible amortization $ 23,262 $ 32,058 $ 45,559 Above-market lease amortization $ 3,095 $ 4,315 $ 6,740 Below-market lease amortization $ 5,309 $ 6,253 $ 8,448 As of December 31, 2020, the estimated amortization relating to the intangible lease assets and liabilities is as follows (in thousands): Amortization Year Ending December 31, In-Place Leases and Above-Market Leases Below-Market Leases 2021 $ 30,108 $ 2,489 $ 5,499 2022 $ 27,756 $ 2,345 $ 4,770 2023 $ 24,547 $ 2,086 $ 4,101 2024 $ 21,317 $ 1,576 $ 3,138 2025 $ 17,534 $ 1,334 $ 2,779 Thereafter $ 96,169 $ 7,282 $ 12,431 Total $ 217,431 $ 17,112 $ 32,718 |
REAL ESTATE-RELATED SECURITIES
REAL ESTATE-RELATED SECURITIES | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||
REAL ESTATE-RELATED SECURITIES | NOTE 6 — REAL ESTATE-RELATED SECURITIES As of June 30, 2021, the Company had CMBS investment securities with an aggregate estimated fair value of $42.1 million. The CMBS mature on various dates from November 2033 through June 2058 and have interest rates ranging from 2.7% to 13.0%, with one CMBS earning a zero coupon rate. The following is a summary of the Company’s real estate-related securities as of June 30, 2021 (in thousands): Real Estate-Related Securities Amortized Cost Basis Unrealized Gain Fair Value CMBS $ 39,520 $ 2,551 $ 42,071 Total real estate-related securities $ 39,520 $ 2,551 $ 42,071 The following table provides the activity for the real estate-related securities during the six months ended June 30, 2021 (in thousands): Amortized Cost Basis Unrealized Gain Fair Value Real estate-related securities as of January 1, 2021 $ 37,047 $ 1,147 $ 38,194 Face value of real estate-related securities acquired 34,491 — 34,491 Premiums and discounts on purchase of real estate-related (5,982 ) — (5,982 ) Amortization of discount on real estate-related securities 525 — 525 Sale of real estate-related securities (26,976 ) (648 ) (27,624 ) Capitalized interest income on real estate-related securities 435 — 435 Principal payments received on real estate-related securities (20 ) — (20 ) Unrealized gain on real estate-related securities — 2,052 2,052 Real estate-related $ 39,520 $ 2,551 $ 42,071 During the six months ended June 30, 2021, the Company invested $28.5 million in CMBS. During the same period, the Company sold CMBS with a carrying value of $27.0 million resulting in net proceeds of $27.6 million and a gain of $648,000. Unrealized gains and losses on real estate-related securities are recorded in other comprehensive income (loss), with a portion of the amount subsequently reclassified into interest expense and other, net in the accompanying condensed consolidated statements of operations as securities are sold and gains and losses are recognized. During the three and six months ended June 30, 2021, the Company recorded $1.9 million and $2.1 million, respectively, of unrealized gains on its real estate-related The scheduled maturities of the Company’s real estate-related Available-for-sale securities Amortized Cost Estimated Fair Value Due within one year $ — $ — Due after one year through five years — — Due after five years through ten years — — Due after ten years 39,520 42,071 Total $ 39,520 $ 42,071 Actual maturities of real estate-related securities can differ from contractual maturities because borrowers on certain corporate credit securities may have the right to prepay their respective debt obligations at any time. In addition, factors such as prepayments and interest rates may affect the yields on such securities. In estimating credit losses related to real estate-related securities, management considers a variety of factors, including (1) whether the Company has the intent to sell the impaired security before the recovery of its amortized cost basis, (2) whether the Company expects to hold the investment for a period of time sufficient to allow for anticipated recovery in fair value, and (3) whether the Company expects to recover the entire amortized cost basis of the security. As of June 30, 2021, the Company had no credit losses related to real estate-related securities. | NOTE 6 — REAL ESTATE-RELATED SECURITIES As of December 31, 2020, the Company had investments in four CMBS investment securities with an aggregate estimated fair value of $38.2 million. The CMBS mature on various dates from January 2024 through March 2034 and have interest rates ranging from 4.0% to 13.0%. The following is a summary of the Company’s real estate-related securities as of December 31, 2020 (in thousands): Real Estate-Related Securities Amortized Unrealized Fair CMBS $ 37,047 $ 1,147 $ 38,194 Total real estate-related securities $ 37,047 $ 1,147 $ 38,194 The following table provides the activity for the real estate-related securities during the year ended December 31, 2020 (in thousands): Amortized Unrealized Fair Real estate-related securities as of January 1, 2020 $ — $ — $ — Face value of real estate-related securities acquired 91,440 — 91,440 Premiums and discounts on purchase of real estate-related securities, net of acquisition costs (14,796 ) — (14,796 ) Amortization of discount (premium) on real estate-related securities 57 — 57 Principal payments received on real estate-related securities (2,571 ) — (2,571 ) Sale of real estate-related securities (37,083 ) (510 ) (37,593 ) Unrealized gain on real estate-related securities — 1,657 1,657 Real estate-related securities as of December 31, 2020 $ 37,047 $ 1,147 $ 38,194 During the year ended December 31, 2020, the Company invested $76.6 million in CMBS. During the same period, the Company sold $37.1 million in CMBS resulting in net proceeds of $37.6 million and a gain of $510,000. Unrealized gains and losses on real estate-related securities are recorded in other comprehensive (loss) income, with a portion of the amount subsequently reclassified into interest expense and other, net in the accompanying consolidated statements of operations as securities are sold and gains and losses are recognized. During the year ended December 31, 2020, the Company recorded $1.7 million of unrealized gains on its real estate-related securities included in accumulated other comprehensive (loss) income in the accompanying consolidated statement of stockholders’ equity. The scheduled maturities of the Company’s real estate-related securities as of December 31, 2020 are as follows (in thousands): Available-for-sale securities Amortized Cost Estimated Fair Value Due within one year $ — $ — Due after one year through five years 27,061 27,461 Due after five years through ten years — — Due after ten years 9,986 10,733 Total $ 37,047 $ 38,194 Actual maturities of real estate-related securities can differ from contractual maturities because borrowers on certain corporate credit securities may have the right to prepay their respective debt obligations at any time. In addition, factors such as prepayments and interest rates may affect the yields on such securities. In estimating credit losses related to real estate-related securities, management considers a variety of factors, including (1) whether the Company has the intent to sell the impaired security before the recovery of its amortized cost basis, (2) whether the Company expects to hold the investment for a period of time sufficient to allow for anticipated recovery in fair value, and (3) whether the Company expects to recover the entire amortized cost basis of the security. As of December 31, 2020, the Company had no credit losses related to real estate-related securities. |
LOANS HELD-FOR-INVESTMENT
LOANS HELD-FOR-INVESTMENT | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Receivables [Abstract] | ||
LOANS HELD-FOR-INVESTMENT | NOTE 7 — LOANS HELD-FOR-INVESTMENT The Company’s loans held-for-investment As of June 30, 2021 As of December 31, 2020 Mezzanine loans $ — $ 147,475 Senior loans 872,188 341,546 Total CRE loans held-for-investment 872,188 489,021 Broadly syndicated loans 484,059 473,603 Loans held-for-investment $ 1,356,247 $ 962,624 Less: Allowance for credit losses $ (13,011) $ (70,358 ) Total loans held-for-investment $ 1,343,236 $ 892,266 During the six months ended June 30, 2021, the Company invested $142.3 million in broadly syndicated loans. During the same period, the Company received $97.3 million of principal payments on broadly syndicated loans and sold $36.7 million of broadly syndicated loans, resulting in proceeds of $36.5 million after closing costs and a gain of $165,000. The gain was recorded as a decrease to interest expense and other, net in the condensed consolidated statements of operations. As of June 30, 2021, the Company had $43.2 million of unsettled broadly syndicated loan purchases included in cash and cash equivalents in the accompanying condensed consolidated balance sheet. As of June 30, 2021, the Company had $108.3 million of unfunded commitments related to CRE loans held-for-investment, The following table details overall statistics for the Company’s loans held-for-investment CRE Loans (1) (2) Broadly Syndicated Loans June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Number of loans 10 12 237 194 Principal balance $ 882,505 $ 481,438 $ 487,121 $ 477,777 Net book value $ 865,722 $ 428,393 $ 477,514 $ 463,873 Weighted-average interest rate 4.2 % 7.5 % 3.6 % 3.8 % Weighted-average maximum years to maturity 2.6 2.2 5.0 4.9 (1) As of June 30, 2021, 100% of the Company’s CRE loans by principal balance earned a floating rate of interest, primarily indexed to U.S. dollar LIBOR. (2) Maximum maturity date assumes all extension options are exercised by the borrower; however, the Company’s CRE loans may be repaid prior to such date. Activity relating to the Company’s loans held-for-investment Principal Balance Deferred Fees / Other Items (1) Loan Fees Receivable Net Book Value Balance, December 31, 2020 $ 959,215 $ (74,116 ) $ 7,167 $ 892,266 Loan originations and acquisitions 681,580 — — 681,580 Cure payments receivable (2) — (7,351 ) — (7,351 ) Sale of loans (36,664 ) 311 — (36,353 ) Principal repayments received (97,716 ) 257 — (97,459 ) Capitalized interest (2) (9,469 ) — — (9,469 ) Deferred fees and other items — (5,886 ) — (5,886 ) Accretion and amortization of fees and other items — (783 ) — (783 ) Foreclosure of assets (2) (127,320 ) 3,831 (7,167 ) (130,656 ) Allowance for credit losses (3) — 57,347 — 57,347 Balance, June 30, 2021 $ 1,369,626 $ (26,390 ) $ — $ 1,343,236 (1) Other items primarily consist of allowance for credit losses (as discussed below), purchase discounts or premiums, accretion of exit fees and deferred origination expenses. (2) During the six months ended June 30, 2021, the Company completed foreclosure of the assets which previously secured its eight mezzanine loans. (3) Includes the reversal of the allowance for credit losses related to the mezzanine loans upon foreclosure of the assets which previously secured the loans, as further discussed below in “Allowance for Credit Losses,” partially offset by the increase in allowance for credit losses related to the Company’s loans held- for-investment Allowance for Credit Losses The allowance for credit losses reflects the Company’s current estimate of potential credit losses related to the loans held-for-investment The following table presents the activity in the Company’s allowance for credit losses by loan type for the six months ended June 30, 2021 (dollar amounts in thousands): Mezzanine Loans Senior Loans Broadly Syndicated Loans Total Allowance for credit losses as of December 31, 2020 $ 58,038 $ 2,590 $ 9,730 $ 70,358 Foreclosure of assets (1) (58,038 ) — — (58,038 ) Provision for credit losses — 1,295 (727 ) 568 Allowance for credit losses as of March 31, 2021 $ — $ 3,885 $ 9,003 $ 12,888 Provision for (reversal of) credit losses — 2,581 (2,458 ) 123 Allowance for credit losses as of June 30, 2021 $ — $ 6,466 $ 6,545 $ 13,011 (1) During the six months ended June 30, 2021, the Company completed foreclosure of the assets which previously secured its eight mezzanine loans. Changes to the allowance for credit losses are recognized through net income (loss) on the Company’s condensed consolidated statements of operations. Troubled Debt Restructuring An individual financial instrument is classified as a troubled debt restructuring when there is a reasonable expectation that the financial instrument’s contractual terms will be modified in a manner that grants concessions to the borrower who is experiencing financial difficulties. Concessions could include term extensions, payment deferrals, interest rate reductions, principal forgiveness, forbearance, or other actions designed to maximize the Company’s collection on the financial instrument. The allowance for credit losses for financial instruments that are trouble debt restructurings are determined individually. The Company also classifies a financial instrument as a troubled debt restructuring when receivables from third parties, real estate, or other assets are transferred from the debtor to the creditor in order to fully or partially satisfy a debt, such as in the event of a foreclosure or repossession. During the year ended December 31, 2019, the borrower on the Company’s eight mezzanine loans became delinquent on certain required reserve payments. Throughout 2020, the borrower remained delinquent on the required reserve payments and became delinquent on principal and interest. As a result, the Company classified the loans as a troubled debt restructuring and commenced foreclosure proceedings during the year ended December 31, 2020. Upon completing foreclosure in January 2021, the Company took control of the assets which previously secured the loans, including 75 condominium units and 21 rental units across four buildings. As a result of the foreclosure, the Company recorded a $58.0 million decrease to its provision for credit losses related to its mezzanine loans during the three months ended March 31, 2021. During the six months ended June 30, 2021, the Company recorded a $691,000 net increase to the provision for credit losses related to its senior loans and broadly syndicated loans to reflect the estimated fair value of such loans, bringing the total allowance for credit losses to $13.0 million as of June 30, 2021. The Company recorded a decrease in the provision for credit losses related to its broadly syndicated loans during the three months ended June 30, 2021 due to the ongoing market recovery from COVID-19 Risk Ratings As further described in Note 2 — Summary of Significant Accounting Policies, the Company evaluates its loans held-for-investment The Company’s primary credit quality indicator is its risk ratings, which are further discussed above. The following table presents the net book value of the Company’s loans held-for-investment Number of Loans Amortized Cost of Loans Held-For-Investment (1) As of June 30, 2021 2021 2020 2019 Total Senior loans by internal risk rating: 1 — $ — $ — $ — $ — 2 — — — — — 3 10 521,699 234,248 116,241 872,188 4 — — — — — 5 — — — — — Total senior loans 10 521,699 234,248 116,241 872,188 Broadly syndicated loans by internal risk rating: 1 — — — — — 2 3 — 6,889 — 6,889 3 233 120,536 349,670 3,050 473,256 4 1 — 3,914 — 3,914 5 — — — — — Total broadly syndicated loans 237 120,536 360,473 3,050 484,059 Less: Allowance for credit losses (13,011 ) Total loans held-for-investment 247 $ 1,343,236 Weighted Average Risk Rating (2) 3.0 (1) Date loan was originated or acquired by the Company. Origination dates are subsequently updated to reflect material loan modifications. (2) Weighted average risk rating calculated based on carrying value at period end. | NOTE 7 — LOANS HELD-FOR-INVESTMENT The Company’s loans held-for-investment consisted of the following as of December 31, 2020 and 2019 (dollar amounts in thousands): As of December 31, 2020 2019 Mezzanine loans $ 147,475 $ 146,060 Senior loans 341,546 152,820 Total CRE loans-held-for-investment and related receivables, net 489,021 298,880 Broadly syndicated loans 473,603 2,750 Loans held-for-investment and related receivables, net $ 962,624 $ 301,630 Less: Allowance for credit losses $ (70,358 ) $ — Total loans-held-for-investment and related receivable, net $ 892,266 $ 301,630 During the year ended December 31, 2020, the Company invested $582.7 million in broadly syndicated loans. During the same period, the Company received $71.8 million of principal payments on broadly syndicated loans and sold $42.0 million of broadly syndicated loans, resulting in proceeds of $39.9 million after closing costs and a loss of $737,000. The loss was recorded as an increase to interest expense and other, net in the consolidated statements of operations. As of December 31, 2020, the Company had $41.0 million of unsettled broadly syndicated loan purchases included in cash and cash equivalents in the accompanying consolidated balance sheet. As of December 31, 2020, the Company had $169.1 million of unfunded commitments related to CRE loans held-for-investment, the funding of which is subject to the satisfaction of borrower milestones. These commitments are not reflected in the accompanying consolidated balance sheet. The following table details overall statistics for the Company’s loans held-for-investment as of December 31, 2020 and 2019 (dollar amounts in thousands): CRE Loans (1) (2) Broadly Syndicated Loans As of December 31, As of December 31, 2020 2019 2020 2019 Number of loans 12 11 194 1 Principal balance $ 481,438 $ 297,357 $ 477,777 $ 2,750 Net book value $ 428,393 $ 298,880 $ 463,873 $ 2,750 Weighted-average interest rate 7.5 % 8.9 % 3.8 % 4.5 % Weighted-average maximum years to maturity 2.2 2.9 4.9 5.2 (1) As of December 31, 2020, 100% of the Company’s loans by principal balance earned a floating rate of interest, primarily indexed to U.S. dollar LIBOR. (2) Maximum maturity date assumes all extension options are exercised by the borrowers; however, the Company’s CRE loans may be repaid prior to such date. Activity relating to the Company’s loans held-for-investment portfolio was as follows for the years ended December 31, 2020 and 2019 (dollar amounts in thousands): Principal Deferred (1) Loan Fees Net Book Balance, January 1, 2019 $ 89,679 $ (6,540 ) $ 6,623 $ 89,762 Loan originations and acquisitions 219,096 (417 ) 1,085 219,764 Principal repayments received (17,186 ) — — (17,186 ) Capitalized interest (2) 8,546 — — 8,546 Deferred fees and other items — (1,531 ) (166 ) (1,697 ) Accretion and amortization of fees and other items — 2,441 — 2,441 Balance, December 31, 2019 $ 300,135 $ (6,047 ) $ 7,542 $ 301,630 Loan originations and acquisitions 820,015 (5 ) 5 820,015 Cure payments receivable (3) — 7,351 — 7,351 Sale of loans (42,031 ) 1,392 — (40,639 ) Principal repayments received (4) (119,443 ) — — (119,443 ) Capitalized interest (2) 539 — — 539 Deferred fees and other items — (8,969 ) (380 ) (9,349 ) Accretion and amortization of fees and other items — 2,520 — 2,520 Allowance for credit losses (5) — (70,358 ) — (70,358 ) Balance, December 31, 2020 $ 959,215 $ (74,116 ) $ 7,167 $ 892,266 (1) Other items primarily consist of purchase discounts or premiums, accretion of exit fees and deferred origination expenses. (2) Represents accrued interest on loans whose terms do not require a current cash payment of interest. (3) Represents operating expenses related to the mezzanine loans paid by the Company on the borrower’s behalf in connection with the foreclosure proceedings that commenced during the year ended December 31, 2020, as further discussed below in “Allowance for Credit Losses.” (4) Includes the repayment of a $40.8 million senior loan prior to the maturity date. (5) Includes the initial allowance for credit losses against the loans held-for-investment recorded on January 1, 2020 and the increase in allowance for credit losses related to its loans held-for-investment during the year ended December 31, 2020, as further discussed below in “Allowance for Credit Losses.” Allowance for Credit Losses The allowance for credit losses reflects the Company’s current estimate of potential credit losses related to the loans held-for-investment included in the Company’s consolidated balance sheets. Refer to Note 2 — Summary of Significant Accounting Policies for further discussion of the Company’s allowance for credit losses. The following table presents the activity in the Company’s allowance for credit losses by loan type for the year ended December 31, 2020 (dollar amounts in thousands): Mezzanine Senior Broadly Total Allowance for credit losses as of December 31, 2019 $ — $ — $ — $ — Transition adjustment on January 1, 2020 1,494 468 40 2,002 Provision for credit losses 13,047 341 4,389 17,777 Allowance for credit losses as of March 31, 2020 14,541 809 4,429 19,779 Provision for credit losses 6,728 (317 ) 1,494 7,905 Allowance for credit losses as of June 30, 2020 21,269 492 5,923 27,684 Provision for credit losses 3,601 1,390 2,364 7,355 Allowance for credit losses as of September 30, 2020 24,870 1,882 8,287 35,039 Provision for credit losses 33,168 708 1,443 35,319 Allowance for credit losses as of December 31, 2020 $ 58,038 $ 2,590 $ 9,730 $ 70,358 The Company’s initial allowance for credit losses against the loans held-for-investment of $2.0 million recorded on January 1, 2020 is reflected as a direct charge to retained earnings on the Company’s consolidated statements of stockholders’ equity; however, subsequent changes to the allowance for credit losses are recognized through net income on the Company’s consolidated statements of operations. During the year ended December 31, 2020, the Company recorded a $68.4 million increase in allowance for credit losses related to its loans held-for-investment, bringing the total allowance for credit losses to $70.4 million as of December 31, 2020. During the year ended December 31, 2019, the borrower on the Company’s eight mezzanine loans, which represents approximately 3.3% of total assets as of December 31, 2020, became delinquent on certain required reserve payments. During the three months ended March 31, 2020, the borrower remained delinquent on the required reserve payments and became delinquent on principal and interest. Additionally, during the three months ended June 30, 2020, the fair value of the collateral, which is based on comparable market sales, further decreased compared to the amortized cost basis. During the three months ended September 30, 2020, the Company commenced foreclosure proceedings to take control of the condominium properties in New York securing the mezzanine loans. As a result of this activity related to the Company’s mezzanine loans, the Company recorded a net increase to its provision for credit losses on the four loans of $58.0 million during the year ended December 31, 2020 to reflect the estimated fair value of the collateral, which included a $7.4 million provision for credit losses associated with a cure payments receivable for operating expenses paid by the Company on the borrower’s behalf during the year ended December 31, 2020. Subsequent to December 31, 2020, the Company completed foreclosure proceedings to take control of the properties securing its mezzanine loans, as discussed in Note 19 — Subsequent Events. As further described in Note 2 — Summary of Significant Accounting Policies, the Company evaluates its loans-held-for-investment portfolio on a quarterly basis. Each quarter, the Company assesses the risk factors of each loan, and assigns a risk rating based on several factors. Factors considered in the assessment include, but are not limited to, loan and credit structure, current LTV, debt yield, collateral performance, and the quality and condition of the sponsor, borrower, and guarantor(s). Loans are rated “1” (less risk) through “5” (greater risk), which ratings are defined in Note 2 — Summary of Significant Accounting Policies. The Company’s primary credit quality indicator is its risk ratings, which are further discussed above. The following table presents the net book value of the Company’s loans-held-for-investment portfolio as of December 31, 2020 by year of origination, loan type, and risk rating (dollar amounts in thousands): Amortized Cost of Loans Held-For-Investment by (1) As of December 31, 2020 Number 2020 2019 2018 Total Mezzanine loans by internal risk rating: 1 — $ — $ — $ — $ — 2 — — — — — 3 — — — — — 4 — — — — — 5 8 — 57,045 90,430 147,475 Total mezzanine loans 8 — 57,045 90,430 147,475 Senior loans by internal risk rating: 1 — — — — — 2 — — — — — 3 4 225,822 115,724 — 341,546 4 — — — — — 5 — — — — — Total senior loans 4 225,822 115,724 — 341,546 Broadly syndicated loans by internal risk rating: 1 — — — — — 2 3 6,880 — — 6,880 3 189 456,711 2,739 — 459,450 4 2 7,273 — — 7,273 5 — — — — — Total broadly syndicated loans 194 470,864 2,739 — 473,603 Less: Allowance for credit losses (70,358 ) Total loans-held-for-investment and related receivables, net 206 $ 892,266 Weighted Average Risk Rating (2) 3.3 (1) Date loan was originated or acquired by the Company. Origination dates are subsequently updated to reflect material loan modifications. (2) Weighted average risk rating calculated based on carrying value at period end. |
DERIVATIVE INSTRUMENTS AND HEDG
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | NOTE 8 — DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES In the normal course of business, the Company uses certain types of derivative instruments for the purpose of managing or hedging its interest rate risk. During the six months ended June 30, 2021, two of the Company’s interest rate swap agreements matured. Additionally, the Company entered into four interest rate cap agreements during the six months ended June 30, 2021. As of June 30, 2021, the Company had three interest rate swap agreements designated as hedging instruments and four non-designated The following table summarizes the terms of the Company’s interest rate swap agreements and interest rate cap agreements as of June 30, 2021 and December 31, 2020 (dollar amounts in thousands): Outstanding Fair Value of Assets Balance Sheet Location Interest Effective Maturity June 30, 2021 December 31, 2020 Interest Rate Caps Prepaid expenses and other assets $ 102,553 5.45% (1) 5/7/2021 5/9/2022 $ — $ — Interest Rate Swaps Deferred rental income, derivative liabilities and other liabilities $ 241,500 2.55% to (2) 6/29/2016 to 7/1/2021 to $(6,289) $ (12,308 ) (1) The interest rate consists of the underlying index capped to a fixed rate as of June 30, 2021. (2) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of June 30, 2021. Additional disclosures related to the fair value of the Company’s derivative instruments are included in Note 3 — Fair Value Measurements. The notional amount under the derivative instruments is an indication of the extent of the Company’s involvement in each instrument, but does not represent exposure to credit, interest rate or market risks. Accounting for changes in the fair value of a derivative instrument depends on the intended use and designation of the derivative instrument. The Company has interest rate caps that are used to manage exposure to interest rate movements, but do not meet the requirements to be designated as hedging instruments. The change in fair value of the derivative instruments that are not designated as hedges is recorded directly to earnings in interest expense and other, net on the accompanying condensed consolidated statements of operations. The Company has interest rate swaps that are designated as cash flow hedges in order to hedge the variability of the anticipated cash flows on its variable rate debt. The change in fair value of the derivative instruments that are designated as hedges is recorded in other comprehensive income (loss), with a portion of the amount subsequently reclassified to interest expense as interest payments are made on the Company’s variable rate debt. For the three and six months ended June 30, 2021, the amount of losses reclassified from other comprehensive income (loss) as an increase to interest expense was $71,000 and $3.2 million, respectively. For the three and six months ended June 30, 2020, the amount of losses reclassified from other comprehensive income (loss) as an increase to interest expense was $3.3 million and $4.3 million, respectively. The total unrealized gain on interest rate swaps was $80,000 as of June 30, 2021, and the total unrealized loss on interest rate swaps was $3.2 million as of December 31, 2020, which are included in accumulated other comprehensive (loss) income in the accompanying condensed consolidated statement of stockholders’ equity. During the next 12 months, the Company estimates that $59,000 will be reclassified from other comprehensive income (loss) as an increase to interest expense. The Company includes cash flows from interest rate swap agreements in net cash flows provided by operating activities on its condensed consolidated statements of cash flows, as the Company’s accounting policy is to present cash flows from hedging instruments in the same category in its condensed consolidated statements of cash flows as the category for cash flows from the hedged items. The Company has agreements with each of its derivative counterparties that contain provisions whereby if the Company defaults on certain of its unsecured indebtedness, the Company could also be declared in default on its derivative obligations, resulting in an acceleration of payment. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value, inclusive of interest payments and accrued interest, of $6.3 million as of June 30, 2021. In addition, the Company is exposed to credit risk in the event of non-performance by its derivative counterparties. The Company believes it mitigates its credit risk by entering into agreements with creditworthy counterparties. The Company records credit risk valuation adjustments on its interest rate swaps based on the credit quality of the Company and the respective counterparty. There were no termination events or events of default related to the interest rate swaps as of June 30, 2021. | NOTE 8 — DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES In the normal course of business, the Company uses certain types of derivative instruments for the purpose of managing or hedging its interest rate risk. During the year ended December 31, 2020, one of the Company’s interest rate swap agreements was partially terminated prior to the maturity date, resulting in a loss of $97,000. The loss was recorded as an increase to interest expense and other, net included in the accompanying consolidated statements of operations. In addition, the Company assumed two interest rate swap agreements in connection with the Mergers. As of December 31, 2020, the Company had five interest rate swap agreements designated as hedging instruments. The following table summarizes the terms of the Company’s interest rate swap agreements designated as hedging instruments as of December 31, 2020 and 2019 (dollar amounts in thousands): Balance Sheet Location Outstanding Notional Interest Rates (1) Effective Maturity Fair Value of Liabilities as of December 31, December 31, (2) Interest Rate Swaps Derivative liabilities, $ 1,085,266 2.55% to 4.50% 6/29/2016 3/15/2021 $ (12,308 ) $ (4,181 ) (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of December 31, 2020. (2) As of December 31, 2019, the Company had two interest rate swap agreements in an asset position with a notional amount of $60.0 million and a fair value of $261,000 included in prepaid expenses and other assets on the consolidated balance sheets. Additional disclosures related to the fair value of the Company’s derivative instruments are included in Note 3 — Fair Value Measurements. The notional amount under the interest rate swap agreements is an indication of the extent of the Company’s involvement in each instrument, but does not represent exposure to credit, interest rate or market risks. Accounting for changes in the fair value of a derivative instrument depends on the intended use and designation of the derivative instrument. The Company designated the interest rate swaps as cash flow hedges in order to hedge the variability of the anticipated cash flows on its variable rate debt. The change in fair value of the derivative instruments that are designated as hedges is recorded in other comprehensive (loss) income, with a portion of the amount subsequently reclassified to interest expense as interest payments are made on the Company’s variable rate debt. For the year ended December 31, 2020, the amount of loss reclassified from other comprehensive (loss) income as an increase to interest expense was $12.3 million. For the years ended December 31, 2019 and 2018, the amount of gains reclassified from other comprehensive (loss) income as a decrease to interest expense was $3.5 million and $4.3 million, respectively. The total unrealized loss on interest rate swaps of $12.3 million and $3.9 million as of December 31, 2020 and 2019, respectively, and the total unrealized gain on interest rate swaps of $11.0 million as of December 31, 2018 is included in accumulated other comprehensive income (loss) in the accompanying consolidated statement of stockholders’ equity. During the next 12 months, the Company estimates that $3.3 million will be reclassified from other comprehensive (loss) income as an increase to interest expense. The Company includes cash flows from interest rate swap agreements in net cash flows provided by operating activities on its consolidated statements of cash flows, as the Company’s accounting policy is to present cash flows from hedging instruments in the same category in its consolidated statements of cash flows as the category for cash flows from the hedged items. The Company has agreements with each of its derivative counterparties that contain provisions whereby if the Company defaults on certain of its unsecured indebtedness, the Company could also be declared in default on its derivative obligations, resulting in an acceleration of payment. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at their aggregate termination value, inclusive of interest payments and accrued interest of $13.1 million as of December 31, 2020. In addition, the Company is exposed to credit risk in the event of non-performance by its derivative counterparties. The Company believes it mitigates its credit risk by entering into agreements with creditworthy counterparties. The Company records credit risk valuation adjustments on its interest rate swaps based on the credit quality of the Company and the respective counterparty. There were no termination events or events of default related to the interest rate swaps as of December 31, 2020. |
CREDIT FACILITIES, NOTES PAYABL
CREDIT FACILITIES, NOTES PAYABLE AND REPURCHASE FACILITIES | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Debt Disclosure [Abstract] | ||
CREDIT FACILITIES, NOTES PAYABLE AND REPURCHASE FACILITIES | NOTE 9 — CREDIT FACILITIES, NOTES PAYABLE AND REPURCHASE FACILITIES As of June 30, 2021, the Company had $2.5 billion of debt outstanding, including net deferred financing costs, with a weighted average years to maturity of 1.6 years and a weighted average interest rate of 2.8%. The weighted average years to maturity is computed using the scheduled repayment date as specified in each loan agreement where applicable. The weighted average interest rate is computed using the interest rate in effect until the scheduled repayment date. The following table summarizes the debt balances as of June 30, 2021 and December 31, 2020, and the debt activity for the six months ended June 30, 2021 (in thousands): During the Six Months Ended June 30, 2021 Balance as of 2020 Debt Issuances & (1) Repayments & (2) Accretion and (Amortization) Balance as of June 30, 2021 Notes payable — fixed rate debt $ 578,096 $ — $ (54,534 ) $ — $ 523,562 Notes payable — variable rate debt — 102,553 (8,351 ) — 94,202 Credit facilities 1,336,500 320,000 (235,000 ) — 1,421,500 Repurchase facilities 235,380 270,182 (136 ) — 505,426 Total debt 2,149,976 692,735 (298,021 ) — 2,544,690 Net premiums (3) 149 — — (149 ) — Deferred costs — credit facility (4) (3,543 ) — — 1,466 (2,077 ) Deferred costs — fixed rate debt (1,589 ) — 45 374 (1,170 ) Deferred costs — variable rate debt — (1,346 ) — 712 (634 ) Total debt, net $ 2,144,993 $ 691,389 $ (297,976 ) $ 2,403 $ 2,540,809 (1) Includes deferred financing costs incurred during the period. (2) In connection with the repayment of certain mortgage notes, the Company recognized a loss on extinguishment of debt of $1.5 million during the six months ended June 30, 2021. (3) Net premiums on mortgage notes payable were recorded upon the assumption of the respective debt instruments. Amortization of these net premiums is recorded as a reduction to interest expense over the remaining term of the respective debt instruments using the effective-interest method. (4) Deferred costs related to the term portion of the CMFT Credit Facility (as defined below). Notes Payable As of June 30, 2021, the fixed rate debt outstanding of $523.6 million included $21.5 million of variable rate debt that is fixed through interest rate swap agreements, which has the effect of fixing the variable interest rates per annum through the maturity date of the variable rate debt. The fixed rate debt has interest rates ranging from 2.6% to 4.6% per annum. The fixed rate debt outstanding matures on various dates from July 2021 to December 2024. Should a loan not be repaid by its scheduled repayment date, the applicable interest rate may increase as specified in the respective loan agreement. The aggregate balance of gross real estate assets, net of gross intangible lease liabilities, securing the fixed rate debt outstanding was $904.5 million as of June 30, 2021. Each of the mortgage notes payable comprising the fixed rate debt is secured by the respective properties on which the debt was placed. Upon completing foreclosure to take control of the assets which previously secured the Company’s mezzanine loans in January 2021, the Company assumed $102.6 million in variable rate debt related to the underlying properties. As of June 30, 2021, the variable rate debt outstanding of $94.2 million had a weighted average interest rate of 5.5%. The variable rate debt outstanding matures on May 9, 2022. Credit Facilities The Company has a second amended and restated unsecured credit agreement (the “CMFT Second Amended and Restated Credit Agreement”) with JPMorgan Chase Bank, N.A. as administrative agent (“JPMorgan Chase”), and the other lenders party thereto that provides for borrowings of up to $1.24 billion as of June 30, 2021, which includes an $885.0 million unsecured term loan (the “CMFT Term Loan”) and up to $350.0 million in unsecured revolving loans (the “CMFT Revolving Loans” and, collectively with the CMFT Term Loan, the “CMFT Credit Facility”). The CMFT Credit Facility matures on March 15, 2022. Depending upon the type of loan specified and overall leverage ratio, the CMFT Credit Facility bears interest at (i) the one-month, two-month, three-month six-month one-month On December 21, 2020, as a result of CCPT V’s merger with the Company, a subsidiary of the Company assumed CCPT V’s obligations pursuant to the credit agreement by and among Cole Operating Partnership V, LP, the operating partnership of CCPT V (“CCPT V OP”), JPMorgan Chase, as administrative agent, and the lender parties thereto (the “CCPT V Credit Agreement”), including as guarantor under a guaranty provided by CCPT V, and as modified by a modification agreement dated as of May 31, 2018 and subsequently modified following the consummation of CCPT V’s merger with the Company by a second modification agreement on December 21, 2020. The CCPT V Credit Agreement allows for borrowings of up to $350.0 million (the “CCPT V Credit Facility”). The CCPT V Credit Facility includes $220.0 million in term loans outstanding (the “CCPT V Term Loans”) and up to $130.0 million in revolving loans (the “CCPT V Revolving Loans,” and, collectively with the CMFT Revolving Loans, the “Revolving Loans”). The CCPT V Credit Facility matures on March 15, 2022. Depending upon the type of loan specified and overall leverage ratio, the CCPT V Credit Facility bears interest at (i) the one-month, two-month, six-month As of June 30, 2021, there were no amounts outstanding under the Revolving Loans. As of June 30, 2021, the CMFT Term Loan and CCPT V Term Loans (collectively the “Term Loans”) outstanding totaled $1.11 billion, $220.0 million of which is subject to interest rate swap agreements (the “Swapped Term Loans”). The interest rate swap agreements had the effect of fixing the Eurodollar Rate per annum of the Swapped Term Loans at an all-in The CMFT Second Amended and Restated Credit Agreement and the CCPT V Credit Agreement (collectively, the “Credit Agreements”) contain provisions with respect to covenants, events of default and remedies customary for facilities of this nature. In particular, the CMFT Second Amended and Restated Credit Agreement requires the Company to maintain a minimum consolidated net worth greater than or equal to the sum of $1.75 billion under the CMFT Second Amended and Restated Credit Agreement, and a leverage ratio less than or equal to 60%. The CCPT V Credit Agreement requires a minimum consolidated net worth not less than $225.0 million plus 75% of the equity issued and a net leverage ratio less than or equal to 60%. Each of the Credit Agreements require a fixed charge coverage ratio greater than 1.50, an unsecured debt to unencumbered asset value ratio equal to or less than 60%, an unsecured debt service coverage ratio greater than 1.75, a secured debt ratio equal to or less than 40% and the amount of secured debt that is recourse debt at no greater than 15% of total asset value. The Company believes it was in compliance with the financial covenants under the CMFT Second Amended and Restated Credit Agreement and the CCPT V Credit Agreement, as well as the financial covenants under the Company’s various fixed and variable rate debt agreements, as of June 30, 2021. On December 31, 2019 (the “Closing Date”), CMFT Corporate Credit Securities, LLC, an indirect wholly-owned, bankruptcy-remote subsidiary of the Company, entered into a revolving credit and security agreement (the “Credit and Security Agreement”) with the lenders from time to time parties thereto, Citibank, N.A. (“Citibank”), as administrative agent, CMFT Securities Investments, LLC, a wholly-owned subsidiary of the Company (“CMFT Securities”), as equityholder and as collateral manager, Citibank (acting through its Agency & Trust division), as both a collateral agent and as a collateral custodian, and Virtus Group, LP, as collateral administrator. The Credit and Security Agreement provides for borrowings in an aggregate principal amount up to $500.0 million (the “Credit Securities Revolver”), which may be increased from time to time pursuant to the Credit and Security Agreement. As of June 30, 2021, the amounts borrowed and outstanding under the Credit Securities Revolver totaled $316.5 million at a weighted average interest rate of 1.8%. Subsequent to June 30, 2021, the Company received borrowings in an aggregate principal amount of $50.0 million under the Credit and Security Agreement, as discussed in Note 17 — Subsequent Events. Borrowings under the Credit and Security Agreement will bear interest equal to the three-month LIBOR for the relevant interest period, plus an applicable rate. The applicable rate is 1.70% per annum during the reinvestment period and 2.00% per annum during the amortization period (and, in each case, an additional 2.00% per annum following an event of default under the Credit and Security Agreement). The reinvestment period begins on the Closing Date and concludes on the earlier of (i) the date that is three years after the Closing Date, (ii) the final maturity date and (iii) the date on which the total assets under management of the Company and its wholly-owned subsidiaries is less than $1.25 billion (the “Reinvestment Period”). The final maturity date is the earliest to occur of: (i) the date that the Credit Securities Revolver is paid down and (ii) the second anniversary after the Reinvestment Period concludes. Borrowings under the Credit and Security Agreement are secured by substantially all of the assets held by CMFT Corporate Credit Securities, LLC, which shall primarily consist of broadly-syndicated senior secured loans subject to certain eligibility criteria under the Credit and Security Agreement. Repurchase Facilities On June 4, 2020, CMFT RE Lending RF Sub CB, LLC, an indirect wholly-owned subsidiary of the Company, entered into a Master Repurchase Agreement with Citibank (the “Citibank Repurchase Agreement”), which provides up to $300.0 million of financing primarily through Citibank’s purchase of the Company’s CRE mortgage loans and future funding advances (the “Citibank Repurchase Facility”). On September 21, 2020, CMFT RE Lending RF Sub BB, LLC, an indirect wholly-owned subsidiary of the Company, entered into a second Master Repurchase Agreement with Barclays Bank PLC (“Barclays”) (the “Barclays Repurchase Agreement”), which provides up to $500.0 million of financing primarily through Barclays’ purchase of the Company’s CRE mortgage loans and future funding advances (the “Barclays Repurchase Facility”). Additionally, on May 20, 2021, CMFT RE Lending RF Sub WF, LLC, an indirect wholly-owned subsidiary of the Company, entered into a third Master Repurchase Agreement with Wells Fargo Bank, N.A. (“Wells Fargo”) (the “Wells Fargo Repurchase Agreement”), which provides up to $250.0 million of financing primarily through Wells Fargo’s purchase of the Company’s CRE mortgage notes and future funding advances (the “Wells Fargo Repurchase Facility,” and, collectively with the Citibank Repurchase Facility and Barclays Repurchase Facility, the “Repurchase Facilities”). The Citibank Repurchase Agreement, the Barclays Repurchase Agreement, and the Wells Fargo Repurchase Agreement (collectively, the “Repurchase Agreements”) provide for simultaneous agreements by Citibank, Barclays and Wells Fargo to re-sell one-month case-by-case one-year In connection with the Repurchase Agreements, the Company (as the guarantor) entered into guaranties with Citibank, Barclays and Wells Fargo (the “Guaranties”), under which the Company agreed to guarantee up to 25% of the CMFT Lending Subs’ obligations under the Repurchase Agreements. As of June 30, 2021, the Company had nine senior loans with an aggregate carrying value of $727.4 million financed with $505.4 million under the Repurchase Facilities, $250.0 million of which was financed under the Barclays Repurchase Facility at a weighted average interest rate of 2.5%, $188.0 million of which was financed under the Citibank Repurchase Facility at a weighted average interest rate of 2.2%, and $67.4 million of which was financed under the Wells Fargo Repurchase Facility at a weighted average interest rate of 1.8%. The Repurchase Agreements and the Guaranties contain representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of these types. In addition, the Guaranties contain financial covenants that require the Company to maintain: (i) minimum liquidity of not less than the lower of (a) $50.0 million and (b) the greater of (A) $10.0 million and (B) 5% of the Company’s recourse indebtedness, as defined in the Guaranties; (ii) minimum consolidated net worth greater than or equal to $1.0 billion plus (a) 75% of the equity issued by the Company following the respective closing dates of the Repurchase Agreements (the “Repurchase Closing Dates”) minus (b) the aggregate amount of any redemptions or similar transaction by the Company from the Repurchase Closing Dates; (iii) maximum leverage ratio of total indebtedness to total equity less than or equal to 80%; and (iv) minimum interest coverage ratio of EBITDA (as defined in the Guaranties) to interest expense equal to or greater than 1.40. The Company believes it was in compliance with the financial covenants under the Repurchase Agreements as of June 30, 2021. Maturities Liquidity and Financial Condition loan-to-value The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt subsequent to June 30, 2021 (in thousands): Principal Repayments Remainder of 2021 $ 105,171 2022 1,207,098 2023 757,442 2024 474,979 2025 — Thereafter — Total $ 2,544,690 | NOTE 9 — CREDIT FACILITIES, NOTES PAYABLE AND REPURCHASE FACILITIES As of December 31, 2020, the Company had $2.1 billion of debt outstanding, including net deferred financing costs, with a weighted average years to maturity of 1.9 years and a weighted average interest rate of 3.4%. The weighted average years to maturity is computed using the scheduled repayment date as specified in each loan agreement where applicable. The weighted average interest rate is computed using the interest rate in effect until the scheduled repayment date. The following table summarizes the debt balances as of December 31, 2020 and 2019, and the debt activity for the year ended December 31, 2020 (in thousands): During the Year Ended December 31, 2020 Balance as of Debt Issuances & (1) Repayments & (2) Accretion & Balance as of Notes payable $ 726,261 $ 92,212 (5) $ (240,377 ) $ — $ 578,096 Credit facilities 885,000 629,025 (6) (177,525 ) — 1,336,500 Repurchase facilities — 235,380 — — 235,380 Total debt 1,611,261 956,617 (417,902 ) — 2,149,976 Net premiums (3) 241 — — (92 ) 149 Deferred costs — credit facility (4) (3,933 ) (1,440 ) — (7) 1,830 (3,543 ) Deferred costs — fixed rate debt (2,709 ) — 186 (7) 934 (1,589 ) Total debt, net $ 1,604,860 $ 955,177 $ (417,716 ) $ 2,672 $ 2,144,993 (1) Includes deferred financing costs incurred during the period. (2) In connection with the repayment of certain mortgage notes, the Company recognized a loss on extinguishment of debt of $4.8 million during the year ended December 31, 2020. (3) Net premiums on mortgage notes payable were recorded upon the assumption of the respective debt instruments. Amortization of these net premiums is recorded as a reduction to interest expense over the remaining term of the respective debt instruments using the effective-interest method. (4) Deferred costs related to the term portion of the CMFT Credit Facility (as defined below). (5) Represents fixed rate debt assumed upon completion of the Mergers during the year ended December 31, 2020. (6) Includes credit facility borrowings of $287.5 million assumed upon completion of the Mergers during the year ended December 31, 2020. (7) Represents deferred financing costs written off during the period resulting from debt repayments prior to the respective maturity dates. Notes Payable As of December 31, 2020, the fixed rate debt outstanding of $578.1 million included $53.6 million of variable rate debt that is fixed through interest rate swap agreements, which has the effect of fixing the variable interest rates per annum through the maturity date of the variable rate debt. The fixed rate debt has interest rates ranging from 2.6% to 5.0% per annum. The fixed rate debt outstanding matures on various dates from April 2021 through December 2024. Should a loan not be repaid by its scheduled repayment date, the applicable interest rate may increase as specified in the respective loan agreement. The aggregate balance of gross real estate assets, net of gross intangible lease liabilities, securing the fixed rate debt outstanding was $981.8 million as of December 31, 2020. Each of the mortgage notes payable comprising the fixed rate debt, is secured by the respective properties on which the debt was placed. Credit Facilities The Company has a second amended and restated unsecured credit agreement (the “CMFT Second Amended and Restated Credit Agreement”) with JPMorgan Chase Bank, N.A. as administrative agent (“JPMorgan Chase”), and the other lenders party thereto that provides for borrowings of up to $1.24 billion as of December 31, 2020, which includes an $885.0 million unsecured term loan (the “CMFT Term Loan”) and up to $350.0 million in unsecured revolving loans (the “CMFT Revolving Loans” and collectively, with the CMFT Term Loan, the “CMFT Credit Facility”). The CMFT Credit Facility matures on March 15, 2022. Depending upon the type of loan specified and overall leverage ratio, the CMFT Credit Facility bears interest at (i) the one-month, two-month, three-month or six- month LIBOR multiplied by the statutory reserve rate (the “Eurodollar Rate”) plus an interest rate spread ranging from 1.65% to 2.25% or (ii) a base rate, ranging from 0.65% to 1.25%, plus the greater of: (a) JPMorgan Chase’s prime rate; (b) the Federal Funds Effective Rate (as defined in the CMFT Second Amended and Restated Credit Agreement) plus 0.50%; or (c) the one-month LIBOR multiplied by the statutory reserve rate plus 1.00%. On December 21, 2020, as a result of the CCPT V Merger, a subsidiary of the Company assumed CCPT V’s obligations pursuant to the credit agreement by and among Cole Operating Partnership V, LP, the operating partnership of CCPT V (“CCPT V OP”), JPMorgan Chase, as administrative agent, and the lender parties thereto (the “CCPT V Credit Agreement”), including as guarantor under a guaranty provided by CCPT V, and as modified by a modification agreement dated as of May 31, 2018 and subsequently modified following the consummation of the CCPT V Merger by a second modification agreement on December 21, 2020. The CCPT V Credit Agreement allows for borrowings of up to $350.0 million (the “CCPT V Credit Facility”). The CCPT V Credit Facility includes $220.0 million in term loans (the “CCPT V Term Loans”) and up to $130.0 million in revolving loans (the “CCPT V Revolving Loans”). The CCPT V Credit Facility matures on March 15, 2022. Depending upon the type of loan specified and overall leverage ratio, the CCPT V Credit Facility bears interest at (i) the one-month, two-month, three-month or six-month LIBOR multiplied by the statutory reserve rate (the “Adjusted LIBO Rate”) for the interest period plus an applicable rate ranging from 1.30% to 1.70%; or (ii) a base rate ranging from 0.30% to 0.70%, plus the greater of: (a) JPMorgan Chase’s Prime Rate (as defined in the CCPT V Credit Agreement); (b) the NYFRB Rate (as defined in the CCPT V Credit Agreement) plus 0.50%; or (c) the Adjusted LIBO Rate for a period of one month plus 1.0%. As of December 31, 2020, there were no amounts outstanding under the CMFT Revolving Loans or the CCPT V Revolving Loans (collectively, the “Revolving Loans”). As of December 31, 2020, the CMFT Term Loan and CCPT V Term Loans (collectively, the “Term Loans”) outstanding totaled $1.1 billion, $1.0 billion of which is subject to interest rate swap agreements (the “Swapped Term Loans”). The interest rate swap agreements had the effect of fixing the Eurodollar Rate per annum of the Swapped Term Loans at an all-in rate of 3.9%. As of December 31, 2020, the Company had $1.1 billion outstanding under the CMFT Credit Facility and CCPT V Credit Facility (collectively, the “Credit Facilities”) at a weighted average interest rate of 3.7% and $480.0 million in unused capacity, subject to borrowing availability. The Company had available borrowings of $135.5 million as of December 31, 2020. The CMFT Second Amended and Restated Credit Agreement and the CCPT V Credit Agreement (collectively, the “Credit Agreements”) contain provisions with respect to covenants, events of default and remedies customary for facilities of this nature. In particular, the CMFT Second Amended and Restated Credit Agreement requires the Company to maintain a minimum consolidated net worth greater than or equal to the sum of (i) $1.75 billion under the CMFT Second Amended and Restated Credit Agreement and a leverage ratio less than or equal to 60%. The CCPT V Credit Agreement requires the Company to maintain a minimum consolidated net worth not less than $225.0 million plus 75% of the equity issued by the Company and a net leverage ratio less than or equal to 60%. Each of the Credit Agreements require the Company to maintain a fixed charge coverage ratio greater than 1.50, an unsecured debt to unencumbered asset value ratio equal to or less than 60%, an unsecured debt service coverage ratio greater than 1.75, a secured debt ratio equal to or less than 40% and the amount of secured debt that is recourse debt at no greater than 15% of total asset value. The Company believes it was in compliance with the financial covenants under the CMFT Second Amended and Restated Credit Agreement and the CCPT V Credit Agreement, as well as the financial covenants under the Company’s various fixed and variable rate debt agreements, as of December 31, 2020, with the exception of one mortgage note serviced by PNC Bank, N.A (“PNC Bank”) where the Company failed to meet the debt service coverage ratio covenant under the mortgage at December 31, 2020. Additionally, the Company previously failed to meet the debt service coverage ratio covenant under one mortgage note serviced by Wells Fargo, N.A. (“Wells Fargo”) as of September 30, 2020, but subsequently passed and was in compliance with this covenant as of December 31, 2020. Pursuant to the loan agreements, non-compliance with the debt service coverage ratio covenant triggers a cash sweep of the underlying property’s operating cash flow, which was waived by PNC Bank during the year ended December 31, 2020. As of December 31, 2020, Wells Fargo had not initiated a cash sweep of the underlying property’s operating cash flow. On December 31, 2019 (the “Closing Date”), CMFT Corporate Credit Securities, LLC, an indirect wholly-owned, bankruptcy-remote subsidiary of the Company, entered into a revolving credit and security agreement (the “Credit and Security Agreement”) with the lenders from time to time parties thereto, Citibank, N.A. (“Citibank”), as administrative agent, CMFT Securities Investments, LLC, a wholly-owned subsidiary of the Company, as equityholder and as collateral manager, Citibank (acting through its Agency & Trust division), as both a collateral agent and as a collateral custodian, and Virtus Group, LP, as collateral administrator. The Credit and Security Agreement provides for borrowings in an aggregate principal amount up to $500.0 million (the “Credit Securities Revolver”), which may be increased from time to time pursuant to the Credit and Security Agreement. As of December 31, 2020, the amounts borrowed and outstanding under the Credit Securities Revolver totaled $231.5 million at a weighted average interest rate of 1.9%. Borrowings under the Credit and Security Agreement will bear interest equal to the three-month LIBOR for the relevant interest period, plus an applicable rate. The applicable rate is 1.70% per annum during the reinvestment period and 2.00% per annum during the amortization period (and, in each case, an additional 2.00% per annum following an event of default under the Credit and Security Agreement). The reinvestment period begins on the Closing Date and concludes on the earlier of (i) the date that is three years after the Closing Date, (ii) the final maturity date and (iii) the date on which the total assets under management of the Company and its wholly- owned subsidiaries is less than $1.25 billion (the “Reinvestment Period”). The final maturity date is the earliest to occur of: (i) the date that the Credit Securities Revolver is paid down and (ii) the second anniversary after the Reinvestment Period concludes. Borrowings under the Credit and Security Agreement are secured by substantially all of the assets held by CMFT Corporate Credit Securities, LLC, which shall primarily consist of broadly-syndicated senior secured loans subject to certain eligibility criteria under the Credit and Security Agreement. Repurchase Facilities On June 4, 2020, CMFT RE Lending RF Sub CB, LLC, an indirect wholly-owned subsidiary of the Company, entered into a Master Repurchase Agreement with Citibank (the “Citibank Repurchase Agreement”), which provides up to $300.0 million of financing primarily through Citibank’s purchase of the Company’s CRE mortgage loans and future funding advances (the “Citibank Repurchase Facility”). Additionally, on September 21, 2020, CMFT RE Lending RF Sub BB, LLC, an indirect wholly-owned subsidiary of the Company, entered into a second Master Repurchase Agreement with Barclays Bank PLC (“Barclays”) (the “Barclays Repurchase Agreement”), which provides up to $500.0 million of financing primarily through Barclays’ purchase of the Company’s CRE mortgage loans and future funding advances (the “Barclays Repurchase Facility”, and collectively with the Citibank Repurchase Facility, the “Repurchase Facilities”). The Citibank Repurchase Agreement and the Barclays Repurchase Agreement (collectively, the “Repurchase Agreements”) provide for simultaneous agreements by Citibank and Barclays to re- sell such purchased CRE mortgage loans back to CMFT RE Lending RF Sub CB, LLC and CMFT RE Lending RF Sub BB, LLC (collectively, the “CMFT Lending Subs”) at a certain future date or upon demand. Advances under the Repurchase Agreements accrue interest at per annum rates based on the one-month LIBOR, plus a spread ranging from 2.00% to 2.40% to be determined on a case-by-case basis between Citibank or Barclays and the CMFT Lending Subs. The Repurchase Facilities mature on various dates between June 2023 and September 2023, with two one-year extension options, subject to certain conditions set forth in the Repurchase Agreements. In connection with the Repurchase Agreements, the Company (as the guarantor) entered into guaranties with Citibank and Barclays (the “Guaranties”), under which the Company agreed to guarantee up to 25% of the CMFT Lending Subs’ obligations under the Repurchase Agreements. As of December 31, 2020, the Company had four senior loans with an aggregate carrying value of $341.5 million financed with $235.4 million under the Repurchase Facilities, $109.1 million of which was financed under the Barclays Repurchase Facility at a weighted average interest rate of 2.9%, and $126.3 million of which was financed under the Citibank Repurchase Facility at a weighted average interest rate of 2.3%. The Repurchase Agreements and the Guaranties contain representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of these types. In addition, the Guaranties contains financial covenants that require the Company to maintain: (i) minimum liquidity of not less than the lower of (a) $50.0 million and (b) the greater of (A) $10.0 million and (B) 5% of the Company’s recourse indebtedness, as defined in the Guaranties; (ii) minimum consolidated net worth greater than or equal to $1.0 billion plus (a) 75% of the equity issued by the Company following the respective closing dates of the Repurchase Agreements (the “Repurchase Closing Dates”) minus (b) the aggregate amount of any redemptions or similar transaction by the Company from the Repurchase Closing Dates; (iii) maximum leverage ratio of total indebtedness to total equity less than or equal to 80%; and (iv) minimum interest coverage ratio of EBITDA (as defined in the Guaranties) to interest expense equal to or greater than 1.40. The Company believes it was in compliance with the financial covenants under the Repurchase Agreements as of December 31, 2020. Maturities Liquidity and Financial Condition The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt subsequent to December 31, 2020 (in thousands): Year Ending December 31, Principal 2021 $ 138,210 2022 1,134,391 2023 554,783 2024 322,592 2025 — Thereafter — Total $ 2,149,976 |
