Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 22, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001649096 | |
Entity Registrant Name | Clipper Realty Inc. | |
Amendment Flag | true | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 | |
Document Type | 10-Q/A | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-38010 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 47-4579660 | |
Entity Address, Address Line One | 4611 12th Avenue, Suite 1L | |
Entity Address, City or Town | Brooklyn | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 11219 | |
City Area Code | 718 | |
Local Phone Number | 438-2804 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | CLPR | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 16,063,228 | |
Amendment Description | On March 11, 2021, the Audit Committee of the Board of Directors of Clipper Realty Inc. (the “Company”), after discussion with management and its independent registered public accountants, concluded that the previously issued unaudited consolidated financial statements covering the Company’s fiscal quarters ended March 31, 2020, June 30, 2020, and September 30, 2020 (collectively, the “Restated Periods”), as included in its quarterly reports on Form 10-Q for the Restated Periods, required restatement and should no longer be relied upon as a result of the Company’s failure to take into account on a straight-line basis, rent increases that would become due under a commercial lease at the Company’s 141 Livingston Street property in the future years 2021-2025 once the lessee determined not to exercise its contractual right to terminate the lease as of year-end 2020. This Amendment No. 1 to the Company’s Quarterly Report on Form 10-Q (this “Form 10-Q/A”) for the three months ended March 31, 2020, which was originally filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 11, 2020 (the “Original Form 10-Q”), restates the Company’s unaudited consolidated financial statements as of and for the three months ended March 31, 2020, and amends the related Notes and disclosures thereto, including the Company’s controls and procedures. The impact of the correction of the error described below on the Company’s unaudited financial statements for the fiscal quarter ended March 31, 2020, is to increase revenue by approximately $0.4 million. The following tables present the effect of the correction of the error on selected line items of our previously reported unaudited condensed consolidated financial statements for the fiscal quarter ended March 31, 2020 (in thousands). |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Land and improvements | $ 540,859 | $ 540,859 |
Building and improvements | 607,353 | 602,547 |
Tenant improvements | 3,051 | 3,051 |
Furniture, fixtures and equipment | 11,865 | 11,707 |
Real estate under development | 32,894 | 31,787 |
Total investment in real estate | 1,196,022 | 1,189,951 |
Accumulated depreciation | (114,903) | (109,418) |
Investment in real estate, net | 1,081,119 | 1,080,533 |
Cash and cash equivalents | 36,298 | 42,500 |
Restricted cash | 17,572 | 14,432 |
Tenant and other receivables, net of allowance for doubtful accounts of $3,692 and $3,361, respectively | 4,750 | 4,187 |
Deferred rent | 1,502 | 1,274 |
Deferred costs and intangible assets, net | 8,560 | 8,782 |
Prepaid expenses and other assets | 8,581 | 14,499 |
TOTAL ASSETS | 1,158,382 | 1,166,207 |
LIABILITIES AND EQUITY | ||
Notes payable, net of unamortized loan costs of $10,958 and $11,528, respectively | 997,752 | 997,903 |
Accounts payable and accrued liabilities | 9,793 | 13,029 |
Security deposits | 7,637 | 7,570 |
Below-market leases, net | 1,496 | 1,625 |
Other liabilities | 4,416 | 4,297 |
TOTAL LIABILITIES | 1,021,094 | 1,024,424 |
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 | 0 | 0 |
Common stock, $0.01 par value; 500,000,000 shares authorized, 17,814,672 shares issued and outstanding | 178 | 178 |
Additional paid-in-capital | 93,461 | 93,431 |
Accumulated deficit | (38,219) | (36,375) |
Total stockholders’ equity | 55,420 | 57,234 |
Non-controlling interests | 81,868 | 84,549 |
TOTAL EQUITY | 137,288 | 141,783 |
TOTAL LIABILITIES AND EQUITY | $ 1,158,382 | $ 1,166,207 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Allowance for doubtful accounts | $ 3,692 | $ 3,361 |
Unamortized loan costs | $ 10,958 | $ 11,528 |
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 |
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) | 17,814,672 | 17,814,672 |
Common stock, share outstanding (in shares) | 17,814,672 | 17,814,672 |
Series A Cumulative Non-Voting Preferred Stock [Member] | ||
Preferred stock, shares authorized (in shares) | 140 | 140 |
Preferred stock, dividend rate, percentage | 12.50% | 12.50% |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
REVENUES | ||
TOTAL REVENUES | $ 31,315 | $ 27,652 |
OPERATING EXPENSES | ||
Property operating expenses | 7,159 | 7,563 |
Real estate taxes and insurance | 6,864 | 5,731 |
General and administrative | 2,323 | 1,668 |
Depreciation and amortization | 5,558 | 4,549 |
TOTAL OPERATING EXPENSES | 21,904 | 19,511 |
INCOME FROM OPERATIONS | 9,411 | 8,141 |
Interest expense, net | (9,788) | (8,274) |
Net loss | (377) | (133) |
Net loss attributable to non-controlling interests | 225 | 79 |
Net loss attributable to common stockholders | $ (152) | $ (54) |
Basic and diluted net loss per share (in dollars per share) | $ (0.01) | $ (0.01) |
Residential Rental [Member] | ||
REVENUES | ||
TOTAL REVENUES | $ 23,718 | $ 20,772 |
Commercial Real Estate [Member] | ||
REVENUES | ||
TOTAL REVENUES | $ 7,597 | $ 6,880 |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - 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, 2018 | 17,812,755 | |||||
Balance at Dec. 31, 2018 | $ 178 | $ 92,945 | $ (27,941) | $ 65,182 | $ 96,303 | $ 161,485 |
Amortization of LTIP grants | 0 | 0 | 0 | 156 | 156 | |
Dividends and distributions | 0 | 0 | (1,692) | (1,692) | (4,261) | |
Dividends and distributions | (2,569) | |||||
Dividends and distributions | 0 | 0 | (1,692) | (1,692) | (4,261) | |
Net (loss) income | 0 | 0 | (54) | (54) | (79) | (133) |
Reallocation of noncontrolling interests | $ 0 | 35 | 0 | 35 | (35) | 0 |
Balance (in shares) at Mar. 31, 2019 | 17,812,755 | |||||
Balance at Mar. 31, 2019 | $ 178 | 92,980 | (29,687) | 63,471 | 93,776 | 157,247 |
Balance (in shares) at Dec. 31, 2019 | 17,814,672 | |||||
Balance at Dec. 31, 2019 | $ 178 | 93,431 | (36,375) | 57,234 | 84,549 | 141,783 |
Amortization of LTIP grants | 0 | 158 | 158 | |||
Dividends and distributions | 0 | 0 | (1,692) | (1,692) | (4,276) | |
Dividends and distributions | (2,584) | |||||
Dividends and distributions | 0 | 0 | (1,692) | (1,692) | (4,276) | |
Net (loss) income | 0 | (152) | (152) | (225) | (377) | |
Reallocation of noncontrolling interests | $ 0 | 30 | 0 | 30 | (30) | 0 |
Balance (in shares) at Mar. 31, 2020 | 17,814,672 | |||||
Balance at Mar. 31, 2020 | $ 178 | $ 93,461 | $ (38,219) | $ 55,420 | $ 81,868 | $ 137,288 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (377) | $ (133) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation | 5,485 | 4,361 |
Amortization of deferred financing costs | 304 | 504 |
Amortization of deferred costs and intangible assets | 192 | 307 |
Amortization of above- and below-market leases | (99) | (424) |
Deferred rent | (228) | 634 |
Stock-based compensation | 158 | 156 |
Changes in operating assets and liabilities: | ||
Tenant and other receivables | (563) | 672 |
Prepaid expenses, other assets and deferred costs | 5,918 | 5,812 |
Accounts payable and accrued liabilities | (1,926) | (646) |
Security deposits | 67 | 67 |
Other liabilities | 119 | 640 |
