Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 27, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | Clipper Realty Inc. | |
Entity Central Index Key | 1,649,096 | |
Trading Symbol | clpr | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 17,812,755 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||
Land and improvements | $ 433,666 | $ 433,666 |
Building and improvements | 442,395 | 435,318 |
Tenant improvements | 3,001 | 2,986 |
Furniture, fixtures and equipment | 9,601 | 9,281 |
Real estate under development | 89,313 | |
Total Investment in real estate | 977,976 | 881,251 |
Accumulated depreciation | (65,712) | (58,174) |
Investment in real estate, net | 912,264 | 823,077 |
Cash and cash equivalents | 68,484 | 37,547 |
Restricted cash | 13,395 | 11,105 |
Tenant and other receivables, net of allowance for doubtful accounts of $2,109 and $2,768, respectively | 4,571 | 4,485 |
Deferred rent | 3,669 | 3,825 |
Deferred costs and intangible assets, net | 12,682 | 13,953 |
Prepaid expenses and other assets | 12,330 | 11,216 |
TOTAL ASSETS | 1,027,395 | 905,208 |
LIABILITIES AND EQUITY | ||
Notes payable, net of unamortized loan costs of $12,393 and $10,134, respectively | 810,519 | 754,459 |
Accounts payable and accrued liabilities | 6,018 | 8,982 |
Security deposits | 6,562 | 6,248 |
Below-market leases, net | 5,968 | 6,862 |
Other liabilities | 2,982 | 2,441 |
TOTAL LIABILITIES | 832,049 | 778,992 |
Preferred stock, $0.01 par value, 12.5% Series A Cumulative Non-Voting Preferred Stock; $137,500 liquidation preference, 0 and 132 shares issued and outstanding, respectively | ||
Common stock, $0.01 par value, 500,000,000 shares authorized, 17,812,755 and 11,422,606, respectively, issued and outstanding | 178 | 114 |
Additional paid-in-capital | 91,579 | 46,671 |
Accumulated deficit | (12,909) | (8,584) |
Total stockholders’ equity | 78,848 | 38,201 |
Non-controlling interests | 116,498 | 88,015 |
TOTAL EQUITY | 195,346 | 126,216 |
TOTAL LIABILITIES AND EQUITY | $ 1,027,395 | $ 905,208 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Allowance for doubtful accounts | $ 2,109 | $ 2,768 |
Unamortized loan costs | $ 12,393 | $ 10,134 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 17,812,755 | 11,422,606 |
Common stock, shares outstanding (in shares) | 17,812,755 | 11,422,606 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
REVENUES | ||||
Residential rental income | $ 18,079 | $ 15,911 | $ 36,116 | $ 31,738 |
Commercial income | 5,471 | 4,520 | 10,942 | 8,959 |
Tenant recoveries | 1,017 | 1,070 | 2,061 | 1,883 |
Garage and other income | 791 | 704 | 1,502 | 1,351 |
TOTAL REVENUES | 25,358 | 22,205 | 50,621 | 43,931 |
OPERATING EXPENSES | ||||
Property operating expenses | 6,564 | 6,142 | 13,669 | 12,684 |
Real estate taxes and insurance | 4,817 | 4,089 | 9,469 | 8,140 |
General and administrative | 2,588 | 2,090 | 4,784 | 3,922 |
Acquisition costs | 6 | 401 | 27 | 407 |
Depreciation and amortization | 4,063 | 3,348 | 7,998 | 6,638 |
TOTAL OPERATING EXPENSES | 18,038 | 16,070 | 35,947 | 31,791 |
INCOME FROM OPERATIONS | 7,320 | 6,135 | 14,674 | 12,140 |
Interest expense, net | (8,931) | (9,652) | (17,583) | (18,863) |
Net loss | (1,611) | (3,517) | (2,909) | (6,723) |
Net loss attributable to non-controlling interests | 965 | 2,452 | 1,798 | 4,688 |
Dividends attributable to preferred shares | (4) | (4) | (8) | (7) |
Net loss attributable to common stockholders | $ (650) | $ (1,069) | $ (1,119) | $ (2,042) |
Basic and diluted loss per share (in dollars per share) | $ (0.04) | $ (0.10) | $ (0.08) | $ (0.18) |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - 6 months ended Jun. 30, 2017 - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2016 | 132 | 11,422,606 | |||||
Balance at Dec. 31, 2016 | $ 114,000 | $ 46,671,000 | $ (8,584,000) | $ 38,201,000 | $ 88,015,000 | $ 126,216,000 | |
Issuance of common stock (in shares) | 6,390,149 | ||||||
Issuance of common stock | $ 64,000 | 78,747,000 | 78,811,000 | 78,811,000 | |||
Net proceeds from redemption of preferred shares | $ (132) | (145,000) | (145,000) | (145,000) | |||
Amortization of LTIP grants | 1,429,000 | 1,429,000 | |||||
Dividends and distributions | (3,214,000) | (3,214,000) | (4,842,000) | (8,056,000) | |||
Net loss | (1,111,000) | (1,111,000) | (1,798,000) | (2,909,000) | |||
Reallocation of noncontrolling interest | (33,694,000) | (33,694,000) | 33,694,000 | ||||
Balance at Jun. 30, 2017 | $ 178,000 | $ 91,579,000 | $ (12,909,000) | $ 78,848,000 | $ 116,498,000 | $ 195,346,000 | |
Balance (in shares) at Jun. 30, 2017 | 17,812,755 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (2,909) | $ (6,723) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation | 7,538 | 6,197 |
Amortization of deferred financing costs | 1,442 | 3,095 |
Amortization of deferred costs and intangible assets | 1,243 | 1,110 |
Amortization of above and below market leases | (866) | (919) |
Deferred rent | 156 | (19) |
Stock-based compensation | 1,429 | 1,112 |
Change in fair value of interest rate caps | 329 | 9 |
Changes in operating assets and liabilities: | ||
Restricted cash | (2,290) | 77 |
Accounts and other receivables | (86) | (1,785) |
Prepaid expenses, other assets and deferred costs | (293) | 721 |
Accounts payable and accrued liabilities | (2,220) | 771 |
Security deposits | 314 | 914 |
Other liabilities | 541 | 431 |
Net cash provided by operating activities | 4,328 | 4,991 |
CASH FLOW FROM INVESTING ACTIVITIES | ||
Additions to land, buildings, and improvements | (8,578) | (8,539) |
Acquisition deposit | (2,144) | |
Cash paid in connection with acquisition of real estate | (87,586) | (102,845) |
Net cash used in investing activities | (98,308) | (111,384) |
CASH FLOW FROM FINANCING ACTIVITIES | ||
Proceeds and costs from sale of common stock | 78,811 | (438) |
Redemption / sale of preferred stock | (145) | 132 |
Payments of notes payable | (681) | (55,354) |
Proceeds from notes payable | 59,000 | 149,500 |
Dividends and distributions | (8,056) | (4,969) |
Loan costs and other | (4,012) | (3,751) |
Net cash provided by financing activities | 124,917 | 85,120 |
Net increase (decrease) in cash and cash equivalents | 30,937 | (21,273) |
Cash and cash equivalents - beginning of period | 37,547 | 125,332 |
Cash and cash equivalents - end of period | 68,484 | 104,059 |
Supplemental cash flow information: | ||
Cash paid for interest, net of capitalized interest of $180 in 2017 | 15,771 | 16,448 |
Other non-cash items capitalized to real estate under development | $ 561 |
Consolidated Statements of Cas7
Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Capitalized interest | $ 180 |
Note 1 - Organization
Note 1 - Organization | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Clipper Realty Inc. (the “Company” or “We”) was organized in the state of Maryland on July 7, 2015. August 3, 2015, one one On February 9, 2017, 6,390,149 March 10, 2017) $13.50 $78.8 On May 9, 2017, purchase of 107 161 $87.5 $59 As of June 30, 2017, • Tribeca House properties in Manhattan, comprising two one 21 one 12 480,000 77,236 • Flatbush Gardens in Brooklyn, comprised of a 59 2,496 • 141 15 216,073 • 250 12 294,378 • Aspen property in Manhattan, a seven 166,000 21,000 • 107 “107 ten 161 -unit building containing 154,058 residential space. The operations of Clipper Realty, Inc. and its consolidated subsidiaries are carried on primarily through the Operating Partnership. The Company has elected to be taxed as a Real Estate Investment Trust (“REIT”) under Sections 856 860 At June 30, 2017, 40.4% As further discussed in Note 3, 2015 02, |
Note 2 - Sale of Common Stock,
Note 2 - Sale of Common Stock, and Formation Transactions and Preferred Stock Redemption | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Sale of Common Stock and Formation Transactions [Text Block] | 2. As discussed in Note 1, February 9 March 10, 2017, 6,390,149 $13.50 $78,811. On August 3, 2015, 10,666,667 $13.50 $130,199. The Company contributed the net proceeds of the common stock offerings to the Operating Partnership in exchange for units in the Operating Partnership as described in Note 1. On June 21, 2017, $145. |
Note 3 - Significant Accounting