SUPPLEMENTAL CASH FLOW DISCLOSU
SUPPLEMENTAL CASH FLOW DISCLOSURES | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | ||
SUPPLEMENTAL CASH FLOW DISCLOSURES | NOTE 10 — SUPPLEMENTAL CASH FLOW DISCLOSURES Supplemental cash flow disclosures for the six months ended June 30, 2021 and 2020 are as follows (in thousands): Six Months Ended 2021 2020 Supplemental Disclosures of Non-Cash Distributions declared and unpaid $ 10,997 $ 4,990 Accrued capital expenditures $ 4,104 $ 139 Accrued deferred financing costs $ 32 $ — Real estate acquired via foreclosure $ 191,990 $ — Foreclosure of assets securing the mezzanine loans $ (79,968 ) $ — Mortgage notes payable assumed in connection with foreclosure of assets securing the mezzanine loans $ 102,553 $ — Change in interest income capitalized to loans held-for-investment $ (9,469 ) $ 539 Common stock issued through distribution reinvestment plan $ 6,660 $ 28,774 Change in fair value of derivative instruments $ 6,031 $ (7,280 ) Change in fair value of real estate-related securities $ 1,404 $ — Supplemental Cash Flow Disclosures: Interest paid $ 34,183 $ 30,686 Cash paid for taxes $ 1,412 $ 466 | NOTE 10 — SUPPLEMENTAL CASH FLOW DISCLOSURES Supplemental cash flow disclosures for the years ended December 31, 2020, 2019 and 2018 are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Supplemental Disclosures of Non-Cash Investing and Financing Activities: Distributions declared and unpaid $ 10,969 $ 16,510 $ 16,518 Accrued capital expenditures $ 160 $ 1,165 $ 557 Interest income capitalized to loans held-for-investment $ 539 $ 8,546 $ 384 Common stock issued through distribution reinvestment plan $ 34,191 $ 82,388 $ 91,764 Common stock issued in connection with the Mergers $ 384,319 $ — $ — Change in fair value of interest rate swaps $ 727 $ (14,913 ) $ 3,875 Interest rate swaps assumed in the Mergers $ (9,115 ) $ — $ — Mortgage notes assumed by buyer in real estate disposition $ — $ (205,765 ) $ — Debt assumed in the Mergers $ 379,737 $ — $ — Real estate assets acquired in the Mergers $ 761,326 $ — $ — Assets assumed in the Mergers $ 4,424 $ — $ — Liabilities assumed in the Mergers $ 6,389 $ — $ — Supplemental Cash Flow Disclosures: Interest paid $ 60,990 $ 97,418 $ 93,424 Cash paid for taxes $ 1,243 $ 1,218 $ 1,475 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
COMMITMENTS AND CONTINGENCIES | NOTE 11 — COMMITMENTS AND CONTINGENCIES Litigation In the ordinary course of business, the Company may become subject to litigation and claims. The Company is not aware of any material pending legal proceedings, other than ordinary routine litigation incidental to the Company’s business, to which the Company is a party or of which the Company’s properties are the subject. Unfunded Commitments As of June 30, 2021, the Company had $108.3 million of unfunded commitments related to its existing CRE loans held-for-investment. Unsettled Broadly Syndicated Loans As of June 30, 2021, the Company had $43.2 million of unsettled broadly syndicated loan acquisitions, $ 35.1 Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. In addition, the Company may own or acquire certain properties that are subject to environmental remediation. Generally, the seller of the property, the tenant of the property and/or another third party is responsible for environmental remediation costs related to a property. Additionally, in connection with the purchase of certain properties, the respective sellers and/or tenants may agree to indemnify the Company against future remediation costs. The Company also carries environmental liability insurance on its properties that provides limited coverage for any remediation liability and/or pollution liability for third-party bodily injury and/or property damage claims for which the Company may be liable. The Company is not aware of any environmental matters which it believes are reasonably likely to have a material effect on its results of operations, financial condition or liquidity. | NOTE 11 — COMMITMENTS AND CONTINGENCIES Litigation In the ordinary course of business, the Company may become subject to litigation and claims. The Company is not aware of any material pending legal proceedings, other than ordinary routine litigation incidental to the Company’s business, to which the Company is a party or of which the Company’s properties are the subject. Unfunded Commitments As of December 31, 2020, the Company had $169.1 million of unfunded commitments related to its existing CRE loans held-for-investment. These commitments are not reflected in the accompanying consolidated balance sheet. Unsettled Broadly Syndicated Loans As of December 31, 2020, the Company had $41.0 million of unsettled broadly syndicated loan acquisitions and $2.6 million of unsettled broadly syndicated loan sales, none of which settled subsequent to December 31, 2020. Unsettled acquisitions are included in cash and cash equivalents in the accompanying consolidated balance sheet. Environmental Matters In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters. In addition, the Company may own or acquire certain properties that are subject to environmental remediation. Generally, the seller of the property, the tenant of the property and/or another third party is responsible for environmental remediation costs related to a property. Additionally, in connection with the purchase of certain properties, the respective sellers and/or tenants may agree to indemnify the Company against future remediation costs. The Company also carries environmental liability insurance on its properties that provides limited coverage for any remediation liability and/or pollution liability for third-party bodily injury and/or property damage claims for which the Company may be liable. The Company is not aware of any environmental matters which it believes are reasonably likely to have a material effect on its results of operations, financial condition or liquidity. |
RELATED-PARTY TRANSACTIONS AND
RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Related Party Transactions [Abstract] | ||
RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS | NOTE 12 — RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS The Company has incurred fees and expenses payable to CMFT Management and certain of its affiliates in connection with the acquisition, management and disposition of its assets. On August 20, 2019, the Company and CMFT Management entered into an Amended and Restated Management Agreement (the “Management Agreement”), which amended and restated that certain Advisory Agreement between the parties dated January 24, 2012, as amended (the “Prior Advisory Agreement”). Management and investment advisory fees The Company pays CMFT Management a management fee, payable quarterly in arrears, equal to the greater of (a) $250,000 per annum ($62,500 per quarter) and (b) 1.50% per annum (0.375% per quarter) of the Company’s Equity (as defined in the Management Agreement). CMFT Securities has an investment advisory and management agreement dated December 6, 2019 (the “Investment Advisory and Management Agreement”) with the Investment Advisor. CMFT Securities was formed for the purpose of holding any securities investments made by the Company. The Investment Advisor, a wholly-owned subsidiary of CIM, is registered as an investment advisor under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Pursuant to the Investment Advisory and Management Agreement, the Investment Advisor manages the day-to-day In addition, the Investment Advisor has a sub-advisory “Sub-Advisory “Sub-Advisor”) sub-advisor Sub-Advisor Sub-Advisor sub-advisory Incentive compensation CMFT Management is entitled to receive incentive compensation, payable with respect to each quarter, which is generally equal to the excess of (a) the product of (i) 20% and (ii) the excess of (A) Core Earnings (as defined in the Management Agreement) of the Company for the previous 12-month 12-month 12-month In addition, the Investment Advisor is eligible to receive a portion of the incentive compensation payable to CMFT Management pursuant to the Management Agreement. In the event that the incentive compensation is earned and payable with respect to any quarter, CMFT Management calculates the portion of the incentive compensation that was attributable to the Managed Assets and payable to the Investment Advisor. Pursuant to the Investment Advisory and Management Agreement, CMFT Securities reimburses the Investment Advisor for costs and expenses incurred by the Investment Advisor on its behalf. Expense reimbursements to related parties The Company reimburses CMFT Management or its affiliates for certain expenses CMFT Management or its affiliates paid or incurred in connection with the services provided to the Company. The Company will reimburse CMFT Management or its affiliates for salaries and benefits paid to personnel who provide services to the Company including the Company’s executive officers and any portfolio management, acquisitions or investment professionals. Disposition fees Pursuant to the Prior Advisory Agreement, through August 20, 2019, if CMFT Management or its affiliates provided a substantial amount of services (as determined by a majority of the Company’s independent directors) in connection with the sale of one or more properties (or the Company’s entire portfolio), the Company paid CMFT Management or its affiliates a disposition fee in an amount equal to up to one-half The Company recorded fees and expense reimbursements as shown in the table below for services provided by CMFT Management or its affiliates related to the services described above during the periods indicated (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Management fees $ 11,755 $ 9,750 $ 23,332 $ 19,600 Disposition fees $ — $ — $ — $ 341 Expense reimbursements to related parties $ 3,210 $ 3,057 $ 5,871 $ 5,235 Of the amounts shown above, $16.0 million and $13.8 million had been incurred, but not yet paid, for services provided by CMFT Management or its affiliates in connection with management and operating activities during the six months ended June 30, 2021 and 2020, respectively, and such amounts were recorded as liabilities of the Company as of such dates. Due to Affiliates As of June 30, 2021 and December 31, 2020, $16.0 million and $14.7 million, respectively, had been incurred primarily for management fees and operating expenses by CMFT Management or its affiliates, but had not yet been reimbursed by the Company. These amounts were included in due to affiliates in the condensed consolidated balance sheets for such periods. Development Management Agreements On January 7, 2021, the Company completed foreclosure proceedings to take control of the assets which previously secured its mezzanine loans, including 75 condominium units and 21 rental units across four buildings in New York. Upon foreclosure, and with the approval of the valuation, compensation and affiliate transactions committee of the Board, CIM NY Management, LLC, an affiliate of the Company’s manager CMFT Management, entered into a Development Management Agreement with the indirect wholly owned subsidiaries of the Company that own each of the four buildings (the “Building Owners”), wherein CIM NY Management, LLC will act as project manager in overseeing the development and construction of property improvements in accordance with each respective Development Management Agreement (the “Development Services”). In consideration for the Development Services, CIM NY Management, LLC will receive a development management fee from the Building Owners equal to 4% of the aggregate gross project costs expended during the term of the Development Management Agreement, subject to the conditions in each respective Development Management Agreement. Additionally, CIM NY Management, LLC is reimbursed by the Building Owners for expenses incurred in connection with the Development Services, including services provided that are incidental to but not part thereof the Development Services. The Development Management Agreement shall remain in effect until the project completion date, and is terminable by either party with fifteen days prior notice to the other party, with or without cause. | NOTE 12 — RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS The Company has incurred fees and expenses payable to CMFT Management and certain of its affiliates in connection with the acquisition, management and disposition of its assets. On August 20, 2019, the Company and CMFT Management entered into an Amended and Restated Management Agreement (the “Management Agreement”), which amended and restated that certain Advisory Agreement between the parties dated January 24, 2012, as amended (the “Prior Advisory Agreement”). Following the effective date of the Management Agreement, CMFT Management is no longer entitled to receive the advisory fee, acquisition fees, subordinated performance fee, or disposition fees pursuant to the Prior Advisory Agreement, as described below; provided, however, that for the Company’s properties under contract to be sold or specifically identified in a broker agreement as being marketed for sale as of the effective date of the Management Agreement, CMFT Management may be entitled to receive a disposition fee in accordance with the terms of the Prior Advisory Agreement. In addition, CMFT Management generally shall continue to be entitled to reimbursement for costs and expenses to the extent incurred on behalf of the Company in accordance with the Management Agreement; provided, however, that the limits on reimbursement for organization and offering expenses, acquisition expenses and operating expenses as defined and provided in the Prior Advisory Agreement shall no longer be applicable. Management and investment advisory fees Pursuant to the Management Agreement, beginning on August 20, 2019, the Company pays CMFT Management a management fee, payable quarterly in arrears, equal to the greater of (a) $250,000 per annum ($62,500 per quarter) and (b) 1.50% per annum (0.375% per quarter) of the Company’s Equity (as defined in the Management Agreement). On December 6, 2019, CMFT Securities Investments, LLC (“CMFT Securities”), which is a wholly owned subsidiary of the Company, entered into an investment advisory and management agreement (the “Investment Advisory and Management Agreement”) with CIM Capital IC Management, LLC (the “Investment Advisor”). CMFT Securities was formed for the purpose of holding any securities investments made by the Company. The Investment Advisor, a wholly-owned subsidiary of CIM, is registered as an investment advisor under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Pursuant to the Investment Advisory and Management Agreement, the Investment Advisor manages the day-to-day business affairs of CMFT Securities and its investments in corporate credit and real estate- related securities (collectively, the “Managed Assets”), subject to the supervision of the Board. In connection with the services provided by the Investment Advisor, CMFT Securities pays the Investment Advisor an investment advisory fee (the “Investment Advisory Fee”), payable quarterly in arrears, equal to 1.50% per annum (0.375% per quarter) of CMFT Securities’ Equity (as defined in the Investment Advisory and Management Agreement). Because the Managed Assets are excluded from the calculation of management fees payable by the Company to CMFT Management pursuant to the Management Agreement, the total management and advisory fees payable by the Company to its external advisors are not increased as a result of the Investment Advisory and Management Agreement. In addition, on December 6, 2019, the Investment Advisor entered into a sub-advisory agreement (the “Sub-Advisory Agreement”) with OFS Capital Management, LLC (the “Sub-Advisor”) to act as an investment sub-advisor to CMFT Securities. The Sub-Advisor is registered as an investment adviser under the Advisers Act and is an affiliate of the Investment Advisor. The Sub-Advisor is responsible for providing investment management services with respect to the corporate credit-related securities held by CMFT Securities. On a quarterly basis, the Investment Advisor designates 50% of the sum of the Investment Advisory Fee and incentive compensation payable to the Investment Advisor as sub-advisory fees. Incentive compensation Pursuant to the Management Agreement, beginning on August 20, 2019, CMFT Management is entitled to receive incentive compensation, payable with respect to each quarter, which is generally equal to the excess of (a) the product of (i) 20% and (ii) the excess of (A) Core Earnings (as defined in the Management Agreement) of the Company for the previous 12-month period, over (B) the product of (1) the Company’s Consolidated Equity (as defined in the Management Agreement) in the previous 12-month period, and (2) 7% per annum, over (b) the sum of any incentive compensation paid to CMFT Management with respect to the first three calendar quarters of such previous 12-month period (or such lesser number of completed calendar quarters preceding the applicable period, if applicable). During the year ended December 31, 2020, no incentive compensation fees were incurred. In addition, the Investment Advisor is eligible to receive a portion of the incentive compensation payable to CMFT Management pursuant to the Management Agreement. In the event that the incentive compensation is earned and payable with respect to any quarter, CMFT Management calculates the portion of the incentive compensation that was attributable to the Managed Assets and payable to the Investment Advisor. Pursuant to the Investment Advisory and Management Agreement, CMFT Securities reimburses the Investment Advisor for costs and expenses incurred by the Investment Advisor on its behalf. Acquisition fees and expenses Pursuant to the Prior Advisory Agreement, through August 20, 2019, the Company paid CMFT Management or its affiliates acquisition fees of up to 2.0% of: (1) the contract purchase price of each property or asset the Company acquired; (2) the amount paid in respect of the development, construction or improvement of each asset the Company acquired; (3) the purchase price of any loan the Company acquired; and (4) the principal amount of any loan the Company originated. In addition, the Company reimbursed CMFT Management or its affiliates for acquisition-related expenses incurred in the process of acquiring properties, so long as the total acquisition fees and expenses relating to the transaction do not exceed 6.0% of the contract purchase price, unless otherwise approved by a majority of the Board, including a majority of the Company’s independent directors, as commercially competitive, fair and reasonable to the Company. Other transaction-related expenses, such as advisor reimbursements for disposition activities, are expensed as incurred and are included in transaction-related expenses on the consolidated statements of operations. Advisory fees and expenses Pursuant to the Prior Advisory Agreement, through August 20, 2019, the Company paid CMFT Management a monthly advisory fee based upon the Company’s monthly average invested assets, which, effective January 1, 2019, was based on the estimated market value of such assets used to determine the Company’s estimated per share NAV as of December 31, 2018, and for those assets acquired subsequent to December 31, 2018, was based on the purchase price. The monthly advisory fee was equal to the following amounts: (1) an annualized rate of 0.75% paid on the Company’s average invested assets that are between $0 and $2.0 billion; (2) an annualized rate of 0.70% paid on the Company’s average invested assets that are between $2.0 billion and $4.0 billion; and (3) an annualized rate of 0.65% paid on the Company’s average invested assets that are over $ 4.0 Operating expenses The Company reimburses CMFT Management or its affiliates for certain expenses CMFT Management or its affiliates paid or incurred in connection with the services provided to the Company. Through August 20, 2019, such reimbursements were subject to the limitation that the Company would not reimburse CMFT Management or its affiliates for any amount by which the operating expenses (including the advisory fee) at the end of the four preceding fiscal quarters exceeded the greater of: (1) 2.0% of average invested assets, or (2) 25.0% of net income excluding any additions to reserves for depreciation or other similar non-cash reserves and excluding any gain from the sale of assets for that period. Pursuant to the Management Agreement, beginning on August 20, 2019, such limits are no longer applicable. The Company will reimburse CMFT Management or its affiliates for salaries and benefits paid to personnel who provide services to the Company including the Company’s executive officers and any portfolio management, acquisitions or investment professionals. Disposition fees Pursuant to the Prior Advisory Agreement, through August 20, 2019, if CMFT Management or its affiliates provided a substantial amount of services (as determined by a majority of the Company’s independent directors) in connection with the sale of one or more properties (or the Company’s entire portfolio), the Company paid CMFT Management or its affiliates a disposition fee in an amount equal to up to one-half of the real estate or brokerage commission paid by the Company to third parties on the sale of such property, not to exceed 1.0% of the contract price of the property sold; provided, however, in no event would the total disposition fees paid to CMFT Management, its affiliates and unaffiliated third parties exceed the lesser of the customary competitive real estate commission or an amount equal to 6.0% of the contract sales price. For the Company’s properties under contract to be sold or specifically identified in a broker agreement as being marketed for sale as of August 20, 2019, CMFT Management may be entitled to receive a disposition fee in accordance with the terms of the Prior Advisory Agreement. Subordinated performance fees Pursuant to the Prior Advisory Agreement, through August 20, 2019, if the Company was sold or its assets were liquidated, CMFT Management was entitled to receive a subordinated performance fee equal to 15.0% of the net sale proceeds remaining after stockholders received, from regular distributions plus special distributions paid from proceeds of such sale, a return of their net capital invested and an 8.0% annual cumulative, non-compounded return. Alternatively through August 20, 2019, if the Company’s shares were listed on a national securities exchange, CMFT Management was entitled to a subordinated performance fee equal to 15.0% of the amount by which the market value of the Company’s outstanding stock plus all distributions paid by the Company prior to listing, exceeded the sum of the total amount of capital raised from stockholders and the amount of distributions necessary to generate an 8.0% annual cumulative, non-compounded return to stockholders. As an additional alternative, upon termination of the Prior Advisory Agreement, CMFT Management was entitled to a subordinated performance fee similar to the fee to which CMFT Management would have been entitled had the portfolio been liquidated (based on an independent appraised value of the portfolio) on the date of termination. During each of the years ended December 31, 2020, 2019 and 2018, no subordinated performance fees were incurred related to any such events. The Company recorded fees and expense reimbursements as shown in the table below for services provided by CMFT Management or its affiliates related to the services described above during the periods indicated (in thousands): Year Ended December 31, 2020 2019 2018 Management fees and expenses $ 44,744 $ 16,350 (1) $ — Acquisition fees and expenses $ 550 $ 2,110 $ 2,749 Disposition fees $ 434 $ 3,967 $ 478 Advisory fees and expenses $ — $ 25,989 $ 43,399 Operating expenses $ 3,651 (2) $ 3,594 $ 5,163 (1) Includes manager reimbursements incurred subject to the Management Agreement. (2) Includes $308,000 of merger-related expenses incurred subject to the Merger Agreements and the terminated CCIT II Merger Agreement, net of $260,000 which was reimbursed by CCIT II. Of the amounts shown above, $14.7 million and $14.5 million had been incurred, but not yet paid, for services provided by CMFT Management or its affiliates in connection with the management and operating activities during the years ended December 31, 2020 and 2019, respectively, and such amounts were recorded as liabilities of the Company as of such dates. Due to Affiliates As of December 31, 2020 and 2019, $14.7 million and $14.5 million, respectively, had been incurred primarily for operating expenses by CMFT Management or its affiliates, but had not yet been reimbursed by the Company. These amounts were included in due to affiliates in the consolidated balance sheets for such periods. |
ECONOMIC DEPENDENCY
ECONOMIC DEPENDENCY | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Economic Dependency [Abstract] | ||
ECONOMIC DEPENDENCY | NOTE 13 — ECONOMIC DEPENDENCY Under various agreements, the Company has engaged and may in the future engage CMFT Management or its affiliates to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, as well as other administrative responsibilities for the Company including accounting services and stockholder relations. As a result of these relationships, the Company is dependent upon CMFT Management or its affiliates. In the event that these companies are unable to provide the Company with these services, the Company would be required to find alternative providers of these services. | NOTE 13 — ECONOMIC DEPENDENCY Under various agreements, the Company has engaged and may in the future engage CMFT Management or its affiliates to provide certain services that are essential to the Company, including asset management services, supervision of the management and leasing of properties owned by the Company, asset acquisition and disposition decisions, as well as other administrative responsibilities for the Company including accounting services and stockholder relations. As a result of these relationships, the Company is dependent upon CMFT Management or its affiliates. In the event that these companies are unable to provide the Company with these services, the Company would be required to find alternative providers of these services. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | ||
STOCKHOLDERS' EQUITY | NOTE 14 — STOCKHOLDERS’ EQUITY Equity-Based Compensation On August 10, 2018, the Board approved the adoption of the Company’s 2018 Equity Incentive Plan (the “Plan”), under which 400,000 of the Company’s shares of common stock were reserved for issuance and awards of approximately 341,000 shares of common stock are available for future grant at June 30, 2021. Under the Plan, the Board or a committee designated by the Board has the authority to grant restricted stock awards or deferred stock awards to non-employee As of June 30, 2021, the Company has granted awards of approximately 58,700 restricted shares to the independent members of the Board under the Plan. As of June 30, 2021, 32,500 of the restricted shares had vested based on one year of continuous service. The remaining 26,200 restricted shares issued had not vested or been forfeited as of June 30, 2021. The fair value of the Company’s share awards is determined using the Company’s per share NAV on the date of grant. Compensation expense related to the restricted shares is recognized over the vesting period. The Company recorded compensation expense of $49,000 and $89,000 for the three and six months ended June 30, 2021, respectively, and $40,000 and $80,000 for the three and six months ended June 30, 2020, respectively, related to the restricted shares, which is included in general and administrative expenses in the accompanying condensed consolidated statements of operations. As of June 30, 2021, there was $57,000 of total unrecognized compensation expense related to these restricted shares, which will be recognized ratably over the applicable remaining period of service. | NOTE 14 — STOCKHOLDERS’ EQUITY As of December 31, 2020, 2019 and 2018, the Company was authorized to issue $600.0 million of shares of common stock under the Secondary DRIP Offering. All shares of such stock have a par value of $0.01 per share. The par value of stockholder proceeds raised from the DRIP Offerings is classified as common stock, with the remainder allocated to capital in excess of par value. On August 11, 2010, the Company sold 20,000 shares of common stock, at $10.00 per share, to Cole Holdings Corporation (“CHC”). On April 5, 2013, the ownership of such shares was transferred to CREInvestments, LLC, an affiliate of CMFT Management. On February 7, 2014, the ownership of such shares was transferred to VEREIT Operating Partnership, L.P. (“VEREIT OP”), a former affiliated entity of the Company’s sponsor. On February 1, 2018, the ownership of such shares was transferred by VEREIT OP to CMFT Management. On December 21, 2020, in connection with the consummation of the Mergers, the Company issued 52.6 million shares of common stock for consideration of $7.31 per share. Distribution Reinvestment Plan Pursuant to the Amended DRIP, the Company allows stockholders to elect to have their distributions reinvested in additional shares of the Company’s common stock at the most recent estimated per share NAV as determined by the Board. The Board may terminate or amend the Secondary DRIP Offering at the Company’s discretion at any time upon ten days’ prior written notice to the stockholders. In connection with the Mergers, on August 30, 2020, the Board approved the suspension of the Amended DRIP, and, therefore, distributions paid after that date were paid in cash to all stockholders until the Amended DRIP was reinstated, effective April 1, 2021, by the Board on March 25, 2021. During the years ended December 31, 2020, 2019 and 2018, approximately 4.2 million, 9.3 million and 9.6 million shares were purchased under the DRIP Offerings for approximately $34.2 million, $82.4 million and $91.8 million, respectively, which were recorded as redeemable common stock on the consolidated balance sheets prior to the suspension of the Amended Share Redemption Program. Share Redemption Program The Company’s Amended Share Redemption Program permits its stockholders to sell their shares back to the Company after they have held them for at least one year, subject to the significant conditions and limitations described below. The Amended Share Redemption Program provides that the Company will redeem shares of its common stock from requesting stockholders, subject to the terms and conditions of the Amended Share Redemption Program. The Company will limit the number of shares redeemed pursuant to the Amended Share Redemption Program as follows: (1) the Company will not redeem in excess of 5% of the weighted average number of shares outstanding during the trailing 12 months prior to the end of the fiscal quarter for which the redemptions are being paid; and (2) funding for the redemption of shares will be limited, among other things, to the net proceeds the Company receives from the sale of shares under the DRIP Offerings, net of shares redeemed to date. In an effort to accommodate redemption requests throughout the calendar year, the Company intends to limit quarterly redemptions to approximately 1.25% of the weighted average number of shares outstanding during the trailing 12-month Except for redemptions due to a stockholder’s death, bankruptcy or other exigent circumstances, the redemption price per share will equal the per share value shown on the stockholder’s most recent customer account statement. The redemption price will be adjusted for any stock dividends, combinations, splits, recapitalizations and the like with respect to the Company’s common stock if any such event is not already reflected in the per share value shown on the stockholder’s most recent customer account statement. Upon receipt of a request for redemption, the Company may conduct a Uniform Commercial Code search to ensure that no liens are held against the shares. If the Company cannot purchase all shares presented for redemption in any fiscal quarter, based upon insufficient cash available and/or the limit on the number of shares the Company may redeem during any quarter or year, the Company will give priority to the redemption of deceased stockholders’ shares. The Company next will give priority to requests for full redemption of accounts with a balance of 250 shares or less at the time the Company receives the request, in order to reduce the expense of maintaining small accounts. Thereafter, the Company will honor the remaining quarterly redemption requests on a pro rata basis. Following such quarterly redemption period, the unsatisfied portion of the prior redemption request must be resubmitted, prior to the last day of the new quarter. Unfulfilled requests for redemption will not be carried over automatically to subsequent redemption periods. The Company redeems shares no later than the end of the month following the end of each fiscal quarter. Requests for redemption must be received on or prior to the end of the fiscal quarter in order for the Company to repurchase the shares in the month following the end of that fiscal quarter. The Board may amend, suspend or terminate the Amended Share Redemption Program at any time upon 30 days’ prior written notice to the stockholders. In connection with the Mergers, the Board approved the suspension of the Company’s Amended Share Redemption Program on August 30, 2020, and, therefore, no shares were redeemed from the Company’s stockholders after that date until the Amended Share Redemption Program was reinstated, effective April 1, 2021, by the Board on March 25, 2021. During the years ended December 31, 2020, 2019 and 2018, the Company redeemed approximately 6.0 million, 9.5 million and 9.8 million shares, respectively, under the share redemption program then in effect for $48.1 million, $84.1 million and $93.8 million, respectively. During the year ended December 31, 2020, redemption requests relating to approximately 44.5 million shares went unfulfilled. Distributions Payable and Distribution Policy Prior to April 1, 2020, on a quarterly basis, the Board authorized a daily distribution for the succeeding quarter. The Board authorized the following daily distribution amounts per share for the periods indicated below: Period Commencing Period Ending Daily Distribution Amount April 14, 2012 December 31, 2012 $0.001707848 January 1, 2013 December 31, 2015 $0.001712523 January 1, 2016 December 31, 2016 $0.001706776 January 1, 2017 December 31, 2019 $0.001711452 January 1, 2020 March 31, 2020 $0.001706776 On April 20, 2020, the Board decided to make a determination as to the amount and timing of distributions on a monthly, instead of a quarterly, basis until such time that the Company has greater visibility into the impact that the COVID-19 Record Date Distribution Amount April 30, 2020 $0.0130 May 31, 2020 $0.0130 June 30, 2020 $0.0161 July 30, 2020 $0.0304 August 28, 2020 $0.0303 September 29, 2020 $0.0303 October 29, 2020 $0.0303 November 27, 2020 $0.0303 December 30, 2020 $0.0303 January 28, 2021 $0.0303 February 25, 2021 $0.0303 March 29, 2021 $0.0303 April 29 2021 $0.0303 May 28, 2021 $0.0303 June 29, 2021 $0.0303 As of December 31, 2020, the Company had distributions payable of $11.0 million. Equity-Based Compensation On August 10, 2018, the Board approved the adoption of the Company’s 2018 Equity Incentive Plan (the “Plan”), under which 400,000 of the Company’s shares of common stock were reserved for issuance and awards of approximately 345,000 shares of common stock are available for future grant at December 31, 2020. Under the Plan, the Board or a committee designated by the Board has the authority to grant restricted stock awards or deferred stock awards to non-employee As of December 31, 2020, the Company has granted awards of approximately 11,000 restricted shares to each of the independent members of the Board (approximately 54,500 restricted shares in aggregate) under the Plan. As of December 31, 2020, 32,500 of the restricted shares had vested based on one year of continuous service. The remaining 22,000 restricted shares issued had not vested or been forfeited as of December 31, 2020. The fair value of the Company’s share awards is determined using the Company’s per share NAV on the date of grant. Compensation expense related to the restricted shares is recognized over the vesting period. The Company recorded compensation expense of $160,000 and $138,000 for the years ended December 31, 2020 and 2019, respectively, related to the restricted shares which is included in general and administrative expenses in the accompanying consolidated statements of operations. As of December 31, 2020, there was $121,000 of total unrecognized compensation expense related to these restricted shares, which will be recognized ratably over the remaining period of service prior to October 2021. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 15 — INCOME TAXES For federal income tax purposes, distributions to stockholders are characterized as ordinary dividends, capital gain distributions, or nondividend distributions. Nondividend distributions will reduce U.S stockholders’ basis (but not below zero) in their shares. The following table shows the character of the distributions the Company paid on a percentage basis for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, Character of Distributions: 2020 2019 2018 Ordinary dividends — % 39 % 52 % Nondividend distributions 100 % 7 % 48 % Capital gain distributions — % 54 % — % Total 100 % 100 % 100 % During the years ended December 31, 2020, 2019 and 2018, the Company incurred state and local income and franchise taxes of $568,000, $1.5 million, and $1.4 million, respectively, which were recorded in general and administrative expenses in the consolidated statements of operations. The Company had no unrecognized tax benefits as of or during the years ended December 31, 2020 and 2019. Any interest and penalties related to unrecognized tax benefits would be recognized within the provision for income taxes in the accompanying consolidated statements of operations. The Company files income tax returns in the U.S. federal jurisdiction, as well as various state jurisdictions, and is subject to routine examinations by the respective tax authorities. |
LEASES
LEASES | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
LEASES | NOTE 15 — LEASES The Company’s real estate assets are leased to tenants under operating leases for which the terms, expirations and extension options vary. The Company’s operating leases do not convey to the lessee the right to purchase the underlying asset upon expiration of the lease period. To determine whether a contract contains a lease, the Company reviews contracts to determine if the agreement conveys the right to control the use of an asset. The Company accounts for lease and non- Non-lease Non-lease As of June 30, 2021, the Company’s leases had a weighted-average remaining term of 8.3 years. Certain leases include provisions to extend the lease agreements, options for early termination after paying a specified penalty, rights of first refusal to purchase the property at competitive market rates, and other negotiated terms and conditions. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. As of June 30, 2021, the future minimum rental income from the Company’s real estate assets under non-cancelable Future Minimum Rental Income Remainder of 2021 $ 118,547 2022 234,443 2023 218,823 2024 200,270 2025 181,734 Thereafter 1,125,513 Total $ 2,079,330 A certain amount of the Company’s rental and other property income is from tenants with leases which are subject to contingent rent provisions. These contingent rents are subject to the tenant achieving periodic revenues in excess of specified levels. For the three and six months ended June 30, 2021 and 2020, the amount of the contingent rent earned by the Company was not significant. Rental and other property income during the three and six months ended June 30, 2021 and 2020 consisted of the following (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Fixed rental and other property income (1) $ 64,060 $ 51,423 $ 130,601 $ 108,096 Variable rental and other property income (2) 11,242 8,680 21,631 20,443 Total rental and other property income $ 75,302 $ 60,103 $ 152,232 $ 128,539 (1) Consists primarily of fixed contractual payments from operating leases with tenants recognized on a straight-line basis over the lease term, including amortization of acquired above- and below-market leases, and is net of uncollectible lease-related receivables. (2) Consists primarily of tenant reimbursements for recoverable real estate taxes and property operating expenses, and percentage rent. The Company has one property subject to a non-cancelable | NOTE 16 — LEASES The Company’s real estate assets are leased to tenants under operating leases for which the terms, expirations and extension options vary. The Company’s operating leases do not convey to the lessee the right to purchase the underlying asset upon expiration of the lease period. To determine whether a contract contains a lease, the Company reviews contracts to determine if the agreement conveys the right to control the use of an asset. The Company accounts for lease and non-lease Non-lease Non-lease As of December 31, 2020, the Company’s leases had a weighted-average remaining term of 8.8 years. Certain leases include provisions to extend the lease agreements, options for early termination after paying a specified penalty, rights of first refusal to purchase the property at competitive market rates, and other negotiated terms and conditions. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. As of December 31, 2020, the future minimum rental income from the Company’s real estate assets under non-cancelable Year Ending December 31, Future Minimum Rental Income 2021 $ 255,071 2022 249,576 2023 232,486 2024 212,373 2025 192,954 Thereafter 1,242,601 Total $ 2,385,061 A certain amount of the Company’s rental and other property income is from tenants with leases which are subject to contingent rent provisions. These contingent rents are subject to the tenant achieving periodic revenues in excess of specified levels. For the years ended December 31, 2020, 2019 and 2018, the amount of the contingent rent earned by the Company was not significant. Rental and other property income during the years ended December 31, 2020, 2019 and 2018 consisted of the following (in thousands): Year Ended December 31, 2020 2019 2018 Fixed rental and other property income (1) $ 221,445 $ 342,453 $ 368,847 Variable rental and other property income (2) 40,085 50,771 60,789 Total rental and other property income $ 261,530 $ 393,224 $ 429,636 (1) Consists primarily of fixed contractual payments from operating leases with tenants recognized on a straight-line basis over the lease term, including amortization of acquired above- and below-market leases, and is net of uncollectible lease-related receivables. (2) Consists primarily of tenant reimbursements for recoverable real estate taxes and property operating expenses, and percentage rent. The Company has one property subject to a non-cancelable prepaid expenses, derivative assets and other assets The Company recognized $250,000 of ground lease expense during the year ended December 31, 2020, of which $242,000 was paid in cash during the period it was recognized. As of December 31, 2020, the Company’s scheduled future minimum rental payments related to its operating ground lease is approximately $250,000 annually for 2021 through 2025, and $1.9 million thereafter through the maturity date of the lease in August 2033. |
SEGMENT REPORTING
SEGMENT REPORTING | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Segment Reporting [Abstract] | ||
SEGMENT REPORTING | NOTE 16 — SEGMENT REPORTING The Company has two reportable segments: real estate and credit. Corporate/other represents all corporate level and unallocated items and includes the Company’s other asset management activities and operating expenses. There were no changes in the structure of the Company’s internal organization that prompted the change in reportable segments. Prior period amounts have been revised to conform to the current year presentation shown below. The following tables present segment reporting for the three and six months ended June 30, 2021 and 2020 (in thousands): Real Estate Credit Corporate/Other (1) Company Total Three Months Ended June 30, 2021 Rental and other property income $ 75,203 $ — $ 99 $ 75,302 Interest income — 16,460 — 16,460 Total revenues 75,203 16,460 99 91,762 General and administrative 55 331 3,219 3,605 Property operating 7,613 — 3,743 11,356 Real estate tax 7,196 — 510 7,706 Expense reimbursements to related parties — — 3,210 3,210 Management fees 8,533 3,222 — 11,755 Transaction-related 27 — — 27 Depreciation and amortization 24,647 — — 24,647 Real estate impairment 77 — — 77 Provision for credit losses — 123 — 123 Total operating expenses 48,148 3,676 10,682 62,506 Gain on disposition of real estate and condominium developments, net 44,976 — 1,493 46,469 Operating income (loss) 72,031 12,784 (9,090 ) 75,725 Other expense: Interest expense and other, net (3,713 ) (3,341 ) (9,406 ) (16,460 ) Loss on extinguishment of debt (1,372 ) — (106 ) (1,478 ) Segment net income (loss) $ 66,946 $ 9,443 $ (18,602 ) $ 57,787 Total assets as of June 30, 2021 $ 3,089,744 $ 1,479,061 $ 280,357 $ 4,849,162 (1) Includes condominium and rental units acquired via foreclosure during the six months ended June 30, 2021. During the year ended December 31, 2019, the borrower on the Company’s eight mezzanine loans became delinquent on certain required reserve payments. Throughout 2020, the borrower remained delinquent on the required reserve payments and became delinquent on principal and interest. As a result, the Company classified the loans as a troubled debt restructuring and commenced foreclosure proceedings. Upon completing foreclosure in January 2021, the Company took control of the assets which previously secured its mezzanine loans. Real Estate Credit Corporate/Other (1) Company Total Six Months Ended June 30, 2021 Rental and other property income $ 151,998 $ — $ 234 $ 152,232 Interest income — 28,413 — 28,413 Total revenues 151,998 28,413 234 180,645 General and administrative 119 713 7,201 8,033 Property operating 14,742 — 6,733 21,475 Real estate tax 15,065 — 4,860 19,925 Expense reimbursements to related parties — — 5,871 5,871 Management fees 17,864 5,468 — 23,332 Transaction-related 31 — — 31 Depreciation and amortization 50,385 — — 50,385 Real estate impairment 4,377 — — 4,377 Provision for credit losses — 691 — 691 Total operating expenses 102,583 6,872 24,665 134,120 Gain on disposition of real estate and condominium developments, net 44,976 — 1,493 46,469 Operating income (loss) 94,391 21,541 (22,938) 92,994 Other expense: Interest expense and other, net (7,829) (6,888) (21,765) (36,482) Loss on extinguishment of debt (1,372) — (106) (1,478) Segment net income (loss) $ 85,190 $ 14,653 $ (44,809) $ 55,034 Total assets as of June 30, 2021 $ 3,089,744 $ 1,479,061 $ 280,357 $ 4,849,162 (1) Includes condominium and rental units acquired via foreclosure during the six months ended June 30, 2021. During the year ended December 31, 2019, the borrower on the Company’s eight mezzanine loans became delinquent on certain required reserve payments. Throughout 2020, the borrower remained delinquent on the required reserve payments and became delinquent on principal and interest. As a result, the Company classified the loans as a troubled debt restructuring and commenced foreclosure proceedings. Upon completing foreclosure in January 2021, The Company took control of the assets which previously secured its mezzanine loans. Real Estate Credit Corporate/Other Company Total Three Months Ended June 30, 2020 Rental and other property income $ 60,103 $ — $ — $ 60,103 Interest income — 7,193 — 7,193 Total revenues 60,103 7,193 — 67,296 General and administrative 55 512 2,453 3,020 Property operating 4,811 — — 4,811 Real estate tax 6,748 — — 6,748 Expense reimbursements to related parties — — 3,057 3,057 Management fees 8,042 1,708 — 9,750 Transaction-related 120 5 — 125 Depreciation and amortization 19,696 — — 19,696 Real estate impairment 3,831 — — 3,831 Provision for credit losses — 7,905 — 7,905 Total operating expenses 43,303 10,130 5,510 58,943 Gain on disposition of real estate, net 3,791 — — 3,791 Merger-related expenses, net — — — — Merger termination fee income — — — — Operating income (loss) 20,591 (2,937 ) (5,510 ) 12,144 Other expense: Interest expense and other, net (5,560 ) (762 ) (9,198 ) (15,520 ) Loss on extinguishment of debt (12 ) — (358 ) (370 ) Segment net income (loss) $ 15,019 $ (3,699 ) $ (15,066 ) $ (3,746 ) Total assets as of June 30, 2020 $ 2,712,707 $ 708,084 $ 243,544 $ 3,664,335 Real Estate Credit Corporate/Other Company Total Six Months Ended June 30, 2020 Rental and other property income $ 128,539 $ — $ — $ 128,539 Interest income — 12,764 — 12,764 Total revenues 128,539 12,764 — 141,303 General and administrative 117 524 5,261 5,902 Property operating 11,676 — — 11,676 Real estate tax 13,726 — — 13,726 Expense reimbursements to related parties — — 5,235 5,235 Management fees 17,523 2,077 — 19,600 Transaction-related 245 5 — 250 Depreciation and amortization 40,519 — — 40,519 Real estate impairment 15,507 — — 15,507 Provision for credit losses — 25,682 — 25,682 Total operating expenses 99,313 28,288 10,496 138,097 Gain on disposition of real estate, net 16,901 — — 16,901 Operating income (loss) 46,127 (15,524 ) (10,496 ) 20,107 Other expense: Interest expense and other, net (11,895 ) (562 ) (18,819 ) (31,276 ) Loss on extinguishment of debt (4,394 ) — (358 ) (4,752 ) Segment net income (loss) $ 29,838 $ (16,086 ) $ (29,673 ) $ (15,921 ) Total assets as of June 30, 2020 $ 2,712,707 $ 708,084 $ 243,544 $ 3,664,335 | NOTE 17 — SEGMENT REPORTING As of December 31, 2020, the Company determined that it has two reportable segments: real estate and credit. Corporate/other represents all corporate level and unallocated items and includes the Company’s other asset management activities and operating expenses. There were no changes in the structure of the Company’s internal organization that prompted the change in reportable segments. Prior period amounts have been revised to conform to the current year presentation shown below. The following tables present segment reporting for the years ended December 31, 2020, 2019 and 2018 (in thousands): Year Ended December 31, 2020 Real Estate Credit Corporate/Other Company Total Rental and other property income $ 261,530 $ — $ — $ 261,530 Interest income — 29,393 — 29,393 Total revenues 261,530 29,393 — 290,923 General and administrative 291 2,080 13,014 15,385 Property operating 23,399 — — 23,399 Real estate tax 27,691 — — 27,691 Management and advisory fees and expenses 32,164 7,861 4,718 44,743 Transaction-related 346 9 550 905 Depreciation and amortization 80,973 — — 80,973 Impairment 16,737 — — 16,737 Provision for credit losses — 68,356 — 68,356 Total operating expenses 181,601 78,306 18,282 278,189 Gain on disposition of real estate, net 27,518 — — 27,518 Merger-related expenses — — (2,193 ) (2,193 ) Merger termination fee income — — 7,380 7,380 Operating income (loss) 107,447 (48,913 ) (13,095 ) 45,439 Other expense: Interest expense and other, net (21,380 ) (5,101 ) (37,635 ) (64,116 ) Loss on extinguishment of debt (4,394 ) — (447 ) (4,841 ) Segment net income (loss) $ 81,673 $ (54,014 ) $ (51,177 ) $ (23,518 ) Total assets as of December 31, 2020 $ 3,405,590 $ 949,764 $ 104,255 $ 4,459,609 Year Ended December 31, 2019 Real Estate Credit Corporate/Other Company Total Rental and other property income $ 393,224 $ — $ — $ 393,224 Interest income — 20,132 — 20,132 Total revenues 393,224 20,132 — 413,356 General and administrative 428 10 13,291 13,729 Property operating 33,462 — — 33,462 Real estate tax 32,196 — — 32,196 Management and advisory fees and expenses 35,557 1,688 5,094 42,339 Transaction-related 288 1,242 748 2,278 Depreciation and amortization 107,867 — — 107,867 Impairment 72,939 — — 72,939 Total operating expenses 282,737 2,940 19,133 304,810 Gain on disposition of real estate, net 180,666 — — 180,666 Operating income (loss) 291,153 17,192 (19,133 ) 289,212 Other expense: Interest expense and other, net (45,606 ) (19 ) (53,340 ) (98,965 ) Loss on extinguishment of debt (6,482 ) — (745 ) (7,227 ) Segment net income (loss) 239,065 17,173 (73,218 ) 183,020 Segment net income (loss) attributable to non-controlling 121 — — 121 Segment net income (loss) attributable to the Company $ 238,944 $ 17,173 $ (73,218 ) $ 182,899 Total assets as of December 31, 2019 $ 2,895,609 $ 551,805 $ 221,209 $ 3,668,623 Year Ended December 31, 2018 Real Estate Credit Corporate/Other Company Total Rental and other property income $ 429,636 $ — $ — $ 429,636 Interest income — 1,640 — 1,640 Total revenues 429,636 1,640 — 431,276 General and administrative 502 — 13,625 14,127 Property operating 30,267 — — 30,267 Real estate tax 37,898 — — 37,898 Management and advisory fees and expenses 38,032 53 5,314 43,399 Transaction-related 85 1,786 730 2,601 Depreciation and amortization 140,979 — — 140,979 Impairment 32,975 — — 32,975 Total operating expenses 280,738 1,839 19,669 302,246 Gain on disposition of real estate, net 6,299 — — 6,299 Operating income (loss) 155,197 (199 ) (19,669 ) 135,329 Other expense: Interest expense and other, net (49,458 ) — (48,413 ) (97,871 ) Loss on extinguishment of debt (46 ) — — (46 ) Segment net income (loss) 105,693 (199 ) (68,082 ) 37,412 Segment net income (loss) attributable to non-controlling 134 — — 134 Segment net income (loss) attributable to the Company $ 105,559 $ (199 ) $ (68,082 ) $ 37,278 Total assets as of December 31, 2018 $ 4,502,999 $ 90,788 $ 23,584 $ 4,617,371 |
QUARTERLY RESULTS (UNAUDITED)
QUARTERLY RESULTS (UNAUDITED) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY RESULTS (UNAUDITED) | NOTE 18 — QUARTERLY RESULTS (UNAUDITED) Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2020 and 2019 (in thousands, except for per share amounts) . December 31, 2020 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 74,007 $ 67,296 $ 72,642 $ 76,978 Net (loss) income $ (12,175 ) $ (3,746 ) $ 4,179 $ (11,776 ) Basic and diluted net (loss) income per common share (1) $ (0.04 ) $ (0.01 ) $ 0.01 $ (0.04 ) (1) The Company calculates net (loss) income per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters. December 31, 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 109,260 $ 105,529 $ 105,479 $ 93,088 Net income $ 8,851 $ 9,006 $ 2,573 $ 162,590 Net income attributable to the Company $ 8,817 $ 8,973 $ 2,541 $ 162,568 Basic and diluted net income per common share (1) $ 0.03 $ 0.03 $ 0.01 $ 0.52 (1) The Company calculates net income per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Subsequent Events [Abstract] | ||
SUBSEQUENT EVENTS | NOTE 17 — SUBSEQUENT EVENTS The following events occurred subsequent to June 30, 2021: Redemptions of Shares of Common Stock Subsequent to June 30, 2021, the Company redeemed approximately 1.7 million shares for $12.0 million (at a redemption price of $7.20 per share). The remaining redemption requests relating to approximately 31.1 million shares went unfulfilled. Property Dispositions Subsequent to June 30, 2021, the Company disposed of 61 properties for an aggregate gross sales price of $118.8 million, resulting in net proceeds of $115.5 million after closing costs and a net gain of approximately $27.0 million. The Company has no continuing involvement with these properties. Broadly Syndicated Loans Subsequent to June 30, 2021, the Company settled $62.3 million of broadly syndicated loan transactions, $28.5 million of which were traded as of June 30, 2021. CRE Loans Subsequent to June 30, 2021, the Company received a principal repayment of $99.6 million in connection with the partial release and modification of one CRE senior loan financed under the Barclays Repurchase Facility. The Company used the proceeds to repay amounts on the Barclays Repurchase Facility, as discussed below under Repurchase Facilities. Derivative Instruments and Notes Payable Subsequent to June 30, 2021, one of the Company’s interest rate swap agreements matured and the Company repaid in full $21.5 million of the underlying mortgage notes payable. Additionally, in connection with the origination of the Mortgage Loan (as defined below), the Company terminated two interest rate swap agreements and paid down the $220.0 million outstanding balance under the CCPT V Credit Facility. Credit and Security Agreement Subsequent to June 30, 2021, the Company received borrowings in an aggregate principal amount of $50.0 million under the Credit and Security Agreement. Repurchase Facilities Subsequent to June 30, 2021, the Company entered into an amendment to the Barclay’s Repurchase Agreement, pursuant to which the maturity date of the Barclays Repurchase Facility was extended to September 21, 2024. Additionally, the Company repaid $66.4 million of the Barclays Repurchase Facility. First Lien Mortgage Loan Subsequent to June 30, 2021, JPMorgan Chase and DBR Investments Co. Limited originated a $650.0 million first lien mortgage loan (the “Mortgage Loan”) to 114 single purpose entities, each of which is a wholly-owned subsidiary of the Company and are managed on a day-to-day Net-Lease Subsequent to June 30, 2021, the Company issued $774.0 million aggregate principal amount of Net-Lease 2021-1 Credit Facilities and Notes Payable Subsequent to June 30, 2021, and with the proceeds from the Mortgage Loan and the sale of the Class A Notes, the Company repaid fixed-rate debt of $104.1 million, paid down the $1.11 billion outstanding balance under the Credit Facilities and terminated the CCPT V Credit Facility and the CMFT Credit Facility. | NOTE 19 — SUBSEQUENT EVENTS Distribution Reinvestment Plan and Share Redemption Program On March 25, 2021, the Board reinstated the Amended DRIP and Amended Share Redemption Program, effective April 1, 2021. Property Disposition Subsequent to December 31, 2020, the Company disposed of one property for an aggregate gross sales price of $3.7 million, resulting in net proceeds of $3.5 million after closing costs. The Company has no continuing involvement with this property. Foreclosure of Mezzanine Loans On January 7, 2021, the Company completed foreclosure proceedings to take control of the assets securing its mezzanine loans, which are comprised of 75 condominium units and 21 rental units across four buildings totaling approximately 164,000 square feet. Broadly Syndicated Loans Subsequent to December 31, 2020, the Company settled $37.4 million of net broadly syndicated loan transactions that were traded subsequent to December 31, 2020. Repurchase Facilities Subsequent to December 31, 2020, the Company received borrowings under the Repurchase Facilities in an aggregate amount of $122.3 million. Advances under the Repurchase Agreements accrue interest at per annum rates based on the one-month LIBOR, plus a spread to be determined on a case-by-case CMBS Purchase Subsequent to December 31, 2020, the Company invested $28.5 million in CMBS. |
SCHEDULE III - REAL ESTATE ASSE
