Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 08, 2018 | |
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 | 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, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
ASSETS | ||
Land and improvements | $ 497,343 | $ 497,343 |
Building and improvements | 471,155 | 463,727 |
Tenant improvements | 3,030 | 3,023 |
Furniture, fixtures and equipment | 10,535 | 10,245 |
Real estate under development | 111,054 | 96,268 |
Total investment in real estate | 1,093,117 | 1,070,606 |
Accumulated depreciation | (81,881) | (73,714) |
Investment in real estate, net | 1,011,236 | 996,892 |
Cash and cash equivalents | 15,794 | 7,940 |
Restricted cash | 12,456 | 13,730 |
Tenant and other receivables, net of allowance for doubtful accounts of $2,356 and $2,524, respectively | 2,683 | 6,569 |
Deferred rent | 3,001 | 3,514 |
Deferred costs and intangible assets, net | 10,677 | 11,894 |
Prepaid expenses and other assets | 12,347 | 11,546 |
TOTAL ASSETS | 1,068,194 | 1,052,085 |
LIABILITIES AND EQUITY | ||
Notes payable, net of unamortized loan costs of $11,132 and $11,170, respectively | 872,579 | 843,946 |
Accounts payable and accrued liabilities | 12,000 | 8,595 |
Security deposits | 6,680 | 6,048 |
Below-market leases, net | 3,999 | 5,075 |
Other liabilities | 3,294 | 2,830 |
TOTAL LIABILITIES | 898,552 | 866,494 |
Equity: | ||
Preferred stock, $0.01 par value; 100,000 shares authorized (including 140 shares of 12.5% Series A cumulative non-voting preferred stock), zero shares issued and outstanding | ||
Common stock, $0.01 par value; 500,000,000 shares authorized, 17,812,755 shares issued and outstanding | 178 | 178 |
Additional paid-in-capital | 92,726 | 92,273 |
Accumulated deficit | (24,429) | (17,539) |
Total stockholders’ equity | 68,475 | 74,912 |
Non-controlling interests | 101,167 | 110,679 |
TOTAL EQUITY | 169,642 | 185,591 |
TOTAL LIABILITIES AND EQUITY | $ 1,068,194 | $ 1,052,085 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Allowance for doubtful accounts | $ 2,356 | $ 2,524 |
Unamortized loan costs | $ 11,132 | $ 11,170 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Preferred stock, shares authorized (in shares) | 100,000 | 100,000 |
Preferred stock, dividend rate, percentage | 12.50% | 12.50% |
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 | 17,812,755 |
Common stock, shares outstanding (in shares) | 17,812,755 | 17,812,755 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Residential rental income | $ 19,670 | $ 18,079 | $ 38,968 | $ 36,116 |
Commercial income | 5,375 | 5,471 | 10,752 | 10,942 |
Tenant recoveries | 1,200 | 1,017 | 2,374 | 2,061 |
Garage and other income | 1,055 | 791 | 2,074 | 1,502 |
TOTAL REVENUES | 27,300 | 25,358 | 54,168 | 50,621 |
OPERATING EXPENSES | ||||
Property operating expenses | 6,581 | 6,564 | 13,837 | 13,669 |
Real estate taxes and insurance | 5,362 | 4,817 | 10,710 | 9,469 |
General and administrative | 2,606 | 2,588 | 5,744 | 4,784 |
Acquisition costs | 6 | 27 | ||
Depreciation and amortization | 4,435 | 4,063 | 9,031 | 7,998 |
TOTAL OPERATING EXPENSES | 18,984 | 18,038 | 39,322 | 35,947 |
INCOME FROM OPERATIONS | 8,316 | 7,320 | 14,846 | 14,674 |
Interest expense, net | (8,008) | (8,931) | (16,551) | (17,583) |
Loss on extinguishment of debt | (6,981) | |||
Net income (loss) | 308 | (1,611) | (8,686) | (2,909) |
Net (income) loss attributable to non-controlling interests | (184) | 965 | 5,180 | 1,798 |
Dividends attributable to preferred shares | (4) | (8) | ||
Net income (loss) attributable to common stockholders | $ 124 | $ (650) | $ (3,506) | $ (1,119) |
Basic and diluted net income (loss) per share (in dollars per share) | $ 0 | $ (0.04) | $ (0.20) | $ (0.08) |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - 6 months ended Jun. 30, 2018 - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 17,812,755 | |||||
Balance at Dec. 31, 2017 | $ 178 | $ 92,273 | $ (17,539) | $ 74,912 | $ 110,679 | $ 185,591 |
Issuance of common stock | (7) | (7) | (7) | |||
Amortization of LTIP grants | 1,259 | 1,259 | ||||
Dividends and distributions | (3,384) | (3,384) | (5,131) | (8,515) | ||
Net loss | (3,506) | (3,506) | (5,180) | (8,686) | ||
Reallocation of noncontrolling interests | 460 | 460 | (460) | |||
Balance (in shares) at Jun. 30, 2018 | 17,812,755 | |||||
Balance at Jun. 30, 2018 | $ 178 | $ 92,726 | $ (24,429) | $ 68,475 | $ 101,167 | $ 169,642 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (8,686,000) | $ (2,909,000) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation | 8,167,000 | 7,538,000 |
Amortization of deferred financing costs | 752,000 | 1,442,000 |
Amortization of deferred costs and intangible assets | 1,100,000 | 1,243,000 |
Amortization of above- and below-market leases | (959,000) | (866,000) |
Loss on extinguishment of debt | 6,981,000 | |
Deferred rent | 513,000 | 156,000 |
Stock-based compensation | 1,259,000 | 1,429,000 |
Change in fair value of interest rate caps | (237,000) | 329,000 |
Changes in operating assets and liabilities: | ||
Restricted cash | 1,274,000 | (2,290,000) |
Tenant and other receivables | 3,886,000 | (86,000) |
Prepaid expenses, other assets and deferred costs | (886,000) | (293,000) |
Accounts payable and accrued liabilities | 719,000 | (2,220,000) |
Security deposits | 632,000 | 314,000 |
Other liabilities | 464,000 | 541,000 |
Net cash provided by operating activities | 14,979,000 | 4,328,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to land, buildings, and improvements | (19,246,000) | (8,578,000) |
Proceeds from sale of interest rate caps | 385,000 | |
Acquisition deposit | (2,144,000) | |
Cash paid in connection with acquisition of real estate | (87,586,000) | |
Net cash used in investing activities | (18,861,000) | (98,308,000) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds and costs from sale of common stock | (7,000) | 78,811,000 |
Redemption of preferred stock | (145,000) | |
Payments of mortgage notes | (579,989,000) | (681,000) |
Proceeds from mortgage notes | 608,585,000 | 59,000,000 |
Dividends and distributions | (8,515,000) | (8,056,000) |
Loan issuance and extinguishment costs | (8,338,000) | (4,012,000) |
Net cash provided by financing activities | 11,736,000 | 124,917,000 |
Net increase in cash and cash equivalents | 7,854,000 | 30,937,000 |
Cash and cash equivalents - beginning of period | 7,940,000 | 37,547,000 |
Cash and cash equivalents - end of period | 15,794,000 | 68,484,000 |