Note 3 - Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 3. Basis of Consolidation The accompanying consolidated financial statements of the Company are prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). The effect of all intercompany balances has been eliminated. The consolidated financial statements include the accounts of all entities in which the Company have a controlling interest. The ownership interests of other investors in these entities are recorded as non-controlling interest. 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 commitments and contingencies at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from these estimates. Investment in Real Estate Real estate assets held for investment are carried at historical cost and consist of land, buildings and improvements, furniture, fixtures and equipment. Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as betterment or the life of the related asset will be substantially extended beyond the original life expectancy. Upon acquisition of real estate, the Company assesses the fair values of acquired tangible and intangible assets including land, buildings, tenant improvements, above and below-market leases, in-place leases and any other identified intangible assets and assumed liabilities. The Company allocates the purchase price to the assets acquired and liabilities assumed based on their fair values. In estimating fair value of tangible and intangible assets acquired, the Company assesses and considers fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates, estimates of replacement costs, net of depreciation, and available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company records acquired above-market and below-market lease values initially based on the present value, using a discount rate which reflects the risks associated with the leases acquired based on the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed renewal options for the below-market leases. Other intangible assets acquired include amounts for in-place lease values and tenant relationship values (if any) that are based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the respective tenant. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commission, legal and other related expenses. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not not June 30, 2017. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the assets less estimated cost to sell is less than the carrying value of the assets. Properties classified as real estate held for sale generally represent properties that are actively marketed or contracted for sale with closing expected to occur within the next twelve not If a tenant vacates its space prior to the contractual termination of the lease and no Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows: Building and improvements (years) 10 – 44 Tenant improvements Shorter of useful life or lease term Furniture, fixtures and equipment (years) 3 – 15 The capitalized above-market lease values are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. The value of in-place leases is amortized to expense over the remaining initial terms of the respective leases. Cash and Cash Equivalents Cash and cash equivalents are defined as cash on hand and in banks plus all short-term investments with a maturity of three may No Restricted Cash Restricted cash generally consists of escrows for future real estate taxes and insurance expenditures, repairs and capital improvements and security deposits. Tenant and Other Receivables and Allowance for Doubtful Accounts Tenant and other receivables are comprised of amounts due for monthly rents and other charges. The Company periodically performs a detailed review of amounts due from tenants to determine if accounts receivable balances are impaired based on factors affecting the collectability of those balances. If a tenant fails to make contractual payments beyond any allowance, the Company may Deferred Costs Deferred lease costs consist of fees incurred to initiate and renew operating leases. Lease costs are being amortized using the straight-line method over the terms of the respective leases. Deferred financing costs represent commitment fees, legal and other third not Comprehensive Income Comprehensive income is comprised of net income adjusted for changes in unrealized gains and losses, reported in equity, for financial instruments required to be reported at fair value under GAAP. For the three six June 30, 2017 2016, not not Revenue Recognition Rental revenue for commercial leases is recognized on a straight-line basis over the terms of the respective leases. Rental income attributable to residential leases and parking is recognized as earned, which is not one Reimbursements for operating expenses due from tenants pursuant to their lease agreements are recognized as revenue in the period the applicable expenses are incurred. These costs generally include real estate taxes, utilities, insurance, common area maintenance costs and other recoverable costs. Stock-based Compensation The Company accounts for stock-based compensation pursuant to Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) Topic 718, In April 2017, 151,853 $10.96 At June 30, 2017, December 31, 2016, 653,338 501,485 $12.95 $13.50 June 30, 2017, December 31, 2016, $3.8 $3.5 June 30, 2017, 2.2 Income Taxes The Company elected to be taxed and to operate in a manner that will allow it to qualify as a REIT under the U.S. Internal Revenue Code (the “Code”) commencing with its taxable year ended December 31, 2015. 90% not may not four no In accordance with the FASB ASC Topic 740, not three Fair Value Measurements Refer to Note 9, Derivative Financial Instruments The FASB derivative and hedging guidance establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. As required by the FASB guidance, the Company records all derivatives on the consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecast transactions, are considered cash flow hedges. For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. The Company assesses the effectiveness of each hedging relationship by comparing the changes in the fair value or cash flows of the derivative hedging instrument with the changes in the fair value or cash flows of the designated hedged item or transaction. For derivatives not June 30, 2017, no Earnings (Loss) Per Share Basic and diluted earnings (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted average common shares outstanding. As of June 30, 2017 2016, two not June 30, 2017 2016. The effect of the conversion of the 26,317 not The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods indicated (unaudited): (dollar in thousands, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Numerator Net loss attributable to common stockholders $ (650 ) $ (1,069 ) $ (1,119 ) $ (2,042 ) Less: net loss attributable to participating securities (62 ) (15 ) (105 ) (56 ) Subtotal $ (712 ) $ (1,084 ) $ (1,224 ) $ (2,098 ) Denominator Weighted average common shares outstanding 17,813 11,423 16,228 11,423 Basic and diluted loss per share attributable to common stockholders $ (0.04 ) $ (0.10 ) $ (0.08 ) $ (0.18 ) Recently Issued Pronouncements In May 2017, No. 2017 09, 718 ASU 2017 09 718 unless 1. The fair value of the modified award is the same as the fair value of the original award immediately before the modification. The standard indicates that if the modification does not not 2. The vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the modification. 3. The classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the modification. The amendments are effective for all entities for fiscal years beginning after December 15, 2017, 2017 05 not In February 2017, No. 2017 05, 610 20 2017 05 2017 05 December 16, 2017, 2017 05 not In January 2017, No. 2017 01 2017 01 2017 01 December 15, 2017 207 01 2017. In November 2016, No. 2016 18 230 not December 15, 2017, December 15, 2018, December 15, 2019. No. 2016 18. |
Note 4 - Acquisitions
Note 4 - Acquisitions | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 4. On June 27, 2016, $103,000. The purchase price was allocated as follows: Land $ 49,139 Buildings 42,753 Tenant improvements 26 Site improvements 91 Furniture, fixtures and equipment 302 Above-market leases 444 Below-market leases (783 ) In-place leases 1,093 Lease origination costs 793 Real estate tax abatements 9,142 Total $ 103,000 We have prepared the following unaudited pro forma income statement information for the six June 30, 2016, January 1, 2016. not January 1, 2016. Six Months Ended Revenue $ 47,092 Total expenses (54,239 ) Net loss $ (7,147 ) Basic and diluted loss per share $ (0.19 ) On May 9, 2017, purchased 107 $87.5 7 50% 50% During the second 2017, $2.1 10 65 th |
