Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Mar. 19, 2018 | |
Document Information [Line Items] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | FY | |
Entity Registrant Name | BLACKSTONE REAL ESTATE INCOME TRUST, INC. | |
Entity Central Index Key | 1,662,972 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Public Float | $ 0 | |
Class S Shares [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 163,218,275 | |
Class I Shares [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 47,020,960 | |
Class D Shares [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 6,823,284 | |
Class T Shares [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 9,741,552 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Investments in real estate, net | $ 3,406,555 | |
Investments in real estate-related securities | 915,742 | |
Cash and cash equivalents | 31,166 | $ 200 |
Restricted cash | 126,563 | 0 |
Other assets | 145,282 | |
Total assets | 4,625,308 | 200 |
Liabilities and Equity | ||
Mortgage notes, term loans, and revolving credit facilities, net | 2,111,291 | |
Repurchase agreements | 682,848 | |
Affiliate line of credit | 5,374 | |
Due to affiliates | 133,071 | 86 |
Accounts payable, accrued expenses, and other liabilities | 182,835 | 29 |
Total liabilities | 3,115,419 | 115 |
Commitments and contingencies | ||
Redeemable non-controlling interest | 250 | |
Equity | ||
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; no shares issued and outstanding as of December 31, 2017 and 2016 | ||
Additional paid-in capital | 1,616,720 | 200 |
Accumulated deficit and cumulative distributions | (132,633) | (115) |
Total stockholders' equity | 1,485,791 | 85 |
Non-controlling interests | 23,848 | |
Total equity | 1,509,639 | 85 |
Total liabilities and equity | 4,625,308 | 200 |
Class S Shares [Member] | ||
Equity | ||
Common stock value | 1,301 | |
Class T Shares [Member] | ||
Equity | ||
Common stock value | 56 | |
Class D Shares [Member] | ||
Equity | ||
Common stock value | 40 | |
Class I Shares [Member] | ||
Equity | ||
Common stock value | $ 307 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Preferred Stock, Par Value | $ 0.01 | $ 0.01 |
Preferred stock, authorized shares | 100,000,000 | 100,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, shares issued | 170,384,033 | |
Common stock, shares outstanding | 170,384,000 | 20,000 |
Class S Shares [Member] | ||
Common Stock, Par Value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 130,085,145 | 0 |
Common stock, shares outstanding | 130,085,145 | 0 |
Class T Shares [Member] | ||
Common Stock, Par Value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 5,624,614 | 0 |
Common stock, shares outstanding | 5,624,614 | 0 |
Class D Shares [Member] | ||
Common Stock, Par Value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 3,955,114 | 0 |
Common stock, shares outstanding | 3,955,114 | 0 |
Class I Shares [Member] | ||
Common Stock, Par Value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 30,719,160 | 20,000 |
Common stock, shares outstanding | 30,719,160 | 20,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 10 Months Ended | 12 Months Ended |
Dec. 31, 2016 | Dec. 31, 2017 | |
Revenues | ||
Rental revenue | $ 110,429,000 | |
Tenant reimbursement income | 10,952,000 | |
Hotel revenue | 29,916,000 | |
Other revenue | 6,635,000 | |
Total revenues | 157,932,000 | |
Expenses | ||
Rental property operating | 51,115,000 | |
Hotel operating | 20,417,000 | |
General and administrative | $ 115,000 | 7,692,000 |
Management fee | 0 | 8,867,000 |
Performance participation allocation | 0 | 16,974,000 |
Depreciation and amortization | 0 | 121,793,000 |
Total expenses | 115,000 | 226,858,000 |
Other income (expense) | ||
Income from real estate-related securities | 17,749,000 | |
Interest income | 454,000 | |
Interest expense | (36,884,000) | |
Other income | 57,000 | |
Total other (expense) income | (18,624,000) | |
Net loss | (115,000) | (87,550,000) |
Net loss attributable to non-controlling interests | 1,292,000 | |
Net loss attributable to BREIT stockholders | $ (115,000) | $ (86,258,000) |
Net loss per share of common stock — basic and diluted | $ (5.74) | $ (0.90) |
Weighted-average shares of common stock outstanding, basic and diluted | 20,000 | 95,586,290 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) $ in Thousands | Total | Common Stock [Member]Class S Shares [Member] | Common Stock [Member]Class T Shares [Member] | Common Stock [Member]Class D Shares [Member] | Common Stock [Member]Class I Shares [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit and Cumulative Distributions [Member] | Total Stockholders' Equity [Member] | Non-controlling Interests [Member] |
Beginning Balance at Mar. 02, 2016 | $ 200 | $ 200 | $ 200 | ||||||
Net loss | (115) | $ (115) | (115) | ||||||
Ending Balance at Dec. 31, 2016 | 85 | 200 | (115) | 85 | |||||
Common stock issued | 1,725,955 | $ 1,283 | $ 56 | $ 40 | $ 302 | 1,724,274 | 1,725,955 | ||
Offering costs | (132,691) | (132,691) | (132,691) | ||||||
Distribution reinvestment | 25,527 | 18 | 6 | 25,503 | 25,527 | ||||
Common stock repurchased | (669) | (1) | (668) | (669) | |||||
Amortization of restricted stock grants | 102 | 102 | 102 | ||||||
Net loss | (87,550) | (86,258) | (86,258) | $ (1,292) | |||||
Distributions declared on common stock | (46,260) | (46,260) | (46,260) | ||||||
Contributions from non-controlling interests | 25,336 | 25,336 | |||||||
Distributions from non-controlling interests | (196) | (196) | |||||||
Ending Balance at Dec. 31, 2017 | $ 1,509,639 | $ 1,301 | $ 56 | $ 40 | $ 307 | $ 1,616,720 | $ (132,633) | $ 1,485,791 | $ 23,848 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 10 Months Ended | 12 Months Ended |
Dec. 31, 2016 | Dec. 31, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (115,000) | $ (87,550,000) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Management fee | 0 | 8,867,000 |
Performance participation allocation | 0 | 16,974,000 |
Depreciation and amortization | 0 | 121,793,000 |
Unrealized gain on changes in fair value of financial instruments | 0 | (2,366,000) |
Other items | 0 | 228,000 |
Change in assets and liabilities: | ||
(Increase) / decrease in other assets | 0 | (19,002,000) |
Increase / (decrease) in due to affiliates | 86,000 | 3,833,000 |
Increase / (decrease) in accounts payable, accrued expenses, and other liabilities | 29,000 | 29,508,000 |
Net cash provided by operating activities | 0 | 72,285,000 |
Cash flows from investing activities: | ||
Acquisitions of real estate | 0 | (3,393,674,000) |
Capital improvements to real estate | 0 | (9,953,000) |
Pre-acquisition costs | 0 | (5,166,000) |
Purchase of real estate-related securities | 0 | (930,147,000) |
Proceeds from settlement of real estate-related securities | 0 | 16,596,000 |
Net cash used in investing activities | 0 | (4,322,344,000) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock | 0 | 1,718,992,000 |
Offering costs paid | 0 | (22,293,000) |
Subscriptions received in advance | 0 | 107,576,000 |
Repurchase of common stock | 0 | (669,000) |
Borrowings from mortgage notes, term loans, and revolving credit facilities | 0 | 2,174,030,000 |
Repayments from mortgage notes, term loans, and revolving credit facilities | 0 | (247,570,000) |
Borrowings under repurchase agreements | 0 | 695,419,000 |
Settlement of repurchase agreements | 0 | (12,571,000) |
Borrowings from affiliate line of credit | 0 | 1,089,350,000 |
Repayments on affiliate line of credit | 0 | (1,084,100,000) |
Payment of deferred financing costs | 0 | (22,949,000) |
Contributions from non-controlling interests | 0 | 25,586,000 |
Distributions to non-controlling interests | 0 | (196,000) |
Distributions | 0 | (13,017,000) |
Net cash provided by financing activities | 0 | 4,407,588,000 |
Net change in cash and cash equivalents and restricted cash | 0 | 157,529,000 |
Cash and cash equivalents and restricted cash, beginning of period | 200,000 | 200,000 |
Cash and cash equivalents and restricted cash, end of period | 200,000 | 157,729,000 |
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets: | ||
Cash and cash equivalents | 200,000 | 31,166,000 |
Restricted cash | 0 | 126,563,000 |
Cash and cash equivalents and restricted cash, end of period | 200,000 | 157,729,000 |
Supplemental disclosures: | ||
Interest paid | 0 | 27,073,000 |
Non-cash investing and financing activities: | ||
Assumption of mortgage notes in conjunction with acquisitions of real estate | 0 | 199,365,000 |
Assumption of other liabilities in conjunction with acquisitions of real estate | 0 | 23,008,000 |
Accrued capital expenditures and acquisition related costs | 0 | 687,000 |
Accrued pre-acquisition costs | 0 | 1,422,000 |
Accrued distributions | 0 | 7,716,000 |
Accrued stockholder servicing fee due to affiliate | 0 | 102,076,000 |
Accrued offering costs due to affiliate | 0 | 8,322,000 |
Distribution reinvestment | $ 0 | $ 25,527,000 |
Organization and Business Purpo
Organization and Business Purpose | 12 Months Ended |
Dec. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Business Purpose | 1. Organization and Business Purpose Blackstone Real Estate Income Trust, Inc. (“BREIT” or the “Company”) was formed on November 16, 2015 as a Maryland corporation and intends to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes commencing with the taxable year ended December 31, 2017. The Company invests primarily in stabilized income-oriented commercial real estate in the United States and to a lesser extent, in real estate-related securities. The Company is the sole general partner of BREIT Operating Partnership, L.P., a Delaware limited partnership (“BREIT OP”). BREIT Special Limited Partner L.P. (the “Special Limited Partner”), a wholly-owned subsidiary of The Blackstone Group L.P. (together with its affiliates, “Blackstone”), owns a special limited partner interest in BREIT OP. Substantially all of the Company’s business is conducted through BREIT OP. The Company and BREIT OP are externally managed by BX REIT Advisors L.L.C. (the “Adviser”), an affiliate of Blackstone. The Company has registered with the Securities and Exchange Commission (the “SEC”) an offering of up to $5.0 billion in shares of common stock, consisting of up to $4.0 billion in shares in its primary offering and up to $1.0 billion in shares pursuant to its distribution reinvestment plan (the “Offering”). The Company intends to sell any combination of four classes of shares of its common stock, with a dollar value up to the maximum aggregate amount of the Offering. The share classes have different upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees. As of January 1, 2017, the Company had satisfied the minimum offering requirement and the Company’s board of directors authorized the release of proceeds from escrow. As of December 31, 2017, the Company had issued and sold 170,384,033 shares of the Company’s common stock (consisting of 130,085,145 Class S shares, 5,624,614 Class T shares, 3,955,114 Class D shares, and 30,719,160 Class I shares). The Company intends to continue selling shares on a monthly basis. As of December 31, 2017, the Company owned |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company, the subsidiaries and joint ventures in which it has a controlling interest. For consolidated joint ventures, the non-controlling partner’s share of the assets, liabilities and operations of the joint ventures is included in non-controlling interests as equity of the Company. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage. All intercompany balances and transactions have been eliminated in consolidation. The Company consolidates partially owned entities, in which it has a controlling financial interest. In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, the Company considers whether the entity is a variable interest entity (“VIE”) and whether it is the primary beneficiary. The Company is the primary beneficiary of a VIE when it has (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. BREIT OP and each of the Company’s joint ventures are considered to be a VIE. The Company consolidates these entities because it has the ability to direct the most significant activities of the entities such as purchases, dispositions, financings, budgets, and overall operating plans. As of December 31, 2017, the total assets and liabilities of the Company’s consolidated VIEs, excluding BREIT OP, were $947.9 million and $645.5 million, respectively. Such amounts are included on the Company’s Consolidated Balance Sheets. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates. Investments in Real Estate In accordance with the guidance for business combinations, the Company determines whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired does not constitute a business, the Company accounts for the transaction as an asset acquisition. The Company has early adopted Accounting Standards Update 2017-01 — Clarifying the Definition of a Business (“ASU 2017-01”). ASU 2017-01 states that when substantially all of the fair value of the gross assets to be acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the asset or set of assets is not a business. All property acquisitions to date have been accounted for as asset acquisitions. Whether the acquisition of a property acquired is considered a business combination or asset acquisition, the Company recognizes the identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquired entity. In addition, for transactions that are business combinations, the Company evaluates the existence of goodwill or a gain from a bargain purchase. The Company expenses acquisition-related costs associated with business combinations as they are incurred. The Company capitalizes acquisition-related costs associated with asset acquisitions. Upon acquisition of a property, the Company assesses the fair value of acquired tangible and intangible assets (including land, buildings, tenant improvements, “above-market” and “below-market” leases, acquired in-place leases, other identified intangible assets and assumed liabilities) and allocates the purchase price to the acquired assets and assumed liabilities. The Company assesses and considers fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that it deems appropriate, as well as other available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends, and market and economic conditions. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place leases that may have a customer relationship intangible value, including (but not limited to) the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. Based on its acquisitions to date, the Company’s allocation to customer relationship intangible assets has not been material. The Company records acquired above-market and below-market leases at their fair values (using a discount rate which reflects the risks associated with the leases acquired) equal to the difference between (1) the contractual amounts to be paid pursuant to each in-place lease and (2) 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 rate renewal options for below-market leases. Other intangible assets acquired include amounts for in-place lease values that are based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, the Company 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, the Company considers leasing commissions, legal and other related expenses. Intangible assets and intangible liabilities are recorded as a component of Other Assets and Accounts Payable, Accrued Expenses, and Other Liabilities, respectively, on the Company’s Consolidated Balance Sheets. The amortization of acquired above-market and below-market leases is recorded as an adjustment to Rental Revenue on the Company’s Consolidated Statements of Operations. The amortization of in-place leases is recorded as an adjustment to Depreciation and Amortization Expense on the Company’s Consolidated Statements of Operations. The amortization of below-market and pre-paid ground leases are recorded as an adjustment to Rental Property Operating or Hotel Operating Expenses, as applicable, on the Company’s Consolidated Statements of Operations. The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related costs, along with any subsequent improvements to such properties. The Company’s investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building 30 - 40 years Building- and land improvements 10 years Furniture, fixtures and equipment 1 - 7 years Lease intangibles Over lease term Significant improvements to properties are capitalized. When assets are sold or retired, their costs and related accumulated depreciation are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. Repairs and maintenance are expensed to operations as incurred and are included in Rental Property Operating and Hotel Operating Expenses on the Company’s Consolidated Statements of Operations. During the year ended December 31, 2017 the Company wrote off $29.5 million of fully amortized in-place lease intangibles. Such write offs did not have an impact on the Company’s earnings. The Company’s management reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. If the carrying amount of the real estate investment is no longer recoverable and exceeds the fair value such investment, an impairment loss is recognized. The impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value. The evaluation of anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Since cash flows on real estate properties considered to be “long-lived assets to be held and used” are considered on an undiscounted basis to determine whether an asset has been impaired, the Company’s strategy of holding properties over the long term directly decreases the likelihood of recording an impairment loss. If the Company’s strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized and such loss could be material to the Company’s results. If the Company determines that an impairment has occurred, the affected assets must be reduced to their fair value, less cost to sell. During the periods presented, no such impairment occurred. Investments in Real Estate-Related Securities The Company has elected to classify its investment in real estate-related securities as trading securities and carry such investments at estimated fair value. As such, the resulting gains and losses are recorded as a component of Income from Real Estate-Related Securities on the Company’s Consolidated Statements of Operations. Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk. Restricted Cash As of December 31, 2017, Deferred Charges The Company’s deferred charges include financing and leasing costs. Deferred financing costs include legal, structuring, and other loan costs incurred by the Company for its financing agreements. Deferred financing costs related to the Company’s mortgage notes and term loans are recorded as an offset to the related liability and amortized over the term of the applicable financing instruments. Deferred financing costs related to the Company’s revolving credit facilities and affiliate line of credit are recorded as a component of Other Assets on the Company’s Consolidated Balance Sheets and amortized over the term of the applicable financing agreements. Deferred leasing costs incurred in connection with new leases, which consist primarily of brokerage and legal fees, are recorded as a component of Other Assets on the Company’s Consolidated Balance Sheets and amortized over the life of the related lease. Revenue Recognition The Company’s sources of revenue and the related revenue recognition policies are as follows: Rental revenue — primarily consists of base rent arising from tenant leases at the Company’s industrial, multifamily, and retail properties. Rental revenue is recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. The Company begins to recognize revenue upon the acquisition of the related property or when a tenant takes possession of the leased space. Tenant reimbursement income — primarily consists of amounts due from tenants for costs related to common area maintenance, real estate taxes, and other recoverable costs included in lease agreements. The Company recognizes the reimbursement of such costs incurred as tenant reimbursement income. Hotel revenue — consists of income from the Company’s hotel properties. Hotel revenue consists primarily of room revenue and food and beverage revenue. Room revenue is recognized when the related room is occupied and other hotel revenue is recognized when the service is rendered. Organization and Offering Costs Organization costs are expensed as incurred and recorded as a component of General and Administrative Expense on the Company’s Consolidated Statements of Operations and offering costs are charged to equity as such amounts are incurred. The Adviser agreed to advance certain organization and offering costs on behalf of the Company interest free (including legal, marketing and fulfillment, regulatory, due diligence, administrative, accounting, tax, transfer agent and other expenses attributable to the Company’s organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through December 31, 2017, the day before the first anniversary of the date as of which escrow for the Offering was released. The Company will reimburse the Adviser for all such advanced expenses ratably over a 60 month period following December 31, 2017. As of December 31, 2017, the Adviser and its affiliates had incurred organization and offering costs on the Company’s behalf of $10.2 million, consisting of offering costs of $8.4 million and organization costs of $1.8 million. Such costs became the Company’s liability on January 1, 2017, the date as of which the proceeds from the Offering were released from escrow. These organization and offering costs are recorded as a component of Due to Affiliates on the Company’s Consolidated Balance Sheet as of December 31, 2017. Blackstone Advisory Partners L.P. (the “Dealer Manager”), a registered broker-dealer affiliated with the Adviser, serves as the dealer manager for the Offering. The Dealer Manager is entitled to receive selling commissions and dealer manager fees based on the transaction price of each applicable class of shares sold in the Offering. The Dealer Manager is also entitled to receive a stockholder servicing fee of 0.85%, 0.85% and 0.25% per annum of the aggregate net asset value (“NAV”) of the Company’s outstanding Class S shares, Class T shares, and Class D shares, respectively. There is no stockholder servicing fee with respect to Class I shares. The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of December 31, 2017: Class S Shares Class T Shares Class D Shares Class I Shares Selling commissions and dealer manager fees (% of transaction price) up to 3.5% up to 3.5% — — Stockholder servicing fee (% of NAV) 0.85% 0.85% 0.25% — For Class S shares sold in the primary offering, investors will pay upfront selling commissions of up to 3.5% of the transaction price. For Class T shares sold in the primary offering, investors will pay upfront selling commissions of up to 3.0% of the transaction price and upfront dealer manager fees of 0.5% of the transaction price, however such amounts may vary at certain participating broker-dealers, provided that the sum will not exceed 3.5% of the transaction price. The Dealer Manager is entitled to receive stockholder servicing fees of 0.85% per annum of the aggregate NAV for Class S shares and Class T shares. For Class T shares such stockholder servicing fee includes, an advisor stockholder servicing fee of 0.65% per annum, and a dealer stockholder servicing fee of 0.20% per annum, of the aggregate NAV for the Class T shares, however, with respect to Class T shares sold through certain participating broker-dealers, the advisor stockholder servicing fee and the dealer stockholder servicing fee may be other amounts, provided that the sum of such fees will always equal 0.85% per annum of the NAV of such shares. For Class D shares, a stockholder servicing fee equal to 0.25% per annum of the aggregate NAV for the Class D shares. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Offering, which provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fees and all or a portion of the stockholder servicing fees received by the Dealer Manager to such selected dealers. Through December 31, 2017, the Dealer Manager had not retained any upfront selling commissions, dealer manager, or stockholder servicing fees. Income Taxes The Company intends to make an election to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2017. If the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal corporate income tax to the extent it distributes 90% of its taxable income to its stockholders. REITs are subject to a number of other organization and operational requirements. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. The Company leases its hotel investments to wholly-owned taxable REIT subsidiaries (“TRSs”). The TRSs are subject to taxation at the federal, state and local levels, as applicable. Revenues related to the hotels’ operations such as room revenue, food and beverage revenue and other revenue are recorded in the TRS along with corresponding expenses. The Company accounts for applicable income taxes by utilizing the asset and liability method. As such, the Company records deferred tax assets and liabilities for the future tax consequences resulting from the difference between the carrying value of existing assets and liabilities and their respective tax basis. A valuation allowance for deferred tax assets is provided if the Company believes all or some portion of the deferred tax asset may not be realized. As of December 31, 2017, the Company recorded a deferred tax asset of $0.3 million due to its hotel investments within Other Assets on the Company’s Consolidated Balance Sheets and recorded such amount as a tax benefit within Other Income on the Company’s Consolidated Statements of Operations. Fair Value Measurement Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). Additionally, there is a hierarchal framework under GAAP that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment and the state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy: Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. As of December 31, 2017, the Company’s $915.7 million of investments in real estate-related securities were classified as Level 2. Valuation The Company’s investments in real estate-related securities are reported at fair value. As of December 31, 2017, the Company’s investments in real estate-related securities consisted of CMBS, which are mortgage-related fixed income securities. Mortgage-related securities are usually issued as separate tranches, or classes, of securities within each deal. The Company generally determines the fair value of its CMBS by utilizing third-party pricing service providers and broker-dealer quotations on the basis of last available bid price. In determining the fair value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models to determine the reported price. The pricing service providers’ internal models for mortgage-related securities such as CMBS usually consider the attributes applicable to a particular class of the security (e.g., credit rating, seniority), current market data, and estimated cash flows for each class and incorporate deal collateral performance such as prepayment speeds and default rates, as available. The fair value of the Company’s mortgage notes, term loans, and revolving credit facility, repurchase agreements, and affiliate line of credit all approximate their carrying value. Earnings Per Share Basic net loss per share of common stock is determined by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. All classes of common stock are allocated net income/(loss) at the same rate per share and receive the same gross distribution per share. The restricted stock grants of Class I shares held by our directors are considered to be participating securities because they contain non-forfeitable rights to distributions. The impact of these restricted stock grants on basic and diluted earnings per common share (“EPS”) has been calculated using the two-class method whereby earnings are allocated to the restricted stock grants based on dividends declared and the restricted stocks’ participation rights in undistributed earnings. As of December 31, 2017, the effects of the two-class method on basic and diluted EPS were not material to the Company’s consolidated financial statements. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09 “Revenue from Contracts with Customers (Topic 606).” Beginning January 1, 2018, companies will be required to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also includes additional disclosure requirements. The new standard can be adopted either retrospectively to prior reporting periods presented or as a cumulative effect adjustment as of the date of adoption. The majority of the Company’s revenue is derived from tenant leases at multifamily, industrial and retail properties and leases are scoped out of ASU 2014-09. As such the adoption of ASU 2014-09 will not have an impact on both the Rental Revenue and Tenant Reimbursement Income revenue streams. Due to the fact that the Company’s hotel properties are select service hotels whereby the customer is generally allowed to cancel their reservation within a certain period of time, the Company has determined that the adoption of ASU 2014-09 will not have a material impact on the revenue recognition policy for the Company’s Hotel Revenue stream. In February 2016, the FASB issued ASU 2016-02, “Leases,” which will require organizations that lease assets to recognize the assets and liabilities for the rights and obligations created by those leases on their balance sheet. Additional disclosure regarding a company’s leasing activities will also be expanded under the new guidance. For public entities, ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and requires a modified retrospective transition. The Company is currently evaluating the potential impact of this pronouncement on the Company’s consolidated financial statements from both a lessor and lessee standpoint. Under the new leasing standard lessor accounting remains substantially the same as current GAAP. The new lease standard will have a significant impact on lessee accounting. As such, the Company will be required to recognize a right of use asset on the Company’s consolidated balance sheet along with a lease liability equal to the present value of the remaining minimum lease payments for the Company’s ground leases. |
Investments in Real Estate
Investments in Real Estate | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Investments in Real Estate | 3. Investments in Real Estate Investments in real estate, net consisted of the following ($ in thousands): December 31, 2017 Building and building improvements $ 2,815,348 Land and land improvements 574,253 Furniture, fixtures and equipment 64,080 Total 3,453,681 Accumulated depreciation (47,126 ) Investments in real estate, net $ 3,406,555 During the year ended December 31, 2017, the Company acquired interests in 27 real estate investments, which were comprised of 55 industrial, 48 multifamily, 10 hotel, and 2 retail properties. As of December 31, 2016, the Company had not commenced its principal operations and had not acquired any real estate investment properties. The following table provides further details of the properties acquired during the year ended December 31, 2017 ($ in thousands): Investment Ownership Interest (1) Number of Properties Location Sector Acquisition Date Purchase Price (2) Hyatt Place UC Davis (3) 100% 1 Davis, CA Hotel Jan. 2017 $ 32,687 Sonora Canyon Apartments 100% 1 Mesa, AZ Multifamily Feb. 2017 40,983 Stockton Industrial Park 100% 1 Stockton, CA Industrial Feb. 2017 32,751 Bakers Centre 100% 1 Philadelphia, PA Retail Mar. 2017 54,223 TA Multifamily Portfolio 100% 6 Various (4) Multifamily Apr. 2017 432,593 HS Industrial Portfolio 100% 38 Various (5) Industrial Apr. 2017 405,930 Emory Point (3) 100% 1 Atlanta, GA Multifamily (6) May 2017 201,578 Nevada West Multifamily 100% 3 Las Vegas, NV Multifamily May 2017 170,965 Hyatt Place San Jose Downtown 100% 1 San Jose, CA Hotel June 2017 65,321 Mountain Gate & Trails Multifamily 100% 2 Las Vegas, NV Multifamily June 2017 83,572 Elysian West Multifamily 100% 1 Las Vegas, NV Multifamily July 2017 107,027 Florida Select-Service 100% 4 Tampa Hotel July 2017 58,973 Hyatt 100% 1 Atlanta, GA Hotel Aug. 2017 35,332 Harbor 5 Multifamily 100% 5 Dallas, TX Multifamily Aug. 2017 146,161 Gilbert Multifamily 90% 2 Gilbert, AZ Multifamily Sept. 2017 147,039 Domain & GreenVue Multifamily 100% 2 Dallas, TX Multifamily Sept. 2017 134,452 Fairfield Industrial Portfolio 100% 11 Fairfield, NJ Industrial Sept. 2017 74,283 ACG II Multifamily Portfolio 94% 4 Various (7) Multifamily Sept. 2017 148,038 Plaza Del Sol Retail 100% 1 Burbank, CA Retail Oct. 2017 45,898 Boston/Worcester Select-Service 3-Pack 100% 3 Boston Hotel Oct. 2017 81,762 Southeast Industrial Portfolio 100% 5 Various (8) Industrial Nov. 2017 116,487 Olympus Multifamily 95% 3 Jacksonville, FL Multifamily Nov. 2017 142,129 Aston Multifamily Portfolio 90% 12 Various (9) Multifamily Nov. 2017 381,445 Amberglen West Multifamily 100% 1 Hillsboro, OR Multifamily Nov. 2017 95,035 Talavera and Flamingo Multifamily 100% 2 Las Vegas, NV Multifamily Dec. 2017 115,427 Walden Pond & Montair Multifamily Portfolio 95% 2 Everet, WA and Thornton, CO Multifamily Dec. 2017 127,819 Signature at Kendall Multifamily 100% 1 Miami, FL Multifamily Dec. 2017 139,468 115 $ 3,617,378 (1) Certain of the joint venture agreements entered into by BREIT provide the other partner a profits interest based on certain internal rate of return hurdles being achieved. (2) Purchase price is inclusive of acquisition related costs. (3) The Hyatt Place UC Davis and Emory Point are each subject to a ground lease. The Emory Point ground lease was prepaid by the seller and is recorded as a component of Other Assets on the Company’s Consolidated Balance Sheets. (4) The TA Multifamily Portfolio consists of a 32-floor property in downtown Orlando (“55 West”) and five garden style properties located in the suburbs of Palm Beach Gardens, Orlando, Chicago, Dallas and Kansas City. (5) The HS Industrial Portfolio consists of 38 industrial properties located in six submarkets, with the following concentration based on square footage: Atlanta (38%), Chicago (23%), Houston (17%), Harrisburg (10%), Dallas (10%) and Orlando (2%). (6) Emory Point also includes 124,000 square feet of walkable retail space. (7) The ACG II Multifamily Portfolio consists of four garden style properties in Modesto, CA, Olympia, WA, Flagstaff, AZ and Gilbert, AZ. (8) The Southeast Industrial Portfolio consists of 5 industrial properties located in Jacksonville, FL, Nashville, TN and Atlanta, GA. (9) The Aston Multifamily Portfolio consists of 12 multifamily properties located in five markets: Austin, San Antonio, and Dallas/Fort Worth, TX, Nashville, TN and Louisville, KY. The following table summarizes the purchase price allocation for the properties acquired during the year ended December 31, 2017 ($ in thousands): TA Multifamily Portfolio HS Industrial Portfolio Aston Multifamily Portfolio Emory Point Nevada West All Other Total Building and building improvements $ 337,889 $ 345,391 $ 306,602 $ 171,709 $ 145,305 $ 1,501,061 $ 2,807,957 Land and land improvements 68,456 45,081 47,645 — 17,409 394,410 573,001 Furniture, fixtures and equipment 4,651 — 4,926 3,040 2,833 46,766 62,216 In-place lease intangibles 21,880 20,793 22,272 11,207 5,418 79,740 161,310 Below-market ground lease intangibles — — — — — 4,623 4,623 Above-market lease intangibles 24 2,726 — 84 — 3,836 6,670 Below-market lease intangibles (307 ) (8,061 ) — (576 ) — (6,245 ) (15,189 ) Prepaid ground lease rent — — — 16,114 — — 16,114 Other intangibles — — — — — 676 676 Total purchase price $ 432,593 $ 405,930 $ 381,445 $ 201,578 $ 170,965 $ 2,024,867 $ 3,617,378 Assumed mortgage notes (1) — — — — — 200,967 200,967 Net purchase price $ 432,593 $ 405,930 $ 381,445 $ 201,578 $ 170,965 $ 1,823,900 $ 3,416,411 (1) Includes assumed mortgage notes with an outstanding principal balance of $199.4 million and premium on mortgage notes of $1.6 million as of December 31, 2017. Refer to Note 6 for additional details on the Company’s mortgage notes. The weighted-average amortization periods for the acquired in-place lease intangibles, below-market ground lease intangibles, above-market lease intangibles, below-market lease intangibles, prepaid ground lease rent and other intangibles of the properties acquired during the year ended December 31, 2017 were 3, 53, 6, 6, 71 and 4 years, respectively. |
Intangibles
Intangibles | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangibles | 4. Intangibles The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands): December 31, 2017 Intangible assets: In-place lease intangibles $ 131,833 Below-market ground lease intangibles 4,623 Above-market lease intangibles 6,670 Prepaid ground lease rent 16,114 Other 676 Total intangible assets 159,916 Accumulated amortization: In-place lease amortization (45,160 ) Below-market ground lease amortization (85 ) Above-market lease amortization (600 ) Prepaid ground lease rent amortization (151 ) Other (76 ) Total accumulated amortization (46,072 ) Intangible assets, net $ 113,844 Intangible liabilities: Below-market lease intangibles $ 14,920 Accumulated amortization (1,764 ) Intangible liabilities, net $ 13,156 The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of December 31, 2017 is as follows ($ in thousands): In-place Lease Intangibles Below-market Ground Lease Intangibles Above-market Lease Intangibles Pre-paid Ground Lease Intangibles Below-market Lease Intangibles 2018 $ 55,581 78 $ 1,334 $ 227 $ (2,868 ) 2019 9,039 79 1,109 227 (2,555 ) 2020 7,594 79 1,078 227 (2,281 ) 2021 6,385 79 1,041 227 (2,029 ) 2022 4,162 79 893 227 (1,425 ) Thereafter 3,912 4,144 615 14,828 (1,998 ) $ 86,673 $ 4,538 $ 6,070 $ 15,963 $ (13,156 ) |
Investments in Real Estate-Rela
Investments in Real Estate-Related Securities | 12 Months Ended |
Dec. 31, 2017 | |
Investments Schedule [Abstract] | |
Investments in Real Estate-Related Securities | 5. Investments in Real Estate-Related Securities The following table details the Company’s investments in real estate-related securities, which consisted solely of CMBS as of December 31, 2017 ($ in thousands): Number of Positions Credit Rating (1) Collateral Weighted Average Coupon (2) Weighted Average Maturity Date Face Amount Cost Basis Fair Value 15 BB Hospitality, Office, Residential, Retail L+3.21% 2/1/2033 $ 423,770 $ 423,658 $ 424,419 10 B Hospitality, Office, Residential L+4.05% 6/27/2034 284,371 284,127 285,037 9 BBB Office, Hospitality, Residential, Industrial, Retail L+2.28% 8/17/2032 194,013 193,838 194,549 3 Other Residential L+2.50% 9/15/2026 11,749 11,749 11,737 37 $ 913,903 $ 913,372 $ 915,742 (1) BBB represents credit ratings of BBB+, BBB, and BBB-, BB represents credit ratings of BB+, BB, and BB-, and B represents credit ratings of B+, B, and B-. Other consists of investments that, as of December 31, 2017, were either not ratable or have not been submitted to ratings agencies. (2) The term “L” refers to the three-month U.S. dollar-denominated London Interbank Offer Rate (“LIBOR”). As of December 31, 2017, three-month LIBOR was equal to 1.7%. As of December 31, 2017, the Company’s investments in real estate-related securities included 18 CMBS with a total cost basis of $559.6 million collateralized by properties owned by Blackstone-advised investment vehicles and three CMBS with a total cost basis of $63.5 million collateralized by a loan originated by a Blackstone-advised investment vehicle. Such CMBS were purchased in fully or over-subscribed offerings. Each investment in such CMBS by Blackstone and its affiliates (including the Company) represented a minority participation in any individual tranche. The Company acquired its minority participation interests from third-party investment banks on market terms negotiated by the majority third-party investors. Blackstone and its affiliates (including the Company) will forgo all non-economic rights (including voting rights) in such CMBS as long as the Blackstone-advised investment vehicles either own the properties collateralizing, loans underlying, or have an interest in a different part of the capital structure related to such CMBS. For the year ended December 31, 2017, the Company recorded interest income of $10.2 million and an unrealized gain of $1.9 million related to its investments in such CMBS. Such amounts were reported as a component of Income From Real Estate-Related Securities on the Company’s Consolidated Statements of Operations. As described in Note 2, the Company classifies its investments in real estate-related securities as trading and records these investments at fair value in Real Estate-Related Securities on the Company’s Consolidated Balance Sheets. During the year ended December 31, 2017, the Company recorded an unrealized gain of $2.4 million as a component of Income From Real Estate-Related Securities in the Company’s Consolidated Statements of Operations. During the year ended December 31, 2017, one of the Company’s CMBS investments was fully repaid and two of the Company’s investments partially repaid. As such, the Company recorded a realized loss of $0.2 million as a component of Income From Real Estate-Related Securities on the Company’s Consolidated Statements of Operations. The Company did not sell any securities during the year ended December 31, 2017. |
Mortgage Notes, Term Loans, and