Supplemental cash flow information: | ||
Cash paid for interest, net of capitalized interest of $2,541 and $180 in 2018 and 2017, respectively | 15,744,000 | 15,771,000 |
Other non-cash items capitalized to real estate under development | $ 3,265,000 | $ 561,000 |
Consolidated Statements of Cas7
Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Capitalized interest | $ 2,541 | $ 180 |
Note 1 - Organization
Note 1 - Organization | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. The Company 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 $78.7 On May 9, 2017, 107 161 $87.5 On October 27, 2017, 82 10 65th $79.0 As of June 30, 2018, • Tribeca House in Manhattan, comprising two one 21 one 12 481,000 77,000 • Flatbush Gardens in Brooklyn, a 59 2,496 • 141 15 216,000 • 250 12 381,000 • Aspen in Manhattan, a 7 166,000 21,000 • 107 10 154,000 • 10 65 th 6 76,000 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, 2018, 40.4% Upon adoption of Accounting Standards Update (“ASU”) 2015 02, |
Note 2 - Sale of Common Stock,
Note 2 - Sale of Common Stock, Formation Transactions and Preferred Stock Redemption | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Sale of Common Stock and Formation Transactions [Text Block] | 2. As discussed in Note 1, February 2017, 6,390,149 March 10, 2017) $13.50 $78,970. 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, 2018 | |
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 GAAP. The effect of all intercompany balances has been eliminated. The consolidated financial statements include the accounts of all entities in which the Company has 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. In accordance with ASU 2017 01, not • Substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets; or • The integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., revenue generated before and after the transaction). An acquired process is considered substantive if: • The process includes an organized workforce (or includes an acquired contract that provides access to an organized workforce) that is skilled, knowledgeable and experienced in performing the process; • The process cannot be replaced without significant cost, effort or delay; or • The process is considered unique or scarce. Generally, the Company expects that acquisitions of real estate or in-substance real estate will not not Upon acquisition of real estate, the Company assesses the fair values of acquired tangible and intangible assets including land, buildings, tenant improvements, above-market 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 commissions, 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, 2018. 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 to 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 (Loss) Comprehensive income (loss) is comprised of net income (loss) 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, 2018 2017, 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. Beginning in 2019, 2014 09, not 2017 first two 2018. not Beginning in 2020, 2016 02, 2016 02 not Stock-based Compensation The Company accounts for stock-based compensation pursuant to Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) Topic 718, In March 2018, 71,112 $9.00 At June 30, 2018 December 31, 2017, 724,448 653,336 $12.56 $12.95 June 30, 2018, December 31, 2017, $1.5 $2.1 June 30, 2018, 1.4 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 FASB ASC Topic 740, not three The Tax Cuts and Jobs Act was enacted in December 2017 2018. not Fair Value Measurements Refer to Note 9, Derivative Financial Instruments 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 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, 2018, no Income (Loss) Per Share Basic and diluted income (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, 2018 2017, two not June 30, 2018 2017. The effect of the conversion of the 26,317 not The following table sets forth the computation of basic and diluted income (loss) per share for the periods indicated (unaudited): Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2018 2017 2018 201 7 Numerator Net income (loss) attributable to common stockholders $ 124 $ (650 ) $ (3,506 ) $ (1,119 ) Less: income attributable to participating securities (69 ) (62 ) (131 ) (105 ) Subtotal $ 55 $ (712 ) $ (3,637 ) $ (1,224 ) Denominator Weighted average common shares outstanding 17,813 17,813 17,813 16,228 Basic and diluted net income (loss) per share attributable to common stockholders $ 0.00 $ (0.04 ) $ (0.20 ) $ (0.08 ) Recently Issued Pronouncements In July 2018, 2018 11, 842 842 not In July 2018, 2018 10, 842, 2016 02, 842 In July 2018, 2018 09, 470 50 480 10 718 740 805 740 815 10 820 10 In June 2018, 2018 07, 718 718 718 not 606, December 15, 2019, December 15, 2020. not 606. not not In May 2017, 2017 09, 718 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 09 not In February 2017, 2017 05, 610 20 2017 05 2017 05 December 15, 2017 2018, December 15, 2017 December 15, 2019, 2017 05 not In November 2016, 2016 18 230 not December 15, 2017, December 15, 2018, December 15, 2019. No. 2016 18 In August 2016, 2016 15, 230 eight December 15, 2017. December 15, 2018, December 15, 2019. |
Note 4 - Acquisitions
Note 4 - Acquisitions | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 4. On October 27, 2017, 10 65 th $79,764, $764. The purchase price was allocated as follows: Land $ 63,677 Building 14,983 Tenant improvements 18 Furniture and office equipment 336 Leasing commissions 13 In-place leases 732 Other lease-up costs 5 Total $ 79,764 We have prepared the following unaudited pro forma income statement information for the six June 30, 2017, 10 65 th January 1, 2017. not January 1, 2017. Six Months Ended Revenues $ 52,105 Total expenses (55,915 ) Net loss $ (3,810 ) On May 9, 2017, 107 $87,616, $116. The purchase price was allocated as follows: Land $ 43,433 Building 44,100 Site improvements 83 Total $ 87,616 |
Note 5 - Deferred Costs and Int
Note 5 - Deferred Costs and Intangible Assets | 6 Months Ended |
Jun. 30, 2018 | |
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 3,110 3,110 In-place leases 8,078 8,078 Real estate tax abatements 12,571 12,571 Total deferred costs and intangible assets 24,505 24,505 Less accumulated amortization (13,828 ) (12,611 ) Total deferred costs and intangible assets, net $ 10,677 $ 11,894 Amortization of lease origination costs and in-place lease intangible assets was $311 $230 three June 30, 2018 2017, $864 $460 six June 30, 2018 2017, $118 $391 three June 30, 2018 2017, $236 $783 six June 30, 2018 2017, $58 $15 three June 30, 2018 2017, $117 $28 six June 30, 2018 2017, Deferred costs and intangible assets as of June 30, 2018, 2018 (Remainder) $ 737 2019 1,134 2020 798 2021 768 2022 737 Thereafter 6,503 Total $ 10,677 |