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION | Initial Costs to Company Gross Amount at Which Carried December 31, 2020 (c) (d) (e) Description (a) Encumbrances Land Buildings, Total (b) Accumulated (e) (f) (g) Date Date Real Estate Held for Investment the Company has Invested in Under Operating Leases: 10 Box Cost Plus: Conway, AR (h ) $ 733 $ 1,654 $ — $ 2,387 $ 170 9/5/2017 1989 Russellville, AR (h ) 990 1,470 — 2,460 177 3/20/2017 1989 Aaron’s Rents: Arkadelphia, AR $ — 183 491 — 674 1 12/21/2020 2014 Academy Sports: Cartersville, GA — 4,517 4,574 — 9,091 7 12/21/2020 2014 Cookeville, TN (h ) — 23,847 73,371 97,218 11,933 9/30/2014 2015 Greenville, NC (h ) 1,968 7,054 — 9,022 847 1/12/2017 2016 McDonough, GA (h ) 1,846 5,626 — 7,472 1,047 4/24/2014 2010 Valdosta, GA 5,838 2,482 5,922 — 8,404 1,343 5/10/2013 2012 Actuant Campus: Columbus, WI — 2,090 14,633 — 16,723 19 12/21/2020 2014 Advance Auto Parts: Fairmont, NC — 253 868 — 1,121 1 12/21/2020 2004 Hampton,VA — 645 655 — 1,300 1 12/21/2020 2015 Mattoon, IL (h ) 261 1,063 — 1,324 134 12/4/2015 2015 Stratford,CT — 755 1,736 — 2,491 2 12/21/2020 1994 Willmar, MN (h ) 200 1,279 — 1,479 187 3/25/2015 2014 Albany Square: Albany, GA 4,600 1,606 7,113 373 9,092 1,610 2/26/2014 2013 Almeda Crossing: Houston, TX (h ) 4,738 26,245 (8,732 ) 22,251 415 8/7/2014 2006 Aspen Dental: Rogers,AR — 289 1,611 — 1,900 2 12/21/2020 2015 At Home: Pearland, TX — 3,663 10,305 — 13,968 14 12/21/2020 1994 AutoZone: Sheffield, OH (h ) 815 — 770 1,585 125 10/15/2014 2014 Bass Pro Shop: Portage, IN — 1,428 8,414 — 9,842 14 12/21/2020 1983 Tallahassee, FL (h ) 945 5,713 — 6,658 1,190 8/20/2013 2013 Beavercreek Shopping Center: Beavercreek, OH (h ) 5,504 25,178 554 31,236 5,130 10/31/2013 2013 Becton, Dickinson and Company: Broken Bow, NE (h ) 244 1,733 — 1,977 333 6/19/2014 2007 Bed Bath & Beyond/Golf Smith: Schaumburg, IL 7,300 4,786 6,149 (1,065 ) 9,870 458 3/8/2013 1997 BJ’s Wholesale Club: Fort Myers, FL — 5,331 21,692 — 27,023 25 12/21/2020 2018 Roanoke, VA — 4,509 14,545 — 19,054 49 11/25/2020 2018 Blankenbaker Plaza: Louisville, KY — 4,861 10,497 — 15,358 16 12/21/2020 2007 Initial Costs to Company Gross Amount at Which Carried December 31, 2020 (c) (d) (e) Description (a) Encumbrances Land Buildings, Total (b) Accumulated (e) (f) (g) Date Date Bob Evans: Akron, OH (h ) $ 447 $ 1,537 $ — $ 1,984 $ 176 4/28/2017 2007 Anderson, IN (h ) 912 1,455 — 2,367 170 4/28/2017 1984 Austintown, OH (h ) 305 1,426 — 1,731 176 4/28/2017 1995 Birch Run, MI (h ) 733 1,192 — 1,925 143 4/28/2017 2008 Blue Ash, OH (h ) 628 1,429 — 2,057 190 4/28/2017 1994 Chardon, OH (h ) 333 682 — 1,015 89 4/28/2017 2003 Chillicothe, OH (h ) 557 1,524 — 2,081 182 4/28/2017 1998 Columbus, OH (h ) 523 1,376 — 1,899 170 4/28/2017 2003 Dayton, OH (h ) 325 1,438 — 1,763 182 4/28/2017 1998 Florence, KY (h ) 496 1,876 — 2,372 232 4/28/2017 1991 Gallipolis, OH $ — 529 2,963 — 3,492 3 12/21/2020 2003 Hagerstown, MD — 490 2,789 — 3,279 3 12/21/2020 1989 Holland, MI (h ) 314 1,367 — 1,681 168 4/28/2017 2004 Huntersville, NC (h ) 751 657 — 1,408 78 4/28/2017 2008 Hurricane, WV (h ) 297 1,654 — 1,951 185 4/28/2017 1993 Mansfield, OH — 495 2,423 — 2,918 3 12/21/2020 2004 Milford, OH (h ) 271 1,498 — 1,769 186 4/28/2017 1987 Monroe, MI — 623 2,177 — 2,800 3 12/21/2020 1998 Monroeville, PA (h ) 1,340 848 — 2,188 96 4/28/2017 1995 Nicholasville, KY (h ) 731 693 — 1,424 80 4/28/2017 1989 North Canton, OH (h ) 859 1,393 — 2,252 172 4/28/2017 2006 Northwood, OH — 514 2,760 — 3,274 3 12/21/2020 1998 Peoria, IL — 620 524 — 1,144 1 12/21/2020 1995 Piqua, OH — 413 2,187 — 2,600 3 12/21/2020 1989 Ripley, WV (h ) 269 1,304 — 1,573 156 4/28/2017 1988 Tipp City, OH (h ) 554 1,120 — 1,674 142 4/28/2017 1989 Warsaw, IN (h ) 684 1,222 — 1,906 145 4/28/2017 1993 Boston Commons: Springfield, MA (h ) 3,101 7,042 280 10,423 1,292 8/19/2014 2004 Bottom Dollar Grocery: Ambridge, PA — 519 2,985 — 3,504 548 11/5/2013 2012 Brynwood Square: Rockford, IL — 1,747 11,393 — 13,140 25 12/21/2020 1999 Burger King: Yukon, OK — 500 1,141 — 1,641 1 12/21/2020 1989 Burlington Coat Factory: Bangor, ME — 1,820 2,549 — 4,369 5 12/21/2020 2014 Cabela’s: Acworth, GA (h ) 4,979 18,775 — 23,754 1,694 9/25/2017 2014 Avon, OH (h ) 2,755 10,751 — 13,506 986 9/25/2017 2016 La Vista, NE (h ) 3,260 16,923 — 20,183 1,468 9/25/2017 2006 Sun Prairie, WI (h ) 3,373 14,058 — 17,431 1,338 9/25/2017 2015 Initial Costs to Company Gross Amount at Which Carried December 31, 2020 (c) (d) (e) Description (a) Encumbrances Land Buildings, Total (b) Accumulated (e) (f) (g) Date Date Caliber Collision Center: Fredericksburg, VA (h ) $ 1,807 $ 2,292 $ — $ 4,099 $ 32 7/22/2020 2019 Frisco, TX (h ) 1,484 2,038 — 3,522 369 9/16/2014 2014 Lake Jackson,TX $ — 800 2,974 — 3,774 4 12/21/2020 2006 Las Cruces, NM (h ) 673 1,949 — 2,622 334 3/21/2014 2014 Richmond, VA (h ) 1,453 3,323 — 4,776 48 7/30/2020 2020 San Antonio,TX — 691 4,458 — 5,149 6 12/21/2020 2019 San Antonio, TX (h ) 622 832 — 1,454 139 6/4/2014 2014 Williamsburg, VA (h ) 1,418 2,800 — 4,218 45 6/12/2020 2020 Wylie, TX (h ) 816 2,690 — 3,506 454 2/10/2015 2014 Camping World: Fort Myers, FL — 3,226 11,832 — 15,058 16 12/21/2020 1987 Pensacola, FL (h ) 2,152 3,831 (1,307 ) 4,676 109 4/29/2014 2014 Canton Marketplace: Canton, GA 31,801 8,310 48,667 930 57,907 12,023 3/28/2013 2009 Carlisle Crossing: Carlisle, PA — 4,491 15,817 41 20,349 2,943 9/18/2014 2006 Cash & Carry: Salt Lake City, UT — 863 4,149 — 5,012 5 12/21/2020 2006 Chase: Hanover Township, NJ (h ) 2,192 — — 2,192 — 12/18/2013 2012 Costco: Tallahassee, FL 5,146 9,497 — — 9,497 — 12/11/2012 2006 Cottonwood Commons: Albuquerque, NM 19,250 4,986 28,881 274 34,141 5,688 7/19/2013 2013 Coventry Crossing: Coventry , RI 6,000 3,462 5,899 (2,292 ) 7,069 137 9/12/2013 2008 Crosspoint: Hagerstown, MD (h ) 12,285 14,359 (971 ) 25,673 2,937 9/30/2014 2000 Crossroads Annex: Lafayette, LA (h ) 1,659 7,091 — 8,750 1,431 12/4/2013 2013 Crossroads Commons: Plover, WI (h ) 1,000 4,515 75 5,590 1,068 12/10/2013 2012 CVS: Arnold, MO (h ) 2,043 2,367 — 4,410 429 12/13/2013 2013 Asheville, NC (h ) 1,108 1,084 — 2,192 248 4/26/2012 1998 Austin, TX (h ) 1,076 3,475 — 4,551 626 12/13/2013 2013 Bloomington, IN (h ) 1,620 2,957 — 4,577 536 12/13/2013 2012 Blue Springs, MO (h ) 395 2,722 — 3,117 493 12/13/2013 2013 Bridgeton, MO (h ) 2,056 2,362 — 4,418 428 12/13/2013 2013 Charleston, SC (h ) 869 1,009 — 1,878 232 4/26/2012 1998 Chesapeake, VA (h ) 1,044 3,053 — 4,097 564 12/13/2013 2013 Initial Costs to Company Gross Amount at Which Carried December 31, 2020 (c) (d) (e) Description (a) Encumbrances Land Buildings, Total (b) Accumulated (e) (f) (g) Date Date CVS (continued): Chicago, IL (h ) $ 1,832 $ 4,255 $ — $ 6,087 $ 829 3/20/2013 2008 Cicero, IN (h ) 487 3,099 — 3,586 561 12/13/2013 2013 Corpus Christi, TX (h ) 648 2,557 — 3,205 566 4/19/2012 1998 Danville, IN (h ) 424 2,105 76 2,605 371 7/16/2014 1998 Eminence, KY (h ) 872 2,511 — 3,383 449 12/13/2013 2013 Goose Creek, SC (h ) 1,022 1,980 — 3,002 355 12/13/2013 2013 Greenwood, IN (h ) 912 3,549 61 4,522 671 7/11/2013 1999 Hanover Township, NJ (h ) 4,746 — — 4,746 — 12/18/2013 2012 Hazlet, NJ (h ) 3,047 3,610 — 6,657 650 12/13/2013 2013 Honesdale, PA (h ) 1,206 3,342 — 4,548 620 12/13/2013 2013 Independence, MO (h ) 359 2,242 — 2,601 407 12/13/2013 2013 Indianapolis, IN (h ) 1,110 2,484 — 3,594 450 12/13/2013 2013 Irving, TX (h ) 745 3,034 — 3,779 640 10/5/2012 2000 Janesville, WI (h ) 736 2,545 — 3,281 460 12/13/2013 2013 Katy, TX (h ) 1,149 2,462 — 3,611 436 12/13/2013 2013 Lincoln, NE (h ) 2,534 3,014 — 5,548 544 12/13/2013 2013 London, KY (h ) 1,445 2,661 — 4,106 499 9/10/2013 2013 Middletown, NY (h ) 665 5,483 — 6,148 979 12/13/2013 2013 North Wilkesboro, NC (h ) 332 2,369 73 2,774 435 10/25/2013 1999 Poplar Bluff, MO (h ) 1,861 2,211 — 4,072 402 12/13/2013 2013 Riverton, NJ $ — 1,217 5,553 — 6,770 6 12/21/2020 2007 Salem, NH (h ) 3,456 2,351 — 5,807 421 11/18/2013 2013 San Antonio, TX (h ) 1,893 1,848 — 3,741 339 12/13/2013 2013 Sand Springs, OK (h ) 1,765 2,283 — 4,048 416 12/13/2013 2013 Santa Fe, NM (h ) 2,243 4,619 — 6,862 823 12/13/2013 2013 Sedalia, MO (h ) 466 2,318 — 2,784 421 12/13/2013 2013 St. John, MO (h ) 1,546 2,601 — 4,147 471 12/13/2013 2013 Temple Hills, MD (h ) 1,817 2,989 71 4,877 552 9/30/2013 2001 Vineland, NJ (h ) 813 2,926 — 3,739 546 12/13/2013 2010 Waynesboro, VA (h ) 986 2,708 — 3,694 490 12/13/2013 2013 West Monroe, LA (h ) 1,738 2,136 — 3,874 389 12/13/2013 2013 Darien Towne Center: Darien, IL (h ) 6,718 11,951 915 19,584 3,143 12/17/2013 1994 Decatur Commons: Decatur, AL 7,000 2,478 9,333 860 12,671 2,066 7/10/2013 2004 Derby Marketplace: Derby, KS — 3,169 6,494 — 9,663 12 12/21/2020 2015 Dick’s Petsmart Center: Oshkosh, WI (h ) 1,445 6,599 (1,722 ) 6,322 138 9/23/2016 2015 Dick’s Sporting Goods: Oklahoma City, OK (h ) 685 10,587 — 11,272 2,371 12/31/2012 2012 Initial Costs to Company Gross Amount at Which Carried December 31, 2020 (c) (d) (e) Description (a) Encumbrances Land Buildings, Total (b) Accumulated (e) (f) (g) Date Date Dollar General: Akron, OH (h ) $ 112 $ 1,099 $ — $ 1,211 $ 221 11/1/2013 2013 Athens, WV $ — 270 1,364 — 1,634 2 12/21/2020 2015 Autaugaville, AL — 103 951 — 1,054 2 12/21/2020 1995 Bluefield, WV — 290 1,135 — 1,425 2 12/21/2020 2015 Buffalo, NY (h ) 122 1,099 — 1,221 177 12/5/2014 2014 Charleston, WV — 340 1,184 — 1,524 2 12/21/2020 2014 Charleston, WV — 370 1,135 — 1,505 2 12/21/2020 2014 Charleston, WV — 341 1,039 — 1,380 2 12/21/2020 2015 Collinsville, AL — 194 1,003 — 1,197 2 12/21/2020 2014 Columbus, OH (h ) 279 1,248 — 1,527 251 11/7/2013 2013 Des Moines, IA (h ) 166 943 — 1,109 188 8/9/2013 2012 Elmwood, IL — 173 941 — 1,114 2 12/21/2020 2012 Glouster, OH — 220 1,276 — 1,496 2 12/21/2020 2015 Houston (Gears), TX (h ) 255 1,393 — 1,648 259 10/18/2013 2013 Huntington, WV — 260 1,182 — 1,442 2 12/21/2020 2014 Huntington, WV — 240 1,276 — 1,516 2 12/21/2020 2014 Junction City, OH — 171 847 — 1,018 1 12/21/2020 2014 Kansas City, MO (h ) 283 1,068 — 1,351 207 10/18/2013 2013 Kansas City, MO (h ) 233 1,054 — 1,287 202 11/1/2013 2013 Lansing, MI (h ) 232 939 — 1,171 157 6/25/2014 2014 Lineville, AL — 257 1,217 — 1,474 2 12/21/2020 2014 Logansport, IN — 181 977 — 1,158 2 12/21/2020 2014 Mission, TX (h ) 182 858 — 1,040 146 9/5/2014 2014 Mobile, AL (h ) 410 1,059 — 1,469 219 6/17/2013 2013 Moundridge, KS — 415 526 — 941 1 12/21/2020 2014 Parchment, MI (h ) 168 1,162 — 1,330 193 6/25/2014 2014 Pipestone, MN — 204 1,034 — 1,238 2 12/21/2020 2014 Pueblo, CO (h ) 144 909 — 1,053 187 1/4/2013 2012 Ridgeley, WV — 211 1,157 — 1,368 2 12/21/2020 2014 Romulus, MI (h ) 274 1,171 — 1,445 205 3/7/2014 2013 Russell, KS (h ) 54 899 — 953 156 8/5/2014 2014 Selma, AL — 164 858 — 1,022 1 12/21/2020 2014 Semmes, AL — 196 952 — 1,148 2 12/21/2020 2014 Sissonville, WV — 261 1,088 — 1,349 2 12/21/2020 2015 Spring, TX (h ) 277 1,132 — 1,409 213 9/30/2013 2013 Springfield, IL (h ) 205 934 — 1,139 153 9/17/2014 2014 St. Louis, MO (h ) 229 1,102 — 1,331 207 12/31/2013 2013 St. Louis, MO (h ) 240 1,118 — 1,358 208 1/15/2014 2013 Talladega, AL — 161 859 — 1,020 2 12/21/2020 2014 Wakarusa, IN — 243 1,073 — 1,316 2 12/21/2020 2012 Weslaco, TX (h ) 141 848 — 989 144 9/5/2014 2014 Wolcottville, IN — 183 1,012 — 1,195 2 12/21/2020 2013 Duluth Trading: Denton, TX — 1,662 2,918 — 4,580 4 12/21/2020 2017 Madison, AL — 1,174 3,603 — 4,777 5 12/21/2020 2019 Noblesville, IN — 1,212 3,436 — 4,648 5 12/21/2020 2003 Initial Costs to Company Gross Amount at Which Carried December 31, 2020 (c) (d) (e) Description (a) Encumbrances Land Buildings, Total (b) Accumulated (e) (f) (g) Date Date East West Commons: Austell, G A $ 13,000 $ 10,094 $ 16,034 $ 3,943 $ 30,071 $ 3,370 9/30/2014 2002 Evergreen Marketplace: Evergreen Park, IL (h ) 2,823 6,239 — 9,062 1,487 9/6/2013 2013 Fairlane Green II: Allen Park, MI — 1,409 14,634 — 16,043 18 12/21/2020 2015 Family Dollar: Adelanto, CA (h ) 463 1,711 — 2,174 274 11/14/2014 2014 Bearden, AR — 52 760 — 812 1 12/21/2020 2014 Bessemer, AL (h ) 201 1,043 — 1,244 196 12/27/2013 2013 Birmingham, AL (h ) 500 831 — 1,331 159 12/27/2013 2013 Brooksville, FL (h ) 206 791 — 997 150 12/18/2013 2013 Cabot, AR — 231 1,137 — 1,368 2 12/21/2020 2014 Cathedral City, CA (h ) 658 1,908 — 2,566 315 9/19/2014 2014 Cheyenne, WY (h ) 148 986 — 1,134 176 4/23/2014 2014 Coachella, CA (h ) 450 1,634 — 2,084 293 2/19/2014 2013 Columbus, OH — 252 1,251 — 1,503 2 12/21/2020 2014 Empire, CA (h ) 239 1,527 — 1,766 261 6/27/2014 2014 Ft. Lauderdale, FL (h ) 443 1,361 — 1,804 245 12/18/2013 2013 Fresno, CA (h ) 488 1,553 — 2,041 282 2/19/2014 2013 Hobbs, NM — 243 1,084 — 1,327 2 12/21/2020 2006 Holtville, CA (h ) 317 1,609 — 1,926 289 2/19/2014 2013 Indio, CA (h ) 393 1,636 — 2,029 279 6/25/2014 2014 Irvington, AL (h ) 217 814 — 1,031 157 12/27/2013 2013 Jay, FL (h ) 190 1,002 — 1,192 195 2/25/2014 2013 Jonesboro, GA (h ) 297 1,098 — 1,395 202 2/14/2014 2013 Kissimmee, FL (h ) 622 1,226 — 1,848 211 8/27/2014 2014 LaBelle, FL (h ) 268 1,037 — 1,305 199 2/28/2014 2014 Lake Elsinor, CA (h ) 417 1,682 — 2,099 298 3/3/2014 2013 Lakeland, FL (h ) 353 937 — 1,290 167 6/30/2014 2014 Lewiston, ME — 271 1,157 — 1,428 2 12/21/2020 2014 Little Rock, CA (h ) 499 1,730 — 2,229 267 2/19/2015 2014 Melbourne, FL (h ) 362 883 — 1,245 162 2/28/2014 2014 Morgan, UT — 235 1,068 — 1,303 2 12/21/2020 2013 New Roads, LA — 190 674 — 864 1 12/21/2020 2015 Oshkosh, WI (h ) 361 815 — 1,176 151 2/25/2014 2013 Palmdale, CA (h ) 372 1,822 — 2,194 275 3/30/2015 2014 Pensacola, FL (h ) 509 791 — 1,300 147 3/27/2014 2014 Pine Lake, GA (h ) 639 897 — 1,536 157 8/26/2014 2014 Riverside, CA (h ) 736 1,558 — 2,294 273 4/4/2014 2014 Roswell, NM — 199 921 — 1,120 2 12/21/2020 2014 Salina, UT — 211 1,262 — 1,473 2 12/21/2020 2014 San Antonio, TX — 409 914 — 1,323 1 12/21/2020 2014 San Antonio, TX — 347 1,148 — 1,495 2 12/21/2020 1995 Initial Costs to Company Gross Amount at Which Carried December 31, 2020 (c) (d) (e) Description (a) Encumbrances Land Buildings, Total (b) Accumulated (e) (f) (g) Date Date Family Dollar (continued): San Jacinto, CA (h ) $ 430 $ 1,682 $ — $ 2,112 $ 283 7/18/2014 2014 Statesboro, GA (h ) 347 800 — 1,147 150 2/14/2014 2013 Stockton, CA (h ) 202 1,817 — 2,019 297 9/19/2014 2014 Taft, CA (h ) 255 1,422 — 1,677 275 8/23/2013 2013 Talladega, AL $ — 222 951 — 1,173 2 12/21/2020 2014 Tampa (Cragmont), FL (h ) 563 737 — 1,300 141 12/18/2013 2013 Tampa (Forest), FL (h ) 482 920 — 1,402 173 12/18/2013 2013 Tenn Colony, TX — 150 834 — 984 1 12/21/2020 2014 Terra Bella, CA (h ) 332 1,394 — 1,726 251 2/19/2014 2013 Tuscaloosa, AL (h ) 534 817 — 1,351 157 12/27/2013 2013 Valley, AL — 180 983 — 1,163 2 12/21/2020 2014 Walthourville, GA — 290 1,058 — 1,348 2 12/21/2020 1995 Warrenville, SC — 207 986 — 1,193 2 12/21/2020 2013 Flower Foods: Orlando, FL (h ) 418 387 — 805 65 9/11/2014 2013 Waldorf, MD (h ) 398 1,045 — 1,443 194 9/11/2014 2013 Food 4 Less: Atwater, CA (h ) 1,383 5,271 — 6,654 1,068 11/27/2013 2002 Fountain Square: Brookfield, WI (h ) 6,508 28,634 25 35,167 3,689 1/17/2017 2006 Fourth Creek Landing: Statesville, NC (h ) 1,375 7,795 — 9,170 2,076 3/26/2013 2012 Fresenius Medical Care: West Plains, MO (h ) 557 3,097 — 3,654 520 7/2/2014 2014 Fresh Market Center: Glen Ellyn, IL 4,750 2,767 6,403 (3,494 ) 5,676 153 9/30/2014 2014 Fresh Thyme: Indianapolis, IN (h ) 1,087 6,019 — 7,106 1,089 10/31/2014 2014 Lafayette, IN — 1,173 6,316 — 7,489 7 12/21/2020 2006 Northville, MI (h ) 1,598 7,796 — 9,394 1,094 12/21/2015 2015 Ypsilanti, MI — 3,168 5,719 — 8,887 7 12/21/2020 2017 Fresh Thyme & DSW: Fort Wayne, IN (h ) 1,740 4,153 612 6,505 836 9/30/2014 1985 Giant Eagle: Seven Fields, PA (h ) 1,574 13,659 — 15,233 2,345 5/7/2014 2005 Harbor Town Center: Manitowoc, WI 9,750 3,568 13,209 (1,799 ) 14,978 895 4/24/2015 2005 Haverty Furniture: Midland, TX (h ) 709 1,294 — 2,003 384 8/7/2013 2012 Initial Costs to Company Gross Amount at Which Carried December 31, 2020 (c) (d) (e) Description (a) Encumbrances Land Buildings, Total (b) Accumulated (e) (f) (g) Date Date HEB Center: Waxahachie, TX $ 7,000 $ 3,465 $ 7,952 $ 273 $ 11,690 $ 1,817 6/27/2012 1997 Hobby Lobby: Lewisville, TX (h ) 2,184 8,977 — 11,161 1,758 11/26/2013 2013 Home Depot: Lincoln, NE (h ) 6,339 5,937 — 12,276 832 10/22/2015 1993 North Canton, OH (h ) 2,203 12,012 360 14,575 2,621 12/20/2012 1998 Houma Crossing: Houma, LA 12,264 1,076 20,028 — 21,104 28 12/21/2020 2008 Hy-Vee: Omaha, NE — 1,842 7,909 — 9,751 11 12/21/2020 2016 Jewel-Osco: Plainfield, IL (h ) — — 11,151 11,151 578 11/14/2018 2001 Kirkland’s: Dothan, AL (h ) 486 946 — 1,432 211 8/5/2014 2014 Kohl’s: Chartlottesville, VA (h ) 3,929 12,280 — 16,209 2,057 7/28/2014 2011 Eagan, MN — 3,581 3,751 — 7,332 6 12/21/2020 1996 Easton, MD (h ) 2,962 2,661 — 5,623 335 12/2/2015 1992 Kroger: Bay City, MI — 718 5,058 — 5,776 8 12/21/2020 1994 Shelton, WA (h ) 1,180 11,040 — 12,220 2,150 4/30/2014 1994 Whitehall, OH (h ) 581 6,628 224 7,433 1,363 12/16/2013 1994 Kum & Go: Conway, AR (h ) 510 2,577 — 3,087 428 6/13/2014 2014 LA Fitness: Bloomfield Township, MI (h ) 2,287 10,075 — 12,362 2,141 6/21/2013 2008 Columbus, OH (h ) 1,013 6,734 — 7,747 1,059 4/29/2015 2014 Garland, TX (h ) 2,005 6,861 41 8,907 1,267 12/20/2013 2013 Houston, TX (h ) 5,764 5,994 — 11,758 1,161 9/30/2013 2013 New Lenox, IL (h ) 1,965 6,257 — 8,222 823 12/21/2015 2015 Riverside, CA (h ) 2,557 9,951 — 12,508 1,976 8/2/2013 2010 Lafayette Pavilions: Lafayette, IN (h ) 7,632 42,497 (3,245 ) 46,884 1,067 2/6/2015 2006 Lawton Marketplace: Lawton, OK 19,247 3,598 25,228 3 28,829 43 12/21/2020 2001 Lord Salisbury Center: Salisbury, MD (h ) 6,949 12,179 (2,319 ) 16,809 370 3/11/2016 2005 Lowe’s: Adrian, MI (h ) 2,604 5,036 30 7,670 1,274 9/27/2013 1996 Alpharetta, GA (h ) 7,979 9,630 403 18,012 1,588 5/29/2015 1998 Asheboro, NC (h ) 1,098 6,722 — 7,820 1,187 6/23/2014 1994 Cincinnati, OH (h ) 14,092 — — 14,092 — 2/10/2014 2001 Columbia, SC (h ) 3,943 6,353 750 11,046 1,467 9/12/2013 1994 Initial Costs to Company Gross Amount at Which Carried December 31, 2020 (c) (d) (e) Description (a) Encumbrances Land Buildings, Total (b) Accumulated (e) (f) (g) Date Date Lowe’s (continued): Covington, LA (h ) $ 10,233 $ — $ — $ 10,233 $ — 8/20/2014 2002 Hermitage, PA $ — 2,279 12,580 — 14,859 16 12/21/2020 2016 Lilburn, GA (h ) 8,817 9,380 385 18,582 1,539 5/29/2015 1999 Mansfield, OH (h ) 873 8,256 26 9,155 1,492 6/12/2014 1992 Marietta, GA (h ) 7,471 8,404 392 16,267 1,400 5/29/2015 1997 Oxford, AL (h ) 1,668 7,622 369 9,659 1,804 6/28/2013 1999 Tuscaloosa, AL (h ) 4,908 4,786 9 9,703 986 10/29/2013 1993 Woodstock, GA (h ) 7,316 8,879 392 16,587 1,476 5/29/2015 1997 Zanesville, OH (h ) 2,161 8,375 297 10,833 1,626 12/11/2013 1995 Mattress Firm: Ashtabula, OH (h ) 301 1,965 (453 ) 1,813 36 3/23/2016 2015 Draper, UT — 860 1,419 — 2,279 2 12/21/2020 2014 Lake City, FL — 517 1,241 — 1,758 2 12/21/2020 2004 Mattress Firm & Aspen Dental: Vienna, WV — 774 2,466 — 3,240 521 9/15/2014 2014 Mattress Firm & Five Guys: Muskegon, MI (h ) 813 1,766 (314 ) 2,265 33 8/29/2014 2014 McAlister’s Deli: Lawton, OK (h ) 805 1,057 — 1,862 194 5/1/2014 2013 McGowin Park: Mobile, AL 42,765 2,243 69,357 — 71,600 8,187 4/26/2017 2016 Melody Mountain: Ashland, KY 5,940 1,286 9,879 (1,874 ) 9,291 231 9/1/2015 2013 Merchants Tire & Auto: Wake Forest, NC (h ) 782 1,730 — 2,512 241 9/1/2015 2005 Mister Car Wash: Athens, AL (h ) 383 1,150 — 1,533 109 9/12/2017 2008 Decatur, AL (h ) 257 559 — 816 57 9/12/2017 2005 Decatur, AL (h ) 486 1,253 — 1,739 136 9/12/2017 2014 Decatur, AL (h ) 359 1,152 — 1,511 124 9/12/2017 2007 Hartselle, AL (h ) 360 569 — 929 60 9/12/2017 2007 Madison, AL (h ) 562 1,139 — 1,701 126 9/12/2017 2012 Morganton Heights: Morganton, NC 22,800 7,032 29,763 30 36,825 6,167 4/29/2015 2013 National Tire & Battery: Cedar Hill, TX (h ) 469 1,951 — 2,420 402 12/18/2012 2006 Cypress, TX (h ) 910 2,224 — 3,134 332 9/1/2015 2005 Flower Mound, TX (h ) 779 2,449 — 3,228 351 9/1/2015 2005 Fort Worth, TX (h ) 936 1,234 — 2,170 242 8/23/2013 2005 Fort Worth, TX (h ) 730 2,309 — 3,039 331 9/1/2015 2005 Frisco, TX (h ) 844 1,608 — 2,452 313 8/23/2013 2007 Initial Costs to Company Gross Amount at Which Carried December 31, 2020 (c) (d) (e) Description (a) Encumbrances Land Buildings, Total (b) Accumulated (e) (f) (g) Date Date National Tire & Battery (continued): Montgomery, IL (h ) $ 516 $ 2,494 $ — $ 3,010 $ 517 1/15/2013 2007 North Richland Hills, TX (h ) 513 2,579 — 3,092 380 9/1/2015 2005 Pasadena, TX (h ) 908 2,307 — 3,215 344 9/1/2015 2005 Pearland, TX (h ) 1,016 2,040 — 3,056 298 9/1/2015 2005 Plano, TX (h ) 1,292 2,197 — 3,489 320 9/1/2015 2005 Tomball, TX (h ) 838 2,229 — 3,067 322 9/1/2015 2005 Natural Grocers: Idaho Falls, ID (h ) 833 2,316 — 3,149 422 2/14/2014 2013 Waupaca, WI $ — 1,286 3,727 — 5,013 5 12/21/2020 2017 Nordstrom Rack: Tampa, FL 6,880 3,371 6,402 1,583 11,356 1,748 4/16/2012 2010 O’Reilly Automotive: Bennettsville, SC — 361 1,207 — 1,568 2 12/21/2020 2015 Calyton, GA (h ) 501 945 — 1,446 121 1/29/2016 2015 Flowood, MS — 506 1,288 — 1,794 2 12/21/2020 2014 Iron Mountain, MI — 249 1,400 — 1,649 2 12/21/2020 2014 Owenboro Towne Center: Owensboro, KY 14,160 3,807 16,259 862 20,928 2,474 1/12/2016 1996 Parkway Centre South: Grove City, OH 14,250 7,027 18,223 (2,269 ) 22,981 1,054 7/15/2016 2005 Pecanland Plaza: Monroe, LA (h ) 2,206 18,957 (3,265 ) 17,898 334 10/13/2015 2008 Petsmart: Wilkesboro, NC (h ) 447 1,710 — 2,157 402 4/13/2012 2011 Petsmart/Old Navy: Reynoldsburg, OH 3,720 1,295 4,077 — 5,372 981 12/14/2012 2012 Pick ‘N Save: Heber City, UT — 1,160 9,111 — 10,271 12 12/21/2020 2016 Pewaukee, WI (h ) 1,323 6,761 257 8,341 1,311 8/13/2014 1999 Sheboygan, WI (h ) 2,003 10,695 — 12,698 2,341 9/6/2012 2012 South Milwaukee, WI (h ) 1,126 5,706 — 6,832 1,056 11/6/2013 2005 Waterford, WI — 731 4,078 — 4,809 5 12/21/2020 2017 Plainfield Marketplace: Plainfield, IL (h ) 3,167 14,788 (3,827 ) 14,128 — 12/3/2015 2002 Plaza San Mateo: Albuquerque, NM — 2,867 11,582 (4,011 ) 10,438 311 5/2/2014 2014 Popeyes: Independence, MO (h ) 333 680 — 1,013 115 6/27/2014 2005 Initial Costs to Company Gross Amount at Which Carried December 31, 2020 (c) (d) (e) Description (a) Encumbrances Land Buildings, Total (b) Accumulated (e) (f) (g) Date Date Poplar Springs Plaza: Duncan, SC $ 5,000 $ 1,862 $ 5,277 $ 517 $ 7,656 $ 1,270 5/24/2013 1995 Raising Cane’s: Murphy, TX — 495 2,854 — 3,349 3 12/21/2020 1994 Reno, NV — 1,841 2,259 — 4,100 3 12/21/2020 2014 Rolling Acres Plaza: Lady Lake, FL 21,930 7,540 26,839 (4,093 ) 30,286 1,302 9/1/2016 2005 Rushmore Crossing: Rapid City, SD 22,046 7,066 33,019 (12,059 ) 28,026 569 1/2/2014 2012 Rapid City, SD (h ) 883 4,128 (1,348 ) 3,663 87 1/2/2014 2012 Safeway: Juneau, AK — 6,174 8,792 — 14,966 11 12/21/2020 2017 Sherwin Williams: Macon, GA (h ) 59 659 — 718 98 4/16/2015 2015 Shippensburg Market Place: Shippensburg, PA (h ) 1,917 9,263 (3,530 ) 7,650 185 9/18/2014 2002 Shoe Carnival & Buffalo Wild Wings: Salina, KS — 991 1,909 — 2,900 3 12/21/2020 2014 Shoppes at Stroud: Stroud Township, PA (h ) 3,754 22,614 (2,220 ) 24,148 1,226 10/29/2014 2007 Shoppes of Gary Farms: Bowling Green, KY — 3,529 14,197 — 17,726 20 12/21/2020 2005 Shops at Abilene: Abilene, TX 14,989 5,142 19,684 — 24,826 30 12/21/2020 2014 Siemens: Milford, OH — 4,137 23,153 — 27,290 42 12/21/2020 1991 Southwest Plaza: Springfield, IL (h ) 2,992 48,935 (23,580 ) 28,347 1,360 9/18/2014 2003 Spinx: Simpsonville, SC (h ) 591 969 — 1,560 194 1/24/2013 2012 Springfield Commons: Springfield, OH 11,250 3,745 15,049 (4,182 ) 14,612 168 5/5/2015 1995 Sprouts: Bixby, OK (h ) 1,320 7,117 — 8,437 1,367 7/26/2013 2013 Lawrence, KS — 762 8,111 — 8,873 10 12/21/2020 2001 Steinhafels: Greenfield, WI — 1,783 7,643 — 9,426 9 12/21/2020 1991 Stoneridge Village: Jefferson City, MO 6,500 1,830 9,351 1 11,182 1,886 6/30/2014 2012 Stop & Shop: North Kingstown, RI — 639 2,057 — 2,696 2 12/21/2020 1979 Initial Costs to Company Gross Amount at Which Carried December 31, 2020 (c) (d) (e) Description (a) Encumbrances Land Buildings, Total (b) Accumulated (e) (f) (g) Date Date Summerfield Crossing: Riverview, FL $ 7,310 $ 6,130 $ 6,753 $ (1,159 ) $ 11,724 $ 357 7/12/2013 2013 Sunbelt Rentals: Canton, OH (h ) 147 1,679 138 1,964 415 10/24/2013 2013 Sunoco: Palm Beach Gardens, FL (h ) 1,050 2,667 — 3,717 515 4/12/2013 2009 Palm City, FL (h ) 667 1,698 — 2,365 329 4/12/2013 2011 Palm Springs, FL (h ) 580 1,907 — 2,487 369 4/12/2013 2011 Sebastian, FL (h ) 490 2,128 — 2,618 412 4/12/2013 2009 Titusville, FL (h ) 626 2,534 — 3,160 490 4/12/2013 2009 Sutters Creek: Rocky Mount, NC (h ) 1,458 2,616 283 4,357 607 1/31/2014 2012 Take 5: Andrews, TX — 230 862 — 1,092 1 12/21/2020 1994 Bedford, TX — 283 837 — 1,120 1 12/21/2020 2009 Burleson, TX — 471 936 — 1,407 1 12/21/2020 1994 Burleson, TX — 201 837 — 1,038 1 12/21/2020 2010 Burleson, TX — 394 407 — 801 1 12/21/2020 2003 Cedar Hill, TX — 250 705 — 955 1 12/21/2020 1985 Hereford, TX — 50 995 — 1,045 1 12/21/2020 1993 Irving, TX — 120 445 — 565 1 12/21/2020 1989 Irving, TX — 210 818 — 1,028 1 12/21/2020 1987 Lubbock, TX — 151 1,428 — 1,579 2 12/21/2020 2002 Midland, TX — 192 1,861 — 2,053 2 12/21/2020 1995 Mineral Wells, TX — 131 1,263 — 1,394 1 12/21/2020 2019 Target Center: Columbia, SC (h ) 3,234 7,297 (651 ) 9,880 394 3/31/2014 2012 Terrell Mill Village: Marieta, GA (h ) 3,079 11,185 14 14,278 2,205 1/31/2014 2012 TGI Friday’s: Cheseapeake, VA (h ) 1,217 1,388 — 2,605 242 6/27/2014 2003 Wilmington, DE (h ) 1,685 969 — 2,654 172 6/27/2014 1991 The Center at Hobbs Brook: Sturbridge, MA 21,500 11,241 29,152 1,502 41,895 4,655 6/29/2016 1999 The Market at Clifty Crossing: Columbus, IN (h ) 2,669 16,308 113 19,090 4,509 10/31/2014 1989 The Market at Polaris: Columbus, OH (h ) 11,828 41,702 (36,715 ) 16,815 284 12/6/2013 2005 The Marquis: Williamsburg, VA 8,556 2,615 11,406 — 14,021 2,609 9/21/2012 2007 Initial Costs to Company Gross Amount at Which Carried December 31, 2020 (c) (d) (e) Description (a) Encumbrances Land Buildings, Total (b) Accumulated (e) (f) (g) Date Date The Plant: San Jose, CA $ 123,000 $ 67,596 $ 108,203 $ 583 $ 176,382 $ 24,218 4/15/2013 2008 The Ridge at Turtle Creek: Hattiesburg, MS 9,900 2,749 12,434 (3,482 ) 11,701 267 2/27/2015 2011 Tire Kingdom: Bluffton, SC (h ) 645 1,688 — 2,333 235 9/1/2015 2005 Summerville, SC (h ) 1,208 1,233 — 2,441 178 9/1/2015 2005 Tire Kingdom & Starbucks: Mount Pleasant, SC 2,400 1,291 3,149 (502 ) 3,938 154 9/1/2015 2005 Tractor Supply: Ashland, VA (h ) 500 2,696 — 3,196 510 11/22/2013 2013 Augusta, KS (h ) 407 2,315 — 2,722 430 1/10/2014 2013 Blytheville, AR — 780 2,660 — 3,440 4 12/21/2020 2002 Cambridge, MN (h ) 807 1,272 28 2,107 339 5/14/2012 2012 Canon City, CO (h ) 597 2,527 — 3,124 513 11/30/2012 2012 Carlyle, IL — 707 2,386 — 3,093 4 12/21/2020 2015 Fortuna, CA (h ) 568 3,819 — 4,387 675 6/27/2014 2014 Logan, WV — 597 3,232 — 3,829 4 12/21/2020 2006 Lumberton, NC (h ) 611 2,007 — 2,618 438 5/24/2013 2013 Marion, IN (h ) 1,536 1,099 — 2,635 216 2/19/2014 2004 Midland, NC — 865 2,182 — 3,047 3 12/21/2020 2013 Monticello, FL (h ) 448 1,916 — 2,364 415 6/20/2013 2013 Shelbyville, IL — 586 2,576 — 3,162 4 12/21/2020 2017 South Hill, VA (h ) 630 2,179 — 2,809 445 6/24/2013 2011 Weaverville, NC (h ) 867 3,138 — 4,005 624 9/13/2013 2006 Woodward, OK (h ) 446 1,973 — 2,419 402 11/19/2013 2013 Trader Joe’s: Asheville, NC (h ) 2,770 3,766 — 6,536 744 10/22/2013 2013 Columbia, SC (h ) 2,308 2,597 — 4,905 594 3/28/2013 2012 Wilmington, NC (h ) 2,016 2,519 — 4,535 630 6/27/2013 2012 Turfway Crossing: Florence, KY 8,280 2,261 10,323 418 13,002 2,180 5/27/2014 2002 Ulta Salon: Albany, GA (h ) 441 1,757 — 2,198 313 5/8/2014 2013 Greeley, CO (h ) 596 2,035 — 2,631 315 3/31/2015 2014 United Oil: Bellflower, CA (h ) 1,246 788 — 2,034 125 9/30/2014 2001 Brea, CA (h ) 2,393 658 — 3,051 104 9/30/2014 1984 Carson, CA — 2,354 4,821 — 7,175 6 12/21/2020 1958 El Cajon, CA (h ) 1,533 568 — 2,101 90 9/30/2014 2008 El Cajon, CA (h ) 1,225 368 — 1,593 58 9/30/2014 2000 El Monte, CA (h ) 766 510 — 1,276 80 9/30/2014 1994 Escondido, CA (h ) 3,514 1,062 — 4,576 168 9/30/2014 2002 Fallbrook, CA — 1,266 3,458 — 4,724 4 12/21/2020 1958 Initial Costs to Company Gross Amount at Which Carried December 31, 2020 (c) (d) (e) Description (a) Encumbrances Land Buildings, Total (b) Accumulated (e) (f) (g) Date Date United Oil (continued): Glendale, CA (h ) $ 4,871 $ 795 $ — $ 5,666 $ 126 9/30/2014 1999 Harbor City, CA $ — 1,359 3,047 — 4,406 3 12/21/2020 2014 Hawthorne, CA — 896 1,764 — 2,660 2 12/21/2020 2001 Inglewood, CA (h ) 1,809 878 — 2,687 139 9/30/2014 1997 La Habra, CA (h ) 1,971 571 — 2,542 90 9/30/2014 2000 Lakewood, CA — 2,499 2,400 — 4,899 3 12/21/2020 1973 Lawndale, CA (h ) 1,462 862 — 2,324 136 9/30/2014 2001 Long Beach, CA — 1,088 2,582 — 3,670 3 12/21/2020 1990 Long Beach, CA (h ) 2,778 883 — 3,661 140 9/30/2014 1972 Los Angeles, CA (h ) 2,334 717 — 3,051 113 9/30/2014 2002 Los Angeles, CA (h ) 3,552 1,242 — 4,794 196 9/30/2014 2002 Los Angeles, CA (h ) 2,745 669 — 3,414 106 9/30/2014 1998 Los Angeles, CA (h ) 3,930 428 — 4,358 68 9/30/2014 2005 Los Angeles, CA (h ) 1,927 1,484 — 3,411 235 9/30/2014 2007 Los Angeles, CA (h ) 2,182 701 — 2,883 111 9/30/2014 1964 Los Angeles, CA — 2,435 2,614 — 5,049 3 12/21/2020 1982 Los Angeles, CA — 2,016 3,486 — 5,502 4 12/21/2020 1965 Madera, CA (h ) 1,500 3,804 — 5,304 265 9/27/2019 2018 Norco, CA (h ) 1,852 1,489 — 3,341 235 9/30/2014 1995 Poway, CA (h ) 3,072 705 — 3,777 111 9/30/2014 1960 San Clemente, CA — 2,036 3,561 — 5,597 4 12/21/2020 1973 San Diego, CA — 1,362 1,662 — 3,024 2 12/21/2020 1959 San Diego, CA — 1,547 3,218 — 4,765 4 12/21/2020 2011 San Diego, CA — 2,409 4,105 — 6,514 5 12/21/2020 1976 San Diego, CA (h ) 2,977 1,448 — 4,425 229 9/30/2014 1984 San Diego, CA (h ) 1,877 883 — 2,760 139 9/30/2014 2006 San Diego, CA (h ) 1,824 382 — 2,206 61 9/30/2014 2006 Santa Ana, CA — 1,629 1,767 — 3,396 2 12/21/2020 2000 Santa Clarita, CA (h ) 4,787 733 — 5,520 116 9/30/2014 2001 Sun City, CA (h ) 1,136 1,421 — 2,557 224 9/30/2014 1984 Vista, CA (h ) 2,063 334 — 2,397 53 9/30/2014 1986 Vista (Vista), CA (h ) 2,028 418 — 2,446 66 9/30/2014 2010 Whittier, CA (h ) 1,629 985 — 2,614 156 9/30/2014 1997 University Marketplace: Marion, IN (h ) 850 6,722 121 7,693 1,831 3/22/2013 2012 Urban Air Adventure Park: Waukesha, WI (h ) 3,408 12,918 666 16,992 2,057 9/29/2014 2007 Vacant: Appleton, WI (h ) 895 1,026 (1,194 ) 727 9 11/18/2015 2015 Cherokee, IA (h ) 217 3,326 (2,654 ) 889 11 12/23/2015 2015 Cokato, MN (h ) 358 3,229 (2,280 ) 1,307 8 12/23/2015 2015 Danville, VA (h ) 274 1,514 (1,062 ) 726 36 4/29/2014 2014 Dickson City, PA — 1,113 7,946 (7,817 ) 1,242 221 6/30/2014 2013 Initial Costs to Company Gross Amount at Which Carried December 31, 2020 (c) (d) (e) Description (a) Encumbrances Land Buildings, Total (b) Accumulated (e) (f) (g) Date Date Vacant (continued): Eldersburg, MD (h ) $ 557 $ 876 $ — $ 1,433 $ 102 4/28/2017 2000 Lancaster, TX (h ) 1,203 1,620 — 2,823 361 10/23/2012 2011 Nampa, ID (h ) 449 2,213 (1,482 ) 1,180 36 3/31/2014 1972 Raleigh, NC $ — 329 556 — 885 1 12/21/2020 2014 Sanford, FL (h ) 1,031 1,807 (1,861 ) 977 14 10/23/2012 1999 Troy, OH (h ) 992 1,577 (1,383 ) 1,186 88 10/23/2012 2011 Valentine, NE (h ) 395 3,549 (2,403 ) 1,541 57 6/30/2014 2014 Walker, LA (h ) 900 3,909 — 4,809 657 6/27/2014 1999 Ventura Place: Albuquerque, NM (h ) 5,203 7,998 (5,050 ) 8,151 196 4/29/2015 2008 Vitamin Shoppe: Taylor, MI — 631 767 — 1,398 1 12/21/2020 1995 Wal-Mart: Anderson, SC (h ) 2,424 9,719 — 12,143 1,251 11/5/2015 2015 Florence, SC (h ) 2,013 9,225 — 11,238 1,182 11/5/2015 2015 Perry, GA (h ) 2,270 11,053 — 13,323 2,364 6/4/2013 1999 Summerville, SC 4,300 2,410 2,098 — 4,508 309 9/18/2015 2015 Tallahassee, FL (h ) 14,823 — — 14,823 — 12/11/2012 2008 York, SC (h ) 1,913 11,410 — 13,323 2,425 6/4/2013 1998 Walgreens: Austintown, OH (h ) 637 4,173 — 4,810 779 8/19/2013 2002 Baton Rouge, LA — 1,015 4,671 — 5,686 6 12/21/2020 2006 Chicopee, MA (h ) 2,094 4,945 — 7,039 772 10/23/2014 2008 Clinton, MI 4,209 1,977 4,232 — 6,209 5 12/21/2020 1997 Connelly Springs, NC (h ) 1,349 3,628 — 4,977 694 8/27/2013 2012 Danville, VA (h ) 989 4,547 — 5,536 979 12/24/2012 2012 Dearborn Heights, MI (h ) 2,236 3,411 — 5,647 657 7/9/2013 2008 East Chicago, IN (h ) 331 5,242 — 5,573 839 8/8/2014 2005 Fort Madison, IA (h ) 514 3,723 — 4,237 700 9/20/2013 2008 Greenville, OH — 542 4,063 — 4,605 5 12/21/2020 2014 Harrison, AR 4,750 1,237 5,424 — 6,661 6 12/21/2020 2007 Hickory, NC (h ) 1,100 4,241 — 5,341 867 2/28/2013 2009 Huntsville, AL 3,273 1,931 2,457 97 4,485 533 3/15/2013 2001 Indianapolis, IN 4,602 1,212 5,484 — |
SCHEDULE IV - MORTGAGE LOANS ON
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE | Loan Type Description /Location Interest (a) Final Periodic (b) Prior Face Carrying Principal Mezzanine loan Condo / New York, New York L + 14.85 % 5/9/2021 P/I N/A $ 34,904 $ 35,888 $ — Mezzanine loan Condo / New York, New York L + 14.85 % 5/9/2021 P/I N/A 22,480 23,218 — Mezzanine loan Condo / New York, New York L + 14.85 % 5/9/2021 P/I N/A 13,906 14,350 — Mezzanine loan Condo / New York, New York L + 14.85 % 5/9/2021 P/I N/A 9,131 9,624 — Mezzanine loan Condo / New York, New York L + 8.00 % 5/9/2021 P/I N/A 22,104 22,373 — Mezzanine loan Condo / New York, New York L + 8.00 % 5/9/2021 P/I N/A 16,681 16,880 — Mezzanine loan Condo / New York, New York L + 8.00 % 5/9/2021 P/I N/A 10,034 10,153 — Mezzanine loan Condo / New York, New York L + 8.00 % 5/9/2021 P/I N/A 7,549 7,639 — Senior loan Office / Duluth, Georgia L + 3.15 % 2/1/2025 P/I N/A 46,935 46,486 — Senior loan Multifamily / Atlanta, Georgia L + 2.75 % 1/9/2024 P/I N/A 69,500 69,238 — Senior loan Office / Dallas, Texas L + 4.50 % 9/8/2023 P/I N/A 155,899 154,168 — Senior loan Office / Orlando, Florida L + 4.00 % 10/9/2023 P/I N/A 72,315 71,653 — Total loans $ 481,438 $ 481,670 $ — Cure payments receivable (c) — 7,351 — Allowance for credit losses (b) — (60,628 ) — Total loans, net $ 481,438 $ 428,393 $ — (a) L = one month LIBOR rate. (b) P/I = principal and interest. (c) Represents operating expenses related to the mezzanine loans paid by the Company on the borrower’s behalf in connection with the foreclosure proceedings that commenced during the year ended December 31, 2020. (d) As of December 31, 2020, the Company’s allowance for credit losses related to its loans held-for-investment The following table reconciles mortgage loans on real estate for the years ended December 31 (in thousands): Year Ended December 31, 2020 2019 2018 Balance, beginning of period $ 298,880 $ 89,762 $ — Additions during period: New loans 231,212 217,014 89,295 Capitalized interest 539 8,546 384 Accretion of fees and other items 1,909 2,441 268 Total additions $ 233,660 $ 228,001 $ 89,947 Less: Deductions during period: Collections of principal (47,670 ) (17,186 ) — Deferred fees and other items (3,200 ) (1,697 ) (185 ) Total deductions (50,870 ) (18,883 ) (185 ) Balance, end of period $ 481,670 $ 298,880 $ 89,762 Cure payments receivable 7,351 — — Allowance for credit losses (60,628 ) — — Net balance, end of period $ 428,393 $ 298,880 $ 89,762 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Basis of Accounting | The summary of significant accounting policies presented below is designed to assist in understanding the Company’s condensed consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying condensed consolidated financial statements. | The summary of significant accounting policies presented below is designed to assist in understanding the Company’s consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying consolidated financial statements. |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the SEC regarding interim financial reporting, including the instructions to Form 10-Q S-X, 10-Q 10-K 10-Q. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. | Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company evaluates its relationships and investments to determine if it has variable interests. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns. If the Company determines that it has a variable interest in an entity, it evaluates whether such interest is in a variable interest entity (“VIE”). VIEs are entities where investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or where equity investors, as a group, lack one of the following characteristics: (a) the power to direct the activities that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of the entity, or (c) the right to receive the expected returns of the entity. The Company consolidates any VIEs when it is determined to be the primary beneficiary of the VIE’s operations. For legal entities being evaluated for consolidation, the Company must first determine whether the interests that it holds and fees it receives qualify as variable interests in the entity. A variable interest is an investment or other interest that will absorb portions of an entity’s expected losses or receive portions of the entity’s expected residual returns. The Company’s evaluation includes consideration of fees paid to the Company where the Company acts as a decision maker or service provider to the entity being evaluated. If the Company determines that it holds a variable interest in an entity, it evaluates whether that entity is a VIE. A VIE must be consolidated by its primary beneficiary, which is generally defined as the party who has a controlling financial interest in the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but are not limited to, the Company’s ability to direct the activities that most significantly impact the entity’s economic performance and its obligation to absorb losses from or right to receive benefits of the VIE that could potentially be significant to the VIE. The Company consolidates any VIEs when the Company is determined to be the primary beneficiary of the VIE and the difference between consolidating the VIE and accounting for it using the equity method could be material to the Company’s consolidated financial statements. The Company continually evaluates the need to consolidate any VIEs based on standards set forth in GAAP as described above. |
Reclassifications | Reclassifications Certain amounts in the Company’s prior period condensed consolidated financial statements have been reclassified to conform to the current period presentation. This reclassification had no effect on previously reported totals or subtotals. The reclassifications have been made to the condensed consolidated statements of operations for the three and six months ended June 30, 2020 as follows (in thousands): Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 As previously Reclassification As Revised As previously Reclassification As Revised Condensed Consolidated Statements of Operations General and administrative $ 4,235 $ (1,215 ) $ 3,020 $ 7,917 $ (2,015 ) $ 5,902 Management fees $ 11,398 $ (1,648 ) $ 9,750 $ 22,488 $ (2,888 ) $ 19,600 Transaction-related $ 330 $ (205 ) $ 125 $ 582 $ (332 ) $ 250 Expense reimbursements to related parties $ — $ 3,057 $ 3,057 $ — $ 5,235 $ 5,235 Interest expense and other, net $ 15,509 $ 11 $ 15,520 $ 31,276 $ — $ 31,276 | Reclassifications Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on previously reported totals or subtotals. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Real Estate Assets, Recoverability of Real Estate Assets, Assets Held for Sale, and Dispositions of Real Estate Assets | Real Estate Assets Real estate assets are stated at cost, less accumulated depreciation and amortization. The Company considers the period of future benefit of each respective asset to determine the appropriate useful life. The estimated useful lives of the Company’s real estate assets by class are generally as follows: Buildings 40 years Site improvements 15 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term Recoverability of Real Estate Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to: bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, lease concessions and other factors; a significant decrease in a property’s revenues due to lease terminations; vacancies; co- assets by determining whether the carrying amount of the assets will be recovered through the undiscounted future cash flows expected from the use of the assets and their eventual disposition. In the event that such expected undiscounted future cash flows do not exceed the carrying amount, the Company will adjust the real estate assets to their respective fair values and recognize an impairment loss. Generally, fair value is determined using a discounted cash flow analysis and recent comparable sales transactions. During the six months ended June 30, 2021, as part of the Company’s quarterly impairment review procedures, the Company recorded impairment charges of $4.4 million related to five properties, of which impairment at three properties was due to sales prices that were less than their respective carrying values and impairment at two properties was due to vacancy. The Company’s impairment assessment as of June 30, 2021 was based on the most current information available to the Company, including expected holding periods. If the Company’s expected holding periods for assets change, subsequent tests for impairment could result in additional impairment charges in the future. The Company cannot provide any assurance that additional material impairment charges with respect to the Company’s real estate assets will not occur during 2021 or in future periods. During the six months ended June 30, 2020, the Company recorded impairment charges of $15.5 million related to nine properties due to revised cash flow estimates as a result of market conditions and one property due to a tenant bankruptcy. The assumptions and uncertainties utilized in the evaluation of the impairment of real estate assets are discussed in detail in Note 3 — Fair Value Measurements. See also Note 4 — Real Estate Assets for further discussion regarding real estate investment activity. | Real Estate Assets Real estate assets are stated at cost, less accumulated depreciation and amortization. The Company considers the period of future benefit of each respective asset to determine the appropriate useful life. The estimated useful lives of the Company’s real estate assets by class are generally as follows: Buildings 40 years Site improvements 15 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term Recoverability of Real Estate Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate assets may not be recoverable. Impairment indicators that the Company considers include, but are not limited to: bankruptcy or other credit concerns of a property’s major tenant, such as a history of late payments, lease concessions and other factors; a significant decrease in a property’s revenues due to lease terminations; vacancies; co-tenancy |
Allocation of Purchase Price of Real Estate Assets | Allocation of Purchase Price of Real Estate Assets Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and to identified intangible assets and liabilities, consisting of the value of above- and below-market leases and the value of in-place determination of the fair values of the tangible assets of an acquired property (which includes land and buildings). The information in the appraisal, along with any additional information available to the Company’s management, is used in estimating the amount of the purchase price that is allocated to land. Other information in the appraisal, such as building value and market rents, may be used by the Company’s management in estimating the allocation of purchase price to the building and to intangible lease assets and liabilities. The appraisal firm has no involvement in management’s allocation decisions other than providing this market information. The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could materially impact the Company’s results of operations. Certain acquisition-related expenses related to asset acquisitions are capitalized and allocated to tangible and intangible assets and liabilities, as described above. Acquisition-related manager expense reimbursements are expensed as incurred and are included in expense reimbursements to related parties in the accompanying condensed consolidated statements of operations. Other acquisition-related expenses continue to be expensed as incurred and are included in transaction-related | Allocation of Purchase Price of Real Estate Assets Upon the acquisition of real properties, the Company allocates the purchase price to acquired tangible assets, consisting of land, buildings and improvements, and to identified intangible assets and liabilities, consisting of the value of above- and below-market leases and the value of in-place The fair values of above- and below-market lease intangibles are recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place in-place below-market the respective leases, including any bargain renewal periods. In considering whether or not the Company expects a tenant to execute a bargain renewal option, the Company evaluates economic factors and certain qualitative factors at the time of acquisition, such as the financial strength of the tenant, the remaining lease term, the tenant mix of the leased property, the Company’s relationship with the tenant and the availability of competing tenant space. If a lease were to be terminated prior to its stated expiration, all unamortized amounts of above- or below-market lease intangibles relating to that lease would be recorded as an adjustment to rental income. The fair values of in-place in-place in- in-place The Company has acquired, and may continue to acquire, certain properties subject to contingent consideration arrangements that may obligate the Company to pay additional consideration to the seller based on the outcome of future events. Additionally, the Company may acquire certain properties for which it funds certain contingent consideration amounts into an escrow account pending the outcome of certain future events. The outcome may result in the release of all or a portion of the escrowed funds to the Company or the seller or a combination thereof. The Company estimates the fair value of assumed mortgage notes payable based upon indications of current market pricing for similar types of debt financing with similar maturities. Assumed mortgage notes payable are initially recorded at their estimated fair value as of the assumption date, and any difference between such estimated fair value and the mortgage note’s outstanding principal balance is amortized or accreted to interest expense over the term of the respective mortgage note payable. The determination of the fair values of the real estate assets and liabilities acquired requires the use of significant assumptions with regard to the current market rental rates, rental growth rates, capitalization and discount rates, interest rates and other variables. The use of alternative estimates may result in a different allocation of the Company’s purchase price, which could materially impact the Company’s results of operations. Acquisition-related fees and certain acquisition-related expenses related to asset acquisitions are capitalized and allocated to tangible and intangible assets and liabilities, as described above. Other acquisition-related expenses, such as manager reimbursements, continue to be expensed as incurred and are included in transaction-related |
Restricted Cash | Restricted CashAs part of certain debt agreements, rents from certain encumbered properties are deposited directly into a lockbox account, from which the monthly debt service payment is disbursed to the lender and the excess is disbursed to the Company. | |
Redeemable Noncontrolling Interest in Consolidated Joint Venture | Redeemable Noncontrolling Interest in Consolidated Joint Venture From June 2014 to December 2019, the Company determined it had a controlling interest in the Consolidated Joint Venture and, therefore, met the GAAP requirements for consolidation. The Company recorded net income of $121,000 and paid distributions of $285,000 related to the noncontrolling interest during the year ended December 31, 2019. During the year ended December 31, 2019, the Company disposed of its interest in the underlying properties previously owned through the Consolidated Joint Venture, as further discussed in Note 4 — Real Estate Assets. Therefore, the Company determined it no longer had a controlling financial interest as of December 31, 2019. | |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents include cash in bank accounts, as well as investments in highly-liquid money market funds. The Company deposits cash with several high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company (“FDIC”) up to an insurance limit of $250,000. At times, the Company’s cash and cash equivalents may exceed federally insured levels. Although the Company bears risk on amounts in excess of those insured by the FDIC, it has not experienced and does not anticipate any losses due to the high quality of the institutions where the deposits are held. Included in cash and cash equivalents was $41.0 million and $126.8 million of unsettled broadly syndicated loan purchases as of December 31, 2020 and 2019, respectively. The Company had $7.0 million and $7.3 million in restricted cash as of December 31, 2020 and December 31, 2019, respectively. Included in restricted cash was $3.6 million and $3.1 million held by lenders in lockbox accounts, as of December 31, 2020 and 2019, respectively. As part of certain debt agreements, rents from certain encumbered properties are deposited directly into a lockbox account, from which the monthly debt service payment is disbursed to the lender and the excess is disbursed to the Company. Also included in restricted cash was $3.4 million and $4.2 million held by lenders in escrow accounts for real estate taxes and other lender reserves for certain properties, in accordance with the associated lender’s loan agreement as of December 31, 2020 and 2019, respectively. | |
Real Estate-Related Securities | Real Estate-Related Securities Real estate-related securities consists primarily of the Company’s investment in commercial mortgage-backed securities (“CMBS”). The Company determines the appropriate classification for real estate-related securities at the time of purchase and reevaluates such designation as of each balance sheet date. As of June 30, 2021, the Company classified its investments as available-for-sale The Company monitors its available-for-sale securities for changes in fair value. An allowance for credit losses is recorded when the Company acquires CMBS, and any subsequent impairment is recognized when the Company determines that a decline in the estimated fair value of a security below its amortized cost has resulted from a credit loss or other factors. The Company records impairments related to credit losses through the allowance for credit losses. However, the allowance is limited by the amount that the fair value is less than the amortized cost basis. The Company considers many factors in determining whether a credit loss exists, including, but not limited to, the extent to which the fair value is less than the amortized cost basis, recent events specific to the security, industry or geographic area, the payment structure of the security, the failure of the issuer of the security to make scheduled interest or principal payments, and external credit ratings and recent changes in such ratings. The analysis of determining whether a credit loss exists requires significant judgments and assumptions. The use of alternative judgments and assumptions could result in a different conclusion. The amortized cost of real estate-related securities is adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method and is recorded in the accompanying condensed consolidated statements of operations in interest income. Upon the sale of a security, the realized net gain or loss is computed on the specific identification method. Interest earned is either received in cash or capitalized to real estate-related securities in the Company’s condensed consolidated balance sheets. Interest is capitalized when certain conditions are met as specified in each security agreement. During the three and six months ended June 30, 2021, the Company capitalized $435,000 of interest income to real estate-related | Real Estate-Related Securities Real estate-related securities consists primarily of the Company’s investment in commercial mortgage-backed available-for-sale The Company monitors its available-for-sale The amortized cost of real estate-related securities is adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method and is recorded in the accompanying consolidated statements of operations in interest and other expense, net. Upon the sale of a security, the realized net gain or loss is computed on the specific identification method. |
Loans Held-for-Investment | Loans Held-for-Investment The Company has acquired, and may continue to acquire, loans related to real estate assets. Additionally, the Company may acquire and originate credit investments, including commercial mortgage loans, mezzanine loans, preferred equity, and other loans and securities related to commercial real estate assets, as well as corporate loan opportunities that are consistent with the Company’s investment strategy and objectives. The Company intends to hold the loans held-for- held-for-investment Interest earned is either received in cash or capitalized to loans held-for-investment Accrual of interest income is suspended on nonaccrual loans. Loans that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual status. Interest collected is recognized on a cash basis by crediting income when received. Loans may be restored to accrual status when all principal and interest are current and full repayment of the remaining contractual principal and interest are reasonably assured. As of June 30, 2021, the Company did not have nonaccrual loans. | Loans Held-for-Investment The Company has acquired, and may continue to acquire, loans related to real estate assets. Additionally, the Company may acquire and originate credit investments, including commercial mortgage loans, mezzanine loans, preferred equity, and other loans and securities related to commercial real estate assets, as well as corporate loan opportunities that are consistent with the Company’s investment strategy and objectives. The Company intends to hold the loans held-for-investment held-for-investment Interest earned is either received in cash or capitalized to loans held-for-investment held-for-investment |
Allowance for Credit Losses | Allowance for Credit Losses The Company adopted Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326) 2016-13”), 2016-13 held-for-investment 2016-13 2016-13 The Company has elected to use a discounted cash flow model to estimate the allowance for credit losses. This model requires the Company to develop cash flows which project estimated credit losses over the life of the loan and discount these cash flows at the asset’s effective interest rate. The Company then records an allowance for credit losses equal to the difference between the amortized cost basis of the asset and the present value of the expected cash flows. The Company considers loan investments that are both (i) expected to be substantially repaid through the operation or sale of the underlying collateral, and (ii) for which the borrower is experiencing financial difficulty, to be “collateral-dependent” loans. For such loans that the Company determines that foreclosure of the collateral is probable, the Company measures the expected losses based on the difference between the fair value of the collateral less costs to sell and the amortized cost basis of the loan as of the measurement date. For collateral-dependent loans that the Company determines foreclosure is not probable, the Company applies a practical expedient to estimate expected losses using the difference between the collateral’s fair value (less costs to sell the asset if repayment is expected through the sale of the collateral) and the amortized cost basis of the loan. For the Company’s broadly syndicated loans, the Company uses a probability of default and loss given default method using an underlying third-party CMBS/Commercial Real Estate (“CRE”) loan database with historical loan losses from 1998 to 2019. The Company may use other acceptable alternative approaches in the future depending on, among other factors, the type of loan, underlying collateral, and availability of relevant historical market loan loss data. The Company adopted ASU 2016-13 Quarterly, the Company evaluates the risk of all loans and assigns a risk rating based on a variety of factors, grouped as follows: (i) loan and credit structure, including the as-is loan-to-value Based on a 5-point 1- Outperform — Most satisfactory asset quality and liquidity, good leverage capacity. A “1” rating maintains predictable and strong cash flows from operations. The trends and outlook for the credit’s operations, balance sheet, and industry are neutral to favorable. Collateral, if appropriate, exceeds performance metrics; 2- Meets or Exceeds Expectations — Acceptable asset quality, moderate excess liquidity, modest leverage capacity. A “2” rating could have some financial/non-financial weaknesses which are offset by strengths; however, the credit demonstrates an ample current cash flow from operations. The trends and outlook for the credit’s operations, balance sheet, and industry are generally positive or neutral. Collateral performance, if appropriate, meets or exceeds substantially all performance metrics included in original or current underwriting / business plan; 3- Satisfactory — Acceptable asset quality, somewhat strained liquidity, minimal leverage capacity. A “3” rating is at times characterized by acceptable cash flows from operations. The trends and conditions of the credit’s operations and balance sheet are neutral. Collateral performance, if appropriate, meets or is on track to meet underwriting; business plan can reasonably be achieved; 4- Underperformance — The debt investment possesses credit deficiencies or potential weaknesses which deserve management’s close and continued attention. The portfolio company’s operations and/or balance sheet have demonstrated an adverse trend or deterioration which, while serious, has not reached the point where the liquidation of debt is jeopardized. These weaknesses are generally considered correctable by the borrower in the normal course of business but may weaken the asset or inadequately protect the Company’s credit position if not checked or corrected. Collateral performance, if appropriate, falls short of original underwriting, material differences exist from business plan, or both; technical milestones have been missed; defaults may exist, or may soon occur absent material improvement; and 5- Default/Possibility of Loss — The debt investment is protected inadequately by the current enterprise value or paying capacity of the obligor or of the collateral, if any. The underlying company’s operations have well-defined weaknesses based upon objective evidence, such as recurring or significant decreases in revenues and cash flows. Major variance from business plan; loan covenants or technical milestones have been breached; timely exit from loan via sale or refinancing is questionable; risk of principal loss. Collateral performance, if appropriate, is significantly worse than underwriting. The Company generally assigns a risk rating of “3” to all newly originated or acquired loans held-for-investment | Allowance for Credit Losses The Company adopted Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses (Topic 326) 2016-13”), 2016-13 held-for-investment 2016-13 2016-13 The Company has elected to use a discounted cash flow model to estimate the allowance for credit losses. This model requires the Company to develop cash flows which project estimated credit losses over the life of the loan and discount these cash flows at the asset’s effective interest rate. The Company then records an allowance for credit losses equal to the difference between the amortized cost basis of the asset and the present value of the expected cash flows. The Company considers loan investments that are both (i) expected to be substantially repaid through the operation or sale of the underlying collateral, and (ii) for which the borrower is experiencing financial difficulty, to be “collateral-dependent” loans. For such loans that the Company determines that foreclosure of the collateral is probable, the Company measures the expected losses based on the difference between the fair value of the collateral less costs to sell and the amortized cost basis of the loan as of the measurement date. For collateral-dependent loans that the Company determines foreclosure is not probable, the Company applies a practical expedient to estimate expected losses using the difference between the collateral’s fair value (less costs to sell the asset if repayment is expected through the sale of the collateral) and the amortized cost basis of the loan. For the Company’s broadly syndicated loans, the Company uses a probability of default and loss given default method using an underlying third-party CMBS/Commercial Real Estate (“CRE”) loan database with historical loan losses from 1998 to 2019. The Company may use other acceptable alternative approaches in the future depending on, among other factors, the type of loan, underlying collateral, and availability of relevant historical market loan loss data. The Company adopted ASU 2016-13 cumulative-effective Quarterly, the Company evaluates the risk of all loans and assigns a risk rating based on a variety of factors, grouped as follows: (i) loan and credit structure, including the as-is loan-to-value 5-point 1- Outperform — Most satisfactory asset quality and liquidity, good leverage capacity. A “1” rating maintains predictable and strong cash flows from operations. The trends and outlook for the credit’s operations, balance sheet, and industry are neutral to favorable. Collateral, if appropriate, exceeds performance metrics; 2- Meets or Exceeds Expectations — Acceptable asset quality, moderate excess liquidity, modest leverage capacity. A “2” rating could have some financial/non-financial 3- Satisfactory — Acceptable asset quality, somewhat strained liquidity, minimal leverage capacity. A “3” rating is at times characterized by acceptable cash flows from operations. The trends and conditions of the credit’s operations and balance sheet are neutral. Collateral performance, if appropriate, meets or is on track to meet underwriting; business plan can reasonably be achieved; 4- Underperformance — The debt investment possesses credit deficiencies or potential weaknesses which deserve management’s close and continued attention. The portfolio company’s operations and/or balance sheet have demonstrated an adverse trend or deterioration which, while serious, has not reached the point where the liquidation of debt is jeopardized. These weaknesses are generally considered correctable by the borrower in the normal course of business but may weaken the asset or inadequately protect the Company’s credit position if not checked or corrected. Collateral performance, if appropriate, falls short of original underwriting, material differences exist from business plan, or both; technical milestones have been missed; defaults may exist, or may soon occur absent material improvement; and 5- Default/Possibility of Loss — The debt investment is protected inadequately by the current enterprise value or paying capacity of the obligor or of the collateral, if any. The underlying company’s operations has well-defined weaknesses based upon objective evidence, such as recurring or significant decreases in revenues and cash flows. Major variance from business plan; loan covenants or technical milestones have been breached; timely exit from loan via sale or refinancing is questionable; risk of principal loss. Collateral performance, if appropriate, is significantly worse than underwriting. The Company generally assigns a risk rating of “3” to all newly originated or acquired loans-held-for-investment |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs represent commitment fees, legal fees and other costs associated with obtaining commitments for financing. These costs are amortized to interest expense over the terms of the respective financing agreements using the straight-line method, which approximates the effective interest method. Unamortized deferred financing costs are written off when the associated debt is extinguished or repaid before maturity. The presentation of all deferred financing costs, other than those associated with the revolving loan portion of the credit facilities, are classified such that the debt issuance costs related to a recognized debt liability are presented on the consolidated balance sheets as a direct deduction from the carrying amount of the related debt liability rather than as an asset. Debt issuance costs related to securing a revolving line of credit are presented as an asset and amortized ratably over the term of the line of credit arrangement. As such, the Company’s current and corresponding prior period total deferred costs, net in the accompanying consolidated balance sheets relate only to the revolving loan portion of the credit facilities and the historical presentation, amortization and treatment of unamortized costs are still applicable. As of December 31, 2020 and 2019, the Company had $4.3 million and $2.3 million, respectively, of deferred financing costs, net of accumulated amortization, related to the revolving loan portion of the credit facilities. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined the financing will not close. | |
Due to Affiliates | Due to Affiliates CMFT Management, and certain of its affiliates, received and will continue to receive, fees, reimbursements and compensation in connection with services provided relating to the Offerings and the acquisition, management, financing and leasing of the properties of the Company. | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company accounts for its derivative instruments at fair value. Accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative instrument and the designation of the derivative instrument. The change in fair value of the derivative instrument that is designated as a cash flow hedge is recorded as other comprehensive income. The changes in fair value for derivative instruments that are not designated as hedges or that do not meet the hedge accounting criteria are recorded as a gain or loss to operations. | |
Redeemable Common Stock | Redeemable Common Stock Under the Company’s Amended Share Redemption Program, the Company’s obligation to redeem shares of its outstanding common stock is limited, among other things, to the net proceeds received by the Company from the sale of shares under the Amended DRIP, net of shares redeemed to date. The Company records the maximum amount that is redeemable under the Amended Share Redemption Program as redeemable common stock outside of permanent equity in its consolidated balance sheets. Changes in the amount of redeemable common stock from period to period are recorded as an adjustment to capital in excess of par value. As of December 31, 2020, there was no redeemable common stock, as the Board approved the suspension of the share redemption program on August 30, 2020 in connection with our entry into the Merger Agreements. | |