Note 5 - Deferred Costs and Int
Note 5 - Deferred Costs and Intangible Assets | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Deferred Costs and Intangible Assets Disclosure [Text Block] | 5. Deferred costs and intangible assets consist of the following: June 30, December 31, (Unaudited) Deferred costs $ 266 $ 266 Above-market leases 480 480 Lease origination costs 3,092 3,092 In-place lease 7,347 7,347 Real estate tax abatements 12,571 12,571 Total deferred costs and intangible assets 23,756 23,756 Less accumulated amortization (11,074 ) (9,803 ) Total deferred costs and intangible assets, net $ 12,682 $ 13,953 Amortization of lease origination costs and in-place lease intangible assets was $230 $224 three June 30, 2017 2016, $460 $441 six June 30, 2017 2016, $392 $331 three June 30, 2017 2016, $783 $669 six June 30, 2017 2016, $15 $28 three six June 30, 2017, Deferred costs and intangible assets as of June 30, 2017, 2017 (Remainder) $ 1,284 2018 1,284 2019 1,056 2020 812 2021 812 Thereafter 7,434 Total $ 12,682 |
Note 6 - Below-market Lease Int
Note 6 - Below-market Lease Intangibles | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Below Market Lease Intangibles Disclosure [Text Block] | 6. The Company’s below-market lease intangibles liabilities are as follows: June 30, December 31, (Unaudited) Below-market leases $ 23,178 $ 23,178 Less accumulated amortization (17,210 ) (16,316 ) $ 5,968 $ 6,862 Rental income includes amortization of below-market leases of $447 $489 three June 30, 2017 2016, $894 $919 six June 30, 2017 2016, The balance of below-market leases as of June 30, 2017, 2017 (Remainder) $ 893 2018 1,787 2019 1,269 2020 489 2021 488 Thereafter 1,042 Total $ 5,968 |
Note 7 - Notes Payable
Note 7 - Notes Payable | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 7. The first Property Maturity Interest Rate June 30, December 31, Flatbush Gardens, Brooklyn, NY (a) 10/1/2024 3.88 % $ 149,779 $ 150,000 Flatbush Gardens, Brooklyn, NY(b) 10/1/2024 3.88 % 19,971 20,000 250 Livingston Street, Brooklyn, NY(c) 5/6/2023 4.00 % 34,662 35,093 141 Livingston Street, Brooklyn, NY(d) 6/1/2028 3.875 % 79,500 79,500 Tribeca House properties, NY(e) 11/9/2018 LIBOR + 3.75 % 410,000 410,000 Aspen property, NY(f) 7/1/2028 3.68 % 70,000 70,000 107 Columbia Heights property, NY (g) 5/9/2020 LIBOR + 3.85 % 59,000 — $ 822,912 $ 764,593 Unamortized debt issuance costs (12,393 ) (10,134 ) Total debt, net of debt issuance costs $ 810,519 $ 754,459 (a) The $150,000 October 1, 2024 3.88%. April 2017 30 (b) The additional $20,000 $150,000 3.88% September 2019 2.75%, April 2017, $94 May 2017 September 2019 30 30 (c) The mortgage note agreement with Citigroup Global Markets Realty Corp. for $37,500 $179, 4.00% May 6, 2023. (d) On May 11, 2016, $55,000 141 $79,500 June 1, 2028, 3.875%. June 2017, $374 July 2017 June 2028 30 (e) On November 9, 2016, $360,000 $100,000 $410,000 one 3.75% 5.0% June 30, 2017), November 9, 2018 three one (f) On June 27, 2016, $70,000 July 1, 2028 3.68%. July 2017, $321 August 2017 July 2028 30 (g) On May 9, 2017, $59,000 $14,700 May 9, 2020, two one one 3.85% 5.1% June 30, 2017). The following table summarizes principal payment requirements under terms as of June 30, 2017: 2017 (Remainder) $ 3,809 2018 416,731 2019 6,678 2020 64,332 2021 5,560 Thereafter 325,802 Total $ 822,912 |
Note 8 - Rental Income Under Op
Note 8 - Rental Income Under Operating Leases | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Lessor, Operating Leases [Text Block] | 8. The Company’s commercial properties are leased to commercial tenants under operating leases with fixed terms of varying lengths. As of June 30, 2017, five 2017 (Remainder) $ 10,770 2018 21,648 2019 16,813 2020 10,247 2021 4,749 Thereafter 24,025 Total $ 88,252 The Company has commercial leases with the City of New York that comprised approximately 20% three six June 30, 2017 2016. December 2016, 250 August 2020, |
Note 9 - Fair Value of Financia
Note 9 - Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 9. GAAP requires the measurement of certain financial instruments at fair value on a recurring basis. In addition, GAAP requires the measure of other financial instruments and balances at fair value on a non-recurring basis (e.g., carrying value of impaired real estate and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three one three Level 1: • Level 2: quoted not • Level 3: no When available, the Company utilizes quoted market prices from an independent third 1 2. not not third may third not Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not The financial assets and liabilities in the consolidated balance sheets include cash and cash equivalents, restricted cash, receivables, accounts payable and accrued expenses, including interest rate caps, and mortgages. The carrying amount of cash and cash equivalents, restricted cash, receivables, and accounts payable and accrued expenses reported in the consolidated balance sheets approximates fair value due to the short-term nature of these instruments. The fair value of mortgages, which is classified as Level 2, The carrying amount and fair value of the mortgage notes payable were as follows: June 30, December 31, (unaudited) Carrying amount (excluding unamortized debt issuance costs) $ 822,912 $ 764,593 Fair value 811,863 749,324 The Company purchased interest rate caps in connection with the mortgage loans on November 9, 2016, May 10, 2017, 107 Notional Amount Related Property Loans Type of Instrument Maturity Date Strike Rate Estimated Fair Market Value at June 30, 2017 Estimated Fair Market Value at December 31, 2016 $410,000 Tribeca House Interest rate cap December 31, 2018 2.0 % $ 80 $ 409 $73,700 107 Columbia Heights Interest rate cap May 3, 2020 3.0 % $ 70 NA Total fair value of derivative instruments included in prepaid and other assets $ 150 $ 409 Their fair value, which is classified as Level 2, not 107 $192 $0 three June 30, 2017 2016, $329 $9 six June 30, 2017 2016, $63 107 three June 30, 2017, Disclosures about fair value of financial instruments were based on pertinent information available as of June 30, 2017, December 31, 2016. not not may |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. Legal On July 3, 2017, 41 50 53 421 July 18, 2017, In addition to the above, the Company is subject to certain legal proceedings and claims arising in connection with its business. Management believes, based in part upon consultation with legal counsel, that the ultimate resolution of all such claims will not Commitments The Company is obligated to provide parking availability through August 2020 250 $240 Concentrations The Company’s properties are located in the Boroughs of Manhattan and Brooklyn in New York City, which exposes the Company to greater economic risks than if it owned a more geographically dispersed portfolio. For each of the three six June 30, 2017 2016, 26% 74% |
Note 11 - Related-party Transac
Note 11 - Related-party Transactions | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 11. Included in general and administrative expense for the three six June 30, 2017, $134 $232, |
Note 12 - Segment Reporting