Note 6 - Below-market Lease Int
Note 6 - Below-market Lease Intangibles | 6 Months Ended |
Jun. 30, 2018 | |
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 (19,179 ) (18,103 ) Below-market leases, net $ 3,999 $ 5,075 Rental income includes amortization of below-market leases of $538 $447 three June 30, 2018 2017, $1,076 $894 six June 30, 2018 2017, Below-market leases as of June 30, 2018, 2018 (Remainder) $ 1,075 2019 1,299 2020 517 2021 493 2022 423 Thereafter 192 Total $ 3,999 |
Note 7 - Notes Payable
Note 7 - Notes Payable | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 7. The mortgages, loans and mezzanine notes payable collateralized by the properties, or the Company’s interest in the entities that own the properties and assignment of leases, are as follows: Property Maturity Interest Rate June 30, December 31, Flatbush Gardens, Brooklyn, NY (a) 10/1/2024 3.88% — $ 148,438 Flatbush Gardens, Brooklyn, NY (a) 10/1/2024 3.88% — 19,792 Flatbush Gardens, Brooklyn, NY (a) 3/1/2028 3.50% $ 246,000 — 250 Livingston Street, Brooklyn, NY (b) 5/6/2023 4.00% 33,906 34,294 141 Livingston Street, Brooklyn, NY (c) 6/1/2028 3.875% 78,069 78,792 Tribeca House, Manhattan, NY (d) 11/9/2018 LIBOR + 3.75% — 410,000 Tribeca House, Manhattan, NY (d) 3/6/2028 4.506% 360,000 — Aspen, Manhattan, NY (e) 7/1/2028 3.68% 68,734 69,383 107 Columbia Heights, Brooklyn, NY (f) 5/9/2020 LIBOR + 3.85% 62,652 60,067 10 West 65 th 11/1/2027 3.375% 34,350 34,350 Total debt $ 883,711 $ 855,116 Unamortized debt issuance costs (11,132 ) (11,170 ) Total debt, net of unamortized debt issuance costs $ 872,579 $ 843,946 (a) On February 21, 2018, 2024, $246,000 first March 1, 2028, 3.5% first five 2.75%, August 2020, 30 (b) The $37,500 May 6, 2023, 4.00%. $179. (c) The NYCB loan matures on June 1, 2028, 3.875%. June 2017, $374 30 (d) On February 21, 2018, $410,000 $360,000 March 6, 2028, 4.506% (e) The $70,000 July 1, 2028, 3.68%. July 2017, $321 30 (f) On May 9, 2017, $59,000 107 $14,700 $3,652 June 30, 2018. May 9, 2020, two one one 3.85% 5.9% June 30, 2018). (g) On October 27, 2017, $34,350 10 65 th November 1, 2027, 3.375% first five 2.75%, October 2019, 30 The following table summarizes principal payment requirements under terms as of June 30, 2018: 2018 (Remainder) $ 1,593 2019 3,763 2020 68,670 2021 9,422 2022 9,770 Thereafter 790,493 Total $ 883,711 The Company recognized a loss on extinguishment of debt of approximately $6,981 three March 31, 2018. |
Note 8 - Rental Income Under Op
Note 8 - Rental Income Under Operating Leases | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018, five 2018 (Remainder) $ 11,111 2019 17,335 2020 10,316 2021 4,695 2022 4,260 Thereafter 12,680 Total $ 60,397 The Company has commercial leases with the City of New York that comprised approximately 19% 20% three June 30, 2018 2017, 19% 20% six June 30, 2018 2017, |
Note 9 - Fair Value of Financia
Note 9 - Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2018 | |
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: 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, interest rate caps, accounts payable and accrued liabilities, and notes payable. The carrying amount of cash and cash equivalents, restricted cash, receivables, and accounts payable and accrued liabilities reported in the consolidated balance sheets approximates fair value due to the short-term nature of these instruments. The fair value of notes payable, which are classified as Level 2, The carrying amount and estimated fair value of the notes payable are as follows: June 30, December 31, (unaudited) Carrying amount (excluding unamortized debt issuance costs) $ 883,711 $ 855,116 Estimated fair value $ 873,479 $ 839,753 The Company purchased interest rate caps in connection with the Tribeca House loans obtained on November 9, 2016, 107 April 27, 2018, $385. 2, The estimated fair values of the interest rate caps are as follows: Notional Amount Related Maturity Date Strike Rate Estimated Fair Value at June 30, 2018 Estimated Fair Value at December 31, 2017 $410,000 Tribeca House December 15, 2018 2.0% — $ 148 $73,700 107 Columbia Heights May 9, 2020 3.0% $ 97 34 Total fair value of derivative instruments included in prepaid expenses and other assets $ 97 $ 182 These interest rate caps were not 107 10 $192 three June 30, 2018 2017, 237 $329 six June 30, 2018 2017, 107 $6 $63 three June 30, 2018 2017, 63 $63 six June 30, 2018 2017, The above disclosures regarding fair value of financial instruments are based on pertinent information available as of June 30, 2018, December 31, 2017, not not may |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. Legal On July 3, 2017, 41 50 53 421 July 18, 2017, January 18, 2018, April 24, 2018. no 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. The breakdown between commercial and residential revenue is as follows: Commercial Residential Total Three months ended June 30, 2018 25 % 75 % 100 % Three months ended June 30, 2017 26 % 74 % 100 % Six months ended June 30, 2018 25 % 75 % 100 % Six months ended June 30, 2017 26 % 74 % 100 % |
Note 11 - Related-party Transac
Note 11 - Related-party Transactions | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 11. The Company recorded office and overhead expenses pertaining to a related company in general and administrative expense of $86 $134 three June 30, 2018 2017, $175 $232 six June 30, 2018 2017, The Company paid legal and advisory fees to firms in which two $0 $639 three June 30, 2018 2017, $1,880 $699 six June 30, 2018 2017, |
Note 12 - Segment Reporting
Note 12 - Segment Reporting | 6 Months Ended |
Jun. 30, 2018 | |