Mortgage Notes, Term Loans, and Revolving Credit Facilities | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Mortgage Notes, Term Loans, and Revolving Credit Facilities | 6. Mortgage Notes, Term Loans, and Revolving Credit Facilities The following is a summary of the mortgage notes, term loans, and revolving credit facilities secured by the Company’s properties as of December 31, 2017 ($ in thousands): Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date (2) Maximum Facility Size Principal Balance (3) Fixed rate mortgages 3.80% 1/17/2025 N/A $ 1,468,294 BAML Industrial Term Loan (4) L+2.10% 6/1/2022 N/A 186,000 BAML Revolving Credit Facility (4) L+2.10% 6/1/2022 $ 186,000 186,000 Citi Revolving Credit Facility (5) L+2.25% 10/26/2020 300,000 178,831 Floating rate mortgage L+2.18% 5/9/2022 N/A 63,600 Capital One Term Loan (6) L+1.80% 12/12/2022 N/A 22,500 Capital One Revolving Credit Facility (6) L+1.80% 12/12/2022 20,600 20,600 Total loans secured by our properties 2,125,825 Deferred financing costs, net (16,075 ) Premium on assumed debt, net 1,541 Mortgage notes, term loans, and revolving credit facilities, net $ 2,111,291 (1) The term “L” refers to the one-month LIBOR. As of December 31, 2017, one-month LIBOR was equal to 1.6%. (2) For loans where the Company, at its sole discretion, has extension options, the maximum maturity date has been assumed. (3) The majority of the Company’s mortgages contain yield or spread maintenance provisions. In addition, the majority of the Company’s loans are interest only except for certain loans with amortization provisions after a certain period of time. (4) The BAML Industrial Term Loan and BAML Revolving Credit Facility are secured by certain of the Company’s industrial assets. (5) As of December 31, 2017, the Citi Revolving Credit Facility is secured by the Company’s hotel investments. (6) The Capital One Term Loan and Capital One Revolving Credit Facility are secured by one of the Company’s industrial assets. The following table presents the future principal payments due under the Company’s mortgage notes, term loans, and revolving credit facilities as of December 31, 2017 ($ in thousands): Year Amount 2018 $ 1,095 2019 1,829 2020 181,195 2021 4,145 2022 487,248 Thereafter 1,450,313 Total $ 2,125,825 |
Repurchase Agreements
Repurchase Agreements | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Repurchase Agreements [Abstract] | |
Repurchase Agreements | 7. Repurchase Agreements The Company has entered into master repurchase agreements with Citigroup Global Markets Inc. (the “Citi MRA”), Royal Bank of Canada (the “RBC MRA”), and Bank of America Merrill Lynch (the “BAML MRA”) to provide the Company with additional financing capacity secured by the Company’s $915.7 million of investments in real estate-related securities. The terms of the Citi MRA, RBC MRA, and BAML MRA provide the lenders the ability to determine the size and terms of the financing provided based upon the particular collateral pledged by the Company from time-to-time. The following table is a summary of our repurchase agreements as of December 31, 2017 ($ in thousands): Facility Weighted Average Interest Rate (1) Weighted Average Maturity Date (2) Security Interests Collateral Assets (3) Outstanding Balance Prepayment Provisions Citi MRA L+1.57% 8/23/2018 CMBS $ 694,808 $ 512,975 None RBC MRA L+1.54% 11/24/2018 CMBS 194,918 150,238 None BAML L+1.16% 2/9/2018 CMBS 26,016 19,635 None $ 915,742 $ 682,848 (1) The term “L” refers to the three-month LIBOR. As of December 31, 2017, three-month LIBOR was equal to 1.7% (2) Subsequent to quarter end, the Company rolled its repurchase agreement contracts expiring in February 2018 into new nine or 12 month contracts. (3) Represents the fair value of the Company’s investments in real estate-related securities. |
Affiliate Line of Credit
Affiliate Line of Credit | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Affiliate Line of Credit | 8. Affiliate Line of Credit On January 23, 2017, the Company entered into an unsecured, uncommitted line of credit (the “Line of Credit”) up to a maximum amount of $250 million with Blackstone Holdings Finance Co. L.L.C. (“Lender”), an affiliate of Blackstone. The Line of Credit expires on January 23, 2019, and may be extended for up to 12 months, subject to Lender approval. The interest rate is the then-current rate offered by a third-party lender, or, if no such rate is available, LIBOR plus 2.25%. Interest under the Line of Credit is determined based on a one-month U.S. dollar-denominated LIBOR, which was 1.6% as of December 31, 2017. Each advance under the Line of Credit is repayable on the earliest of (i) the expiration of the Line of Credit, (ii) Lender’s demand and (iii) the date on which the Adviser no longer acts as the Company’s investment adviser, provided that the Company will have 180 days to make such repayment in the cases of clauses (i) and (ii) and 45 days to make such repayment in the case of clause (iii). To the extent the Company has not repaid all loans and other obligations under the Line of Credit when repayment is required, the Company is obligated to apply the net cash proceeds from the Offering and any sale or other disposition of assets to the repayment of such loans and other obligations; provided that the Company will be permitted to (x) make payments to fulfill any repurchase requests pursuant to the Company’s share repurchase plan, (y) use funds to close any acquisition of property that the Company committed to prior to receiving a demand notice and (z) make quarterly distributions to the Company’s stockholders at per share levels consistent with the immediately preceding fiscal quarter and as otherwise required for the Company to maintain its REIT status. As of December 31, 2017, the Company had $5.4 million in borrowings, including accrued interest, outstanding under the Line of Credit. |
Other Assets and Other Liabilit
Other Assets and Other Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Other Assets and Other Liabilities | 9. Other Assets and Other Liabilities The following table summarizes the components of other assets ($ in thousands): December 31, 2017 December 31, 2016 Real estate intangibles, net $ 113,844 — Receivables 7,386 — Pre-acquisition costs 6,588 — Deferred financing costs, net 5,248 — Prepaid expenses 3,267 — Straight-line rent receivable 2,045 — Deferred leasing commissions, net 1,193 — Other 5,711 — Total $ 145,282 $ — The following table summarizes the components of accounts payable, accrued expenses, and other liabilities ($ in thousands): December 31, 2017 December 31, 2016 Subscriptions received in advance $ 107,576 $ — Accounts payable and accrued expenses 13,202 — Real estate taxes payable 13,169 — Intangible liabilities, net 13,156 — Tenant security deposits 8,107 — Accrued interest expense 8,072 — Distribution payable 7,716 — Prepaid rental income 5,381 — Other 6,456 29 Total $ 182,835 $ 29 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Equity | 10. Equity Authorized Capital The Company is authorized to issue preferred stock and four classes of common stock consisting of Class S shares, Class T shares, Class D shares, and Class I shares. The Company’s board of directors has the ability to establish the preferences and rights of each class or series of preferred stock, without stockholder approval, and as such, it may afford the holders of any series or class of preferred stock preferences, powers and rights senior to the rights of holders of common stock. The differences among the common share classes relate to upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees. See Note 2 for a further description of such items. Other than the differences in upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees, each class of common stock has the same economic and voting rights. As of December 31, 2017, the Company had authority to issue 2,100,000,000 shares, consisting of the following: Classification Number of Shares (in thousands) Par Value Preferred Stock 100,000 $ 0.01 Class S Shares 500,000 $ 0.01 Class T Shares 500,000 $ 0.01 Class D Shares 500,000 $ 0.01 Class I Shares 500,000 $ 0.01 Total 2,100,000 Common Stock As of December 31, 2017, the Company had sold 170.4 million shares of its common stock in the Offering for aggregate net proceeds of $1.7 billion. The following table details the movement in the Company’s outstanding shares of common stock (in thousands): Year Ended December 31, 2017 Class S Class T Class D Class I Total Beginning balance — — — 20 20 Common stock issued 128,277 5,600 3,931 30,146 167,954 Distribution reinvestment 1,834 25 24 578 2,461 Common stock repurchased (26 ) — — (41 ) (67 ) Directors’ restricted stock grant (1) — — — 16 16 Ending balance 130,085 5,625 3,955 30,719 170,384 (1) The directors’ restricted stock grant represents 25% of the annual compensation paid to the independent directors. The grant is amortized over the service period of such grant. Share Repurchase Plan We have adopted a share repurchase plan whereby, subject to certain limitations, stockholders may request on a monthly basis that we repurchase all or any portion of their shares. For the year ended December 31, 2017, we repurchased 66,888 shares of common stock. We had no unfulfilled repurchase requests during the year ended December 31, 2017. Distributions The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to its stockholders each year to comply with the REIT provisions of the Code. Beginning March 2017, the Company declared a monthly distribution to stockholders of record as of the last day of each applicable month. Each class of our common stock receives the same gross distribution per share. The net distribution varies for each class based on the applicable stockholder servicing fee, which is deducted from the monthly distribution per share and paid directly to the applicable distributor. The following table details the aggregate distributions declared for each applicable class of common stock for the year ended December 31, 2017 ($ in thousands, except share and per share data): Class S Class T Class D Class I Aggregate gross distributions declared per share of common stock $ 0.4782 $ 0.3567 $ 0.4008 $ 0.4782 Stockholder servicing fee per share of common stock (0.0823 ) (0.0511 ) (0.0173 ) — Net distributions declared per share of common stock $ 0.3959 $ 0.3056 $ 0.3835 $ 0.4782 The Company did not sell any Class D or Class T shares prior to May 2017 and June 2017, respectively, thus no distributions were declared for Class D or Class T shares prior to such date. Distributions for the year ended December 31, 2017, were characterized, for federal income tax purposes, as 34.15% ordinary income and 65.85% return of capital. Of the 34.15%, 32.55% and 1.6% of the distributions paid in 2017 were non-qualified and qualified, respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 11. Related Party Transactions Management Fee and Performance Participation Allocation On August 7, 2017, the Company renewed the advisory agreement between the Company, BREIT OP and the Adviser for an additional one-year period ending August 31, 2018. The Adviser is entitled to an annual management fee equal to 1.25% of the Company’s NAV, payable monthly, as compensation for the services it provides to the Company. The management fee can be paid, at the Adviser’s election, in cash, shares of common stock, or BREIT OP units. The Adviser has elected to receive the management fee in shares of the Company’s common stock to date. The Adviser waived the management fee for the period January 1, 2017 to June 30, 2017. During the year ended December 31, 2017, the Company incurred a management fee of $8.9 million. The Company issued 664,411 unregistered Class I shares to the Adviser as payment for the management fee and also had a payable of $1.9 million related to management fees as of December 31, 2017, which is included in Due to Affiliates on the Company’s Consolidated Balance Sheets. During January 2018, the Adviser was issued 180,215 unregistered Class I shares as payment for the $1.9 million management fee accrued as of December 31, 2017. The shares issued to the Adviser for payment of the management fee were issued at the applicable NAV per share at the end of each month for which the fee was earned. Additionally, the Special Limited Partner holds a performance participation interest in BREIT OP that entitles it to receive an allocation of BREIT OP’s total return to its capital account. Total return is defined as distributions paid or accrued plus the change in NAV. Under the BREIT OP agreement, the annual total return will be allocated solely to the Special Limited Partner after the other unit holders have received a total return of 5% (after recouping any loss carryforward amount) and such allocation will continue until the allocation between the Special Limited Partner and all other unit holders is equal to 12.5% and 87.5%, respectively. Thereafter, the Special Limited Partner will receive an allocation of 12.5% of the annual total return. The allocation of the performance participation interest is ultimately determined at the end of each calendar year and will be paid in cash or Class I units of BREIT OP, at the election of the Special Limited Partner. During the year ended December 31, 2017, the Company had recognized $17.0 million of Performance Participation Allocation Expense in the Company’s Consolidated Statement of Operations. The performance participation allocation became payable on December 31, 2017 and in January 2018, the Company issued approximately 1.6 million Class I units in BREIT OP to the Special Limited Partner as payment for the 2017 performance participation allocation. Such Class I units were issued at the NAV per unit as of December 31, 2017. Due to Affiliates The following table details the components of due to affiliates ($ in thousands): December 31, 2017 December 31, 2016 Accrued stockholder servicing fee $ 102,076 $ — Performance participation allocation 16,974 — Advanced organization and offering costs 10,160 — Accrued management fee 1,904 — Accrued affiliate service provider expenses 1,485 — Advanced expenses 472 86 Total $ 133,071 $ 86 Accrued stockholder servicing fee As described in Note 2, the Company accrues the full amount of the future stockholder servicing fees payable to the Dealer Manager for Class S, Class T, and Class D shares up to the 8.75% of gross proceeds limit at the time such shares are sold. As of December 31, 2017, the Company accrued $102.1 million of stockholder servicing fees payable to the Dealer Manager related to the Class S, Class T, and Class D shares sold. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Offering, which provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fee and all or a portion of the stockholder servicing fees received by the Dealer Manager to such selected dealers. Advanced organization and offering costs The Adviser advanced $10.2 million of organization and offering costs (excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) on behalf of the Company through December 31, 2017. Such amounts will be reimbursed to the Adviser on a pro-rata basis over 60 months beginning January 1, 2018. Accrued affiliate service provider expenses The Company has engaged BRE Hotels and Resorts (“BRE”), a portfolio company controlled (but not owned) by a Blackstone-advised fund, to provide revenue management, expense management, corporate support (including accounting, legal and tax), capital expenditure project and transaction support services for the Company’s hotel properties. The Company currently estimates the cost for such services to be approximately $200 per key per annum (which will be reviewed periodically and adjusted if appropriate), plus actual costs allocated for transaction support services. During the year ended December 31, 2017, the Company incurred $0.1 million of expenses due to BRE Hotels and Resorts for services incurred in connection with its investments and such amount is included in Hotel Operating expenses on the Company’s Consolidated Statements of Operations. The Company has engaged LivCor, LLC (“LivCor”), a portfolio company owned by a Blackstone-advised fund, to provide revenue management, expense management, construction management, corporate support (including accounting, information technology, legal, tax and human resources), capital expenditure project and transaction support services for the Company’s multifamily properties. The Company currently estimates the cost for such services to be approximately $300 per unit per annum (which will be reviewed periodically and adjusted if appropriate), plus actual costs allocated for transaction support services. During the year ended December 31, 2017 the Company incurred $1.3 million of expenses due to LivCor for services incurred in connection with its investments and such amount is included in Rental Property Operating expenses on the Company’s Consolidated Statements of Operations. Additionally, as of December 31, 2017, the Company capitalized $0.9 million to Investments in Real Estate on the Company’s Consolidated Balance Sheets for transaction support services provided by LivCor. The Company has engaged Equity Office Management, L.L.C. (“EOM”), a portfolio company owned by Blackstone-advised funds, to provide property management, expense management, construction management, corporate support (including leasing, accounting, legal and tax), capital expenditure project and transaction support services for the Company’s office and industrial properties. The Company currently estimates the cost for such services to be approximately 3% of gross revenue for property management services, 1% of gross rents from new and renewal leases for leasing services and 4% of total project costs for construction management services, plus a per square foot amount for corporate services and actual costs allocated for transaction support services. During the year ended December 31, 2017 the Company incurred $0.9 million of expenses due to EOM for services incurred in connection with its investments and such amount is included in Rental Property Operating expenses in the Company’s Consolidated Statements of Operations. Additionally, as of December 31, 2017, the Company capitalized $0.1 million to Investments in Real Estate on the Company’s Consolidated Balance Sheets for transaction support services provided by EOM. The Company has engaged ShopCore Properties TRS Management LLC (“ShopCore”), a portfolio company owned by a Blackstone-advised fund, to provide property management, revenue management expense management, construction management, corporate support (including leasing, accounting, legal and tax), capital expenditure project and transaction support services for the Company’s retail properties. The Company currently estimates the cost of such services to be approximately 3% of gross revenue for property management services, 1% of gross rents from new and renewal leases for leasing services and 4% of total project costs for construction management services, plus a per square foot amount for corporate services and actual costs allocated for transaction support services. For the year ended December 31, 2017, the Company incurred $0.2 million of expenses due to ShopCore for services incurred in connection with its investments and such amount is included in Rental Property Operating expenses on the Company’s Consolidated Statements of Operations. The Company expects to set up a management incentive plan for each transaction for which the Company engages BRE, LivCor, EOM, or ShopCore for certain senior executives of the applicable portfolio company. Neither Blackstone nor the Adviser receives any fees or incentive payments from agreements between the Company and such portfolio companies or their management teams. During the year ended December 31, 2017, the Company has not paid or accrued any incentive fees to its affiliated service providers under such agreements. Advanced expenses As of December 31, 2017 and 2016, the Adviser had advanced $0.5 million and $0.1 million, respectively, of expenses on the Company’s behalf for general corporate expenses provided by unaffiliated third parties. Other Blackstone partnered with a leading national title agency to create Lexington National Land Services (“LNLS”), a title agent company. LNLS acts as an agent for one or more underwriters in issuing title policies and/or providing support services in connection with investments by the Company, Blackstone, and third parties. LNLS focuses on transactions in rate-regulated states where the cost of title insurance is non-negotiable. LNLS will not perform services in non-regulated states for the Company, unless (i) in the context of a portfolio transaction that includes properties in rate-regulated states, (ii) as part of a syndicate of title insurance companies where the rate is negotiated by other insurers or their agents, (iii) when a third party is paying all or a material portion of the premium or (iv) when providing only support services to the underwriter and not negotiating the title policy or issuing it to the insured. LNLS earns fees, which would have otherwise been paid to third parties, by providing title agency services and facilitating placement of title insurance with underwriters. Blackstone receives distributions from LNLS in connection with investments by the Company based on its equity interest in LNLS. In each case, there will be no related offset to the Company. During the year ended December 31, 2017, the Company paid LNLS $1.0 million for title services related to thirteen investments and such costs were capitalized to Investments in Real Estate on the Company’s Consolidated Balance Sheet. During the year ended December 31, 2017, the Company engaged an affiliate of our Adviser to perform certain internal audit and compliance functions. As of December 31, 2017, the Company had incurred $30,000 of fees for such services. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies As of December 31, 2017 and 2016, the Company was not subject to any material litigation nor is the Company aware of any material litigation threatened against it. As disclosed in Note 2, the Adviser agreed to advance certain organization and offering costs on behalf of the Company interest free through December 31, 2017. The Company will reimburse the Adviser for all such advanced expenses ratably over a 60 month period following December 31, 2017. Additionally, two of the Company’s investments in real estate include ground lease obligations with varying maturity dates through 2085. The Company recognizes ground rent expense on a straight-line basis as a component of Rental Property Operating or Hotel Operating expense on the Company’s Consolidated Statement of Operations. The following table details the Company’s contractual obligations and commitments with payments due subsequent to December 31, 2017 ($ in thousands): Year Future Commitments 2018 $ 2,272 2019 2,272 2020 3,287 2021 3,322 2022 3,349 Thereafter 15,310 Total $ 29,812 |