Note 12 - Segment Reporting | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 12. The Company has classified its reporting segments into commercial and residential rental properties. The commercial reporting segment includes the 141 250 107 250 The Company’s income from operations by segment for the three six June 30, 2017 2016 Three months ended June 30, 2017 Commercial Residential Total Rental revenues $ 5,471 $ 18,079 $ 23,550 Tenant recoveries 1,017 — 1,017 Garage and other revenue income 215 576 791 Total revenues 6,703 18,655 25,358 Property operating expenses 1,026 5,538 6,564 Real estate taxes and insurance 1,066 3,751 4,817 General and administrative 208 2,380 2,588 Acquisition costs — 6 6 Depreciation and amortization 835 3,228 4,063 Total operating expenses 3,135 14,903 18,038 Income from operations $ 3,568 $ 3,752 $ 7,320 Three months ended June 30, 2016 Commercial Residential Total Rental revenues $ 4,520 $ 15,911 $ 20,431 Tenant recoveries 1,070 — 1,070 Garage and other revenue income 243 461 704 Total revenues 5,833 16,372 22,205 Property operating expenses 936 5,206 6,142 Real estate taxes and insurance 990 3,099 4,089 General and administrative 173 1,917 2,090 Acquisition costs — 401 401 Depreciation and amortization 648 2,700 3,348 Total operating expenses 2,747 13,323 16,070 Income from operations $ 3,086 $ 3,049 $ 6,135 Six months ended June 30, 2017 Commercial Residential Total Rental revenues $ 10,942 $ 36,116 $ 47,058 Tenant recoveries 2,061 — 2,061 Garage and other revenue income 427 1,075 1,502 Total revenues 13,430 37,191 50,621 Property operating expenses 2,107 11,562 13,669 Real estate taxes and insurance 2,123 7,346 9,469 General and administrative 396 4,388 4,784 Acquisition costs — 27 27 Depreciation and amortization 1,603 6,395 7,998 Total operating expenses 6,229 29,718 35,947 Income from operations $ 7,201 $ 7,473 $ 14,674 Six months ended June 30, 2016 Commercial Residential Total Rental revenues $ 8,959 $ 31,738 $ 40,697 Tenant recoveries 1,883 — 1,883 Garage and other revenue income 789 562 1,351 Total revenues 11,631 32,300 43,931 Property operating expenses 1,895 10,789 12,684 Real estate taxes and insurance 1,956 6,184 8,140 General and administrative 330 3,592 3,922 Acquisition costs — 407 407 Depreciation and amortization 1,284 5,354 6,638 Total operating expenses 5,465 26,326 31,791 Income from operations $ 6,166 $ 5,974 $ 12,140 The Company’s total assets by segment are as follows, as of: Commercial Residential Total June 30, 2017 $ 225,629 $ 801,766 $ 1,027,395 December 31, 2016 225,608 679,600 905,208 The Company’s interest expense by segment for the three six June 30, 2017 2016 Commercial Residential Total Three months ended June 30: 2017 $ 1,942 $ 6,989 $ 8,931 2016 1,879 7,773 9,652 Six months ended June 30: 2017 $ 3,823 $ 13,760 $ 17,583 2016 3,673 15,190 18,863 The Company’s capital expenditures by segment for the three six June 30, 2017 2016 Commercial Residential Total Three months ended June 30: 2017 $ 2,002 $ 4,035 $ 6,037 2016 369 4,812 5,181 Six months ended June 30: 2017 $ 3,013 $ 6,126 $ 9,139 2016 399 8,140 8,539 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of Consolidation The accompanying consolidated financial statements of the Company are prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). The effect of all intercompany balances has been eliminated. The consolidated financial statements include the accounts of all entities in which the Company have a controlling interest. The ownership interests of other investors in these entities are recorded as non-controlling interest. |
Use of Estimates, Policy [Policy Text Block] | 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 commitments and contingencies at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from these estimates. |
Real Estate, Policy [Policy Text Block] | Investment in Real Estate Real estate assets held for investment are carried at historical cost and consist of land, buildings and improvements, furniture, fixtures and equipment. Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as betterment or the life of the related asset will be substantially extended beyond the original life expectancy. Upon acquisition of real estate, the Company assesses the fair values of acquired tangible and intangible assets including land, buildings, tenant improvements, above and below-market leases, in-place leases and any other identified intangible assets and assumed liabilities. The Company allocates the purchase price to the assets acquired and liabilities assumed based on their fair values. In estimating fair value of tangible and intangible assets acquired, the Company assesses and considers fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates, estimates of replacement costs, net of depreciation, and available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company records acquired above-market and below-market lease values initially based on the present value, using a discount rate which reflects the risks associated with the leases acquired based on the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed renewal options for the below-market leases. Other intangible assets acquired include amounts for in-place lease values and tenant relationship values (if any) that are based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the respective tenant. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commission, legal and other related expenses. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not not June 30, 2017. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the assets less estimated cost to sell is less than the carrying value of the assets. Properties classified as real estate held for sale generally represent properties that are actively marketed or contracted for sale with closing expected to occur within the next twelve not If a tenant vacates its space prior to the contractual termination of the lease and no Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows: Building and improvements (years) 10 – 44 Tenant improvements Shorter of useful life or lease term Furniture, fixtures and equipment (years) 3 – 15 The capitalized above-market lease values are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. The value of in-place leases is amortized to expense over the remaining initial terms of the respective leases. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents are defined as cash on hand and in banks plus all short-term investments with a maturity of three may No |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash Restricted cash generally consists of escrows for future real estate taxes and insurance expenditures, repairs and capital improvements and security deposits. |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Tenant and Other Receivables and Allowance for Doubtful Accounts Tenant and other receivables are comprised of amounts due for monthly rents and other charges. The Company periodically performs a detailed review of amounts due from tenants to determine if accounts receivable balances are impaired based on factors affecting the collectability of those balances. If a tenant fails to make contractual payments beyond any allowance, the Company may |
Deferred Charges, Policy [Policy Text Block] | Deferred Costs Deferred lease costs consist of fees incurred to initiate and renew operating leases. Lease costs are being amortized using the straight-line method over the terms of the respective leases. Deferred financing costs represent commitment fees, legal and other third not |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income Comprehensive income is comprised of net income adjusted for changes in unrealized gains and losses, reported in equity, for financial instruments required to be reported at fair value under GAAP. For the three six June 30, 2017 2016, not not |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Rental revenue for commercial leases is recognized on a straight-line basis over the terms of the respective leases. Rental income attributable to residential leases and parking is recognized as earned, which is not one Reimbursements for operating expenses due from tenants pursuant to their lease agreements are recognized as revenue in the period the applicable expenses are incurred. These costs generally include real estate taxes, utilities, insurance, common area maintenance costs and other recoverable costs. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-based Compensation The Company accounts for stock-based compensation pursuant to Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) Topic 718, In April 2017, 151,853 $10.96 At June 30, 2017, December 31, 2016, 653,338 501,485 $12.95 $13.50 June 30, 2017, December 31, 2016, $3.8 $3.5 June 30, 2017, 2.2 |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company elected to be taxed and to operate in a manner that will allow it to qualify as a REIT under the U.S. Internal Revenue Code (the “Code”) commencing with its taxable year ended December 31, 2015. 90% not may not four no In accordance with the FASB ASC Topic 740, not three |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value Measurements Refer to Note 9, |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments The FASB derivative and hedging guidance establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. As required by the FASB guidance, the Company records all derivatives on the consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecast transactions, are considered cash flow hedges. For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. The Company assesses the effectiveness of each hedging relationship by comparing the changes in the fair value or cash flows of the derivative hedging instrument with the changes in the fair value or cash flows of the designated hedged item or transaction. For derivatives not June 30, 2017, no |