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 10 65 th 250 The Company’s income from operations by segment for the three six June 30, 2018 2017, Three months ended June 30, 2018 Commercial Residential Total Rental revenues $ 5,375 $ 19,670 $ 25,045 Tenant recoveries 1,200 — 1,200 Garage and other revenue income 229 826 1,055 Total revenues 6,804 20,496 27,300 Property operating expenses 1,040 5,541 6,581 Real estate taxes and insurance 1,111 4,251 5,362 General and administrative 218 2,388 2,606 Depreciation and amortization 896 3,539 4,435 Total operating expenses 3,265 15,719 18,984 Income from operations $ 3,539 $ 4,777 $ 8,316 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 Six months ended June 30, 2018 Commercial Residential Total Rental revenues $ 10,752 $ 38,968 $ 49,720 Tenant recoveries 2,374 — 2,374 Garage and other revenue income 459 1,615 2,074 Total revenues 13,585 40,583 54,168 Property operating expenses 2,250 11,587 13,837 Real estate taxes and insurance 2,217 8,493 10,710 General and administrative 536 5,208 5,744 Depreciation and amortization 1,771 7,260 9,031 Total operating expenses 6,774 32,548 39,322 Income from operations $ 6,811 $ 8,035 $ 14,846 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 The Company’s total assets by segment are as follows, as of: Commercial Residential Total June 30, 2018 $ 212,828 $ 855,366 $ 1,068,194 December 31, 2017 222,288 829,797 1,052,085 The Company’s interest expense by segment for the three six June 30, 2018 2017, Commercial Residential Total Three months ended June 30, 2018 $ 1,707 $ 6,301 $ 8,008 2017 1,942 6,989 8,931 Six months ended June 30, 2018 $ 3,528 $ 13,023 $ 16,551 2017 3,823 13,760 17,583 The Company’s capital expenditures by segment for the three six June 30, 2018 2017, Commercial Residential Total Three months ended June 30, 2018 $ 809 $ 9,132 $ 9,941 2017 2,002 4,035 6,037 Six months ended June 30, 2018 $ 1,047 $ 21,463 $ 22,510 2017 3,013 6,126 9,139 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of Consolidation The accompanying consolidated financial statements of the Company are prepared in accordance with GAAP. The effect of all intercompany balances has been eliminated. The consolidated financial statements include the accounts of all entities in which the Company has 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. In accordance with ASU 2017 01, not • Substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets; or • The integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., revenue generated before and after the transaction). An acquired process is considered substantive if: • The process includes an organized workforce (or includes an acquired contract that provides access to an organized workforce) that is skilled, knowledgeable and experienced in performing the process; • The process cannot be replaced without significant cost, effort or delay; or • The process is considered unique or scarce. Generally, the Company expects that acquisitions of real estate or in-substance real estate will not not Upon acquisition of real estate, the Company assesses the fair values of acquired tangible and intangible assets including land, buildings, tenant improvements, above-market 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 commissions, 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, 2018. 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 to 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 (Loss) Comprehensive income (loss) is comprised of net income (loss) 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, 2018 2017, 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. Beginning in 2019, 2014 09, not 2017 first two 2018. not Beginning in 2020, 2016 02, 2016 02 not |
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 March 2018, 71,112 $9.00 At June 30, 2018 December 31, 2017, 724,448 653,336 $12.56 $12.95 June 30, 2018, December 31, 2017, $1.5 $2.1 June 30, 2018, 1.4 |
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 FASB ASC Topic 740, not three The Tax Cuts and Jobs Act was enacted in December 2017 2018. not |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value Measurements Refer to Note 9, |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments 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 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, 2018, no |
Earnings Per Share, Policy [Policy Text Block] | Income (Loss) Per Share Basic and diluted income (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, 2018 2017, two not June 30, 2018 2017. The effect of the conversion of the 26,317 not The following table sets forth the computation of basic and diluted income (loss) per share for the periods indicated (unaudited): Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2018 2017 2018 201 7 Numerator Net income (loss) attributable to common stockholders $ 124 $ (650 ) $ (3,506 ) $ (1,119 ) Less: income attributable to participating securities (69 ) (62 ) (131 ) (105 ) Subtotal $ 55 $ (712 ) $ (3,637 ) $ (1,224 ) Denominator Weighted average common shares outstanding 17,813 17,813 17,813 16,228 Basic and diluted net income (loss) per share attributable to common stockholders $ 0.00 $ (0.04 ) $ (0.20 ) $ (0.08 ) |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Pronouncements In July 2018, 2018 11, 842 842 not In July 2018, 2018 10, 842, 2016 02, 842 In July 2018, 2018 09, 470 50 480 10 718 740 805 740 815 10 820 10 In June 2018, 2018 07, 718 718 718 not 606, December 15, 2019, December 15, 2020. not 606. not not In May 2017, 2017 09, 718 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 09 not In February 2017, 2017 05, 610 20 2017 05 2017 05 December 15, 2017 2018, December 15, 2017 December 15, 2019, 2017 05 not In November 2016, 2016 18 230 not December 15, 2017, December 15, 2018, December 15, 2019. No. 2016 18 In August 2016, 2016 15, 230 eight December 15, 2017. December 15, 2018, December 15, 2019. |
Note 3 - Significant Accounti21
Note 3 - Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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 Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2018 2017 2018 201 7 Numerator Net income (loss) attributable to common stockholders $ 124 $ (650 ) $ (3,506 ) $ (1,119 ) Less: income attributable to participating securities (69 ) (62 ) (131 ) (105 ) Subtotal $ 55 $ (712 ) $ (3,637 ) $ (1,224 ) Denominator Weighted average common shares outstanding 17,813 17,813 17,813 16,228 Basic and diluted net income (loss) per share attributable to common stockholders $ 0.00 $ (0.04 ) $ (0.20 ) $ (0.08 ) |
Note 4 - Acquisitions (Tables)
Note 4 - Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Land $ 63,677 Building 14,983 Tenant improvements 18 Furniture and office equipment 336 Leasing commissions 13 In-place leases 732 Other lease-up costs 5 Total $ 79,764 Land $ 43,433 Building 44,100 Site improvements 83 Total $ 87,616 |
Business Acquisition, Pro Forma Information [Table Text Block] | Six Months Ended Revenues $ 52,105 Total expenses (55,915 ) Net loss $ (3,810 ) |