Leases | Leases The Company has lease agreements with lease and non-lease non-lease Non-lease Significant judgments and assumptions are inherent in not only determining if a contract contains a lease, but also the lease classification, terms, payments, and, if needed, discount rates. Judgments include the nature of any options, including if they will be exercised, evaluation of implicit discount rates and the assessment and consideration of “fixed” payments for straight-line rent revenue calculations. The Company has an investment in a real estate property that is subject to a ground lease, for which a lease liability and right of use (“ROU”) asset of $2.4 million was recorded as of both June 30, 2021 and December 31, 2020. See Note 15 — Leases for a further discussion regarding this ground lease. Lease costs represent the initial direct costs incurred in the origination, negotiation and processing of a lease agreement. Such costs include outside broker commissions and other independent third-party costs and are amortized over the life of the lease on a straight-line basis. Costs related to salaries and benefits, supervision, administration, unsuccessful origination efforts and other activities not directly related to completed lease agreements are expensed as incurred. Upon successful lease execution, leasing commissions are capitalized. Development Activities Project costs and expenses, including interest incurred, associated with the development, construction and lease-up | Leases The Company has lease agreements with lease and non-lease non-lease Non-lease Significant judgments and assumptions are inherent in not only determining if a contract contains a lease, but also the lease classification, terms, payments, and, if needed, discount rates. Judgments include the nature of any options, including if they will be exercised, evaluation of implicit discount rates and the assessment and consideration of “fixed” payments for straight-line rent revenue calculations. The Company has an investment in a real estate property that is subject to a ground lease, for which a lease liability and right of use (“ROU”) asset of $2.4 million was recorded as of December 31, 2020. See Note 16 — Leases for a further discussion regarding this ground lease. Lease costs represent the initial direct costs incurred in the origination, negotiation and processing of a lease agreement. Such costs include outside broker commissions and other independent third-party costs and are amortized over the life of the lease on a straight-line basis. Costs related to salaries and benefits, supervision, administration, unsuccessful origination efforts and other activities not directly related to completed lease agreements are expensed as incurred. Upon successful lease execution, leasing commissions are capitalized. |
Revenue Recognition | Revenue Recognition Revenue from leasing activities Rental and other property income is primarily derived from fixed contractual payments from operating leases, and therefore, is generally recognized on a straight-line basis over the term of the lease, which typically begins the date the tenant takes control of the space. When the Company acquires a property, the terms of existing leases are considered to commence as of the acquisition date for the purpose of this calculation. Variable rental and other property income consists primarily of tenant reimbursements for recoverable real estate taxes and operating expenses which are included in rental and other property income in the period when such costs are incurred, with offsetting expenses in real estate taxes and property operating expenses, respectively, within the condensed consolidated statements of operations. The Company defers the recognition of variable rental and other property income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. The Company continually reviews whether collection of lease-related During the six months ended June 30, 2021, the Company identified certain tenants where collection was no longer considered probable. For these tenants, the Company made the determination to record revenue on a cash basis and wrote off total outstanding receivables of $591,000 for the six months ended June 30, 2021, which included $525,000 of straight-line rental income. These write-offs reduced rental and other property income during the six months ended June 30, 2021. Revenue from lending activities Interest income from the Company’s loans held-for-investment | Revenue Recognition Revenue from leasing activities Rental and other property income is primarily derived from fixed contractual payments from operating leases and, therefore, is generally recognized on a straight- line basis over the term of the lease, which typically begins the date the tenant takes control of the space. When the Company acquires a property, the terms of existing leases are considered to commence as of the acquisition date for the purpose of this calculation. Variable rental and other property income consists primarily of tenant reimbursements for recoverable real estate taxes and operating expenses which are included in rental and other property income in the period when such costs are incurred, with offsetting expenses in real estate taxes and property operating expenses, respectively, within the consolidated statements of operations. The Company defers the recognition of variable rental and other property income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. The Company continually reviews whether collection of lease-related During the year ended December 31, 2020, the Company identified certain tenants where collection was no longer considered probable. For these tenants, the Company made the determination to record revenue on a cash basis and wrote off total outstanding receivables of $5.6 million for the year ended December 31, 2020, which included $206,000 of straight-line rental income and $1.0 million related to certain tenant reimbursements that were written off during the year ended December 31, 2020. These write-offs Revenue from lending activities Interest income from the Company’s loans held-for-investment |
Income Taxes | Income Taxes The Company elected to be taxed, and currently qualifies, as a REIT for federal income tax purposes under Sections 856 through 860 of the Code, commencing with the taxable year ended December 31, 2012. The Company will generally not be subject to federal corporate income tax to the extent it distributes its taxable income to its stockholders, and so long as it, among other things, distributes at least 90% of its annual taxable income (computed without regard to the dividends paid deduction and excluding net capital gains). REITs are subject to a number of other organizational and operational requirements. Even if the Company maintains its qualification for taxation as a REIT, it or its subsidiaries may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. | |
Earnings (Loss) and Distributions Per Share | Earnings (Loss) and Distributions Per Share Earnings (loss) per share are calculated based on the weighted average number of common shares outstanding during each period presented. Diluted income (loss) per share considers the effect of any potentially dilutive share equivalents, of which the Company had none for each of the years ended December 31, 2020, 2019 or 2018. Distributions per share are calculated based on the authorized daily distribution rate. | |
Reportable Segment | Reportable Segments During the year ended December 31, 2020, the Company updated its reportable segment information to reflect how the chief operating decision makers regularly review and manage the business and determined that it has two reportable segments: Credit Real estate See Note 16 — Segment Reporting for a further discussion regarding these segments. | Reportable Segments During the year ended December 31, 2020, the Company realigned the business and reportable segment information to reflect how the chief operating decision makers regularly review and manage the business and determined that it has two reportable segments: Credit Real estate See Note 17 — Segment Reporting for a further discussion regarding these segments. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by various standard setting bodies that may have an impact on the Company’s accounting and reporting. Except as otherwise stated below, the Company is currently evaluating the effect that certain new accounting requirements may have on the Company’s accounting and related reporting and disclosures in the Company’s condensed consolidated financial statements. In April 2020, the FASB issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the current novel coronavirus (“COVID-19”) COVID-19 No. 2016-02, Leases (Topic 842) COVID-19 modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. The Company has elected to apply this guidance to avoid performing a lease by lease analysis for the lease concessions that (1) were granted as relief due to COVID-19 COVID-19 As of August 9, 2021, the Company has collected approximately 99% of rental payments billed to tenants during the three months ended June 30, 2021, and as of August 9, 2021, the Company collected $4.1 million of deferred rent, representing approximately 99% of amounts due through June 30, 2021. In January 2021, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2021-01, Reference Rate Reform (Topic 848) 2021-01”). 2021-01 2021-01 2021-01. | Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by various standard setting bodies that may have an impact on the Company’s accounting and reporting. Except as otherwise stated below, the Company is currently evaluating the effect that certain new accounting requirements may have on the Company’s accounting and related reporting and disclosures in the Company’s consolidated financial statements. In June 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU 2016-13, No. 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses 2018-19”), No. 2019-04, 2019-05, No. 2019-10, No. 2019-11 No. 2020-02 2016-13 held-to-maturity 2016-13 2016-13 2018-19 No. 2016-02, Leases (Topic 842) . 2016-13 2018-19 2016-13 Held-For-Investment 2016-13. In August 2018, the FASB issued ASU No. 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement 2018-13”). 2018-13 average of significant unobservable inputs used to develop Level 3 fair value measurements. The provisions of ASU 2018-13 2018-13 2018-13 In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities 2018-17”). 2018-17 2018-17 In April 2020, the FASB issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 COVID-19 COVID-19 The Company has elected to apply this guidance to avoid performing a lease by lease analysis for the lease concessions that (1) were granted as relief due to COVID-19 COVID-19 lease-related In addition, the Company entered into lease amendments during the year ended December 31, 2020 that provided for lease concessions, through rent abatements or rent deferrals, that represented substantive changes to the consideration in the original lease. These lease amendments extended the lease periods ranging from 12 months to 84 months. For these leases, the Company applied the lease modification accounting framework pursuant to ASC 842. As of December 31, 2020, these lease amendments resulted in rent abatements of $3.7 million and deferred rental income of $1.3 million. As of March 24, 2021, the Company has collected approximately 98% of rental payments billed to tenants during the three months ended December 31, 2020. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848) 2021-01”). 2021-01 2021-01. |
Fair Value Measurements | The following describes the methods the Company uses to estimate the fair value of the Company’s financial assets and liabilities: Real estate-related securities performance such as prepayment speeds and default rates, as available. Depending upon the significance of the fair value inputs used in determining these fair values, these securities are valued using either Level 2 or Level 3 inputs. As of December 31, 2020, the Company concluded that $27.5 million of real estate-related securities fell under Level 2 and $10.7 million of real estate-related securities fell under Level 3. Credit facilities and notes payable Derivative instruments Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with those derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. However, as of December 31, 2020 and 2019, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of the Company’s derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. Loans held-for-investment held-for-investment held-for-investment held-for-investment held-for-investment held-for-investment Other financial instruments Considerable judgment is necessary to develop estimated fair values of financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Summary of Estimated Useful Lives of Real Estate Assets By Class | The estimated useful lives of the Company’s real estate assets by class are generally as follows: Buildings 40 years Site improvements 15 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term | The estimated useful lives of the Company’s real estate assets by class are generally as follows: Buildings 40 years Site improvements 15 years Tenant improvements Lesser of useful life or lease term Intangible lease assets Lease term |
Schedule of error corrections and prior period adjustments | The reclassifications have been made to the condensed consolidated statements of operations for the three and six months ended June 30, 2020 as follows (in thousands): Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 As previously Reclassification As Revised As previously Reclassification As Revised Condensed Consolidated Statements of Operations General and administrative $ 4,235 $ (1,215 ) $ 3,020 $ 7,917 $ (2,015 ) $ 5,902 Management fees $ 11,398 $ (1,648 ) $ 9,750 $ 22,488 $ (2,888 ) $ 19,600 Transaction-related $ 330 $ (205 ) $ 125 $ 582 $ (332 ) $ 250 Expense reimbursements to related parties $ — $ 3,057 $ 3,057 $ — $ 5,235 $ 5,235 Interest expense and other, net $ 15,509 $ 11 $ 15,520 $ 31,276 $ — $ 31,276 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | ||
Schedule of fair value of the company's financial assets and liabilities that are required to be measured at fair value on a recurring basis | In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 (in thousands): Balance as of Quoted Prices in Active Identical Assets Significant Other Inputs (Level 2) Significant Inputs Financial assets: CMBS $ 42,071 $ — $ — $ 42,071 Interest rate caps — — — — Total financial assets $ 42,071 $ — $ — $ 42,071 Financial liabilities: Interest rate swaps $ (6,289 ) $ — $ (6,289 ) $ — Total financial liabilities $ (6,289 ) $ — $ (6,289 ) $ — Balance as of Quoted Prices in Active Identical Assets Significant Other Inputs (Level 2) Significant Inputs Financial assets: CMBS $ 38,194 $ — $ 27,461 $ 10,733 Total financial assets $ 38,194 $ — $ 27,461 $ 10,733 Financial liabilities: Interest rate swaps $ (12,308 ) $ — $ (12,308 ) $ — Total financial liabilities $ (12,308 ) $ — $ (12,308 ) $ — | In accordance with the fair value hierarchy described above, the following tables show the fair value of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of December 31, 2020 and 2019 (in thousands): Balance as of Quoted Prices in Significant Other Significant Financial assets: CMBS $ 38,194 $ — $ 27,461 $ 10,733 Total financial assets $ 38,194 $ — $ 27,461 $ 10,733 Financial liabilities: Interest rate swaps $ (12,308 ) $ — $ (12,308 ) $ — Total financial liabilities $ (12,308 ) $ — $ (12,308 ) $ — Balance as of Quoted Prices in Significant Other Significant Financial assets: Interest rate swaps $ 261 $ — $ 261 $ — Total financial assets $ 261 $ — $ 261 $ — Financial liability: Interest rate swap $ (4,181 ) $ — $ (4,181 ) $ — Total financial liability $ (4,181 ) $ — $ (4,181 ) $ — |
Reconciliation of the Changes in Liabilities With Level 3 Inputs | The following are reconciliations of the changes in financial assets with Level 3 inputs in the fair value hierarchy for the six months ended June 30, 2021 (in thousands): CMBS Beginning Balance, January 1, 2021 $ 10,733 Total gains and losses: Unrealized loss included in other comprehensive income (loss), net 1,804 Purchases and payments received: Purchases 34,491 Discounts, net (5,372 ) Capitalized interest income 435 Principal payments received (20 ) Ending Balance, June 30, 2021 $ 42,071 | The following are reconciliations of the changes in financial assets with Level 3 inputs in the fair value hierarchy for the year ended December 31, 2020 (in thousands): CMBS Beginning Balance, January 1, 2020 $ — Total gains and losses: Unrealized gain included in other comprehensive income, net 747 Purchases and payments received: Purchases 26,883 Premiums (discounts), net (16,875 ) Principal payments received (22 ) Ending Balance, December 31, 2020 $ 10,733 |
Summary of Discount Rates and Terminal Capitalization rates of the Company's Impairment Test | The following summarizes the ranges of discount rates and terminal capitalization rates used for the Company’s impairment test for the real estate assets during the six months ended June 30, 2021: Six Months Ended June 30, 2021 Discount Rate Terminal Capitalization Rate 7.9% — 9.7% 7.4% — 9.2% | The following summarizes the ranges of discount rates and terminal capitalization rates used for the Company’s impairment test for the real estate assets during the year ended December 31, 2020: Year Ended December 31, 2020 Discount Rate Terminal Capitalization Rate 7.9%–9.7% 7.4%–9.2% |
Summary of Impairment Charges by Asset Class | The following table presents the impairment charges by asset class recorded during the six months ended June 30, 2021 and 2020 (in thousands): Six Months Ended June 30, 2021 2020 Asset class impaired: Land $ 781 $ 3,541 Buildings, fixtures and improvements 3,496 11,315 Intangible lease assets 230 696 Intangible lease liabilities (130 ) (45 ) Total impairment loss $ 4,377 $ 15,507 | The following table presents the impairment charges by asset class recorded during the years ended December 31, 2020, 2019 and 2018 (in thousands): Year Ended December 31, 2020 2019 2018 Asset class impaired: Land $ 3,738 $ 12,648 $ 6,436 Buildings, fixtures and improvements 12,310 56,572 25,299 Intangible lease assets 737 4,056 1,385 Intangible lease liabilities (48 ) (337 ) (145 ) Total impairment loss $ 16,737 $ 72,939 $ 32,975 |
REAL ESTATE ASSETS (Tables)
REAL ESTATE ASSETS (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Real Estate [Abstract] | ||
Schedule of purchase price allocation for asset acquisition | The following table summarizes the purchase price allocation for the real estate acquired via foreclosure (in thousands): As of June 30, 2021 Buildings, fixtures and improvements $ 192,182 Acquired in-place 134 Intangible lease liabilities (326 ) Total purchase price $ 191,990 The following table summarizes the purchase price allocation for the 2020 Property Acquisition (in thousands): 2020 Property Acquisition Land $ 1,417 Buildings, fixtures and improvements 2,800 Acquired in-place (1) 442 Total purchase price $ 4,659 (1) The amortization period for acquired in-place | The following table summarizes the purchase price allocation for the 2020 Property Acquisitions (in thousands): 2020 Property Acquisitions Land $ 166,395 Buildings, fixtures and improvements 571,777 Acquired in-place leases and other intangibles (1) 74,888 Acquired above-market leases (2) 2,367 Intangible lease liabilities (3) (16,927 ) Total purchase price $ 798,500 (1) The amortization period for acquired in-place leases and other intangibles is 8.9 years. (2) The amortization period for acquired above-market leases is 6.5 years. (3) The amortization period for acquired intangible lease liabilities is 9.7 years. The following table summarizes the purchase price allocation for the 2019 Property Acquisition (in thousands): 2019 Property Acquisition Land $ 1,501 Buildings, fixtures and improvements 3,804 Acquired in-place leases and other intangibles (1) 860 Total purchase price $ 6,165 (1) The amortization period for acquired in-place leases and other intangibles is 20.1 years. The following table summarizes the purchase price allocation for the 2018 Acquisition (in thousands): 2018 Acquisition Land $ 2,107 Buildings, fixtures and improvements 9,044 Acquired in-place leases and other intangibles (1) 1,392 Intangible lease liabilities (2) (638 ) Total purchase price $ 11,905 (1) The amortization period for acquired in-place leases and other intangibles is 19.0 years. (2) The amortization period for acquired intangible lease liabilities is 19.0 years. |
INTANGIBLE LEASE ASSETS AND L_2
INTANGIBLE LEASE ASSETS AND LIABILITIES (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Schedule of Finite-lived Intangible Assets and Liabilities | Intangible lease assets and liabilities consisted of the following as of June 30, 2021 and December 31, 2020 (in thousands, except weighted average life remaining): June 30, 2021 December 31, 2020 Intangible lease assets: In-place $ 187,922 $ 217,431 Acquired above-market leases, net of accumulated amortization of $22,746 and $22,054, respectively (with a weighted average life remaining of 7.5 years and 7.6 years, respectively) 15,467 17,112 Total intangible lease assets, net $ 203,389 $ 234,543 Intangible lease liabilities: Acquired below-market leases, net of accumulated amortization of $34,297 and $31,933, respectively (with a weighted average life remaining of 7.4 years and 7.5 years, respectively) $ 27,917 $ 32,718 | Intangible lease assets and liabilities consisted of the following as of December 31, 2020 and 2019 (in thousands, except weighted average life remaining): As of December 31, 2020 2019 Intangible lease assets: In-place leases and other intangibles, net of accumulated amortization of $132,967 and $111,670, respectively (with a weighted average life remaining of 9.7 years and 10.4 years, respectively) $ 217,431 $ 164,724 Acquired above-market leases, net of accumulated amortization of $22,054 and $19,310, respectively (with aweighted average life remaining of 7.6 years and 7.9 years, respectively) 17,112 17,423 Total intangible lease assets, net $ 234,543 $ 182,147 Intangible lease liabilities: Acquired below-market leases, net of accumulated amortization of $31,933 and $25,800, respectively (with aweighted average life remaining of 7.5 years and 7.3 years, respectively) $ 32,718 $ 20,523 |
Schedule of Amortization Expense Related to the Intangible Lease Assets | The following table summarizes the amortization related to the intangible lease assets and liabilities for the three and six months ended June 30, 2021 and 2020 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 In-place $ 7,428 $ 5,615 $ 15,201 $ 11,555 Above-market lease amortization $ 599 $ 729 $ 1,249 $ 1,637 Below-market lease amortization $ 1,377 $ 1,267 $ 2,843 $ 2,666 | The following table summarizes the amortization related to the intangible lease assets and liabilities for the years ended December 31, 2020, 2019, and 2018 (in thousands): Year Ended December 31, 2020 2019 2018 In-place lease and other intangible amortization $ 23,262 $ 32,058 $ 45,559 Above-market lease amortization $ 3,095 $ 4,315 $ 6,740 Below-market lease amortization $ 5,309 $ 6,253 $ 8,448 |
Schedule of Finite-lived Intangible Assets, Future Amortization Expense | As of June 30, 2021, the estimated amortization relating to the intangible lease assets and liabilities is as follows (in thousands): Amortization In-Place Leases and Above-Market Leases Below-Market Leases Remainder of 2021 $ 14,027 $ 1,188 $ 2,541 2022 26,209 2,281 4,496 2023 23,027 2,028 3,832 2024 19,849 1,533 2,872 2025 16,071 1,292 2,503 Thereafter 88,739 7,145 11,673 Total $ 187,922 $ 15,467 $ 27,917 | As of December 31, 2020, the estimated amortization relating to the intangible lease assets and liabilities is as follows (in thousands): Amortization Year Ending December 31, In-Place Leases and Above-Market Leases Below-Market Leases 2021 $ 30,108 $ 2,489 $ 5,499 2022 $ 27,756 $ 2,345 $ 4,770 2023 $ 24,547 $ 2,086 $ 4,101 2024 $ 21,317 $ 1,576 $ 3,138 2025 $ 17,534 $ 1,334 $ 2,779 Thereafter $ 96,169 $ 7,282 $ 12,431 Total $ 217,431 $ 17,112 $ 32,718 |
REAL ESTATE-RELATED SECURITIES
REAL ESTATE-RELATED SECURITIES (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||
Schedule of Securities Available for Sale | The following is a summary of the Company’s real estate-related securities as of June 30, 2021 (in thousands): Real Estate-Related Securities Amortized Cost Basis Unrealized Gain Fair Value CMBS $ 39,520 $ 2,551 $ 42,071 Total real estate-related securities $ 39,520 $ 2,551 $ 42,071 The following table provides the activity for the real estate-related securities during the six months ended June 30, 2021 (in thousands): Amortized Cost Basis Unrealized Gain Fair Value Real estate-related securities as of January 1, 2021 $ 37,047 $ 1,147 $ 38,194 Face value of real estate-related securities acquired 34,491 — 34,491 Premiums and discounts on purchase of real estate-related (5,982 ) — (5,982 ) Amortization of discount on real estate-related securities 525 — 525 Sale of real estate-related securities (26,976 ) (648 ) (27,624 ) Capitalized interest income on real estate-related securities 435 — 435 Principal payments received on real estate-related securities (20 ) — (20 ) Unrealized gain on real estate-related securities — 2,052 2,052 Real estate-related $ 39,520 $ 2,551 $ 42,071 The scheduled maturities of the Company’s real estate-related Available-for-sale securities Amortized Cost Estimated Fair Value Due within one year $ — $ — Due after one year through five years — — Due after five years through ten years — — Due after ten years 39,520 42,071 Total $ 39,520 $ 42,071 | The following is a summary of the Company’s real estate-related securities as of December 31, 2020 (in thousands): Real Estate-Related Securities Amortized Unrealized Fair CMBS $ 37,047 $ 1,147 $ 38,194 Total real estate-related securities $ 37,047 $ 1,147 $ 38,194 The following table provides the activity for the real estate-related securities during the year ended December 31, 2020 (in thousands): Amortized Unrealized Fair Real estate-related securities as of January 1, 2020 $ — $ — $ — Face value of real estate-related securities acquired 91,440 — 91,440 Premiums and discounts on purchase of real estate-related securities, net of acquisition costs (14,796 ) — (14,796 ) Amortization of discount (premium) on real estate-related securities 57 — 57 Principal payments received on real estate-related securities (2,571 ) — (2,571 ) Sale of real estate-related securities (37,083 ) (510 ) (37,593 ) Unrealized gain on real estate-related securities — 1,657 1,657 Real estate-related securities as of December 31, 2020 $ 37,047 $ 1,147 $ 38,194 The scheduled maturities of the Company’s real estate-related securities as of December 31, 2020 are as follows (in thousands): Available-for-sale securities Amortized Cost Estimated Fair Value Due within one year $ — $ — Due after one year through five years 27,061 27,461 Due after five years through ten years — — Due after ten years 9,986 10,733 Total $ 37,047 $ 38,194 |
LOANS HELD-FOR-INVESTMENT (Tabl
LOANS HELD-FOR-INVESTMENT (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Receivables [Abstract] | ||
Schedule of Allowance for Financing Receivable | The Company’s loans held-for-investment As of June 30, 2021 As of December 31, 2020 Mezzanine loans $ — $ 147,475 Senior loans 872,188 341,546 Total CRE loans held-for-investment 872,188 489,021 Broadly syndicated loans 484,059 473,603 Loans held-for-investment $ 1,356,247 $ 962,624 Less: Allowance for credit losses $ (13,011) $ (70,358 ) Total loans held-for-investment $ 1,343,236 $ 892,266 The following table details overall statistics for the Company’s loans held-for-investment CRE Loans (1) (2) Broadly Syndicated Loans June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Number of loans 10 12 237 194 Principal balance $ 882,505 $ 481,438 $ 487,121 $ 477,777 Net book value $ 865,722 $ 428,393 $ 477,514 $ 463,873 Weighted-average interest rate 4.2 % 7.5 % 3.6 % 3.8 % Weighted-average maximum years to maturity 2.6 2.2 5.0 4.9 (1) As of June 30, 2021, 100% of the Company’s CRE loans by principal balance earned a floating rate of interest, primarily indexed to U.S. dollar LIBOR. (2) Maximum maturity date assumes all extension options are exercised by the borrower; however, the Company’s CRE loans may be repaid prior to such date. Activity relating to the Company’s loans held-for-investment Principal Balance Deferred Fees / Other Items (1) Loan Fees Receivable Net Book Value Balance, December 31, 2020 $ 959,215 $ (74,116 ) $ 7,167 $ 892,266 Loan originations and acquisitions 681,580 — — 681,580 Cure payments receivable (2) — (7,351 ) — (7,351 ) Sale of loans (36,664 ) 311 — (36,353 ) Principal repayments received (97,716 ) 257 — (97,459 ) Capitalized interest (2) (9,469 ) — — (9,469 ) Deferred fees and other items — (5,886 ) — (5,886 ) Accretion and amortization of fees and other items — (783 ) — (783 ) Foreclosure of assets (2) (127,320 ) 3,831 (7,167 ) (130,656 ) Allowance for credit losses (3) — 57,347 — 57,347 Balance, June 30, 2021 $ 1,369,626 $ (26,390 ) $ — $ 1,343,236 (1) Other items primarily consist of allowance for credit losses (as discussed below), purchase discounts or premiums, accretion of exit fees and deferred origination expenses. (2) During the six months ended June 30, 2021, the Company completed foreclosure of the assets which previously secured its eight mezzanine loans. (3) Includes the reversal of the allowance for credit losses related to the mezzanine loans upon foreclosure of the assets which previously secured the loans, as further discussed below in “Allowance for Credit Losses,” partially offset by the increase in allowance for credit losses related to the Company’s loans held- for-investment The following table presents the activity in the Company’s allowance for credit losses by loan type for the six months ended June 30, 2021 (dollar amounts in thousands): Mezzanine Loans Senior Loans Broadly Syndicated Loans Total Allowance for credit losses as of December 31, 2020 $ 58,038 $ 2,590 $ 9,730 $ 70,358 Foreclosure of assets (1) (58,038 ) — — (58,038 ) Provision for credit losses — 1,295 (727 ) 568 Allowance for credit losses as of March 31, 2021 $ — $ 3,885 $ 9,003 $ 12,888 Provision for (reversal of) credit losses — 2,581 (2,458 ) 123 Allowance for credit losses as of June 30, 2021 $ — $ 6,466 $ 6,545 $ 13,011 (1) During the six months ended June 30, 2021, the Company completed foreclosure of the assets which previously secured its eight mezzanine loans. | The Company’s loans held-for-investment consisted of the following as of December 31, 2020 and 2019 (dollar amounts in thousands): As of December 31, 2020 2019 Mezzanine loans $ 147,475 $ 146,060 Senior loans 341,546 152,820 Total CRE loans-held-for-investment and related receivables, net 489,021 298,880 Broadly syndicated loans 473,603 2,750 Loans held-for-investment and related receivables, net $ 962,624 $ 301,630 Less: Allowance for credit losses $ (70,358 ) $ — Total loans-held-for-investment and related receivable, net $ 892,266 $ 301,630 The following table details overall statistics for the Company’s loans held-for-investment as of December 31, 2020 and 2019 (dollar amounts in thousands): CRE Loans (1) (2) Broadly Syndicated Loans As of December 31, As of December 31, 2020 2019 2020 2019 Number of loans 12 11 194 1 Principal balance $ 481,438 $ 297,357 $ 477,777 $ 2,750 Net book value $ 428,393 $ 298,880 $ 463,873 $ 2,750 Weighted-average interest rate 7.5 % 8.9 % 3.8 % 4.5 % Weighted-average maximum years to maturity 2.2 2.9 4.9 5.2 (1) As of December 31, 2020, 100% of the Company’s loans by principal balance earned a floating rate of interest, primarily indexed to U.S. dollar LIBOR. (2) Maximum maturity date assumes all extension options are exercised by the borrowers; however, the Company’s CRE loans may be repaid prior to such date. Activity relating to the Company’s loans held-for-investment portfolio was as follows for the years ended December 31, 2020 and 2019 (dollar amounts in thousands): Principal Deferred (1) Loan Fees Net Book Balance, January 1, 2019 $ 89,679 $ (6,540 ) $ 6,623 $ 89,762 Loan originations and acquisitions 219,096 (417 ) 1,085 219,764 Principal repayments received (17,186 ) — — (17,186 ) Capitalized interest (2) 8,546 — — 8,546 Deferred fees and other items — (1,531 ) (166 ) (1,697 ) Accretion and amortization of fees and other items — 2,441 — 2,441 Balance, December 31, 2019 $ 300,135 $ (6,047 ) $ 7,542 $ 301,630 Loan originations and acquisitions 820,015 (5 ) 5 820,015 Cure payments receivable (3) — 7,351 — 7,351 Sale of loans (42,031 ) 1,392 — (40,639 ) Principal repayments received (4) (119,443 ) — — (119,443 ) Capitalized interest (2) 539 — — 539 Deferred fees and other items — (8,969 ) (380 ) (9,349 ) Accretion and amortization of fees and other items — 2,520 — 2,520 Allowance for credit losses (5) — (70,358 ) — (70,358 ) Balance, December 31, 2020 $ 959,215 $ (74,116 ) $ 7,167 $ 892,266 (1) Other items primarily consist of purchase discounts or premiums, accretion of exit fees and deferred origination expenses. (2) Represents accrued interest on loans whose terms do not require a current cash payment of interest. (3) Represents operating expenses related to the mezzanine loans paid by the Company on the borrower’s behalf in connection with the foreclosure proceedings that commenced during the year ended December 31, 2020, as further discussed below in “Allowance for Credit Losses.” (4) Includes the repayment of a $40.8 million senior loan prior to the maturity date. (5) Includes the initial allowance for credit losses against the loans held-for-investment recorded on January 1, 2020 and the increase in allowance for credit losses related to its loans held-for-investment during the year ended December 31, 2020, as further discussed below in “Allowance for Credit Losses.” The following table presents the activity in the Company’s allowance for credit losses by loan type for the year ended December 31, 2020 (dollar amounts in thousands): Mezzanine Senior Broadly Total Allowance for credit losses as of December 31, 2019 $ — $ — $ — $ — Transition adjustment on January 1, 2020 1,494 468 40 2,002 Provision for credit losses 13,047 341 4,389 17,777 Allowance for credit losses as of March 31, 2020 14,541 809 4,429 19,779 Provision for credit losses 6,728 (317 ) 1,494 7,905 Allowance for credit losses as of June 30, 2020 21,269 492 5,923 27,684 Provision for credit losses 3,601 1,390 2,364 7,355 Allowance for credit losses as of September 30, 2020 24,870 1,882 8,287 35,039 Provision for credit losses 33,168 708 1,443 35,319 Allowance for credit losses as of December 31, 2020 $ 58,038 $ 2,590 $ 9,730 $ 70,358 |
Schedule of Financing Receivable Credit Quality Indicators | The following table presents the net book value of the Company’s loans held-for-investment Number of Loans Amortized Cost of Loans Held-For-Investment (1) As of June 30, 2021 2021 2020 2019 Total Senior loans by internal risk rating: 1 — $ — $ — $ — $ — 2 — — — — — 3 10 521,699 234,248 116,241 872,188 4 — — — — — 5 — — — — — Total senior loans 10 521,699 234,248 116,241 872,188 Broadly syndicated loans by internal risk rating: 1 — — — — — 2 3 — 6,889 — 6,889 3 233 120,536 349,670 3,050 473,256 4 1 — 3,914 — 3,914 5 — — — — — Total broadly syndicated loans 237 120,536 360,473 3,050 484,059 Less: Allowance for credit losses (13,011 ) Total loans held-for-investment 247 $ 1,343,236 Weighted Average Risk Rating (2) 3.0 (1) Date loan was originated or acquired by the Company. Origination dates are subsequently updated to reflect material loan modifications. (2) Weighted average risk rating calculated based on carrying value at period end. | The Company’s primary credit quality indicator is its risk ratings, which are further discussed above. The following table presents the net book value of the Company’s loans-held-for-investment portfolio as of December 31, 2020 by year of origination, loan type, and risk rating (dollar amounts in thousands): Amortized Cost of Loans Held-For-Investment by (1) As of December 31, 2020 Number 2020 2019 2018 Total Mezzanine loans by internal risk rating: 1 — $ — $ — $ — $ — 2 — — — — — 3 — — — — — 4 — — — — — 5 8 — 57,045 90,430 147,475 Total mezzanine loans 8 — 57,045 90,430 147,475 Senior loans by internal risk rating: 1 — — — — — 2 — — — — — 3 4 225,822 115,724 — 341,546 4 — — — — — 5 — — — — — Total senior loans 4 225,822 115,724 — 341,546 Broadly syndicated loans by internal risk rating: 1 — — — — — 2 3 6,880 — — 6,880 3 189 456,711 2,739 — 459,450 4 2 7,273 — — 7,273 5 — — — — — Total broadly syndicated loans 194 470,864 2,739 — 473,603 Less: Allowance for credit losses (70,358 ) Total loans-held-for-investment and related receivables, net 206 $ 892,266 Weighted Average Risk Rating (2) 3.3 (1) Date loan was originated or acquired by the Company. Origination dates are subsequently updated to reflect material loan modifications. (2) Weighted average risk rating calculated based on carrying value at period end. |
DERIVATIVE INSTRUMENTS AND HE_2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Schedule of derivative instruments | The following table summarizes the terms of the Company’s interest rate swap agreements and interest rate cap agreements as of June 30, 2021 and December 31, 2020 (dollar amounts in thousands): Outstanding Fair Value of Assets Balance Sheet Location Interest Effective Maturity June 30, 2021 December 31, 2020 Interest Rate Caps Prepaid expenses and other assets $ 102,553 5.45% (1) 5/7/2021 5/9/2022 $ — $ — Interest Rate Swaps Deferred rental income, derivative liabilities and other liabilities $ 241,500 2.55% to (2) 6/29/2016 to 7/1/2021 to $(6,289) $ (12,308 ) (1) The interest rate consists of the underlying index capped to a fixed rate as of June 30, 2021. (2) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of June 30, 2021. | The following table summarizes the terms of the Company’s interest rate swap agreements designated as hedging instruments as of December 31, 2020 and 2019 (dollar amounts in thousands): Balance Sheet Location Outstanding Notional Interest Rates (1) Effective Maturity Fair Value of Liabilities as of December 31, December 31, (2) Interest Rate Swaps Derivative liabilities, $ 1,085,266 2.55% to 4.50% 6/29/2016 3/15/2021 $ (12,308 ) $ (4,181 ) (1) The interest rates consist of the underlying index swapped to a fixed rate and the applicable interest rate spread as of December 31, 2020. (2) As of December 31, 2019, the Company had two interest rate swap agreements in an asset position with a notional amount of $60.0 million and a fair value of $261,000 included in prepaid expenses and other assets on the consolidated balance sheets. |
CREDIT FACILITIES, NOTES PAYA_2
CREDIT FACILITIES, NOTES PAYABLE AND REPURCHASE FACILITIES (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Debt Disclosure [Abstract] | ||
Schedule of Debt | The following table summarizes the debt balances as of June 30, 2021 and December 31, 2020, and the debt activity for the six months ended June 30, 2021 (in thousands): During the Six Months Ended June 30, 2021 Balance as of 2020 Debt Issuances & (1) Repayments & (2) Accretion and (Amortization) Balance as of June 30, 2021 Notes payable — fixed rate debt $ 578,096 $ — $ (54,534 ) $ — $ 523,562 Notes payable — variable rate debt — 102,553 (8,351 ) — 94,202 Credit facilities 1,336,500 320,000 (235,000 ) — 1,421,500 Repurchase facilities 235,380 270,182 (136 ) — 505,426 Total debt 2,149,976 692,735 (298,021 ) — 2,544,690 Net premiums (3) 149 — — (149 ) — Deferred costs — credit facility (4) (3,543 ) — — 1,466 (2,077 ) Deferred costs — fixed rate debt (1,589 ) — 45 374 (1,170 ) Deferred costs — variable rate debt — (1,346 ) — 712 (634 ) Total debt, net $ 2,144,993 $ 691,389 $ (297,976 ) $ 2,403 $ 2,540,809 (1) Includes deferred financing costs incurred during the period. (2) In connection with the repayment of certain mortgage notes, the Company recognized a loss on extinguishment of debt of $1.5 million during the six months ended June 30, 2021. (3) Net premiums on mortgage notes payable were recorded upon the assumption of the respective debt instruments. Amortization of these net premiums is recorded as a reduction to interest expense over the remaining term of the respective debt instruments using the effective-interest method. (4) Deferred costs related to the term portion of the CMFT Credit Facility (as defined below). | The following table summarizes the debt balances as of December 31, 2020 and 2019, and the debt activity for the year ended December 31, 2020 (in thousands): During the Year Ended December 31, 2020 Balance as of Debt Issuances & (1) Repayments & (2) Accretion & Balance as of Notes payable $ 726,261 $ 92,212 (5) $ (240,377 ) $ — $ 578,096 Credit facilities 885,000 629,025 (6) (177,525 ) — 1,336,500 Repurchase facilities — 235,380 — — 235,380 Total debt 1,611,261 956,617 (417,902 ) — 2,149,976 Net premiums (3) 241 — — (92 ) 149 Deferred costs — credit facility (4) (3,933 ) (1,440 ) — (7) 1,830 (3,543 ) Deferred costs — fixed rate debt (2,709 ) — 186 (7) 934 (1,589 ) Total debt, net $ 1,604,860 $ 955,177 $ (417,716 ) $ 2,672 $ 2,144,993 (1) Includes deferred financing costs incurred during the period. (2) In connection with the repayment of certain mortgage notes, the Company recognized a loss on extinguishment of debt of $4.8 million during the year ended December 31, 2020. (3) Net premiums on mortgage notes payable were recorded upon the assumption of the respective debt instruments. Amortization of these net premiums is recorded as a reduction to interest expense over the remaining term of the respective debt instruments using the effective-interest method. (4) Deferred costs related to the term portion of the CMFT Credit Facility (as defined below). (5) Represents fixed rate debt assumed upon completion of the Mergers during the year ended December 31, 2020. (6) Includes credit facility borrowings of $287.5 million assumed upon completion of the Mergers during the year ended December 31, 2020. (7) Represents deferred financing costs written off during the period resulting from debt repayments prior to the respective maturity dates. |
Schedule of Maturities of Long-term Debt | The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt subsequent to June 30, 2021 (in thousands): Principal Repayments Remainder of 2021 $ 105,171 2022 1,207,098 2023 757,442 2024 474,979 2025 — Thereafter — Total $ 2,544,690 | The following table summarizes the scheduled aggregate principal repayments for the Company’s outstanding debt subsequent to December 31, 2020 (in thousands): Year Ending December 31, Principal 2021 $ 138,210 2022 1,134,391 2023 554,783 2024 322,592 2025 — Thereafter — Total $ 2,149,976 |
SUPPLEMENTAL CASH FLOW DISCLO_2
SUPPLEMENTAL CASH FLOW DISCLOSURES (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | ||
Schedule of supplemental cash flow disclosures | Supplemental cash flow disclosures for the six months ended June 30, 2021 and 2020 are as follows (in thousands): Six Months Ended 2021 2020 Supplemental Disclosures of Non-Cash Distributions declared and unpaid $ 10,997 $ 4,990 Accrued capital expenditures $ 4,104 $ 139 Accrued deferred financing costs $ 32 $ — Real estate acquired via foreclosure $ 191,990 $ — Foreclosure of assets securing the mezzanine loans $ (79,968 ) $ — Mortgage notes payable assumed in connection with foreclosure of assets securing the mezzanine loans $ 102,553 $ — Change in interest income capitalized to loans held-for-investment $ (9,469 ) $ 539 Common stock issued through distribution reinvestment plan $ 6,660 $ 28,774 Change in fair value of derivative instruments $ 6,031 $ (7,280 ) Change in fair value of real estate-related securities $ 1,404 $ — Supplemental Cash Flow Disclosures: Interest paid $ 34,183 $ 30,686 Cash paid for taxes $ 1,412 $ 466 | Supplemental cash flow disclosures for the years ended December 31, 2020, 2019 and 2018 are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Supplemental Disclosures of Non-Cash Investing and Financing Activities: Distributions declared and unpaid $ 10,969 $ 16,510 $ 16,518 Accrued capital expenditures $ 160 $ 1,165 $ 557 Interest income capitalized to loans held-for-investment $ 539 $ 8,546 $ 384 Common stock issued through distribution reinvestment plan $ 34,191 $ 82,388 $ 91,764 Common stock issued in connection with the Mergers $ 384,319 $ — $ — Change in fair value of interest rate swaps $ 727 $ (14,913 ) $ 3,875 Interest rate swaps assumed in the Mergers $ (9,115 ) $ — $ — Mortgage notes assumed by buyer in real estate disposition $ — $ (205,765 ) $ — Debt assumed in the Mergers $ 379,737 $ — $ — Real estate assets acquired in the Mergers $ 761,326 $ — $ — Assets assumed in the Mergers $ 4,424 $ — $ — Liabilities assumed in the Mergers $ 6,389 $ — $ — Supplemental Cash Flow Disclosures: Interest paid $ 60,990 $ 97,418 $ 93,424 Cash paid for taxes $ 1,243 $ 1,218 $ 1,475 |
RELATED-PARTY TRANSACTIONS AN_2
RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Related Party Transactions [Abstract] | ||
Schedule of Related Party Transactions | The Company recorded fees and expense reimbursements as shown in the table below for services provided by CMFT Management or its affiliates related to the services described above during the periods indicated (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Management fees $ 11,755 $ 9,750 $ 23,332 $ 19,600 Disposition fees $ — $ — $ — $ 341 Expense reimbursements to related parties $ 3,210 $ 3,057 $ 5,871 $ 5,235 | The Company recorded fees and expense reimbursements as shown in the table below for services provided by CMFT Management or its affiliates related to the services described above during the periods indicated (in thousands): Year Ended December 31, 2020 2019 2018 Management fees and expenses $ 44,744 $ 16,350 (1) $ — Acquisition fees and expenses $ 550 $ 2,110 $ 2,749 Disposition fees $ 434 $ 3,967 $ 478 Advisory fees and expenses $ — $ 25,989 $ 43,399 Operating expenses $ 3,651 (2) $ 3,594 $ 5,163 (1) Includes manager reimbursements incurred subject to the Management Agreement. (2) Includes $308,000 of merger-related expenses incurred subject to the Merger Agreements and the terminated CCIT II Merger Agreement, net of $260,000 which was reimbursed by CCIT II. |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Distribution Amount Per Share | Prior to April 1, 2020, on a quarterly basis, the Board authorized a daily distribution for the succeeding quarter. The Board authorized the following daily distribution amounts per share for the periods indicated below: Period Commencing Period Ending Daily Distribution Amount April 14, 2012 December 31, 2012 $0.001707848 January 1, 2013 December 31, 2015 $0.001712523 January 1, 2016 December 31, 2016 $0.001706776 January 1, 2017 December 31, 2019 $0.001711452 January 1, 2020 March 31, 2020 $0.001706776 Record Date Distribution Amount April 30, 2020 $0.0130 May 31, 2020 $0.0130 June 30, 2020 $0.0161 July 30, 2020 $0.0304 August 28, 2020 $0.0303 September 29, 2020 $0.0303 October 29, 2020 $0.0303 November 27, 2020 $0.0303 December 30, 2020 $0.0303 January 28, 2021 $0.0303 February 25, 2021 $0.0303 March 29, 2021 $0.0303 April 29 2021 $0.0303 May 28, 2021 $0.0303 June 29, 2021 $0.0303 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Dividends and Distributions | The following table shows the character of the distributions the Company paid on a percentage basis for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, Character of Distributions: 2020 2019 2018 Ordinary dividends — % 39 % 52 % Nondividend distributions 100 % 7 % 48 % Capital gain distributions — % 54 % — % Total 100 % 100 % 100 % |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Schedule of Future Minimum Rental Income for Operating Leases - ASC 842 | As of June 30, 2021, the future minimum rental income from the Company’s real estate assets under non-cancelable Future Minimum Rental Income Remainder of 2021 $ 118,547 2022 234,443 2023 218,823 2024 200,270 2025 181,734 Thereafter 1,125,513 Total $ 2,079,330 | As of December 31, 2020, the future minimum rental income from the Company’s real estate assets under non-cancelable Year Ending December 31, Future Minimum Rental Income 2021 $ 255,071 2022 249,576 2023 232,486 2024 212,373 2025 192,954 Thereafter 1,242,601 Total $ 2,385,061 |
Schedule of Components of Lease Income | Rental and other property income during the three and six months ended June 30, 2021 and 2020 consisted of the following (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Fixed rental and other property income (1) $ 64,060 $ 51,423 $ 130,601 $ 108,096 Variable rental and other property income (2) 11,242 8,680 21,631 20,443 Total rental and other property income $ 75,302 $ 60,103 $ 152,232 $ 128,539 (1) Consists primarily of fixed contractual payments from operating leases with tenants recognized on a straight-line basis over the lease term, including amortization of acquired above- and below-market leases, and is net of uncollectible lease-related receivables. (2) Consists primarily of tenant reimbursements for recoverable real estate taxes and property operating expenses, and percentage rent. | Rental and other property income during the years ended December 31, 2020, 2019 and 2018 consisted of the following (in thousands): Year Ended December 31, 2020 2019 2018 Fixed rental and other property income (1) $ 221,445 $ 342,453 $ 368,847 Variable rental and other property income (2) 40,085 50,771 60,789 Total rental and other property income $ 261,530 $ 393,224 $ 429,636 (1) Consists primarily of fixed contractual payments from operating leases with tenants recognized on a straight-line basis over the lease term, including amortization of acquired above- and below-market leases, and is net of uncollectible lease-related receivables. (2) Consists primarily of tenant reimbursements for recoverable real estate taxes and property operating expenses, and percentage rent. |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Segment Reporting [Abstract] | ||
Schedule of Segment Information | The following tables present segment reporting for the three and six months ended June 30, 2021 and 2020 (in thousands): Real Estate Credit Corporate/Other (1) Company Total Three Months Ended June 30, 2021 Rental and other property income $ 75,203 $ — $ 99 $ 75,302 Interest income — 16,460 — 16,460 Total revenues 75,203 16,460 99 91,762 General and administrative 55 331 3,219 3,605 Property operating 7,613 — 3,743 11,356 Real estate tax 7,196 — 510 7,706 Expense reimbursements to related parties — — 3,210 3,210 Management fees 8,533 3,222 — 11,755 Transaction-related 27 — — 27 Depreciation and amortization 24,647 — — 24,647 Real estate impairment 77 — — 77 Provision for credit losses — 123 — 123 Total operating expenses 48,148 3,676 10,682 62,506 Gain on disposition of real estate and condominium developments, net 44,976 — 1,493 46,469 Operating income (loss) 72,031 12,784 (9,090 ) 75,725 Other expense: Interest expense and other, net (3,713 ) (3,341 ) (9,406 ) (16,460 ) Loss on extinguishment of debt (1,372 ) — (106 ) (1,478 ) Segment net income (loss) $ 66,946 $ 9,443 $ (18,602 ) $ 57,787 Total assets as of June 30, 2021 $ 3,089,744 $ 1,479,061 $ 280,357 $ 4,849,162 (1) Includes condominium and rental units acquired via foreclosure during the six months ended June 30, 2021. During the year ended December 31, 2019, the borrower on the Company’s eight mezzanine loans became delinquent on certain required reserve payments. Throughout 2020, the borrower remained delinquent on the required reserve payments and became delinquent on principal and interest. As a result, the Company classified the loans as a troubled debt restructuring and commenced foreclosure proceedings. Upon completing foreclosure in January 2021, the Company took control of the assets which previously secured its mezzanine loans. Real Estate Credit Corporate/Other (1) Company Total Six Months Ended June 30, 2021 Rental and other property income $ 151,998 $ — $ 234 $ 152,232 Interest income — 28,413 — 28,413 Total revenues 151,998 28,413 234 180,645 General and administrative 119 713 7,201 8,033 Property operating 14,742 — 6,733 21,475 Real estate tax 15,065 — 4,860 19,925 Expense reimbursements to related parties — — 5,871 5,871 Management fees 17,864 5,468 — 23,332 Transaction-related 31 — — 31 Depreciation and amortization 50,385 — — 50,385 Real estate impairment 4,377 — — 4,377 Provision for credit losses — 691 — 691 Total operating expenses 102,583 6,872 24,665 134,120 Gain on disposition of real estate and condominium developments, net 44,976 — 1,493 46,469 Operating income (loss) 94,391 21,541 (22,938) 92,994 Other expense: Interest expense and other, net (7,829) (6,888) (21,765) (36,482) Loss on extinguishment of debt (1,372) — (106) (1,478) Segment net income (loss) $ 85,190 $ 14,653 $ (44,809) $ 55,034 Total assets as of June 30, 2021 $ 3,089,744 $ 1,479,061 $ 280,357 $ 4,849,162 (1) Includes condominium and rental units acquired via foreclosure during the six months ended June 30, 2021. During the year ended December 31, 2019, the borrower on the Company’s eight mezzanine loans became delinquent on certain required reserve payments. Throughout 2020, the borrower remained delinquent on the required reserve payments and became delinquent on principal and interest. As a result, the Company classified the loans as a troubled debt restructuring and commenced foreclosure proceedings. Upon completing foreclosure in January 2021, The Company took control of the assets which previously secured its mezzanine loans. Real Estate Credit Corporate/Other Company Total Three Months Ended June 30, 2020 Rental and other property income $ 60,103 $ — $ — $ 60,103 Interest income — 7,193 — 7,193 Total revenues 60,103 7,193 — 67,296 General and administrative 55 512 2,453 3,020 Property operating 4,811 — — 4,811 Real estate tax 6,748 — — 6,748 Expense reimbursements to related parties — — 3,057 3,057 Management fees 8,042 1,708 — 9,750 Transaction-related 120 5 — 125 Depreciation and amortization 19,696 — — 19,696 Real estate impairment 3,831 — — 3,831 Provision for credit losses — 7,905 — 7,905 Total operating expenses 43,303 10,130 5,510 58,943 Gain on disposition of real estate, net 3,791 — — 3,791 Merger-related expenses, net — — — — Merger termination fee income — — — — Operating income (loss) 20,591 (2,937 ) (5,510 ) 12,144 Other expense: Interest expense and other, net (5,560 ) (762 ) (9,198 ) (15,520 ) Loss on extinguishment of debt (12 ) — (358 ) (370 ) Segment net income (loss) $ 15,019 $ (3,699 ) $ (15,066 ) $ (3,746 ) Total assets as of June 30, 2020 $ 2,712,707 $ 708,084 $ 243,544 $ 3,664,335 Real Estate Credit Corporate/Other Company Total Six Months Ended June 30, 2020 Rental and other property income $ 128,539 $ — $ — $ 128,539 Interest income — 12,764 — 12,764 Total revenues 128,539 12,764 — 141,303 General and administrative 117 524 5,261 5,902 Property operating 11,676 — — 11,676 Real estate tax 13,726 — — 13,726 Expense reimbursements to related parties — — 5,235 5,235 Management fees 17,523 2,077 — 19,600 Transaction-related 245 5 — 250 Depreciation and amortization 40,519 — — 40,519 Real estate impairment 15,507 — — 15,507 Provision for credit losses — 25,682 — 25,682 Total operating expenses 99,313 28,288 10,496 138,097 Gain on disposition of real estate, net 16,901 — — 16,901 Operating income (loss) 46,127 (15,524 ) (10,496 ) 20,107 Other expense: Interest expense and other, net (11,895 ) (562 ) (18,819 ) (31,276 ) Loss on extinguishment of debt (4,394 ) — (358 ) (4,752 ) Segment net income (loss) $ 29,838 $ (16,086 ) $ (29,673 ) $ (15,921 ) Total assets as of June 30, 2020 $ 2,712,707 $ 708,084 $ 243,544 $ 3,664,335 | The following tables present segment reporting for the years ended December 31, 2020, 2019 and 2018 (in thousands): Year Ended December 31, 2020 Real Estate Credit Corporate/Other Company Total Rental and other property income $ 261,530 $ — $ — $ 261,530 Interest income — 29,393 — 29,393 Total revenues 261,530 29,393 — 290,923 General and administrative 291 2,080 13,014 15,385 Property operating 23,399 — — 23,399 Real estate tax 27,691 — — 27,691 Management and advisory fees and expenses 32,164 7,861 4,718 44,743 Transaction-related 346 9 550 905 Depreciation and amortization 80,973 — — 80,973 Impairment 16,737 — — 16,737 Provision for credit losses — 68,356 — 68,356 Total operating expenses 181,601 78,306 18,282 278,189 Gain on disposition of real estate, net 27,518 — — 27,518 Merger-related expenses — — (2,193 ) (2,193 ) Merger termination fee income — — 7,380 7,380 Operating income (loss) 107,447 (48,913 ) (13,095 ) 45,439 Other expense: Interest expense and other, net (21,380 ) (5,101 ) (37,635 ) (64,116 ) Loss on extinguishment of debt (4,394 ) — (447 ) (4,841 ) Segment net income (loss) $ 81,673 $ (54,014 ) $ (51,177 ) $ (23,518 ) Total assets as of December 31, 2020 $ 3,405,590 $ 949,764 $ 104,255 $ 4,459,609 Year Ended December 31, 2019 Real Estate Credit Corporate/Other Company Total Rental and other property income $ 393,224 $ — $ — $ 393,224 Interest income — 20,132 — 20,132 Total revenues 393,224 20,132 — 413,356 General and administrative 428 10 13,291 13,729 Property operating 33,462 — — 33,462 Real estate tax 32,196 — — 32,196 Management and advisory fees and expenses 35,557 1,688 5,094 42,339 Transaction-related 288 1,242 748 2,278 Depreciation and amortization 107,867 — — 107,867 Impairment 72,939 — — 72,939 Total operating expenses 282,737 2,940 19,133 304,810 Gain on disposition of real estate, net 180,666 — — 180,666 Operating income (loss) 291,153 17,192 (19,133 ) 289,212 Other expense: Interest expense and other, net (45,606 ) (19 ) (53,340 ) (98,965 ) Loss on extinguishment of debt (6,482 ) — (745 ) (7,227 ) Segment net income (loss) 239,065 17,173 (73,218 ) 183,020 Segment net income (loss) attributable to non-controlling 121 — — 121 Segment net income (loss) attributable to the Company $ 238,944 $ 17,173 $ (73,218 ) $ 182,899 Total assets as of December 31, 2019 $ 2,895,609 $ 551,805 $ 221,209 $ 3,668,623 Year Ended December 31, 2018 Real Estate Credit Corporate/Other Company Total Rental and other property income $ 429,636 $ — $ — $ 429,636 Interest income — 1,640 — 1,640 Total revenues 429,636 1,640 — 431,276 General and administrative 502 — 13,625 14,127 Property operating 30,267 — — 30,267 Real estate tax 37,898 — — 37,898 Management and advisory fees and expenses 38,032 53 5,314 43,399 Transaction-related 85 1,786 730 2,601 Depreciation and amortization 140,979 — — 140,979 Impairment 32,975 — — 32,975 Total operating expenses 280,738 1,839 19,669 302,246 Gain on disposition of real estate, net 6,299 — — 6,299 Operating income (loss) 155,197 (199 ) (19,669 ) 135,329 Other expense: Interest expense and other, net (49,458 ) — (48,413 ) (97,871 ) Loss on extinguishment of debt (46 ) — — (46 ) Segment net income (loss) 105,693 (199 ) (68,082 ) 37,412 Segment net income (loss) attributable to non-controlling 134 — — 134 Segment net income (loss) attributable to the Company $ 105,559 $ (199 ) $ (68,082 ) $ 37,278 Total assets as of December 31, 2018 $ 4,502,999 $ 90,788 $ 23,584 $ 4,617,371 |
QUARTERLY RESULTS (UNAUDITED) (
QUARTERLY RESULTS (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2020 and 2019 (in thousands, except for per share amounts) . December 31, 2020 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 74,007 $ 67,296 $ 72,642 $ 76,978 Net (loss) income $ (12,175 ) $ (3,746 ) $ 4,179 $ (11,776 ) Basic and diluted net (loss) income per common share (1) $ (0.04 ) $ (0.01 ) $ 0.01 $ (0.04 ) (1) The Company calculates net (loss) income per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters. December 31, 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 109,260 $ 105,529 $ 105,479 $ 93,088 Net income $ 8,851 $ 9,006 $ 2,573 $ 162,590 Net income attributable to the Company $ 8,817 $ 8,973 $ 2,541 $ 162,568 Basic and diluted net income per common share (1) $ 0.03 $ 0.03 $ 0.01 $ 0.52 (1) The Company calculates net income per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters. |
ORGANIZATION AND BUSINESS (Deta
ORGANIZATION AND BUSINESS (Details) $ / shares in Units, ft² in Millions | Jul. 01, 2021building | Jan. 07, 2021apartmentUnitbuildingloan | Apr. 04, 2014shares | Jun. 30, 2021USD ($)ft²loanapartmentUnitsecuritystateproperty$ / sharesshares | Dec. 31, 2020USD ($)ft²loanstateproperty$ / sharesshares | Dec. 31, 2019USD ($)loanpropertyshares | Apr. 04, 2014shares | May 26, 2021$ / shares | Aug. 14, 2020$ / shares | Sep. 03, 2019state | Dec. 31, 2018USD ($)property | Aug. 02, 2016USD ($) | Jun. 30, 2016USD ($)shares | Dec. 19, 2013USD ($) | Jan. 26, 2012USD ($) |
Organization and Business [Line Items] | |||||||||||||||
Number of owned properties | property | 469 | 516 | |||||||||||||
Rentable square feet (sqft) | ft² | 18.6 | 21.3 | |||||||||||||
Number of states in which entity owns properties | state | 41 | 45 | 41 | ||||||||||||
Percentage of rentable space leased | 93.10% | 94.10% | |||||||||||||
Number of loans | loan | 247 | 206 | |||||||||||||
Net book value | $ 1,343,236,000 | $ 892,266,000 | $ 301,630,000 | $ 89,762,000 | |||||||||||
Real estate-related securities | $ 42,071,000 | $ 38,194,000 | $ 0 | ||||||||||||
Common stock, shares issued (shares) | shares | 297,400,000 | 362,923,841 | 362,001,968 | 311,207,725 | 297,400,000 | ||||||||||
Shares deregistered (shares) | shares | 404,000 | 404,000 | |||||||||||||
Net asset value per share (USD per share) | $ / shares | $ 7.20 | $ 7.31 | |||||||||||||
Number of investment in real estate securities | security | 3 | ||||||||||||||
Net value | $ 42,100,000 | ||||||||||||||
Real estate investment property, at cost | 3,675,098,000 | $ 3,761,490,000 | $ 2,843,438,000 | ||||||||||||
Net book value | 1,300,000,000 | ||||||||||||||
Consolidated Properties | |||||||||||||||
Organization and Business [Line Items] | |||||||||||||||
Number of owned properties | property | 9 | 9 | |||||||||||||
Condominium Developments | |||||||||||||||
Organization and Business [Line Items] | |||||||||||||||
Real estate investment property, at cost | $ 197,100,000 | ||||||||||||||
Mezzanine Loans | |||||||||||||||
Organization and Business [Line Items] | |||||||||||||||
Net book value | $ 89,400,000 | ||||||||||||||
Number of Loans | loan | 8 | 8 | 4 | 8 | |||||||||||
Foreclosure Of Mezzanine Loans | |||||||||||||||
Organization and Business [Line Items] | |||||||||||||||
Real estate investment property, at cost | $ 191,990,000 | ||||||||||||||
Foreclosure Of Mezzanine Loans | Condominium Units | |||||||||||||||
Organization and Business [Line Items] | |||||||||||||||
Number of real estate properties secured through foreclosure | apartmentUnit | 75 | ||||||||||||||