Earnings Per Share, Policy [Policy Text Block] | Earnings (Loss) Per Share Basic and diluted earnings (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted average common shares outstanding. As of June 30, 2017 2016, two not June 30, 2017 2016. The effect of the conversion of the 26,317 not The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods indicated (unaudited): (dollar in thousands, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Numerator Net loss attributable to common stockholders $ (650 ) $ (1,069 ) $ (1,119 ) $ (2,042 ) Less: net loss attributable to participating securities (62 ) (15 ) (105 ) (56 ) Subtotal $ (712 ) $ (1,084 ) $ (1,224 ) $ (2,098 ) Denominator Weighted average common shares outstanding 17,813 11,423 16,228 11,423 Basic and diluted loss per share attributable to common stockholders $ (0.04 ) $ (0.10 ) $ (0.08 ) $ (0.18 ) |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Pronouncements In May 2017, No. 2017 09, 718 ASU 2017 09 718 unless 1. The fair value of the modified award is the same as the fair value of the original award immediately before the modification. The standard indicates that if the modification does not not 2. The vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the modification. 3. The classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the modification. The amendments are effective for all entities for fiscal years beginning after December 15, 2017, 2017 05 not In February 2017, No. 2017 05, 610 20 2017 05 2017 05 December 16, 2017, 2017 05 not In January 2017, No. 2017 01 2017 01 2017 01 December 15, 2017 207 01 2017. In November 2016, No. 2016 18 230 not December 15, 2017, December 15, 2018, December 15, 2019. No. 2016 18. |
Note 3 - Significant Accounti21
Note 3 - Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Property, Plant and Equipment, Useful Life [Table Text Block] | Building and improvements (years) 10 – 44 Tenant improvements Shorter of useful life or lease term Furniture, fixtures and equipment (years) 3 – 15 |
Schedule of Nonvested Share Activity [Table Text Block] | (dollar in thousands, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Numerator Net loss attributable to common stockholders $ (650 ) $ (1,069 ) $ (1,119 ) $ (2,042 ) Less: net loss attributable to participating securities (62 ) (15 ) (105 ) (56 ) Subtotal $ (712 ) $ (1,084 ) $ (1,224 ) $ (2,098 ) Denominator Weighted average common shares outstanding 17,813 11,423 16,228 11,423 Basic and diluted loss per share attributable to common stockholders $ (0.04 ) $ (0.10 ) $ (0.08 ) $ (0.18 ) |
Note 4 - Acquisitions (Tables)
Note 4 - Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Land $ 49,139 Buildings 42,753 Tenant improvements 26 Site improvements 91 Furniture, fixtures and equipment 302 Above-market leases 444 Below-market leases (783 ) In-place leases 1,093 Lease origination costs 793 Real estate tax abatements 9,142 Total $ 103,000 |
Business Acquisition, Pro Forma Information [Table Text Block] | Six Months Ended Revenue $ 47,092 Total expenses (54,239 ) Net loss $ (7,147 ) Basic and diluted loss per share $ (0.19 ) |
Note 5 - Deferred Costs and I23
Note 5 - Deferred Costs and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Deferred Costs and Intangible Assets [Table Text Block] | June 30, December 31, (Unaudited) Deferred costs $ 266 $ 266 Above-market leases 480 480 Lease origination costs 3,092 3,092 In-place lease 7,347 7,347 Real estate tax abatements 12,571 12,571 Total deferred costs and intangible assets 23,756 23,756 Less accumulated amortization (11,074 ) (9,803 ) Total deferred costs and intangible assets, net $ 12,682 $ 13,953 |
Schedule of Deferred Costs and Intangible Assets, Future Amortization Expense [Table Text Block] | 2017 (Remainder) $ 1,284 2018 1,284 2019 1,056 2020 812 2021 812 Thereafter 7,434 Total $ 12,682 |
Note 6 - Below-market Lease I24
Note 6 - Below-market Lease Intangibles (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Below-Market Lease Intangibles Liabilities [Table Text Block] | June 30, December 31, (Unaudited) Below-market leases $ 23,178 $ 23,178 Less accumulated amortization (17,210 ) (16,316 ) $ 5,968 $ 6,862 |
Below Market Lease, Future Amortization Income [Table Text Block] | 2017 (Remainder) $ 893 2018 1,787 2019 1,269 2020 489 2021 488 Thereafter 1,042 Total $ 5,968 |
Note 7 - Notes Payable (Tables)
Note 7 - Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Property Maturity Interest Rate June 30, December 31, Flatbush Gardens, Brooklyn, NY (a) 10/1/2024 3.88 % $ 149,779 $ 150,000 Flatbush Gardens, Brooklyn, NY(b) 10/1/2024 3.88 % 19,971 20,000 250 Livingston Street, Brooklyn, NY(c) 5/6/2023 4.00 % 34,662 35,093 141 Livingston Street, Brooklyn, NY(d) 6/1/2028 3.875 % 79,500 79,500 Tribeca House properties, NY(e) 11/9/2018 LIBOR + 3.75 % 410,000 410,000 Aspen property, NY(f) 7/1/2028 3.68 % 70,000 70,000 107 Columbia Heights property, NY (g) 5/9/2020 LIBOR + 3.85 % 59,000 — $ 822,912 $ 764,593 Unamortized debt issuance costs (12,393 ) (10,134 ) Total debt, net of debt issuance costs $ 810,519 $ 754,459 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2017 (Remainder) $ 3,809 2018 416,731 2019 6,678 2020 64,332 2021 5,560 Thereafter 325,802 Total $ 822,912 |
Note 8 - Rental Income Under 26
Note 8 - Rental Income Under Operating Leases (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block] | 2017 (Remainder) $ 10,770 2018 21,648 2019 16,813 2020 10,247 2021 4,749 Thereafter 24,025 Total $ 88,252 |
Note 9 - Fair Value of Financ27
Note 9 - Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | June 30, December 31, (unaudited) Carrying amount (excluding unamortized debt issuance costs) $ 822,912 $ 764,593 Fair value 811,863 749,324 |
Schedule of Derivative Instruments [Table Text Block] | Notional Amount Related Property Loans Type of Instrument Maturity Date Strike Rate Estimated Fair Market Value at June 30, 2017 Estimated Fair Market Value at December 31, 2016 $410,000 Tribeca House Interest rate cap December 31, 2018 2.0 % $ 80 $ 409 $73,700 107 Columbia Heights Interest rate cap May 3, 2020 3.0 % $ 70 NA Total fair value of derivative instruments included in prepaid and other assets $ 150 $ 409 |
Note 12 - Segment Reporting (Ta
Note 12 - Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended June 30, 2017 Commercial Residential Total Rental revenues $ 5,471 $ 18,079 $ 23,550 Tenant recoveries 1,017 — 1,017 Garage and other revenue income 215 576 791 Total revenues 6,703 18,655 25,358 Property operating expenses 1,026 5,538 6,564 Real estate taxes and insurance 1,066 3,751 4,817 General and administrative 208 2,380 2,588 Acquisition costs — 6 6 Depreciation and amortization 835 3,228 4,063 Total operating expenses 3,135 14,903 18,038 Income from operations $ 3,568 $ 3,752 $ 7,320 Three months ended June 30, 2016 Commercial Residential Total Rental revenues $ 4,520 $ 15,911 $ 20,431 Tenant recoveries 1,070 — 1,070 Garage and other revenue income 243 461 704 Total revenues 5,833 16,372 22,205 Property operating expenses 936 5,206 6,142 Real estate taxes and insurance 990 3,099 4,089 General and administrative 173 1,917 2,090 Acquisition costs — 401 401 Depreciation and amortization 648 2,700 3,348 Total operating expenses 2,747 13,323 16,070 Income from operations $ 3,086 $ 3,049 $ 6,135 Six months ended June 30, 2017 Commercial Residential Total Rental revenues $ 10,942 $ 36,116 $ 47,058 Tenant recoveries 2,061 — 2,061 Garage and other revenue income 427 1,075 1,502 Total revenues 13,430 37,191 50,621 Property operating expenses 2,107 11,562 13,669 Real estate taxes and insurance 2,123 7,346 9,469 General and administrative 396 4,388 4,784 Acquisition costs — 27 27 Depreciation and amortization 1,603 6,395 7,998 Total operating expenses 6,229 29,718 35,947 Income from operations $ 7,201 $ 7,473 $ 14,674 Six months ended June 30, 2016 Commercial Residential Total Rental revenues $ 8,959 $ 31,738 $ 40,697 Tenant recoveries 1,883 — 1,883 Garage and other revenue income 789 562 1,351 Total revenues 11,631 32,300 43,931 Property operating expenses 1,895 10,789 12,684 Real estate taxes and insurance 1,956 6,184 8,140 General and administrative 330 3,592 3,922 Acquisition costs — 407 407 Depreciation and amortization 1,284 5,354 6,638 Total operating expenses 5,465 26,326 31,791 Income from operations $ 6,166 $ 5,974 $ 12,140 Commercial Residential Total June 30, 2017 $ 225,629 $ 801,766 $ 1,027,395 December 31, 2016 225,608 679,600 905,208 |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | Commercial Residential Total Three months ended June 30: 2017 $ 1,942 $ 6,989 $ 8,931 2016 1,879 7,773 9,652 Six months ended June 30: 2017 $ 3,823 $ 13,760 $ 17,583 2016 3,673 15,190 18,863 Commercial Residential Total Three months ended June 30: 2017 $ 2,002 $ 4,035 $ 6,037 2016 369 4,812 5,181 Six months ended June 30: 2017 $ 3,013 $ 6,126 $ 9,139 2016 399 8,140 8,539 |