Note 5 - Deferred Costs and I23
Note 5 - Deferred Costs and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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 3,110 3,110 In-place leases 8,078 8,078 Real estate tax abatements 12,571 12,571 Total deferred costs and intangible assets 24,505 24,505 Less accumulated amortization (13,828 ) (12,611 ) Total deferred costs and intangible assets, net $ 10,677 $ 11,894 |
Schedule of Deferred Costs and Intangible Assets, Future Amortization Expense [Table Text Block] | 2018 (Remainder) $ 737 2019 1,134 2020 798 2021 768 2022 737 Thereafter 6,503 Total $ 10,677 |
Note 6 - Below-market Lease I24
Note 6 - Below-market Lease Intangibles (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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 (19,179 ) (18,103 ) Below-market leases, net $ 3,999 $ 5,075 |
Below Market Lease, Future Amortization Income [Table Text Block] | 2018 (Remainder) $ 1,075 2019 1,299 2020 517 2021 493 2022 423 Thereafter 192 Total $ 3,999 |
Note 7 - Notes Payable (Tables)
Note 7 - Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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% — $ 148,438 Flatbush Gardens, Brooklyn, NY (a) 10/1/2024 3.88% — 19,792 Flatbush Gardens, Brooklyn, NY (a) 3/1/2028 3.50% $ 246,000 — 250 Livingston Street, Brooklyn, NY (b) 5/6/2023 4.00% 33,906 34,294 141 Livingston Street, Brooklyn, NY (c) 6/1/2028 3.875% 78,069 78,792 Tribeca House, Manhattan, NY (d) 11/9/2018 LIBOR + 3.75% — 410,000 Tribeca House, Manhattan, NY (d) 3/6/2028 4.506% 360,000 — Aspen, Manhattan, NY (e) 7/1/2028 3.68% 68,734 69,383 107 Columbia Heights, Brooklyn, NY (f) 5/9/2020 LIBOR + 3.85% 62,652 60,067 10 West 65 th 11/1/2027 3.375% 34,350 34,350 Total debt $ 883,711 $ 855,116 Unamortized debt issuance costs (11,132 ) (11,170 ) Total debt, net of unamortized debt issuance costs $ 872,579 $ 843,946 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2018 (Remainder) $ 1,593 2019 3,763 2020 68,670 2021 9,422 2022 9,770 Thereafter 790,493 Total $ 883,711 |
Note 8 - Rental Income Under 26
Note 8 - Rental Income Under Operating Leases (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block] | 2018 (Remainder) $ 11,111 2019 17,335 2020 10,316 2021 4,695 2022 4,260 Thereafter 12,680 Total $ 60,397 |
Note 9 - Fair Value of Financ27
Note 9 - Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | June 30, December 31, (unaudited) Carrying amount (excluding unamortized debt issuance costs) $ 883,711 $ 855,116 Estimated fair value $ 873,479 $ 839,753 |
Schedule of Derivative Instruments [Table Text Block] | Notional Amount Related Maturity Date Strike Rate Estimated Fair Value at June 30, 2018 Estimated Fair Value at December 31, 2017 $410,000 Tribeca House December 15, 2018 2.0% — $ 148 $73,700 107 Columbia Heights May 9, 2020 3.0% $ 97 34 Total fair value of derivative instruments included in prepaid expenses and other assets $ 97 $ 182 |
Note 10 - Commitments and Con28
Note 10 - Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Commercial Residential Total Three months ended June 30, 2018 25 % 75 % 100 % Three months ended June 30, 2017 26 % 74 % 100 % Six months ended June 30, 2018 25 % 75 % 100 % Six months ended June 30, 2017 26 % 74 % 100 % |
Note 12 - Segment Reporting (Ta
Note 12 - Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended June 30, 2018 Commercial Residential Total Rental revenues $ 5,375 $ 19,670 $ 25,045 Tenant recoveries 1,200 — 1,200 Garage and other revenue income 229 826 1,055 Total revenues 6,804 20,496 27,300 Property operating expenses 1,040 5,541 6,581 Real estate taxes and insurance 1,111 4,251 5,362 General and administrative 218 2,388 2,606 Depreciation and amortization 896 3,539 4,435 Total operating expenses 3,265 15,719 18,984 Income from operations $ 3,539 $ 4,777 $ 8,316 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 Six months ended June 30, 2018 Commercial Residential Total Rental revenues $ 10,752 $ 38,968 $ 49,720 Tenant recoveries 2,374 — 2,374 Garage and other revenue income 459 1,615 2,074 Total revenues 13,585 40,583 54,168 Property operating expenses 2,250 11,587 13,837 Real estate taxes and insurance 2,217 8,493 10,710 General and administrative 536 5,208 5,744 Depreciation and amortization 1,771 7,260 9,031 Total operating expenses 6,774 32,548 39,322 Income from operations $ 6,811 $ 8,035 $ 14,846 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 Commercial Residential Total June 30, 2018 $ 212,828 $ 855,366 $ 1,068,194 December 31, 2017 222,288 829,797 1,052,085 Commercial Residential Total Three months ended June 30, 2018 $ 1,707 $ 6,301 $ 8,008 2017 1,942 6,989 8,931 Six months ended June 30, 2018 $ 3,528 $ 13,023 $ 16,551 2017 3,823 13,760 17,583 Commercial Residential Total Three months ended June 30, 2018 $ 809 $ 9,132 $ 9,941 2017 2,002 4,035 6,037 Six months ended June 30, 2018 $ 1,047 $ 21,463 $ 22,510 2017 3,013 6,126 9,139 |
Note 1 - Organization (Details
Note 1 - Organization (Details Textual) $ / shares in Units, $ in Millions | Oct. 27, 2017USD ($) | May 09, 2017USD ($) | Feb. 09, 2017USD ($)$ / sharesshares | Jun. 30, 2018ft² | Aug. 03, 2015 |
Formation Transaction, Units Converted to Commons Shares, Ratio | 1 | ||||
Percentage of Aggregate Cash Distributions From, and Profits and Losses | 40.40% | ||||
Residential Rental [Member] | Residential Property At 10 West 65th Street [Member] | |||||
Number of Units | 82 | ||||
Business Combination, Consideration Transferred, Total | $ | $ 79 | ||||
107 Columbia Heights in Brooklyn, NY [Member] | |||||
Number of Stories | 10 | ||||
107 Columbia Heights in Brooklyn, NY [Member] | Apartment Building [Member] | |||||
Number of Units | 161 | ||||
Business Combination, Consideration Transferred, Total | $ | $ 87.5 | ||||
Gross Leasable Area | 154,000 | ||||
Tribeca House properties in Manhattan [Member] | |||||
Number of Buildings | 2 | ||||
Tribeca House properties in Manhattan [Member] | Residential Rental [Member] | |||||
Gross Leasable Area | 481,000 | ||||
Tribeca House properties in Manhattan [Member] | Rental Retail and Parking [Member] | |||||
Gross Leasable Area | 77,000 | ||||
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] | |||||
Number of Stories | 15 | ||||
Gross Leasable Area | 216,000 | ||||
250 Livingston Street in Brooklyn [Member] | Office and Residential Building [Member] | |||||
Number of Stories | 12 | ||||
Gross Leasable Area | 381,000 | ||||