Net cash provided by operating activities | 9,050 | 11,950 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to land, buildings, and improvements | (7,101) | (10,208) |
Purchase of interest rate cap | (14) | 0 |
Net cash used in investing activities | (7,115) | (10,208) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Payments of mortgage notes | (897) | (711) |
Proceeds from mortgage notes | 176 | 0 |
Dividends and distributions | (4,276) | (4,261) |
Net cash used in financing activities | (4,997) | (4,972) |
Net decrease in cash and cash equivalents and restricted cash | (3,062) | (3,230) |
Cash and cash equivalents and restricted cash - beginning of period | 56,932 | 45,864 |
Cash and cash equivalents and restricted cash - end of period | 53,870 | 42,634 |
Cash and cash equivalents - beginning of period | 42,500 | 37,028 |
Restricted cash - beginning of period | 14,432 | 8,836 |
Cash and cash equivalents - end of period | 36,298 | 29,379 |
Restricted cash - end of period | 17,572 | 13,255 |
Supplemental cash flow information: | ||
Cash paid for interest, net of capitalized interest of $300 and $1,836 in 2020 and 2019, respectively | 9,532 | 8,290 |
Non-cash interest capitalized to real estate under development | 280 | 348 |
Additions to investment in real estate included in accounts payable and accrued liabilities | $ 2,581 | $ 6,656 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Capitalized interest | $ 300 | $ 1,836 |
Note 1 - Organization
Note 1 - Organization | 3 Months Ended |
Mar. 31, 2020 | |
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 June 27, 2016, 1955 On February 9, 2017, March 10, 2017) On May 9, 2017, 107 On October 27, 2017, 10 65th On November 8, 2019, 1010 As of March 31, 2020, • Tribeca House in Manhattan, comprising two one one • Flatbush Gardens in Brooklyn, a 59-building residential housing complex with 2,496 rentable units; • 141 • 250 • Aspen in Manhattan, a 7-story building containing residential and retail space with approximately 166,000 square feet of residential rental GLA and approximately 21,000 square feet of retail rental GLA; • Clover House in Brooklyn, a 11-story residential building with approximately 102,000 square feet of residential rental GLA; • 10 65 th • 1010 During 2019, three March 31, 2020, 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 March 31, 2020, The Company determined that the Operating Partnership and the LLCs are variable interest entities (“VIEs”) and that the Company was the primary beneficiary. The assets and liabilities of these VIEs represented substantially all of the Company’s assets and liabilities. |
Note 2 - Restatement of Previou
Note 2 - Restatement of Previously Issued Unaudited Consolidated Financial Statements | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Accounting Changes and Error Corrections [Text Block] | 2. On March 11, 2021, March 31, 2020, June 30, 2020, September 30, 2020, no These unaudited consolidated financial statements contained a non-cash error by failing to take into account on a straight-line basis, rent increases that would become due under a commercial lease at the Company’s 141 2021 2025 not 2020. October 17, 2019, 141 2025. The impact of the correction of the error on the Company’s unaudited financial statements for the fiscal quarter ended March 31, 2020, The following table presents the effect of the correction of the error on selected line items of our previously reported consolidated balance sheet as of March 31, 2020 ( As of March 31, 2020 As Reported Adjustment Restated Balance Sheet: Deferred rent $ 1,073 $ 429 $ 1,502 Total Assets $ 1,157,953 $ 429 $ 1,158,382 Accumulated deficit $ (38,393 ) $ 174 $ (38,219 ) Total stockholders’ equity $ 55,246 $ 174 $ 55,420 Non-controlling interests $ 81,613 $ 255 $ 81,868 Total Equity $ 136,859 $ 429 $ 137,288 Total Liabilities and Equity $ 1,157,953 $ 429 $ 1,158,382 The following table presents the effect of the correction of the error on selected line items of our previously reported consolidated statements of operations for the three March 31, 2020 ( Three Months Ended March 31, 2020 As Reported Adjustment Restated Statements of Operations: Commercial rental income $ 7,168 $ 429 $ 7,597 Total Revenues $ 30,886 $ 429 $ 31,315 Income From Operations $ 8,982 $ 429 $ 9,411 Net loss $ (806 ) $ 429 $ (377 ) Net loss attributable to non-controlling interests $ 480 $ (255 ) $ 225 Net loss attributable to common stockholders $ (326 ) $ 174 $ (152 ) Basic and diluted net loss per share $ (0.02 ) $ 0.01 $ (0.01 ) The following table presents the effect of the correction of the error on selected line items of our previously reported consolidated statements of changes in equity as of and for the three March 31, 2020 ( As of and for the Three Months Ended March 31, 2020 As Reported Adjustment Restated Statements of Changes in Equity: Net loss $ (806 ) $ 429 $ (377 ) Accumulated deficit $ (38,393 ) $ 174 $ (38,219 ) Total stockholders’ equity $ 55,246 $ 174 $ 55,420 Non-controlling interests $ 81,613 $ 255 $ 81,868 Total Equity $ 136,859 $ 429 $ 137,288 The following table presents the effect of the correction of the error on selected line items of our previously reported consolidated statements of cash flows for the three March 31, 2020 ( Three Months Ended March 31, 2020 As Reported Adjustment Restated Statements of Cash Flows: Net loss $ (806 ) $ 429 $ (377 ) Deferred rent $ 201 $ (429 ) $ (228 ) |
Note 3 - Issuance of Common Sto
Note 3 - Issuance of Common Stock | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Sale of Common Stock and Formation Transactions [Text Block] | 3. On April 9, 2019, one one one not |
Note 4 - Significant Accounting
Note 4 - Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 4. Segments At March 31, 2020, two may 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 March 31, 2020. 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 (in years) 10 – 44 Tenant improvements Shorter of useful life or lease term Furniture, fixtures and equipment (in 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 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 March 31, 2020 2019, not not Revenue Recognition Rental revenue for commercial leases is recognized on a straight-line basis over the terms of the respective leases. Deferred rents receivable represents the amount by which straight-line rental revenue exceeds rents currently billed in accordance with lease agreements. 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, As of March 31, 2020 December 31, 2019, March 31, 2020, December 31, 2019, March 31, 2020, In April 2020, 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 Code. To qualify as a REIT, the Company is required to distribute dividends equal to at least 90% of the REIT taxable income (computed without regard to the dividends paid deduction and net capital gains) to its stockholders, and meet the various other requirements imposed by the Code relating to matters such as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided the Company qualifies for taxation as a REIT, it is generally not may not four On March 27, 2020, 19 2019 2020 not In accordance with FASB ASC Topic 740, not three Fair Value Measurements Refer to Note 10, 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 (loss) (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 March 31, 2020, no Loss Per Share Basic and diluted loss per share is computed by dividing net loss attributable to common stockholders by the weighted average common shares outstanding. As of March 31, 2020 2019, two not March 31, 2020 2019. The effect of the conversion of the 26,317 Class B LLC units outstanding is not The following table sets forth the computation of basic and diluted net loss per share for the periods indicated (unaudited): Three Months Ended March 31, (in thousands, except per share amounts) 2020 2019 (restated) Numerator Net loss attributable to common stockholders $ (152 ) $ (54 ) Less: income attributable to participating securities (84 ) (69 ) Subtotal $ (236 ) $ (123 ) Denominator Weighted average common shares outstanding 17,815 17,813 Basic and diluted net loss per share attributable to common stockholders $ (0.01 ) $ (0.01 ) Recently Issued Pronouncements In March 2020, 2020 04, 848 2020 04 2020 04 March 12, 2020, may December 31, 2022. 