Five Year Minimum Rental Paymen
Five Year Minimum Rental Payments | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Five Year Minimum Rental Payments | 13. Five Year Minimum Rental Payments The following table presents the future minimum rents the Company expects to receive for its industrial and retail properties ($ in thousands). Leases at the Company’s multifamily investments are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rents 2018 $ 48,365 2019 43,563 2020 40,060 2021 35,439 2022 28,368 Thereafter 50,034 Total $ 245,829 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | 14. Segment Reporting The Company operates in five reportable segments: Multifamily properties, Industrial properties, Hotel properties, Retail properties, and Real Estate-Related Securities. The Company allocates resources and evaluates results based on the performance of each segment individually. The Company believes that Segment Net Operating Income is the key performance metric that captures the unique operating characteristics of each segment. The following table sets forth the total assets by segment as of December 31, 2017 ($ in thousands): December 31, 2017 Multifamily $ 2,567,735 Industrial 636,900 Hotel 281,242 Retail 103,138 Real Estate-Related Securities 918,975 Other (Corporate) 117,318 Total assets $ 4,625,308 The following table sets forth the financial results by segment for the year ended December 31, 2017 ($ in thousands): Multifamily Industrial Hotel Retail Real Estate- Related Securities Total Revenues: Rental revenue $ 82,846 $ 24,034 $ — $ 3,549 $ — $ 110,429 Tenant reimbursement income 3,476 6,812 — 664 — 10,952 Hotel revenue — — 29,916 — — 29,916 Other revenue 6,589 12 — 34 — 6,635 Total revenues 92,911 30,858 29,916 4,247 — 157,932 Expenses: Rental property operating 40,831 9,265 — 1,019 — 51,115 Hotel operating — — 20,417 — — 20,417 Total segment expenses 40,831 9,265 20,417 1,019 — 71,532 Income from real estate-related securities — — — — 17,749 17,749 Segment net operating income $ 52,080 $ 21,593 $ 9,499 $ 3,228 $ 17,749 $ 104,149 Depreciation and amortization $ 96,732 $ 17,063 $ 6,071 $ 1,927 $ — $ 121,793 Other income (expense): General and administrative (7,692 ) Management fee (8,867 ) Performance participation allocation (16,974 ) Interest income 454 Interest expense (36,884 ) Other income 57 Net loss $ (87,550 ) Net loss attributable to non-controlling interests 1,292 Net loss attributable to BREIT stockholders $ (86,258 ) |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | 15. Quarterly Financial Information (Unaudited) The following tables presents the Company’s quarterly results: 2017 March 31 June 30 September 30 December 31 Total revenues $ 2,444 $ 28,339 $ 48,904 $ 78,245 Net loss $ (1,267 ) $ (16,701 ) $ (31,847 ) $ (37,735 ) Net loss attributable to BREIT stockholders $ (1,267 ) $ (16,701 ) $ (31,725 ) $ (36,565 ) Net loss per share $ (0.03 ) $ (0.22 ) $ (0.28 ) $ (0.24 ) 2016 For the Period March 2, 2016 (date of initial capitalization) through March 31, June 30 September 30 December 31 Total revenues $ — $ — $ — $ — Net loss $ — $ — $ — $ (115 ) Net loss attributable to BREIT stockholders $ — $ — $ — $ (115 ) Net loss per share $ — $ — $ — $ (5.74 ) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. Subsequent Events Acquisitions Subsequent to December 31, 2017, the Company acquired the Canyon Industrial Portfolio (as defined below) and an aggregate of $289.9 million of real estate across two separate transactions, exclusive of closing costs. The acquisitions were related to multifamily and industrial properties. Subsequent to December 31, 2017, the Company purchased an aggregate of $169.5 million of floating-rate CMBS. Canyon Industrial Portfolio On March 9, 2018, the Company acquired a 22 million square foot industrial portfolio (the “Canyon Industrial Portfolio”). The Canyon Industrial Portfolio was acquired from Cabot Industrial Value Fund IV, L.P. and Cabot Industrial Value Fund IV Manager, Limited Partnership, each a third-party, for approximately $1.8 billion, excluding closing costs. The Canyon Industrial Portfolio consists of 146 industrial properties primarily concentrated in Chicago (18% of November 2017 base rent), Dallas (12%), Baltimore/Washington, D.C. (12%), Los Angeles/Inland Empire (7%), South/Central Florida (7%), New Jersey (7%), and Denver (6%). The acquisition of the Canyon Industrial Portfolio was funded through a combination of a $1.1 billion mortgage secured by the Canyon Industrial Portfolio, a $200.0 million mezzanine loan secured by equity interests in the Canyon Industrial Portfolio, and available cash. The mortgage has a term of 84 months and an interest rate of 4.10% per annum and the mezzanine loan has a term of 84 months and an interest rate of 5.85% per annum. Status of the Offering As of March 19, 2018, the Company had sold an aggregate of 226,804,071 shares of its common stock (consisting of 163,218,275 Class S shares, 9,741,552 Class T shares, 6,823,284 Class D shares, and 47,020,960 Class I shares) in the Offering resulting in net proceeds of $2.3 billion to the Company as payment for such shares. |
Real Estate and Accumulated Dep
Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |
Real Estate and Accumulated Depreciation | S chedule III—Real Estate and Accumulated Depreciation as of December 31, 2017 ($ in thousands) Initial Cost Costs Capitalized Subsequent to Acquisition Gross Amounts at which Carried at the Close of Period (2) Description Encumbrances Land and Land Improvements Building and Building Improvements Land and Land Improvements Building and Building Improvements Land and Land Improvements Building and Building Improvements Total Accumulated Depreciation Year Built Year Acquired Depreciable Lives (1) Multifamily properties: Sonora Canyon Apartments $ 26,455 $ 9,358 $ 30,007 $ 94 $ 279 $ 9,452 $ 30,286 $ 39,738 $ (1,052 ) 1985 2017 (1) TA Multifamily Portfolio: 55 West 63,600 10,030 97,652 42 1,531 10,072 99,183 109,255 (2,480 ) 2010 2017 (1) Addison Keller Springs Apartments 36,140 9,382 37,786 36 281 9,418 38,067 47,485 (922 ) 2013 2017 (1) Estates at Park 43,225 11,567 57,128 138 175 11,705 57,303 69,008 (1,449 ) 2004 2017 (1) San Merano 69,777 24,422 73,818 31 219 24,453 74,037 98,490 (1,844 ) 2003 2017 (1) The Preserve at Osprey Lake 41,340 10,899 42,850 206 837 11,105 43,687 54,792 (1,060 ) 1997 2017 (1) West End at City Center 20,767 2,156 28,655 54 435 2,210 29,090 31,300 (703 ) 2009 2017 (1) Emory Point 130,000 — 171,709 29 280 29 171,989 172,018 (4,189 ) 2013 2017 (1) Nevada West Multifamily: Dream 37,783 4,745 47,195 17 211 4,762 47,406 52,168 (1,062 ) 2015 2017 (1) South West 37,487 6,071 46,952 7 157 6,078 47,109 53,187 (1,072 ) 2016 2017 (1) Union 46,110 6,593 51,158 1 179 6,594 51,337 57,931 (1,140 ) 2016 2017 (1) Mountain Mountain Gate 33,704 6,632 37,909 94 215 6,726 38,124 44,850 (703 ) 2010 2017 (1) Mountain Trails 26,281 5,569 29,208 86 189 5,655 29,397 35,052 (559 ) 2010 2017 (1) Elysian West Multifamily 75,400 17,565 80,840 27 27 17,592 80,867 98,459 (1,395 ) 2016 2017 (1) Gilbert Multifamily: Redstone at SanTan Village 40,484 16,491 53,056 2 3 16,493 53,059 69,552 (708 ) 2014 2017 (1) Vistara at SanTan Village 48,129 15,574 54,663 2 — 15,576 54,663 70,239 (583 ) 2017 2017 (1) Harbor 5 Multifamily: Abbey at Vista Ridge 32,338 6,903 36,616 28 41 6,931 36,657 43,588 (465 ) 2002 2017 (1) Fieldcrest 13,860 4,507 13,216 1 19 4,508 13,235 17,743 (186 ) 1985 2017 (1) Tall Timbers 17,990 4,873 18,919 25 20 4,898 18,939 23,837 (248 ) 1985 2017 (1) The Tallows 20,510 6,053 20,934 27 82 6,080 21,016 27,096 (267 ) 1983 2017 (1) Villas at Waterchase 18,573 5,693 18,762 242 156 5,935 18,918 24,853 (233 ) 1982 2017 (1) Domain & GreenVue Multifamily: Domain at Midtown Park 47,600 16,678 47,939 4 5 16,682 47,944 64,626 (533 ) 2016 2017 (1) GreenVue — 11,754 49,788 3 16 11,757 49,804 61,561 (542 ) 2015 2017 (1) ACG II Multifamily: Brooks Landing 24,500 2,740 33,738 1 14 2,741 33,752 36,493 (332 ) 2005 2017 (1) Sterling Pointe 18,900 3,344 30,331 1 5 3,345 30,336 33,681 (302 ) 2007 2017 (1) Woodland 23,485 3,940 27,206 1 18 3,941 27,224 31,165 (297 ) 2012 2017 (1) Highlands 27,715 10,679 28,170 3 13 10,682 28,183 38,865 (256 ) 2006 2017 (1) Initial Cost Costs Capitalized Subsequent to Acquisition Gross Amounts at which Carried at the Close of Period (2) Description Encumbrances Land and Land Improvements Building and Building Improvements Land and Land Improvements Building and Building Improvements Land and Land Improvements Building and Building Improvements Total Accumulated Depreciation Year Built Year Acquired Depreciable Lives (1) Olympus Multifamily: Cape House 45,426 11,548 55,009 1 5 11,549 55,014 66,563 (278 ) 1999 2017 (1) Mirador at River City 23,250 4,034 28,288 1 28 4,035 28,316 32,351 (137 ) 2008 2017 (1) Stovall at River City 23,250 3,996 29,314 1 — 3,997 29,314 33,311 (141 ) 2007 2017 (1) Aston Multifamily Portfolio: Ashley Oaks 27,202 7,940 26,929 — 27 7,940 26,956 34,896 (135 ) 1985 2017 (1) Audubon Park 20,987 3,934 20,178 — 24 3,934 20,202 24,136 (95 ) 1968 2017 (1) Belmont 16,503 3,535 18,145 — 7 3,535 18,152 21,687 (86 ) 1983 2017 (1) Cantare at Indian Lake Village 23,357 2,236 32,572 — 3 2,236 32,575 34,811 (145 ) 2013 2017 (1) Cooper Creek 8,352 1,292 11,092 — 3 1,292 11,095 12,387 (51 ) 1997 2017 (1) Grayson Ridge 15,277 3,587 18,136 — 8 3,587 18,144 21,731 (84 ) 1988 2017 (1) Landing at Mansfield 26,013 3,833 33,054 — 10 3,833 33,064 36,897 (157 ) 2006 2017 (1) Meritage at Steiner Ranch 49,733 8,422 52,899 — 27 8,422 52,926 61,348 (231 ) 2001 2017 (1) Montelena 20,502 3,875 25,462 — 6 3,875 25,468 29,343 (117 ) 1998 2017 (1) Richland Falls 24,457 2,690 30,046 — 15 2,690 30,061 32,751 (136 ) 2013 2017 (1) Rosemont at Olmos Park 13,308 2,468 14,831 — 4 2,468 14,835 17,303 (68 ) 1995 2017 (1) Trails at Buda Ranch 20,704 3,832 23,258 — 11 3,832 23,269 27,101 (113 ) 2009 2017 (1) Amberglen West Multifamily — 9,176 82,029 — — 9,176 82,029 91,205 (263 ) 2017 2017 (1) Talavera Talavera — 14,801 46,622 — — 14,801 46,622 61,423 (122 ) 1996 2017 (1) Flamingo — 14,447 34,871 — — 14,447 34,871 49,318 (93 ) 1998 2017 (1) Walden Pond & Montair Multifamily Portfolio: Walden Pond 47,705 9,711 47,052 — 1 9,711 47,053 56,764 (88 ) 1991 2017 (1) Montair 44,325 19,105 46,552 — — 19,105 46,552 65,657 (101 ) 1984 2017 (1) Signature at Kendall Multifamily — 28,419 103,131 — — 28,419 103,131 131,550 (188 ) 2016 2017 (1) Total Multifamily Properties $ 1,472,504 $ 397,099 $ 2,045,675 $ 1,205 $ 5,586 $ 398,304 $ 2,051,261 $ 2,449,565 $ (27,411 ) Initial Cost Costs Capitalized Subsequent to Acquisition Gross Amounts at which Carried at the Close of Period (2) Description Encumbrances Land and Land Improvements Building and Building Improvements Land and Land Improvements Building and Building Improvements Land and Land Improvements Building and Building Improvements Total Accumulated Depreciation Year Built Year Acquired Depreciable Lives (1) Industrial properties: Stockton Industrial Park $ 21,913 $ 10,079 $ 21,240 $ — $ 42 $ 10,079 $ 21,282 $ 31,361 $ (737 ) 1974 2017 (1) HS Industrial Portfolio: 1650 Bluegrass Lakes Parkway 6,117 998 7,705 — 17 998 7,722 8,720 (156 ) 1991 2017 (1) 500 Interstate Parkway 7,192 1,105 8,687 — — 1,105 8,687 9,792 (206 ) 1993 2017 (1) Cobb West Business Park 75,286 5,344 97,862 — 152 5,344 98,014 103,358 (2,184 ) 1994 2017 (1) 8110 Troon Circle 4,437 1,336 5,481 — 71 1,336 5,552 6,888 (151 ) 2001 2017 (1) 8140 Troon Circle 4,773 1,342 5,761 — 174 1,342 5,935 7,277 (164 ) 2001 2017 (1) 1000 N. Main Street 2,554 483 3,489 — — 483 3,489 3,972 (80 ) 2000 2017 (1) 111 Internationale Blvd 3,159 631 3,698 — 55 631 3,753 4,384 (77 ) 1992 2017 (1) 120 North Schmale Road 3,361 1,184 4,511 — — 1,184 4,511 5,695 (108 ) 1997 2017 (1) 1215 - 1225 Bowes Road 2,151 620 2,733 — 28 620 2,761 3,381 (69 ) 1998 2017 (1) 1287 Naperville Road 3,227 935 5,023 — 15 935 5,038 5,973 (111 ) 2000 2017 (1) 1275-1285 Holmes Road 4,100 1,118 5,172 — 41 1,118 5,213 6,331 (108 ) 1990 2017 (1) 1811‐1821 Industrial Drive 3,832 850 4,340 — — 850 4,340 5,190 (110 ) 1988 2017 (1) 221 Westgate Drive 4,974 757 6,727 — — 757 6,727 7,484 (141 ) 2007 2017 (1) 2350 Pinehurst Blvd 4,504 858 5,683 — 11 858 5,694 6,552 (115 ) 1995 2017 (1) 417-419 Village Drive 4,571 837 5,902 — — 837 5,902 6,739 (134 ) 2008 2017 (1) 472 Thomas Drive 4,168 1,001 7,908 — 125 1,001 8,033 9,034 (154 ) 1974 2017 (1) 490 Windy Point Drive 2,151 416 2,837 — — 416 2,837 3,253 (65 ) 1989 2017 (1) 540-570 Congress Circle South 5,579 1,166 6,812 — — 1,166 6,812 7,978 (157 ) 1997 2017 (1) 6350 Church Road 4,168 1,090 5,342 — — 1,090 5,342 6,432 (141 ) 2007 2017 (1) 655 Remington Blvd 4,100 1,892 4,023 — — 1,892 4,023 5,915 (102 ) 1998 2017 (1) 340 Remington Blvd 8,402 2,313 9,953 — 135 2,313 10,088 12,401 (237 ) 1991 2017 (1) 636 Schwab Circle 3,294 860 4,193 — — 860 4,193 5,053 (88 ) 2001 2017 (1) 3232 East Loop North 2,218 632 2,416 — — 632 2,416 3,048 (61 ) 1981 2017 (1) 3262 East Loop 3,899 707 4,911 — — 707 4,911 5,618 (112 ) 1981 2017 (1) 201 Cumberland Parkway 17,813 1,467 21,649 — — 1,467 21,649 23,116 (484 ) 1992 2017 (1) 181 Fulling Mill Rd 8,806 866 12,492 — — 866 12,492 13,358 (280 ) 1999 2017 (1) 5045 Ritter Road 2,285 399 2,984 — 5 399 2,989 3,388 (80 ) 1986 2017 (1) 957 Heinz Way 4,934 1,027 5,762 — — 1,027 5,762 6,789 (161 ) 1976 2017 (1) 4030 Mint Way 3,663 863 4,487 — — 863 4,487 5,350 (120 ) 1983 2017 (1) Twin Creeks Business Center 11,965 2,474 15,664 — — 2,474 15,664 18,138 (389 ) 2008 2017 (1) Carrier Parkway 4,779 1,052 6,266 — 30 1,052 6,296 7,348 (158 ) 1979 2017 (1) Southport Center 4,436 937 5,149 — 20 937 5,169 6,106 (116 ) 2007 2017 (1) Palmbay Center 3,697 590 4,064 — 9 590 4,073 4,663 (84 ) 2001 2017 (1) 8901-8918 Market St 9,545 1,662 11,944 — 20 1,662 11,964 13,626 (261 ) 1981 2017 (1) 8921-8922 Market St 8,470 1,645 12,220 — 71 1,645 12,291 13,936 (246 ) 1981 2017 (1) 8935-8947 Market St 6,386 1,294 8,167 — — 1,294 8,167 9,461 (173 ) 1981 2017 (1) 8967-8977 Market St 4,907 1,149 5,722 — — 1,149 5,722 6,871 (132 ) 1981 2017 (1) 8979-8999 Market St 6,184 1,178 7,520 — — 1,178 7,520 8,698 (185 ) 1981 2017 (1) Initial Cost Costs Capitalized Subsequent to Acquisition Gross Amounts at which Carried at the Close of Period (2) Description Encumbrances Land and Land Improvements Building and Building Improvements Land and Land Improvements Building and Building Improvements Land and Land Improvements Building and Building Improvements Total Accumulated Depreciation Year Built Year Acquired Depreciable Lives (1) Fairfield Industrial Portfolio: 1 Gardner Road 2,567 1,232 2,755 — — 1,232 2,755 3,987 (31 ) 1980 2017 (1) 4 Gardner Road 3,779 1,767 4,682 — — 1,767 4,682 6,449 (52 ) 1981 2017 (1) 12 Gardner Road 7,039 3,223 4,180 — — 3,223 4,180 7,403 (52 ) 1973 2017 (1) 15 Gardner Road 2,308 1,093 4,074 — — 1,093 4,074 5,167 (40 ) 1974 2017 (1) 11 Stewart Place 2,135 1,101 1,688 — — 1,101 1,688 2,789 (23 ) 1970 2017 (1) 17 Stewart Place 2,106 1,170 1,900 — — 1,170 1,900 3,070 (21 ) 1985 2017 (1) 24 Stewart Place 4,270 4,219 5,936 — 25 4,219 5,961 10,180 (61 ) 2000 2017 (1) 67 Route 46 5,654 4,726 6,013 — — 4,726 6,013 10,739 (65 ) 2000 2017 (1) 5-7 Evans Street 4,264 2,131 2,408 — — 2,131 2,408 4,539 (28 ) 1973 2017 (1) 20 Audrey Place 7,501 4,194 8,677 — — 4,194 8,677 12,871 (86 ) 1975 2017 (1) 27-29 Dwight Place 1,477 843 1,375 — — 843 1,375 2,218 (17 ) 1974 2017 (1) Southeast Industrial Portfolio: Faye Road 16,672 3,056 20,161 — — 3,056 20,161 23,217 (79 ) 2007 2017 (1) Jonesboro Commerce Center 13,585 2,804 14,537 — — 2,804 14,537 17,341 (73 ) 1994 2017 (1) Mason Road Distribution Center 14,065 3,574 16,037 — — 3,574 16,037 19,611 (77 ) 1996 2017 (1) Volkswagen BTS 14,820 2,261 15,933 — — 2,261 15,933 18,194 (70 ) 2007 2017 (1) Westlake Distribution Center 20,858 3,291 22,985 — — 3,291 22,985 26,276 (103 ) 2007 2017 (1) Total Industrial Properties $ 415,100 $ 95,842 $ 499,840 $ — $ 1,046 $ 95,842 $ 500,886 $ 596,728 $ (9,515 ) Hotel properties: Hyatt Place UC Davis $ 20,930 $ 526 $ 24,778 $ — $ 36 $ 526 $ 24,814 $ 25,340 $ (1,981 ) 2010 2017 (1) Hyatt Place San Jose Downtown 43,712 18,372 43,476 19 780 18,391 44,256 62,647 (1,337 ) 1974 2017 (1) Florida Select-Service 4-Pack: Hampton Inn & Suites Oldsmar 10,205 2,088 13,234 — — 2,088 13,234 15,322 (352 ) 2013 2017 (1) Hilton Garden Inn Oldsmar 7,166 1,069 8,724 — 7 1,069 8,731 9,800 (225 ) 2006 2017 (1) Hilton Garden Inn Tampa North 11,034 2,706 12,351 5 1 2,711 12,352 15,063 (492 ) 2000 2017 (1) Hyatt Place Lake Mary 9,409 1,941 10,979 — 3 1,941 10,982 12,923 (319 ) 2008 2017 (1) Hyatt House Downtown Atlanta 22,750 5,714 26,296 — 1 5,714 26,297 32,011 (620 ) 2015 2017 (1) Boston/Worcester Select-Service 3-Pack: Courtyard Worcester 15,551 1,646 20,149 — — 1,646 20,149 21,795 (261 ) 1999 2017 (1) Hampton Inn & Suites Worcester 10,993 738 14,663 — — 738 14,663 15,401 (136 ) 2016 2017 (1) Towne Place Suites Logan Airport 27,081 1,825 37,505 — — 1,825 37,505 39,330 (315 ) 2015 2017 (1) Total Hotel Properties $ 178,831 $ 36,625 $ 212,155 $ 24 $ 828 $ 36,649 $ 212,983 $ 249,632 $ (6,038 ) Retail properties: Bakers Centre $ 32,000 $ 19,335 $ 31,833 $ — $ 84 $ 19,335 $ 31,917 $ 51,252 $ (990 ) 2015 2017 (1) Plaza Del Sol Retail 27,390 24,100 18,318 — 6 24,100 18,324 42,424 (230 ) 1984 2017 (1) Total Retail Properties $ 59,390 $ 43,435 $ 50,151 $ — $ 90 $ 43,435 $ 50,241 $ 93,676 $ (1,220 ) Portfolio Total $ 2,125,825 $ 573,001 $ 2,807,821 $ 1,229 $ 7,550 $ 574,230 $ 2,815,371 $ 3,389,601 $ (44,184 ) (1) Refer to Note 2 to our consolidated financial statements for details of depreciable lives. (2) As of December 31, 2017, the aggregate cost basis for tax purposes was $3.6 billion. The total included on Schedule III does not include Furniture, Fixtures and Equipment totaling $64,080. Accumulated Depreciation does not include $2,942 of accumulated depreciation related to Furniture, Fixtures and Equipment. The following table summarizes activity for real estate and accumulated depreciation for the year ended December 31, 2017 ($ in thousands): December 31, 2017 Real Estate: Balance at the beginning of year $ — Additions during the year: Land and land improvements 574,253 Building and building improvements 2,815,348 Balance at the end of the year $ 3,389,601 Accumulated Depreciation: Balance at the beginning of the year $ — Accumulated depreciation (44,184 ) Balance at the end of the year $ (44,184 ) |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company, the subsidiaries and joint ventures in which it has a controlling interest. For consolidated joint ventures, the non-controlling partner’s share of the assets, liabilities and operations of the joint ventures is included in non-controlling interests as equity of the Company. The non-controlling partner’s interest is generally computed as the joint venture partner’s ownership percentage. All intercompany balances and transactions have been eliminated in consolidation. The Company consolidates partially owned entities, in which it has a controlling financial interest. In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, the Company considers whether the entity is a variable interest entity (“VIE”) and whether it is the primary beneficiary. The Company is the primary beneficiary of a VIE when it has (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. BREIT OP and each of the Company’s joint ventures are considered to be a VIE. The Company consolidates these entities because it has the ability to direct the most significant activities of the entities such as purchases, dispositions, financings, budgets, and overall operating plans. As of December 31, 2017, the total assets and liabilities of the Company’s consolidated VIEs, excluding BREIT OP, were $947.9 million and $645.5 million, respectively. Such amounts are included on the Company’s Consolidated Balance Sheets. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates. |