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 | ||||
Property at 10 W 65th St. Manhattan, NY [Member] | Residential Rental [Member] | |||||
Number of Stories | 6 | ||||
Gross Leasable Area | 76,000 | ||||
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 | $ | $ 78.7 |
Note 2 - Sale of Common Stock31
Note 2 - Sale of Common Stock, Formation Transactions and Preferred Stock Redemption (Details Textual) - USD ($) | Jun. 21, 2017 | Feb. 09, 2017 | Jun. 30, 2018 | Jun. 30, 2017 |
Payments for Repurchase of Redeemable Preferred Stock | $ 145,000 | $ 145,000 | ||
IPO [Member] | Common Stock [Member] | ||||
Stock Issued During Period, Shares, New Issues | 6,390,149 | |||
Shares Issued, Price Per Share | $ 13.50 | |||
Proceeds from Issuance of Private Placement | $ 78,970 |
Note 3 - Significant Accounti32
Note 3 - Significant Accounting Policies (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | ||
Mar. 31, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 1,500 | $ 2,100 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 146 days | |||
Income Tax Expense (Benefit), Total | $ 0 | |||
Weighted Average Number Diluted Shares Outstanding Adjustment, Total | 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 | 71,112 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 9 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 724,448 | 653,336 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | $ 12.56 | $ 12.95 |
Note 3 - Significant Accounti33
Note 3 - Significant Accounting Policies - Estimated Useful Lives of Assets (Details) | 6 Months Ended |
Jun. 30, 2018 | |
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 Accounti34
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, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net income (loss) attributable to common stockholders | $ 124 | $ (650) | $ (3,506) | $ (1,119) |
Less: income attributable to participating securities | (69) | (62) | (131) | (105) |
Subtotal | $ 55 | $ (712) | $ (3,637) | $ (1,224) |
Weighted average common shares outstanding (in shares) | 17,813 | 17,813 | 17,813 | 16,228 |
Basic and diluted net income (loss) per share attributable to common stockholders (in dollars per share) | $ 0 | $ (0.04) | $ (0.20) | $ (0.08) |
Note 4 - Acquisitions (Details
Note 4 - Acquisitions (Details Textual) - USD ($) $ in Thousands | Oct. 27, 2017 | May 09, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 |
Business Combination, Acquisition Related Costs | $ 6 | $ 27 | ||||
Property at 10 W 65th St. Manhattan, NY [Member] | ||||||
Business Combination, Consideration Transferred, Total | $ 79,764 | |||||
Business Combination, Acquisition Related Costs | $ 764 | |||||
107 Columbia Heights in Brooklyn, NY [Member] | ||||||
Business Combination, Consideration Transferred, Total | $ 87,616 | |||||
Business Combination, Acquisition Related Costs | $ 116 |
Note 4 - Acquisitions- Properti
Note 4 - Acquisitions- Properties Acquisition (Details) - USD ($) $ in Thousands | Oct. 27, 2017 | May 09, 2017 |
Property at 10 W 65th St. Manhattan, NY [Member] | ||
Land | $ 63,677 | |
Building | 14,983 | |
Tenant improvements | 18 | |
Furniture and office equipment | 336 | |
Leasing commissions | 13 | |
In-place leases | 732 | |
Other lease-up costs | 5 | |
Total | $ 79,764 | |
107 Columbia Heights in Brooklyn, NY [Member] | ||
Land | $ 43,433 | |
Building | 44,100 | |
Total | 87,616 | |
Site improvements | $ 83 |
Note 4 - Acquisitions - Pro For
Note 4 - Acquisitions - Pro Forma Data (Details) - Property at 10 W 65th St. Manhattan, NY [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Revenues | $ 52,105 |
Total expenses | (55,915) |
Net loss | $ (3,810) |
Note 5 - Deferred Costs and I38
Note 5 - Deferred Costs and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Amortization of Lease Origination Costs and In-place Lease Intangible Assets | $ 311 | $ 230 | $ 864 | $ 460 |
Amortization of Real Estate Abatements | 118 | 391 | 236 | 783 |
Above Market Leases [Member] | ||||
Amortization of Intangible Assets, Total | $ 58 | $ 15 | $ 117 | $ 28 |
Note 5 - Deferred Costs and I39
Note 5 - Deferred Costs and Intangible Assets - Deferred Costs and Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Deferred costs | $ 266 | $ 266 |
Above-market leases | 480 | 480 |
Lease origination costs | 3,110 | 3,110 |
In-place leases | 8,078 | 8,078 |
Real estate tax abatements | 12,571 | 12,571 |
Total deferred costs and intangible assets | 24,505 | 24,505 |
Less accumulated amortization | (13,828) | (12,611) |
Total | $ 10,677 | $ 11,894 |
Note 5 - Deferred Costs and I40
Note 5 - Deferred Costs and Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
2018 (Remainder) | $ 737 | |
2,019 | 1,134 | |
2,020 | 798 | |
2,021 | 768 | |
2,022 | 737 | |
Thereafter | 6,503 | |
Total | $ 10,677 | $ 11,894 |
Note 6 - Below-market Lease I41
Note 6 - Below-market Lease Intangibles (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Amortization of Below Market Lease | $ 538 | $ 447 | $ 1,076 | $ 894 |
Note 6 - Below-market Lease I42
Note 6 - Below-market Lease Intangibles - Below-market Lease Intangibles Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Below-market leases | $ 23,178 | $ 23,178 |
Less accumulated amortization | (19,179) | (18,103) |
Total | $ 3,999 | $ 5,075 |
Note 6 - Below-market Lease I43
Note 6 - Below-market Lease Intangibles - Future Amortization Income (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
2018 (Remainder) | $ 1,075 | |
2,019 | 1,299 | |
2,020 | 517 | |
2,021 | 493 | |
2,022 | 423 | |
Thereafter | 192 | |
Total | $ 3,999 | $ 5,075 |
Note 7 - Notes Payable (Details
Note 7 - Notes Payable (Details Textual) - USD ($) $ in Thousands | Feb. 21, 2018 | May 09, 2017 | May 01, 2013 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Nov. 01, 2027 | Jul. 31, 2028 | Jun. 30, 2028 | Dec. 31, 2017 | Oct. 27, 2017 | Nov. 09, 2016 | Jun. 27, 2016 | May 11, 2016 |
Long-term Debt, Gross | $ 883,711 | $ 883,711 | $ 855,116 | |||||||||||||
Gain (Loss) on Extinguishment of Debt, Total | $ (6,981) | $ (6,981) | ||||||||||||||
Secured First Mortgage Loan [Member] | New York Community Bank [Member] | ||||||||||||||||
Long-term Debt, Gross | $ 246,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | |||||||||||||||
Debt Instrument, Interest Only Payments Period | 2 years 180 days | |||||||||||||||
Secured First Mortgage Loan [Member] | New York Community Bank [Member] | Prime Rate [Member] | ||||||||||||||||
Derivative, Basis Spread on Variable Rate | 2.75% | |||||||||||||||