2020 04 In March 2019, 2019 01, 842 three 842 1 2 3 In December 2018, 2018 20, 842 2016 02 not not not third In May 2014, 2014 09, 2014 09 2014 09 five may December 15, 2018, December 15, 2019. 840, January 1, 2019, not In February 2016, 2016 02, . 2016 02 two July 2018, 2018 10, 842, 2016 02, 842 July 2018, 2018 11, 842 December 15, 2020, January 1, 2021 2016 02 not In August 2018, 2018 13, 820. December 15, 2019 not In June 2018, 2018 07, 718 718 718 not 606, January 1, 2020. not not In February 2017, 2017 05, 610 20 2017 05 2017 05 December 15, 2018, December 15, 2019. January 1, 2019. not |
Note 5 - Acquisitions
Note 5 - Acquisitions | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 5. On November 8, 2019, 1010 |
Note 6 - Deferred Costs and Int
Note 6 - Deferred Costs and Intangible Assets | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Deferred Costs and Intangible Assets Disclosure [Text Block] | 6. Deferred costs and intangible assets consist of the following: March 31, 2020 December 31, 2019 (unaudited) Deferred costs $ 348 $ 348 Above-market leases — 444 Lease origination costs 1,385 1,385 In-place leases 859 859 Real estate tax abatements 9,142 9,142 Total deferred costs and intangible assets 11,734 12,178 Less accumulated amortization (3,174 ) (3,396 ) Total deferred costs and intangible assets, net $ 8,560 $ 8,782 Amortization of deferred costs, lease origination costs and in-place lease intangible assets was $73 and $188 for the three March 31, 2020 2019, three March 31, 2019. three March 31, 2020 2019, three March 31, 2019. three March 31, 2020 2019, three March 31, 2020. Deferred costs and intangible assets as of March 31, 2020, 2020 (Remainder) $ 579 2021 775 2022 743 2023 597 2024 552 Thereafter 5,314 Total $ 8,560 |
Note 7 - Below-market Leases, N
Note 7 - Below-market Leases, Net | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Below Market Lease Intangibles Disclosure [Text Block] | 7. The Company’s below-market lease intangibles liabilities are as follows: March 31, 2020 December 31, 2019 (unaudited) Below-market leases $ 4,087 $ 4,087 Less accumulated amortization (2,591 ) (2,462 ) Below-market leases, net $ 1,496 $ 1,625 Rental income included amortization of below-market leases of $129 and $454 for the three March 31, 2020 2019, Below-market leases as of March 31, 2020, 2020 (Remainder) $ 388 2021 493 2022 423 2023 192 Total $ 1,496 |
Note 8 - Notes Payable
Note 8 - Notes Payable | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 8. 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 March 31, 2020 December 31, 2019 Flatbush Gardens, Brooklyn, NY (a) 3/1/2028 3.50% $ 246,000 $ 246,000 250 Livingston Street, Brooklyn, NY (b) 6/6/2029 3.63% 125,000 125,000 141 Livingston Street, Brooklyn, NY (c) 6/1/2028 3.875% 75,429 75,817 Tribeca House, Manhattan, NY (d) 3/6/2028 4.506% 360,000 360,000 Aspen, Manhattan, NY (e) 7/1/2028 3.68% 66,520 66,862 Clover House, Brooklyn, NY (f) 12/1/2029 3.53% 82,000 82,000 10 West 65 th 11/1/2027 3.375% 34,128 34,295 1010 Pacific Street, Brooklyn, NY (h) 12/24/2020 LIBOR + 3.60% 19,633 19,457 Total debt $ 1,008,710 $ 1,009,431 Unamortized debt issuance costs (10,958 ) (11,528 ) Total debt, net of unamortized debt issuance costs $ 997,752 $ 997,903 (a) The $246,000 mortgage note agreement with New York Community Bank (“NYCB”), entered into on February 21, 2018, March 1, 2028, February 2023 August 2020, not On May 8, 2020, twelve first June 1, 2032, May 2027 May 2027, not (b) The $125,000 mortgage note agreement with Citi Real Estate Funding Inc., entered into on May 31, 2019, June 6, 2029, not three (c) The $79,500 mortgage note agreement with NYCB matures on June 1, 2028, June 2017, 30 (d) The $360,000 loan with Deutsche Bank, entered into on February 21, 2018, March 6, 2028, not December 6, 2027. (e) The $70,000 mortgage note agreement with Capital One Multifamily Finance LLC matures on July 1, 2028, July 2017, 30 (f) The $82,000 mortgage note agreement with MetLife Investment Management, entered into on November 8, 2019, December 1, 2029, January 1, 2024, September 2, 2029. (g) On October 27, 2017, 10 65 th November 1, 2027, October 2022 November 2019, 30 not (h) On December 24, 2019, 1010 March 31, 2020. December 24, 2020, one one March 31, 2020). The following table summarizes principal payment requirements under terms as of March 31, 2020: 2020 (Remainder) $ 23,979 2021 8,553 2022 8,866 2023 9,191 2024 9,521 Thereafter 948,600 Total $ 1,008,710 |
Note 9 - Rental Income Under Op
Note 9 - Rental Income Under Operating Leases | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Lessor, Operating Leases [Text Block] | 9. The Company’s commercial properties are leased to commercial tenants under operating leases with fixed terms of varying lengths. As of March 31, 2020, five 2020 (Remainder) $ 18,242 2021 29,634 2022 29,348 2023 27,552 2024 26,864 Thereafter 24,704 Total $ 156,344 The Company has commercial leases with the City of New York that comprised approximately 18% and 19% of total revenues for the three March 31, 2020 2019, |
Note 10 - Fair Value of Financi
Note 10 - Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 10. 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, security deposits and notes payable. The carrying amount of cash and cash equivalents, restricted cash, receivables, accounts payable and accrued liabilities, and security deposits 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: March 31, 2020 December 31, 2019 (unaudited) Carrying amount (excluding unamortized debt issuance costs) $ 1,008,710 $ 1,009,431 Estimated fair value $ 1,151,495 $ 1,058,083 The Company purchased interest rate caps in connection with the loans obtained for the Clover House acquisition, the 250 December 6, 2018, 1010 December 24, 2019. 2, The estimated fair values of the interest rate caps are as follows: Notional Amount Related Property Loans Maturity Date Strike Rate Estimated Fair Value at March 31, 2020 Estimated Fair Value at December 31, 2019 $73,700 Clover House May 9, 2020 3.0% $ — $ — $75,000 250 Livingston Street December 15, 2020 4.0% — — $21,587 1010 Pacific Street December 24, 2020 3.6% — — Total fair value of derivative instruments included in prepaid expenses and other assets $ — $ — These interest rate caps were not 250 1010 250 not three March 31, 2020 2019. not three March 31, 2020; three March 31, 2019, 1010 three March 31, 2020, The above disclosures regarding fair value of financial instruments are based on pertinent information available as of March 31, 2020, December 31, 2019, not not may |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11. Legal On July 3, 2017, 41 50 53 421 July 18, 2017, January 18, 2018, April 24, 2018. June 25, 2019, 421 not may 41 may July 25, 2019, September 12, 2019. August 13, 2019, October 23, 2019. October 17, 2019, August 13 January 7, 2020, May 2020 March 16, 2020, September 2020 October 24, 2019, January 13, 2020, November 18, 2019, Kuzmich second 26 Crowe et al v 50 No. 161227/19 Kuzmich Crowe June 30, 2020. not In addition to the above, the Company is subject to certain legal proceedings and claims arising in connection with its business, including a claim under the Americans with Disabilities Act of 1990 141 not Commitments The Company is obligated to provide parking availability through August 2025 250 Contingencies Recently, the COVID- 19 19 may may 19 19 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 (unaudited): Commercial Residential Total Three months ended March 31, 2020 (as restated) 24 % 76 % 100 % Three months ended March 31, 2019 25 % 75 % 100 % |