Note 1 - Organization (Details
Note 1 - Organization (Details Textual) $ / shares in Units, $ in Thousands | May 09, 2017USD ($) | Feb. 09, 2017USD ($)$ / sharesshares | Jun. 30, 2017ft²shares | Aug. 03, 2015 |
Formation Transaction, Units Converted to Commons Shares, Ratio | 1 | |||
Percentage of Aggregate Cash Distributions From, and Profits and Losses | 40.40% | |||
107 Columbia Heights in Brooklyn, NY [Member] | ||||
Number of Stories | 10 | |||
107 Columbia Heights in Brooklyn, NY [Member] | Mortgages [Member] | ||||
Debt Instrument, Face Amount | $ | $ 59,000 | |||
107 Columbia Heights in Brooklyn, NY [Member] | Apartment Building [Member] | ||||
Gross Leasable Area | 154,058 | |||
Number of Units | 161 | 161 | ||
Business Combination, Consideration Transferred | $ | $ 87,500 | |||
Tribeca House properties in Manhattan [Member] | ||||
Number of Buildings | 2 | |||
Tribeca House properties in Manhattan [Member] | Residential Rental [Member] | ||||
Gross Leasable Area | 480,000 | |||
Tribeca House properties in Manhattan [Member] | Rental Retail and Parking [Member] | ||||
Gross Leasable Area | 77,236 | |||
Tribeca House properties in Manhattan, Building One [Member] | ||||
Number of Stories | 21 | |||
Tribeca House properties in Manhattan, Building Two [Member] | ||||
Number of Stories | 12 | |||
Flatbush Gardens in Brooklyn [Member] | Multifamily [Member] | ||||
Number of Buildings | 59 | |||
Number of Rentable Units | 2,496 | |||
141 Livingston Street in Brooklyn [Member] | Office Building [Member] | ||||
Gross Leasable Area | 216,073 | |||
Number of Stories | 15 | |||
250 Livingston Street in Brooklyn [Member] | Office and Residential Building [Member] | ||||
Gross Leasable Area | 294,378 | |||
Number of Stories | 12 | |||
Aspen [Member] | ||||
Number of Stories | 7 | |||
Aspen [Member] | Residential Rental [Member] | ||||
Gross Leasable Area | 166,000 | |||
Aspen [Member] | Retail Site [Member] | ||||
Gross Leasable Area | 21,000 | |||
Common Stock [Member] | ||||
Stock Issued During Period, Shares, New Issues | shares | 6,390,149 | |||
IPO [Member] | Common Stock [Member] | ||||
Stock Issued During Period, Shares, New Issues | shares | 6,390,149 | |||
Shares Issued, Price Per Share | $ / shares | $ 13.50 | |||
Proceeds from Issuance Initial Public Offering | $ | $ 78,811 |
Note 2 - Sale of Common Stock30
Note 2 - Sale of Common Stock, and Formation Transactions and Preferred Stock Redemption (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jun. 21, 2017 | Feb. 09, 2017 | Aug. 03, 2015 | Jun. 30, 2017 |
Payments for Repurchase of Redeemable Preferred Stock | $ 145 | |||
Common Stock [Member] | ||||
Stock Issued During Period, Shares, New Issues | 6,390,149 | |||
Proceeds from Issuance of Private Placement | $ 130,199 | |||
IPO [Member] | Common Stock [Member] | ||||
Proceeds from Issuance Initial Public Offering | $ 78,811 | |||
Stock Issued During Period, Shares, New Issues | 6,390,149 | |||
Shares Issued, Price Per Share | $ 13.50 | |||
Private Placement [Member] | Common Stock [Member] | ||||
Stock Issued During Period, Shares, New Issues | 10,666,667 | |||
Shares Issued, Price Per Share | $ 13.50 |
Note 3 - Significant Accounti31
Note 3 - Significant Accounting Policies (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Apr. 19, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 3,800 | $ 3,500 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 73 days | |||
Income Tax Expense (Benefit) | $ 0 | |||
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 0 | ||
Class B LLC Units [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 26,317 | |||
LTIP Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 151,853 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 10.96 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 653,338 | 501,485 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 12.95 | $ 13.50 |
Note 3 - Significant Accounti32
Note 3 - Significant Accounting Policies - Estimated Useful Lives of Assets (Details) | 6 Months Ended |
Jun. 30, 2017 | |
Building and Building Improvements [Member] | Minimum [Member] | |
Estimated useful life (Year) | 10 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Estimated useful life (Year) | 44 years |
Tenant Improvements [Member] | |
Estimated useful life | Shorter of useful life or lease term |
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | |
Estimated useful life (Year) | 3 years |
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | |
Estimated useful life (Year) | 15 years |
Note 3 - Significant Accounti33
Note 3 - Significant Accounting Policies - Basic and Diluted Earnings (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net loss attributable to common stockholders | $ (650) | $ (1,069) | $ (1,119) | $ (2,042) |
Less: net loss attributable to participating securities | (62) | (15) | (105) | (56) |
Subtotal | $ (712) | $ (1,084) | $ (1,224) | $ (2,098) |
Weighted average common shares outstanding (in shares) | 17,813 | 11,423 | 16,228 | 11,423 |
Basic and diluted loss per share (in dollars per share) | $ (0.04) | $ (0.10) | $ (0.08) | $ (0.18) |
Note 4 - Acquisitions (Details
Note 4 - Acquisitions (Details Textual) - USD ($) $ in Thousands | May 09, 2017 | Jun. 27, 2016 | Jun. 30, 2017 | Jun. 30, 2017 | Jun. 30, 2016 |
Payments for Deposits on Real Estate Acquisitions | $ 2,144 | ||||
Residential Property At 10 West 65Th Street [Member] | |||||
Payments for Deposits on Real Estate Acquisitions | $ 2,100 | ||||
Aspen [Member] | |||||
Business Combination, Consideration Transferred | $ 103,000 | ||||
107 Columbia Heights in Brooklyn, NY [Member] | |||||
Business Combination, Consideration Transferred | $ 87,500 | ||||
107 Columbia Heights in Brooklyn, NY [Member] | Land [Member] | |||||
Business Combination Purchase Price Allocation Percentage | 50.00% | ||||
107 Columbia Heights in Brooklyn, NY [Member] | Building [Member] | |||||
Business Combination Purchase Price Allocation Percentage | 50.00% |
Note 4 - Acquisition - Properti
Note 4 - Acquisition - Properties Acquisition (Details) - Aspen [Member] $ in Thousands | Jun. 27, 2016USD ($) |
Land | $ 49,139 |
Buildings | 42,753 |
Tenant improvements | 26 |
Site improvements | 91 |
Furniture, fixtures and equipment | 302 |
Above-market leases | 444 |
Below-market leases | (783) |
In-place leases | 1,093 |
Lease origination costs | 793 |
Real estate tax abatements | 9,142 |
Total | $ 103,000 |
Note 4 - Acquisition - Pro Form
Note 4 - Acquisition - Pro Forma Data (Details) - Aspen [Member] $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($)$ / shares | |
Revenue | $ 47,092 |
Total expenses | (54,239) |
Net loss | $ (7,147) |
Basic and diluted loss per share (in dollars per share) | $ / shares | $ (0.19) |
Note 5 - Deferred Costs and I37
Note 5 - Deferred Costs and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Amortization of Lease Origination Costs and In-place Lease Intangible Assets | $ 230 | $ 224 | $ 460 | $ 441 |
Amortization of Real Estate Abatements | 392 | $ 331 | $ 783 | 669 |
Above Market Leases [Member] | ||||
Amortization of Intangible Assets | $ 15 | $ 28 |
Note 5 - Deferred Costs and I38
Note 5 - Deferred Costs and Intangible Assets - Deferred Costs and Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Deferred costs | $ 266 | $ 266 |
Above-market leases | 480 | 480 |
Lease origination costs | 3,092 | 3,092 |
In-place lease | 7,347 | 7,347 |
Real estate tax abatements | 12,571 | 12,571 |
Total deferred costs and intangible assets | 23,756 | 23,756 |