Mortgages 1 [Member] | Citigroup Global Markets Realty Corp [Member] | ||||||||||||||||
Long-term Debt, Gross | $ 37,500 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | |||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 179 | |||||||||||||||
Mortgages 2 [Member] | New York Community Bank [Member] | 141 Livingston Street, Brooklyn [Member] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.875% | |||||||||||||||
Mortgages 2 [Member] | New York Community Bank [Member] | 141 Livingston Street, Brooklyn [Member] | Scenario, Forecast [Member] | ||||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 374 | |||||||||||||||
Refinanced Loans [Member] | DB and SL Green Finance [Member] | Tribeca House Properties [Member] | ||||||||||||||||
Long-term Debt, Gross | $ 410,000 | |||||||||||||||
Fixed Interest Rate Financing [Member] | ||||||||||||||||
Long-term Debt, Gross | $ 360,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.506% | |||||||||||||||
Mortgages [Member] | New York Community Bank [Member] | Property at 10 W 65th St. Manhattan, NY [Member] | ||||||||||||||||
Long-term Debt, Gross | $ 34,350 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.375% | |||||||||||||||
Mortgages [Member] | New York Community Bank [Member] | Prime Rate [Member] | Property at 10 W 65th St. Manhattan, NY [Member] | Scenario, Forecast [Member] | ||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||||||||||||||
Mortgages [Member] | Capital One Multifamily Finance LLC [Member] | Aspen [Member] | ||||||||||||||||
Long-term Debt, Gross | $ 70,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.68% | |||||||||||||||
Mortgages [Member] | Capital One Multifamily Finance LLC [Member] | Aspen [Member] | Scenario, Forecast [Member] | ||||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 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 | 5.90% | 5.90% | ||||||||||||||
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 | |||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 3,652 |
Note 7 - Notes Payable - Mortga
Note 7 - Notes Payable - Mortgages and Mezzanine Note Payable (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Dec. 31, 2017 | ||
Debt, gross | $ 883,711 | $ 855,116 | |
Unamortized debt issuance costs | (11,132) | (11,170) | |
Total debt, net of unamortized debt issuance costs | $ 872,579 | 843,946 | |
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] | 148,438 | |
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] | $ 33,906 | 34,294 |
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] | $ 78,069 | 78,792 |
Mortgages and Mezzanine Notes 1[Member] | Tribeca House Properties [Member] | |||
Maturity date | [4] | Nov. 9, 2018 | |
Debt, gross | [4] | 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] | $ 68,734 | 69,383 |
Mortgages and Mezzanine Notes 1[Member] | 107 Columbia Heights in Brooklyn, NY [Member] | |||
Maturity date | [6] | May 9, 2020 | |
Debt, gross | [6] | $ 62,652 | 60,067 |
Mortgages and Mezzanine Notes 1[Member] | 107 Columbia Heights in Brooklyn, NY [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest rate | [6] | 3.85% | |
Mortgages and Mezzanine Notes 1[Member] | Property at 10 W 65th St. Manhattan, NY [Member] | |||
Maturity date | [7] | Nov. 1, 2027 | |
Interest rate | [7] | 3.375% | |
Debt, gross | [7] | $ 34,350 | 34,350 |
Mortgages and Mezzanine Notes 2[Member] | Flatbush Gardens, Brooklyn, NY [Member] | |||
Maturity date | [1] | Oct. 1, 2024 | |
Interest rate | [1] | 3.88% | |
Debt, gross | [1] | 19,792 | |
Mortgages and Mezzanine Notes 2[Member] | Tribeca House Properties [Member] | |||
Maturity date | [4] | Mar. 6, 2028 | |
Interest rate | [4] | 4.506% | |
Debt, gross | [4] | $ 360,000 | |
Mortgages and Mezzanine Notes 3[Member] | Flatbush Gardens, Brooklyn, NY [Member] | |||
Maturity date | [1] | Mar. 1, 2028 | |
Interest rate | [1] | 3.50% | |
Debt, gross | [1] | $ 246,000 | |
Mortgages and Mezzanine Notes [Member] | |||
Unamortized debt issuance costs | $ (11,132) | $ (11,170) | |
[1] | On February 21, 2018, the Company repaid the debt secured by the Flatbush Gardens property that was scheduled to mature in 2024, from the proceeds of a $246,000 first mortgage loan with New York Community Bank ("NYCB"). The loan matures on March 1, 2028, and bears interest at 3.5% for the first five years and thereafter at the prime rate plus 2.75%, subject to an option to fix the rate. The loan requires interest-only payments through August 2020, and monthly principal and interest payments thereafter based on a 30-year amortization schedule. | ||
[2] | The $37,500 mortgage note agreement with Citigroup Global Markets Realty Corp. matures on May 6, 2023, and bears interest at 4.00%. The note requires monthly principal and interest payments of $179. | ||
[3] | On May 11, 2016, the Company repaid a $55,000 loan secured by the property with 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 required interest-only payments through June 2017, and monthly principal and interest payments of $374 thereafter based on a 30-year amortization schedule. | ||
[4] | On February 21, 2018, the Company repaid the $410,000 loan package secured by the Tribeca House property with the proceeds of a $360,000 loan with Deutsche Bank and cash on hand. The loan matures on March 6, 2028, bears interest at 4.506% and requires interest-only payments for the entire term. | ||
[5] | The $70,000 mortgage note agreement with Capital One Multifamily Finance LLC matures on July 1, 2028, and bears interest at 3.68%. The note required interest-only payments through July 2017, and monthly principal and interest payments of $321 thereafter based on a 30-year amortization schedule. | ||
[6] | On May 9, 2017, the Company entered into a $59,000 mortgage note agreement with a unit of Blackstone Mortgage Trust, Inc., related to the 107 Columbia Heights acquisition. The Company also entered into a construction loan secured by the building with the same lender that will provide up to $14,700 for eligible capital improvements and carrying costs, of which $3,652 was drawn as of June 30, 2018. The notes mature on May 9, 2020, are subject to two one-year extension options, require interest-only payments and bear interest at one-month LIBOR plus 3.85% (5.9% as of June 30, 2018). | ||