Investments in Real Estate | Investments in Real Estate In accordance with the guidance for business combinations, the Company determines whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired does not constitute a business, the Company accounts for the transaction as an asset acquisition. The Company has early adopted Accounting Standards Update 2017-01 — Clarifying the Definition of a Business (“ASU 2017-01”). ASU 2017-01 states that when substantially all of the fair value of the gross assets to be acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the asset or set of assets is not a business. All property acquisitions to date have been accounted for as asset acquisitions. Whether the acquisition of a property acquired is considered a business combination or asset acquisition, the Company recognizes the identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquired entity. In addition, for transactions that are business combinations, the Company evaluates the existence of goodwill or a gain from a bargain purchase. The Company expenses acquisition-related costs associated with business combinations as they are incurred. The Company capitalizes acquisition-related costs associated with asset acquisitions. Upon acquisition of a property, the Company assesses the fair value of acquired tangible and intangible assets (including land, buildings, tenant improvements, “above-market” and “below-market” leases, acquired in-place leases, other identified intangible assets and assumed liabilities) and allocates the purchase price to the acquired assets and assumed liabilities. The Company assesses and considers fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that it deems appropriate, as well as other available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends, and market and economic conditions. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place leases that may have a customer relationship intangible value, including (but not limited to) the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. Based on its acquisitions to date, the Company’s allocation to customer relationship intangible assets has not been material. The Company records acquired above-market and below-market leases at their fair values (using a discount rate which reflects the risks associated with the leases acquired) equal to the difference between (1) the contractual amounts to be paid pursuant to each in-place lease and (2) 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 rate renewal options for below-market leases. Other intangible assets acquired include amounts for in-place lease values that are based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, the Company 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, the Company considers leasing commissions, legal and other related expenses. Intangible assets and intangible liabilities are recorded as a component of Other Assets and Accounts Payable, Accrued Expenses, and Other Liabilities, respectively, on the Company’s Consolidated Balance Sheets. The amortization of acquired above-market and below-market leases is recorded as an adjustment to Rental Revenue on the Company’s Consolidated Statements of Operations. The amortization of in-place leases is recorded as an adjustment to Depreciation and Amortization Expense on the Company’s Consolidated Statements of Operations. The amortization of below-market and pre-paid ground leases are recorded as an adjustment to Rental Property Operating or Hotel Operating Expenses, as applicable, on the Company’s Consolidated Statements of Operations. The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related costs, along with any subsequent improvements to such properties. The Company’s investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building 30 - 40 years Building- and land improvements 10 years Furniture, fixtures and equipment 1 - 7 years Lease intangibles Over lease term Significant improvements to properties are capitalized. When assets are sold or retired, their costs and related accumulated depreciation are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. Repairs and maintenance are expensed to operations as incurred and are included in Rental Property Operating and Hotel Operating Expenses on the Company’s Consolidated Statements of Operations. During the year ended December 31, 2017 the Company wrote off $29.5 million of fully amortized in-place lease intangibles. Such write offs did not have an impact on the Company’s earnings. The Company’s management reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. If the carrying amount of the real estate investment is no longer recoverable and exceeds the fair value such investment, an impairment loss is recognized. The impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value. The evaluation of anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Since cash flows on real estate properties considered to be “long-lived assets to be held and used” are considered on an undiscounted basis to determine whether an asset has been impaired, the Company’s strategy of holding properties over the long term directly decreases the likelihood of recording an impairment loss. If the Company’s strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized and such loss could be material to the Company’s results. If the Company determines that an impairment has occurred, the affected assets must be reduced to their fair value, less cost to sell. During the periods presented, no such impairment occurred. |
Investments in Real Estate-Related Securities | Investments in Real Estate-Related Securities The Company has elected to classify its investment in real estate-related securities as trading securities and carry such investments at estimated fair value. As such, the resulting gains and losses are recorded as a component of Income from Real Estate-Related Securities on the Company’s Consolidated Statements of Operations. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk. |
Restricted Cash | Restricted Cash As of December 31, 2017, |
Deferred Charges | Deferred Charges The Company’s deferred charges include financing and leasing costs. Deferred financing costs include legal, structuring, and other loan costs incurred by the Company for its financing agreements. Deferred financing costs related to the Company’s mortgage notes and term loans are recorded as an offset to the related liability and amortized over the term of the applicable financing instruments. Deferred financing costs related to the Company’s revolving credit facilities and affiliate line of credit are recorded as a component of Other Assets on the Company’s Consolidated Balance Sheets and amortized over the term of the applicable financing agreements. Deferred leasing costs incurred in connection with new leases, which consist primarily of brokerage and legal fees, are recorded as a component of Other Assets on the Company’s Consolidated Balance Sheets and amortized over the life of the related lease. |
Revenue Recognition | Revenue Recognition The Company’s sources of revenue and the related revenue recognition policies are as follows: Rental revenue — primarily consists of base rent arising from tenant leases at the Company’s industrial, multifamily, and retail properties. Rental revenue is recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. The Company begins to recognize revenue upon the acquisition of the related property or when a tenant takes possession of the leased space. Tenant reimbursement income — primarily consists of amounts due from tenants for costs related to common area maintenance, real estate taxes, and other recoverable costs included in lease agreements. The Company recognizes the reimbursement of such costs incurred as tenant reimbursement income. Hotel revenue — consists of income from the Company’s hotel properties. Hotel revenue consists primarily of room revenue and food and beverage revenue. Room revenue is recognized when the related room is occupied and other hotel revenue is recognized when the service is rendered. |
Organization and Offering Costs | Organization and Offering Costs Organization costs are expensed as incurred and recorded as a component of General and Administrative Expense on the Company’s Consolidated Statements of Operations and offering costs are charged to equity as such amounts are incurred. The Adviser agreed to advance certain organization and offering costs on behalf of the Company interest free (including legal, marketing and fulfillment, regulatory, due diligence, administrative, accounting, tax, transfer agent and other expenses attributable to the Company’s organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through December 31, 2017, the day before the first anniversary of the date as of which escrow for the Offering was released. The Company will reimburse the Adviser for all such advanced expenses ratably over a 60 month period following December 31, 2017. As of December 31, 2017, the Adviser and its affiliates had incurred organization and offering costs on the Company’s behalf of $10.2 million, consisting of offering costs of $8.4 million and organization costs of $1.8 million. Such costs became the Company’s liability on January 1, 2017, the date as of which the proceeds from the Offering were released from escrow. These organization and offering costs are recorded as a component of Due to Affiliates on the Company’s Consolidated Balance Sheet as of December 31, 2017. Blackstone Advisory Partners L.P. (the “Dealer Manager”), a registered broker-dealer affiliated with the Adviser, serves as the dealer manager for the Offering. The Dealer Manager is entitled to receive selling commissions and dealer manager fees based on the transaction price of each applicable class of shares sold in the Offering. The Dealer Manager is also entitled to receive a stockholder servicing fee of 0.85%, 0.85% and 0.25% per annum of the aggregate net asset value (“NAV”) of the Company’s outstanding Class S shares, Class T shares, and Class D shares, respectively. There is no stockholder servicing fee with respect to Class I shares. The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of December 31, 2017: Class S Shares Class T Shares Class D Shares Class I Shares Selling commissions and dealer manager fees (% of transaction price) up to 3.5% up to 3.5% — — Stockholder servicing fee (% of NAV) 0.85% 0.85% 0.25% — For Class S shares sold in the primary offering, investors will pay upfront selling commissions of up to 3.5% of the transaction price. For Class T shares sold in the primary offering, investors will pay upfront selling commissions of up to 3.0% of the transaction price and upfront dealer manager fees of 0.5% of the transaction price, however such amounts may vary at certain participating broker-dealers, provided that the sum will not exceed 3.5% of the transaction price. The Dealer Manager is entitled to receive stockholder servicing fees of 0.85% per annum of the aggregate NAV for Class S shares and Class T shares. For Class T shares such stockholder servicing fee includes, an advisor stockholder servicing fee of 0.65% per annum, and a dealer stockholder servicing fee of 0.20% per annum, of the aggregate NAV for the Class T shares, however, with respect to Class T shares sold through certain participating broker-dealers, the advisor stockholder servicing fee and the dealer stockholder servicing fee may be other amounts, provided that the sum of such fees will always equal 0.85% per annum of the NAV of such shares. For Class D shares, a stockholder servicing fee equal to 0.25% per annum of the aggregate NAV for the Class D shares. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Offering, which provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fees and all or a portion of the stockholder servicing fees received by the Dealer Manager to such selected dealers. Through December 31, 2017, the Dealer Manager had not retained any upfront selling commissions, dealer manager, or stockholder servicing fees. |
Income Taxes | Income Taxes The Company intends to make an election to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2017. If the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal corporate income tax to the extent it distributes 90% of its taxable income to its stockholders. REITs are subject to a number of other organization and operational requirements. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. The Company leases its hotel investments to wholly-owned taxable REIT subsidiaries (“TRSs”). The TRSs are subject to taxation at the federal, state and local levels, as applicable. Revenues related to the hotels’ operations such as room revenue, food and beverage revenue and other revenue are recorded in the TRS along with corresponding expenses. The Company accounts for applicable income taxes by utilizing the asset and liability method. As such, the Company records deferred tax assets and liabilities for the future tax consequences resulting from the difference between the carrying value of existing assets and liabilities and their respective tax basis. A valuation allowance for deferred tax assets is provided if the Company believes all or some portion of the deferred tax asset may not be realized. As of December 31, 2017, the Company recorded a deferred tax asset of $0.3 million due to its hotel investments within Other Assets on the Company’s Consolidated Balance Sheets and recorded such amount as a tax benefit within Other Income on the Company’s Consolidated Statements of Operations. |
Fair Value Measurement | Fair Value Measurement Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). Additionally, there is a hierarchal framework under GAAP that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment and the state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy: Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. As of December 31, 2017, the Company’s $915.7 million of investments in real estate-related securities were classified as Level 2. Valuation The Company’s investments in real estate-related securities are reported at fair value. As of December 31, 2017, the Company’s investments in real estate-related securities consisted of CMBS, which are mortgage-related fixed income securities. Mortgage-related securities are usually issued as separate tranches, or classes, of securities within each deal. The Company generally determines the fair value of its CMBS by utilizing third-party pricing service providers and broker-dealer quotations on the basis of last available bid price. In determining the fair value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models to determine the reported price. The pricing service providers’ internal models for mortgage-related securities such as CMBS usually consider the attributes applicable to a particular class of the security (e.g., credit rating, seniority), current market data, and estimated cash flows for each class and incorporate deal collateral performance such as prepayment speeds and default rates, as available. The fair value of the Company’s mortgage notes, term loans, and revolving credit facility, repurchase agreements, and affiliate line of credit all approximate their carrying value. |
Earnings Per Share | Earnings Per Share Basic net loss per share of common stock is determined by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. All classes of common stock are allocated net income/(loss) at the same rate per share and receive the same gross distribution per share. The restricted stock grants of Class I shares held by our directors are considered to be participating securities because they contain non-forfeitable rights to distributions. The impact of these restricted stock grants on basic and diluted earnings per common share (“EPS”) has been calculated using the two-class method whereby earnings are allocated to the restricted stock grants based on dividends declared and the restricted stocks’ participation rights in undistributed earnings. As of December 31, 2017, the effects of the two-class method on basic and diluted EPS were not material to the Company’s consolidated financial statements. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09 “Revenue from Contracts with Customers (Topic 606).” Beginning January 1, 2018, companies will be required to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also includes additional disclosure requirements. The new standard can be adopted either retrospectively to prior reporting periods presented or as a cumulative effect adjustment as of the date of adoption. The majority of the Company’s revenue is derived from tenant leases at multifamily, industrial and retail properties and leases are scoped out of ASU 2014-09. As such the adoption of ASU 2014-09 will not have an impact on both the Rental Revenue and Tenant Reimbursement Income revenue streams. Due to the fact that the Company’s hotel properties are select service hotels whereby the customer is generally allowed to cancel their reservation within a certain period of time, the Company has determined that the adoption of ASU 2014-09 will not have a material impact on the revenue recognition policy for the Company’s Hotel Revenue stream. In February 2016, the FASB issued ASU 2016-02, “Leases,” which will require organizations that lease assets to recognize the assets and liabilities for the rights and obligations created by those leases on their balance sheet. Additional disclosure regarding a company’s leasing activities will also be expanded under the new guidance. For public entities, ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and requires a modified retrospective transition. The Company is currently evaluating the potential impact of this pronouncement on the Company’s consolidated financial statements from both a lessor and lessee standpoint. Under the new leasing standard lessor accounting remains substantially the same as current GAAP. The new lease standard will have a significant impact on lessee accounting. As such, the Company will be required to recognize a right of use asset on the Company’s consolidated balance sheet along with a lease liability equal to the present value of the remaining minimum lease payments for the Company’s ground leases. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Useful Lives of Assets | The Company’s investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building 30 - 40 years Building- and land improvements 10 years Furniture, fixtures and equipment 1 - 7 years Lease intangibles Over lease term |
Summary of Selling Commissions, Dealer Manager Fees, and Stockholder Servicing Fees | The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of December 31, 2017: Class S Shares Class T Shares Class D Shares Class I Shares Selling commissions and dealer manager fees (% of transaction price) up to 3.5% up to 3.5% — — Stockholder servicing fee (% of NAV) 0.85% 0.85% 0.25% — |
Investments in Real Estate (Tab
Investments in Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Schedule of Investments in Real Estate, Net | Investments in real estate, net consisted of the following ($ in thousands): December 31, 2017 Building and building improvements $ 2,815,348 Land and land improvements 574,253 Furniture, fixtures and equipment 64,080 Total 3,453,681 Accumulated depreciation (47,126 ) Investments in real estate, net $ 3,406,555 |