Note 12 - Related-party Transac
Note 12 - Related-party Transactions | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 12. The Company recorded office and overhead expenses pertaining to a related company in general and administrative expense of $88 and $87 for the three March 31, 2020 2019, The Company paid legal and advisory fees to firms in which two three March 31, 2020 2019, |
Note 13 - Segment Reporting
Note 13 - Segment Reporting | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 13. The Company has classified its reporting segments into commercial and residential rental properties. The commercial reporting segment includes the 141 250 10 65 th 1010 250 The Company’s income from operations by segment for the three March 31, 2020 2019, Three months ended March 31, 2020 Commercial Residential Total (restated) ( restated) Rental income $ 7,597 $ 23,718 $ 31,315 Total revenues 7,597 23,718 31,315 Property operating expenses 1,137 6,022 7,159 Real estate taxes and insurance 1,491 5,373 6,864 General and administrative 337 1,986 2,323 Depreciation and amortization 1,019 4,539 5,558 Total operating expenses 3,984 17,920 21,904 Income from operations $ 3,613 $ 5,798 $ 9,411 Three months ended March 31, 2019 Commercial Residential Total Rental income $ 6,880 $ 20,772 $ 27,652 Total revenues 6,880 20,772 27,652 Property operating expenses 1,141 6,422 7,563 Real estate taxes and insurance 1,236 4,495 5,731 General and administrative 279 1,389 1,668 Depreciation and amortization 946 3,603 4,549 Total operating expenses 3,602 15,909 19,511 Income from operations $ 3,278 $ 4,863 $ 8,141 The Company’s total assets by segment are as follows, as of: Commercial Residential Total March 31, 2020 (as restated) (unaudited) $ 283,460 $ 874,922 $ 1,158,382 December 31, 2019 285,103 881,104 1,166,207 The Company’s interest expense by segment for the three March 31, 2020 2019, Commercial Residential Total Three months ended March 31, 2020 $ 1,987 $ 7,801 $ 9,788 2019 1,734 6,540 8,274 The Company’s capital expenditures by segment for the three March 31, 2020 2019, Commercial Residential Total Three months ended March 31, 2020 $ 1,783 $ 4,288 $ 6,071 2019 908 10,306 11,214 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | Segments At March 31, 2020, two may |
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 March 31, 2020. 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 (in years) 10 – 44 Tenant improvements Shorter of useful life or lease term Furniture, fixtures and equipment (in 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 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 March 31, 2020 2019, not not |
Revenue [Policy Text Block] | Revenue Recognition Rental revenue for commercial leases is recognized on a straight-line basis over the terms of the respective leases. Deferred rents receivable represents the amount by which straight-line rental revenue exceeds rents currently billed in accordance with lease agreements. 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 Payment Arrangement [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, As of March 31, 2020 December 31, 2019, March 31, 2020, December 31, 2019, March 31, 2020, In April 2020, |
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 Code. To qualify as a REIT, the Company is required to distribute dividends equal to at least 90% of the REIT taxable income (computed without regard to the dividends paid deduction and net capital gains) to its stockholders, and meet the various other requirements imposed by the Code relating to matters such as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided the Company qualifies for taxation as a REIT, it is generally not may not four On March 27, 2020, 19 2019 2020 not In accordance with FASB ASC Topic 740, not three |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value Measurements Refer to Note 10, |
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 (loss) (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 March 31, 2020, no |
Earnings Per Share, Policy [Policy Text Block] | Loss Per Share Basic and diluted loss per share is computed by dividing net loss attributable to common stockholders by the weighted average common shares outstanding. As of March 31, 2020 2019, two not March 31, 2020 2019. The effect of the conversion of the 26,317 Class B LLC units outstanding is not The following table sets forth the computation of basic and diluted net loss per share for the periods indicated (unaudited): Three Months Ended March 31, (in thousands, except per share amounts) 2020 2019 (restated) Numerator Net loss attributable to common stockholders $ (152 ) $ (54 ) Less: income attributable to participating securities (84 ) (69 ) Subtotal $ (236 ) $ (123 ) Denominator Weighted average common shares outstanding 17,815 17,813 Basic and diluted net loss per share attributable to common stockholders $ (0.01 ) $ (0.01 ) |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Pronouncements In March 2020, 2020 04, 848 2020 04 2020 04 March 12, 2020, may December 31, 2022. 2020 04 In March 2019, 2019 01, 842 three 842 1 2 3 In December 2018, 2018 20, 842 2016 02 not not not third In May 2014, 2014 09, 2014 09 2014 09 five may December 15, 2018, December 15, 2019. 840, January 1, 2019, not In February 2016, 2016 02, . 2016 02 two July 2018, 2018 10, 842, 2016 02, 842 July 2018, 2018 11, 842 December 15, 2020, January 1, 2021 2016 02 not In August 2018, 2018 13, 820. December 15, 2019 not In June 2018, 2018 07, 718 718 718 not 606, January 1, 2020. not not In February 2017, 2017 05, 610 20 2017 05 2017 05 December 15, 2018, December 15, 2019. January 1, 2019. not |
Note 2 - Restatement of Previ_2
Note 2 - Restatement of Previously Issued Unaudited Consolidated Financial Statements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | As of March 31, 2020 As Reported Adjustment Restated Balance Sheet: Deferred rent $ 1,073 $ 429 $ 1,502 Total Assets $ 1,157,953 $ 429 $ 1,158,382 Accumulated deficit $ (38,393 ) $ 174 $ (38,219 ) Total stockholders’ equity $ 55,246 $ 174 $ 55,420 Non-controlling interests $ 81,613 $ 255 $ 81,868 Total Equity $ 136,859 $ 429 $ 137,288 Total Liabilities and Equity $ 1,157,953 $ 429 $ 1,158,382 Three Months Ended March 31, 2020 As Reported Adjustment Restated Statements of Operations: Commercial rental income $ 7,168 $ 429 $ 7,597 Total Revenues $ 30,886 $ 429 $ 31,315 Income From Operations $ 8,982 $ 429 $ 9,411 Net loss $ (806 ) $ 429 $ (377 ) Net loss attributable to non-controlling interests $ 480 $ (255 ) $ 225 Net loss attributable to common stockholders $ (326 ) $ 174 $ (152 ) Basic and diluted net loss per share $ (0.02 ) $ 0.01 $ (0.01 ) As of and for the Three Months Ended March 31, 2020 As Reported Adjustment Restated Statements of Changes in Equity: Net loss $ (806 ) $ 429 $ (377 ) Accumulated deficit $ (38,393 ) $ 174 $ (38,219 ) Total stockholders’ equity $ 55,246 $ 174 $ 55,420 Non-controlling interests $ 81,613 $ 255 $ 81,868 Total Equity $ 136,859 $ 429 $ 137,288 Three Months Ended March 31, 2020 As Reported Adjustment Restated Statements of Cash Flows: Net loss $ (806 ) $ 429 $ (377 ) Deferred rent $ 201 $ (429 ) $ (228 ) |