Foreclosure Of Mezzanine Loans | Condominium Units | Consolidated Properties | |||||||||||||||
Organization and Business [Line Items] | |||||||||||||||
Number of real estate properties secured through foreclosure | apartmentUnit | 75 | 75 | |||||||||||||
Foreclosure Of Mezzanine Loans | Rental Unit | |||||||||||||||
Organization and Business [Line Items] | |||||||||||||||
Number of real estate properties secured through foreclosure | apartmentUnit | 21 | ||||||||||||||
Foreclosure Of Mezzanine Loans | Rental Unit | Consolidated Properties | |||||||||||||||
Organization and Business [Line Items] | |||||||||||||||
Number of real estate properties secured through foreclosure | apartmentUnit | 21 | 21 | |||||||||||||
Foreclosure Of Mezzanine Loans | Buildings | |||||||||||||||
Organization and Business [Line Items] | |||||||||||||||
Number of real estate properties secured through foreclosure | building | 4 | ||||||||||||||
Foreclosure Of Mezzanine Loans | Buildings | Consolidated Properties | |||||||||||||||
Organization and Business [Line Items] | |||||||||||||||
Number of real estate properties secured through foreclosure | building | 4 | 4 | |||||||||||||
IPO | |||||||||||||||
Organization and Business [Line Items] | |||||||||||||||
Common stock, shares authorized, value (maximum) | $ 2,975,000,000 | ||||||||||||||
Common stock, shares issued (shares) | shares | 292,300,000 | 292,300,000 | |||||||||||||
DRIP | |||||||||||||||
Organization and Business [Line Items] | |||||||||||||||
Common stock, shares authorized, value (maximum) | $ 600,000,000 | $ 600,000,000 | $ 600,000,000 | ||||||||||||
Common stock, shares issued (shares) | shares | 5,100,000 | 5,100,000 | 241,700,000 | ||||||||||||
Common stock shares registered dividend reinvestment plan, value | $ 600,000,000 | $ 247,000,000 | |||||||||||||
Remaining unsold common stock | $ 5,300,000 | ||||||||||||||
Share price (USD per share) | $ / shares | $ 7.20 | $ 7.31 | |||||||||||||
CCPT IV OP | |||||||||||||||
Organization and Business [Line Items] | |||||||||||||||
General partner partnership interest percentage | 100.00% | 100.00% |
ORGANIZATION AND BUSINESS - Mer
ORGANIZATION AND BUSINESS - Mergers (Details) $ / shares in Units, ft² in Millions | Dec. 21, 2020USD ($)ft²property | Oct. 29, 2020USD ($) | Aug. 30, 2020$ / sharesshares | Mar. 30, 2021USD ($) | Dec. 31, 2020USD ($)property$ / shares | Jun. 30, 2021USD ($)$ / shares | Dec. 31, 2019USD ($)$ / shares |
Class of Stock [Line Items] | |||||||
Number of properties acquired through mergers | property | 146 | 146 | |||||
Area of property acquired (sq ft) | ft² | 3.8 | ||||||
Real estate investment property, at cost | $ 3,761,490,000 | $ 3,675,098,000 | $ 2,843,438,000 | ||||
Common stock, par value (USD per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||||
CIM Real Estate Finance Trust, Inc Mergers | |||||||
Class of Stock [Line Items] | |||||||
Real estate investment property, at cost | $ 763,000,000 | ||||||
CCIT II | |||||||
Class of Stock [Line Items] | |||||||
Termination fees | $ 7,380,000 | ||||||
Reimbursement expenses upon termination fee (up to) | $ 3,690,000 | ||||||
Expense paid | $ 2,000,000 | ||||||
Reimbursement on related expense | $ 1,800,000 | ||||||
CCIT II | Subsequent event | |||||||
Class of Stock [Line Items] | |||||||
Proceeds from merger agreement | $ 173,000 | ||||||
Common Stock | CCIT III | |||||||
Class of Stock [Line Items] | |||||||
Conversion ratio (shares) | shares | 1.098 | ||||||
Common stock, par value (USD per share) | $ / shares | $ 0.01 | ||||||
Common Stock | CCPT V | |||||||
Class of Stock [Line Items] | |||||||
Conversion ratio (shares) | shares | 2.892 | ||||||
Common stock, par value (USD per share) | $ / shares | $ 0.01 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Principles of Consolidation and Basis of Presentation (Details) - property | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Real Estate Properties [Line Items] | ||||
Number of owned properties | 469 | 516 | ||
Consolidated properties | ||||
Real Estate Properties [Line Items] | ||||
Number of owned properties | 9 | 9 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reclassification (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Provision for credit losses | $ 591,000 | $ 5,600,000 | $ 952,000 | $ 522,000 | |||
Investment in real estate assets | 6,200,000 | 11,900,000 | |||||
Real estate development and capital expenditures | 17,700,000 | 7,300,000 | |||||
General and administrative | $ 3,020,000 | $ 5,902,000 | 15,385,000 | 13,729,000 | 14,127,000 | ||
Management fees | $ 11,755,000 | 9,750,000 | 23,332,000 | 19,600,000 | |||
Transaction-related | 27,000 | 125,000 | 31,000 | 250,000 | $ 905,000 | $ 2,278,000 | $ 2,601,000 |
Expense reimbursements to related parties | $ 3,210,000 | 3,057,000 | $ 5,871,000 | 5,235,000 | |||
Interest expense and other, net | 15,520,000 | 31,276,000 | |||||
Previously Reported [Member] | |||||||
General and administrative | 4,235,000 | 7,917,000 | |||||
Management fees | 11,398,000 | 22,488,000 | |||||
Transaction-related | 330,000 | 582,000 | |||||
Expense reimbursements to related parties | 0 | 0 | |||||
Interest expense and other, net | 15,509,000 | 31,276,000 | |||||
Revision of Prior Period, Reclassification, Adjustment [Member] | |||||||
General and administrative | (1,215,000) | (2,015,000) | |||||
Management fees | (1,648,000) | (2,888,000) | |||||
Transaction-related | (205,000) | (332,000) | |||||
Expense reimbursements to related parties | 3,057,000 | 5,235,000 | |||||
Interest expense and other, net | $ 11,000 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Real Estate Assets (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Buildings | ||
Real Estate Properties [Line Items] | ||
Property, plant and equipment, useful life | 40 years | 40 years |
Site improvements | ||
Real Estate Properties [Line Items] | ||
Property, plant and equipment, useful life | 15 years | 15 years |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recoverability of Real Estate Assets (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021USD ($)PROPERTY | Jun. 30, 2020USD ($)PROPERTY | Dec. 31, 2020USD ($)Day | Dec. 31, 2019USD ($)Day | Dec. 31, 2018USD ($)Day | |
Real Estate [Line Items] | |||||
Impairment of real estate assets | $ | $ 4,377 | $ 15,507 | $ 16,737 | $ 72,939 | $ 32,975 |
Impairment of real estate, number of properties | PROPERTY | 5 | ||||
Revised Expected Holding Properties | |||||
Real Estate [Line Items] | |||||
Impairment of real estate, number of properties | 3 | 9 | 11 | 27 | 20 |
Vacant: | |||||
Real Estate [Line Items] | |||||
Impairment of real estate, number of properties | 2 | 1 | 1 | 7 | 2 |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Assets Held for Sale (Details) $ in Thousands | 2 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Aug. 16, 2021USD ($) | Jun. 30, 2021USD ($)property | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)property | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($) | |
Number of real estate properties held for sale | property | 2 | 2 | 1 | 29 | ||||
Real estate held-for-sale | $ 6,100 | $ 6,100 | $ 3,500 | $ 351,900 | ||||
Expected period of sale | 24 months | 24 months | ||||||
Number of real estate reclassified from held for sale | property | 15 | |||||||
Real estate held for sale placed back in service | $ 228,400 | |||||||
Number of properties disposed | property | 14 | 497 | ||||||
Gain on disposition of real estate and condominium developments, net | $ 46,469 | $ 3,791 | 46,469 | $ 16,901 | $ 27,518 | $ 180,666 | $ 6,299 | |
One Real Estate Property Held For Sale [Member] | ||||||||
Number of real estate properties held for sale | property | 1 | |||||||
Real estate held-for-sale | $ 3,500 | |||||||
Gain on disposition of real estate and condominium developments, net | $ 0 | |||||||
Subsequent Event [Member] | ||||||||
Gain on disposition of real estate and condominium developments, net | $ 779,000,000 |
SUMMARY OF SIGNIFICANT ACCOUN_9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Redeemable Noncontrolling interest in Consolidated Joint Venture (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Net income (loss) allocated to noncontrolling interest | $ 0 | $ 121,000 | $ 134,000 |
Distributions to noncontrolling interest | $ 0 | $ 285,000 | $ 279,000 |
SUMMARY OF SIGNIFICANT ACCOU_10
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 21, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Restricted Cash and Cash Equivalents Items [Line Items] | |||||||
Cash and cash equivalents | $ 174,217 | $ 128,408 | $ 340,939 | $ 473,355 | $ 19,674 | $ 13,843 | |
Restricted cash | 32,918 | 7,023 | $ 4,797 | 7,331 | $ 9,141 | ||
Reserves for Settlement of Loan Acquisitions | |||||||
Restricted Cash and Cash Equivalents Items [Line Items] | |||||||
Cash and cash equivalents | 43,200 | 41,000 | $ 41,000 | 126,800 | |||
Restricted Lockbox Accounts | |||||||
Restricted Cash and Cash Equivalents Items [Line Items] | |||||||
Restricted cash | 4,100 | 3,600 | 3,100 | ||||
Escrow Deposits | |||||||
Restricted Cash and Cash Equivalents Items [Line Items] | |||||||
Restricted cash | $ 28,800 | $ 3,400 | $ 4,200 |
SUMMARY OF SIGNIFICANT ACCOU_11
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Real Estate-Related Securities (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021USD ($) | Jun. 30, 2021USD ($)investment | Dec. 31, 2020USD ($)investment | Dec. 31, 2019USD ($) | |
Debt Securities, Available-for-sale [Line Items] | ||||
Real estate-related securities | $ 42,071 | $ 42,071 | $ 38,194 | $ 0 |
Capitalized interest income on real estate-related securities | 435,000 | 0 | ||
CMBS | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Net investments in debt securities | 28,500 | 28,500 | 76,600 | |
Sale price | 26,976 | 37,083 | ||
Proceeds from sale of CMBS | 27,624 | 37,593 | ||
Gain on sale of CMBS | $ 648 | $ 510 | ||
Number of investments | investment | 3 | 4 | ||
Real estate-related securities | $ 42,071 | $ 42,071 | $ 38,194 | $ 0 |
Capitalized interest income on real estate-related securities | $ 435 |
SUMMARY OF SIGNIFICANT ACCOU_12
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loan Held-for-Investments (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)LOAN | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Interest income | $ 16,460,000 | $ 7,193,000 | $ 28,413,000 | $ 12,764,000 | $ 29,393,000 | $ 20,132,000 | $ 1,640,000 |
Capitalized to held for investment | $ 0 | $ 539,000,000 | 539,000 | ||||
Amount received | 1,343,236,000 | 1,343,236,000 | 892,266,000 | $ 301,630,000 | $ 89,762,000 | ||
Interest income on nonaccrual loans | $ 565,000 | ||||||
Mezzanine loans | |||||||
Loans and Leases Receivable Disclosure [Line Items] | |||||||
Interest income | $ 7,200,000 | 12,800,000 | |||||
Number of nonaccrual loans | LOAN | 8 | ||||||
Amount received | $ 89,400,000 | ||||||
Interest income on nonaccrual loans | $ 0 |
SUMMARY OF SIGNIFICANT ACCOU_13
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses | $ 13,011 | $ 12,888 | $ 70,358 | $ 35,039 | $ 27,684 | $ 19,779 | $ 0 | |
Cumulative Effect, Period Of Adoption, Adjustment | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Allowance for credit losses | $ 2,000 | $ 2,002 |
SUMMARY OF SIGNIFICANT ACCOU_14
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Deferred Financing Costs (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | |||
Deferred costs, net | $ 5,842 | $ 4,293 | $ 2,301 |
SUMMARY OF SIGNIFICANT ACCOU_15
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Redeemable Common Stock (Details) | Dec. 31, 2020shares |
Accounting Policies [Abstract] | |
Redeemable common stock (in shares) | 0 |
SUMMARY OF SIGNIFICANT ACCOU_16
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Leases (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Lease liability | $ 2.4 | $ 2.7 | $ 2.4 |
Right-of-use asset | $ 2.4 | 2.4 | |
Accounting Standards Update 2016-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Lease liability | 2.4 | ||
Right-of-use asset | $ 2.4 |
SUMMARY OF SIGNIFICANT ACCOU_17
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Development Activities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Accounting Policies [Abstract] | ||
Capitalized interest expense in development project | $ 1.8 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOU_18
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Accounts receivable write off | $ 591,000 | $ 5,600,000 | $ 952,000 | $ 522,000 |
Tenant Reimbursements | ||||
Disaggregation of Revenue [Line Items] | ||||
Accounts receivable write off | 1,000,000 | |||
Straight-Line Rent | ||||
Disaggregation of Revenue [Line Items] | ||||
Accounts receivable write off | $ 525,000 | $ 206,000 |
SUMMARY OF SIGNIFICANT ACCOU_19
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Earnings (Loss) and Distributions Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Weighted average number diluted shares outstanding adjustment (shares) | 0 | 0 | 0 |
SUMMARY OF SIGNIFICANT ACCOU_20
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reportable Segment (Details) - segment | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Number of reportable segments | 2 | 2 |
SUMMARY OF SIGNIFICANT ACCOU_21
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recent Accounting Pronouncements (Details) - Subsequent Event [Member] - USD ($) $ in Millions | Aug. 09, 2021 | Mar. 24, 2021 |
Percent of rental payments collected | 99.00% | 98.00% |
Deferral rent due collected | $ 4.1 | |
Percentage of deferral rent due collected | 99.00% |
SUMMARY OF SIGNIFICANT ACCOU_22
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other (Details) - USD ($) $ in Thousands | Aug. 09, 2021 | Mar. 24, 2021 | Dec. 31, 2020 |
Unusual or Infrequent Item, or Both [Line Items] | |||
Rent deferral request granted | $ 4,800 | ||
Allowance increase | 4,800 | ||
Additional granted rental abatements | 407,000 | ||
Granted rent abatements | 3,700 | ||
Rent deferral due to lease term adjustment | $ 1,300 | ||
Subsequent event | |||
Unusual or Infrequent Item, or Both [Line Items] | |||
Percent of rental payments collected | 99.00% | 98.00% | |
Minimum | |||
Unusual or Infrequent Item, or Both [Line Items] | |||
Lease amendment extension term | 12 months | ||
Maximum | |||
Unusual or Infrequent Item, or Both [Line Items] | |||
Lease amendment extension term | 84 months |
FAIR VALUE MEASUREMENTS - Narra
FAIR VALUE MEASUREMENTS - Narrative (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021USD ($)property | Jun. 30, 2020USD ($)property | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($)property | Dec. 21, 2020USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Number of properties impaired | property | 5 | 10 | 12 | 34 | 22 | |
Impairment of real estate assets | $ 4,377 | $ 15,507 | $ 16,737 | $ 72,939 | $ 32,975 | |
Fair Value | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans receivable, fair value disclosure | 1,360 | 907,800 | 302,000 | |||
Carrying value of impaired property | 31,200 | 70,200 | 86,400 | 384,400 | 332,400 | |
Carrying Value | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans receivable, fair value disclosure | 1,340 | 892,300 | 301,600 | |||
Carrying value of impaired property | 35,500 | $ 85,700 | 103,100 | 457,300 | $ 365,400 | |
Fair value, measurements, recurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair value of CMBS | 42,071 | 38,194 | $ 38,194 | |||
Fair Value, Inputs, Level 2 | Fair Value | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Company's debt | 2,140,000 | 1,600,000 | ||||
Debt instrument fair value disclosure | 2,140,000 | 1,600,000 | ||||
Fair Value, Inputs, Level 2 | Fair Value | Broadly syndicated loans | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans receivable, fair value disclosure | 407,600 | 359,600 | ||||
Fair Value, Inputs, Level 2 | Carrying Value | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Company's debt | 2,540,000 | 2,150,000 | 1,610,000 | |||
Debt instrument fair value disclosure | 2,540,000 | 2,150,000 | $ 1,610,000 | |||
Fair Value, Inputs, Level 2 | Fair value, measurements, recurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair value of CMBS | 0 | 27,461 | 27,461 | |||
Level 3 | Fair Value | Broadly syndicated loans | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans receivable, fair value disclosure | 76,200 | 114,100 | ||||
Level 3 | Fair value, measurements, recurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair value of CMBS | $ 42,071 | $ 10,733 | $ 10,733 |
FAIR VALUE MEASUREMENTS - Sched
FAIR VALUE MEASUREMENTS - Schedule of Fair Value, Assets and Liabilities Measured on a Recurring Basis (Details) - Fair value, measurements, recurring - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 21, 2020 | Dec. 31, 2019 |
Financial assets: | ||||
CMBS | $ 42,071,000 | $ 38,194,000 | $ 38,194,000 | |
Total financial assets | 42,071,000 | 38,194,000 | 38,194,000 | $ 261 |
Financial liabilities: | ||||
Total financial liabilities | (6,289,000) | (12,308,000) | (12,308,000) | (4,181) |
Interest rate swaps | ||||
Financial assets: | ||||
Interest rate swaps | 0 | 261 | ||
Financial liabilities: | ||||
Interest rate swaps | (6,289,000) | (12,308,000) | (12,308,000) | (4,181) |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Financial assets: | ||||
CMBS | 0 | 0 | 0 | |
Total financial assets | 0 | 0 | 0 | 0 |
Financial liabilities: | ||||
Total financial liabilities | 0 | 0 | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest rate swaps | ||||
Financial assets: | ||||
Interest rate swaps | 0 | 0 | ||
Financial liabilities: | ||||
Interest rate swaps | 0 | 0 | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||||
Financial assets: | ||||
CMBS | 0 | 27,461,000 | 27,461,000 | |
Total financial assets | 0 | 27,461,000 | 27,461,000 | 261 |
Financial liabilities: | ||||
Total financial liabilities | (6,289,000) | (12,308,000) | (12,308,000) | (4,181) |
Significant Other Observable Inputs (Level 2) | Interest rate swaps | ||||
Financial assets: | ||||
Interest rate swaps | 0 | 261 | ||
Financial liabilities: | ||||
Interest rate swaps | (6,289,000) | (12,308,000) | (12,308,000) | (4,181) |
Significant Unobservable Inputs (Level 3) | ||||
Financial assets: | ||||
CMBS | 42,071,000 | 10,733,000 | 10,733,000 | |
Total financial assets | 42,071,000 | 10,733,000 | 10,733,000 | 0 |
Financial liabilities: | ||||
Total financial liabilities | 0 | 0 | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Interest rate swaps | ||||
Financial assets: | ||||
Interest rate swaps | 0 | 0 | ||
Financial liabilities: | ||||
Interest rate swaps | $ 0 | $ 0 | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS - Level
FAIR VALUE MEASUREMENTS - Level 3 Reconciliation (Details) - CMBS - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance, January 1, 2021 | $ 10,733 | $ 0 |
Total gains and losses: | ||
Unrealized loss included in other comprehensive income (loss), net | 1,804 | 747 |
Purchases and payments received: | ||
Purchases | 34,491 | 26,883 |
Premiums (discounts), net | (5,372) | (16,875) |
Capitalized interest income | 435 | |
Principal payments received | (20) | (22) |
Ending Balance, June 30, 2021 | $ 42,071 | $ 10,733 |
FAIR VALUE MEASUREMENTS - Disco
FAIR VALUE MEASUREMENTS - Discount Rates and Terminal Capitalization Rates (Details) | Jun. 30, 2021 | Dec. 31, 2020 |
Maximum | Discount rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate | 9.70% | 9.70% |
Maximum | Terminal Capitalization Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate | 9.20% | 9.20% |
Minimum | Discount rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate | 7.90% | 7.90% |
Minimum | Terminal Capitalization Rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate | 7.40% | 7.40% |
FAIR VALUE MEASUREMENTS - Summa
FAIR VALUE MEASUREMENTS - Summary of Impairment Charges by Asset Class (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairment of real estate assets | $ 4,377 | $ 15,507 | $ 16,737 | $ 72,939 | $ 32,975 |
Impairment of intangible lease liability | (48) | (337) | (145) | ||
Land | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairment of real estate assets | 781 | 3,541 | 3,738 | 12,648 | 6,436 |
Buildings, fixtures and improvements | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairment of real estate assets | 3,496 | 11,315 | 12,310 | 56,572 | 25,299 |
Intangible lease assets | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairment of real estate assets | 230 | 696 | $ 737 | $ 4,056 | $ 1,385 |
Intangible lease liabilities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairment of intangible lease liability | $ (130) | $ (45) |
REAL ESTATE ASSETS - Property A
REAL ESTATE ASSETS - Property Acquisition (Narrative) (Details) | Dec. 21, 2020property | Jun. 30, 2020USD ($)property | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($)property | Jun. 30, 2021USD ($) |
Real Estate [Line Items] | ||||||
Number of properties acquired through mergers | property | 146 | 146 | ||||
Real estate investment property, at cost | $ 3,761,490,000 | $ 2,843,438,000 | $ 3,675,098,000 | |||
2020 Asset Acquisitions | ||||||
Real Estate [Line Items] | ||||||
Real estate investment property, at cost | $ 4,659,000 | 798,500,000 | ||||
Acquisition related costs | $ 42,000 | $ 7,900,000 | ||||
2019 Property Acquisition | ||||||
Real Estate [Line Items] | ||||||
Real estate investment property, at cost | 6,165,000 | |||||
Acquisition related costs | $ 165,000 | |||||
Real investment property, percent acquired | 100.00% | |||||
2018 Asset Acquisitions | ||||||
Real Estate [Line Items] | ||||||
Real estate investment property, at cost | $ 11,905,000 | |||||
Acquisition related costs | $ 277,000 | |||||
Real investment property, percent acquired | 100.00% | |||||
Commercial Real Estate | ||||||
Real Estate [Line Items] | ||||||
Number of properties acquired | property | 1 | 150 | 1 | 1 |
REAL ESTATE ASSETS - Assets Acq
REAL ESTATE ASSETS - Assets Acquired Via Foreclosure (Details) $ in Thousands | Jul. 01, 2021building | Jan. 07, 2021apartmentUnitbuildingloanland_parcel | Jun. 30, 2021USD ($)apartmentUnitloan | Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($)loan | Jan. 31, 2021USD ($) | Jan. 01, 2021USD ($) |
Real Estate [Line Items] | |||||||
Outstanding debt | $ | $ 2,544,690 | $ 2,149,976 | $ 1,611,261 | ||||
Mezzanine loans | |||||||
Real Estate [Line Items] | |||||||
Number of Loans | loan | 8 | 8 | 4 | 8 | |||
Foreclosure of Mezzanine Loans | Condominium Units | |||||||
Real Estate [Line Items] | |||||||
Number of real estate properties secured through foreclosure | 75 | ||||||
Foreclosure of Mezzanine Loans | Condominium Units | Consolidated properties | |||||||
Real Estate [Line Items] | |||||||
Number of real estate properties secured through foreclosure | 75 | 75 | |||||
Foreclosure of Mezzanine Loans | Rental Unit | |||||||
Real Estate [Line Items] | |||||||
Number of real estate properties secured through foreclosure | 21 | ||||||
Foreclosure of Mezzanine Loans | Rental Unit | Consolidated properties | |||||||
Real Estate [Line Items] | |||||||
Number of real estate properties secured through foreclosure | 21 | 21 | |||||
Foreclosure of Mezzanine Loans | Buildings | |||||||
Real Estate [Line Items] | |||||||
Number of real estate properties secured through foreclosure | building | 4 | ||||||
Foreclosure of Mezzanine Loans | Buildings | Consolidated properties | |||||||
Real Estate [Line Items] | |||||||
Number of real estate properties secured through foreclosure | building | 4 | 4 | |||||
Foreclosure of Mezzanine Loans | Land | |||||||
Real Estate [Line Items] | |||||||
Number of real estate properties secured through foreclosure | land_parcel | 0 | ||||||
Variable rate debt | |||||||
Real Estate [Line Items] | |||||||
Outstanding debt | $ | $ 94,202 | $ 102,600 | $ 102,600 |
REAL ESTATE ASSETS - Purchase P
REAL ESTATE ASSETS - Purchase Price Allocation (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Real Estate [Line Items] | |||||
Land | $ 843,192 | $ 881,896 | $ 700,210 | ||
Buildings, fixtures and improvements | 2,267,204 | 2,490,030 | 1,830,101 | ||
Acquired in-place leases and other intangibles | 367,622 | 389,564 | 313,127 | ||
Total real estate assets, at cost | $ 3,675,098 | $ 3,761,490 | $ 2,843,438 | ||
Below market lease, weighted average useful life | 7 years 4 months 24 days | 7 years 6 months | 7 years 3 months 18 days | ||
Foreclosure of Mezzanine Loans | |||||
Real Estate [Line Items] | |||||
Buildings, fixtures and improvements | $ 192,182 | ||||
Total real estate assets, at cost | 191,990 | ||||
2020 Property Acquisition | |||||
Real Estate [Line Items] | |||||
Land | $ 1,417 | $ 166,395 | |||
Buildings, fixtures and improvements | 2,800 | 571,777 | |||
Total real estate assets, at cost | $ 4,659 | $ 798,500 | |||
2019 Property Acquisition | |||||
Real Estate [Line Items] | |||||
Land | $ 1,501 | ||||
Buildings, fixtures and improvements | 3,804 | ||||
Total real estate assets, at cost | $ 6,165 | ||||
2018 Asset Acquisitions | |||||
Real Estate [Line Items] | |||||
Land | $ 2,107 | ||||
Buildings, fixtures and improvements | 9,044 | ||||
Total real estate assets, at cost | $ 11,905 | ||||
Acquired in-place leases and other intangibles | Foreclosure of Mezzanine Loans | |||||
Real Estate [Line Items] | |||||
Acquired in-place leases and other intangibles | 134 | ||||
Acquired in-place leases and other intangibles | 2020 Property Acquisition | |||||
Real Estate [Line Items] | |||||
Useful life | 14 years 9 months 18 days | 8 years 10 months 24 days | |||
Acquired in-place leases and other intangibles | $ 442 | $ 74,888 | |||
Acquired in-place leases and other intangibles | 2019 Property Acquisition | |||||
Real Estate [Line Items] | |||||
Useful life | 20 years 1 month 6 days | ||||
Acquired in-place leases and other intangibles | $ 860 | ||||
Acquired in-place leases and other intangibles | 2018 Asset Acquisitions | |||||
Real Estate [Line Items] | |||||
Useful life | 19 years | ||||
Acquired in-place leases and other intangibles | $ 1,392 | ||||
Acquired above-market leases | 2020 Property Acquisition | |||||
Real Estate [Line Items] | |||||
Useful life | 6 years 6 months | ||||
Acquired in-place leases and other intangibles | $ 2,367 | ||||
Intangible lease liabilities | Foreclosure of Mezzanine Loans | |||||
Real Estate [Line Items] | |||||
Intangible lease liabilities | $ (326) | ||||
Intangible lease liabilities | 2020 Property Acquisition | |||||
Real Estate [Line Items] | |||||
Useful life | 9 years 8 months 12 days | ||||
Intangible lease liabilities | $ (16,927) | ||||
Intangible lease liabilities | 2018 Asset Acquisitions | |||||
Real Estate [Line Items] | |||||
Intangible lease liabilities | $ (638) | ||||
Below market lease, weighted average useful life | 19 years |
REAL ESTATE ASSETS - Condominiu
REAL ESTATE ASSETS - Condominium Development Project and Dispositions (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Real Estate [Line Items] | |||||
Condominium developments | $ 197,080 | $ 0 | |||
Proceeds from disposition of properties | 304,370 | $ 157,198 | 263,797 | $ 1,399,953 | $ 64,180 |
Gain (loss) on sale of properties | 46,469 | $ 16,901 | $ 27,518 | $ 180,666 | $ 6,299 |
Condominium Units | |||||
Real Estate [Line Items] | |||||
Condominium developments | 4,500 | ||||
Condominium Dispositions | |||||
Real Estate [Line Items] | |||||
Aggregate gross sales price | 8,800 | ||||
Proceeds from disposition of properties | 8,500 | ||||
Gain (loss) on sale of properties | $ 1,500 |
REAL ESTATE ASSETS - Property D
REAL ESTATE ASSETS - Property Dispositions and Real Estate Asset Held for Sale (Details) $ in Thousands | Sep. 03, 2019USD ($)ft²propertystate | Jun. 30, 2021USD ($)stateproperty | Jun. 30, 2020USD ($)property | Dec. 31, 2020USD ($)stateproperty | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($)property |
Real Estate [Line Items] | ||||||
Number of properties disposed | property | 14 | 497 | ||||
Proceeds from disposition of properties | $ 304,370 | $ 157,198 | $ 263,797 | $ 1,399,953 | $ 64,180 | |
Gain on disposition of real estate, net | $ 46,469 | $ 16,901 | $ 27,518 | $ 180,666 | $ 6,299 | |
Number of real estate properties held for sale | property | 2 | 1 | 29 | |||
Real estate held-for-sale | $ 6,100 | $ 3,500 | $ 351,900 | |||
Number of states in which entity owns properties | state | 41 | 41 | 45 | |||
Mortgage notes payable | 126,700 | |||||
2019 Asset Acquisition | ||||||
Real Estate [Line Items] | ||||||
Aggregate gross sales price | $ 26,300 | |||||
Area of real estate property | ft² | 5.1 | |||||
Debt instrument, face amount | $ 130,800 | |||||
Property Disposition 2021 | Properties sold | ||||||
Real Estate [Line Items] | ||||||
Number of properties disposed | property | 47 | |||||
Aggregate gross sales price | $ 304,000 | |||||
Proceeds from disposition of properties | 296,000 | |||||
Gain on disposition of real estate, net | $ 46,500 | |||||
Property Disposition 2020 | Properties sold | ||||||
Real Estate [Line Items] | ||||||
Number of properties disposed | property | 16 | 30 | ||||
Aggregate gross sales price | $ 160,800 | $ 270,400 | ||||
Proceeds from disposition of properties | 157,200 | 263,800 | ||||
Gain on disposition of real estate, net | $ 16,900 | $ 27,500 | ||||
Property Disposition 2019 | ||||||
Real Estate [Line Items] | ||||||
Aggregate gross sales price | $ 1,200,000 | 1,650,000 | ||||
Proceeds from disposition of properties | 1,400,000 | |||||
Gain on disposition of real estate, net | $ 180,700 | |||||
Number of real estate properties held for sale | property | 444 | |||||
Repayments of debt | $ 532,300 | |||||
Property Disposition 2018 | ||||||
Real Estate [Line Items] | ||||||
Number of properties disposed | property | 21 | |||||
Aggregate gross sales price | $ 66,600 | |||||
Proceeds from disposition of properties | 49,100 | |||||
Gain on disposition of real estate, net | 6,300 | |||||
Repayments of related party debt | 15,000 | |||||
Property Disposition 2018 | Disposition fees | Affiliated entity | ||||||
Real Estate [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | $ 478,000 | |||||
Retail Property | Property Disposition 2020 | Properties sold | ||||||
Real Estate [Line Items] | ||||||
Number of properties disposed | property | 10 | 20 | ||||
Retail Property | Property Disposition 2019 | ||||||
Real Estate [Line Items] | ||||||
Number of properties disposed | property | 482 | |||||
Retail Property | Property Disposition 2018 | ||||||
Real Estate [Line Items] | ||||||
Number of properties disposed | property | 19 | |||||
Anchored Shopping Center | Property Disposition 2020 | Properties sold | ||||||
Real Estate [Line Items] | ||||||
Number of properties disposed | property | 6 | 10 | ||||
Anchored Shopping Center | Property Disposition 2019 | ||||||
Real Estate [Line Items] | ||||||
Number of properties disposed | property | 14 | |||||
Anchored Shopping Center | Property Disposition 2018 | ||||||
Real Estate [Line Items] | ||||||
Number of properties disposed | property | 2 | |||||
Single-Tenant Properties | Property Disposition 2019 | ||||||
Real Estate [Line Items] | ||||||
Number of real estate properties held for sale | property | 452 | |||||
Single-Tenant Properties | Property Disposition 2019 | Consolidated properties | ||||||
Real Estate [Line Items] | ||||||
Number of real estate properties held for sale | property | 9 | |||||
Industrial Property | Property Disposition 2019 | ||||||
Real Estate [Line Items] | ||||||
Number of properties disposed | property | 1 |
REAL ESTATE ASSETS - Impairment
REAL ESTATE ASSETS - Impairment (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021USD ($)ft²property | Jun. 30, 2020USD ($)ft²property | Dec. 31, 2020USD ($)ft²property | Dec. 31, 2019USD ($)ft²property | Dec. 31, 2018USD ($)ft²property | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Number of properties impaired | property | 5 | 10 | 12 | 34 | 22 |
Area of real estate property impaired | ft² | 165,000 | 673,000 | 824,000 | 3,400,000 | 2,300,000 |
Impairment of real estate assets | $ 4,377 | $ 15,507 | $ 16,737 | $ 72,939 | $ 32,975 |
Carrying Value | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Real estate asset deemed to be impaired | 35,500 | 85,700 | 103,100 | 457,300 | 365,400 |
Estimate of Fair Value Measurement | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Real estate asset deemed to be impaired | $ 31,200 | $ 70,200 | $ 86,400 | $ 384,400 | $ 332,400 |
REAL ESTATE ASSETS - Property_2
REAL ESTATE ASSETS - Property Acquisition (Details) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021USD ($)loan | Jun. 30, 2020USD ($)property | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)property | Dec. 31, 2018property | |
Real Estate [Line Items] | |||||
Total purchase price | $ 3,675,098,000 | $ 3,761,490,000 | $ 2,843,438,000 | ||
Commercial Real Estate | |||||
Real Estate [Line Items] | |||||
Number of properties acquired | property | 1 | 150 | 1 | 1 | |
2020 Property Acquisition | |||||
Real Estate [Line Items] | |||||
Total purchase price | $ 4,659,000 | $ 798,500,000 | |||
Acquisition related costs | $ 42,000 | $ 7,900,000 | |||
2021 Property Acquisition | |||||
Real Estate [Line Items] | |||||
Number of properties acquired | loan | 0 |
INTANGIBLE LEASE ASSETS AND L_3
INTANGIBLE LEASE ASSETS AND LIABILITIES - Components (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Intangible lease assets: | |||
Intangible lease assets | $ 203,389 | $ 234,543 | $ 182,147 |
Intangible lease liabilities: | |||
Below market leases net of amortization | 27,917 | 32,718 | 20,523 |
Below market lease, accumulated amortization | $ 34,297 | $ 31,933 | $ 25,800 |
Below market lease, weighted average useful life | 7 years 4 months 24 days | 7 years 6 months | 7 years 3 months 18 days |
In-place leases and other intangibles | |||
Intangible lease assets: | |||
Intangible lease assets | $ 187,922 | $ 217,431 | $ 164,724 |
Accumulated amortization | $ 141,487 | $ 132,967 | $ 111,670 |
Useful life | 9 years 2 months 12 days | 9 years 8 months 12 days | 10 years 4 months 24 days |
Acquired above-market leases | |||
Intangible lease assets: | |||
Intangible lease assets | $ 15,467 | $ 17,112 | $ 17,423 |
Accumulated amortization | $ 22,746 | $ 22,054 | $ 19,310 |
Useful life | 7 years 6 months | 7 years 7 months 6 days | 7 years 10 months 24 days |
INTANGIBLE LEASE ASSETS AND L_4
INTANGIBLE LEASE ASSETS AND LIABILITIES - Schedule of Finite-lived Intangible Assets Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||||||
Below-market lease amortization | $ 1,377 | $ 1,267 | $ 2,843 | $ 2,666 | $ 5,309 | $ 6,253 | $ 8,448 |
In-place leases and other intangibles | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Amortization of Intangible Assets | 7,428 | 5,615 | 15,201 | 11,555 | 23,262 | 32,058 | 45,559 |
Acquired above-market leases | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Amortization of Intangible Assets | $ 599 | $ 729 | $ 1,249 | $ 1,637 | $ 3,095 | $ 4,315 | $ 6,740 |
INTANGIBLE LEASE ASSETS AND L_5
INTANGIBLE LEASE ASSETS AND LIABILITIES - Estimated Amortization of Intangible Lease Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Amortization, In-Place Leases and Other Intangibles, Above-Market Leases | |||
Total | $ 203,389 | $ 234,543 | $ 182,147 |
Amortization, Below-Market Leases | |||
Remainder of 2021 | 2,541 | 5,499 | |
2022 | 4,496 | 4,770 | |
2023 | 3,832 | 4,101 | |
2024 | 2,872 | 3,138 | |
2025 | 2,503 | 2,779 | |
Thereafter | 11,673 | 12,431 | |
Total | 27,917 | 32,718 | 20,523 |
In-place leases and other intangibles | |||
Amortization, In-Place Leases and Other Intangibles, Above-Market Leases | |||
Remainder of 2021 | 14,027 | 30,108 | |
2022 | 26,209 | 27,756 | |
2023 | 23,027 | 24,547 | |
2024 | 19,849 | 21,317 | |
2025 | 16,071 | 17,534 | |
Thereafter | 88,739 | 96,169 | |
Total | 187,922 | 217,431 | 164,724 |
Acquired above-market leases | |||
Amortization, In-Place Leases and Other Intangibles, Above-Market Leases | |||
Remainder of 2021 | 1,188 | 2,489 | |
2022 | 2,281 | 2,345 | |
2023 | 2,028 | 2,086 | |
2024 | 1,533 | 1,576 | |
2025 | 1,292 | 1,334 | |
Thereafter | 7,145 | 7,282 | |
Total | $ 15,467 | $ 17,112 | $ 17,423 |
REAL ESTATE-RELATED SECURITIE_2
REAL ESTATE-RELATED SECURITIES - Narrative (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021USD ($) | Jun. 30, 2021USD ($)investment | Dec. 31, 2020USD ($)investment | Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | ||||
Real estate-related securities | $ 42,071,000 | $ 42,071,000 | $ 38,194,000 | $ 0 |
Credit losses | 0 | 0 | ||
CMBS | ||||
Debt Instrument [Line Items] | ||||
Real estate-related securities | 42,071,000 | $ 42,071,000 | $ 38,194,000 | $ 0 |
Number of debt instruments | investment | 3 | 4 | ||
Net investments in debt securities | 28,500,000 | $ 28,500,000 | $ 76,600,000 | |
Sale price | 26,976,000 | 37,083,000 | ||
Proceeds from sale of CMBS | 27,624,000 | 37,593,000 | ||
Gain on sale of CMBS | 648,000 | 510,000 | ||
Unrealized gain on real estate-related securities | $ 1,900,000 | $ 2,052,000 | $ 1,657,000 | |
One CMBS | ||||
Debt Instrument [Line Items] | ||||
Number of debt instruments | investment | 1 | |||
Stated interest rate | 0.00% | 0.00% | ||
Minimum | CMBS | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 2.70% | 2.70% | 4.00% | |
Maximum | CMBS | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 13.00% | 13.00% | 13.00% |
REAL ESTATE-RELATED SECURITIE_3
REAL ESTATE-RELATED SECURITIES - Summary of Real Estate Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost Basis | $ 39,520 | $ 37,047 | |
Unrealized Gain | 2,551 | 1,147 | |
Fair Value | 42,071 | 38,194 | $ 0 |
CMBS | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost Basis | 39,520 | 37,047 | 0 |
Unrealized Gain | 2,551 | 1,147 | 0 |
Fair Value | $ 42,071 | $ 38,194 | $ 0 |
REAL ESTATE-RELATED SECURITIE_4
REAL ESTATE-RELATED SECURITIES - Activity for the Real Estate-Related Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Amortized Cost Basis | |||
Real estate-related securities as of January 1, 2021 | $ 37,047 | ||
Capitalized interest income on real estate-related securities | $ 435,000 | 0 | |
Real estate-related securities as of June 30, 2021 | 39,520 | 39,520 | $ 37,047 |
Unrealized Gain | |||
Real estate-related securities as of January 1, 2021 | 1,147 | ||
Real estate-related securities as of June 30, 2021 | 2,551 | 2,551 | 1,147 |
Fair Value | |||
Real estate-related securities as of January 1, 2021 | 38,194 | 0 | |
Capitalized interest income on real estate-related securities | 435,000 | 0 | |
Real estate-related securities as of June 30, 2021 | 42,071 | 42,071 | 38,194 |
CMBS | |||
Amortized Cost Basis | |||
Real estate-related securities as of January 1, 2021 | 37,047 | 0 | |
Face value of real estate-related securities acquired | 34,491 | 91,440 | |
Premiums and discounts on purchase of real estate-related securities, net of acquisition costs | (5,982) | (14,796) | |
Amortization of discount (premium) on real estate-related securities | 525 | 57 | |
Sale of real estate-related securities | (26,976) | (37,083) | |
Capitalized interest income on real estate-related securities | 435 | ||
Principal payments received on real estate-related securities | (20) | (2,571) | |
Real estate-related securities as of June 30, 2021 | 39,520 | 39,520 | 37,047 |
Unrealized Gain | |||
Real estate-related securities as of January 1, 2021 | 1,147 | 0 | |
Unrealized gain on Sale of real estate-related securities | (648) | (510) | |
Unrealized gain on real estate-related securities | 1,900 | 2,052 | 1,657 |
Real estate-related securities as of June 30, 2021 | 2,551 | 2,551 | 1,147 |
Fair Value | |||
Real estate-related securities as of January 1, 2021 | 38,194 | 0 | |
Face value of real estate-related securities acquired | 34,491 | 91,440 | |
Premiums and discounts on purchase of real estate-related securities, net of acquisition costs | (5,982) | (14,796) | |
Amortization of discount on real estate-related securities | 525 | 57 | |
Fair value of Sale of real estate-related securities | (27,624) | (37,593) | |
Capitalized interest income on real estate-related securities | 435 | ||
Principal payments received on real estate-related securities | (20) | (2,571) | |
Unrealized gain on real estate-related securities | 1,900 | 2,052 | 1,657 |
Real estate-related securities as of June 30, 2021 | $ 42,071 | $ 42,071 | $ 38,194 |
REAL ESTATE-RELATED SECURITIE_5
REAL ESTATE-RELATED SECURITIES - The Scheduled Maturities of Real Estate-Related Securities (Details) - CMBS - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Available-for-sale securities, Amortized Cost | ||
Due within one year | $ 0 | $ 0 |
Due after one year through five years | 0 | 27,061 |
Due after five years through ten years | 0 | 0 |
Due after ten years | 39,520 | 9,986 |
Total | 39,520 | 37,047 |
Available-for-sale securities, Estimated Fair Value | ||
Due within one year | 0 | 0 |
Due after one year through five years | 0 | 27,461 |
Due after five years through ten years | 0 | 0 |
Due after ten years | 42,071 | 10,733 |
Total | $ 42,071 | $ 38,194 |
LOANS HELD-FOR-INVESTMENT - Sch
LOANS HELD-FOR-INVESTMENT - Schedule of Loans Held for Investment (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Less: Allowance for credit losses | $ (13,011) | $ (12,888) | $ (70,358) | $ (35,039) | $ (27,684) | $ (19,779) | $ 0 | |
Total loans held-for-investment and related receivables, net | 1,343,236 | 892,266 | 301,630 | $ 89,762 | ||||
Loans held-for-investment and related receivables, net | 1,356,247 | 962,624 | 301,630 | |||||
Mezzanine loans | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Less: Allowance for credit losses | 0 | 0 | (58,038) | (24,870) | (21,269) | (14,541) | 0 | |
Total loans held-for-investment and related receivables, net | 89,400 | |||||||
Loans held-for-investment and related receivables, net | 0 | 147,475 | 146,060 | |||||
Senior loans | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Less: Allowance for credit losses | (6,466) | (3,885) | (2,590) | (1,882) | (492) | (809) | 0 | |
Loans held-for-investment and related receivables, net | 872,188 | 341,546 | 152,820 | |||||
Total CRE loans-held-for-investment and related receivables, net | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Total loans held-for-investment and related receivables, net | 865,722 | 428,393 | 298,880 | |||||
Loans held-for-investment and related receivables, net | 872,188 | 489,021 | 298,880 | |||||
Broadly syndicated loans | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Less: Allowance for credit losses | (6,545) | $ (9,003) | (9,730) | $ (8,287) | $ (5,923) | $ (4,429) | 0 | |
Total loans held-for-investment and related receivables, net | 477,514 | 463,873 | 2,750 | |||||
Loans held-for-investment and related receivables, net | $ 484,059 | $ 473,603 | $ 2,750 |
LOANS HELD-FOR-INVESTMENT - Nar
LOANS HELD-FOR-INVESTMENT - Narrative (Details) | Jul. 01, 2021building | Jan. 07, 2021apartmentUnitbuildingloan | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Jun. 30, 2021USD ($)apartmentUnitloan | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($)loan | Dec. 31, 2018USD ($) | Dec. 21, 2020USD ($) | Jan. 01, 2020USD ($) | Dec. 31, 2017USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||||
Financing Receivable, Sale | $ 36,664,000 | $ 42,031,000 | ||||||||||||||
Proceeds from sale of broadly syndicated loans | 36,518,000 | $ 19,842,000 | 39,902,000 | $ 0 | $ 0 | |||||||||||
Loss on sale of broadly syndicated loans | 165,000 | 737,000 | ||||||||||||||
Cash and cash equivalents | $ 174,217,000 | $ 128,408,000 | $ 340,939,000 | 174,217,000 | 340,939,000 | 128,408,000 | 473,355,000 | 19,674,000 | $ 13,843,000 | |||||||
Transition adjustment | 13,011,000 | $ 12,888,000 | 70,358,000 | $ 35,039,000 | 27,684,000 | $ 19,779,000 | 13,011,000 | 27,684,000 | 70,358,000 | 0 | ||||||
Provision for credit losses | 123,000 | 568,000 | 35,319,000 | 7,355,000 | 7,905,000 | 17,777,000 | 691,000 | 25,682,000 | 68,356,000 | 0 | 0 | |||||
Additional provision for credit losses | 123,000 | 7,905,000 | 691,000 | 25,682,000 | 68,356,000 | 0 | $ 0 | |||||||||
Cure payments receivable | (7,351,000) | 7,351,000 | ||||||||||||||
Allowance increase | 4,800,000 | |||||||||||||||
Foreclosure of assets | 58,038,000 | |||||||||||||||
Cumulative Effect, Period Of Adoption, Adjustment | ||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||||
Transition adjustment | 2,002,000 | $ 2,000,000 | ||||||||||||||
Unfunded Loan Commitment | ||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||||
Other commitment | 108,300,000 | 169,100,000 | 108,300,000 | 169,100,000 | ||||||||||||
Reserves for Settlement of Loan Acquisitions | ||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||||
Cash and cash equivalents | 43,200,000 | 41,000,000 | 43,200,000 | 41,000,000 | 126,800,000 | $ 41,000,000 | ||||||||||
Broadly syndicated loans | ||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||||
Net book value | 142,300,000 | 582,700,000 | ||||||||||||||
Principal payments received | 97,300,000 | 71,800,000 | ||||||||||||||
Transition adjustment | 6,545,000 | 9,003,000 | 9,730,000 | 8,287,000 | 5,923,000 | 4,429,000 | 6,545,000 | 5,923,000 | 9,730,000 | 0 | ||||||
Provision for credit losses | (2,458,000) | (727,000) | 1,443,000 | 2,364,000 | 1,494,000 | 4,389,000 | ||||||||||
Foreclosure of assets | 0 | |||||||||||||||
Broadly syndicated loans | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||||
Transition adjustment | 40,000 | |||||||||||||||
Mezzanine loans | ||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||||
Transition adjustment | 0 | 0 | 58,038,000 | 24,870,000 | 21,269,000 | 14,541,000 | 0 | $ 21,269,000 | 58,038,000 | $ 0 | ||||||
Provision for credit losses | $ 0 | 0 | $ 33,168,000 | $ 3,601,000 | $ 6,728,000 | $ 13,047,000 | ||||||||||
Additional provision for credit losses | $ 13,000,000 | $ 70,400,000 | ||||||||||||||
Number of loans | loan | 8 | 8 | 4 | 8 | ||||||||||||
Allowance increase | $ 58,000,000 | |||||||||||||||
Foreclosure of assets | $ 58,038,000 | |||||||||||||||
Mezzanine loans | Asset Benchmark | Credit Concentration Risk | ||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||||
Concentration risk, percentage | 3.30% | |||||||||||||||
Mezzanine loans | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||||
Transition adjustment | $ 1,494,000 | |||||||||||||||
Foreclosure of Mezzanine Loans | Condominium Units | ||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||||
Number of real estate properties secured through foreclosure | apartmentUnit | 75 | |||||||||||||||
Foreclosure of Mezzanine Loans | Condominium Units | Consolidated properties | ||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||||
Number of real estate properties secured through foreclosure | apartmentUnit | 75 | 75 | ||||||||||||||
Foreclosure of Mezzanine Loans | Rental Unit | ||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||||
Number of real estate properties secured through foreclosure | apartmentUnit | 21 | |||||||||||||||
Foreclosure of Mezzanine Loans | Rental Unit | Consolidated properties | ||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||||
Number of real estate properties secured through foreclosure | apartmentUnit | 21 | 21 | ||||||||||||||
Foreclosure of Mezzanine Loans | Buildings | ||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||||
Number of real estate properties secured through foreclosure | building | 4 | |||||||||||||||
Foreclosure of Mezzanine Loans | Buildings | Consolidated properties | ||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||||||||
Number of real estate properties secured through foreclosure | building | 4 | 4 |
LOANS HELD-FOR-INVESTMENT - Sta
LOANS HELD-FOR-INVESTMENT - Statistics (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021USD ($)loan | Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($)loan | Dec. 31, 2018USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of loans | loan | 247 | 206 | ||
Net book value | $ 1,343,236 | $ 892,266 | $ 301,630 | $ 89,762 |
Loans receivable with variable rate of interest | 100.00% | 100.00% | ||
CRE Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of loans | loan | 10 | 12 | 11 | |
Principal balance | $ 882,505 | $ 481,438 | $ 297,357 | |
Net book value | $ 865,722 | $ 428,393 | $ 298,880 | |
Weighted-average interest rate | 4.20% | 7.50% | 8.90% | |
Weighted-average maximum years to maturity | 2 years 7 months 6 days | 2 years 2 months 12 days | 2 years 10 months 24 days | |
Broadly syndicated loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of loans | loan | 237 | 194 | 1 | |
Principal balance | $ 487,121 | $ 477,777 | $ 2,750 | |
Net book value | $ 477,514 | $ 463,873 | $ 2,750 | |
Weighted-average interest rate | 3.60% | 3.80% | 4.50% | |
Weighted-average maximum years to maturity | 5 years | 4 years 10 months 24 days | 5 years 2 months 12 days |
LOANS HELD-FOR-INVESTMENT - Act
LOANS HELD-FOR-INVESTMENT - Activity (Details) $ in Thousands | Jan. 07, 2021loan | Jun. 30, 2021USD ($)loan | Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($)loan | Mar. 31, 2021USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) |
Loans Held-for-Investment [Roll Forward] | ||||||||
Beginning Balance, Principal Balance | $ 959,215 | $ 300,135 | $ 89,679 | |||||
Beginning Balance, Deferred Fees/Other Items | (74,116) | (6,047) | (6,540) | |||||
Beginning Balance, Loan Fees Receivable | 7,167 | 7,542 | 6,623 | |||||
Beginning Balance, Net Book Value | 892,266 | 301,630 | 89,762 | |||||
Loan originations and acquisitions, Principal Balance | 681,580 | 820,015 | 219,096 | |||||
Loan originations and acquisitions, Deferred Fees/Other items | (5) | (417) | ||||||
Loan originations and acquisitions, Loan Fees Receivable | 5 | 1,085 | ||||||
Loan originations and acquisitions, Net Book Value | 681,580 | 820,015 | 219,764 | |||||
Cure payments receivable | (7,351) | 7,351 | ||||||
Sale of loans, Principal Balance | (36,664) | (42,031) | ||||||
Sale of loans, Deferred Fees/Other Items | 311 | 1,392 | ||||||
Sale of loans, Net Book Value | (36,353) | (40,639) | ||||||
Principal repayments received | (97,716) | (119,443) | (17,186) | |||||
Principal repayments received, Deferred Fees/Other Items | 257 | |||||||
Principal repayments received , Net Book Value | (97,459) | |||||||
Capitalized interest | (9,469) | 539 | 8,546 | |||||
Deferred fees and other items, Deferred Fees/Other Items | (5,886) | (8,969) | (1,531) | |||||
Deferred fees and other items, Loan Fees Receivable | (380) | (166) | ||||||
Deferred fees and other items, Net Book Value | (5,886) | (9,349) | (1,697) | |||||
Accretion and amortization of fees and other items | (783) | 2,520 | 2,441 | |||||
Foreclosure of mezzanine loans, Principal Balance | (127,320) | |||||||
Foreclosure of mezzanine loans, Deferred Fees And Other Items | 3,831 | |||||||
Foreclosure of mezzanine loans, Loan Fees Receivable | (7,167) | |||||||
Foreclosure of mezzanine loans, Net Book Value | (130,656) | |||||||
Allowance for credit losses | (13,011) | (70,358) | 0 | $ (12,888) | $ (35,039) | $ (27,684) | $ (19,779) | |
Allowance for credit loss and other items | 57,347 | |||||||
Ending Balance, Principal Balance | 1,369,626 | 959,215 | 300,135 | |||||
Ending Balance, Deferred Fees/Other Items | (26,390) | (74,116) | (6,047) | |||||
Ending Balance, Loan Fees Receivable | 0 | 7,167 | 7,542 | |||||
Ending Balance, Net Book Value | 1,343,236 | 892,266 | 301,630 | |||||
Mezzanine loans | ||||||||
Loans Held-for-Investment [Roll Forward] | ||||||||
Beginning Balance, Net Book Value | 89,400 | |||||||
Allowance for credit losses | $ 0 | (58,038) | $ 0 | $ 0 | $ (24,870) | $ (21,269) | $ (14,541) | |
Ending Balance, Net Book Value | $ 89,400 | |||||||
Number of Loans | loan | 8 | 8 | 4 | 8 | ||||
Senior loan | ||||||||
Loans Held-for-Investment [Roll Forward] | ||||||||
Repayments of debt | $ 40,800 |
LOANS HELD-FOR-INVESTMENT - All
LOANS HELD-FOR-INVESTMENT - Allowance for Financing Receivable (Details) $ in Thousands | Jan. 07, 2021loan | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Jun. 30, 2021USD ($)loan | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($)loan | Dec. 31, 2018USD ($) |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||
Allowance for credit losses as of beginning of the period | $ 12,888 | $ 70,358 | $ 35,039 | $ 27,684 | $ 19,779 | $ 0 | $ 70,358 | $ 0 | $ 0 | |||
Foreclosure of assets | (58,038) | |||||||||||
Provision for credit losses | 123 | 568 | 35,319 | 7,355 | 7,905 | 17,777 | 691 | 25,682 | 68,356 | $ 0 | $ 0 | |
Allowance for credit losses end of period | 13,011 | 12,888 | 70,358 | 35,039 | 27,684 | 19,779 | 13,011 | 27,684 | 70,358 | 0 | ||
Cumulative Effect, Period Of Adoption, Adjustment | ||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||
Allowance for credit losses as of beginning of the period | 2,002 | 2,002 | 2,002 | |||||||||
Allowance for credit losses end of period | 2,002 | |||||||||||
Mezzanine loans | ||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||
Allowance for credit losses as of beginning of the period | 0 | 58,038 | 24,870 | 21,269 | 14,541 | 0 | 58,038 | 0 | 0 | |||
Foreclosure of assets | (58,038) | |||||||||||
Provision for credit losses | 0 | 0 | 33,168 | 3,601 | 6,728 | 13,047 | ||||||
Allowance for credit losses end of period | 0 | 0 | 58,038 | 24,870 | 21,269 | 14,541 | $ 0 | 21,269 | $ 58,038 | $ 0 | ||
Number of Loans | loan | 8 | 8 | 4 | 8 | ||||||||
Mezzanine loans | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||
Allowance for credit losses as of beginning of the period | 1,494 | 1,494 | $ 1,494 | |||||||||
Allowance for credit losses end of period | $ 1,494 | |||||||||||
Senior loans | ||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||
Allowance for credit losses as of beginning of the period | 3,885 | 2,590 | 1,882 | 492 | 809 | 0 | $ 2,590 | 0 | 0 | |||
Foreclosure of assets | 0 | |||||||||||
Provision for credit losses | 2,581 | 1,295 | 708 | 1,390 | (317) | 341 | ||||||
Allowance for credit losses end of period | 6,466 | 3,885 | 2,590 | 1,882 | 492 | 809 | 6,466 | 492 | 2,590 | 0 | ||
Senior loans | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||
Allowance for credit losses as of beginning of the period | 468 | 468 | 468 | |||||||||
Allowance for credit losses end of period | 468 | |||||||||||
Broadly syndicated loans | ||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||
Allowance for credit losses as of beginning of the period | 9,003 | 9,730 | 8,287 | 5,923 | 4,429 | 0 | 9,730 | 0 | 0 | |||
Foreclosure of assets | 0 | |||||||||||
Provision for credit losses | (2,458) | (727) | 1,443 | 2,364 | 1,494 | 4,389 | ||||||
Allowance for credit losses end of period | $ 6,545 | $ 9,003 | $ 9,730 | $ 8,287 | $ 5,923 | 4,429 | $ 6,545 | 5,923 | 9,730 | 0 | ||
Broadly syndicated loans | Cumulative Effect, Period Of Adoption, Adjustment | ||||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||||||||
Allowance for credit losses as of beginning of the period | $ 40 | $ 40 | $ 40 | |||||||||
Allowance for credit losses end of period | $ 40 |
LOANS HELD-FOR-INVESTMENT - S_2
LOANS HELD-FOR-INVESTMENT - Schedule of Primary Credit Quality Indicator (Details) $ in Thousands | Jun. 30, 2021USD ($)loan | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($)loan | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||
Number of Loans | loan | 247 | 206 | ||||||
Loans held-for-investment and related receivables, net | $ 1,356,247 | $ 962,624 | $ 301,630 | |||||
Less: Allowance for credit losses | (13,011) | $ (12,888) | (70,358) | $ (35,039) | $ (27,684) | $ (19,779) | 0 | |
Total loans held-for-investment and related receivables, net | $ 1,343,236 | $ 892,266 | 301,630 | $ 89,762 | ||||
Weighted Average Risk Rating | 3 | 3.3 | ||||||
Mezzanine loans | ||||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||
Number of Loans | loan | 8 | |||||||
2021 | $ 0 | |||||||
2020 | 57,045 | |||||||
2019 | 90,430 | |||||||
Loans held-for-investment and related receivables, net | $ 0 | 147,475 | 146,060 | |||||
Less: Allowance for credit losses | $ 0 | 0 | (58,038) | (24,870) | (21,269) | (14,541) | 0 | |
Total loans held-for-investment and related receivables, net | $ 89,400 | |||||||
Mezzanine loans | 1 | ||||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||
Number of Loans | loan | 0 | |||||||
2021 | $ 0 | |||||||
2020 | 0 | |||||||
2019 | 0 | |||||||
Loans held-for-investment and related receivables, net | $ 0 | |||||||
Mezzanine loans | 2 | ||||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||
Number of Loans | loan | 0 | |||||||
2021 | $ 0 | |||||||
2020 | 0 | |||||||
2019 | 0 | |||||||
Loans held-for-investment and related receivables, net | $ 0 | |||||||
Mezzanine loans | 3 | ||||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||
Number of Loans | loan | 0 | |||||||
2021 | $ 0 | |||||||
2020 | 0 | |||||||
2019 | 0 | |||||||
Loans held-for-investment and related receivables, net | $ 0 | |||||||
Mezzanine loans | 4 | ||||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||
Number of Loans | loan | 0 | |||||||
2021 | $ 0 | |||||||
2020 | 0 | |||||||
2019 | 0 | |||||||
Loans held-for-investment and related receivables, net | $ 0 | |||||||
Mezzanine loans | 5 | ||||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||
Number of Loans | loan | 8 | |||||||
2021 | $ 0 | |||||||
2020 | 57,045 | |||||||
2019 | 90,430 | |||||||
Loans held-for-investment and related receivables, net | $ 147,475 | |||||||
Senior loans | ||||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||
Number of Loans | loan | 10 | 4 | ||||||
2021 | $ 521,699 | $ 225,822 | ||||||
2020 | 234,248 | 115,724 | ||||||
2019 | 116,241 | 0 | ||||||
Loans held-for-investment and related receivables, net | 872,188 | 341,546 | 152,820 | |||||
Less: Allowance for credit losses | $ (6,466) | (3,885) | $ (2,590) | (1,882) | (492) | (809) | 0 | |
Senior loans | 1 | ||||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||
Number of Loans | loan | 0 | 0 | ||||||
2021 | $ 0 | $ 0 | ||||||
2020 | 0 | 0 | ||||||
2019 | 0 | 0 | ||||||
Loans held-for-investment and related receivables, net | $ 0 | $ 0 | ||||||
Senior loans | 2 | ||||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||
Number of Loans | loan | 0 | 0 | ||||||
2021 | $ 0 | $ 0 | ||||||
2020 | 0 | 0 | ||||||
2019 | 0 | 0 | ||||||
Loans held-for-investment and related receivables, net | $ 0 | $ 0 | ||||||
Senior loans | 3 | ||||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||
Number of Loans | loan | 10 | 4 | ||||||
2021 | $ 521,699 | $ 225,822 | ||||||
2020 | 234,248 | 115,724 | ||||||
2019 | 116,241 | 0 | ||||||
Loans held-for-investment and related receivables, net | $ 872,188 | $ 341,546 | ||||||
Senior loans | 4 | ||||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||
Number of Loans | loan | 0 | 0 | ||||||
2021 | $ 0 | $ 0 | ||||||
2020 | 0 | 0 | ||||||
2019 | 0 | 0 | ||||||
Loans held-for-investment and related receivables, net | $ 0 | $ 0 | ||||||
Senior loans | 5 | ||||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||
Number of Loans | loan | 0 | 0 | ||||||
2021 | $ 0 | $ 0 | ||||||
2020 | 0 | 0 | ||||||
2019 | 0 | 0 | ||||||
Loans held-for-investment and related receivables, net | $ 0 | $ 0 | ||||||
Broadly syndicated loans | ||||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||
Number of Loans | loan | 237 | 194 | ||||||
2021 | $ 120,536 | $ 470,864 | ||||||
2020 | 360,473 | 2,739 | ||||||
2019 | 3,050 | 0 | ||||||
Loans held-for-investment and related receivables, net | 484,059 | 473,603 | 2,750 | |||||
Less: Allowance for credit losses | (6,545) | $ (9,003) | (9,730) | $ (8,287) | $ (5,923) | $ (4,429) | 0 | |
Total loans held-for-investment and related receivables, net | $ 477,514 | $ 463,873 | $ 2,750 | |||||
Broadly syndicated loans | 1 | ||||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||
Number of Loans | loan | 0 | 0 | ||||||
2021 | $ 0 | $ 0 | ||||||
2020 | 0 | 0 | ||||||
2019 | 0 | 0 | ||||||
Loans held-for-investment and related receivables, net | $ 0 | $ 0 | ||||||
Broadly syndicated loans | 2 | ||||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||
Number of Loans | loan | 3 | 3 | ||||||
2021 | $ 0 | $ 6,880 | ||||||
2020 | 6,889 | 0 | ||||||
2019 | 0 | 0 | ||||||
Loans held-for-investment and related receivables, net | $ 6,889 | $ 6,880 | ||||||
Broadly syndicated loans | 3 | ||||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||
Number of Loans | loan | 233 | 189 | ||||||
2021 | $ 120,536 | $ 456,711 | ||||||
2020 | 349,670 | 2,739 | ||||||
2019 | 3,050 | 0 | ||||||
Loans held-for-investment and related receivables, net | $ 473,256 | $ 459,450 | ||||||
Broadly syndicated loans | 4 | ||||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||
Number of Loans | loan | 1 | 2 | ||||||
2021 | $ 0 | $ 7,273 | ||||||
2020 | 3,914 | 0 | ||||||
2019 | 0 | 0 | ||||||
Loans held-for-investment and related receivables, net | $ 3,914 | $ 7,273 | ||||||
Broadly syndicated loans | 5 | ||||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||
Number of Loans | loan | 0 | 0 | ||||||
2021 | $ 0 | $ 0 | ||||||
2020 | 0 | 0 | ||||||
2019 | 0 | 0 | ||||||
Loans held-for-investment and related receivables, net | $ 0 | $ 0 |
DERIVATIVE INSTRUMENTS AND HE_3
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021USD ($)derivative | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)derivativeswap_agreement | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)swap_agreementderivative | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Derivatives, Fair Value [Line Items] | |||||||
Amount of gain (loss) reclassified from other comprehensive income (loss) into income as interest expense and other, net | $ 71,000 | $ 3,343,000 | $ 3,203,000 | $ 4,320,000 | $ 12,321,000 | $ 3,475,000 | $ 4,305,000 |
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months | $ 59,000 | $ 59,000 | $ 3,300,000 | ||||
Interest Rate Swap | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Number of instruments terminated | swap_agreement | 2 | 1 | |||||
Loss on derivative | $ 97,000 | ||||||
Number of interest rate derivatives held | derivative | 3 | 3 | 5 | ||||
Total unrealized gain (loss) on interest rate swap | $ 3,200,000 | $ 3,200,000 | $ (12,300,000) | $ (3,900,000) | $ 11,000,000 | ||
Interest Rate Swap | Cash Flow Hedging | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Total unrealized gain (loss) on interest rate swap | 80,000,000,000 | 80,000,000,000 | |||||
Derivative liability, event of default, termination amount | $ 6,300,000 | $ 6,300,000 | $ 13,100,000 | ||||
Interest Rate Cap | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Number of instruments terminated | swap_agreement | 4 | ||||||
Number of interest rate derivatives held | derivative | 4 | 4 |
DERIVATIVE INSTRUMENTS AND HE_4
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Derivative Instruments (Details) | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)swap_agreement |
Minimum | |||
Derivative [Line Items] | |||
Interest rates | 2.55% | ||
Maximum | |||
Derivative [Line Items] | |||
Interest rates | 4.50% | ||
Derivative liabilities, deferred rental income and other liabilities | Cash flow hedging | Interest rate swaps | |||
Derivative [Line Items] | |||
Outstanding notional amount | $ 241,500,000 | $ 1,085,266,000 | |
Fair value of liabilities | $ (6,289,000) | $ (12,308,000) | $ (4,181,000) |