Schedule of Details of Properties Acquired | The following table provides further details of the properties acquired during the year ended December 31, 2017 ($ in thousands): Investment Ownership Interest (1) Number of Properties Location Sector Acquisition Date Purchase Price (2) Hyatt Place UC Davis (3) 100% 1 Davis, CA Hotel Jan. 2017 $ 32,687 Sonora Canyon Apartments 100% 1 Mesa, AZ Multifamily Feb. 2017 40,983 Stockton Industrial Park 100% 1 Stockton, CA Industrial Feb. 2017 32,751 Bakers Centre 100% 1 Philadelphia, PA Retail Mar. 2017 54,223 TA Multifamily Portfolio 100% 6 Various (4) Multifamily Apr. 2017 432,593 HS Industrial Portfolio 100% 38 Various (5) Industrial Apr. 2017 405,930 Emory Point (3) 100% 1 Atlanta, GA Multifamily (6) May 2017 201,578 Nevada West Multifamily 100% 3 Las Vegas, NV Multifamily May 2017 170,965 Hyatt Place San Jose Downtown 100% 1 San Jose, CA Hotel June 2017 65,321 Mountain Gate & Trails Multifamily 100% 2 Las Vegas, NV Multifamily June 2017 83,572 Elysian West Multifamily 100% 1 Las Vegas, NV Multifamily July 2017 107,027 Florida Select-Service 100% 4 Tampa Hotel July 2017 58,973 Hyatt 100% 1 Atlanta, GA Hotel Aug. 2017 35,332 Harbor 5 Multifamily 100% 5 Dallas, TX Multifamily Aug. 2017 146,161 Gilbert Multifamily 90% 2 Gilbert, AZ Multifamily Sept. 2017 147,039 Domain & GreenVue Multifamily 100% 2 Dallas, TX Multifamily Sept. 2017 134,452 Fairfield Industrial Portfolio 100% 11 Fairfield, NJ Industrial Sept. 2017 74,283 ACG II Multifamily Portfolio 94% 4 Various (7) Multifamily Sept. 2017 148,038 Plaza Del Sol Retail 100% 1 Burbank, CA Retail Oct. 2017 45,898 Boston/Worcester Select-Service 3-Pack 100% 3 Boston Hotel Oct. 2017 81,762 Southeast Industrial Portfolio 100% 5 Various (8) Industrial Nov. 2017 116,487 Olympus Multifamily 95% 3 Jacksonville, FL Multifamily Nov. 2017 142,129 Aston Multifamily Portfolio 90% 12 Various (9) Multifamily Nov. 2017 381,445 Amberglen West Multifamily 100% 1 Hillsboro, OR Multifamily Nov. 2017 95,035 Talavera and Flamingo Multifamily 100% 2 Las Vegas, NV Multifamily Dec. 2017 115,427 Walden Pond & Montair Multifamily Portfolio 95% 2 Everet, WA and Thornton, CO Multifamily Dec. 2017 127,819 Signature at Kendall Multifamily 100% 1 Miami, FL Multifamily Dec. 2017 139,468 115 $ 3,617,378 (1) Certain of the joint venture agreements entered into by BREIT provide the other partner a profits interest based on certain internal rate of return hurdles being achieved. (2) Purchase price is inclusive of acquisition related costs. (3) The Hyatt Place UC Davis and Emory Point are each subject to a ground lease. The Emory Point ground lease was prepaid by the seller and is recorded as a component of Other Assets on the Company’s Consolidated Balance Sheets. (4) The TA Multifamily Portfolio consists of a 32-floor property in downtown Orlando (“55 West”) and five garden style properties located in the suburbs of Palm Beach Gardens, Orlando, Chicago, Dallas and Kansas City. (5) The HS Industrial Portfolio consists of 38 industrial properties located in six submarkets, with the following concentration based on square footage: Atlanta (38%), Chicago (23%), Houston (17%), Harrisburg (10%), Dallas (10%) and Orlando (2%). (6) Emory Point also includes 124,000 square feet of walkable retail space. (7) The ACG II Multifamily Portfolio consists of four garden style properties in Modesto, CA, Olympia, WA, Flagstaff, AZ and Gilbert, AZ. (8) The Southeast Industrial Portfolio consists of 5 industrial properties located in Jacksonville, FL, Nashville, TN and Atlanta, GA. (9) The Aston Multifamily Portfolio consists of 12 multifamily properties located in five markets: Austin, San Antonio, and Dallas/Fort Worth, TX, Nashville, TN and Louisville, KY. |
Schedule of Purchase Price Allocation of Properties | The following table summarizes the purchase price allocation for the properties acquired during the year ended December 31, 2017 ($ in thousands): TA Multifamily Portfolio HS Industrial Portfolio Aston Multifamily Portfolio Emory Point Nevada West All Other Total Building and building improvements $ 337,889 $ 345,391 $ 306,602 $ 171,709 $ 145,305 $ 1,501,061 $ 2,807,957 Land and land improvements 68,456 45,081 47,645 — 17,409 394,410 573,001 Furniture, fixtures and equipment 4,651 — 4,926 3,040 2,833 46,766 62,216 In-place lease intangibles 21,880 20,793 22,272 11,207 5,418 79,740 161,310 Below-market ground lease intangibles — — — — — 4,623 4,623 Above-market lease intangibles 24 2,726 — 84 — 3,836 6,670 Below-market lease intangibles (307 ) (8,061 ) — (576 ) — (6,245 ) (15,189 ) Prepaid ground lease rent — — — 16,114 — — 16,114 Other intangibles — — — — — 676 676 Total purchase price $ 432,593 $ 405,930 $ 381,445 $ 201,578 $ 170,965 $ 2,024,867 $ 3,617,378 Assumed mortgage notes (1) — — — — — 200,967 200,967 Net purchase price $ 432,593 $ 405,930 $ 381,445 $ 201,578 $ 170,965 $ 1,823,900 $ 3,416,411 (1) Includes assumed mortgage notes with an outstanding principal balance of $199.4 million and premium on mortgage notes of $1.6 million as of December 31, 2017. Refer to Note 6 for additional details on the Company’s mortgage notes. |
Intangibles (Tables)
Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities | The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands): December 31, 2017 Intangible assets: In-place lease intangibles $ 131,833 Below-market ground lease intangibles 4,623 Above-market lease intangibles 6,670 Prepaid ground lease rent 16,114 Other 676 Total intangible assets 159,916 Accumulated amortization: In-place lease amortization (45,160 ) Below-market ground lease amortization (85 ) Above-market lease amortization (600 ) Prepaid ground lease rent amortization (151 ) Other (76 ) Total accumulated amortization (46,072 ) Intangible assets, net $ 113,844 Intangible liabilities: Below-market lease intangibles $ 14,920 Accumulated amortization (1,764 ) Intangible liabilities, net $ 13,156 |
Estimated Future Amortization | The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of December 31, 2017 is as follows ($ in thousands): In-place Lease Intangibles Below-market Ground Lease Intangibles Above-market Lease Intangibles Pre-paid Ground Lease Intangibles Below-market Lease Intangibles 2018 $ 55,581 78 $ 1,334 $ 227 $ (2,868 ) 2019 9,039 79 1,109 227 (2,555 ) 2020 7,594 79 1,078 227 (2,281 ) 2021 6,385 79 1,041 227 (2,029 ) 2022 4,162 79 893 227 (1,425 ) Thereafter 3,912 4,144 615 14,828 (1,998 ) $ 86,673 $ 4,538 $ 6,070 $ 15,963 $ (13,156 ) |
Investments in Real Estate-Re28
Investments in Real Estate-Related Securities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investments Schedule [Abstract] | |
Summary of Investments in CMBS | The following table details the Company’s investments in real estate-related securities, which consisted solely of CMBS as of December 31, 2017 ($ in thousands): Number of Positions Credit Rating (1) Collateral Weighted Average Coupon (2) Weighted Average Maturity Date Face Amount Cost Basis Fair Value 15 BB Hospitality, Office, Residential, Retail L+3.21% 2/1/2033 $ 423,770 $ 423,658 $ 424,419 10 B Hospitality, Office, Residential L+4.05% 6/27/2034 284,371 284,127 285,037 9 BBB Office, Hospitality, Residential, Industrial, Retail L+2.28% 8/17/2032 194,013 193,838 194,549 3 Other Residential L+2.50% 9/15/2026 11,749 11,749 11,737 37 $ 913,903 $ 913,372 $ 915,742 (1) BBB represents credit ratings of BBB+, BBB, and BBB-, BB represents credit ratings of BB+, BB, and BB-, and B represents credit ratings of B+, B, and B-. Other consists of investments that, as of December 31, 2017, were either not ratable or have not been submitted to ratings agencies. (2) The term “L” refers to the three-month U.S. dollar-denominated London Interbank Offer Rate (“LIBOR”). As of December 31, 2017, three-month LIBOR was equal to 1.7%. |
Mortgage Notes, Term Loans, a29
Mortgage Notes, Term Loans, and Revolving Credit Facilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Mortgage Notes, Term Loans, and Revolving Credit Facilities Secured by Company’s Properties | The following is a summary of the mortgage notes, term loans, and revolving credit facilities secured by the Company’s properties as of December 31, 2017 ($ in thousands): Indebtedness Weighted Average Interest Rate (1) Weighted Average Maturity Date (2) Maximum Facility Size Principal Balance (3) Fixed rate mortgages 3.80% 1/17/2025 N/A $ 1,468,294 BAML Industrial Term Loan (4) L+2.10% 6/1/2022 N/A 186,000 BAML Revolving Credit Facility (4) L+2.10% 6/1/2022 $ 186,000 186,000 Citi Revolving Credit Facility (5) L+2.25% 10/26/2020 300,000 178,831 Floating rate mortgage L+2.18% 5/9/2022 N/A 63,600 Capital One Term Loan (6) L+1.80% 12/12/2022 N/A 22,500 Capital One Revolving Credit Facility (6) L+1.80% 12/12/2022 20,600 20,600 Total loans secured by our properties 2,125,825 Deferred financing costs, net (16,075 ) Premium on assumed debt, net 1,541 Mortgage notes, term loans, and revolving credit facilities, net $ 2,111,291 (1) The term “L” refers to the one-month LIBOR. As of December 31, 2017, one-month LIBOR was equal to 1.6%. (2) For loans where the Company, at its sole discretion, has extension options, the maximum maturity date has been assumed. (3) The majority of the Company’s mortgages contain yield or spread maintenance provisions. In addition, the majority of the Company’s loans are interest only except for certain loans with amortization provisions after a certain period of time. (4) The BAML Industrial Term Loan and BAML Revolving Credit Facility are secured by certain of the Company’s industrial assets. (5) As of December 31, 2017, the Citi Revolving Credit Facility is secured by the Company’s hotel investments. (6) The Capital One Term Loan and Capital One Revolving Credit Facility are secured by one of the Company’s industrial assets. |
Summary of Future Principal Payment Due Under Company’s Mortgage Notes, Term Loan, and Revolving Credit Facilities | The following table presents the future principal payments due under the Company’s mortgage notes, term loans, and revolving credit facilities as of December 31, 2017 ($ in thousands): Year Amount 2018 $ 1,095 2019 1,829 2020 181,195 2021 4,145 2022 487,248 Thereafter 1,450,313 Total $ 2,125,825 |
Repurchase Agreements (Tables)
Repurchase Agreements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Repurchase Agreements [Abstract] | |
Summary of Repurchase Agreements | The following table is a summary of our repurchase agreements as of December 31, 2017 ($ in thousands): Facility Weighted Average Interest Rate (1) Weighted Average Maturity Date (2) Security Interests Collateral Assets (3) Outstanding Balance Prepayment Provisions Citi MRA L+1.57% 8/23/2018 CMBS $ 694,808 $ 512,975 None RBC MRA L+1.54% 11/24/2018 CMBS 194,918 150,238 None BAML L+1.16% 2/9/2018 CMBS 26,016 19,635 None $ 915,742 $ 682,848 (1) The term “L” refers to the three-month LIBOR. As of December 31, 2017, three-month LIBOR was equal to 1.7% (2) Subsequent to quarter end, the Company rolled its repurchase agreement contracts expiring in February 2018 into new nine or 12 month contracts. (3) Represents the fair value of the Company’s investments in real estate-related securities. |
Other Assets and Other Liabil31
Other Assets and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Components of Other Assets | The following table summarizes the components of other assets ($ in thousands): December 31, 2017 December 31, 2016 Real estate intangibles, net $ 113,844 — Receivables 7,386 — Pre-acquisition costs 6,588 — Deferred financing costs, net 5,248 — Prepaid expenses 3,267 — Straight-line rent receivable 2,045 — Deferred leasing commissions, net 1,193 — Other 5,711 — Total $ 145,282 $ — |
Summary of Components of Accounts Payable, Accrued Expenses, and Other Liabilities | The following table summarizes the components of accounts payable, accrued expenses, and other liabilities ($ in thousands): December 31, 2017 December 31, 2016 Subscriptions received in advance $ 107,576 $ — Accounts payable and accrued expenses 13,202 — Real estate taxes payable 13,169 — Intangible liabilities, net 13,156 — Tenant security deposits 8,107 — Accrued interest expense 8,072 — Distribution payable 7,716 — Prepaid rental income 5,381 — Other 6,456 29 Total $ 182,835 $ 29 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Schedule of Company's Authorized Capital | As of December 31, 2017, the Company had authority to issue 2,100,000,000 shares, consisting of the following: Classification Number of Shares (in thousands) Par Value Preferred Stock 100,000 $ 0.01 Class S Shares 500,000 $ 0.01 Class T Shares 500,000 $ 0.01 Class D Shares 500,000 $ 0.01 Class I Shares 500,000 $ 0.01 Total 2,100,000 |
Schedule of Company's Outstanding Shares of Common Stock | As of December 31, 2017, the Company had sold 170.4 million shares of its common stock in the Offering for aggregate net proceeds of $1.7 billion. The following table details the movement in the Company’s outstanding shares of common stock (in thousands): Year Ended December 31, 2017 Class S Class T Class D Class I Total Beginning balance — — — 20 20 Common stock issued 128,277 5,600 3,931 30,146 167,954 Distribution reinvestment 1,834 25 24 578 2,461 Common stock repurchased (26 ) — — (41 ) (67 ) Directors’ restricted stock grant (1) — — — 16 16 Ending balance 130,085 5,625 3,955 30,719 170,384 (1) The directors’ restricted stock grant represents 25% of the annual compensation paid to the independent directors. The grant is amortized over the service period of such grant. |
Schedule of Aggregate Distributions Declared for Applicable Class of Common Stock | The following table details the aggregate distributions declared for each applicable class of common stock for the year ended December 31, 2017 ($ in thousands, except share and per share data): Class S Class T Class D Class I Aggregate gross distributions declared per share of common stock $ 0.4782 $ 0.3567 $ 0.4008 $ 0.4782 Stockholder servicing fee per share of common stock (0.0823 ) (0.0511 ) (0.0173 ) — Net distributions declared per share of common stock $ 0.3959 $ 0.3056 $ 0.3835 $ 0.4782 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Summary of Components of Due to Affiliates | The following table details the components of due to affiliates ($ in thousands): December 31, 2017 December 31, 2016 Accrued stockholder servicing fee $ 102,076 $ — Performance participation allocation 16,974 — Advanced organization and offering costs 10,160 — Accrued management fee 1,904 — Accrued affiliate service provider expenses 1,485 — Advanced expenses 472 86 Total $ 133,071 $ 86 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Contractual Obligations and Commitments with Payments Due | The following table details the Company’s contractual obligations and commitments with payments due subsequent to December 31, 2017 ($ in thousands): Year Future Commitments 2018 $ 2,272 2019 2,272 2020 3,287 2021 3,322 2022 3,349 Thereafter 15,310 Total $ 29,812 |
Five Year Minimum Rental Paym35
Five Year Minimum Rental Payments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Income | The following table presents the future minimum rents the Company expects to receive for its industrial and retail properties ($ in thousands). Leases at the Company’s multifamily investments are short term, generally 12 months or less, and are therefore not included. Year Future Minimum Rents 2018 $ 48,365 2019 43,563 2020 40,060 2021 35,439 2022 28,368 Thereafter 50,034 Total $ 245,829 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Summary of Total Assets and Financial Results by Segment | The following table sets forth the total assets by segment as of December 31, 2017 ($ in thousands): December 31, 2017 Multifamily $ 2,567,735 Industrial 636,900 Hotel 281,242 Retail 103,138 Real Estate-Related Securities 918,975 Other (Corporate) 117,318 Total assets $ 4,625,308 The following table sets forth the financial results by segment for the year ended December 31, 2017 ($ in thousands): Multifamily Industrial Hotel Retail Real Estate- Related Securities Total Revenues: Rental revenue $ 82,846 $ 24,034 $ — $ 3,549 $ — $ 110,429 Tenant reimbursement income 3,476 6,812 — 664 — 10,952 Hotel revenue — — 29,916 — — 29,916 Other revenue 6,589 12 — 34 — 6,635 Total revenues 92,911 30,858 29,916 4,247 — 157,932 Expenses: Rental property operating 40,831 9,265 — 1,019 — 51,115 Hotel operating — — 20,417 — — 20,417 Total segment expenses 40,831 9,265 20,417 1,019 — 71,532 Income from real estate-related securities — — — — 17,749 17,749 Segment net operating income $ 52,080 $ 21,593 $ 9,499 $ 3,228 $ 17,749 $ 104,149 Depreciation and amortization $ 96,732 $ 17,063 $ 6,071 $ 1,927 $ — $ 121,793 Other income (expense): General and administrative (7,692 ) Management fee (8,867 ) Performance participation allocation (16,974 ) Interest income 454 Interest expense (36,884 ) Other income 57 Net loss $ (87,550 ) Net loss attributable to non-controlling interests 1,292 Net loss attributable to BREIT stockholders $ (86,258 ) |
Quarterly Financial Informati37
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following tables presents the Company’s quarterly results: 2017 March 31 June 30 September 30 December 31 Total revenues $ 2,444 $ 28,339 $ 48,904 $ 78,245 Net loss $ (1,267 ) $ (16,701 ) $ (31,847 ) $ (37,735 ) Net loss attributable to BREIT stockholders $ (1,267 ) $ (16,701 ) $ (31,725 ) $ (36,565 ) Net loss per share $ (0.03 ) $ (0.22 ) $ (0.28 ) $ (0.24 ) 2016 For the Period March 2, 2016 (date of initial capitalization) through March 31, June 30 September 30 December 31 Total revenues $ — $ — $ — $ — Net loss $ — $ — $ — $ (115 ) Net loss attributable to BREIT stockholders $ — $ — $ — $ (115 ) Net loss per share $ — $ — $ — $ (5.74 ) |
Organization and Business Pur38
Organization and Business Purpose - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2017USD ($)InvestmentPositionSegmentshares | Dec. 31, 2016shares | |
Organization and business activities. | ||
Date of formation | Nov. 16, 2015 | |
Common stock, shares authorized, amount | $ | $ 5,000,000,000 | |
Common stock, shares issued | 170,384,033 | |
Number of real estate investments | Investment | 27 | |
Number of reportable segments | Segment | 5 | |
Commercial Mortgage Backed Securities [Member] | ||
Organization and business activities. | ||
Number of positions | Position | 37 | |
Class S Shares [Member] | ||
Organization and business activities. | ||
Common stock, shares issued | 130,085,145 | 0 |
Class I Shares [Member] | ||
Organization and business activities. | ||
Common stock, shares issued | 30,719,160 | 20,000 |
Class T Shares [Member] | ||
Organization and business activities. | ||
Common stock, shares issued | 5,624,614 | 0 |
Class D Shares [Member] | ||
Organization and business activities. | ||
Common stock, shares issued | 3,955,114 | 0 |
IPO [Member] | ||
Organization and business activities. | ||
Common stock, shares authorized, amount | $ | $ 4,000,000,000 | |
Distribution Reinvestment Plan [Member] | ||
Organization and business activities. | ||
Common stock, shares authorized, amount | $ | $ 1,000,000,000 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Significant Of Accounting Policies [Line Items] | |
Assets excluding BREIT OP | $ 947,900 |
Liabilities excluding BREIT OP | 645,500 |
Subscriptions received in advance | $ 107,576 |
Percentage of taxable income distributed to stockholders | 90.00% |
Investments in real estate-related securities | $ 915,742 |
Level 2 [Member] | |
Significant Of Accounting Policies [Line Items] | |
Investments in real estate-related securities | 915,700 |
Hyatt Place Uc Davis | |
Significant Of Accounting Policies [Line Items] | |
Tax benefit | $ 300 |
Class T Shares [Member] | |
Significant Of Accounting Policies [Line Items] | |
Percentage of stockholder servicing fee on NAV per annum | 0.85% |
Selling commissions and dealer manager fees (% of transaction price) | 3.50% |
Upfront selling commissions and dealer manager fees (% of transaction price) | 3.00% |
Selling commissions and upfront dealer manager fees (% of transaction price) | 0.50% |
Advisor stockholder servicing fee (% of NAV) | 0.65% |
Dealer stockholder servicing fee (% of NAV) | 0.20% |
Class S Shares [Member] | |
Significant Of Accounting Policies [Line Items] | |
Percentage of stockholder servicing fee on NAV per annum | 0.85% |
Selling commissions and dealer manager fees (% of transaction price) | 3.50% |
Class D Shares [Member] | |
Significant Of Accounting Policies [Line Items] | |
Percentage of stockholder servicing fee on NAV per annum | 0.25% |
Class S Shares, Class D Shares and Class T Shares [Member] | |
Significant Of Accounting Policies [Line Items] | |
Stockholder servicing fees accrued | $ 102,100 |
Adviser [Member] | |
Significant Of Accounting Policies [Line Items] | |
Period for reimbursement of advance expenses | 60 months |
Organizational and offering costs | $ 10,200 |
Offering cost | 8,400 |
Organization costs | $ 1,800 |
Blackstone Advisory Partners L.P. [Member] | |
Significant Of Accounting Policies [Line Items] | |
Commission and fees, threshold percentage on gross proceeds from sale of share | 8.75% |
Blackstone Advisory Partners L.P. [Member] | Class T Shares [Member] | |
Significant Of Accounting Policies [Line Items] | |
Percentage of stockholder servicing fee on NAV per annum | 0.85% |
Blackstone Advisory Partners L.P. [Member] | Class S Shares [Member] | |
Significant Of Accounting Policies [Line Items] | |
Percentage of stockholder servicing fee on NAV per annum | 0.85% |
Blackstone Advisory Partners L.P. [Member] | Class D Shares [Member] | |
Significant Of Accounting Policies [Line Items] | |
Percentage of stockholder servicing fee on NAV per annum | 0.25% |
Blackstone Advisory Partners L.P. [Member] | Class I Shares [Member] | |
Significant Of Accounting Policies [Line Items] | |
Percentage of stockholder servicing fee on NAV per annum | 0.00% |
In-place Lease Intangibles [Member] | |
Significant Of Accounting Policies [Line Items] | |
Intangible assets write off | $ 29,500 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - Summary of Useful Lives of Assets (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate Properties [Line Items] | |
Lease intangibles | Over lease term |
Building [Member] | Minimum [Member] | |
Real Estate Properties [Line Items] | |
Estimated useful life of asset | 30 years |
Building [Member] | Maximum [Member] | |
Real Estate Properties [Line Items] | |
Estimated useful life of asset | 40 years |
Building and Land Improvements [Member] | |
Real Estate Properties [Line Items] | |
Estimated useful life of asset | 10 years |
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | |
Real Estate Properties [Line Items] | |
Estimated useful life of asset | 1 year |
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | |
Real Estate Properties [Line Items] | |