Note 4 - Significant Accounti_2
Note 4 - Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment, Useful Life [Table Text Block] | Building and improvements (in years) 10 – 44 Tenant improvements Shorter of useful life or lease term Furniture, fixtures and equipment (in years) 3 – 15 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, (in thousands, except per share amounts) 2020 2019 (restated) Numerator Net loss attributable to common stockholders $ (152 ) $ (54 ) Less: income attributable to participating securities (84 ) (69 ) Subtotal $ (236 ) $ (123 ) Denominator Weighted average common shares outstanding 17,815 17,813 Basic and diluted net loss per share attributable to common stockholders $ (0.01 ) $ (0.01 ) |
Note 6 - Deferred Costs and I_2
Note 6 - Deferred Costs and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Deferred Costs and Intangible Assets [Table Text Block] | March 31, 2020 December 31, 2019 (unaudited) Deferred costs $ 348 $ 348 Above-market leases — 444 Lease origination costs 1,385 1,385 In-place leases 859 859 Real estate tax abatements 9,142 9,142 Total deferred costs and intangible assets 11,734 12,178 Less accumulated amortization (3,174 ) (3,396 ) Total deferred costs and intangible assets, net $ 8,560 $ 8,782 |
Schedule of Deferred Costs and Intangible Assets, Future Amortization Expense [Table Text Block] | 2020 (Remainder) $ 579 2021 775 2022 743 2023 597 2024 552 Thereafter 5,314 Total $ 8,560 |
Note 7 - Below-market Leases,_2
Note 7 - Below-market Leases, Net (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Below-Market Lease Intangibles Liabilities [Table Text Block] | March 31, 2020 December 31, 2019 (unaudited) Below-market leases $ 4,087 $ 4,087 Less accumulated amortization (2,591 ) (2,462 ) Below-market leases, net $ 1,496 $ 1,625 |
Below Market Lease, Future Amortization Income [Table Text Block] | 2020 (Remainder) $ 388 2021 493 2022 423 2023 192 Total $ 1,496 |
Note 8 - Notes Payable (Tables)
Note 8 - Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Property Maturity Interest Rate March 31, 2020 December 31, 2019 Flatbush Gardens, Brooklyn, NY (a) 3/1/2028 3.50% $ 246,000 $ 246,000 250 Livingston Street, Brooklyn, NY (b) 6/6/2029 3.63% 125,000 125,000 141 Livingston Street, Brooklyn, NY (c) 6/1/2028 3.875% 75,429 75,817 Tribeca House, Manhattan, NY (d) 3/6/2028 4.506% 360,000 360,000 Aspen, Manhattan, NY (e) 7/1/2028 3.68% 66,520 66,862 Clover House, Brooklyn, NY (f) 12/1/2029 3.53% 82,000 82,000 10 West 65 th 11/1/2027 3.375% 34,128 34,295 1010 Pacific Street, Brooklyn, NY (h) 12/24/2020 LIBOR + 3.60% 19,633 19,457 Total debt $ 1,008,710 $ 1,009,431 Unamortized debt issuance costs (10,958 ) (11,528 ) Total debt, net of unamortized debt issuance costs $ 997,752 $ 997,903 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2020 (Remainder) $ 23,979 2021 8,553 2022 8,866 2023 9,191 2024 9,521 Thereafter 948,600 Total $ 1,008,710 |
Note 9 - Rental Income Under _2
Note 9 - Rental Income Under Operating Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block] | 2020 (Remainder) $ 18,242 2021 29,634 2022 29,348 2023 27,552 2024 26,864 Thereafter 24,704 Total $ 156,344 |
Note 10 - Fair Value of Finan_2
Note 10 - Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2020 December 31, 2019 (unaudited) Carrying amount (excluding unamortized debt issuance costs) $ 1,008,710 $ 1,009,431 Estimated fair value $ 1,151,495 $ 1,058,083 |
Schedule of Derivative Instruments [Table Text Block] | Notional Amount Related Property Loans Maturity Date Strike Rate Estimated Fair Value at March 31, 2020 Estimated Fair Value at December 31, 2019 $73,700 Clover House May 9, 2020 3.0% $ — $ — $75,000 250 Livingston Street December 15, 2020 4.0% — — $21,587 1010 Pacific Street December 24, 2020 3.6% — — Total fair value of derivative instruments included in prepaid expenses and other assets $ — $ — |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Commercial Residential Total Three months ended March 31, 2020 (as restated) 24 % 76 % 100 % Three months ended March 31, 2019 25 % 75 % 100 % |
Note 13 - Segment Reporting (Ta
Note 13 - Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended March 31, 2020 Commercial Residential Total (restated) ( restated) Rental income $ 7,597 $ 23,718 $ 31,315 Total revenues 7,597 23,718 31,315 Property operating expenses 1,137 6,022 7,159 Real estate taxes and insurance 1,491 5,373 6,864 General and administrative 337 1,986 2,323 Depreciation and amortization 1,019 4,539 5,558 Total operating expenses 3,984 17,920 21,904 Income from operations $ 3,613 $ 5,798 $ 9,411 Three months ended March 31, 2019 Commercial Residential Total Rental income $ 6,880 $ 20,772 $ 27,652 Total revenues 6,880 20,772 27,652 Property operating expenses 1,141 6,422 7,563 Real estate taxes and insurance 1,236 4,495 5,731 General and administrative 279 1,389 1,668 Depreciation and amortization 946 3,603 4,549 Total operating expenses 3,602 15,909 19,511 Income from operations $ 3,278 $ 4,863 $ 8,141 Commercial Residential Total March 31, 2020 (as restated) (unaudited) $ 283,460 $ 874,922 $ 1,158,382 December 31, 2019 285,103 881,104 1,166,207 Commercial Residential Total Three months ended March 31, 2020 $ 1,987 $ 7,801 $ 9,788 2019 1,734 6,540 8,274 Commercial Residential Total Three months ended March 31, 2020 $ 1,783 $ 4,288 $ 6,071 2019 908 10,306 11,214 |
Note 1 - Organization (Details
Note 1 - Organization (Details Textual) $ / shares in Units, $ in Millions | Feb. 09, 2017USD ($)$ / sharesshares | Mar. 31, 2020USD ($)ft²a | Dec. 31, 2019USD ($) | Nov. 08, 2019 | Oct. 27, 2017 | May 09, 2017 | Aug. 03, 2015 |
Formation Transaction, Units Converted to Commons Shares, Ratio | 1 | ||||||
Percentage of Aggregate Cash Distributions From, and Profits and Losses | 40.40% | ||||||
Corporate Joint Venture [Member] | |||||||
Joint Venture, Ownership Percentage | 50.00% | ||||||
Joint Venture, Committed Capital | $ | $ 0.4 | ||||||
Corporate Joint Venture [Member] | General and Administrative Expense [Member] | |||||||
Joint Venture Expense | $ | $ 0.2 | ||||||
Residential Rental [Member] | Residential Property At 10 West 65th Street [Member] | |||||||
Number of Units | 82 | ||||||
Residential Rental [Member] | Property Located Brooklyn, New York [Member] | |||||||
Number of Units | 175 | ||||||
107 Columbia Heights in Brooklyn, NY [Member] | Apartment Building [Member] | |||||||
Number of Units | 158 | ||||||
Tribeca House properties in Manhattan [Member] | |||||||
Number of Buildings | 2 | ||||||
Tribeca House properties in Manhattan [Member] | Residential Rental [Member] | |||||||
Gross Leasable Area (Square Foot) | 483,000 | ||||||
Tribeca House properties in Manhattan [Member] | Rental Retail and Parking [Member] | |||||||
Gross Leasable Area (Square Foot) | 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 (Square Foot) | 216,000 | ||||||
250 Livingston Street in Brooklyn [Member] | Office and Residential Building [Member] | |||||||
Number of Stories | 12 | ||||||
Gross Leasable Area (Square Foot) | a | 370,000 | ||||||
Aspen [Member] | |||||||
Number of Stories | 7 | ||||||
Aspen [Member] | Residential Rental [Member] | |||||||
Gross Leasable Area (Square Foot) | 166,000 | ||||||
Aspen [Member] | Retail Site [Member] | |||||||
Gross Leasable Area (Square Foot) | 21,000 | ||||||
Clover House [Member] | |||||||
Number of Stories | 11 | ||||||
Clover House [Member] | Apartment Building [Member] | |||||||
Gross Leasable Area (Square Foot) | 102,000 | ||||||
Property at 10 W 65th St. Manhattan, NY [Member] | Residential Rental [Member] | |||||||