Derivative liabilities, deferred rental income and other liabilities | Cash flow hedging | Interest rate swaps | Minimum | |||
Derivative [Line Items] | |||
Interest rates | 2.55% | ||
Derivative liabilities, deferred rental income and other liabilities | Cash flow hedging | Interest rate swaps | Maximum | |||
Derivative [Line Items] | |||
Interest rates | 4.50% | ||
Prepaid expenses and other assets | Interest rate swaps | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Derivative, number of instruments held | swap_agreement | 2 | ||
Prepaid expenses and other assets | Cash flow hedging | Interest rate swaps | |||
Derivative [Line Items] | |||
Outstanding notional amount | $ 60,000,000 | ||
Fair value of assets | $ 261,000 | ||
Prepaid expenses and other assets | Cash flow hedging | Interest Rate Cap | |||
Derivative [Line Items] | |||
Outstanding notional amount | $ 102,553,000 | ||
Interest rates | 5.45% |
CREDIT FACILITIES, NOTES PAYA_3
CREDIT FACILITIES, NOTES PAYABLE AND REPURCHASE FACILITIES - Narrative (Details) $ in Thousands | Dec. 21, 2020USD ($) | Jun. 04, 2020USD ($)extension | Aug. 16, 2021USD ($) | Aug. 16, 2021USD ($) | Jun. 30, 2021USD ($)loan | Dec. 31, 2020USD ($)loan | May 20, 2021USD ($) | Jan. 31, 2021USD ($) | Jan. 01, 2021USD ($) | Sep. 21, 2020USD ($) | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |||||||||||
Credit facilities, notes payable and repurchase facilities, net | $ 2,540,809 | $ 2,144,993 | $ 1,604,860 | ||||||||
Weighted average years to maturity | 1 year 7 months 6 days | 1 year 10 months 24 days | |||||||||
Debt, weighted average interest rate | 2.80% | 3.40% | |||||||||
Long-term debt | $ 2,544,690 | $ 2,149,976 | 1,611,261 | ||||||||
Line of credit, maximum borrowing capacity | $ 130,000 | ||||||||||
Number of mortgage notes not in compliance with covenants | loan | 1 | ||||||||||
Number of Loans | loan | 247 | 206 | |||||||||
Loans held-for-investment and related receivables, net | $ 1,356,247 | $ 962,624 | 301,630 | ||||||||
Loans held-for-investment and related receivables, net | $ 1,356,247 | $ 962,624 | 301,630 | ||||||||
Subsequent event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit, maximum borrowing capacity | $ 774,000 | $ 774,000 | |||||||||
Reinvestment period | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 1.70% | ||||||||||
Amortization period | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 2.00% | ||||||||||
Senior loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of Loans | loan | 10 | 4 | |||||||||
Loans held-for-investment and related receivables, net | $ 872,188 | $ 341,546 | 152,820 | ||||||||
Senior loans | Affiliated entity | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percent of lending guaranteed (up to) | 25.00% | ||||||||||
Number of Loans | loan | 9 | 4 | |||||||||
Loans held-for-investment and related receivables, net | $ 341,500 | ||||||||||
Loans held-for-investment and related receivables, net | $ 727,400 | ||||||||||
Credit and Security Agreement | Subsequent event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | 220,000 | 220,000 | |||||||||
Line of credit, maximum borrowing capacity | 50,000 | 50,000 | |||||||||
Credit facilities | Affiliated entity | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term line of credit | $ 505,400 | ||||||||||
Number of extension options | extension | 2 | ||||||||||
Extension period | 1 year | ||||||||||
Consolidated net worth, minimum | $ 1,000,000 | ||||||||||
Equity issued by the company, minimum | 75.00% | ||||||||||
Maximum leverage ratio to total indebtedness to total equity (less than or equal) | 80.00% | 80.00% | |||||||||
Minimum interest coverage ratio of EBITDA to interest expense (greater than or equal) | 1.40 | 1.40 | |||||||||
Credit facilities | Affiliated entity | Term a | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Minimum liquidity | $ 50,000 | ||||||||||
Credit facilities | Affiliated entity | Term b | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Minimum liquidity | $ 10,000 | ||||||||||
Recourse indebtedness | 5.00% | ||||||||||
Credit facilities | Reinvestment period | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 1.70% | ||||||||||
Credit facilities | Amortization period | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 2.00% | ||||||||||
JPMorgan Chase Bank, N.A. | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt, weighted average interest rate | 2.50% | ||||||||||
Stated interest rate | 2.00% | ||||||||||
Line of credit, maximum borrowing capacity | $ 1,240,000 | ||||||||||
Long-term line of credit | 1,110,000 | ||||||||||
Line of credit, current borrowing capacity | 12,200 | ||||||||||
Line of credit facility, covenant, minimum consolidated net worth | $ 1,750,000 | ||||||||||
Debt instrument, covenant, fixed charge coverage ratio | 1.50 | ||||||||||
Reinvestment period | 3 years | 3 years | |||||||||
Minimum required assets under management | $ 1,250,000 | ||||||||||
Line of credit, current borrowing capacity | $ 480,000 | ||||||||||
JPMorgan Chase Bank, N.A. | Federal funds rate plus | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 0.50% | ||||||||||
JPMorgan Chase Bank, N.A. | One-Month LIBOR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 1.00% | ||||||||||
JPMorgan Chase Bank, N.A. | Term loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit, maximum borrowing capacity | $ 885,000 | ||||||||||
Long-term line of credit | 1,110,000 | ||||||||||
JPMorgan Chase Bank, N.A. | Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit, maximum borrowing capacity | 350,000 | ||||||||||
Long-term line of credit | $ 0 | ||||||||||
JPMorgan Chase Bank, N.A. | Credit facilities | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit, maximum borrowing capacity | $ 1,240,000 | ||||||||||
Citibank | Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt, weighted average interest rate | 1.80% | 1.90% | |||||||||
Line of credit, maximum borrowing capacity | $ 500,000 | 500,000 | |||||||||
Long-term line of credit | $ 316,500 | $ 231,500 | |||||||||
Citibank | Credit facilities | Affiliated entity | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt, weighted average interest rate | 2.20% | 2.30% | |||||||||
Line of credit, maximum borrowing capacity | $ 300,000 | ||||||||||
Long-term line of credit | $ 188,000 | $ 126,300 | |||||||||
Barclays Bank PLC | Credit facilities | Affiliated entity | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt, weighted average interest rate | 2.50% | ||||||||||
Line of credit, maximum borrowing capacity | $ 500,000 | ||||||||||
Long-term line of credit | $ 250,000 | ||||||||||
Wells Fargo | Credit facilities | Affiliated entity | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt, weighted average interest rate | 1.80% | ||||||||||
Line of credit, maximum borrowing capacity | $ 250,000 | ||||||||||
Long-term line of credit | $ 67,400 | ||||||||||
Minimum | One-Month LIBOR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 2.10% | ||||||||||
Debt instrument, basis spread on variable rate | 2.00% | ||||||||||
Minimum | JPMorgan Chase Bank, N.A. | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 0.65% | ||||||||||
Line of credit facility, covenant, unsecured debt service coverage ratio (greater than) | 1.75 | ||||||||||
Minimum | JPMorgan Chase Bank, N.A. | Statutory Reserve Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 1.65% | ||||||||||
Maximum | One-Month LIBOR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 4.60% | ||||||||||
Debt instrument, basis spread on variable rate | 2.40% | ||||||||||
Maximum | JPMorgan Chase Bank, N.A. | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 1.25% | ||||||||||
Line of credit facility, covenant, leverage ratio | 60.00% | ||||||||||
Debt instrument, covenant, unsecured debt to unencumbered asset value ratio | 60.00% | ||||||||||
Line of credit facility, covenant, secured debt ratio | 40.00% | ||||||||||
Line of credit facility, covenant, ratio of secured debt to total asset value | 15.00% | ||||||||||
Maximum | JPMorgan Chase Bank, N.A. | Statutory Reserve Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 2.25% | ||||||||||
Maximum | JPMorgan Chase Bank, N.A. | Credit facilities | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, covenant, leverage ratio | 60.00% | ||||||||||
Interest rate swaps | JPMorgan Chase Bank, N.A. | Term loan | Cash flow hedging | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt, weighted average interest rate | 4.20% | ||||||||||
Long-term line of credit | $ 220,000 | ||||||||||
Fixed rate debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | 523,562 | $ 578,096 | |||||||||
Debt security, amount, aggregate gross real estate assets net of gross intangible lease liabilities | $ 904,500 | 981,800 | |||||||||
Repayments of debt | 40,800 | ||||||||||
Fixed rate debt | Subsequent event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | 1,110,000 | 1,110,000 | |||||||||
Repayments of debt | 104,100 | $ 104,100 | |||||||||
Fixed rate debt | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 2.60% | ||||||||||
Fixed rate debt | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 4.60% | ||||||||||
Variable rate debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt, weighted average interest rate | 5.50% | ||||||||||
Long-term debt | $ 94,202 | $ 102,600 | $ 102,600 | ||||||||
Long term debt maturing in the next year | 1,300,000 | $ 1,200,000 | |||||||||
Variable rate debt | Subsequent event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayments of debt | 21,500 | ||||||||||
Variable rate debt | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 2.60% | ||||||||||
Variable rate debt | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 5.00% | ||||||||||
Variable rate debt | Interest rate swaps | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | 21,500 | $ 53,600 | |||||||||
Credit facilities | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | 1,421,500 | 1,336,500 | $ 885,000 | ||||||||
Long term debt maturing in the next year | 99,300 | ||||||||||
Credit facilities | Subsequent event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayments of debt | $ 1,110,000 | ||||||||||
Credit facilities | Affiliated entity | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term line of credit | $ 235,400 | ||||||||||
Credit facilities | JPMorgan Chase Bank, N.A. | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt, weighted average interest rate | 3.70% | ||||||||||
Stated interest rate | 2.00% | ||||||||||
Long-term line of credit | $ 1,100,000 | ||||||||||
Unused borrowing capacity | 480,000 | ||||||||||
Line of credit, current borrowing capacity | 135,500 | ||||||||||
Line of credit facility, covenant, minimum consolidated net worth | $ 1,750,000 | ||||||||||
Debt instrument, covenant, fixed charge coverage ratio | 1.50 | ||||||||||
Minimum required assets under management | $ 1,250,000 | ||||||||||
Credit facilities | JPMorgan Chase Bank, N.A. | CCPT V | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit, maximum borrowing capacity | $ 350,000 | 350,000 | |||||||||
Line of credit facility, covenant, minimum consolidated net worth | $ 225,000 | $ 225,000 | |||||||||
Line of credit facility, covenant, minimum consolidated net worth, percentage of equity issuance | 75.00% | 75.00% | |||||||||
Credit facilities | JPMorgan Chase Bank, N.A. | Federal funds rate plus | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 0.50% | ||||||||||
Credit facilities | JPMorgan Chase Bank, N.A. | One-Month LIBOR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 1.00% | ||||||||||
Credit facilities | JPMorgan Chase Bank, N.A. | NYFRB Rate Plus | CCPT V | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 0.50% | ||||||||||
Credit facilities | JPMorgan Chase Bank, N.A. | Adjusted LIBO Rate | CCPT V | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 1.00% | ||||||||||
Credit facilities | JPMorgan Chase Bank, N.A. | Term loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit, maximum borrowing capacity | $ 885,000 | ||||||||||
Long-term line of credit | 1,100,000 | ||||||||||
Credit facilities | JPMorgan Chase Bank, N.A. | Term loan | CCPT V | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit, maximum borrowing capacity | $ 220,000 | 220,000 | |||||||||
Credit facilities | JPMorgan Chase Bank, N.A. | Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit, maximum borrowing capacity | 350,000 | ||||||||||
Long-term line of credit | 0 | ||||||||||
Credit facilities | JPMorgan Chase Bank, N.A. | Revolving Credit Facility | CCPT V | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit, maximum borrowing capacity | $ 130,000 | ||||||||||
Credit facilities | Citibank | Affiliated entity | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit, maximum borrowing capacity | $ 300,000 | ||||||||||
Credit facilities | Barclays Bank PLC | Affiliated entity | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt, weighted average interest rate | 2.90% | ||||||||||
Line of credit, maximum borrowing capacity | $ 500,000 | ||||||||||
Long-term line of credit | $ 109,100 | ||||||||||
Credit facilities | Minimum | JPMorgan Chase Bank, N.A. | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 0.65% | ||||||||||
Line of credit facility, covenant, unsecured debt service coverage ratio (greater than) | 1.75% | ||||||||||
Credit facilities | Minimum | JPMorgan Chase Bank, N.A. | CCPT V | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 0.30% | ||||||||||
Credit facilities | Minimum | JPMorgan Chase Bank, N.A. | Statutory Reserve Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 1.65% | ||||||||||
Credit facilities | Minimum | JPMorgan Chase Bank, N.A. | Statutory Reserve Rate | CCPT V | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 1.30% | ||||||||||
Credit facilities | Maximum | JPMorgan Chase Bank, N.A. | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 1.25% | ||||||||||
Debt instrument, covenant, unsecured debt to unencumbered asset value ratio | 60.00% | ||||||||||
Line of credit facility, covenant, secured debt ratio | 40.00% | ||||||||||
Line of credit facility, covenant, ratio of secured debt to total asset value | 15.00% | ||||||||||
Credit facilities | Maximum | JPMorgan Chase Bank, N.A. | CCPT V | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 0.70% | ||||||||||
Line of credit facility, covenant, leverage ratio | 60.00% | 60.00% | |||||||||
Credit facilities | Maximum | JPMorgan Chase Bank, N.A. | Statutory Reserve Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 2.25% | ||||||||||
Credit facilities | Maximum | JPMorgan Chase Bank, N.A. | Statutory Reserve Rate | CCPT V | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 1.70% | ||||||||||
Credit facilities | Interest rate swaps | JPMorgan Chase Bank, N.A. | Term loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt, weighted average interest rate | 3.90% | ||||||||||
Long-term line of credit | $ 1,000,000 |
CREDIT FACILITIES, NOTES PAYA_4
CREDIT FACILITIES, NOTES PAYABLE AND REPURCHASE FACILITIES - Schedule of Debt (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Short-Term and Long-Term Debt [Roll Forward] | |||||||
Total debt, Beginning Balance | $ 2,149,976,000 | $ 1,611,261,000 | $ 1,611,261,000 | ||||
Net premiums, Beginning Balance | 149,000 | 241,000 | 241,000 | ||||
Total debt, net, Beginning Balance | 2,144,993,000 | 1,604,860,000 | 1,604,860,000 | ||||
Total debt, Debt Issuances & Assumptions | 692,735,000 | 956,617,000 | |||||
Total debt, net, Debt Issuances & Assumptions | 691,389,000 | 955,177,000 | |||||
Total debt, Repayments & Modifications | (298,021,000) | (417,902,000) | |||||
Total debt, net, Repayments & Modifications | (297,976,000) | (417,716,000) | |||||
Net premiums, Accretion and (Amortization) | (149,000) | (45,000) | (92,000) | $ (90,000) | $ (88,000) | ||
Accretion & (Amortization) | 2,403,000 | 2,672,000 | |||||
Total debt, Ending Balance | $ 2,544,690,000 | 2,544,690,000 | 2,149,976,000 | 1,611,261,000 | |||
Net premiums, Ending Balance | 0 | 0 | 149,000 | 241,000 | |||
Total debt, net, Ending Balance | 2,540,809,000 | 2,540,809,000 | 2,144,993,000 | 1,604,860,000 | |||
Loss on extinguishment of debt | 1,478,000 | $ 370,000 | 1,478,000 | 4,752,000 | 4,841,000 | 7,227,000 | $ 46,000 |
Notes payable | |||||||
Short-Term and Long-Term Debt [Roll Forward] | |||||||
Total debt, Beginning Balance | 578,096,000 | 726,261,000 | 726,261,000 | ||||
Total debt, Debt Issuances & Assumptions | 92,212,000 | ||||||
Total debt, Repayments & Modifications | (240,377,000) | ||||||
Total debt, Ending Balance | 578,096,000 | 726,261,000 | |||||
Credit facilities | |||||||
Short-Term and Long-Term Debt [Roll Forward] | |||||||
Total debt, Beginning Balance | 1,336,500,000 | 885,000,000 | 885,000,000 | ||||
Deferred costs, Beginning Balance | (3,543,000) | (3,933,000) | (3,933,000) | ||||
Total debt, Debt Issuances & Assumptions | 320,000,000 | 629,025,000 | |||||
Deferred costs, Debt Issuances & Assumptions | 0 | (1,440,000) | |||||
Total debt, Repayments & Modifications | (235,000,000) | (177,525,000) | |||||
Deferred costs, Repayments & Modifications | 0 | ||||||
Deferred costs, Accretion and (Amortization) | 1,466,000 | 1,830,000 | |||||
Total debt, Ending Balance | 1,421,500,000 | 1,421,500,000 | 1,336,500,000 | 885,000,000 | |||
Deferred costs, Ending Balance | (2,077,000) | (2,077,000) | (3,543,000) | (3,933,000) | |||
Credit facility borrowings assumed upon completion of mergers | 287,500,000 | ||||||
Repurchase facilities | |||||||
Short-Term and Long-Term Debt [Roll Forward] | |||||||
Total debt, Beginning Balance | 235,380,000 | ||||||
Total debt, Debt Issuances & Assumptions | 270,182,000 | 235,380,000 | |||||
Total debt, Repayments & Modifications | (136,000) | 0 | |||||
Total debt, Ending Balance | 505,426,000 | 505,426,000 | 235,380,000 | ||||
Fixed rate debt | |||||||
Short-Term and Long-Term Debt [Roll Forward] | |||||||
Total debt, Beginning Balance | 578,096,000 | ||||||
Deferred costs, Beginning Balance | (1,589,000) | $ (2,709,000) | (2,709,000) | ||||
Total debt, Debt Issuances & Assumptions | 0 | ||||||
Total debt, Repayments & Modifications | (54,534,000) | ||||||
Deferred costs, Repayments & Modifications | 45,000 | 186,000 | |||||
Deferred costs, Accretion and (Amortization) | 374,000 | 934,000 | |||||
Total debt, Ending Balance | 523,562,000 | 523,562,000 | 578,096,000 | ||||
Deferred costs, Ending Balance | (1,170,000) | (1,170,000) | (1,589,000) | $ (2,709,000) | |||
Variable rate debt | |||||||
Short-Term and Long-Term Debt [Roll Forward] | |||||||
Deferred costs, Beginning Balance | 0 | ||||||
Total debt, Debt Issuances & Assumptions | 102,553 | ||||||
Deferred costs, Debt Issuances & Assumptions | (1,346) | ||||||
Total debt, Repayments & Modifications | (8,351) | ||||||
Deferred costs, Repayments & Modifications | 0 | ||||||
Deferred costs, Accretion and (Amortization) | 712 | ||||||
Total debt, Ending Balance | 94,202,000 | 94,202,000 | |||||
Deferred costs, Ending Balance | $ (634) | $ (634) | $ 0 |
CREDIT FACILITIES, NOTES PAYA_5
CREDIT FACILITIES, NOTES PAYABLE AND REPURCHASE FACILITIES - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | |||
2021 | $ 105,171 | $ 138,210 | |
2022 | 1,207,098 | 1,134,391 | |
2023 | 757,442 | 554,783 | |
2024 | 474,979 | 322,592 | |
2025 | 0 | 0 | |
Thereafter | 0 | 0 | |
Total | $ 2,544,690 | $ 2,149,976 | $ 1,611,261 |
SUPPLEMENTAL CASH FLOW DISCLO_3
SUPPLEMENTAL CASH FLOW DISCLOSURES (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Supplemental Disclosures of Non-Cash Investing and Financing Activities: | |||||
Distributions declared and unpaid | $ 10,997 | $ 4,990 | $ 10,969 | $ 16,510 | $ 16,518 |
Accrued capital expenditures | 4,104 | 139 | 160 | 1,165 | 557 |
Accrued deferred financing costs | 32 | 0 | |||
Real estate acquired via foreclosure | 191,990 | 0 | |||
Foreclosure of assets securing the mezzanine loans | (79,968) | 0 | |||
Mortgage notes payable assumed in connection with foreclosure of assets securing the mezzanine loans | 102,553 | 0 | |||
Change in interest income capitalized to loans held-for-investment | (9,469) | 539 | 539 | 8,546 | 384 |
Common stock issued through distribution reinvestment plan | 6,660 | 28,774 | 34,191 | 82,388 | 91,764 |
Common stock issued in connection with the Mergers | 384,319 | 0 | 0 | ||
Interest rate swaps assumed in the Mergers | (9,115) | 0 | 0 | ||
Mortgage notes assumed by buyer in real estate disposition | 0 | (205,765) | 0 | ||
Debt assumed in the Mergers | 379,737 | 0 | 0 | ||
Real estate assets acquired in the Mergers | 761,326 | 0 | 0 | ||
Assets assumed in the Mergers | 4,424 | 0 | 0 | ||
Liabilities assumed in the Mergers | 6,389 | 0 | 0 | ||
Change in fair value of derivative instruments | 6,031 | (7,280) | 727 | (14,913) | 3,875 |
Change in fair value of real estate-related securities | 1,404 | 0 | |||
Supplemental Cash Flow Disclosures: | |||||
Interest paid | 34,183 | 30,686 | 60,990 | 97,418 | 93,424 |
Cash paid for taxes | $ 1,412 | $ 466 | $ 1,243 | $ 1,218 | $ 1,475 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | |||||||
Aug. 16, 2021 | Mar. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 21, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | |||||||||
Cash and cash equivalents | $ 174,217 | $ 128,408 | $ 340,939 | $ 473,355 | $ 19,674 | $ 13,843 | |||
Subsequent event | Broadly syndicated loans | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Loans settled | $ 0 | ||||||||
Reserves for Settlement of Loan Acquisitions | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Cash and cash equivalents | 43,200 | 41,000 | $ 41,000 | $ 126,800 | |||||
Reserves for Settlement of Loan Acquisitions | Subsequent event | Broadly syndicated loans | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Loans settled | $ 28,500 | ||||||||
Reserves For Settlement Of Loan Sales | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Cash and cash equivalents | 10,400 | 2,600 | |||||||
Reserves For Settlement Of Loan Sales | Subsequent event | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Loans settled | $ 6,600 | ||||||||
Unfunded Loan Commitment | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Other commitment | $ 108,300 | $ 169,100 |
RELATED-PARTY TRANSACTIONS AN_3
RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS - Management and investment advisory fees (Details) - USD ($) | Dec. 06, 2019 | Aug. 20, 2019 | Jun. 30, 2021 |
Related Party Transaction [Line Items] | |||
Investment advisory fee, percent per quarter | 0.375% | ||
Advisors | |||
Related Party Transaction [Line Items] | |||
Management fee per annum | $ 250,000 | $ 250,000 | |
Management fee per quarter | $ 62,500 | $ 62,500 | |
Management fee percent per annum | 1.50% | 1.50% | |
Management fee percent per quarter | (0.375%) | 0.375% | |
Investment advisory fee, percent per annum | 1.50% | ||
Investment sub-advisory fees, percent per quarter | 50.00% |
RELATED-PARTY TRANSACTIONS AN_4
RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS - Incentive Compensation (Details) - Advisors - USD ($) | Aug. 20, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||||||
Incentive compensation in excess of product, quarterly percentage | 20.00% | 20.00% | ||||
Incentive compensation in excess of product, annualized percentage | 7.00% | 7.00% | ||||
Incentive compensation fees | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
RELATED-PARTY TRANSACTIONS AN_5
RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS - Acquisition Fees and Expenses (Details) - Maximum - Advisors | Aug. 20, 2019 |
Acquisition Fee | |
Related Party Transaction [Line Items] | |
Acquisition and advisory fee (up to) | 2.00% |
Acquisition fees and expenses | |
Related Party Transaction [Line Items] | |
Acquisition fees and expenses, reimbursement (up to) | 6.00% |
RELATED-PARTY TRANSACTIONS AN_6
RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS - Advisory Fees and Expenses (Details) - Advisors | Aug. 20, 2019USD ($) |
Average invested assets between $0 to $2 billion | Minimum | |
Related Party Transaction [Line Items] | |
Average invested assets | $ 0 |
Average invested assets between $0 to $2 billion | Maximum | |
Related Party Transaction [Line Items] | |
Average invested assets | $ 2,000,000,000 |
Average invested assets between $0 to $2 billion | Advisory fees and expenses | |
Related Party Transaction [Line Items] | |
Asset management or advisory fees (rate of) | 0.75% |
Average invested assets between $2 billion to $4 billion | Minimum | |
Related Party Transaction [Line Items] | |
Average invested assets | $ 2,000,000,000 |
Average invested assets between $2 billion to $4 billion | Maximum | |
Related Party Transaction [Line Items] | |
Average invested assets | $ 4,000,000,000 |
Average invested assets between $2 billion to $4 billion | Advisory fees and expenses | |
Related Party Transaction [Line Items] | |
Asset management or advisory fees (rate of) | 0.70% |
Average invested assets over $4 billion | Minimum | |
Related Party Transaction [Line Items] | |
Average invested assets | $ 4,000,000,000 |
Average invested assets over $4 billion | Advisory fees and expenses | |
Related Party Transaction [Line Items] | |
Asset management or advisory fees (rate of) | 0.65% |
RELATED-PARTY TRANSACTIONS AN_7
RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS - Operating Expenses (Details) - Advisors - Operating expenses - Maximum | Aug. 20, 2019 |
Related Party Transaction [Line Items] | |
Operating expense reimbursement, percent of average invested assets | 2.00% |
Operating expense reimbursement, percent of net income | 25.00% |
RELATED-PARTY TRANSACTIONS AN_8
RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS - Disposition Fees (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Aug. 20, 2019 |
Related Party Transaction [Line Items] | |||||
Due to affiliates | $ 15,957 | $ 14,723 | $ 14,458 | ||
Advisors | |||||
Related Party Transaction [Line Items] | |||||
Due to affiliates | $ 16,000 | $ 14,700 | |||
Advisors | Property sales commission | |||||
Related Party Transaction [Line Items] | |||||
Commissions performance and other fees | 1.00% | ||||
Advisors | Property portfolio | |||||
Related Party Transaction [Line Items] | |||||
Commissions performance and other fees | 6.00% | ||||
Advisors | Disposition Fee for Sale of Real Estate | Maximum | |||||
Related Party Transaction [Line Items] | |||||
Commissions performance and other fees | 1.00% | ||||
Advisors | Brokerage Commissions And Disposition Fees | Maximum | |||||
Related Party Transaction [Line Items] | |||||
Commissions performance and other fees | 6.00% | ||||
Advisors | Acquisitions and Operations Costs | |||||
Related Party Transaction [Line Items] | |||||
Due to affiliates | $ 16,000 | $ 13,800 |
RELATED-PARTY TRANSACTIONS AN_9
RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS - Subordinated Performance Fees (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2021 | Aug. 20, 2019 | |
Related Party Transaction [Line Items] | |||||
Due to affiliates | $ 14,723,000 | $ 14,458,000 | $ 15,957,000 | ||
Advisors | |||||
Related Party Transaction [Line Items] | |||||
Cumulative noncompounded annual return | 8.00% | ||||
Due to affiliates | 14,700,000 | $ 16,000,000 | |||
Advisors | Subordinate Performance Fees on Event of Sale of Company | |||||
Related Party Transaction [Line Items] | |||||
Commissions performance and other fees | 15.00% | ||||
Advisors | Subordinate Performance Fees for Listing | |||||
Related Party Transaction [Line Items] | |||||
Commissions performance and other fees | 15.00% | ||||
Advisors | Subordinated Performance Fees | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction, expenses from transactions with related party | 0 | 0 | $ 0 | ||
Advisors | Acquisition, Disposition and Operating Activities Fees and Expenses | |||||
Related Party Transaction [Line Items] | |||||
Due to affiliates | $ 14,700,000 | $ 14,500,000 |
RELATED-PARTY TRANSACTIONS A_10
RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS - Fees and Expense Reimbursements Related Party Transactions (Details) - Advisors - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Management fees | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction, expenses from transactions with related party | $ 11,755,000 | $ 9,750,000 | $ 23,332,000 | $ 19,600,000 | |||
Management fees and expenses | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction, expenses from transactions with related party | $ 44,744,000 | $ 16,350,000 | $ 0 | ||||
Acquisition fees and expenses | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction, expenses from transactions with related party | 550,000 | 2,110,000 | 2,749,000 | ||||
Disposition fees | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction, expenses from transactions with related party | 0 | 0 | 0 | 341,000 | 434,000 | 3,967,000 | 478,000 |
Advisory fees and expenses | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction, expenses from transactions with related party | 0 | 25,989,000 | 43,399,000 | ||||
Operating expenses | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction, expenses from transactions with related party | 3,651,000 | $ 3,594,000 | $ 5,163,000 | ||||
Merger related expenses | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction, expenses from transactions with related party | 308,000 | ||||||
Related party transaction expense reimbursed | $ 260,000 | ||||||
Expense reimbursements to related parties | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction, expenses from transactions with related party | $ 3,210,000 | $ 3,057,000 | $ 5,871,000 | $ 5,235,000 |
RELATED-PARTY TRANSACTIONS A_11
RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS - Due to Affiliates (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Related Party Transaction [Line Items] | |||
Due to affiliates | $ 15,957 | $ 14,723 | $ 14,458 |
Affiliated entity | |||
Related Party Transaction [Line Items] | |||
Due to affiliates | 14,700 | $ 14,500 | |
Advisors | |||
Related Party Transaction [Line Items] | |||
Due to affiliates | $ 16,000 | $ 14,700 |
RELATED-PARTY TRANSACTIONS A_12
RELATED-PARTY TRANSACTIONS AND ARRANGEMENTS - Development Management Agreements (Details) | Jul. 01, 2021building | Jan. 07, 2021apartmentUnitbuilding | Jun. 30, 2021apartmentUnit |
Development Management Agreements | CIM NY Management, LLC | |||
Related Party Transaction [Line Items] | |||
Management fee, percentage | 4.00% | ||
Condominium Units | Foreclosure of Mezzanine Loans | |||
Related Party Transaction [Line Items] | |||
Number of real estate properties secured through foreclosure | 75 | ||
Condominium Units | Foreclosure of Mezzanine Loans | Consolidated properties | |||
Related Party Transaction [Line Items] | |||
Number of real estate properties secured through foreclosure | 75 | 75 | |
Rental Unit | Foreclosure of Mezzanine Loans | |||
Related Party Transaction [Line Items] | |||
Number of real estate properties secured through foreclosure | 21 | ||
Rental Unit | Foreclosure of Mezzanine Loans | Consolidated properties | |||
Related Party Transaction [Line Items] | |||
Number of real estate properties secured through foreclosure | 21 | 21 | |
Buildings | Foreclosure of Mezzanine Loans | |||
Related Party Transaction [Line Items] | |||
Number of real estate properties secured through foreclosure | building | 4 | ||
Buildings | Foreclosure of Mezzanine Loans | Development Management Agreements | |||
Related Party Transaction [Line Items] | |||
Number of real estate properties secured through foreclosure | building | 4 | ||
Buildings | Foreclosure of Mezzanine Loans | Consolidated properties | |||
Related Party Transaction [Line Items] | |||
Number of real estate properties secured through foreclosure | building | 4 | 4 |
STOCKHOLDERS' EQUITY - Narrativ
STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 21, 2020 | Aug. 11, 2010 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 26, 2021 | Aug. 14, 2020 |
Class of Stock [Line Items] | ||||||||||
Common stock, par value (USD per share) | $ 0.01 | $ 0.01 | $ 0.01 | |||||||
Common Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Issuance of common stock (shares) | 20,000 | 917,769 | 1,242,475 | 2,223,298 | 4,211,747 | 9,335,895 | 9,615,850 | |||
Share price (USD per share) | $ 10 | |||||||||
Issuance of common stock in connection with the Mergers (shares) | 52,600,000 | 52,574,431 | ||||||||
Consideration per share (USD per share) | $ 7.31 | |||||||||
Distribution reinvestment plan | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock, shares authorized, value (maximum) | $ 600 | $ 600 | $ 600 | |||||||
Common stock, par value (USD per share) | $ 0.01 | |||||||||
Share price (USD per share) | $ 7.20 | $ 7.31 |
STOCKHOLDERS' EQUITY - Distribu
STOCKHOLDERS' EQUITY - Distribution Reinvestment Plan (Details) - USD ($) $ in Thousands, shares in Millions | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Class of Stock [Line Items] | |||||
Common stock issued through distribution reinvestment plan | $ 6,660 | $ 28,774 | $ 34,191 | $ 82,388 | $ 91,764 |
Distribution reinvestment plan | |||||
Class of Stock [Line Items] | |||||
Dividend reinvestment plan, termination notice period | 10 days | ||||
Shares issued pursuant to a distribution reinvestment plan (shares) | 4.2 | 9.3 | 9.6 | ||
Common stock issued through distribution reinvestment plan | $ 34,200 | $ 82,400 | $ 91,800 |
STOCKHOLDERS' EQUITY - Share Re
STOCKHOLDERS' EQUITY - Share Redemption Program (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Redemptions of common stock | $ 19,191 | $ 19,514 | $ 48,066 | $ 84,088 | $ 93,830 |
Unfulfilled redemption requests (shares) | 44,500,000 | ||||
The Share Redemption Program | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Stock repurchase program, required holding period | 1 year | ||||
Stock repurchase program, termination notice period | 30 days | ||||
Stock repurchased and retired during period (shares) | 6,000,000 | 9,500,000 | 9,800,000 | ||
Redemptions of common stock | $ 48,100 | $ 84,100 | $ 93,800 | ||
The Share Redemption Program | Maximum | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Stock redemption program, number of shares authorized to be repurchased, percentage of weighted average number of shares outstanding | 5.00% | ||||
Stock repurchase program, number of shares authorized to be repurchased per quarter, prior year percentage of weighted average number of shares outstanding | 1.25% | ||||
Stock redemption program, redemption priority (shares) | 250 |
STOCKHOLDERS' EQUITY - Distri_2
STOCKHOLDERS' EQUITY - Distributions Payable and Distribution Policy (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 29, 2021 | May 28, 2021 | Apr. 29, 2021 | Mar. 29, 2021 | Feb. 25, 2021 | Jan. 28, 2021 | Dec. 30, 2020 | Nov. 27, 2020 | Oct. 29, 2020 | Sep. 29, 2020 | Aug. 28, 2020 | Jul. 30, 2020 | Jun. 30, 2020 | May 31, 2020 | Apr. 30, 2020 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2012 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2016 | Dec. 31, 2019 | Dec. 31, 2015 |
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Common stock, dividends, daily amount per share authorized (USD per share) | $ 0.001706776 | $ 0.001707848 | $ 0.001706776 | $ 0.001711452 | $ 0.001712523 | |||||||||||||||||||||||
Distributions declared on common stock (USD per share) | $ 0.0303 | $ 0.0303 | $ 0.0303 | $ 0.0303 | $ 0.0303 | $ 0.0304 | $ 0.0161 | $ 0.0130 | $ 0.0130 | $ 0.09 | $ 0.09 | $ 0.04 | $ 0.15 | $ 0.38 | $ 0.625 | $ 0.625 | ||||||||||||
Dividends payable | $ 10,997 | $ 4,990 | $ 10,969 | $ 16,510 | $ 16,518 | |||||||||||||||||||||||
Forecast | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Distributions declared on common stock (USD per share) | $ 0.0303 | $ 0.0303 | $ 0.0303 | |||||||||||||||||||||||||
Subsequent event | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||
Distributions declared on common stock (USD per share) | $ 0.0303 | $ 0.0303 | $ 0.0303 |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - CCPT IV 2018 Equity Incentive Plan - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 10, 2018 | |
Common Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized (shares) | 400,000 | ||||||
Number of shares available for future grants (shares) | 341,000 | 341,000 | 345,000 | ||||
Restricted stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Grants in period to each independent member of board of directors (shares) | 58,700 | 11,000 | |||||
Grants in period (shares) | 54,500 | ||||||
Shares vested (shares) | 32,500 | 32,500 | |||||
Vesting period | 1 year | 1 year | |||||
Forfeited in period (shares) | 26,200 | 22,000 | |||||
Unrecognized compensation expense | $ 57,000 | $ 57,000 | $ 121,000 | ||||
Restricted stock | General and administrative expenses | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation expense | $ 49,000 | $ 40,000 | $ 89,000 | $ 80,000 | $ 160,000 | $ 138,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Ordinary dividends | 0.00% | 39.00% | 52.00% |
Nondividend distributions | 100.00% | 7.00% | 48.00% |
Capital gain distributions | 0.00% | 54.00% | 0.00% |
Total | 100.00% | 100.00% | 100.00% |
State and local income tax and franchise tax expense (benefit), continuing operations | $ 568,000 | $ 1,500,000 | $ 1,400,000 |
Unrecognized tax benefits | $ 0 | $ 0 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021USD ($) | Jun. 30, 2021USD ($)lease | Dec. 31, 2020USD ($)lease | Jan. 01, 2021USD ($) | |
Lessor, weighted average remaining lease term | 8 years 3 months 18 days | 8 years 9 months 18 days | ||
Number of operating leases | lease | 1 | 1 | ||
Operating lease, remaining lease term | 12 years 2 months 12 days | 12 years 8 months 12 days | ||
Lease liability | $ 2,400,000 | $ 2,400,000 | $ 2,400,000 | $ 2,700,000 |
Operating lease, discount rate | 4.30% | 4.30% | 4.30% | |
Ground lease, expense | $ 63,000 | $ 125,000 | $ 250,000 | |
Ground lease, payments | 61,000 | 121,000 | 242,000 | |
Future minimum rental payments, remainder of 2021 | 125,000 | 125,000 | ||
Future minimum rental payments, 2021 / 2022 | 250,000 | 250,000 | 250,000 | |
Future minimum rental payments, 2022 / 2023 | 250,000 | 250,000 | 250,000 | |
Future minimum rental payments, 2023 / 2024 | 250,000 | 250,000 | 250,000 | |
Future minimum rental payments, 2024 / 2025 | 250,000 | 250,000 | 250,000 | |
Future minimum rental payments, 2025 / 2026 | 250,000 | 250,000 | 250,000 | |
Future minimum rental payments, Thereafter | $ 1,700,000 | $ 1,700,000 | $ 1,900,000 |
LEASES - Future Minimum Rental
LEASES - Future Minimum Rental Income (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Future Minimum Rental Income | ||
Remainder 2021 | $ 118,547 | |
2021 / 2022 | 234,443 | $ 255,071 |
2022 / 2023 | 218,823 | 249,576 |
2023 / 2024 | 200,270 | 232,486 |
2024 / 2025 | 181,734 | 212,373 |
2025 | 192,954 | |
Thereafter | 1,125,513 | |
Thereafter | 1,242,601 | |
Total | $ 2,079,330 | $ 2,385,061 |
LEASES - Schedule of Components
LEASES - Schedule of Components of Lease Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | |||||||
Fixed rental and other property income | $ 64,060 | $ 51,423 | $ 130,601 | $ 108,096 | $ 221,445 | $ 342,453 | $ 368,847 |
Variable rental and other property income | 11,242 | 8,680 | 21,631 | 20,443 | 40,085 | 50,771 | 60,789 |
Total rental and other property income | $ 75,302 | $ 60,103 | $ 152,232 | $ 128,539 | $ 261,530 | $ 393,224 | $ 429,636 |
SEGMENT REPORTING (Details)
SEGMENT REPORTING (Details) $ in Thousands | Jan. 07, 2021loan | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Jun. 30, 2021USD ($)segmentloan | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)loansegment | Dec. 31, 2019USD ($)loan | Dec. 31, 2018USD ($) | Aug. 16, 2021USD ($) |
Segment Reporting Information [Line Items] | ||||||||||||||||
Number of reportable segments | segment | 2 | 2 | ||||||||||||||
Revenues: | ||||||||||||||||
Rental and other property income | $ 75,302 | $ 60,103 | $ 152,232 | $ 128,539 | $ 261,530 | $ 393,224 | $ 429,636 | |||||||||
Interest income | 16,460 | 7,193 | 28,413 | 12,764 | 29,393 | 20,132 | 1,640 | |||||||||
Total revenues | 91,762 | $ 76,978 | $ 72,642 | 67,296 | $ 74,007 | $ 93,088 | $ 105,479 | $ 105,529 | $ 109,260 | 180,645 | 141,303 | 290,923 | 413,356 | 431,276 | ||
Operating expenses: | ||||||||||||||||
General and administrative | 3,020 | 5,902 | 15,385 | 13,729 | 14,127 | |||||||||||
Property operating | 4,811 | 11,676 | 23,399 | 33,462 | 30,267 | |||||||||||
Real estate tax | 7,706 | 6,748 | 19,925 | 13,726 | 27,691 | 32,196 | 37,898 | |||||||||
Expense reimbursements to related parties | 3,210 | 3,057 | 5,871 | 5,235 | ||||||||||||
Management fees | 11,755 | 9,750 | 23,332 | 19,600 | ||||||||||||
Management and advisory fees and expenses | 44,743 | 42,339 | 43,399 | |||||||||||||
Transaction-related | 27 | 125 | 31 | 250 | 905 | 2,278 | 2,601 | |||||||||
Depreciation and amortization | 24,647 | 19,696 | 50,385 | 40,519 | 80,973 | 107,867 | 140,979 | |||||||||
Real estate impairment | 77 | 3,831 | 4,377 | 15,507 | 16,737 | 72,939 | 32,975 | |||||||||
Provision for credit losses | 123 | 7,905 | 691 | 25,682 | 68,356 | 0 | 0 | |||||||||
Total operating expenses | 62,506 | 58,943 | 134,120 | 138,097 | 278,189 | 304,810 | 302,246 | |||||||||
Gain on disposition of real estate and condominium developments, net | 46,469 | 3,791 | 46,469 | 16,901 | 27,518 | 180,666 | 6,299 | |||||||||
Merger-related expenses, net | (2,193) | 0 | 0 | |||||||||||||
Merger termination fee income | 7,380 | 0 | 0 | |||||||||||||
Operating income | 75,725 | 12,144 | 92,994 | 20,107 | 45,439 | 289,212 | 135,329 | |||||||||
Other expense: | ||||||||||||||||
Interest expense and other, net | (15,520) | (31,276) | ||||||||||||||
Loss on extinguishment of debt | (1,478) | (370) | (1,478) | (4,752) | (4,841) | (7,227) | (46) | |||||||||
Net income (loss) | 57,787 | (11,776) | $ 4,179 | (3,746) | $ (12,175) | 162,590 | 2,573 | 9,006 | 8,851 | 55,034 | (15,921) | (23,518) | 183,020 | 37,412 | ||
Segment net income (loss) attributable to non-controlling interest | 0 | 121 | 134 | |||||||||||||
Net income attributable to the Company | 162,568 | $ 2,541 | $ 8,973 | $ 8,817 | (23,518) | 182,899 | 37,278 | |||||||||
Assets | 4,849,162 | 4,459,609 | 3,668,623 | 4,849,162 | 4,459,609 | $ 3,668,623 | ||||||||||
Mezzanine Loans | ||||||||||||||||
Revenues: | ||||||||||||||||
Interest income | 7,200 | 12,800 | ||||||||||||||
Operating expenses: | ||||||||||||||||
Provision for credit losses | $ 13,000 | $ 70,400 | ||||||||||||||
Other expense: | ||||||||||||||||
Number of Loans | loan | 8 | 8 | 4 | 8 | ||||||||||||
Operating Segments | ||||||||||||||||
Revenues: | ||||||||||||||||
Rental and other property income | 75,302 | 60,103 | $ 152,232 | 128,539 | $ 261,530 | $ 393,224 | 429,636 | |||||||||
Interest income | 16,460 | 7,193 | 28,413 | 12,764 | 29,393 | 20,132 | 1,640 | |||||||||
Total revenues | 91,762 | 67,296 | 180,645 | 141,303 | 290,923 | 413,356 | 431,276 | |||||||||
Operating expenses: | ||||||||||||||||
General and administrative | 3,605 | 3,020 | 8,033 | 5,902 | 15,385 | 13,729 | 14,127 | |||||||||
Property operating | 11,356 | 4,811 | 21,475 | 11,676 | 23,399 | 33,462 | 30,267 | |||||||||
Real estate tax | 7,706 | 6,748 | 19,925 | 13,726 | 27,691 | 32,196 | 37,898 | |||||||||
Expense reimbursements to related parties | 3,210 | 3,057 | 5,871 | 5,235 | ||||||||||||
Management fees | 11,755 | 9,750 | 23,332 | 19,600 | ||||||||||||
Management and advisory fees and expenses | 44,743 | 42,339 | 43,399 | |||||||||||||
Transaction-related | 27 | 125 | 31 | 250 | 905 | 2,278 | 2,601 | |||||||||
Depreciation and amortization | 24,647 | 19,696 | 50,385 | 40,519 | 80,973 | 107,867 | 140,979 | |||||||||
Real estate impairment | 77 | 3,831 | 4,377 | 15,507 | 16,737 | 72,939 | 32,975 | |||||||||
Provision for credit losses | 123 | 7,905 | 691 | 25,682 | 68,356 | |||||||||||
Total operating expenses | 62,506 | 58,943 | 134,120 | 138,097 | 278,189 | 304,810 | 302,246 | |||||||||
Gain on disposition of real estate and condominium developments, net | 46,469 | 3,791 | 46,469 | 16,901 | 27,518 | 180,666 | 6,299 | |||||||||
Merger-related expenses, net | 0 | (2,193) | ||||||||||||||
Merger termination fee income | 0 | 7,380 | ||||||||||||||
Operating income | 75,725 | 12,144 | 92,994 | 20,107 | 45,439 | 289,212 | 135,329 | |||||||||
Other expense: | ||||||||||||||||
Interest expense and other, net | (16,460) | (15,520) | (36,482) | (31,276) | (64,116) | (98,965) | (97,871) | |||||||||
Loss on extinguishment of debt | (1,478) | (370) | (1,478) | (4,752) | (4,841) | (7,227) | (46) | |||||||||
Net income (loss) | 57,787 | (3,746) | 55,034 | (15,921) | 183,020 | 37,412 | ||||||||||
Segment net income (loss) attributable to non-controlling interest | (23,518) | 121 | 134 | |||||||||||||
Net income attributable to the Company | 182,899 | 37,278 | ||||||||||||||
Assets | 4,849,162 | 4,459,609 | 3,664,335 | 3,668,623 | 4,849,162 | 3,664,335 | 4,459,609 | 3,668,623 | 4,617,371 | $ 4,849,162 | ||||||
Operating Segments | Real Estate | ||||||||||||||||
Revenues: | ||||||||||||||||
Rental and other property income | 75,203 | 60,103 | 151,998 | 128,539 | 261,530 | 393,224 | 429,636 | |||||||||
Interest income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Total revenues | 75,203 | 60,103 | 151,998 | 128,539 | 261,530 | 393,224 | 429,636 | |||||||||
Operating expenses: | ||||||||||||||||
General and administrative | 55 | 55 | 119 | 117 | 291 | 428 | 502 | |||||||||
Property operating | 7,613 | 4,811 | 14,742 | 11,676 | 23,399 | 33,462 | 30,267 | |||||||||
Real estate tax | 7,196 | 6,748 | 15,065 | 13,726 | 27,691 | 32,196 | 37,898 | |||||||||
Expense reimbursements to related parties | 0 | 0 | 0 | |||||||||||||
Management fees | 8,533 | 8,042 | 17,864 | 17,523 | ||||||||||||
Management and advisory fees and expenses | 32,164 | 35,557 | 38,032 | |||||||||||||
Transaction-related | 27 | 120 | 31 | 245 | 346 | 288 | 85 | |||||||||
Depreciation and amortization | 24,647 | 19,696 | 50,385 | 40,519 | 80,973 | 107,867 | 140,979 | |||||||||
Real estate impairment | 77 | 3,831 | 4,377 | 15,507 | 16,737 | 72,939 | 32,975 | |||||||||
Provision for credit losses | 0 | 0 | 0 | 0 | 0 | |||||||||||
Total operating expenses | 48,148 | 43,303 | 102,583 | 99,313 | 181,601 | 282,737 | 280,738 | |||||||||
Gain on disposition of real estate and condominium developments, net | 44,976 | 3,791 | 44,976 | 16,901 | 27,518 | 180,666 | 6,299 | |||||||||
Merger-related expenses, net | 0 | 0 | ||||||||||||||
Merger termination fee income | 0 | 0 | ||||||||||||||
Operating income | 72,031 | 20,591 | 94,391 | 46,127 | 107,447 | 291,153 | 155,197 | |||||||||
Other expense: | ||||||||||||||||
Interest expense and other, net | (3,713) | (5,560) | (7,829) | (11,895) | (21,380) | (45,606) | (49,458) | |||||||||
Loss on extinguishment of debt | (1,372) | (12) | (1,372) | (4,394) | (4,394) | (6,482) | (46) | |||||||||
Net income (loss) | 66,946 | 15,019 | 85,190 | 29,838 | 239,065 | 105,693 | ||||||||||
Segment net income (loss) attributable to non-controlling interest | 81,673 | 121 | 134 | |||||||||||||
Net income attributable to the Company | 238,944 | 105,559 | ||||||||||||||
Assets | 3,089,744 | 3,405,590 | 2,712,707 | 2,895,609 | 3,089,744 | 2,712,707 | 3,405,590 | 2,895,609 | 4,502,999 | 3,089,744 | ||||||
Operating Segments | Credit | ||||||||||||||||
Revenues: | ||||||||||||||||
Rental and other property income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Interest income | 16,460 | 7,193 | 28,413 | 12,764 | 29,393 | 20,132 | 1,640 | |||||||||
Total revenues | 16,460 | 7,193 | 28,413 | 12,764 | 29,393 | 20,132 | 1,640 | |||||||||
Operating expenses: | ||||||||||||||||
General and administrative | 331 | 512 | 713 | 524 | 2,080 | 10 | 0 | |||||||||
Property operating | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Real estate tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Expense reimbursements to related parties | 0 | 0 | 0 | 0 | ||||||||||||
Management fees | 3,222 | 1,708 | 5,468 | 2,077 | ||||||||||||
Management and advisory fees and expenses | 7,861 | 1,688 | 53 | |||||||||||||
Transaction-related | 0 | 5 | 0 | 5 | 9 | 1,242 | 1,786 | |||||||||
Depreciation and amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Real estate impairment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Provision for credit losses | 123 | 7,905 | 691 | 25,682 | 68,356 | |||||||||||
Total operating expenses | 3,676 | 10,130 | 6,872 | 28,288 | 78,306 | 2,940 | 1,839 | |||||||||
Gain on disposition of real estate and condominium developments, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Merger-related expenses, net | 0 | 0 | ||||||||||||||
Merger termination fee income | 0 | 0 | ||||||||||||||
Operating income | 12,784 | (2,937) | 21,541 | (15,524) | (48,913) | 17,192 | (199) | |||||||||
Other expense: | ||||||||||||||||
Interest expense and other, net | (3,341) | (762) | (6,888) | (562) | (5,101) | (19) | 0 | |||||||||
Loss on extinguishment of debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Net income (loss) | 9,443 | (3,699) | 14,653 | (16,086) | 17,173 | (199) | ||||||||||
Segment net income (loss) attributable to non-controlling interest | (54,014) | 0 | 0 | |||||||||||||
Net income attributable to the Company | 17,173 | (199) | ||||||||||||||
Assets | 1,479,061 | 949,764 | 708,084 | 551,805 | 1,479,061 | 708,084 | 949,764 | 551,805 | 90,788 | 1,479,061 | ||||||
Corporate And Reconciling Items | Corporate/Other | ||||||||||||||||
Revenues: | ||||||||||||||||
Rental and other property income | 99 | 0 | 234 | 0 | 0 | 0 | 0 | |||||||||
Interest income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Total revenues | 99 | 0 | 234 | 0 | 0 | 0 | 0 | |||||||||
Operating expenses: | ||||||||||||||||
General and administrative | 3,219 | 2,453 | 7,201 | 5,261 | 13,014 | 13,291 | 13,625 | |||||||||
Property operating | 3,743 | 0 | 6,733 | 0 | 0 | 0 | 0 | |||||||||
Real estate tax | 510 | 0 | 4,860 | 0 | 0 | 0 | 0 | |||||||||
Expense reimbursements to related parties | 3,210 | 3,057 | 5,871 | 5,235 | ||||||||||||
Management fees | 0 | 0 | 0 | 0 | ||||||||||||
Management and advisory fees and expenses | 4,718 | 5,094 | 5,314 | |||||||||||||
Transaction-related | 0 | 0 | 0 | 0 | 550 | 748 | 730 | |||||||||
Depreciation and amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Real estate impairment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Provision for credit losses | 0 | 0 | 0 | 0 | 0 | |||||||||||
Total operating expenses | 10,682 | 5,510 | 24,665 | 10,496 | 18,282 | 19,133 | 19,669 | |||||||||
Gain on disposition of real estate and condominium developments, net | 1,493 | 0 | 1,493 | 0 | 0 | 0 | 0 | |||||||||
Merger-related expenses, net | 0 | (2,193) | ||||||||||||||
Merger termination fee income | 0 | 7,380 | ||||||||||||||
Operating income | (9,090) | (5,510) | (22,938) | (10,496) | (13,095) | (19,133) | (19,669) | |||||||||
Other expense: | ||||||||||||||||
Interest expense and other, net | (9,406) | (9,198) | (21,765) | (18,819) | (37,635) | (53,340) | (48,413) | |||||||||
Loss on extinguishment of debt | (106) | (358) | (106) | (358) | (447) | (745) | 0 | |||||||||
Net income (loss) | (18,602) | (15,066) | (44,809) | (29,673) | (73,218) | (68,082) | ||||||||||
Segment net income (loss) attributable to non-controlling interest | (51,177) | 0 | 0 | |||||||||||||
Net income attributable to the Company | (73,218) | (68,082) | ||||||||||||||
Assets | $ 280,357 | $ 104,255 | $ 243,544 | $ 221,209 | $ 280,357 | $ 243,544 | $ 104,255 | $ 221,209 | $ 23,584 | $ 280,357 |
QUARTERLY RESULTS (UNAUDITED)_2
QUARTERLY RESULTS (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Revenues | $ 91,762 | $ 76,978 | $ 72,642 | $ 67,296 | $ 74,007 | $ 93,088 | $ 105,479 | $ 105,529 | $ 109,260 | $ 180,645 | $ 141,303 | $ 290,923 | $ 413,356 | $ 431,276 |
Net (loss) income | $ 57,787 | $ (11,776) | $ 4,179 | $ (3,746) | $ (12,175) | 162,590 | 2,573 | 9,006 | 8,851 | $ 55,034 | $ (15,921) | (23,518) | 183,020 | 37,412 |
Net income attributable to the Company | $ 162,568 | $ 2,541 | $ 8,973 | $ 8,817 | $ (23,518) | $ 182,899 | $ 37,278 | |||||||
Basic and diluted net income (loss) per common share (USD per share) | $ 0.16 | $ (0.04) | $ 0.01 | $ (0.01) | $ (0.04) | $ 0.52 | $ 0.01 | $ 0.03 | $ 0.03 | $ 0.15 | $ (0.05) | $ (0.08) | $ 0.59 | $ 0.12 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ in Thousands | Jul. 01, 2021building | Jan. 07, 2021ft²apartmentUnitbuildinginvestment | Dec. 31, 2020USD ($)property | Aug. 16, 2021USD ($) | Mar. 31, 2021USD ($)property | Jun. 30, 2021USD ($)apartmentUnitproperty | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($)property |
Subsequent Event [Line Items] | ||||||||||
Number of properties disposed | property | 516 | 469 | 516 | |||||||
Proceeds from disposition of properties | $ 304,370 | $ 157,198 | $ 263,797 | $ 1,399,953 | $ 64,180 | |||||
CMBS | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Net investments in debt securities | $ 76,600 | $ 28,500 | $ 76,600 | |||||||
Consolidated properties | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Number of properties disposed | property | 9 | 9 | ||||||||
Condominium Units | Foreclosure of Mezzanine Loans | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Number of real estate properties secured through foreclosure | apartmentUnit | 75 | |||||||||
Condominium Units | Foreclosure of Mezzanine Loans | Consolidated properties | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Number of real estate properties secured through foreclosure | apartmentUnit | 75 | 75 | ||||||||
Rental Unit | Foreclosure of Mezzanine Loans | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Number of real estate properties secured through foreclosure | apartmentUnit | 21 | |||||||||
Rental Unit | Foreclosure of Mezzanine Loans | Consolidated properties | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Number of real estate properties secured through foreclosure | apartmentUnit | 21 | 21 | ||||||||
Buildings | Foreclosure of Mezzanine Loans | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Number of real estate properties secured through foreclosure | building | 4 | |||||||||
Buildings | Foreclosure of Mezzanine Loans | Consolidated properties | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Number of real estate properties secured through foreclosure | building | 4 | 4 | ||||||||
Subsequent event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Real estate property purchase consideration | $ 118,800 | |||||||||
Proceeds from disposition of properties | $ 115,500 | $ 3,500 | ||||||||
Subsequent event | CMBS | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Net investments in debt securities | 28,500 | |||||||||
Subsequent event | Credit facilities | Barclays Bank PLC | Affiliated entity | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Repurchase facilities in an aggregate amount | $ 122,300 | |||||||||
Subsequent event | Foreclosure of Mezzanine Loans | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Area of real estate property secured | ft² | 164,000 | |||||||||
Subsequent event | Broadly syndicated loans | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Debt settled | $ 37,400 | |||||||||
Subsequent event | Commercial Real Estate | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Number of properties disposed | property | 1 | |||||||||
Real estate property purchase consideration | $ 3,700 | |||||||||
Subsequent event | Condominium Units | Foreclosure of Mezzanine Loans | Consolidated properties | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Number of real estate properties secured through foreclosure | investment | 75 | |||||||||
Subsequent event | Rental Unit | Foreclosure of Mezzanine Loans | Consolidated properties | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Number of real estate properties secured through foreclosure | investment | 21 | |||||||||
Subsequent event | Buildings | Foreclosure of Mezzanine Loans | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Number of real estate properties secured through foreclosure | building | 4 |
SUBSEQUENT EVENTS - Redemptions
SUBSEQUENT EVENTS - Redemptions of Shares of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||
Aug. 16, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Subsequent Event [Line Items] | ||||||
Redemptions of common stock | $ 19,191 | $ 19,514 | $ 48,066 | $ 84,088 | $ 93,830 | |
Subsequent event | ||||||
Subsequent Event [Line Items] | ||||||
Redemption of common stock (shares) | 1.7 | |||||
Redemptions of common stock | $ 12,000 | |||||
Redemption price per Share (usd per share) | $ 7.20 | |||||
Remaining redemption (shares) | 31.1 |
SUBSEQUENT EVENTS - Property Di
SUBSEQUENT EVENTS - Property Disposition (Details) $ in Thousands | 2 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Aug. 16, 2021USD ($)property | Mar. 31, 2021USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Subsequent Event [Line Items] | |||||||
Net proceeds from disposition of real estate assets and condominium developments | $ 304,370 | $ 157,198 | $ 263,797 | $ 1,399,953 | $ 64,180 | ||
Gain (loss) on sale of properties | $ 46,469 | $ 16,901 | $ 27,518 | $ 180,666 | $ 6,299 | ||
Subsequent event | |||||||
Subsequent Event [Line Items] | |||||||
Number of properties disposed | property | 61 | ||||||
Aggregate gross sales price | $ 118,800 | ||||||
Net proceeds from disposition of real estate assets and condominium developments | 115,500 | $ 3,500 | |||||
Gain (loss) on sale of properties | $ 27,000 |
SUBSEQUENT EVENTS - Broadly Syn
SUBSEQUENT EVENTS - Broadly Syndicated Loans (Details) - Broadly Syndicated Loans - Subsequent event - USD ($) $ in Millions | 2 Months Ended | 3 Months Ended |
Aug. 16, 2021 | Mar. 31, 2021 | |
Subsequent Event [Line Items] | ||
Debt settled | $ 37.4 | |
Loans settled | $ 0 | |
Reserves for Settlement of Loan Acquisitions | ||
Subsequent Event [Line Items] | ||
Debt settled | $ 62.3 | |
Loans settled | $ 28.5 |
SUBSEQUENT EVENTS - CRE Loans (
SUBSEQUENT EVENTS - CRE Loans (Details) $ in Millions | 2 Months Ended |
Aug. 16, 2021USD ($) | |
CRE Loans | Subsequent event | Unfunded Loan Commitment | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Proceeds from principal repayments | $ 99.6 |
SUBSEQUENT EVENTS - Derivative
SUBSEQUENT EVENTS - Derivative Instruments and Notes Payable (Details) $ in Thousands | 2 Months Ended | 6 Months Ended | 12 Months Ended | |
Aug. 16, 2021USD ($)swap_agreement | Jun. 30, 2021USD ($)swap_agreement | Dec. 31, 2020USD ($)swap_agreement | Dec. 31, 2019USD ($) | |
Subsequent Event [Line Items] | ||||
Outstanding debt | $ | $ 2,544,690 | $ 2,149,976 | $ 1,611,261 | |
Subsequent event | ||||
Subsequent Event [Line Items] | ||||
Repayment of mortgage notes payable | $ | $ 21,500 | |||
Subsequent event | Credit and Security Agreement | ||||
Subsequent Event [Line Items] | ||||
Outstanding debt | $ | $ 220,000 | |||
Interest Rate Swap | ||||
Subsequent Event [Line Items] | ||||
Number of interest rate terminated | swap_agreement | 2 | 1 | ||
Interest Rate Swap | Subsequent event | ||||
Subsequent Event [Line Items] | ||||
Number of interest rate derivatives matured | swap_agreement | 1 | |||
Number of interest rate terminated | swap_agreement | 2 |
SUBSEQUENT EVENTS - Credit and
SUBSEQUENT EVENTS - Credit and Security Agreement (Details) - USD ($) $ in Millions | Aug. 16, 2021 | Dec. 21, 2020 |
Subsequent Event [Line Items] | ||
Line of credit maximum borrowing capacity | $ 130 | |
Subsequent event | ||
Subsequent Event [Line Items] | ||
Line of credit maximum borrowing capacity | $ 774 | |
Subsequent event | Credit and Security Agreement | ||
Subsequent Event [Line Items] | ||
Line of credit maximum borrowing capacity | $ 50 |
SUBSEQUENT EVENTS - Repurchase
SUBSEQUENT EVENTS - Repurchase Facilities (Details) $ in Millions | 2 Months Ended |
Aug. 16, 2021USD ($) | |
Subsequent event | Credit facilities | Amended Citi Repurchase Agreement | |
Subsequent Event [Line Items] | |
Repayments of debt | $ 66.4 |
SUBSEQUENT EVENTS - First Lien
SUBSEQUENT EVENTS - First Lien Mortgage Loan (Details) - Subsequent event $ in Millions | 2 Months Ended |
Aug. 16, 2021USD ($)entity | |
Subsequent Event [Line Items] | |
First mortgage bond | $ | $ 650 |
First lien mortgage loan on number of single purpose entities | entity | 114 |
SUBSEQUENT EVENTS - Net-Lease M
SUBSEQUENT EVENTS - Net-Lease Mortgage Notes (Details) - USD ($) $ in Millions | Aug. 16, 2021 | Dec. 21, 2020 |
Subsequent Event [Line Items] | ||
Line of credit maximum borrowing capacity | $ 130 | |
Subsequent event | ||
Subsequent Event [Line Items] | ||
Line of credit maximum borrowing capacity | $ 774 |
SUBSEQUENT EVENTS - Credit Faci
SUBSEQUENT EVENTS - Credit Facilities and Notes Payable (Details) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||
Aug. 16, 2021 | Aug. 16, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Dec. 31, 2019 | |
Subsequent Event [Line Items] | |||||
Outstanding debt | $ 2,149,976 | $ 2,544,690 | $ 1,611,261 | ||
Notes payable – fixed rate debt | |||||
Subsequent Event [Line Items] | |||||
Repayments of debt | 40,800 | ||||
Outstanding debt | $ 578,096 | $ 523,562 | |||
Subsequent event | Notes payable – fixed rate debt | |||||
Subsequent Event [Line Items] | |||||
Repayments of debt | $ 104,100 | $ 104,100 | |||
Outstanding debt | $ 1,110,000 | $ 1,110,000 |
SCHEDULE III - Real Estate As_2
SCHEDULE III - Real Estate Assets and Accumulated Depreciation - 1 (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 578,096 | |||
Land | 901,859 | |||
Buildings Improvements | 2,533,704 | |||
Total Adjustment to Basis | (63,637) | |||
Gross Amount at Which Carried | 3,371,926 | $ 2,530,311 | $ 4,444,041 | $ 4,564,592 |
Accumulated Depreciation | 298,364 | $ 243,122 | $ 385,245 | $ 334,476 |
10 Box Cost Plus: | Conway, AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 733 | |||
Buildings Improvements | 1,654 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,387 | |||
Accumulated Depreciation | 170 | |||
10 Box Cost Plus: | Russellville, AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 990 | |||
Buildings Improvements | 1,470 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,460 | |||
Accumulated Depreciation | 177 | |||
Aaron's Rents: | Arkadelphia, AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 183 | |||
Buildings Improvements | 491 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 674 | |||
Accumulated Depreciation | 1 | |||
Academy Sports: | Cartersville, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,517 | |||
Buildings Improvements | 4,574 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 9,091 | |||
Accumulated Depreciation | 7 | |||
Academy Sports: | Cookeville, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | ||||
Buildings Improvements | 23,847 | |||
Total Adjustment to Basis | 73,371 | |||
Gross Amount at Which Carried | 97,218 | |||
Accumulated Depreciation | 11,933 | |||
Academy Sports: | Greenville, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,968 | |||
Buildings Improvements | 7,054 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 9,022 | |||
Accumulated Depreciation | 847 | |||
Academy Sports: | McDonough, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,846 | |||
Buildings Improvements | 5,626 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 7,472 | |||
Accumulated Depreciation | 1,047 | |||