Estimated useful life of asset | 7 years |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Summary of Selling Commissions, Dealer Manager Fees, and Stockholder Servicing Fees (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Class S Shares [Member] | |
Related Party Transaction [Line Items] | |
Selling commissions and dealer manager fees (% of transaction price) | 3.50% |
Stockholder servicing fee (% of NAV) | 0.85% |
Class T Shares [Member] | |
Related Party Transaction [Line Items] | |
Selling commissions and dealer manager fees (% of transaction price) | 3.50% |
Stockholder servicing fee (% of NAV) | 0.85% |
Class D Shares [Member] | |
Related Party Transaction [Line Items] | |
Stockholder servicing fee (% of NAV) | 0.25% |
Maximum [Member] | Class S Shares [Member] | |
Related Party Transaction [Line Items] | |
Selling commissions and dealer manager fees (% of transaction price) | 3.50% |
Maximum [Member] | Class T Shares [Member] | |
Related Party Transaction [Line Items] | |
Selling commissions and dealer manager fees (% of transaction price) | 3.50% |
Investments in Real Estate - Sc
Investments in Real Estate - Schedule of Investments in Real Estate, Net (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Investments Schedule [Abstract] | |
Building and building improvements | $ 2,815,348 |
Land and land improvements | 574,253 |
Furniture, fixtures and equipment | 64,080 |
Total | 3,453,681 |
Accumulated depreciation | (47,126) |
Investments in real estate, net | $ 3,406,555 |
Investments in Real Estate - Ad
Investments in Real Estate - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017InvestmentProperty | |
Real Estate Properties [Line Items] | |
Number of real estate investments | Investment | 27 |
Number of real estate properties acquired | 115 |
In-place Lease Intangibles [Member] | |
Real Estate Properties [Line Items] | |
Weighted-average acquired lease intangibles | 3 years |
Below-market Ground Lease Intangibles [Member] | |
Real Estate Properties [Line Items] | |
Weighted-average acquired lease intangibles | 53 years |
Above-market Lease Intangibles [Member] | |
Real Estate Properties [Line Items] | |
Weighted-average acquired lease intangibles | 6 years |
Below-market Lease Intangibles [Member] | |
Real Estate Properties [Line Items] | |
Weighted-average acquired lease intangibles | 6 years |
Prepaid Ground Lease Rent [Member] | |
Real Estate Properties [Line Items] | |
Weighted-average acquired lease intangibles | 71 years |
Other Intangibles {Member] | |
Real Estate Properties [Line Items] | |
Weighted-average acquired lease intangibles | 4 years |
Industrial [Member] | |
Real Estate Properties [Line Items] | |
Number of real estate properties acquired | 55 |
Multifamily [Member] | |
Real Estate Properties [Line Items] | |
Number of real estate properties acquired | 48 |
Retail [Member] | |
Real Estate Properties [Line Items] | |
Number of real estate properties acquired | 2 |
Hotel [Member] | |
Real Estate Properties [Line Items] | |
Number of real estate properties acquired | 10 |
Investments in Real Estate - 44
Investments in Real Estate - Schedule of Details of Properties Acquired (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($)Property | |
Real Estate Properties [Line Items] | |
Number of Properties | 115 |
Purchase Price | $ | $ 3,617,378 |
Hotel [Member] | |
Real Estate Properties [Line Items] | |
Number of Properties | 10 |
Multifamily [Member] | |
Real Estate Properties [Line Items] | |
Number of Properties | 48 |
Industrial [Member] | |
Real Estate Properties [Line Items] | |
Number of Properties | 55 |
Retail [Member] | |
Real Estate Properties [Line Items] | |
Number of Properties | 2 |
CA [Member] | Hotel [Member] | Hyatt Place UC Davis [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 100.00% |
Number of Properties | 1 |
Acquisition Date | Jan. 31, 2017 |
Purchase Price | $ | $ 32,687 |
CA [Member] | Hotel [Member] | Hyatt Place San Jose Downtown [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 100.00% |
Number of Properties | 1 |
Acquisition Date | Jun. 30, 2017 |
Purchase Price | $ | $ 65,321 |
CA [Member] | Industrial [Member] | Stockton Industrial Park [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 100.00% |
Number of Properties | 1 |
Acquisition Date | Feb. 28, 2017 |
Purchase Price | $ | $ 32,751 |
CA [Member] | Retail [Member] | Plaza Del Sol Retail [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 100.00% |
Number of Properties | 1 |
Acquisition Date | Oct. 31, 2017 |
Purchase Price | $ | $ 45,898 |
AZ [Member] | Multifamily [Member] | Sonora Canyon Apartments [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 100.00% |
Number of Properties | 1 |
Acquisition Date | Feb. 28, 2017 |
Purchase Price | $ | $ 40,983 |
AZ [Member] | Multifamily [Member] | Gilbert Multifamily [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 90.00% |
Number of Properties | 2 |
Acquisition Date | Sep. 30, 2017 |
Purchase Price | $ | $ 147,039 |
Philadelphia, PA [Member] | Retail [Member] | Bakers Centre [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 100.00% |
Number of Properties | 1 |
Acquisition Date | Mar. 31, 2017 |
Purchase Price | $ | $ 54,223 |
Various [Member] | Multifamily [Member] | TA Multifamily Portfolio [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 100.00% |
Number of Properties | 6 |
Acquisition Date | Apr. 30, 2017 |
Purchase Price | $ | $ 432,593 |
Various [Member] | Multifamily [Member] | ACG II Multifamily Portfolio [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 94.00% |
Number of Properties | 4 |
Acquisition Date | Sep. 30, 2017 |
Purchase Price | $ | $ 148,038 |
Various [Member] | Multifamily [Member] | Aston Multifamily Portfolio [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 90.00% |
Number of Properties | 12 |
Acquisition Date | Nov. 30, 2017 |
Purchase Price | $ | $ 381,445 |
Various [Member] | Industrial [Member] | HS Industrial Portfolio [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 100.00% |
Number of Properties | 38 |
Acquisition Date | Apr. 30, 2017 |
Purchase Price | $ | $ 405,930 |
Various [Member] | Industrial [Member] | Southeast Industrial Portfolio [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 100.00% |
Number of Properties | 5 |
Acquisition Date | Nov. 30, 2017 |
Purchase Price | $ | $ 116,487 |
Atlanta, GA [Member] | Hotel [Member] | Hyatt House Downtown Atlanta [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 100.00% |
Number of Properties | 1 |
Acquisition Date | Aug. 31, 2017 |
Purchase Price | $ | $ 35,332 |
Atlanta, GA [Member] | Multifamily [Member] | Emory Point [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 100.00% |
Number of Properties | 1 |
Acquisition Date | May 31, 2017 |
Purchase Price | $ | $ 201,578 |
NV [Member] | Multifamily [Member] | Nevada West Multifamily [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 100.00% |
Number of Properties | 3 |
Acquisition Date | May 31, 2017 |
Purchase Price | $ | $ 170,965 |
NV [Member] | Multifamily [Member] | Mountain Gate & Trails Multifamily [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 100.00% |
Number of Properties | 2 |
Acquisition Date | Jun. 30, 2017 |
Purchase Price | $ | $ 83,572 |
NV [Member] | Multifamily [Member] | Elysian West Multifamily [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 100.00% |
Number of Properties | 1 |
Acquisition Date | Jul. 31, 2017 |
Purchase Price | $ | $ 107,027 |
NV [Member] | Multifamily [Member] | Talavera and Flamingo Multifamily [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 100.00% |
Number of Properties | 2 |
Acquisition Date | Dec. 31, 2017 |
Purchase Price | $ | $ 115,427 |
Tampa & Orlando, FL [Member] | Hotel [Member] | Florida Select-Service 4-Pack [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 100.00% |
Number of Properties | 4 |
Acquisition Date | Jul. 31, 2017 |
Purchase Price | $ | $ 58,973 |
Tampa & Orlando, FL [Member] | Multifamily [Member] | Olympus Multifamily [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 95.00% |
Number of Properties | 3 |
Acquisition Date | Nov. 30, 2017 |
Purchase Price | $ | $ 142,129 |
Tampa & Orlando, FL [Member] | Multifamily [Member] | Signature at Kendall Multifamily [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 100.00% |
Number of Properties | 1 |
Acquisition Date | Dec. 31, 2017 |
Purchase Price | $ | $ 139,468 |
Dallas, TX [Member] | Multifamily [Member] | Harbor 5 Multifamily [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 100.00% |
Number of Properties | 5 |
Acquisition Date | Aug. 31, 2017 |
Purchase Price | $ | $ 146,161 |
Dallas, TX [Member] | Multifamily [Member] | Domain & GreenVue Multifamily [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 100.00% |
Number of Properties | 2 |
Acquisition Date | Sep. 30, 2017 |
Purchase Price | $ | $ 134,452 |
Fairfield, NJ [Member] | Industrial [Member] | Fairfield Industrial Portfolio [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 100.00% |
Number of Properties | 11 |
Acquisition Date | Sep. 30, 2017 |
Purchase Price | $ | $ 74,283 |
Massachusetts, MA [Member] | Hotel [Member] | Boston/Worcester Select-Service 3-Pack [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 100.00% |
Number of Properties | 3 |
Acquisition Date | Oct. 31, 2017 |
Purchase Price | $ | $ 81,762 |
Oregon, OR [Member] | Multifamily [Member] | Amberglen West Multifamily [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 100.00% |
Number of Properties | 1 |
Acquisition Date | Nov. 30, 2017 |
Purchase Price | $ | $ 95,035 |
Colorado, CO [Member] | Multifamily [Member] | Walden Pond & Montair Multifamily Portfolio [Member] | |
Real Estate Properties [Line Items] | |
Ownership Interest | 95.00% |
Number of Properties | 2 |
Acquisition Date | Dec. 31, 2017 |
Purchase Price | $ | $ 127,819 |
Investments in Real Estate - 45
Investments in Real Estate - Schedule of Details of Properties Acquired (Detail) (Parenthetical) | 12 Months Ended |
Dec. 31, 2017ft²Property | |
Real Estate Properties [Line Items] | |
Number of Properties | 115 |
HS Industrial Portfolio [Member] | |
Real Estate Properties [Line Items] | |
Number of industrial properties | 38 |
Emory Point [Member] | |
Real Estate Properties [Line Items] | |
Area of retail space | ft² | 124,000 |
Multifamily [Member] | |
Real Estate Properties [Line Items] | |
Number of Properties | 48 |
Industrial [Member] | |
Real Estate Properties [Line Items] | |
Number of Properties | 55 |
Various [Member] | Multifamily [Member] | TA Multifamily Portfolio [Member] | |
Real Estate Properties [Line Items] | |
Number of garden style properties | 5 |
Number of Properties | 6 |
Various [Member] | Multifamily [Member] | ACG II Multifamily Portfolio [Member] | |
Real Estate Properties [Line Items] | |
Number of garden style properties | 4 |
Number of Properties | 4 |
Various [Member] | Multifamily [Member] | Aston Multifamily Portfolio [Member] | |
Real Estate Properties [Line Items] | |
Number of Properties | 12 |
Various [Member] | Industrial [Member] | HS Industrial Portfolio [Member] | |
Real Estate Properties [Line Items] | |
Number of Properties | 38 |
Various [Member] | Industrial [Member] | Southeast Industrial Portfolio [Member] | |
Real Estate Properties [Line Items] | |
Number of industrial properties | 5 |
Number of Properties | 5 |
Atlanta [Member] | HS Industrial Portfolio [Member] | |
Real Estate Properties [Line Items] | |
Percentage of leased property | 38.00% |
Chicago [Member] | HS Industrial Portfolio [Member] | |
Real Estate Properties [Line Items] | |
Percentage of leased property | 23.00% |
Houston [Member] | HS Industrial Portfolio [Member] | |
Real Estate Properties [Line Items] | |
Percentage of leased property | 17.00% |
Harrisburg [Member] | HS Industrial Portfolio [Member] | |
Real Estate Properties [Line Items] | |
Percentage of leased property | 10.00% |
Dallas [Member] | HS Industrial Portfolio [Member] | |
Real Estate Properties [Line Items] | |
Percentage of leased property | 10.00% |
Orlando [Member] | HS Industrial Portfolio [Member] | |
Real Estate Properties [Line Items] | |
Percentage of leased property | 2.00% |
Investments in Real Estate - 46
Investments in Real Estate - Schedule of Purchase Price Allocation of Properties (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Real Estate Properties [Line Items] | |
Building and building improvements | $ 2,807,957 |
Land and land improvements | 573,001 |
Furniture, fixtures and equipment | 62,216 |
In-place lease intangibles | 161,310 |
Intangible assets | 159,916 |
Below-market lease intangibles | (15,189) |
Other intangibles | 676 |
Total purchase price | 3,617,378 |
Assumed mortgage notes | 200,967 |
Net purchase price | 3,416,411 |
Below-market Ground Lease Intangibles [Member] | |
Real Estate Properties [Line Items] | |
Intangible assets | 4,623 |
Above-market Lease Intangibles [Member] | |
Real Estate Properties [Line Items] | |
Intangible assets | 6,670 |
Prepaid Ground Lease Rent [Member] | |
Real Estate Properties [Line Items] | |
Intangible assets | 16,114 |
TA Multifamily Portfolio [Member] | |
Real Estate Properties [Line Items] | |
Building and building improvements | 337,889 |
Land and land improvements | 68,456 |
Furniture, fixtures and equipment | 4,651 |
In-place lease intangibles | 21,880 |
Below-market lease intangibles | (307) |
Total purchase price | 432,593 |
Net purchase price | 432,593 |
TA Multifamily Portfolio [Member] | Above-market Lease Intangibles [Member] | |
Real Estate Properties [Line Items] | |
Intangible assets | 24 |
HS Industrial Portfolio [Member] | |
Real Estate Properties [Line Items] | |
Building and building improvements | 345,391 |
Land and land improvements | 45,081 |
In-place lease intangibles | 20,793 |
Below-market lease intangibles | (8,061) |
Total purchase price | 405,930 |
Net purchase price | 405,930 |
HS Industrial Portfolio [Member] | Above-market Lease Intangibles [Member] | |
Real Estate Properties [Line Items] | |
Intangible assets | 2,726 |
Aston Multifamily Portfolio [Member] | |
Real Estate Properties [Line Items] | |
Building and building improvements | 306,602 |
Land and land improvements | 47,645 |
Furniture, fixtures and equipment | 4,926 |
In-place lease intangibles | 22,272 |
Total purchase price | 381,445 |
Net purchase price | 381,445 |
Emory Point [Member] | |
Real Estate Properties [Line Items] | |
Building and building improvements | 171,709 |
Furniture, fixtures and equipment | 3,040 |
In-place lease intangibles | 11,207 |
Below-market lease intangibles | (576) |
Total purchase price | 201,578 |
Net purchase price | 201,578 |
Emory Point [Member] | Above-market Lease Intangibles [Member] | |
Real Estate Properties [Line Items] | |
Intangible assets | 84 |
Emory Point [Member] | Prepaid Ground Lease Rent [Member] | |
Real Estate Properties [Line Items] | |
Intangible assets | 16,114 |
Nevada West Multifamily [Member] | |
Real Estate Properties [Line Items] | |
Building and building improvements | 145,305 |
Land and land improvements | 17,409 |
Furniture, fixtures and equipment | 2,833 |
In-place lease intangibles | 5,418 |
Total purchase price | 170,965 |
Net purchase price | 170,965 |
All Other [Member] | |
Real Estate Properties [Line Items] | |
Building and building improvements | 1,501,061 |
Land and land improvements | 394,410 |
Furniture, fixtures and equipment | 46,766 |
In-place lease intangibles | 79,740 |
Below-market lease intangibles | (6,245) |
Other intangibles | 676 |
Total purchase price | 2,024,867 |
Assumed mortgage notes | 200,967 |
Net purchase price | 1,823,900 |
All Other [Member] | Below-market Ground Lease Intangibles [Member] | |
Real Estate Properties [Line Items] | |
Intangible assets | 4,623 |
All Other [Member] | Above-market Lease Intangibles [Member] | |
Real Estate Properties [Line Items] | |
Intangible assets | $ 3,836 |
Investments in Real Estate - 47
Investments in Real Estate - Schedule of Purchase Price Allocation of Properties (Detail) (Parenthetical) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Real Estate Investment Property At Cost [Abstract] | |
Mortgage loans on real estate, outstanding amount of mortgages | $ 199.4 |
Premium on mortgage notes | $ 1.6 |
Intangibles - Gross Carrying Am
Intangibles - Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
Intangible assets: | ||
Total intangible assets | $ 159,916 | |
Accumulated amortization: | ||
Total accumulated amortization | (46,072) | |
Intangible assets, net | 113,844 | |
Intangible liabilities: | ||
Below-market lease intangibles | 14,920 | |
Accumulated amortization | (1,764) | |
Intangible liabilities, net | 13,156 | $ 13,156 |
In-place Lease Intangibles [Member] | ||
Intangible assets: | ||
Total intangible assets | 131,833 | |
Accumulated amortization: | ||
Total accumulated amortization | (45,160) | |
Intangible assets, net | 86,673 | |
Below-market Ground Lease Intangibles [Member] | ||
Intangible assets: | ||
Total intangible assets | 4,623 | |
Accumulated amortization: | ||
Total accumulated amortization | (85) | |
Intangible assets, net | 4,538 | |
Above-market Lease Intangibles [Member] | ||
Intangible assets: | ||
Total intangible assets | 6,670 | |
Accumulated amortization: | ||
Total accumulated amortization | (600) | |
Intangible assets, net | 6,070 | |
Prepaid Ground Lease Rent [Member] | ||
Intangible assets: | ||
Total intangible assets | 16,114 | |
Accumulated amortization: | ||
Total accumulated amortization | (151) | |
Other Intangible Assets | ||
Intangible assets: | ||
Total intangible assets | 676 | |
Accumulated amortization: | ||
Total accumulated amortization | $ (76) |
Intangibles - Estimated Future
Intangibles - Estimated Future Amortization (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 |
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items] | ||
Intangible assets, net | $ 113,844 | |
Below-market Lease Intangibles, 2018 | $ (2,868) | |
Below-market Lease Intangibles, 2019 | (2,555) | |
Below-market Lease Intangibles, 2020 | (2,281) | |
Below-market Lease Intangibles, 2021 | (2,029) | |
Below-market Lease Intangibles, 2022 | (1,425) | |
Below-market Lease Intangibles, Thereafter | (1,998) | |
Below-market Lease Intangibles, Total | (13,156) | $ (13,156) |
In-place Lease Intangibles [Member] | ||
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items] | ||
2,018 | 55,581 | |
2,019 | 9,039 | |
2,020 | 7,594 | |
2,021 | 6,385 | |
2,022 | 4,162 | |
Thereafter | 3,912 | |
Intangible assets, net | 86,673 | |
Below-market Ground Lease Intangibles [Member] | ||
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items] | ||
2,018 | 78 | |
2,019 | 79 | |
2,020 | 79 | |
2,021 | 79 | |
2,022 | 79 | |
Thereafter | 4,144 | |
Intangible assets, net | 4,538 | |
Above-market Lease Intangibles [Member] | ||
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items] | ||
2,018 | 1,334 | |
2,019 | 1,109 | |
2,020 | 1,078 | |
2,021 | 1,041 | |
2,022 | 893 | |
Thereafter | 615 | |
Intangible assets, net | 6,070 | |
Prepaid Ground Lease Intangibles [Member] | ||
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items] | ||
2,018 | 227 | |
2,019 | 227 | |
2,020 | 227 | |
2,021 | 227 | |
2,022 | 227 | |
Thereafter | 14,828 | |
Intangible assets, net | $ 15,963 |
Investments in Real Estate-Re50
Investments in Real Estate-Related Securities - Summary of Investments in CMBS (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($)Position | |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |
Fair Value | $ 915,742 |
Commercial Mortgage Backed Securities [Member] | |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |
Number of Positions | Position | 37 |
Face Amount | $ 913,903 |
Cost Basis | 913,372 |
Fair Value | $ 915,742 |
Residential [Member] | Commercial Mortgage Backed Securities [Member] | |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |
Number of Positions | Position | 3 |
Weighted Average Maturity Date | Sep. 15, 2026 |
Face Amount | $ 11,749 |
Cost Basis | 11,749 |
Fair Value | $ 11,737 |
Residential [Member] | Three-Month U.S. Dollar-Denominated London Interbank Offer Rate [Member] | Commercial Mortgage Backed Securities [Member] | |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |
Weighted Average Coupon | 2.50% |
BB Credit Rating [Member] | Hospitality, Office, Residential, Retail [Member] | Commercial Mortgage Backed Securities [Member] | |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |
Number of Positions | Position | 15 |
Weighted Average Maturity Date | Feb. 1, 2033 |
Face Amount | $ 423,770 |
Cost Basis | 423,658 |
Fair Value | $ 424,419 |
BB Credit Rating [Member] | Hospitality, Office, Residential, Retail [Member] | Three-Month U.S. Dollar-Denominated London Interbank Offer Rate [Member] | Commercial Mortgage Backed Securities [Member] | |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |
Weighted Average Coupon | 3.21% |
B Credit Rating [Member] | Hospitality, Office, Residential [Member] | Commercial Mortgage Backed Securities [Member] | |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |
Number of Positions | Position | 10 |
Weighted Average Maturity Date | Jun. 27, 2034 |
Face Amount | $ 284,371 |
Cost Basis | 284,127 |