Less accumulated amortization | (11,074) | (9,803) |
Total | $ 12,682 | $ 13,953 |
Note 5 - Deferred Costs and I39
Note 5 - Deferred Costs and Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
2017 (Remainder) | $ 1,284 | |
2,018 | 1,284 | |
2,019 | 1,056 | |
2,020 | 812 | |
2,021 | 812 | |
Thereafter | 7,434 | |
Total | $ 12,682 | $ 13,953 |
Note 6 - Below-market Lease I40
Note 6 - Below-market Lease Intangibles (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Amortization of Below Market Lease | $ 447 | $ 489 | $ 894 | $ 919 |
Note 6 - Below-market Lease I41
Note 6 - Below-market Lease Intangibles - Below-market Lease Intangibles Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Below-market leases | $ 23,178 | $ 23,178 |
Less accumulated amortization | (17,210) | (16,316) |
Total | $ 5,968 | $ 6,862 |
Note 6 - Below-market Lease I42
Note 6 - Below-market Lease Intangibles - Future Amortization Income (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
2017 (Remainder) | $ 893 | |
2,018 | 1,787 | |
2,019 | 1,269 | |
2,020 | 489 | |
2,021 | 488 | |
Thereafter | 1,042 | |
Total | $ 5,968 | $ 6,862 |
Note 7 - Notes Payable (Details
Note 7 - Notes Payable (Details Textual) - USD ($) $ in Thousands | Nov. 09, 2016 | May 11, 2016 | May 01, 2013 | Jun. 30, 2017 | Jun. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2019 | Sep. 30, 2019 | Oct. 01, 2024 | Jul. 31, 2028 | Jun. 30, 2028 | May 09, 2017 | Dec. 31, 2016 | Jun. 27, 2016 | Oct. 31, 2014 | Sep. 24, 2012 | |
Mortgages 1 [Member] | New York Community Bank [Member] | |||||||||||||||||
Long-term Debt, Gross | $ 150,000 | ||||||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.88% | ||||||||||||||||
Mortgages 1 [Member] | Citigroup Global Markets Realty Corp [Member] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ||||||||||||||||
Debt Instrument, Periodic Payment | $ 179 | ||||||||||||||||
Long-term Debt, Gross | $ 37,500 | ||||||||||||||||
Mortgages 1 [Member] | Citigroup Global Markets Inc. [Member] | 141 Livingston Street, Brooklyn [Member] | |||||||||||||||||
Repayments of Long-term Debt | $ 55,000 | ||||||||||||||||
Mortgages 2 [Member] | New York Community Bank [Member] | |||||||||||||||||
Long-term Debt, Gross | $ 20,000 | ||||||||||||||||
Mortgages 2 [Member] | New York Community Bank [Member] | 141 Livingston Street, Brooklyn [Member] | |||||||||||||||||
Proceeds from Issuance of Long-term Debt | $ 79,500 | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.875% | ||||||||||||||||
Mortgages 2 [Member] | New York Community Bank [Member] | Scenario, Forecast [Member] | |||||||||||||||||
Debt Instrument, Interest Rate During Period | 3.88% | ||||||||||||||||
Debt Instrument, Periodic Payment | $ 94 | ||||||||||||||||
Mortgages 2 [Member] | New York Community Bank [Member] | Scenario, Forecast [Member] | 141 Livingston Street, Brooklyn [Member] | |||||||||||||||||
Debt Instrument, Periodic Payment | $ 374 | ||||||||||||||||
Mortgages 2 [Member] | New York Community Bank [Member] | Scenario, Forecast [Member] | Prime Rate [Member] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||||||||||||||
Mortgages [Member] | |||||||||||||||||
Repayments of Long-term Debt | $ 360,000 | ||||||||||||||||
Mortgages [Member] | 107 Columbia Heights in Brooklyn, NY [Member] | |||||||||||||||||
Long-term Debt, Gross | [1] | $ 59,000 | $ 59,000 | $ 59,000 | |||||||||||||
Mortgages [Member] | London Interbank Offered Rate (LIBOR) [Member] | 107 Columbia Heights in Brooklyn, NY [Member] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | [1] | 3.85% | |||||||||||||||
Mortgages [Member] | Capital One Multifamily Finance LLC [Member] | Aspen [Member] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.68% | ||||||||||||||||
Long-term Debt, Gross | $ 70,000 | ||||||||||||||||
Mortgages [Member] | Capital One Multifamily Finance LLC [Member] | Scenario, Forecast [Member] | Aspen [Member] | |||||||||||||||||
Debt Instrument, Periodic Payment | $ 321 | ||||||||||||||||
Mortgages [Member] | Blackstone Real Estate Special Situations Advisors LLC [Member] | 107 Columbia Heights in Brooklyn, NY [Member] | |||||||||||||||||
Long-term Debt, Gross | $ 59,000 | ||||||||||||||||
Mortgages [Member] | Blackstone Real Estate Special Situations Advisors LLC [Member] | London Interbank Offered Rate (LIBOR) [Member] | 107 Columbia Heights in Brooklyn, NY [Member] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.85% | ||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.10% | 5.10% | 5.10% | ||||||||||||||
Mezzanine Note Agreement [Member] | |||||||||||||||||
Repayments of Long-term Debt | 100,000 | ||||||||||||||||
Refinanced Loans [Member] | DB and SL Green Finance [Member] | Tribeca House Properties [Member] | |||||||||||||||||
Long-term Debt, Gross | $ 410,000 | ||||||||||||||||
Refinanced Loans [Member] | DB and SL Green Finance [Member] | London Interbank Offered Rate (LIBOR) [Member] | Tribeca House Properties [Member] | |||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.00% | 5.00% | 5.00% | ||||||||||||||
Refinanced Loans [Member] | DB and SL Green Finance [Member] | London Interbank Offered Rate (LIBOR) [Member] | Tribeca House Properties [Member] | Minimum [Member] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | ||||||||||||||||
Construction Loans [Member] | Blackstone Real Estate Special Situations Advisors LLC [Member] | 107 Columbia Heights in Brooklyn, NY [Member] | |||||||||||||||||
Debt Agreement Maximum Borrowing Capacity | $ 14,700 | ||||||||||||||||
[1] | On May 9, 2017, the Company entered into a $59,000 mortgage note agreement with a unit of Blackstone Mortgage Trust, Inc. The Company also entered into a construction loan secured by the building with the same lender that will provide up to $14,600 million for eligible capital improvements and carrying costs. The notes mature on May 9, 2020, are subject to two one-year extensions, and bear interest at one-month LIBOR plus 3.85% (equivalent to 5.1% as of June 30, 2017). |
Note 7 - Notes Payable - Mortga
Note 7 - Notes Payable - Mortgages and Mezzanine Note Payable (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2016 | ||
Unamortized debt issuance costs | $ (12,393) | $ (10,134) | |
Total | 822,912 | ||
Mortgages and Mezzanine Notes 1[Member] | |||
Debt, gross | 822,912 | 764,593 | |
Unamortized debt issuance costs | (12,393) | (10,134) | |
Total | $ 810,519 | 754,459 | |
Mortgages and Mezzanine Notes 1[Member] | Flatbush Gardens, Brooklyn, NY [Member] | |||
Maturity date | [1] | Oct. 1, 2024 | |
Interest rate | [1] | 3.88% | |
Debt, gross | [1] | $ 149,779 | 150,000 |
Mortgages and Mezzanine Notes 1[Member] | 250 Livingston Street in Brooklyn [Member] | |||
Maturity date | [2] | May 6, 2023 | |
Interest rate | [2] | 4.00% | |
Debt, gross | [2] | $ 34,662 | 35,093 |
Mortgages and Mezzanine Notes 1[Member] | 141 Livingston Street, Brooklyn [Member] | |||
Maturity date | [3] | Jun. 1, 2028 | |
Interest rate | [3] | 3.875% | |
Debt, gross | [3] | $ 79,500 | 79,500 |
Mortgages and Mezzanine Notes 1[Member] | Tribeca House Properties [Member] | |||
Maturity date | [4] | Nov. 9, 2018 | |
Debt, gross | [4] | $ 410,000 | 410,000 |
Mortgages and Mezzanine Notes 1[Member] | Tribeca House Properties [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest rate | [4] | 3.75% | |
Mortgages and Mezzanine Notes 1[Member] | Aspen [Member] | |||
Maturity date | [5] | Jul. 1, 2028 | |
Interest rate | [5] | 3.68% | |
Debt, gross | [5] | $ 70,000 | 70,000 |
Mortgages and Mezzanine Notes 2[Member] | Flatbush Gardens, Brooklyn, NY [Member] | |||
Maturity date | [6] | Oct. 1, 2024 | |
Interest rate | [6] | 3.88% | |
Debt, gross | [6] | $ 19,971 | 20,000 |
Mortgages [Member] | 107 Columbia Heights in Brooklyn, NY [Member] | |||
Maturity date | [7] | May 9, 2020 | |
Debt, gross | [7] | $ 59,000 | |
Mortgages [Member] | 107 Columbia Heights in Brooklyn, NY [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest rate | [7] | 3.85% | |
[1] | The $150,000 mortgage note agreement with New York Community Bank ("NYCB") matures on October 1, 2024 and bears interest at a fixed-rate of interest of 3.88%. The note requires interest only payments through April 2017 and monthly principal and interest payments thereafter based on a 30-year amortization. | ||