Academy Sports: | Valdosta, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,838 | |||
Land | 2,482 | |||
Buildings Improvements | 5,922 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 8,404 | |||
Accumulated Depreciation | 1,343 | |||
Actuant Campus: | Columbus, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,090 | |||
Buildings Improvements | 14,633 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 16,723 | |||
Accumulated Depreciation | 19 | |||
Advance Auto Parts: | Fairmont, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 253 | |||
Buildings Improvements | 868 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,121 | |||
Accumulated Depreciation | 1 | |||
Advance Auto Parts: | Hampton,VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 645 | |||
Buildings Improvements | 655 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,300 | |||
Accumulated Depreciation | 1 | |||
Advance Auto Parts: | Mattoon, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 261 | |||
Buildings Improvements | 1,063 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,324 | |||
Accumulated Depreciation | 134 | |||
Advance Auto Parts: | Stratford,CT | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 755 | |||
Buildings Improvements | 1,736 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,491 | |||
Accumulated Depreciation | 2 | |||
Advance Auto Parts: | Willmar, MN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 200 | |||
Buildings Improvements | 1,279 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,479 | |||
Accumulated Depreciation | 187 | |||
Albany Square: | Albany, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,600 | |||
Land | 1,606 | |||
Buildings Improvements | 7,113 | |||
Total Adjustment to Basis | 373 | |||
Gross Amount at Which Carried | 9,092 | |||
Accumulated Depreciation | 1,610 | |||
Almeda Crossing: | Houston, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,738 | |||
Buildings Improvements | 26,245 | |||
Total Adjustment to Basis | (8,732) | |||
Gross Amount at Which Carried | 22,251 | |||
Accumulated Depreciation | 415 | |||
Aspen Dental: | Rogers,AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 289 | |||
Buildings Improvements | 1,611 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,900 | |||
Accumulated Depreciation | 2 | |||
At Home: | Pearland, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,663 | |||
Buildings Improvements | 10,305 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 13,968 | |||
Accumulated Depreciation | 14 | |||
AutoZone: | Sheffield, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 815 | |||
Buildings Improvements | 0 | |||
Total Adjustment to Basis | 770 | |||
Gross Amount at Which Carried | 1,585 | |||
Accumulated Depreciation | 125 | |||
Bass Pro Shop: | Portage, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,428 | |||
Buildings Improvements | 8,414 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 9,842 | |||
Accumulated Depreciation | 14 | |||
Bass Pro Shop: | Tallahassee, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 945 | |||
Buildings Improvements | 5,713 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 6,658 | |||
Accumulated Depreciation | 1,190 | |||
Beavercreek Shopping Center: | Beavercreek, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 5,504 | |||
Buildings Improvements | 25,178 | |||
Total Adjustment to Basis | 554 | |||
Gross Amount at Which Carried | 31,236 | |||
Accumulated Depreciation | 5,130 | |||
Becton Dickinson and Company | Broken Bow, NE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 244 | |||
Buildings Improvements | 1,733 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,977 | |||
Accumulated Depreciation | 333 | |||
Bed Bath & Beyond/Golf Smith: | Schaumburg, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,300 | |||
Land | 4,786 | |||
Buildings Improvements | 6,149 | |||
Total Adjustment to Basis | (1,065) | |||
Gross Amount at Which Carried | 9,870 | |||
Accumulated Depreciation | 458 | |||
BJ's Wholesale Club: | Fort Myers, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 5,331 | |||
Buildings Improvements | 21,692 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 27,023 | |||
Accumulated Depreciation | 25 | |||
BJ's Wholesale Club: | Roanoke, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,509 | |||
Buildings Improvements | 14,545 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 19,054 | |||
Accumulated Depreciation | 49 | |||
Blankenbaker Plaza: | Louisville, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,861 | |||
Buildings Improvements | 10,497 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 15,358 | |||
Accumulated Depreciation | 16 | |||
Bob Evans: | Akron, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 447 | |||
Buildings Improvements | 1,537 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,984 | |||
Accumulated Depreciation | 176 | |||
Bob Evans: | Anderson, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 912 | |||
Buildings Improvements | 1,455 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,367 | |||
Accumulated Depreciation | 170 | |||
Bob Evans: | Austintown, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 305 | |||
Buildings Improvements | 1,426 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,731 | |||
Accumulated Depreciation | 176 | |||
Bob Evans: | Birch Run, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 733 | |||
Buildings Improvements | 1,192 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,925 | |||
Accumulated Depreciation | 143 | |||
Bob Evans: | Blue Ash, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 628 | |||
Buildings Improvements | 1,429 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,057 | |||
Accumulated Depreciation | 190 | |||
Bob Evans: | Chardon, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 333 | |||
Buildings Improvements | 682 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,015 | |||
Accumulated Depreciation | 89 | |||
Bob Evans: | Chillicothe, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 557 | |||
Buildings Improvements | 1,524 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,081 | |||
Accumulated Depreciation | 182 | |||
Bob Evans: | Columbus, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 523 | |||
Buildings Improvements | 1,376 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,899 | |||
Accumulated Depreciation | 170 | |||
Bob Evans: | Dayton, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 325 | |||
Buildings Improvements | 1,438 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,763 | |||
Accumulated Depreciation | 182 | |||
Bob Evans: | Florence, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 496 | |||
Buildings Improvements | 1,876 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,372 | |||
Accumulated Depreciation | 232 | |||
Bob Evans: | Gallipolis, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 529 | |||
Buildings Improvements | 2,963 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,492 | |||
Accumulated Depreciation | 3 | |||
Bob Evans: | Hagerstown, MD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 490 | |||
Buildings Improvements | 2,789 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,279 | |||
Accumulated Depreciation | 3 | |||
Bob Evans: | Holland, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 314 | |||
Buildings Improvements | 1,367 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,681 | |||
Accumulated Depreciation | 168 | |||
Bob Evans: | Huntersville, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 751 | |||
Buildings Improvements | 657 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,408 | |||
Accumulated Depreciation | 78 | |||
Bob Evans: | Hurricane, WV | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 297 | |||
Buildings Improvements | 1,654 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,951 | |||
Accumulated Depreciation | 185 | |||
Bob Evans: | Mansfield, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 495 | |||
Buildings Improvements | 2,423 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,918 | |||
Accumulated Depreciation | 3 | |||
Bob Evans: | Milford, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 271 | |||
Buildings Improvements | 1,498 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,769 | |||
Accumulated Depreciation | 186 | |||
Bob Evans: | Monroe, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 623 | |||
Buildings Improvements | 2,177 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,800 | |||
Accumulated Depreciation | 3 | |||
Bob Evans: | Monroeville, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,340 | |||
Buildings Improvements | 848 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,188 | |||
Accumulated Depreciation | 96 | |||
Bob Evans: | Nicholasville, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 731 | |||
Buildings Improvements | 693 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,424 | |||
Accumulated Depreciation | 80 | |||
Bob Evans: | North Canton, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 859 | |||
Buildings Improvements | 1,393 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,252 | |||
Accumulated Depreciation | 172 | |||
Bob Evans: | Northwood, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 514 | |||
Buildings Improvements | 2,760 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,274 | |||
Accumulated Depreciation | 3 | |||
Bob Evans: | Peoria, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 620 | |||
Buildings Improvements | 524 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,144 | |||
Accumulated Depreciation | 1 | |||
Bob Evans: | Piqua, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 413 | |||
Buildings Improvements | 2,187 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,600 | |||
Accumulated Depreciation | 3 | |||
Bob Evans: | Ripley, WV | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 269 | |||
Buildings Improvements | 1,304 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,573 | |||
Accumulated Depreciation | 156 | |||
Bob Evans: | Tipp City, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 554 | |||
Buildings Improvements | 1,120 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,674 | |||
Accumulated Depreciation | 142 | |||
Bob Evans: | Warsaw, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 684 | |||
Buildings Improvements | 1,222 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,906 | |||
Accumulated Depreciation | 145 | |||
Boston Commons: | Springfield, MA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,101 | |||
Buildings Improvements | 7,042 | |||
Total Adjustment to Basis | 280 | |||
Gross Amount at Which Carried | 10,423 | |||
Accumulated Depreciation | 1,292 | |||
Bottom Dollar Grocery: | Ambridge, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 519 | |||
Buildings Improvements | 2,985 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,504 | |||
Accumulated Depreciation | 548 | |||
Brynwood Square: | Rockford, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,747 | |||
Buildings Improvements | 11,393 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 13,140 | |||
Accumulated Depreciation | 25 | |||
Burger King: | Yukon, OK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 500 | |||
Buildings Improvements | 1,141 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,641 | |||
Accumulated Depreciation | 1 | |||
Burlington Coat Factory: | Bangor, ME | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,820 | |||
Buildings Improvements | 2,549 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,369 | |||
Accumulated Depreciation | 5 | |||
Cabela's: | Acworth, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,979 | |||
Buildings Improvements | 18,775 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 23,754 | |||
Accumulated Depreciation | 1,694 | |||
Cabela's: | Avon, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,755 | |||
Buildings Improvements | 10,751 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 13,506 | |||
Accumulated Depreciation | 986 | |||
Cabela's: | La Vista, NE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,260 | |||
Buildings Improvements | 16,923 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 20,183 | |||
Accumulated Depreciation | 1,468 | |||
Cabela's: | Sun Prairie, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,373 | |||
Buildings Improvements | 14,058 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 17,431 | |||
Accumulated Depreciation | 1,338 | |||
Caliber Collision Center: | Fredericksburg, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,807 | |||
Buildings Improvements | 2,292 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,099 | |||
Accumulated Depreciation | 32 | |||
Caliber Collision Center: | Frisco, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,484 | |||
Buildings Improvements | 2,038 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,522 | |||
Accumulated Depreciation | 369 | |||
Caliber Collision Center: | Lake Jackson,TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 800 | |||
Buildings Improvements | 2,974 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,774 | |||
Accumulated Depreciation | 4 | |||
Caliber Collision Center: | Las Cruces, NM | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 673 | |||
Buildings Improvements | 1,949 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,622 | |||
Accumulated Depreciation | 334 | |||
Caliber Collision Center: | Richmond, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,453 | |||
Buildings Improvements | 3,323 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,776 | |||
Accumulated Depreciation | 48 | |||
Caliber Collision Center: | San Antonio, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 691 | |||
Buildings Improvements | 4,458 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 5,149 | |||
Accumulated Depreciation | 6 | |||
Caliber Collision Center: | San Antonio, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 622 | |||
Buildings Improvements | 832 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,454 | |||
Accumulated Depreciation | 139 | |||
Caliber Collision Center: | Williamsburg, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,418 | |||
Buildings Improvements | 2,800 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,218 | |||
Accumulated Depreciation | 45 | |||
Caliber Collision Center: | Wylie, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 816 | |||
Buildings Improvements | 2,690 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,506 | |||
Accumulated Depreciation | 454 | |||
Camping World: | Fort Myers, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,226 | |||
Buildings Improvements | 11,832 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 15,058 | |||
Accumulated Depreciation | 16 | |||
Camping World: | Pensacola, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,152 | |||
Buildings Improvements | 3,831 | |||
Total Adjustment to Basis | (1,307) | |||
Gross Amount at Which Carried | 4,676 | |||
Accumulated Depreciation | 109 | |||
Canton Marketplace: | Canton, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 31,801 | |||
Land | 8,310 | |||
Buildings Improvements | 48,667 | |||
Total Adjustment to Basis | 930 | |||
Gross Amount at Which Carried | 57,907 | |||
Accumulated Depreciation | 12,023 | |||
Carlisle Crossing: | Carlisle, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,491 | |||
Buildings Improvements | 15,817 | |||
Total Adjustment to Basis | 41 | |||
Gross Amount at Which Carried | 20,349 | |||
Accumulated Depreciation | 2,943 | |||
Cash & Carry: | Salt Lake City, UT | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 863 | |||
Buildings Improvements | 4,149 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 5,012 | |||
Accumulated Depreciation | 5 | |||
Chase: | Hanover Township, NJ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,192 | |||
Buildings Improvements | 0 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,192 | |||
Accumulated Depreciation | 0 | |||
Costco: | Tallahassee, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,146 | |||
Land | 9,497 | |||
Buildings Improvements | 0 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 9,497 | |||
Accumulated Depreciation | 0 | |||
Cottonwood Commons: | Albuquerque, NM | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 19,250 | |||
Land | 4,986 | |||
Buildings Improvements | 28,881 | |||
Total Adjustment to Basis | 274 | |||
Gross Amount at Which Carried | 34,141 | |||
Accumulated Depreciation | 5,688 | |||
Coventry Crossing: | Coventry , RI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,000 | |||
Land | 3,462 | |||
Buildings Improvements | 5,899 | |||
Total Adjustment to Basis | (2,292) | |||
Gross Amount at Which Carried | 7,069 | |||
Accumulated Depreciation | 137 | |||
Crosspoint: | Hagerstown, MD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 12,285 | |||
Buildings Improvements | 14,359 | |||
Total Adjustment to Basis | (971) | |||
Gross Amount at Which Carried | 25,673 | |||
Accumulated Depreciation | 2,937 | |||
Crossroads Annex: | Lafayette, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,659 | |||
Buildings Improvements | 7,091 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 8,750 | |||
Accumulated Depreciation | 1,431 | |||
Crossroads Commons: | Plover, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,000 | |||
Buildings Improvements | 4,515 | |||
Total Adjustment to Basis | 75 | |||
Gross Amount at Which Carried | 5,590 | |||
Accumulated Depreciation | 1,068 | |||
CVS: | San Antonio, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,893 | |||
Buildings Improvements | 1,848 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,741 | |||
Accumulated Depreciation | 339 | |||
CVS: | Arnold, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,043 | |||
Buildings Improvements | 2,367 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,410 | |||
Accumulated Depreciation | 429 | |||
CVS: | Asheville, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,108 | |||
Buildings Improvements | 1,084 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,192 | |||
Accumulated Depreciation | 248 | |||
CVS: | Austin, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,076 | |||
Buildings Improvements | 3,475 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,551 | |||
Accumulated Depreciation | 626 | |||
CVS: | Bloomington, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,620 | |||
Buildings Improvements | 2,957 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,577 | |||
Accumulated Depreciation | 536 | |||
CVS: | Blue Springs, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 395 | |||
Buildings Improvements | 2,722 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,117 | |||
Accumulated Depreciation | 493 | |||
CVS: | Bridgeton, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,056 | |||
Buildings Improvements | 2,362 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,418 | |||
Accumulated Depreciation | 428 | |||
CVS: | Charleston, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 869 | |||
Buildings Improvements | 1,009 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,878 | |||
Accumulated Depreciation | 232 | |||
CVS: | Chesapeake, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,044 | |||
Buildings Improvements | 3,053 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,097 | |||
Accumulated Depreciation | 564 | |||
CVS: | Chicago, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,832 | |||
Buildings Improvements | 4,255 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 6,087 | |||
Accumulated Depreciation | 829 | |||
CVS: | Cicero, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 487 | |||
Buildings Improvements | 3,099 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,586 | |||
Accumulated Depreciation | 561 | |||
CVS: | Corpus Christi, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 648 | |||
Buildings Improvements | 2,557 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,205 | |||
Accumulated Depreciation | 566 | |||
CVS: | Danville, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 424 | |||
Buildings Improvements | 2,105 | |||
Total Adjustment to Basis | 76 | |||
Gross Amount at Which Carried | 2,605 | |||
Accumulated Depreciation | 371 | |||
CVS: | Eminence, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 872 | |||
Buildings Improvements | 2,511 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,383 | |||
Accumulated Depreciation | 449 | |||
CVS: | Goose Creek, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,022 | |||
Buildings Improvements | 1,980 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,002 | |||
Accumulated Depreciation | 355 | |||
CVS: | Greenwood, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 912 | |||
Buildings Improvements | 3,549 | |||
Total Adjustment to Basis | 61 | |||
Gross Amount at Which Carried | 4,522 | |||
Accumulated Depreciation | 671 | |||
CVS: | Hanover Township, NJ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,746 | |||
Buildings Improvements | 0 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,746 | |||
Accumulated Depreciation | 0 | |||
CVS: | Hazlet, NJ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,047 | |||
Buildings Improvements | 3,610 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 6,657 | |||
Accumulated Depreciation | 650 | |||
CVS: | Honesdale, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,206 | |||
Buildings Improvements | 3,342 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,548 | |||
Accumulated Depreciation | 620 | |||
CVS: | Independence, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 359 | |||
Buildings Improvements | 2,242 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,601 | |||
Accumulated Depreciation | 407 | |||
CVS: | Indianapolis, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,110 | |||
Buildings Improvements | 2,484 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,594 | |||
Accumulated Depreciation | 450 | |||
CVS: | Irving, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 745 | |||
Buildings Improvements | 3,034 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,779 | |||
Accumulated Depreciation | 640 | |||
CVS: | Janesville, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 736 | |||
Buildings Improvements | 2,545 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,281 | |||
Accumulated Depreciation | 460 | |||
CVS: | Katy, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,149 | |||
Buildings Improvements | 2,462 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,611 | |||
Accumulated Depreciation | 436 | |||
CVS: | Lincoln, NE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,534 | |||
Buildings Improvements | 3,014 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 5,548 | |||
Accumulated Depreciation | 544 | |||
CVS: | London, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,445 | |||
Buildings Improvements | 2,661 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,106 | |||
Accumulated Depreciation | 499 | |||
CVS: | Middletown, NY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 665 | |||
Buildings Improvements | 5,483 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 6,148 | |||
Accumulated Depreciation | 979 | |||
CVS: | North Wilkesboro, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 332 | |||
Buildings Improvements | 2,369 | |||
Total Adjustment to Basis | 73 | |||
Gross Amount at Which Carried | 2,774 | |||
Accumulated Depreciation | 435 | |||
CVS: | Poplar Bluff, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,861 | |||
Buildings Improvements | 2,211 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,072 | |||
Accumulated Depreciation | 402 | |||
CVS: | Riverton, NJ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,217 | |||
Buildings Improvements | 5,553 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 6,770 | |||
Accumulated Depreciation | 6 | |||
CVS: | Salem, NH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,456 | |||
Buildings Improvements | 2,351 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 5,807 | |||
Accumulated Depreciation | 421 | |||
CVS: | Sand Springs, OK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,765 | |||
Buildings Improvements | 2,283 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,048 | |||
Accumulated Depreciation | 416 | |||
CVS: | Santa Fe, NM | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,243 | |||
Buildings Improvements | 4,619 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 6,862 | |||
Accumulated Depreciation | 823 | |||
CVS: | Sedalia, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 466 | |||
Buildings Improvements | 2,318 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,784 | |||
Accumulated Depreciation | 421 | |||
CVS: | St. John, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,546 | |||
Buildings Improvements | 2,601 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,147 | |||
Accumulated Depreciation | 471 | |||
CVS: | Temple Hills, MD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,817 | |||
Buildings Improvements | 2,989 | |||
Total Adjustment to Basis | 71 | |||
Gross Amount at Which Carried | 4,877 | |||
Accumulated Depreciation | 552 | |||
CVS: | Vineland, NJ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 813 | |||
Buildings Improvements | 2,926 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,739 | |||
Accumulated Depreciation | 546 | |||
CVS: | Waynesboro, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 986 | |||
Buildings Improvements | 2,708 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,694 | |||
Accumulated Depreciation | 490 | |||
CVS: | West Monroe, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,738 | |||
Buildings Improvements | 2,136 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,874 | |||
Accumulated Depreciation | 389 | |||
Darien Towne Center: | Darien, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 6,718 | |||
Buildings Improvements | 11,951 | |||
Total Adjustment to Basis | 915 | |||
Gross Amount at Which Carried | 19,584 | |||
Accumulated Depreciation | 3,143 | |||
Decatur Commons: | Decatur, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,000 | |||
Land | 2,478 | |||
Buildings Improvements | 9,333 | |||
Total Adjustment to Basis | 860 | |||
Gross Amount at Which Carried | 12,671 | |||
Accumulated Depreciation | 2,066 | |||
Derby Marketplace: | Derby, KS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,169 | |||
Buildings Improvements | 6,494 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 9,663 | |||
Accumulated Depreciation | 12 | |||
Dick's Petsmart Center: | Oshkosh, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,445 | |||
Buildings Improvements | 6,599 | |||
Total Adjustment to Basis | (1,722) | |||
Gross Amount at Which Carried | 6,322 | |||
Accumulated Depreciation | 138 | |||
Dick's Sporting Goods: | Oklahoma City, OK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 685 | |||
Buildings Improvements | 10,587 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 11,272 | |||
Accumulated Depreciation | 2,371 | |||
Dollar General: | Akron, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 112 | |||
Buildings Improvements | 1,099 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,211 | |||
Accumulated Depreciation | 221 | |||
Dollar General: | Columbus, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 279 | |||
Buildings Improvements | 1,248 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,527 | |||
Accumulated Depreciation | 251 | |||
Dollar General: | Athens, WV | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 270 | |||
Buildings Improvements | 1,364 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,634 | |||
Accumulated Depreciation | 2 | |||
Dollar General: | Autaugaville, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 103 | |||
Buildings Improvements | 951 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,054 | |||
Accumulated Depreciation | 2 | |||
Dollar General: | Bluefield, WV | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 290 | |||
Buildings Improvements | 1,135 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,425 | |||
Accumulated Depreciation | 2 | |||
Dollar General: | Buffalo, NY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 122 | |||
Buildings Improvements | 1,099 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,221 | |||
Accumulated Depreciation | 177 | |||
Dollar General: | Charleston, WV | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 340 | |||
Buildings Improvements | 1,184 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,524 | |||
Accumulated Depreciation | 2 | |||
Dollar General: | Charleston, WV | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 370 | |||
Buildings Improvements | 1,135 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,505 | |||
Accumulated Depreciation | 2 | |||
Dollar General: | Charleston, WV | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 341 | |||
Buildings Improvements | 1,039 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,380 | |||
Accumulated Depreciation | 2 | |||
Dollar General: | Collinsville, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 194 | |||
Buildings Improvements | 1,003 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,197 | |||
Accumulated Depreciation | 2 | |||
Dollar General: | Des Moines, IA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 166 | |||
Buildings Improvements | 943 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,109 | |||
Accumulated Depreciation | 188 | |||
Dollar General: | Elmwood, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 173 | |||
Buildings Improvements | 941 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,114 | |||
Accumulated Depreciation | 2 | |||
Dollar General: | Glouster, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 220 | |||
Buildings Improvements | 1,276 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,496 | |||
Accumulated Depreciation | 2 | |||
Dollar General: | Houston (Gears), TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 255 | |||
Buildings Improvements | 1,393 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,648 | |||
Accumulated Depreciation | 259 | |||
Dollar General: | Huntington, WV | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 260 | |||
Buildings Improvements | 1,182 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,442 | |||
Accumulated Depreciation | 2 | |||
Dollar General: | Huntington, WV | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 240 | |||
Buildings Improvements | 1,276 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,516 | |||
Accumulated Depreciation | 2 | |||
Dollar General: | Junction City, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 171 | |||
Buildings Improvements | 847 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,018 | |||
Accumulated Depreciation | 1 | |||
Dollar General: | Kansas City, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 283 | |||
Buildings Improvements | 1,068 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,351 | |||
Accumulated Depreciation | 207 | |||
Dollar General: | Kansas City, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 233 | |||
Buildings Improvements | 1,054 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,287 | |||
Accumulated Depreciation | 202 | |||
Dollar General: | Lansing, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 232 | |||
Buildings Improvements | 939 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,171 | |||
Accumulated Depreciation | 157 | |||
Dollar General: | Lineville, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 257 | |||
Buildings Improvements | 1,217 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,474 | |||
Accumulated Depreciation | 2 | |||
Dollar General: | Logansport, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 181 | |||
Buildings Improvements | 977 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,158 | |||
Accumulated Depreciation | 2 | |||
Dollar General: | Mission, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 182 | |||
Buildings Improvements | 858 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,040 | |||
Accumulated Depreciation | 146 | |||
Dollar General: | Mobile, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 410 | |||
Buildings Improvements | 1,059 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,469 | |||
Accumulated Depreciation | 219 | |||
Dollar General: | Moundridge, KS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 415 | |||
Buildings Improvements | 526 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 941 | |||
Accumulated Depreciation | 1 | |||
Dollar General: | Parchment, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 168 | |||
Buildings Improvements | 1,162 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,330 | |||
Accumulated Depreciation | 193 | |||
Dollar General: | Pipestone, MN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 204 | |||
Buildings Improvements | 1,034 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,238 | |||
Accumulated Depreciation | 2 | |||
Dollar General: | Pueblo, CO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 144 | |||
Buildings Improvements | 909 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,053 | |||
Accumulated Depreciation | 187 | |||
Dollar General: | Ridgeley, WV | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 211 | |||
Buildings Improvements | 1,157 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,368 | |||
Accumulated Depreciation | 2 | |||
Dollar General: | Romulus, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 274 | |||
Buildings Improvements | 1,171 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,445 | |||
Accumulated Depreciation | 205 | |||
Dollar General: | Russell, KS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 54 | |||
Buildings Improvements | 899 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 953 | |||
Accumulated Depreciation | 156 | |||
Dollar General: | Selma, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 164 | |||
Buildings Improvements | 858 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,022 | |||
Accumulated Depreciation | 1 | |||
Dollar General: | Semmes, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 196 | |||
Buildings Improvements | 952 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,148 | |||
Accumulated Depreciation | 2 | |||
Dollar General: | Sissonville, WV | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 261 | |||
Buildings Improvements | 1,088 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,349 | |||
Accumulated Depreciation | 2 | |||
Dollar General: | Spring, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 277 | |||
Buildings Improvements | 1,132 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,409 | |||
Accumulated Depreciation | 213 | |||
Dollar General: | Springfield, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 205 | |||
Buildings Improvements | 934 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,139 | |||
Accumulated Depreciation | 153 | |||
Dollar General: | St. Louis, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 229 | |||
Buildings Improvements | 1,102 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,331 | |||
Accumulated Depreciation | 207 | |||
Dollar General: | St. Louis, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 240 | |||
Buildings Improvements | 1,118 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,358 | |||
Accumulated Depreciation | $ 208 |
SCHEDULE III - Real Estate As_3
SCHEDULE III - Real Estate Assets and Accumulated Depreciation - 2 (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 578,096 | |||
Land | 901,859 | |||
Buildings Improvements | 2,533,704 | |||
Total Adjustment to Basis | (63,637) | |||
Gross Amount at Which Carried | 3,371,926 | $ 2,530,311 | $ 4,444,041 | $ 4,564,592 |
Accumulated Depreciation | 298,364 | $ 243,122 | $ 385,245 | $ 334,476 |
Dollar General: | Talladega, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 161 | |||
Buildings Improvements | 859 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,020 | |||
Accumulated Depreciation | 2 | |||
Dollar General: | Wakarusa, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 243 | |||
Buildings Improvements | 1,073 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,316 | |||
Accumulated Depreciation | 2 | |||
Dollar General: | Weslaco, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 141 | |||
Buildings Improvements | 848 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 989 | |||
Accumulated Depreciation | 144 | |||
Dollar General: | Wolcottville, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 183 | |||
Buildings Improvements | 1,012 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,195 | |||
Accumulated Depreciation | 2 | |||
Dollar General: | Columbus, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 279 | |||
Buildings Improvements | 1,248 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,527 | |||
Accumulated Depreciation | 251 | |||
Duluth Trading: | Denton, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,662 | |||
Buildings Improvements | 2,918 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,580 | |||
Accumulated Depreciation | 4 | |||
Duluth Trading: | Madison, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,174 | |||
Buildings Improvements | 3,603 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,777 | |||
Accumulated Depreciation | 5 | |||
Duluth Trading: | Noblesville, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,212 | |||
Buildings Improvements | 3,436 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,648 | |||
Accumulated Depreciation | 5 | |||
East West Commons: | Austell, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,000 | |||
Land | 10,094 | |||
Buildings Improvements | 16,034 | |||
Total Adjustment to Basis | 3,943 | |||
Gross Amount at Which Carried | 30,071 | |||
Accumulated Depreciation | 3,370 | |||
Evergreen Marketplace: | Evergreen Park, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,823 | |||
Buildings Improvements | 6,239 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 9,062 | |||
Accumulated Depreciation | 1,487 | |||
Fairlane Green II: | Allen Park, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,409 | |||
Buildings Improvements | 14,634 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 16,043 | |||
Accumulated Depreciation | 18 | |||
Family Dollar: | Talladega, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 222 | |||
Buildings Improvements | 951 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,173 | |||
Accumulated Depreciation | 2 | |||
Family Dollar: | Adelanto, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 463 | |||
Buildings Improvements | 1,711 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,174 | |||
Accumulated Depreciation | 274 | |||
Family Dollar: | Bearden, AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 52 | |||
Buildings Improvements | 760 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 812 | |||
Accumulated Depreciation | 1 | |||
Family Dollar: | Bessemer, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 201 | |||
Buildings Improvements | 1,043 | |||
Gross Amount at Which Carried | 1,244 | |||
Accumulated Depreciation | 196 | |||
Family Dollar: | Birmingham, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 500 | |||
Buildings Improvements | 831 | |||
Gross Amount at Which Carried | 1,331 | |||
Accumulated Depreciation | 159 | |||
Family Dollar: | Brooksville, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 206 | |||
Buildings Improvements | 791 | |||
Gross Amount at Which Carried | 997 | |||
Accumulated Depreciation | 150 | |||
Family Dollar: | Cabot, AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 231 | |||
Buildings Improvements | 1,137 | |||
Gross Amount at Which Carried | 1,368 | |||
Accumulated Depreciation | 2 | |||
Family Dollar: | Cathedral City, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 658 | |||
Buildings Improvements | 1,908 | |||
Gross Amount at Which Carried | 2,566 | |||
Accumulated Depreciation | 315 | |||
Family Dollar: | Cheyenne, WY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 148 | |||
Buildings Improvements | 986 | |||
Gross Amount at Which Carried | 1,134 | |||
Accumulated Depreciation | 176 | |||
Family Dollar: | Coachella, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 450 | |||
Buildings Improvements | 1,634 | |||
Gross Amount at Which Carried | 2,084 | |||
Accumulated Depreciation | 293 | |||
Family Dollar: | Columbus, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 252 | |||
Buildings Improvements | 1,251 | |||
Gross Amount at Which Carried | 1,503 | |||
Accumulated Depreciation | 2 | |||
Family Dollar: | Empire, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 239 | |||
Buildings Improvements | 1,527 | |||
Gross Amount at Which Carried | 1,766 | |||
Accumulated Depreciation | 261 | |||
Family Dollar: | Ft. Lauderdale, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 443 | |||
Buildings Improvements | 1,361 | |||
Gross Amount at Which Carried | 1,804 | |||
Accumulated Depreciation | 245 | |||
Family Dollar: | Fresno, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 488 | |||
Buildings Improvements | 1,553 | |||
Gross Amount at Which Carried | 2,041 | |||
Accumulated Depreciation | 282 | |||
Family Dollar: | Hobbs, NM | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 243 | |||
Buildings Improvements | 1,084 | |||
Gross Amount at Which Carried | 1,327 | |||
Accumulated Depreciation | 2 | |||
Family Dollar: | Holtville, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 317 | |||
Buildings Improvements | 1,609 | |||
Gross Amount at Which Carried | 1,926 | |||
Accumulated Depreciation | 289 | |||
Family Dollar: | Indio, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 393 | |||
Buildings Improvements | 1,636 | |||
Gross Amount at Which Carried | 2,029 | |||
Accumulated Depreciation | 279 | |||
Family Dollar: | Irvington, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 217 | |||
Buildings Improvements | 814 | |||
Gross Amount at Which Carried | 1,031 | |||
Accumulated Depreciation | 157 | |||
Family Dollar: | Jay, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 190 | |||
Buildings Improvements | 1,002 | |||
Gross Amount at Which Carried | 1,192 | |||
Accumulated Depreciation | 195 | |||
Family Dollar: | Jonesboro, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 297 | |||
Buildings Improvements | 1,098 | |||
Gross Amount at Which Carried | 1,395 | |||
Accumulated Depreciation | 202 | |||
Family Dollar: | Kissimmee, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 622 | |||
Buildings Improvements | 1,226 | |||
Gross Amount at Which Carried | 1,848 | |||
Accumulated Depreciation | 211 | |||
Family Dollar: | LaBelle, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 268 | |||
Buildings Improvements | 1,037 | |||
Gross Amount at Which Carried | 1,305 | |||
Accumulated Depreciation | 199 | |||
Family Dollar: | Lake Elsinor, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 417 | |||
Buildings Improvements | 1,682 | |||
Gross Amount at Which Carried | 2,099 | |||
Accumulated Depreciation | 298 | |||
Family Dollar: | Lakeland, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 353 | |||
Buildings Improvements | 937 | |||
Gross Amount at Which Carried | 1,290 | |||
Accumulated Depreciation | 167 | |||
Family Dollar: | Lewiston, ME | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 271 | |||
Buildings Improvements | 1,157 | |||
Gross Amount at Which Carried | 1,428 | |||
Accumulated Depreciation | 2 | |||
Family Dollar: | Little Rock, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 499 | |||
Buildings Improvements | 1,730 | |||
Gross Amount at Which Carried | 2,229 | |||
Accumulated Depreciation | 267 | |||
Family Dollar: | Melbourne, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 362 | |||
Buildings Improvements | 883 | |||
Gross Amount at Which Carried | 1,245 | |||
Accumulated Depreciation | 162 | |||
Family Dollar: | Morgan, UT | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 235 | |||
Buildings Improvements | 1,068 | |||
Gross Amount at Which Carried | 1,303 | |||
Accumulated Depreciation | 2 | |||
Family Dollar: | New Roads, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 190 | |||
Buildings Improvements | 674 | |||
Gross Amount at Which Carried | 864 | |||
Accumulated Depreciation | 1 | |||
Family Dollar: | Oshkosh, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 361 | |||
Buildings Improvements | 815 | |||
Gross Amount at Which Carried | 1,176 | |||
Accumulated Depreciation | 151 | |||
Family Dollar: | Palmdale, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 372 | |||
Buildings Improvements | 1,822 | |||
Gross Amount at Which Carried | 2,194 | |||
Accumulated Depreciation | 275 | |||
Family Dollar: | Pensacola, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 509 | |||
Buildings Improvements | 791 | |||
Gross Amount at Which Carried | 1,300 | |||
Accumulated Depreciation | 147 | |||
Family Dollar: | Pine Lake, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 639 | |||
Buildings Improvements | 897 | |||
Gross Amount at Which Carried | 1,536 | |||
Accumulated Depreciation | 157 | |||
Family Dollar: | Riverside, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 736 | |||
Buildings Improvements | 1,558 | |||
Gross Amount at Which Carried | 2,294 | |||
Accumulated Depreciation | 273 | |||
Family Dollar: | Roswell, NM | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 199 | |||
Buildings Improvements | 921 | |||
Gross Amount at Which Carried | 1,120 | |||
Accumulated Depreciation | 2 | |||
Family Dollar: | Salina, UT | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 211 | |||
Buildings Improvements | 1,262 | |||
Gross Amount at Which Carried | 1,473 | |||
Accumulated Depreciation | 2 | |||
Family Dollar: | San Antonio, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 409 | |||
Buildings Improvements | 914 | |||
Gross Amount at Which Carried | 1,323 | |||
Accumulated Depreciation | 1 | |||
Family Dollar: | San Antonio, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 347 | |||
Buildings Improvements | 1,148 | |||
Gross Amount at Which Carried | 1,495 | |||
Accumulated Depreciation | 2 | |||
Family Dollar: | San Jacinto, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 430 | |||
Buildings Improvements | 1,682 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,112 | |||
Accumulated Depreciation | 283 | |||
Family Dollar: | Statesboro, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 347 | |||
Buildings Improvements | 800 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,147 | |||
Accumulated Depreciation | 150 | |||
Family Dollar: | Stockton, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 202 | |||
Buildings Improvements | 1,817 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,019 | |||
Accumulated Depreciation | 297 | |||
Family Dollar: | Taft, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 255 | |||
Buildings Improvements | 1,422 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,677 | |||
Accumulated Depreciation | 275 | |||
Family Dollar: | Tampa (Cragmont), FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 563 | |||
Buildings Improvements | 737 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,300 | |||
Accumulated Depreciation | 141 | |||
Family Dollar: | Tampa (Forest), FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 482 | |||
Buildings Improvements | 920 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,402 | |||
Accumulated Depreciation | 173 | |||
Family Dollar: | Tenn Colony, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 150 | |||
Buildings Improvements | 834 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 984 | |||
Accumulated Depreciation | 1 | |||
Family Dollar: | Terra Bella, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 332 | |||
Buildings Improvements | 1,394 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,726 | |||
Accumulated Depreciation | 251 | |||
Family Dollar: | Tuscaloosa, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 534 | |||
Buildings Improvements | 817 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,351 | |||
Accumulated Depreciation | 157 | |||
Family Dollar: | Valley, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 180 | |||
Buildings Improvements | 983 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,163 | |||
Accumulated Depreciation | 2 | |||
Family Dollar: | Walthourville, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 290 | |||
Buildings Improvements | 1,058 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,348 | |||
Accumulated Depreciation | 2 | |||
Family Dollar: | Warrenville, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 207 | |||
Buildings Improvements | 986 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,193 | |||
Accumulated Depreciation | 2 | |||
Flower Foods: | Orlando, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 418 | |||
Buildings Improvements | 387 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 805 | |||
Accumulated Depreciation | 65 | |||
Flower Foods: | Waldorf, MD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 398 | |||
Buildings Improvements | 1,045 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,443 | |||
Accumulated Depreciation | 194 | |||
Food 4 Less: | Atwater, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,383 | |||
Buildings Improvements | 5,271 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 6,654 | |||
Accumulated Depreciation | 1,068 | |||
Fountain Square: | Brookfield, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 6,508 | |||
Buildings Improvements | 28,634 | |||
Total Adjustment to Basis | 25 | |||
Gross Amount at Which Carried | 35,167 | |||
Accumulated Depreciation | 3,689 | |||
Fourth Creek Landing: | Statesville, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,375 | |||
Buildings Improvements | 7,795 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 9,170 | |||
Accumulated Depreciation | 2,076 | |||
Fresenius Medical Care: | West Plains, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 557 | |||
Buildings Improvements | 3,097 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,654 | |||
Accumulated Depreciation | 520 | |||
Fresh Market Center: | Glen Ellyn, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,750 | |||
Land | 2,767 | |||
Buildings Improvements | 6,403 | |||
Total Adjustment to Basis | (3,494) | |||
Gross Amount at Which Carried | 5,676 | |||
Accumulated Depreciation | 153 | |||
Fresh Thyme: | Indianapolis, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,087 | |||
Buildings Improvements | 6,019 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 7,106 | |||
Accumulated Depreciation | 1,089 | |||
Fresh Thyme: | Lafayette, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,173 | |||
Buildings Improvements | 6,316 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 7,489 | |||
Accumulated Depreciation | 7 | |||
Fresh Thyme: | Northville, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,598 | |||
Buildings Improvements | 7,796 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 9,394 | |||
Accumulated Depreciation | 1,094 | |||
Fresh Thyme: | Ypsilanti, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,168 | |||
Buildings Improvements | 5,719 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 8,887 | |||
Accumulated Depreciation | 7 | |||
Fresh Thyme & DSW: | Fort Wayne, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,740 | |||
Buildings Improvements | 4,153 | |||
Total Adjustment to Basis | 612 | |||
Gross Amount at Which Carried | 6,505 | |||
Accumulated Depreciation | 836 | |||
Giant Eagle: | Seven Fields, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,574 | |||
Buildings Improvements | 13,659 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 15,233 | |||
Accumulated Depreciation | 2,345 | |||
Harbor Town Center: | Manitowoc, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,750 | |||
Land | 3,568 | |||
Buildings Improvements | 13,209 | |||
Total Adjustment to Basis | (1,799) | |||
Gross Amount at Which Carried | 14,978 | |||
Accumulated Depreciation | 895 | |||
Haverty Furniture: | Midland, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 709 | |||
Buildings Improvements | 1,294 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,003 | |||
Accumulated Depreciation | 384 | |||
HEB Center: | Waxahachie, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,000 | |||
Land | 3,465 | |||
Buildings Improvements | 7,952 | |||
Total Adjustment to Basis | 273 | |||
Gross Amount at Which Carried | 11,690 | |||
Accumulated Depreciation | 1,817 | |||
Hobby Lobby: | Lewisville, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,184 | |||
Buildings Improvements | 8,977 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 11,161 | |||
Accumulated Depreciation | $ 1,758 |
SCHEDULE III - Real Estate As_4
SCHEDULE III - Real Estate Assets and Accumulated Depreciation - 3 (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 578,096 | |||
Land | 901,859 | |||
Buildings Improvements | 2,533,704 | |||
Total Adjustment to Basis | (63,637) | |||
Gross Amount at Which Carried | 3,371,926 | $ 2,530,311 | $ 4,444,041 | $ 4,564,592 |
Accumulated Depreciation | 298,364 | $ 243,122 | $ 385,245 | $ 334,476 |
Home Depot: | Lincoln, NE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 6,339 | |||
Buildings Improvements | 5,937 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 12,276 | |||
Accumulated Depreciation | 832 | |||
Home Depot: | North Canton, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,203 | |||
Buildings Improvements | 12,012 | |||
Total Adjustment to Basis | 360 | |||
Gross Amount at Which Carried | 14,575 | |||
Accumulated Depreciation | 2,621 | |||
Houma Crossing: | Houma, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,264 | |||
Land | 1,076 | |||
Buildings Improvements | 20,028 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 21,104 | |||
Accumulated Depreciation | 28 | |||
Hy-Vee: | Omaha, NE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,842 | |||
Buildings Improvements | 7,909 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 9,751 | |||
Accumulated Depreciation | 11 | |||
Jewel-Osco: | Plainfield, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 0 | |||
Buildings Improvements | 0 | |||
Total Adjustment to Basis | 11,151 | |||
Gross Amount at Which Carried | 11,151 | |||
Accumulated Depreciation | 578 | |||
Kirkland's: | Dothan, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 486 | |||
Buildings Improvements | 946 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,432 | |||
Accumulated Depreciation | 211 | |||
Kohl's: | Chartlottesville, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,929 | |||
Buildings Improvements | 12,280 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 16,209 | |||
Accumulated Depreciation | 2,057 | |||
Kohl's: | Eagan, MN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,581 | |||
Buildings Improvements | 3,751 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 7,332 | |||
Accumulated Depreciation | 6 | |||
Kohl's: | Easton, MD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,962 | |||
Buildings Improvements | 2,661 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 5,623 | |||
Accumulated Depreciation | 335 | |||
Kroger: | Bay City, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 718 | |||
Buildings Improvements | 5,058 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 5,776 | |||
Accumulated Depreciation | 8 | |||
Kroger: | Shelton, WA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,180 | |||
Buildings Improvements | 11,040 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 12,220 | |||
Accumulated Depreciation | 2,150 | |||
Kroger: | Whitehall, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 581 | |||
Buildings Improvements | 6,628 | |||
Total Adjustment to Basis | 224 | |||
Gross Amount at Which Carried | 7,433 | |||
Accumulated Depreciation | 1,363 | |||
Kum & Go: | Conway, AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 510 | |||
Buildings Improvements | 2,577 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,087 | |||
Accumulated Depreciation | 428 | |||
LA Fitness: | Bloomfield Township, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,287 | |||
Buildings Improvements | 10,075 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 12,362 | |||
Accumulated Depreciation | 2,141 | |||
LA Fitness: | Columbus, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,013 | |||
Buildings Improvements | 6,734 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 7,747 | |||
Accumulated Depreciation | 1,059 | |||
LA Fitness: | Garland, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,005 | |||
Buildings Improvements | 6,861 | |||
Total Adjustment to Basis | 41 | |||
Gross Amount at Which Carried | 8,907 | |||
Accumulated Depreciation | 1,267 | |||
LA Fitness: | Houston, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 5,764 | |||
Buildings Improvements | 5,994 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 11,758 | |||
Accumulated Depreciation | 1,161 | |||
LA Fitness: | New Lenox, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,965 | |||
Buildings Improvements | 6,257 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 8,222 | |||
Accumulated Depreciation | 823 | |||
LA Fitness: | Riverside, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,557 | |||
Buildings Improvements | 9,951 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 12,508 | |||
Accumulated Depreciation | 1,976 | |||
Lafayette Pavilions: | Lafayette, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 7,632 | |||
Buildings Improvements | 42,497 | |||
Total Adjustment to Basis | (3,245) | |||
Gross Amount at Which Carried | 46,884 | |||
Accumulated Depreciation | 1,067 | |||
Lawton Marketplace: | Lawton, OK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 19,247 | |||
Land | 3,598 | |||
Buildings Improvements | 25,228 | |||
Total Adjustment to Basis | 3 | |||
Gross Amount at Which Carried | 28,829 | |||
Accumulated Depreciation | 43 | |||
Lord Salisbury Center: | Salisbury, MD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 6,949 | |||
Buildings Improvements | 12,179 | |||
Total Adjustment to Basis | (2,319) | |||
Gross Amount at Which Carried | 16,809 | |||
Accumulated Depreciation | 370 | |||
Lowe's: | Adrian, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,604 | |||
Buildings Improvements | 5,036 | |||
Total Adjustment to Basis | 30 | |||
Gross Amount at Which Carried | 7,670 | |||
Accumulated Depreciation | 1,274 | |||
Lowe's: | Alpharetta, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 7,979 | |||
Buildings Improvements | 9,630 | |||
Total Adjustment to Basis | 403 | |||
Gross Amount at Which Carried | 18,012 | |||
Accumulated Depreciation | 1,588 | |||
Lowe's: | Asheboro, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,098 | |||
Buildings Improvements | 6,722 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 7,820 | |||
Accumulated Depreciation | 1,187 | |||
Lowe's: | Cincinnati, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 14,092 | |||
Buildings Improvements | 0 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 14,092 | |||
Accumulated Depreciation | 0 | |||
Lowe's: | Columbia, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,943 | |||
Buildings Improvements | 6,353 | |||
Total Adjustment to Basis | 750 | |||
Gross Amount at Which Carried | 11,046 | |||
Accumulated Depreciation | 1,467 | |||
Lowe's: | Covington, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 10,233 | |||
Buildings Improvements | 0 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 10,233 | |||
Accumulated Depreciation | 0 | |||
Lowe's: | Hermitage, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,279 | |||
Buildings Improvements | 12,580 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 14,859 | |||
Accumulated Depreciation | 16 | |||
Lowe's: | Lilburn, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 8,817 | |||
Buildings Improvements | 9,380 | |||
Total Adjustment to Basis | 385 | |||
Gross Amount at Which Carried | 18,582 | |||
Accumulated Depreciation | 1,539 | |||
Lowe's: | Mansfield, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 873 | |||
Buildings Improvements | 8,256 | |||
Total Adjustment to Basis | 26 | |||
Gross Amount at Which Carried | 9,155 | |||
Accumulated Depreciation | 1,492 | |||
Lowe's: | Marieta, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 7,471 | |||
Buildings Improvements | 8,404 | |||
Total Adjustment to Basis | 392 | |||
Gross Amount at Which Carried | 16,267 | |||
Accumulated Depreciation | 1,400 | |||
Lowe's: | Oxford, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,668 | |||
Buildings Improvements | 7,622 | |||
Total Adjustment to Basis | 369 | |||
Gross Amount at Which Carried | 9,659 | |||
Accumulated Depreciation | 1,804 | |||
Lowe's: | Tuscaloosa, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,908 | |||
Buildings Improvements | 4,786 | |||
Total Adjustment to Basis | 9 | |||
Gross Amount at Which Carried | 9,703 | |||
Accumulated Depreciation | 986 | |||
Lowe's: | Woodstock, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 7,316 | |||
Buildings Improvements | 8,879 | |||
Total Adjustment to Basis | 392 | |||
Gross Amount at Which Carried | 16,587 | |||
Accumulated Depreciation | 1,476 | |||
Lowe's: | Zanesville, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,161 | |||
Buildings Improvements | 8,375 | |||
Total Adjustment to Basis | 297 | |||
Gross Amount at Which Carried | 10,833 | |||
Accumulated Depreciation | 1,626 | |||
Mattress Firm: | Ashtabula, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 301 | |||
Buildings Improvements | 1,965 | |||
Total Adjustment to Basis | (453) | |||
Gross Amount at Which Carried | 1,813 | |||
Accumulated Depreciation | 36 | |||
Mattress Firm: | Draper, UT | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 860 | |||
Buildings Improvements | 1,419 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,279 | |||
Accumulated Depreciation | 2 | |||
Mattress Firm: | Lake City, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 517 | |||
Buildings Improvements | 1,241 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,758 | |||
Accumulated Depreciation | 2 | |||
Mattress Firm & Aspen Dental: | Vienna, WV | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 774 | |||
Buildings Improvements | 2,466 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,240 | |||
Accumulated Depreciation | 521 | |||
Mattress Firm & Five Guys: | Muskegon, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 813 | |||
Buildings Improvements | 1,766 | |||
Total Adjustment to Basis | (314) | |||
Gross Amount at Which Carried | 2,265 | |||
Accumulated Depreciation | 33 | |||
McAlister's Deli: | Lawton, OK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 805 | |||
Buildings Improvements | 1,057 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,862 | |||
Accumulated Depreciation | 194 | |||
McGowin Park: | Mobile, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 42,765 | |||
Land | 2,243 | |||