[7] | On October 27, 2017, the Company entered into a $34,350 mortgage note agreement with NYCB, related to the 10 West 65th Street acquisition. The note matures on November 1, 2027, and bears interest at 3.375% for the first five years and thereafter at the prime rate plus 2.75%, subject to an option to fix the rate. The note requires interest-only payments through October 2019, and monthly principal and interest payments thereafter based on a 30-year amortization schedule. |
Note 7 - Notes Payable - Summar
Note 7 - Notes Payable - Summarizes Principal Payment (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
2018 (Remainder) | $ 1,593 | |
2,019 | 3,763 | |
2,020 | 68,670 | |
2,021 | 9,422 | |
2,022 | 9,770 | |
Thereafter | 790,493 | |
Total | $ 883,711 | $ 855,116 |
Note 8 - Rental Income Under 47
Note 8 - Rental Income Under Operating Leases (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Total Revenue [Member] | Customer Concentration Risk [Member] | City of New York [Member] | ||||
Concentration Risk, Percentage | 19.00% | 20.00% | 19.00% | 20.00% |
Note 8 - Rental Income Under 48
Note 8 - Rental Income Under Operating Leases - Minimum Future Cash Rents Receivable (Details) $ in Thousands | Jun. 30, 2018USD ($) |
2018 (Remainder) | $ 11,111 |
2,019 | 17,335 |
2,020 | 10,316 |
2,021 | 4,695 |
2,022 | 4,260 |
Thereafter | 12,680 |
Total | $ 60,397 |
Note 9 - Fair Value of Financ49
Note 9 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands | Apr. 27, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 |
Proceeds from Derivative Instrument, Investing Activities | $ 385 | ||||
Tribeca House Instrument [Member] | |||||
Proceeds from Derivative Instrument, Investing Activities | $ 385 | ||||
Interest Rate Cap 1 [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative, Gain (Loss) on Derivative, Net, Total | $ (10) | $ 192 | (237) | 329 | |
Interest Rate Cap 2 [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative, Gain (Loss) on Derivative, Net, Total | $ 6 | $ 63 | $ (63) | $ 63 |
Note 9 - Fair Value of Financ50
Note 9 - Fair Value of Financial Instruments - Carrying Amount and Fair Value of Mortgage Notes Payable (Details) - Mortgages [Member] - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Reported Value Measurement [Member] | ||
Mortgage notes payable | $ 883,711 | $ 855,116 |
Estimate of Fair Value Measurement [Member] | ||
Mortgage notes payable | $ 873,479 | $ 839,753 |
Note 9 - Fair Value of Financ51
Note 9 - Fair Value of Financial Instruments - Interest Rate Caps in Connection With Mortgage Loans (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Estimated fair market value | $ 97 | $ 182 |
Interest Rate Cap 1 [Member] | ||
Maturity date | Dec. 15, 2018 | |
Strike rate | 2.00% | |
Estimated fair market value | 148 | |
Interest Rate Cap 2 [Member] | ||
Maturity date | May 9, 2020 | |
Strike rate | 3.00% | |
Estimated fair market value | $ 97 | $ 34 |
Note 10 - Commitments and Con52
Note 10 - Commitments and Contingencies (Details Textual) $ in Thousands | Jun. 30, 2018USD ($) |
Obligated to Provide Parking [Member] | |
Other Commitment, Total | $ 240 |
Note 10 - Commitments and Con53
Note 10 - Commitments and Contingencies - Summary of Concentrations Risk by Segment (Details) - Total Revenue [Member] - Geographic Concentration Risk [Member] - New York City [Member] | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Concentration risk | 100.00% | 100.00% | 100.00% | 100.00% |
Commercial Segment [Member] | ||||
Concentration risk | 25.00% | 26.00% | 25.00% | 26.00% |
Residential Segment [Member] | ||||
Concentration risk | 75.00% | 74.00% | 75.00% | 74.00% |
Note 11 - Related-party Trans54
Note 11 - Related-party Transactions (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Firms in Which Two Directors Were Principals or Partners [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 0 | $ 639,000 | $ 1,880,000 | $ 699,000 |
General and Administrative Expense [Member] | Overhead Charged Related to Office Expenses [Member] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 86,000 | $ 134,000 | $ 175,000 | $ 232,000 |
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, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Rental revenues | $ 25,045 | $ 23,550 | $ 49,720 | $ 47,058 | |
Tenant recoveries | 1,200 | 1,017 | 2,374 | 2,061 | |
Garage and other revenue income | 1,055 | 791 | 2,074 | 1,502 | |
Total revenues | 27,300 | 25,358 | 54,168 | 50,621 | |
Property operating expenses | 6,581 | 6,564 | 13,837 | 13,669 | |
Real estate taxes and insurance | 5,362 | 4,817 | 10,710 | 9,469 | |
General and administrative | 2,606 | 2,588 | 5,744 | 4,784 | |
Depreciation and amortization | 4,435 | 4,063 | 9,031 | 7,998 | |
Total operating expenses | 18,984 | 18,038 | 39,322 | 35,947 | |
Income from operations | 8,316 | 7,320 | 14,846 | 14,674 | |
Acquisition costs | 6 | 27 | |||
Total Assets | 1,068,194 | 1,068,194 | $ 1,052,085 | ||
Interest expense | 8,008 | 8,931 | 16,551 | 17,583 | |
Capital expenditures | 9,941 | 6,037 | 22,510 | 9,139 | |
Commercial Segment [Member] | |||||
Rental revenues | 5,375 | 5,471 | 10,752 | 10,942 | |
Tenant recoveries | 1,200 | 1,017 | 2,374 | 2,061 | |
Garage and other revenue income | 229 | 215 | 459 | 427 | |
Total revenues | 6,804 | 6,703 | 13,585 | 13,430 | |
Property operating expenses | 1,040 | 1,026 | 2,250 | 2,107 | |
Real estate taxes and insurance | 1,111 | 1,066 | 2,217 | 2,123 | |
General and administrative | 218 | 208 | 536 | 396 | |
Depreciation and amortization | 896 | 835 | 1,771 | 1,603 | |
Total operating expenses | 3,265 | 3,135 | 6,774 | 6,229 | |
Income from operations | 3,539 | 3,568 | 6,811 | 7,201 | |
Acquisition costs | |||||
Total Assets | 212,828 | 212,828 | 222,288 | ||
Interest expense | 1,707 | 1,942 | 3,528 | 3,823 | |
Capital expenditures | 809 | 2,002 | 1,047 | 3,013 | |
Residential Segment [Member] | |||||
Rental revenues | 19,670 | 18,079 | 38,968 | 36,116 | |
Tenant recoveries | |||||
Garage and other revenue income | 826 | 576 | 1,615 | 1,075 | |
Total revenues | 20,496 | 18,655 | 40,583 | 37,191 | |
Property operating expenses | 5,541 | 5,538 | 11,587 | 11,562 | |
Real estate taxes and insurance | 4,251 | 3,751 | 8,493 | 7,346 | |
General and administrative | 2,388 | 2,380 | 5,208 | 4,388 | |
Depreciation and amortization | 3,539 | 3,228 | 7,260 | 6,395 | |
Total operating expenses | 15,719 | 14,903 | 32,548 | 29,718 | |
Income from operations | 4,777 | 3,752 | 8,035 | 7,473 | |
Acquisition costs | 6 | 27 | |||
Total Assets | 855,366 | 855,366 | $ 829,797 | ||
Interest expense | 6,301 | 6,989 | 13,023 | 13,760 | |
Capital expenditures | $ 9,132 | $ 4,035 | $ 21,463 | $ 6,126 |