[2] | The additional $20,000 note with NYCB matures coterminous with the $150,000 mortgage, and bears interest at 3.88% through September 2019 and thereafter at prime plus 2.75%, subject to an option to fix the rate. The note requires interest only payments through April 2017, monthly principal and interest payments of $94 from May 2017 through September 2019 based on a 30year amortization schedule and principal and interest payments thereafter based on the remaining period of the initial 30-year amortization schedule. | ||
[3] | On May 11, 2016, the Company repaid the $55,000 loan secured by the property at 141 Livingston Street, Brooklyn, New York from the proceeds of a $79,500 loan from NYCB. The NYCB loan matures on June 1, 2028, and bears interest at 3.875%. The note requires interest only payments through June 2017, monthly principal and interest payments of $374 from July 2017 through June 2028 based on a 30year amortization schedule. | ||
[4] | On November 9, 2016, the Company repaid the $360,000 of mortgage notes and the $100,000 mezzanine notes assumed in connection with the acquisition of the Tribeca House properties utilizing the proceeds from a $410,000 loan package with DB and SL Green Finance and cash on hand. The loan package bears a blended interest rate of one-month LIBOR plus 3.75%, or 4.73% as of March 31, 2017 matures on November 9, 2018 and is subject to three one-year extension options. | ||
[5] | On June 27, 2016, the Company entered into a $70,000 mortgage note agreement with Capital One Multifamily finance LLC, related to the Aspen property acquisition. The note matures on July 1, 2028 and bears interest at 3.68%. The note requires interest only payments through July 2017, monthly principal and interest payments of $321 from August 2017 through July 2028 based on a 30 year amortization schedule and principal and interest payments thereafter based on the remaining period of the initial 30-year amortization schedule. | ||
[6] | The mortgage note agreement with Citigroup Global Markets Realty Corp. for $37,500 that requires monthly principal and interest payments of $179, bears interest of 4.00% and matures on May 6, 2023. | ||
[7] | On May 9, 2017, the Company entered into a $59,000 mortgage note agreement with a unit of Blackstone Mortgage Trust, Inc. The Company also entered into a construction loan secured by the building with the same lender that will provide up to $14,600 million for eligible capital improvements and carrying costs. The notes mature on May 9, 2020, are subject to two one-year extensions, and bear interest at one-month LIBOR plus 3.85% (equivalent to 5.1% as of June 30, 2017). |
Note 7 - Notes Payable - Summar
Note 7 - Notes Payable - Summarizes Principal Payment (Details) $ in Thousands | Jun. 30, 2017USD ($) |
2017 (Remainder) | $ 3,809 |
2,018 | 416,731 |
2,019 | 6,678 |
2,020 | 64,332 |
2,021 | 5,560 |
Thereafter | 325,802 |
Total | $ 822,912 |
Note 8 - Rental Income Under 46
Note 8 - Rental Income Under Operating Leases (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Total Revenue [Member] | Customer Concentration Risk [Member] | City of New York [Member] | ||||
Concentration Risk, Percentage | 20.00% | 20.00% | 20.00% | 20.00% |
Note 8 - Rental Income Under 47
Note 8 - Rental Income Under Operating Leases - Minimum Future Cash Rents Receivable (Details) $ in Thousands | Jun. 30, 2017USD ($) |
2017 (Remainder) | $ 10,770 |
2,018 | 21,648 |
2,019 | 16,813 |
2,020 | 10,247 |
2,021 | 4,749 |
Thereafter | 24,025 |
Total | $ 88,252 |
Note 9 - Fair Value of Financ48
Note 9 - Fair Value of Financial Instruments (Details Textual) - Not Designated as Hedging Instrument [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Interest Rate Cap [Member] | Tribeca House Properties [Member] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 192,000 | $ 0 | $ 329,000 | $ 9,000 |
Interest Rate Cap 2 [Member] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 63,000 |
Note 9 - Fair Value of Financ49
Note 9 - Fair Value of Financial Instruments - Carrying Amount and Fair Value of Mortgage Notes Payable (Details) - Mortgages [Member] - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Reported Value Measurement [Member] | ||
Mortgage notes payable | $ 822,912 | $ 764,593 |
Estimate of Fair Value Measurement [Member] | ||
Mortgage notes payable | $ 811,863 | $ 749,324 |
Note 9 - Fair Value of Financ50
Note 9 - Fair Value of Financial Instruments - Interest Rate Caps in Connection With Mortgage Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Estimated Fair Market Value | $ 150 | $ 409 |
Interest Rate Cap 1 [Member] | ||
Estimated Fair Market Value | 80 | 409 |
Notional Amount | $ 410,000 | |
Maturity Date | Dec. 31, 2018 | |
Strike Rate | 2.00% | |
Interest Rate Cap 2 [Member] | ||
Estimated Fair Market Value | $ 70 | |
Notional Amount | $ 73,700 | |
Maturity Date | May 3, 2020 | |
Strike Rate | 3.00% |
Note 10 - Commitments and Con51
Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Total Revenue [Member] | Geographic Concentration Risk [Member] | Commercial Segment [Member] | New York City [Member] | ||||
Concentration Risk, Percentage | 26.00% | 26.00% | 26.00% | 26.00% |
Total Revenue [Member] | Geographic Concentration Risk [Member] | Residential Segment [Member] | New York City [Member] | ||||
Concentration Risk, Percentage | 74.00% | 74.00% | 74.00% | 74.00% |
Obligated to Provide Parking [Member] | ||||
Other Commitment | $ 240 | $ 240 |
Note 11 - Related-party Trans52
Note 11 - Related-party Transactions (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2017 | Jun. 30, 2017 | |
General and Administrative Expense [Member] | ||
Related Party Transaction, Expenses from Transactions with Related Party | $ 134 | $ 232 |
Note 12 - Segment Reporting - I
Note 12 - Segment Reporting - Income From Operations by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Rental revenues | $ 23,550 | $ 20,431 | $ 47,058 | $ 40,697 | |
Tenant recoveries | 1,017 | 1,070 | 2,061 | 1,883 | |
Garage and other revenue income | 791 | 704 | 1,502 | 1,351 | |
Total revenues | 25,358 | 22,205 | 50,621 | 43,931 | |
Property operating expenses | 6,564 | 6,142 | 13,669 | 12,684 | |
Real estate taxes and insurance | 4,817 | 4,089 | 9,469 | 8,140 | |
General and administrative | 2,588 | 2,090 | 4,784 | 3,922 | |
Acquisition costs | 6 | 401 | 27 | 407 | |
Depreciation and amortization | 4,063 | 3,348 | 7,998 | 6,638 | |
Total operating expenses | 18,038 | 16,070 | 35,947 | 31,791 | |
Income from operations | 7,320 | 6,135 | 14,674 | 12,140 | |
Assets | 1,027,395 | 1,027,395 | $ 905,208 | ||
Commercial Segment [Member] | |||||
Rental revenues | 5,471 | 4,520 | 10,942 | 8,959 | |
Tenant recoveries | 1,017 | 1,070 | 2,061 | 1,883 | |
Garage and other revenue income | 215 | 243 | 427 | 789 | |
Total revenues | 6,703 | 5,833 | 13,430 | 11,631 | |
Property operating expenses | 1,026 | 936 | 2,107 | 1,895 | |
Real estate taxes and insurance | 1,066 | 990 | 2,123 | 1,956 | |
General and administrative | 208 | 173 | 396 | 330 | |
Acquisition costs | |||||
Depreciation and amortization | 835 | 648 | 1,603 | 1,284 | |
Total operating expenses | 3,135 | 2,747 | 6,229 | 5,465 | |
Income from operations | 3,568 | 3,086 | 7,201 | 6,166 | |
Assets | 225,629 | 225,629 | 225,608 | ||
Residential Segment [Member] | |||||
Rental revenues | 18,079 | 15,911 | 36,116 | 31,738 | |
Tenant recoveries | |||||
Garage and other revenue income | 576 | 461 | 1,075 | 562 | |
Total revenues | 18,655 | 16,372 | 37,191 | 32,300 | |
Property operating expenses | 5,538 | 5,206 | 11,562 | 10,789 | |
Real estate taxes and insurance | 3,751 | 3,099 | 7,346 | 6,184 | |
General and administrative | 2,380 | 1,917 | 4,388 | 3,592 | |
Acquisition costs | 6 | 401 | 27 | 407 | |
Depreciation and amortization | 3,228 | 2,700 | 6,395 | 5,354 | |
Total operating expenses | 14,903 | 13,323 | 29,718 | 26,326 | |
Income from operations | 3,752 | $ 3,049 | 7,473 | $ 5,974 | |
Assets | $ 801,766 | $ 801,766 | $ 679,600 |
Note 12 - Segment Reporting - E
Note 12 - Segment Reporting - Expenditures by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Interest Expense | $ 8,931 | $ 9,652 | $ 17,583 | $ 18,863 |
Capital Expenditures | 6,037 | 5,181 | 8,578 | 8,539 |
Commercial Segment [Member] | ||||
Interest Expense | 1,942 | 1,879 | 3,823 | 3,673 |
Capital Expenditures | 2,002 | 369 | 3,013 | 399 |
Residential Segment [Member] | ||||
Interest Expense | 6,989 | 7,773 | 13,760 | 15,190 |
Capital Expenditures | $ 4,035 | $ 4,812 | $ 6,126 | $ 8,140 |