Buildings Improvements | 69,357 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 71,600 | |||
Accumulated Depreciation | 8,187 | |||
Melody Mountain: | Ashland, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,940 | |||
Land | 1,286 | |||
Buildings Improvements | 9,879 | |||
Total Adjustment to Basis | (1,874) | |||
Gross Amount at Which Carried | 9,291 | |||
Accumulated Depreciation | 231 | |||
Merchants Tire & Auto: | Wake Forest, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 782 | |||
Buildings Improvements | 1,730 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,512 | |||
Accumulated Depreciation | 241 | |||
Merchants Tire & Auto: | Athens, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 383 | |||
Buildings Improvements | 1,150 | |||
Gross Amount at Which Carried | 1,533 | |||
Accumulated Depreciation | 109 | |||
Merchants Tire & Auto: | Decatur, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 257 | |||
Buildings Improvements | 559 | |||
Gross Amount at Which Carried | 816 | |||
Accumulated Depreciation | 57 | |||
Merchants Tire & Auto: | Decatur, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 486 | |||
Buildings Improvements | 1,253 | |||
Gross Amount at Which Carried | 1,739 | |||
Accumulated Depreciation | 136 | |||
Merchants Tire & Auto: | Decatur, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 359 | |||
Buildings Improvements | 1,152 | |||
Gross Amount at Which Carried | 1,511 | |||
Accumulated Depreciation | 124 | |||
Merchants Tire & Auto: | Hartselle, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 360 | |||
Buildings Improvements | 569 | |||
Gross Amount at Which Carried | 929 | |||
Accumulated Depreciation | 60 | |||
Merchants Tire & Auto: | Madison, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 562 | |||
Buildings Improvements | 1,139 | |||
Gross Amount at Which Carried | 1,701 | |||
Accumulated Depreciation | 126 | |||
Mister Car Wash: | Athens, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Total Adjustment to Basis | 0 | |||
Mister Car Wash: | Decatur, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Total Adjustment to Basis | 0 | |||
Mister Car Wash: | Decatur, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Total Adjustment to Basis | 0 | |||
Mister Car Wash: | Decatur, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Total Adjustment to Basis | 0 | |||
Mister Car Wash: | Hartselle, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Total Adjustment to Basis | 0 | |||
Mister Car Wash: | Madison, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Total Adjustment to Basis | 0 | |||
Morganton Heights: | Morganton, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 22,800 | |||
Land | 7,032 | |||
Buildings Improvements | 29,763 | |||
Total Adjustment to Basis | 30 | |||
Gross Amount at Which Carried | 36,825 | |||
Accumulated Depreciation | 6,167 | |||
National Tire & Battery: | Cedar Hill, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 469 | |||
Buildings Improvements | 1,951 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,420 | |||
Accumulated Depreciation | 402 | |||
National Tire & Battery: | Cypress, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 910 | |||
Buildings Improvements | 2,224 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,134 | |||
Accumulated Depreciation | 332 | |||
National Tire & Battery: | Flower Mound, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 779 | |||
Buildings Improvements | 2,449 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,228 | |||
Accumulated Depreciation | 351 | |||
National Tire & Battery: | Fort Worth, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 936 | |||
Buildings Improvements | 1,234 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,170 | |||
Accumulated Depreciation | 242 | |||
National Tire & Battery: | Fort Worth, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 730 | |||
Buildings Improvements | 2,309 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,039 | |||
Accumulated Depreciation | 331 | |||
National Tire & Battery: | Frisco, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 844 | |||
Buildings Improvements | 1,608 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,452 | |||
Accumulated Depreciation | 313 | |||
National Tire & Battery: | Montgomery, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 516 | |||
Buildings Improvements | 2,494 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,010 | |||
Accumulated Depreciation | 517 | |||
National Tire & Battery: | North Richland Hills, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 513 | |||
Buildings Improvements | 2,579 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,092 | |||
Accumulated Depreciation | 380 | |||
National Tire & Battery: | Pasadena, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 908 | |||
Buildings Improvements | 2,307 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,215 | |||
Accumulated Depreciation | 344 | |||
National Tire & Battery: | Pearland, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,016 | |||
Buildings Improvements | 2,040 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,056 | |||
Accumulated Depreciation | 298 | |||
National Tire & Battery: | Plano, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,292 | |||
Buildings Improvements | 2,197 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,489 | |||
Accumulated Depreciation | 320 | |||
National Tire & Battery: | Tomball, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 838 | |||
Buildings Improvements | 2,229 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,067 | |||
Accumulated Depreciation | $ 322 |
SCHEDULE III - Real Estate As_5
SCHEDULE III - Real Estate Assets and Accumulated Depreciation - 4 (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 578,096 | |||
Land | 901,859 | |||
Buildings Improvements | 2,533,704 | |||
Total Adjustment to Basis | (63,637) | |||
Gross Amount at Which Carried | 3,371,926 | $ 2,530,311 | $ 4,444,041 | $ 4,564,592 |
Accumulated Depreciation | 298,364 | $ 243,122 | $ 385,245 | $ 334,476 |
Natural Grocers: | Idaho Falls, ID | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 833 | |||
Buildings Improvements | 2,316 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,149 | |||
Accumulated Depreciation | 422 | |||
Natural Grocers: | Waupaca, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,286 | |||
Buildings Improvements | 3,727 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 5,013 | |||
Accumulated Depreciation | 5 | |||
Nordstrom Rack: | Tampa, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,880 | |||
Land | 3,371 | |||
Buildings Improvements | 6,402 | |||
Total Adjustment to Basis | 1,583 | |||
Gross Amount at Which Carried | 11,356 | |||
Accumulated Depreciation | 1,748 | |||
O'Reilly Automotive: | Bennettsville, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 361 | |||
Buildings Improvements | 1,207 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,568 | |||
Accumulated Depreciation | 2 | |||
O'Reilly Automotive: | Calyton, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 501 | |||
Buildings Improvements | 945 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,446 | |||
Accumulated Depreciation | 121 | |||
O'Reilly Automotive: | Flowood, MS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 506 | |||
Buildings Improvements | 1,288 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,794 | |||
Accumulated Depreciation | 2 | |||
O'Reilly Automotive: | Iron Mountain, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 249 | |||
Buildings Improvements | 1,400 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,649 | |||
Accumulated Depreciation | 2 | |||
Owenboro Towne Center: | Owensboro, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,160 | |||
Land | 3,807 | |||
Buildings Improvements | 16,259 | |||
Total Adjustment to Basis | 862 | |||
Gross Amount at Which Carried | 20,928 | |||
Accumulated Depreciation | 2,474 | |||
Parkway Centre South: | Grove City, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,250 | |||
Land | 7,027 | |||
Buildings Improvements | 18,223 | |||
Total Adjustment to Basis | (2,269) | |||
Gross Amount at Which Carried | 22,981 | |||
Accumulated Depreciation | 1,054 | |||
Pecanland Plaza: | Monroe, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,206 | |||
Buildings Improvements | 18,957 | |||
Total Adjustment to Basis | (3,265) | |||
Gross Amount at Which Carried | 17,898 | |||
Accumulated Depreciation | 334 | |||
Petsmart: | Wilkesboro, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 447 | |||
Buildings Improvements | 1,710 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,157 | |||
Accumulated Depreciation | 402 | |||
Petsmart/Old Navy: | Reynoldsburg, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,720 | |||
Land | 1,295 | |||
Buildings Improvements | 4,077 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 5,372 | |||
Accumulated Depreciation | 981 | |||
Pick 'N Save: | Heber City, UT | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,160 | |||
Buildings Improvements | 9,111 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 10,271 | |||
Accumulated Depreciation | 12 | |||
Pick 'N Save: | Pewaukee, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,323 | |||
Buildings Improvements | 6,761 | |||
Total Adjustment to Basis | 257 | |||
Gross Amount at Which Carried | 8,341 | |||
Accumulated Depreciation | 1,311 | |||
Pick 'N Save: | Sheboygan, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,003 | |||
Buildings Improvements | 10,695 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 12,698 | |||
Accumulated Depreciation | 2,341 | |||
Pick 'N Save: | South Milwaukee, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,126 | |||
Buildings Improvements | 5,706 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 6,832 | |||
Accumulated Depreciation | 1,056 | |||
Pick 'N Save: | Waterford, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 731 | |||
Buildings Improvements | 4,078 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,809 | |||
Accumulated Depreciation | 5 | |||
Plainfield Marketplace: | Plainfield, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,167 | |||
Buildings Improvements | 14,788 | |||
Total Adjustment to Basis | (3,827) | |||
Gross Amount at Which Carried | 14,128 | |||
Accumulated Depreciation | 0 | |||
Plaza San Mateo: | Albuquerque, NM | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,867 | |||
Buildings Improvements | 11,582 | |||
Total Adjustment to Basis | (4,011) | |||
Gross Amount at Which Carried | 10,438 | |||
Accumulated Depreciation | 311 | |||
Popeyes: | Independence, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 333 | |||
Buildings Improvements | 680 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,013 | |||
Accumulated Depreciation | 115 | |||
Poplar Springs Plaza: | Duncan, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,000 | |||
Land | 1,862 | |||
Buildings Improvements | 5,277 | |||
Total Adjustment to Basis | 517 | |||
Gross Amount at Which Carried | 7,656 | |||
Accumulated Depreciation | 1,270 | |||
Raising Cane's: | Murphy, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 495 | |||
Buildings Improvements | 2,854 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,349 | |||
Accumulated Depreciation | 3 | |||
Raising Cane's: | Reno, NV | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,841 | |||
Buildings Improvements | 2,259 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,100 | |||
Accumulated Depreciation | 3 | |||
Rolling Acres Plaza: | Lady Lake, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 21,930 | |||
Land | 7,540 | |||
Buildings Improvements | 26,839 | |||
Total Adjustment to Basis | (4,093) | |||
Gross Amount at Which Carried | 30,286 | |||
Accumulated Depreciation | 1,302 | |||
Rushmore Crossing: | Lady Lake, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 22,046 | |||
Land | 7,066 | |||
Buildings Improvements | 33,019 | |||
Total Adjustment to Basis | (12,059) | |||
Gross Amount at Which Carried | 28,026 | |||
Accumulated Depreciation | 569 | |||
Rushmore Crossing: | Lady Lake, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 883 | |||
Buildings Improvements | 4,128 | |||
Total Adjustment to Basis | (1,348) | |||
Gross Amount at Which Carried | 3,663 | |||
Accumulated Depreciation | 87 | |||
Safeway: | Juneau, AK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 6,174 | |||
Buildings Improvements | 8,792 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 14,966 | |||
Accumulated Depreciation | 11 | |||
Sherwin Williams: | Macon, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 59 | |||
Buildings Improvements | 659 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 718 | |||
Accumulated Depreciation | 98 | |||
Shippensburg Market Place: | Shippensburg, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,917 | |||
Buildings Improvements | 9,263 | |||
Total Adjustment to Basis | (3,530) | |||
Gross Amount at Which Carried | 7,650 | |||
Accumulated Depreciation | 185 | |||
Shoe Carnival & Buffalo Wild Wings: | Salina, KS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 991 | |||
Buildings Improvements | 1,909 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,900 | |||
Accumulated Depreciation | 3 | |||
Shoppes at Stroud: | Stroud Township, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,754 | |||
Buildings Improvements | 22,614 | |||
Total Adjustment to Basis | (2,220) | |||
Gross Amount at Which Carried | 24,148 | |||
Accumulated Depreciation | 1,226 | |||
Shoppes of Gary Farms: | Bowling Green, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,529 | |||
Buildings Improvements | 14,197 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 17,726 | |||
Accumulated Depreciation | 20 | |||
Shops at Abilene: | Abilene, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,989 | |||
Land | 5,142 | |||
Buildings Improvements | 19,684 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 24,826 | |||
Accumulated Depreciation | 30 | |||
Siemens: | Milford, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,137 | |||
Buildings Improvements | 23,153 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 27,290 | |||
Accumulated Depreciation | 42 | |||
Southwest Plaza: | Springfield, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,992 | |||
Buildings Improvements | 48,935 | |||
Total Adjustment to Basis | (23,580) | |||
Gross Amount at Which Carried | 28,347 | |||
Accumulated Depreciation | 1,360 | |||
Spinx: | Simpsonville, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 591 | |||
Buildings Improvements | 969 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,560 | |||
Accumulated Depreciation | 194 | |||
Springfield Commons: | Springfield, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,250 | |||
Land | 3,745 | |||
Buildings Improvements | 15,049 | |||
Total Adjustment to Basis | (4,182) | |||
Gross Amount at Which Carried | 14,612 | |||
Accumulated Depreciation | 168 | |||
Sprouts: | Bixby, OK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,320 | |||
Buildings Improvements | 7,117 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 8,437 | |||
Accumulated Depreciation | 1,367 | |||
Sprouts: | Lawrence, KS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 762 | |||
Buildings Improvements | 8,111 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 8,873 | |||
Accumulated Depreciation | 10 | |||
Steinhafels: | Greenfield, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,783 | |||
Buildings Improvements | 7,643 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 9,426 | |||
Accumulated Depreciation | 9 | |||
Stoneridge Village: | Jefferson City, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,500 | |||
Land | 1,830 | |||
Buildings Improvements | 9,351 | |||
Total Adjustment to Basis | 1 | |||
Gross Amount at Which Carried | 11,182 | |||
Accumulated Depreciation | 1,886 | |||
Stop & Shop: | North Kingstown, RI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 639 | |||
Buildings Improvements | 2,057 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,696 | |||
Accumulated Depreciation | 2 | |||
Summerfield Crossing: | Riverview, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,310 | |||
Land | 6,130 | |||
Buildings Improvements | 6,753 | |||
Total Adjustment to Basis | (1,159) | |||
Gross Amount at Which Carried | 11,724 | |||
Accumulated Depreciation | 357 | |||
Sunbelt Rentals: | Canton, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 147 | |||
Buildings Improvements | 1,679 | |||
Total Adjustment to Basis | 138 | |||
Gross Amount at Which Carried | 1,964 | |||
Accumulated Depreciation | 415 | |||
Sunoco: | Palm Beach Gardens, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,050 | |||
Buildings Improvements | 2,667 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,717 | |||
Accumulated Depreciation | 515 | |||
Sunoco: | Palm City, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 667 | |||
Buildings Improvements | 1,698 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,365 | |||
Accumulated Depreciation | 329 | |||
Sunoco: | Palm Springs, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 580 | |||
Buildings Improvements | 1,907 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,487 | |||
Accumulated Depreciation | 369 | |||
Sunoco: | Sebastian, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 490 | |||
Buildings Improvements | 2,128 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,618 | |||
Accumulated Depreciation | 412 | |||
Sunoco: | Titusville, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 626 | |||
Buildings Improvements | 2,534 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,160 | |||
Accumulated Depreciation | 490 | |||
Sutters Creek: | Rocky Mount, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,458 | |||
Buildings Improvements | 2,616 | |||
Total Adjustment to Basis | 283 | |||
Gross Amount at Which Carried | 4,357 | |||
Accumulated Depreciation | 607 | |||
Take 5: | Andrews, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 230 | |||
Buildings Improvements | 862 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,092 | |||
Accumulated Depreciation | 1 | |||
Take 5: | Bedford, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 283 | |||
Buildings Improvements | 837 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,120 | |||
Accumulated Depreciation | 1 | |||
Take 5: | Burleson, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 471 | |||
Buildings Improvements | 936 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,407 | |||
Accumulated Depreciation | 1 | |||
Take 5: | Burleson, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 201 | |||
Buildings Improvements | 837 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,038 | |||
Accumulated Depreciation | 1 | |||
Take 5: | Burleson, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 394 | |||
Buildings Improvements | 407 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 801 | |||
Accumulated Depreciation | 1 | |||
Take 5: | Cedar Hill, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 250 | |||
Buildings Improvements | 705 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 955 | |||
Accumulated Depreciation | $ 1 |
SCHEDULE III - Real Estate As_6
SCHEDULE III - Real Estate Assets and Accumulated Depreciation - 5 (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 578,096,000 | |||
Land | 901,859,000 | |||
Buildings Improvements | 2,533,704,000 | |||
Total Adjustment to Basis | (63,637,000) | |||
Gross Amount at Which Carried | 3,371,926,000 | $ 2,530,311,000 | $ 4,444,041,000 | $ 4,564,592,000 |
Accumulated Depreciation | 298,364,000 | $ 243,122,000 | $ 385,245,000 | $ 334,476,000 |
Take 5: | Hereford, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 50,000 | |||
Buildings Improvements | 995,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,045,000 | |||
Accumulated Depreciation | 1,000 | |||
Take 5: | Irving, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 120,000 | |||
Buildings Improvements | 445,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 565,000 | |||
Accumulated Depreciation | 1,000 | |||
Take 5: | Irving, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 210,000 | |||
Buildings Improvements | 818,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,028,000 | |||
Accumulated Depreciation | 1,000 | |||
Take 5: | Lubbock, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 151,000 | |||
Buildings Improvements | 1,428,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,579,000 | |||
Accumulated Depreciation | 2,000 | |||
Take 5: | Midland, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 192,000 | |||
Buildings Improvements | 1,861 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,053,000 | |||
Accumulated Depreciation | 2,000 | |||
Take 5: | Mineral Wells, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 131,000 | |||
Buildings Improvements | 1,263,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,394,000 | |||
Accumulated Depreciation | 1,000 | |||
Target Center: | Columbia, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,234,000 | |||
Buildings Improvements | 7,297,000 | |||
Total Adjustment to Basis | (651,000) | |||
Gross Amount at Which Carried | 9,880,000 | |||
Accumulated Depreciation | 394,000 | |||
Terrell Mill Village: | Marieta, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,079,000 | |||
Buildings Improvements | 11,185,000 | |||
Total Adjustment to Basis | 14,000 | |||
Gross Amount at Which Carried | 14,278,000 | |||
Accumulated Depreciation | 2,205,000 | |||
TGI Friday's: | Cheseapeake, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,217,000 | |||
Buildings Improvements | 1,388,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,605,000 | |||
Accumulated Depreciation | 242,000 | |||
TGI Friday's: | Wilmington, DE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,685,000 | |||
Buildings Improvements | 969,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,654,000 | |||
Accumulated Depreciation | 172,000 | |||
The Center at Hobbs Brook: | Sturbridge, MA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 21,500,000 | |||
Land | 11,241,000 | |||
Buildings Improvements | 29,152,000 | |||
Total Adjustment to Basis | 1,502,000 | |||
Gross Amount at Which Carried | 41,895,000 | |||
Accumulated Depreciation | 4,655,000 | |||
The Market at Clifty Crossing: | Columbus, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,669,000 | |||
Buildings Improvements | 16,308,000 | |||
Total Adjustment to Basis | 113,000 | |||
Gross Amount at Which Carried | 19,090,000 | |||
Accumulated Depreciation | 4,509,000 | |||
The Market at Polaris: | Columbus, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 11,828,000 | |||
Buildings Improvements | 41,702,000 | |||
Total Adjustment to Basis | (36,715,000) | |||
Gross Amount at Which Carried | 16,815,000 | |||
Accumulated Depreciation | 284,000 | |||
The Marquis: | Williamsburg, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,556,000 | |||
Land | 2,615,000 | |||
Buildings Improvements | 11,406,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 14,021,000 | |||
Accumulated Depreciation | 2,609,000 | |||
The Plant: | San Jose, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 123,000,000 | |||
Land | 67,596,000 | |||
Buildings Improvements | 108,203,000 | |||
Total Adjustment to Basis | 583,000 | |||
Gross Amount at Which Carried | 176,382,000 | |||
Accumulated Depreciation | 24,218,000 | |||
The Ridge at Turtle Creek: | Hattiesburg, MS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,900,000 | |||
Land | 2,749,000 | |||
Buildings Improvements | 12,434,000 | |||
Total Adjustment to Basis | (3,482,000) | |||
Gross Amount at Which Carried | 11,701,000 | |||
Accumulated Depreciation | 267,000 | |||
Tire Kingdom: | Bluffton, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 645,000 | |||
Buildings Improvements | 1,688,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,333,000 | |||
Accumulated Depreciation | 235,000 | |||
Tire Kingdom: | Summerville, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,208,000 | |||
Buildings Improvements | 1,233,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,441,000 | |||
Accumulated Depreciation | 178,000 | |||
Tire Kingdom & Starbucks: | Mount Pleasant, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,400,000 | |||
Land | 1,291,000 | |||
Buildings Improvements | 3,149,000 | |||
Total Adjustment to Basis | (502,000) | |||
Gross Amount at Which Carried | 3,938,000 | |||
Accumulated Depreciation | 154,000 | |||
Tractor Supply: | Ashland, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 500,000 | |||
Buildings Improvements | 2,696,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,196,000 | |||
Accumulated Depreciation | 510,000 | |||
Tractor Supply: | Augusta, KS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 407,000 | |||
Buildings Improvements | 2,315,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,722,000 | |||
Accumulated Depreciation | 430,000 | |||
Tractor Supply: | Blytheville, AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 780,000 | |||
Buildings Improvements | 2,660,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,440,000 | |||
Accumulated Depreciation | 4,000 | |||
Tractor Supply: | Cambridge, MN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 807,000 | |||
Buildings Improvements | 1,272,000 | |||
Total Adjustment to Basis | 28,000 | |||
Gross Amount at Which Carried | 2,107,000 | |||
Accumulated Depreciation | 339,000 | |||
Tractor Supply: | Canon City, CO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 597,000 | |||
Buildings Improvements | 2,527,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,124,000 | |||
Accumulated Depreciation | 513,000 | |||
Tractor Supply: | Carlyle, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 707,000 | |||
Buildings Improvements | 2,386,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,093,000 | |||
Accumulated Depreciation | 4,000 | |||
Tractor Supply: | Fortuna, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 568,000 | |||
Buildings Improvements | 3,819,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,387,000 | |||
Accumulated Depreciation | 675,000 | |||
Tractor Supply: | Logan, WV | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 597,000 | |||
Buildings Improvements | 3,232,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,829,000 | |||
Accumulated Depreciation | 4,000 | |||
Tractor Supply: | Lumberton, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 611,000 | |||
Buildings Improvements | 2,007,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,618,000 | |||
Accumulated Depreciation | 438,000 | |||
Tractor Supply: | Marion, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,536,000 | |||
Buildings Improvements | 1,099,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,635,000 | |||
Accumulated Depreciation | 216,000 | |||
Tractor Supply: | Midland, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 865,000 | |||
Buildings Improvements | 2,182,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,047,000 | |||
Accumulated Depreciation | 3,000 | |||
Tractor Supply: | Monticello, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 448,000 | |||
Buildings Improvements | 1,916,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,364,000 | |||
Accumulated Depreciation | 415,000 | |||
Tractor Supply: | Shelbyville, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 586,000 | |||
Buildings Improvements | 2,576,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,162,000 | |||
Accumulated Depreciation | 4,000 | |||
Tractor Supply: | South Hill, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 630,000 | |||
Buildings Improvements | 2,179,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,809,000 | |||
Accumulated Depreciation | 445,000 | |||
Tractor Supply: | Weaverville, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 867,000 | |||
Buildings Improvements | 3,138,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,005,000 | |||
Accumulated Depreciation | 624,000 | |||
Tractor Supply: | Woodward, OK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 446,000 | |||
Buildings Improvements | 1,973,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,419,000 | |||
Accumulated Depreciation | 402,000 | |||
Tractor Supply: | Asheville, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Total Adjustment to Basis | 0 | |||
Tractor Supply: | Wilmington, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Total Adjustment to Basis | 0 | |||
Trader Joe's: | Columbia, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,308,000 | |||
Buildings Improvements | 2,597,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,905,000 | |||
Accumulated Depreciation | 594,000 | |||
Trader Joe's: | Asheville, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,770,000 | |||
Buildings Improvements | 3,766,000 | |||
Gross Amount at Which Carried | 6,536,000 | |||
Accumulated Depreciation | 744,000 | |||
Trader Joe's: | Wilmington, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,016,000 | |||
Buildings Improvements | 2,519,000 | |||
Gross Amount at Which Carried | 4,535,000 | |||
Accumulated Depreciation | 630,000 | |||
Turfway Crossing: | Florence, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,280,000 | |||
Land | 2,261,000 | |||
Buildings Improvements | 10,323,000 | |||
Total Adjustment to Basis | 418,000 | |||
Gross Amount at Which Carried | 13,002,000 | |||
Accumulated Depreciation | 2,180,000 | |||
Ulta Salon: | Albany, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 441,000 | |||
Buildings Improvements | 1,757,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,198,000 | |||
Accumulated Depreciation | 313,000 | |||
Ulta Salon: | Greeley, CO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 596,000 | |||
Buildings Improvements | 2,035,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,631,000 | |||
Accumulated Depreciation | 315,000 | |||
United Oil: | Bellflower, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,246,000 | |||
Buildings Improvements | 788,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,034,000 | |||
Accumulated Depreciation | 125,000 | |||
United Oil: | Brea, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,393,000 | |||
Buildings Improvements | 658,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,051,000 | |||
Accumulated Depreciation | 104,000 | |||
United Oil: | Carson, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,354,000 | |||
Buildings Improvements | 4,821,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 7,175,000 | |||
Accumulated Depreciation | 6,000 | |||
United Oil: | El Cajon, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,533,000 | |||
Buildings Improvements | 568,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,101,000 | |||
Accumulated Depreciation | 90,000 | |||
United Oil: | El Cajon, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,225,000 | |||
Buildings Improvements | 368,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,593,000 | |||
Accumulated Depreciation | 58,000 | |||
United Oil: | El Monte, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 766,000 | |||
Buildings Improvements | 510,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,276,000 | |||
Accumulated Depreciation | 80,000 | |||
United Oil: | Escondido, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,514,000 | |||
Buildings Improvements | 1,062,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,576,000 | |||
Accumulated Depreciation | 168,000 | |||
United Oil: | Fallbrook, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,266,000 | |||
Buildings Improvements | 3,458,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,724,000 | |||
Accumulated Depreciation | 4,000 | |||
United Oil: | Glendale, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,871,000 | |||
Buildings Improvements | 795,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 5,666,000 | |||
Accumulated Depreciation | 126,000 | |||
United Oil: | Harbor City, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,359,000 | |||
Buildings Improvements | 3,047,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,406,000 | |||
Accumulated Depreciation | 3,000 | |||
United Oil: | Hawthorne, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 896,000 | |||
Buildings Improvements | 1,764,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,660,000 | |||
Accumulated Depreciation | 2,000 | |||
United Oil: | Inglewood, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,809,000 | |||
Buildings Improvements | 878,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,687,000 | |||
Accumulated Depreciation | 139,000 | |||
United Oil: | La Habra, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,971,000 | |||
Buildings Improvements | 571,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,542,000 | |||
Accumulated Depreciation | 90,000 | |||
United Oil: | Lakewood, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,499,000 | |||
Buildings Improvements | 2,400,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,899,000 | |||
Accumulated Depreciation | 3,000 | |||
United Oil: | Lawndale, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,462,000 | |||
Buildings Improvements | 862,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,324,000 | |||
Accumulated Depreciation | 136,000 | |||
United Oil: | Long Beach, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,088,000 | |||
Buildings Improvements | 2,582,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,670,000 | |||
Accumulated Depreciation | 3,000 | |||
United Oil: | Long Beach, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,778,000 | |||
Buildings Improvements | 883,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,661,000 | |||
Accumulated Depreciation | 140,000 | |||
United Oil: | Los Angeles, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,334,000 | |||
Buildings Improvements | 717,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,051,000 | |||
Accumulated Depreciation | 113,000 | |||
United Oil: | Los Angeles, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,552,000 | |||
Buildings Improvements | 1,242,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,794,000 | |||
Accumulated Depreciation | 196,000 | |||
United Oil: | Los Angeles, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,745,000 | |||
Buildings Improvements | 669,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,414,000 | |||
Accumulated Depreciation | 106,000 | |||
United Oil: | Los Angeles, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,930,000 | |||
Buildings Improvements | 428,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,358,000 | |||
Accumulated Depreciation | 68,000 | |||
United Oil: | Los Angeles, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,927,000 | |||
Buildings Improvements | 1,484,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,411,000 | |||
Accumulated Depreciation | 235,000 | |||
United Oil: | Los Angeles, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,182,000 | |||
Buildings Improvements | 701,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,883,000 | |||
Accumulated Depreciation | 111,000 | |||
United Oil: | Los Angeles, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,435,000 | |||
Buildings Improvements | 2,614,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 5,049,000 | |||
Accumulated Depreciation | 3,000 | |||
United Oil: | Los Angeles, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,016,000 | |||
Buildings Improvements | 3,486,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 5,502,000 | |||
Accumulated Depreciation | 4,000 | |||
United Oil: | Madera, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,500,000 | |||
Buildings Improvements | 3,804,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 5,304,000 | |||
Accumulated Depreciation | 265,000 | |||
United Oil: | Norco, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,852,000 | |||
Buildings Improvements | 1,489,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,341,000 | |||
Accumulated Depreciation | 235,000 | |||
United Oil: | Poway, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,072,000 | |||
Buildings Improvements | 705,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,777,000 | |||
Accumulated Depreciation | 111,000 | |||
United Oil: | San Clemente, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,036,000 | |||
Buildings Improvements | 3,561,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 5,597,000 | |||
Accumulated Depreciation | 4,000 | |||
United Oil: | San Diego, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,362,000 | |||
Buildings Improvements | 1,662,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,024,000 | |||
Accumulated Depreciation | 2,000 | |||
United Oil: | San Diego, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,547,000 | |||
Buildings Improvements | 3,218,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,765,000 | |||
Accumulated Depreciation | 4,000 | |||
United Oil: | San Diego, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,409,000 | |||
Buildings Improvements | 4,105,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 6,514,000 | |||
Accumulated Depreciation | 5,000 | |||
United Oil: | San Diego, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,977,000 | |||
Buildings Improvements | 1,448,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,425,000 | |||
Accumulated Depreciation | 229,000 | |||
United Oil: | San Diego, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,877,000 | |||
Buildings Improvements | 883,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,760,000 | |||
Accumulated Depreciation | 139,000 | |||
United Oil: | San Diego, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,824,000 | |||
Buildings Improvements | 382,000 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,206,000 | |||
Accumulated Depreciation | $ 61,000 |
SCHEDULE III - Real Estate As_7
SCHEDULE III - Real Estate Assets and Accumulated Depreciation - 6 (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 578,096 | |||
Land | 901,859 | |||
Buildings Improvements | 2,533,704 | |||
Total Adjustment to Basis | (63,637) | |||
Gross Amount at Which Carried | 3,371,926 | $ 2,530,311 | $ 4,444,041 | $ 4,564,592 |
Accumulated Depreciation | 298,364 | $ 243,122 | $ 385,245 | $ 334,476 |
United Oil: | Santa Ana, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,629 | |||
Buildings Improvements | 1,767 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,396 | |||
Accumulated Depreciation | 2 | |||
United Oil: | Santa Clarita, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,787 | |||
Buildings Improvements | 733 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 5,520 | |||
Accumulated Depreciation | 116 | |||
United Oil: | Sun City, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,136 | |||
Buildings Improvements | 1,421 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,557 | |||
Accumulated Depreciation | 224 | |||
United Oil: | Vista, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,063 | |||
Buildings Improvements | 334 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,397 | |||
Accumulated Depreciation | 53 | |||
United Oil: | Vista (Vista), CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,028 | |||
Buildings Improvements | 418 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,446 | |||
Accumulated Depreciation | 66 | |||
United Oil: | Whittier, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,629 | |||
Buildings Improvements | 985 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,614 | |||
Accumulated Depreciation | 156 | |||
University Marketplace: | Marion, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 850 | |||
Buildings Improvements | 6,722 | |||
Total Adjustment to Basis | 121 | |||
Gross Amount at Which Carried | 7,693 | |||
Accumulated Depreciation | 1,831 | |||
Urban Air Adventure Park: | Waukesha, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,408 | |||
Buildings Improvements | 12,918 | |||
Total Adjustment to Basis | 666 | |||
Gross Amount at Which Carried | 16,992 | |||
Accumulated Depreciation | 2,057 | |||
Vacant: | Appleton, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 895 | |||
Buildings Improvements | 1,026 | |||
Total Adjustment to Basis | (1,194) | |||
Gross Amount at Which Carried | 727 | |||
Accumulated Depreciation | 9 | |||
Vacant: | Cherokee, IA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 217 | |||
Buildings Improvements | 3,326 | |||
Total Adjustment to Basis | (2,654) | |||
Gross Amount at Which Carried | 889 | |||
Accumulated Depreciation | 11 | |||
Vacant: | Cokato, MN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 358 | |||
Buildings Improvements | 3,229 | |||
Total Adjustment to Basis | (2,280) | |||
Gross Amount at Which Carried | 1,307 | |||
Accumulated Depreciation | 8 | |||
Vacant: | Danville, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 274 | |||
Buildings Improvements | 1,514 | |||
Total Adjustment to Basis | (1,062) | |||
Gross Amount at Which Carried | 726 | |||
Accumulated Depreciation | 36 | |||
Vacant: | Dickson City, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,113 | |||
Buildings Improvements | 7,946 | |||
Total Adjustment to Basis | (7,817) | |||
Gross Amount at Which Carried | 1,242 | |||
Accumulated Depreciation | 221 | |||
Vacant: | Eldersburg, MD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 557 | |||
Buildings Improvements | 876 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,433 | |||
Accumulated Depreciation | 102 | |||
Vacant: | Lancaster, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,203 | |||
Buildings Improvements | 1,620 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,823 | |||
Accumulated Depreciation | 361 | |||
Vacant: | Nampa, ID | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 449 | |||
Buildings Improvements | 2,213 | |||
Total Adjustment to Basis | (1,482) | |||
Gross Amount at Which Carried | 1,180 | |||
Accumulated Depreciation | 36 | |||
Vacant: | Raleigh, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 329 | |||
Buildings Improvements | 556 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 885 | |||
Accumulated Depreciation | 1 | |||
Vacant: | Sanford, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,031 | |||
Buildings Improvements | 1,807 | |||
Total Adjustment to Basis | (1,861) | |||
Gross Amount at Which Carried | 977 | |||
Accumulated Depreciation | 14 | |||
Vacant: | Troy, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 992 | |||
Buildings Improvements | 1,577 | |||
Total Adjustment to Basis | (1,383) | |||
Gross Amount at Which Carried | 1,186 | |||
Accumulated Depreciation | 88 | |||
Vacant: | Valentine, NE | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 395 | |||
Buildings Improvements | 3,549 | |||
Total Adjustment to Basis | (2,403) | |||
Gross Amount at Which Carried | 1,541 | |||
Accumulated Depreciation | 57 | |||
Vacant: | Walker, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 900 | |||
Buildings Improvements | 3,909 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,809 | |||
Accumulated Depreciation | 657 | |||
Ventura Place: | Albuquerque, NM | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 5,203 | |||
Buildings Improvements | 7,998 | |||
Total Adjustment to Basis | (5,050) | |||
Gross Amount at Which Carried | 8,151 | |||
Accumulated Depreciation | 196 | |||
Vitamin Shoppe: | Taylor, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 631 | |||
Buildings Improvements | 767 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,398 | |||
Accumulated Depreciation | 1 | |||
Wal-Mart: | Anderson, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,424 | |||
Buildings Improvements | 9,719 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 12,143 | |||
Accumulated Depreciation | 1,251 | |||
Wal-Mart: | Florence, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,013 | |||
Buildings Improvements | 9,225 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 11,238 | |||
Accumulated Depreciation | 1,182 | |||
Wal-Mart: | Perry, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,270 | |||
Buildings Improvements | 11,053 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 13,323 | |||
Accumulated Depreciation | 2,364 | |||
Wal-Mart: | Summerville, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,300 | |||
Land | 2,410 | |||
Buildings Improvements | 2,098 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,508 | |||
Accumulated Depreciation | 309 | |||
Wal-Mart: | Tallahassee, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 14,823 | |||
Buildings Improvements | 0 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 14,823 | |||
Accumulated Depreciation | 0 | |||
Wal-Mart: | York, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,913 | |||
Buildings Improvements | 11,410 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 13,323 | |||
Accumulated Depreciation | 2,425 | |||
Walgreens: | Danville, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 989 | |||
Buildings Improvements | 4,547 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 5,536 | |||
Accumulated Depreciation | 979 | |||
Walgreens: | Austintown, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 637 | |||
Buildings Improvements | 4,173 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,810 | |||
Accumulated Depreciation | 779 | |||
Walgreens: | Baton Rouge, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,015 | |||
Buildings Improvements | 4,671 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 5,686 | |||
Accumulated Depreciation | 6 | |||
Walgreens: | Chicopee, MA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,094 | |||
Buildings Improvements | 4,945 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 7,039 | |||
Accumulated Depreciation | 772 | |||
Walgreens: | Clinton, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,209 | |||
Land | 1,977 | |||
Buildings Improvements | 4,232 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 6,209 | |||
Accumulated Depreciation | 5 | |||
Walgreens: | Connelly Springs, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,349 | |||
Buildings Improvements | 3,628 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,977 | |||
Accumulated Depreciation | 694 | |||
Walgreens: | Dearborn Heights, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,236 | |||
Buildings Improvements | 3,411 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 5,647 | |||
Accumulated Depreciation | 657 | |||
Walgreens: | East Chicago, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 331 | |||
Buildings Improvements | 5,242 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 5,573 | |||
Accumulated Depreciation | 839 | |||
Walgreens: | Fort Madison, IA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 514 | |||
Buildings Improvements | 3,723 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,237 | |||
Accumulated Depreciation | 700 | |||
Walgreens: | Greenville, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 542 | |||
Buildings Improvements | 4,063 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,605 | |||
Accumulated Depreciation | 5 | |||
Walgreens: | Harrison, AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,750 | |||
Land | 1,237 | |||
Buildings Improvements | 5,424 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 6,661 | |||
Accumulated Depreciation | 6 | |||
Walgreens: | Hickory, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,100 | |||
Buildings Improvements | 4,241 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 5,341 | |||
Accumulated Depreciation | 867 | |||
Walgreens: | Huntsville, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,273 | |||
Land | 1,931 | |||
Buildings Improvements | 2,457 | |||
Total Adjustment to Basis | 97 | |||
Gross Amount at Which Carried | 4,485 | |||
Accumulated Depreciation | 533 | |||
Walgreens: | Indianapolis, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,602 | |||
Land | 1,212 | |||
Buildings Improvements | 5,484 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 6,696 | |||
Accumulated Depreciation | 6 | |||
Walgreens: | Kannapolis, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,480 | |||
Buildings Improvements | 5,031 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 6,511 | |||
Accumulated Depreciation | 976 | |||
Walgreens: | Kilgore, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 821 | |||
Buildings Improvements | 5,601 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 6,422 | |||
Accumulated Depreciation | 6 | |||
Walgreens: | Kokomo, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 0 | |||
Buildings Improvements | 0 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 0 | |||
Accumulated Depreciation | 0 | |||
Walgreens: | Las Vegas, NV | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,325 | |||
Buildings Improvements | 3,262 | |||
Total Adjustment to Basis | 70 | |||
Gross Amount at Which Carried | 5,657 | |||
Accumulated Depreciation | 622 | |||
Walgreens: | Lawton, OK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 860 | |||
Buildings Improvements | 2,539 | |||
Total Adjustment to Basis | 106 | |||
Gross Amount at Which Carried | 3,505 | |||
Accumulated Depreciation | 494 | |||
Walgreens: | Lees Summit, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,184 | |||
Land | 1,205 | |||
Buildings Improvements | 4,884 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 6,089 | |||
Accumulated Depreciation | 6 | |||
Walgreens: | Little Rock, AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 548 | |||
Buildings Improvements | 4,676 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 5,224 | |||
Accumulated Depreciation | 768 | |||
Walgreens: | Lubbock, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 565 | |||
Buildings Improvements | 3,257 | |||
Total Adjustment to Basis | 103 | |||
Gross Amount at Which Carried | 3,925 | |||
Accumulated Depreciation | 689 | |||
Walgreens: | Lubbock, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 531 | |||
Buildings Improvements | 2,951 | |||
Total Adjustment to Basis | 102 | |||
Gross Amount at Which Carried | 3,584 | |||
Accumulated Depreciation | 620 | |||
Walgreens: | Metropolis, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 284 | |||
Buildings Improvements | 4,991 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 5,275 | |||
Accumulated Depreciation | 798 | |||
Walgreens: | Mobile, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,603 | |||
Buildings Improvements | 3,161 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,764 | |||
Accumulated Depreciation | 591 | |||
Walgreens: | Pine Bluff, AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 248 | |||
Buildings Improvements | 5,229 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 5,477 | |||
Accumulated Depreciation | 982 | |||
Walgreens: | Richmond, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 965 | |||
Buildings Improvements | 4,685 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 5,650 | |||
Accumulated Depreciation | 5 | |||
Walgreens: | Sacramento, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 324 | |||
Buildings Improvements | 2,669 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,993 | |||
Accumulated Depreciation | 458 | |||
Walgreens: | San Antonio, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,417 | |||
Buildings Improvements | 7,932 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 9,349 | |||
Accumulated Depreciation | 9 | |||
Walgreens: | Siloam Springs, AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,839 | |||
Land | 936 | |||
Buildings Improvements | 4,367 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 5,303 | |||
Accumulated Depreciation | 5 | |||
Walgreens: | Slidell, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,027 | |||
Land | 757 | |||
Buildings Improvements | 3,557 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,314 | |||
Accumulated Depreciation | 4 | |||
Walgreens: | Springfield, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 830 | |||
Buildings Improvements | 3,619 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,449 | |||
Accumulated Depreciation | 803 | |||
Walgreens: | Suffolk, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,261 | |||
Buildings Improvements | 3,461 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,722 | |||
Accumulated Depreciation | 807 | |||
Walgreens: | Sun City, AZ | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 837 | |||
Buildings Improvements | 2,484 | |||
Total Adjustment to Basis | 245 | |||
Gross Amount at Which Carried | 3,566 | |||
Accumulated Depreciation | 455 | |||
Walgreens: | Tarboro, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 755 | |||
Buildings Improvements | 3,634 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,389 | |||
Accumulated Depreciation | 594 | |||
Walgreens: | Whiteville, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 829 | |||
Buildings Improvements | 4,090 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,919 | |||
Accumulated Depreciation | 5 | |||
Walgreens/KeyBank: | Newburgh, NY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,000 | |||
Land | 3,280 | |||
Buildings Improvements | 5,441 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 8,721 | |||
Accumulated Depreciation | 992 | |||
Wallace Commons: | Salisbury, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,590 | |||
Land | 3,265 | |||
Buildings Improvements | 8,058 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 11,323 | |||
Accumulated Depreciation | 1,674 | |||
Wallace Commons II: | Salisbury, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,231 | |||
Buildings Improvements | 8,479 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 10,710 | |||
Accumulated Depreciation | 1,639 | |||
Waterford South Park: | Clarksville, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,200 | |||
Land | 2,946 | |||
Buildings Improvements | 8,564 | |||
Total Adjustment to Basis | 45 | |||
Gross Amount at Which Carried | 11,555 | |||
Accumulated Depreciation | 2,075 | |||
Wendy's: | Grafton, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 539 | |||
Buildings Improvements | 894 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,433 | |||
Accumulated Depreciation | 153 | |||
Wendy's: | Westminster, CO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 596 | |||
Buildings Improvements | 1,108 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 1,704 | |||
Accumulated Depreciation | 189 | |||
Western Crossing: | Jacksonville, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 3,382 | |||
Buildings Improvements | 7,775 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 11,157 | |||
Accumulated Depreciation | 12 | |||
West Marine: | Chicago, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 4,442 | |||
Buildings Improvements | 8,698 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 13,140 | |||
Accumulated Depreciation | 10 | |||
West Marine: | Panama City, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 676 | |||
Buildings Improvements | 2,219 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 2,895 | |||
Accumulated Depreciation | 399 | |||
West Marine: | Pensacola, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,107 | |||
Buildings Improvements | 3,398 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 4,505 | |||
Accumulated Depreciation | 595 | |||
Westover Market: | San Antonio, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 2,705 | |||
Buildings Improvements | 7,959 | |||
Total Adjustment to Basis | (6,264) | |||
Gross Amount at Which Carried | 4,400 | |||
Accumulated Depreciation | 159 | |||
Winn-Dixie: | Amite, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Land | 1,479 | |||
Buildings Improvements | 1,691 | |||
Total Adjustment to Basis | 0 | |||
Gross Amount at Which Carried | 3,170 | |||
Accumulated Depreciation | $ 4 |
SCHEDULE III - Real Estate As_8
SCHEDULE III - Real Estate Assets and Accumulated Depreciation (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2021USD ($) | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Property, plant and equipment, land and real estate assets, net tax basis | $ 3,700,000 | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance, beginning of period | 2,530,311 | $ 4,444,041 | $ 4,564,592 | |
Additions | ||||
Acquisitions | 738,172 | 5,305 | 11,151 | |
Improvements | 192,591 | 13,832 | 6,135 | |
Assets placed back into service | 200,758 | |||
Total additions | 1,131,521 | 19,137 | 17,286 | |
Less: Deductions | ||||
Cost of real estate sold | 83,144 | 1,448,915 | 61,891 | |
Other (including provisions for impairment of real estate assets) | 206,762 | 483,952 | 75,946 | |
Total deductions | 289,906 | 1,932,867 | 137,837 | |
Balance, end of period | 3,371,926 | 2,530,311 | 4,444,041 | |
Gross intangible lease assets | 389,564 | 313,127 | $ 367,622 | |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, beginning of period | 243,122 | 385,245 | 334,476 | |
Additions | ||||
Acquisitions - Depreciation expense for building, acquisitions costs and tenant improvements acquired | 56,218 | 73,790 | 92,998 | |
Improvements - Depreciation expense for tenant improvements and building equipment | 2,280 | 2,352 | 2,481 | |
Total additions | 58,498 | 76,142 | 95,479 | |
Deductions | ||||
Cost of real estate sold | 10,108 | 144,820 | 6,901 | |
Other (including provisions for impairment of real estate assets) | (6,852) | 73,445 | 37,809 | |
Total deductions | 3,256 | 218,265 | 44,710 | |
Balance, end of period | $ 298,364 | $ 243,122 | $ 385,245 | |
Buildings | ||||
Deductions | ||||
Acquired real estate asset, useful life | 40 years | |||
Tenant Improvements | ||||
Deductions | ||||
Acquired real estate asset, useful life | 15 years | |||
Intangible lease assets | ||||
Less: Deductions | ||||
Gross intangible lease assets | $ 389,600 | |||
Accumulated amortization of intangible lease assets | $ 155,000 | |||
Anchored Shopping Center | ||||
Deductions | ||||
Number of properties owned | property | 56 |
SCHEDULE IV - MORTGAGE LOANS _2
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Face amount of Mortgages | $ 481,438 | |||||||
Carrying amount of mortgages | 481,670 | $ 298,880 | $ 89,762 | $ 0 | ||||
Cure payments receivable | 7,351 | 0 | 0 | |||||
Allowance for credit losses | (60,628) | 0 | 0 | |||||
Net balance, end of period | 428,393 | 298,880 | 89,762 | |||||
Principal amount of loans subject to delinquent principal or interest | 0 | |||||||
Provision for credit losses | $ 123 | $ 7,905 | $ 691 | $ 25,682 | 68,356 | $ 0 | $ 0 | |
Mezzanine loans | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Provision for credit losses | $ 13,000 | $ 70,400 | ||||||
Condo New York, New York 1 | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Basis spread on interest rate | 14.85% | |||||||
Face amount of Mortgages | $ 34,904 | |||||||
Carrying amount of mortgages | 35,888 | |||||||
Principal amount of loans subject to delinquent principal or interest | $ 0 | |||||||
Condo New York, New York 2 | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Basis spread on interest rate | 14.85% | |||||||
Face amount of Mortgages | $ 22,480 | |||||||
Carrying amount of mortgages | 23,218 | |||||||
Principal amount of loans subject to delinquent principal or interest | $ 0 | |||||||
Condo New York, New York 3 | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Basis spread on interest rate | 14.85% | |||||||
Face amount of Mortgages | $ 13,906 | |||||||
Carrying amount of mortgages | 14,350 | |||||||
Principal amount of loans subject to delinquent principal or interest | $ 0 | |||||||
Condo New York, New York 4 | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Basis spread on interest rate | 14.85% | |||||||
Face amount of Mortgages | $ 9,131 | |||||||
Carrying amount of mortgages | 9,624 | |||||||
Principal amount of loans subject to delinquent principal or interest | $ 0 | |||||||
Condo New York, New York 5 | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Basis spread on interest rate | 8.00% | |||||||
Face amount of Mortgages | $ 22,104 | |||||||
Carrying amount of mortgages | 22,373 | |||||||
Principal amount of loans subject to delinquent principal or interest | $ 0 | |||||||
Condo New York, New York 6 | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Basis spread on interest rate | 8.00% | |||||||
Face amount of Mortgages | $ 16,681 | |||||||
Carrying amount of mortgages | 16,880 | |||||||
Principal amount of loans subject to delinquent principal or interest | $ 0 | |||||||
Condo New York, New York 7 | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Basis spread on interest rate | 8.00% | |||||||
Face amount of Mortgages | $ 10,034 | |||||||
Carrying amount of mortgages | 10,153 | |||||||
Principal amount of loans subject to delinquent principal or interest | $ 0 | |||||||
Condo New York, New York 8 | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Basis spread on interest rate | 8.00% | |||||||
Face amount of Mortgages | $ 7,549 | |||||||
Carrying amount of mortgages | 7,639 | |||||||
Principal amount of loans subject to delinquent principal or interest | $ 0 | |||||||
Office / Duluth, Georgia | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Basis spread on interest rate | 3.15% | |||||||
Face amount of Mortgages | $ 46,935 | |||||||
Carrying amount of mortgages | 46,486 | |||||||
Principal amount of loans subject to delinquent principal or interest | $ 0 | |||||||
Multifamily / Atlanta, Georgia | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Basis spread on interest rate | 2.75% | |||||||
Face amount of Mortgages | $ 69,500 | |||||||
Carrying amount of mortgages | 69,238 | |||||||
Principal amount of loans subject to delinquent principal or interest | $ 0 | |||||||
Office / Dallas, Texas | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Basis spread on interest rate | 4.50% | |||||||
Face amount of Mortgages | $ 155,899 | |||||||
Carrying amount of mortgages | 154,168 | |||||||
Principal amount of loans subject to delinquent principal or interest | $ 0 | |||||||
Office / Orlando, Florida | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Basis spread on interest rate | 4.00% | |||||||
Face amount of Mortgages | $ 72,315 | |||||||
Carrying amount of mortgages | 71,653 | |||||||
Principal amount of loans subject to delinquent principal or interest | $ 0 |
SCHEDULE IV - MORTGAGE LOANS _3
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE - MOVEMENT IN MORTGAGE LOANS ON REAL ESTATE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, beginning of period | $ 298,880 | $ 89,762 | $ 0 |
Additions during period: | |||
New loans | 231,212 | 217,014 | 89,295 |
Capitalized interest | 539 | 8,546 | 384 |
Accretion of fees and other items | 1,909 | 2,441 | 268 |
Total additions | 233,660 | 228,001 | 89,947 |
Less: Deductions during period: | |||
Collections of principal | (47,670) | (17,186) | 0 |
Deferred fees and other items | (3,200) | (1,697) | (185) |
Total deductions | (50,870) | (18,883) | (185) |
Balance, end of period | 481,670 | 298,880 | 89,762 |
Cure payments receivable | 7,351 | 0 | 0 |
Allowance for credit losses | (60,628) | 0 | 0 |
Net balance, end of period | $ 428,393 | $ 298,880 | $ 89,762 |