Number of Stories | 6 | ||||||
Gross Leasable Area (Square Foot) | 76,000 | ||||||
Residential Property in Brooklyn, NY [Member] | Residential Rental [Member] | |||||||
Number of Stories | 9 | ||||||
Property Located Brooklyn, New York [Member] | Residential Rental [Member] | |||||||
Area of Real Estate Property (Square Foot) | 119,000 | ||||||
IPO [Member] | Common Stock [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 6,390,149 | ||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 13.50 | ||||||
Proceeds from Issuance Initial Public Offering | $ | $ 78.7 |
Note 2 - Restatement of Previ_3
Note 2 - Restatement of Previously Issued Unaudited Consolidated Financial Statements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 31,315 | $ 27,652 |
Revision of Prior Period, Error Correction, Adjustment [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 429 |
Note 2 - Restatement of Previ_4
Note 2 - Restatement of Previously Issued Unaudited Consolidated Financial Statements - Effect of Correction of Error on Previously Reported Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred rent | $ 1,502 | $ 1,274 | ||
Total Assets | 1,158,382 | 1,166,207 | ||
Accumulated deficit | (38,219) | (36,375) | ||
Total stockholders’ equity | 55,420 | 57,234 | ||
Non-controlling interests | 81,868 | 84,549 | ||
Total Equity | 137,288 | $ 157,247 | 141,783 | $ 161,485 |
Total Liabilities and Equity | 1,158,382 | 1,166,207 | ||
TOTAL REVENUES | 31,315 | 27,652 | ||
Income From Operations | 9,411 | 8,141 | ||
Net (loss) income | (377) | (133) | ||
Net loss attributable to non-controlling interests | 225 | 79 | ||
Net loss attributable to common stockholders | $ (152) | $ (54) | ||
Basic and diluted net loss per share (in dollars per share) | $ (0.01) | $ (0.01) | ||
Deferred rent | $ (228) | $ 634 | ||
Retained Earnings [Member] | ||||
Total Equity | (38,219) | (29,687) | (36,375) | (27,941) |
Net (loss) income | (152) | (54) | ||
Parent [Member] | ||||
Total Equity | 55,420 | 63,471 | 57,234 | 65,182 |
Net (loss) income | (152) | (54) | ||
Noncontrolling Interest [Member] | ||||
Total Equity | 81,868 | 93,776 | $ 84,549 | $ 96,303 |
Net (loss) income | (225) | (79) | ||
Commercial Real Estate [Member] | ||||
TOTAL REVENUES | 7,597 | $ 6,880 | ||
Previously Reported [Member] | ||||
Deferred rent | 1,073 | |||
Total Assets | 1,157,953 | |||
Accumulated deficit | (38,393) | |||
Total stockholders’ equity | 55,246 | |||
Non-controlling interests | 81,613 | |||
Total Equity | 136,859 | |||
Total Liabilities and Equity | 1,157,953 | |||
TOTAL REVENUES | 30,886 | |||
Income From Operations | 8,982 | |||
Net (loss) income | (806) | |||
Net loss attributable to non-controlling interests | 480 | |||
Net loss attributable to common stockholders | $ (326) | |||
Basic and diluted net loss per share (in dollars per share) | $ (0.02) | |||
Deferred rent | $ 201 | |||
Previously Reported [Member] | Retained Earnings [Member] | ||||
Total Equity | (38,393) | |||
Previously Reported [Member] | Parent [Member] | ||||
Total Equity | 55,246 | |||
Previously Reported [Member] | Noncontrolling Interest [Member] | ||||
Total Equity | 81,613 | |||
Previously Reported [Member] | Commercial Real Estate [Member] | ||||
TOTAL REVENUES | 7,168 | |||
Revision of Prior Period, Error Correction, Adjustment [Member] | ||||
Deferred rent | 429 | |||
Total Assets | 429 | |||
Accumulated deficit | 174 | |||
Total stockholders’ equity | 174 | |||
Non-controlling interests | 255 | |||
Total Equity | 429 | |||
Total Liabilities and Equity | 429 | |||
TOTAL REVENUES | 429 | |||
Income From Operations | 429 | |||
Net (loss) income | 429 | |||
Net loss attributable to non-controlling interests | (255) | |||
Net loss attributable to common stockholders | $ 174 | |||
Basic and diluted net loss per share (in dollars per share) | $ 0.01 | |||
Deferred rent | $ (429) | |||
Revision of Prior Period, Error Correction, Adjustment [Member] | Retained Earnings [Member] | ||||
Total Equity | 174 | |||
Revision of Prior Period, Error Correction, Adjustment [Member] | Parent [Member] | ||||
Total Equity | 174 | |||
Revision of Prior Period, Error Correction, Adjustment [Member] | Noncontrolling Interest [Member] | ||||
Total Equity | 255 | |||
Revision of Prior Period, Error Correction, Adjustment [Member] | Commercial Real Estate [Member] | ||||
TOTAL REVENUES | $ 429 |
Note 3 - Issuance of Common S_2
Note 3 - Issuance of Common Stock (Details Textual) - Director [Member] $ in Thousands | Apr. 09, 2019USD ($)shares |
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture, Total (in shares) | shares | 1,917 |
Proceeds from Issuance of Common Stock | $ | $ 0 |
Note 4 - Significant Accounti_3
Note 4 - Significant Accounting Policies (Details Textual) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Apr. 30, 2020$ / sharesshares | Mar. 31, 2020USD ($)shares | Mar. 31, 2020USD ($)$ / shares | Mar. 31, 2019shares | Dec. 31, 2019USD ($)$ / shares | |
Number of Operating Segments | 2 | ||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ | $ 1,300 | $ 1,300 | $ 1,400 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 1 month 6 days | ||||
Percent of Distributed Dividends Equal to Taxable REIT Income | 90.00% | 90.00% | |||
Income Tax Expense (Benefit), Total | $ | $ 0 | ||||
Weighted Average Number Diluted Shares Outstanding Adjustment, Total (in shares) | 0 | 0 | |||
Class B LLC Units [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 26,317 | ||||
LTIP Units [Member] | Subsequent Event [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 450,623 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 4.75 | ||||
LTIP Units [Member] | Non-employee Director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 881,067 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 12.70 | $ 12.70 |
Note 4 - Significant Accounti_4
Note 4 - Significant Accounting Policies - Estimated Useful Lives of Assets (Details) | 3 Months Ended |
Mar. 31, 2020 | |
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 |
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 4 - Significant Accounti_5
Note 4 - Significant Accounting Policies - Basic and Diluted Earnings (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net loss attributable to common stockholders | $ (152) | $ (54) |
Less: income attributable to participating securities | (84) | (69) |
Subtotal | $ (236) | $ (123) |
Weighted average common shares outstanding (in shares) | 17,815 | 17,813 |
Basic and diluted net loss per share (in dollars per share) | $ (0.01) | $ (0.01) |
Note 5 - Acquisitions (Details
Note 5 - Acquisitions (Details Textual) - Residential Property in Brooklyn, NY [Member] $ in Thousands | Nov. 08, 2019USD ($) |
Business Combination, Consideration Transferred, Total | $ 31,129 |
Business Combination, Acquisition Related Costs | $ 129 |
Note 6 - Deferred Costs and I_3
Note 6 - Deferred Costs and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Amortization of Lease Origination Costs and In-place Lease Intangible Assets | $ 73 | $ 188 |
Write off of Fully Amortized Lease Origination Costs and In-place Leases | 749 | |
Amortization of Real Estate Abatements | 119 | 119 |
Write off of Fully Amortized Real Estate Tax Abatements | 3,428 | |
Amortization of Intangible Assets, Total | 30 | $ 30 |
Impairment of Intangible Assets, Finite-lived | $ 444 |
Note 6 - Deferred Costs and I_4
Note 6 - Deferred Costs and Intangible Assets - Deferred Costs and Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Deferred costs | $ 348 | $ 348 |
Above-market leases | 0 | 444 |
Lease origination costs | 1,385 | 1,385 |
In-place leases | 859 | 859 |
Real estate tax abatements | 9,142 | 9,142 |
Total deferred costs and intangible assets | 11,734 | 12,178 |
Less accumulated amortization | (3,174) | (3,396) |
Total | $ 8,560 | $ 8,782 |
Note 6 - Deferred Costs and I_5
Note 6 - Deferred Costs and Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
2020 (Remainder) | $ 579 | |
2021 | 775 | |
2022 | 743 | |
2023 | 597 | |
2024 | 552 | |
Thereafter | 5,314 | |
Total | $ 8,560 | $ 8,782 |
Note 7 - Below-market Leases,_3
Note 7 - Below-market Leases, Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Amortization of Below Market Lease | $ 129 | $ 454 |
Note 7 - Below-market Leases,_4
Note 7 - Below-market Leases, Net - Below-market Lease Intangibles Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Below-market leases | $ 4,087 | $ 4,087 |
Less accumulated amortization | (2,591) | (2,462) |
Total | $ 1,496 | $ 1,625 |
Note 7 - Below-market Leases,_5
Note 7 - Below-market Leases, Net - Future Amortization Income (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
2020 (Remainder) | $ 388 | |
2021 | 493 | |
2022 | 423 | |
2023 | 192 | |
Total | $ 1,496 | $ 1,625 |
Note 8 - Notes Payable (Details
Note 8 - Notes Payable (Details Textual) - USD ($) | May 08, 2020 | Mar. 31, 2020 | Dec. 24, 2019 | May 31, 2019 | Feb. 21, 2018 | Dec. 24, 2020 | Nov. 01, 2027 | Jul. 31, 2028 | Jun. 30, 2028 | Dec. 31, 2019 | Nov. 08, 2019 | Oct. 27, 2017 | Jun. 27, 2016 | May 11, 2016 |
Long-term Debt, Gross | $ 1,008,710,000 | $ 1,009,431,000 | ||||||||||||
Metlife Real Estate Lending LLC [Member] | Clover House Loans [Member] | ||||||||||||||
Long-term Debt, Gross | $ 82,000,000 | |||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.53% | |||||||||||||
Secured First Mortgage Loan [Member] | New York Community Bank [Member] | ||||||||||||||
Long-term Debt, Gross | $ 246,000,000 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | |||||||||||||
Debt Instrument, Interest Only Payments Period (Year) | 30 years | |||||||||||||
Secured First Mortgage Loan [Member] | New York Community Bank [Member] | Subsequent Event [Member] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.125% | |||||||||||||
Debt Instrument, Interest Only Payments Period (Year) | 30 years | |||||||||||||
Debt Instrument, Face Amount | $ 329,000,000 | |||||||||||||
Debt Instrument, Term (Year) | 12 years | |||||||||||||
Secured First Mortgage Loan [Member] | New York Community Bank [Member] | Prime Rate [Member] | ||||||||||||||
Derivative, Basis Spread on Variable Rate | 2.75% | |||||||||||||
Secured First Mortgage Loan [Member] | New York Community Bank [Member] | Prime Rate [Member] | Subsequent Event [Member] | ||||||||||||||
Derivative, Basis Spread on Variable Rate | 2.75% | |||||||||||||
First Mortgage Loan With Interest-only Payments [Member] | Citi Real Estate Funding Inc. [Member] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.63% | |||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 125,000,000 | |||||||||||||
Debt Instrument, Prepayment Option, Number of Months Before Maturity (Month) | 3 months | |||||||||||||
Mortgages 2 [Member] | New York Community Bank [Member] | 141 Livingston Street, Brooklyn [Member] | ||||||||||||||
Long-term Debt, Gross | $ 79,500,000 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.875% | |||||||||||||
Mortgages 2 [Member] | New York Community Bank [Member] | 141 Livingston Street, Brooklyn [Member] | Forecast [Member] | ||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 374,000 | |||||||||||||
Fixed Interest Rate Financing [Member] | ||||||||||||||
Long-term Debt, Gross | $ 360,000,000 | |||||||||||||
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 | $ 34,350,000 | |||||||||||||
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] | Forecast [Member] | ||||||||||||||
Derivative, Basis Spread on Variable Rate | 2.75% | |||||||||||||
Debt Instrument, Periodic Payment, Total | $ 152,000 | |||||||||||||
Mortgages [Member] | Capital One Multifamily Finance LLC [Member] | Aspen [Member] | ||||||||||||||
Long-term Debt, Gross | $ 70,000,000 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.68% | |||||||||||||
Mortgages [Member] | Capital One Multifamily Finance LLC [Member] | Aspen [Member] | Forecast [Member] | ||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 321,000 | |||||||||||||
Mortgages [Member] | Citibank NA [Member] | Residential Property At 1010 Pacific Street [Member] | ||||||||||||||
Long-term Debt, Gross | $ 18,600,000 | |||||||||||||
DebtInstrumentExtensionOptionPeriod (Year) | 1 year | |||||||||||||
Mortgages [Member] | Citibank NA [Member] | London Interbank Offered Rate (LIBOR) [Member] | Residential Property At 1010 Pacific Street [Member] | ||||||||||||||
Derivative, Basis Spread on Variable Rate | 4.60% | 3.60% | ||||||||||||
Construction Loans [Member] | Citibank NA [Member] | Residential Property At 1010 Pacific Street [Member] | ||||||||||||||
Debt Agreement Maximum Borrowing Capacity | $ 1,033 | $ 2,987,000 |
Note 8 - Notes Payable - Mortga
Note 8 - Notes Payable - Mortgages and Mezzanine Note Payable (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | ||
Debt, gross | $ 1,008,710 | $ 1,009,431 | |
Unamortized debt issuance costs | (10,958) | (11,528) | |
Total debt, net of unamortized debt issuance costs | $ 997,752 | 997,903 | |
Mortgages and Mezzanine Notes 1[Member] | Flatbush Gardens, Brooklyn, NY [Member] | |||
Interest rate | [1] | 3.50% | |
Debt, gross | [1] | $ 246,000 | 246,000 |
Interest rate | [1] | 3.50% | |
Mortgages and Mezzanine Notes 1[Member] | 250 Livingston Street in Brooklyn [Member] | |||
Debt, gross | [2] | $ 125,000 | 125,000 |
Mortgages and Mezzanine Notes 1[Member] | 250 Livingston Street in Brooklyn [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest rate | [2] | 3.63% | |
Mortgages and Mezzanine Notes 1[Member] | Tribeca House Properties [Member] | |||
Interest rate | [3] | 4.506% | |
Debt, gross | [3] | $ 360,000 | 360,000 |
Interest rate | [3] | 4.506% | |
Mortgages and Mezzanine Notes 1[Member] | Aspen [Member] | |||
Interest rate | [4] | 3.68% | |
Debt, gross | [4] | $ 66,520 | 66,862 |
Interest rate | [4] | 3.68% | |
Mortgages and Mezzanine Notes 1[Member] | Clover House [Member] | |||
Debt, gross | [5] | $ 82,000 | 82,000 |
Mortgages and Mezzanine Notes 1[Member] | Clover House [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest rate | [5] | 3.53% | |
Interest rate | [5] | 3.53% | |
Mortgages and Mezzanine Notes 1[Member] | Property at 10 W 65th St. Manhattan, NY [Member] | |||
Interest rate | [6] | 3.375% | |
Debt, gross | [6] | $ 34,128 | 34,295 |
Interest rate | [6] | 3.375% | |
Mortgages and Mezzanine Notes 1[Member] | Residential Property At 1010 Pacific Street [Member] | |||
Interest rate | [7] | 3.60% | |
Debt, gross | [7] | $ 19,633 | 19,457 |
Interest rate | [7] | 3.60% | |
Mortgages and Mezzanine Notes 2 [Member] | 250 Livingston Street in Brooklyn [Member] | |||
Interest rate | [8] | 3.875% | |
Debt, gross | [8] | $ 75,429 | 75,817 |
Interest rate | [8] | 3.875% | |
Mortgages and Mezzanine Notes [Member] | |||
Unamortized debt issuance costs | $ (10,958) | $ (11,528) | |
[1] | The $246,000 mortgage note agreement with New York Community Bank (“NYCB”), entered into on February 21, 2018, matures on March 1, 2028, and bears interest at 3.5% through February 2023 and thereafter at the prime rate plus 2.75%, with an option to fix the rate subject to the payment of a fee that fluctuates depending on the date the election is made. The note requires interest-only payments through August 2020, and monthly principal and interest payments thereafter based on a 30-year amortization schedule. The Company has the option to prepay all (but not less than all) of the unpaid balance of the note prior to the maturity date, subject to certain prepayment premiums, as defined. | ||
[2] | The $125,000 mortgage note agreement with Citi Real Estate Funding Inc., entered into on May 31, 2019, matures on June 6, 2029, bears interest at 3.63% and requires interest-only payments for the entire term. The Company has the option to prepay all (but not less than all) of the unpaid balance of the note within three months of maturity, without a prepayment premium. | ||
[3] | The $360,000 loan with Deutsche Bank, entered into on February 21, 2018, matures on March 6, 2028, bears interest at 4.506% and requires interest-only payments for the entire term. The Company has the option to prepay all (but not less than all) of the unpaid balance of the loan prior to the maturity date, subject to a prepayment premium if it occurs prior to December 6, 2027. | ||
[4] | 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. The Company has the option to prepay the note prior to the maturity date, subject to a prepayment premium. | ||
[5] | The $82,000 mortgage note agreement with MetLife Investment Management, entered into on November 8, 2019, matures on December 1, 2029, bears interest at 3.53% and requires interest-only payments for the entire term. The Company has the option, commencing on January 1, 2024, to prepay the note prior to the maturity date, subject to a prepayment premium if it occurs prior to September 2, 2029. | ||
[6] | 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% through October 2022 and thereafter at the prime rate plus 2.75%, subject to an option to fix the rate. The note required interest-only payments through November 2019, and monthly principal and interest payments of $152 thereafter based on a 30-year amortization schedule. The Company has the option to prepay all (but not less than all) of the unpaid balance of the note prior to the maturity date, subject to certain prepayment premiums, as defined. | ||
[7] | On December 24, 2019, the Company entered into a $18,600 mortgage note agreement with CIT Bank, N.A., related to the 1010 Pacific Street acquisition. The Company also entered into a pre-development bridge loan secured by the property with the same lender that will provide up to $2,987 for eligible pre-development and carrying costs, of which $1,033 was drawn as of March 31, 2020. The notes mature on December 24, 2020, are subject to a one-year extension option, require interest-only payments and bear interest at one-month LIBOR plus 3.60% (4.6% as of March 31, 2020). | ||
[8] | The $79,500 mortgage note agreement with NYCB 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 $374 thereafter based on a 30-year amortization schedule. |
Note 8 - Notes Payable - Summar
Note 8 - Notes Payable - Summary of Principal Payment Requirements (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
2020 (Remainder) | $ 23,979 | |
2021 | 8,553 | |
2022 | 8,866 | |
2023 | 9,191 | |
2024 | 9,521 | |
Thereafter | 948,600 | |
Total | $ 1,008,710 | $ 1,009,431 |
Note 9 - Rental Income Under _3
Note 9 - Rental Income Under Operating Leases (Details Textual) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Total Revenue [Member] | Customer Concentration Risk [Member] | City of New York [Member] | ||
Concentration Risk, Percentage | 18.00% | 19.00% |
Note 9 - Rental Income Under _4
Note 9 - Rental Income Under Operating Leases - Minimum Future Cash Rents Receivable (Details) $ in Thousands | Mar. 31, 2020USD ($) |
2020 (Remainder) | $ 18,242 |
2021 | 29,634 |
2022 | 29,348 |
2023 | 27,552 |
2024 | 26,864 |
Thereafter | 24,704 |
Total | $ 156,344 |
Note 10 - Fair Value of Finan_3
Note 10 - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Cap 1 [Member] | ||
Derivative, Gain (Loss) on Derivative, Net, Total | $ 14 | $ 22 |
Note 10 - Fair Value of Finan_4
Note 10 - Fair Value of Financial Instruments - Carrying Amount and Fair Value of Mortgage Notes Payable (Details) - Mortgages [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Reported Value Measurement [Member] | ||
Mortgage notes payable | $ 1,008,710 | $ 1,009,431 |
Estimate of Fair Value Measurement [Member] | ||
Mortgage notes payable | $ 1,151,495 | $ 1,058,083 |
Note 10 - Fair Value of Finan_5
Note 10 - Fair Value of Financial Instruments - Interest Rate Caps in Connection With Mortgage Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Estimated fair market value | $ 0 | $ 0 |
Interest Rate Cap 1 [Member] | ||
Notional amount | $ 73,700 | |
Maturity date | May 9, 2020 | |
Strike rate | 3.00% | |
Estimated fair market value | $ 0 | 0 |
Interest Rate Cap 2 [Member] | ||
Notional amount | $ 75,000 | |
Maturity date | Dec. 15, 2020 | |
Strike rate | 4.00% | |
Estimated fair market value | $ 0 | 0 |
Interest Rate Cap 3 [Member] | ||
Notional amount | $ 21,587 | |
Maturity date | Dec. 24, 2020 | |
Strike rate | 3.60% | |
Estimated fair market value | $ 0 | $ 0 |
Note 11 - Commitments and Con_3
Note 11 - Commitments and Contingencies (Details Textual) $ in Thousands | Mar. 31, 2020USD ($) |
Obligated to Provide Parking [Member] | |
Other Commitment, Total | $ 205 |
Note 11 - Commitments and Con_4
Note 11 - Commitments and Contingencies - Summary of Concentration Risk by Segment (Details) - Total Revenue [Member] - Geographic Concentration Risk [Member] - New York City [Member] | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Percentage | 100.00% | 100.00% |
Commercial Segment [Member] | ||
Percentage | 24.00% | 25.00% |
Residential Segment [Member] | ||
Percentage | 76.00% | 75.00% |
Note 12 - Related-party Trans_2
Note 12 - Related-party Transactions (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Firms in Which Two Directors Were Principals or Partners [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 5 | $ 0 |
General and Administrative Expense [Member] | Overhead Charged Related to Office Expenses [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 88 | $ 87 |
Note 13 - Segment Reporting - S
Note 13 - Segment Reporting - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Total revenues | $ 31,315 | $ 27,652 | |
Property operating expenses | 7,159 | 7,563 | |
Real estate taxes and insurance | 6,864 | 5,731 | |
General and administrative | 2,323 | 1,668 | |
Depreciation and amortization | 5,558 | 4,549 | |
Total operating expenses | 21,904 | 19,511 | |
Income from operations | 9,411 | 8,141 | |
Total Assets | 1,158,382 | $ 1,166,207 | |
Interest expense | 9,788 | 8,274 | |
Capital expenditures | 6,071 | 11,214 | |
Rental Income [Member] | |||
Total revenues | 31,315 | 27,652 | |
Commercial Segment [Member] | |||
Total revenues | 7,597 | 6,880 | |
Property operating expenses | 1,137 | 1,141 | |
Real estate taxes and insurance | 1,491 | 1,236 | |
General and administrative | 337 | 279 | |
Depreciation and amortization | 1,019 | 946 | |
Total operating expenses | 3,984 | 3,602 | |
Income from operations | 3,613 | 3,278 | |
Total Assets | 283,460 | 285,103 | |
Interest expense | 1,987 | 1,734 | |
Capital expenditures | 1,783 | 908 | |
Commercial Segment [Member] | Rental Income [Member] | |||
Total revenues | 7,597 | 6,880 | |
Residential Segment [Member] | |||
Total revenues | 23,718 | 20,772 | |
Property operating expenses | 6,022 | 6,422 | |
Real estate taxes and insurance | 5,373 | 4,495 | |
General and administrative | 1,986 | 1,389 | |
Depreciation and amortization | 4,539 | 3,603 | |
Total operating expenses | 17,920 | 15,909 | |
Income from operations | 5,798 | 4,863 | |
Total Assets | 874,922 | $ 881,104 | |
Interest expense | 7,801 | 6,540 | |
Capital expenditures | 4,288 | 10,306 | |
Residential Segment [Member] | Rental Income [Member] | |||
Total revenues | $ 23,718 | $ 20,772 |