Fair Value | $ 285,037 |
B Credit Rating [Member] | Hospitality, Office, Residential [Member] | Three-Month U.S. Dollar-Denominated London Interbank Offer Rate [Member] | Commercial Mortgage Backed Securities [Member] | |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |
Weighted Average Coupon | 4.05% |
BBB Credit Rating [Member] | Office, Hospitality, Residential, Industrial, Retail [Member] | Commercial Mortgage Backed Securities [Member] | |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |
Number of Positions | Position | 9 |
Weighted Average Maturity Date | Aug. 17, 2032 |
Face Amount | $ 194,013 |
Cost Basis | 193,838 |
Fair Value | $ 194,549 |
BBB Credit Rating [Member] | Office, Hospitality, Residential, Industrial, Retail [Member] | Three-Month U.S. Dollar-Denominated London Interbank Offer Rate [Member] | Commercial Mortgage Backed Securities [Member] | |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |
Weighted Average Coupon | 2.28% |
Investments in Real Estate-Re51
Investments in Real Estate-Related Securities - Summary of Investments in CMBS (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Commercial Mortgage Backed Securities [Member] | Three-Month U.S. Dollar-Denominated London Interbank Offer Rate [Member] | |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | |
Investment interest rate | 1.70% |
Investments in Real Estate-Re52
Investments in Real Estate-Related Securities - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017USD ($)Investment | |
Investment [Line Items] | |
Unrealized gain on investments in real estate related securities | $ 2,400,000 |
Realized loss on CMBS investment repaid | 200,000 |
Securities sold | $ 0 |
Number of investment fully repaid | Investment | 1 |
Number of investment partially repaid | Investment | 2 |
Commercial Mortgage Backed Securities Collateralized by Properties Owned by Blackstone-advised Investment Vehicles [Member] | |
Investment [Line Items] | |
Number of Investments | Investment | 18 |
Investments in securities, cost basis | $ 559,600,000 |
Commercial Mortgage Backed Securities Collateralized by Loan Originated by Blackstone-advised Investment Vehicle [Member] | |
Investment [Line Items] | |
Number of Investments | Investment | 3 |
Investments in securities, cost basis | $ 63,500,000 |
Interest income recorded | 10,200,000 |
Commercial Mortgage Backed Securities [Member] | |
Investment [Line Items] | |
Investments in securities, cost basis | 913,372,000 |
Unrealized gain on investments in real estate related securities | $ 1,900,000 |
Mortgage Notes, Term Loans, a53
Mortgage Notes, Term Loans, and Revolving Credit Facilities - Summary of Mortgage Notes, Term Loans, and Revolving Credit Facilities Secured by Company's Properties (Details) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Debt Instrument [Line Items] | |
Deferred financing costs, net | $ (16,075,000) |
Premium on assumed debt, net | 1,541,000 |
Mortgage notes, term loans, and revolving credit facilities, net | 2,111,291,000 |
Total principal balance | 2,125,825,000 |
Premium on assumed debt, net | 1,541,000 |
Mortgage notes, term loans, and revolving credit facilities, net | $ 2,111,291,000 |
One-Month LIBOR [Member] | |
Debt Instrument [Line Items] | |
Weighted Average Interest Rate | 1.60% |
Mortgage Notes [Member] | Fixed Rate [Member] | |
Debt Instrument [Line Items] | |
Weighted Average Interest Rate | 3.80% |
Total principal balance | $ 1,468,294,000 |
Mortgage Notes [Member] | Fixed Rate [Member] | Weighted Average [Member] | |
Debt Instrument [Line Items] | |
Weighted Average Maturity Date | Jan. 17, 2025 |
Mortgage Notes [Member] | Floating Rate [Member] | |
Debt Instrument [Line Items] | |
Total principal balance | $ 63,600,000 |
Mortgage Notes [Member] | Floating Rate [Member] | Weighted Average [Member] | |
Debt Instrument [Line Items] | |
Weighted Average Maturity Date | May 9, 2022 |
Mortgage Notes [Member] | One-Month LIBOR [Member] | Floating Rate [Member] | Weighted Average [Member] | |
Debt Instrument [Line Items] | |
Weighted Average Interest Rate | 2.18% |
BAML Industrial Properties [Member] | Term Loan [Member] | |
Debt Instrument [Line Items] | |
Total principal balance | $ 186,000,000 |
BAML Industrial Properties [Member] | Term Loan [Member] | Weighted Average [Member] | |
Debt Instrument [Line Items] | |
Weighted Average Maturity Date | Jun. 1, 2022 |
BAML Industrial Properties [Member] | Term Loan [Member] | One-Month LIBOR [Member] | Weighted Average [Member] | |
Debt Instrument [Line Items] | |
Weighted Average Interest Rate | 2.10% |
BAML Industrial Properties [Member] | Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Maximum Facility Size | $ 186,000,000 |
Total principal balance | $ 186,000,000 |
BAML Industrial Properties [Member] | Revolving Credit Facility [Member] | Weighted Average [Member] | |
Debt Instrument [Line Items] | |
Weighted Average Maturity Date | Jun. 1, 2022 |
BAML Industrial Properties [Member] | Revolving Credit Facility [Member] | One-Month LIBOR [Member] | Weighted Average [Member] | |
Debt Instrument [Line Items] | |
Weighted Average Interest Rate | 2.10% |
Citi Industrial Properties | Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Maximum Facility Size | $ 300,000,000 |
Total principal balance | $ 178,831,000 |
Citi Industrial Properties | Revolving Credit Facility [Member] | Weighted Average [Member] | |
Debt Instrument [Line Items] | |
Weighted Average Maturity Date | Oct. 26, 2020 |
Citi Industrial Properties | Revolving Credit Facility [Member] | One-Month LIBOR [Member] | Weighted Average [Member] | |
Debt Instrument [Line Items] | |
Weighted Average Interest Rate | 2.25% |
Capital One Industrial Properties [Member] | Term Loan [Member] | |
Debt Instrument [Line Items] | |
Total principal balance | $ 22,500,000 |
Capital One Industrial Properties [Member] | Term Loan [Member] | Weighted Average [Member] | |
Debt Instrument [Line Items] | |
Weighted Average Maturity Date | Dec. 12, 2022 |
Capital One Industrial Properties [Member] | Term Loan [Member] | One-Month LIBOR [Member] | Weighted Average [Member] | |
Debt Instrument [Line Items] | |
Weighted Average Interest Rate | 1.80% |
Capital One Industrial Properties [Member] | Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Maximum Facility Size | $ 20,600,000 |
Total principal balance | $ 20,600,000 |
Capital One Industrial Properties [Member] | Revolving Credit Facility [Member] | Weighted Average [Member] | |
Debt Instrument [Line Items] | |
Weighted Average Maturity Date | Dec. 12, 2022 |
Capital One Industrial Properties [Member] | Revolving Credit Facility [Member] | One-Month LIBOR [Member] | Weighted Average [Member] | |
Debt Instrument [Line Items] | |
Weighted Average Interest Rate | 1.80% |
Mortgage Notes, Term Loans, a54
Mortgage Notes, Term Loans, and Revolving Credit Facilities - Summary of Mortgage Notes, Term Loans, and Revolving Credit Facilities Secured by Company's Properties (Parenthetical) (Details) | Dec. 31, 2017 |
One-Month LIBOR [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, Interest rate | 1.60% |
Mortgage Notes, Term Loans, a55
Mortgage Notes, Term Loans, and Revolving Credit Facilities - Summary of Future Principal Payment Due Under Company's Mortgage Notes, Term Loan, and Revolving Credit Facilities (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Debt Disclosure [Abstract] | |
2,018 | $ 1,095 |
2,019 | 1,829 |
2,020 | 181,195 |
2,021 | 4,145 |
2,022 | 487,248 |
Thereafter | 1,450,313 |
Total | $ 2,125,825 |
Repurchase Agreements - Additio
Repurchase Agreements - Additional Information (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Banking And Thrift [Abstract] | |
Additional financing capacity secured by investments in real estate-related securities | $ 915,742 |
Repurchase Agreements - Summary
Repurchase Agreements - Summary of Repurchase Agreements (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Debt Instrument [Line Items] | |
Collateral Assets(3) | $ 915,742 |
Outstanding Balance | $ 682,848 |
Citi MRA [Member] | |
Debt Instrument [Line Items] | |
Weighted Average Maturity Date | Aug. 23, 2018 |
Security Interests | CMBS |
Collateral Assets(3) | $ 694,808 |
Outstanding Balance | $ 512,975 |
Prepayment Provisions | None |
Citi MRA [Member] | London Interbank Offered Rate (LIBOR) | |
Debt Instrument [Line Items] | |
Weighted Average Interest Rate | 1.57% |
RBC MRA [Member] | |
Debt Instrument [Line Items] | |
Weighted Average Maturity Date | Nov. 24, 2018 |
Security Interests | CMBS |
Collateral Assets(3) | $ 194,918 |
Outstanding Balance | $ 150,238 |
Prepayment Provisions | None |
RBC MRA [Member] | London Interbank Offered Rate (LIBOR) | |
Debt Instrument [Line Items] | |
Weighted Average Interest Rate | 1.54% |
BAML MRA [Member] | |
Debt Instrument [Line Items] | |
Weighted Average Maturity Date | Feb. 9, 2018 |
Security Interests | CMBS |
Collateral Assets(3) | $ 26,016 |
Outstanding Balance | $ 19,635 |
Prepayment Provisions | None |
BAML MRA [Member] | London Interbank Offered Rate (LIBOR) | |
Debt Instrument [Line Items] | |
Weighted Average Interest Rate | 1.16% |
Repurchase Agreements - Summa58
Repurchase Agreements - Summary of Repurchase Agreements (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Three-Month LIBOR [Member] | |
Debt Instrument [Line Items] | |
Investment interest rate | 1.70% |
Affiliate Line of Credit - Addi
Affiliate Line of Credit - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Jan. 23, 2017 | |
Line Of Credit Facility [Line Items] | ||
Borrowings under line of credit including accrued interest | $ 5,374,000 | |
One-Month LIBOR [Member] | ||
Line Of Credit Facility [Line Items] | ||
Debt instrument, Interest rate | 1.60% | |
Unsecured Line of Credit [Member] | ||
Line Of Credit Facility [Line Items] | ||
Line of credit | $ 250,000,000 | |
Expiration date | Jan. 23, 2019 | |
Borrowings under line of credit including accrued interest | $ 5,400,000 | |
Unsecured Line of Credit [Member] | One-Month LIBOR [Member] | ||
Line Of Credit Facility [Line Items] | ||
Interest rate | 2.25% | |
Debt instrument, Interest rate | 1.60% |
Other Assets and Other Liabil60
Other Assets and Other Liabilities - Summary of Components of Other Assets (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Other Assets [Abstract] | |
Real estate intangibles, net | $ 113,844 |
Receivables | 7,386 |
Pre-acquisition costs | 6,588 |
Deferred financing costs, net | 5,248 |
Prepaid expenses | 3,267 |
Straight-line rent receivable | 2,045 |
Deferred leasing commissions, net | 1,193 |
Other | 5,711 |
Total | $ 145,282 |
Other Assets and Other Liabil61
Other Assets and Other Liabilities - Summary of Components of Accounts Payable, Accrued Expenses, and Other Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Payables And Accruals [Abstract] | |||
Subscriptions received in advance | $ 107,576 | ||
Accounts payable and accrued expenses | 13,202 | ||
Real estate taxes payable | 13,169 | ||
Intangible liabilities, net | 13,156 | $ 13,156 | |
Tenant security deposits | 8,107 | ||
Accrued interest expense | 8,072 | ||
Distribution payable | 7,716 | $ 0 | |
Prepaid rental income | 5,381 | ||
Other | 6,456 | 29 | |
Total | $ 182,835 | $ 29 |
Equity - Additional Information
Equity - Additional Information (Detail) | May 31, 2017USD ($)shares | Apr. 30, 2017USD ($)shares | Dec. 31, 2017USD ($)Classshares | Dec. 31, 2016shares |
Equity [Line Items] | ||||
Number of classes of common stock | Class | 4 | |||
Number of Shares, Authorized to issue, Total | 2,100,000,000 | |||
Common stock, shares issued | 170,384,033 | |||
Net proceeds from issuance of common stock | $ | $ 1,700,000,000 | |||
Common stock repurchased | 67,000 | |||
Effective income tax rate distribution for ordinary income, percent | 34.15% | |||
Effective income tax rate distribution for return of capital, percent | 65.85% | |||
Ordinary income not qualified for distributions payment | 32.55% | |||
Ordinary income qualified for distributions payment | 1.60% | |||
Class D Shares [Member] | ||||
Equity [Line Items] | ||||
Common stock, shares issued | 3,955,114 | 0 | ||
Number of shares sold | 0 | |||
Distributions declared for shares | $ | $ 0 | |||
Class T Shares [Member] | ||||
Equity [Line Items] | ||||
Common stock, shares issued | 5,624,614 | 0 | ||
Number of shares sold | 0 | |||
Distributions declared for shares | $ | $ 0 | |||
Share Repurchase Plan [Member] | ||||
Equity [Line Items] | ||||
Common stock repurchased | 66,888 |
Equity - Schedule of Company's
Equity - Schedule of Company's Authorized Capital (Detail) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Class of Stock [Line Items] | ||
Preferred Stock, Number of Shares, Authorized to issue | 100,000,000 | 100,000,000 |
Number of Shares, Authorized to issue, Total | 2,100,000,000 | |
Preferred Stock, Par Value | $ 0.01 | $ 0.01 |
Class S Shares [Member] | ||
Class of Stock [Line Items] | ||
Common Stock, Number of Shares, Authorized to issue | 500,000,000 | 500,000,000 |
Common Stock, Par Value | $ 0.01 | $ 0.01 |
Class T Shares [Member] | ||
Class of Stock [Line Items] | ||
Common Stock, Number of Shares, Authorized to issue | 500,000,000 | 500,000,000 |
Common Stock, Par Value | $ 0.01 | $ 0.01 |
Class D Shares [Member] | ||
Class of Stock [Line Items] | ||
Common Stock, Number of Shares, Authorized to issue | 500,000,000 | 500,000,000 |
Common Stock, Par Value | $ 0.01 | $ 0.01 |
Class I Shares [Member] | ||
Class of Stock [Line Items] | ||
Common Stock, Number of Shares, Authorized to issue | 500,000,000 | 500,000,000 |
Common Stock, Par Value | $ 0.01 | $ 0.01 |
Equity - Schedule of Company'64
Equity - Schedule of Company's Outstanding Shares of Common Stock (Detail) | 12 Months Ended |
Dec. 31, 2017shares | |
Class of Stock [Line Items] | |
Beginning balance | 20,000 |
Common stock issued | 167,954,000 |
Distribution reinvestment | 2,461,000 |
Common stock repurchased | (67,000) |
Directors’ restricted stock grant | 16,000 |
Ending balance | 170,384,000 |
Class S Shares [Member] | |
Class of Stock [Line Items] | |
Beginning balance | 0 |
Common stock issued | 128,277,000 |
Distribution reinvestment | 1,834,000 |
Common stock repurchased | (26,000) |
Ending balance | 130,085,145 |
Class T Shares [Member] | |
Class of Stock [Line Items] | |
Beginning balance | 0 |
Common stock issued | 5,600,000 |
Distribution reinvestment | 25,000 |
Ending balance | 5,624,614 |
Class D Shares [Member] | |
Class of Stock [Line Items] | |
Beginning balance | 0 |
Common stock issued | 3,931,000 |
Distribution reinvestment | 24,000 |
Ending balance | 3,955,114 |
Class I Shares [Member] | |
Class of Stock [Line Items] | |
Beginning balance | 20,000 |
Common stock issued | 30,146,000 |
Distribution reinvestment | 578,000 |
Common stock repurchased | (41,000) |
Directors’ restricted stock grant | 16,000 |
Ending balance | 30,719,160 |
Equity - Schedule of Company'65
Equity - Schedule of Company's Outstanding Shares of Common Stock (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Class Of Stock Disclosures [Abstract] | |
Percentage of compensation paid on restricted stock granted | 25.00% |
Equity - Schedule of Aggregate
Equity - Schedule of Aggregate Distributions Declared for Applicable Class of Common Stock (Detail) | 9 Months Ended |
Sep. 30, 2017$ / shares | |
Class S Shares [Member] | |
Dividends Payable [Line Items] | |
Aggregate gross distributions declared per share of common stock | $ 0.4782 |
Stockholder servicing fee per share of common stock | (0.0823) |
Net distributions declared per share of common stock | 0.3959 |
Class T Shares [Member] | |
Dividends Payable [Line Items] | |
Aggregate gross distributions declared per share of common stock | 0.3567 |
Stockholder servicing fee per share of common stock | (0.0511) |
Net distributions declared per share of common stock | 0.3056 |
Class I Shares [Member] | |
Dividends Payable [Line Items] | |
Aggregate gross distributions declared per share of common stock | 0.4782 |
Net distributions declared per share of common stock | 0.4782 |
Class D Shares [Member] | |
Dividends Payable [Line Items] | |
Aggregate gross distributions declared per share of common stock | 0.4008 |
Stockholder servicing fee per share of common stock | (0.0173) |
Net distributions declared per share of common stock | $ 0.3835 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | 1 Months Ended | 10 Months Ended | 12 Months Ended |
Jan. 31, 2018shares | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($)Investment$ / Key$ / Unitshares | |
Related Party Transaction [Line Items] | |||
Total components due to affiliates | $ 86,000 | $ 133,071,000 | |
Management fee | 0 | 8,867,000 | |
Recognized liabilities for Performance Participation expense | 0 | $ 16,974,000 | |
Operational and management services cost per key per annum | $ / Key | 200 | ||
Operational and management services cost per unit | $ / Unit | 300 | ||
Adviser [Member] | |||
Related Party Transaction [Line Items] | |||
Percentage of management fee on NAV per annum | 1.25% | ||
Period for reimbursement of advance expenses | 60 months | ||
Blackstone Advisory Partners L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Commission and fees, threshold percentage on gross proceeds from sale of share | 8.75% | ||
Special Limited Partner [Member] | |||
Related Party Transaction [Line Items] | |||
Stock issued as payment for services | shares | 1.6 | ||
Percentage of annual hurdle amount | 5.00% | ||
Related party allocation percentage of annual total return | 12.50% | ||
All Other Unit Holders [Member] | |||
Related Party Transaction [Line Items] | |||
Related party allocation percentage of annual total return | 87.50% | ||
LivCor LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Investments in real estate capitalized | $ 900,000 | ||
LNLS [Member] | |||
Related Party Transaction [Line Items] | |||
Costs paid to LNLS for title services related to investment | $ 1,000,000 | ||
Number of Investments with Capitalized Costs | Investment | 13 | ||
Affiliate of Adviser [Member] | |||
Related Party Transaction [Line Items] | |||
Internal audit and compliance functions fees incurred | $ 30,000 | ||
Accrued Liabilities [Member] | |||
Related Party Transaction [Line Items] | |||
Total components due to affiliates | 0 | ||
Accrued Liabilities [Member] | LivCor LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Total components due to affiliates | 1,300,000 | ||
Accrued Liabilities [Member] | BRE Hotels and Resorts [Member] | |||
Related Party Transaction [Line Items] | |||
Total components due to affiliates | 100,000 | ||
EOM [Member] | |||
Related Party Transaction [Line Items] | |||
Investments in real estate capitalized | $ 100,000 | ||
EOM [Member] | Property Management Services [Member] | |||
Related Party Transaction [Line Items] | |||
Percentage of operational and management services cost | 3.00% | ||
EOM [Member] | Leasing Services [Member] | |||
Related Party Transaction [Line Items] | |||
Percentage of operational and management services cost | 1.00% | ||
EOM [Member] | Construction Management Services [Member] | |||
Related Party Transaction [Line Items] | |||
Percentage of operational and management services cost | 4.00% | ||
EOM [Member] | Accrued Liabilities [Member] | |||
Related Party Transaction [Line Items] | |||
Total components due to affiliates | $ 900,000 | ||
ShopCore Properties TRS Management LLC [Member] | Property Management Services [Member] | |||
Related Party Transaction [Line Items] | |||
Percentage of operational and management services cost | 3.00% | ||
ShopCore Properties TRS Management LLC [Member] | Leasing Services [Member] | |||
Related Party Transaction [Line Items] | |||
Percentage of operational and management services cost | 1.00% | ||
ShopCore Properties TRS Management LLC [Member] | Construction Management Services [Member] | |||
Related Party Transaction [Line Items] | |||
Percentage of operational and management services cost | 4.00% | ||
ShopCore Properties TRS Management LLC [Member] | Accrued Liabilities [Member] | |||
Related Party Transaction [Line Items] | |||
Total components due to affiliates | $ 200,000 | ||
Accrued Stockholder Servicing Fee [Member] | |||
Related Party Transaction [Line Items] | |||
Total components due to affiliates | 102,076,000 | ||
Accrued Stockholder Servicing Fee [Member] | Class S Shares, Class D Shares and Class T Shares [Member] | |||
Related Party Transaction [Line Items] | |||
Total components due to affiliates | 102,100,000 | ||
Advanced Organization and Offering Costs [Member] | |||
Related Party Transaction [Line Items] | |||
Total components due to affiliates | $ 10,160,000 | ||
Advanced Organization and Offering Costs [Member] | Adviser [Member] | |||
Related Party Transaction [Line Items] | |||
Period for reimbursement of advance expenses | 60 months | ||
Advanced Expenses [Member] | |||
Related Party Transaction [Line Items] | |||
Total components due to affiliates | $ 86,000 | $ 472,000 | |
Accrued Management Fee [Member] | |||
Related Party Transaction [Line Items] | |||
Total components due to affiliates | 1,904,000 | ||
Accrued Management Fee [Member] | Adviser [Member] | |||
Related Party Transaction [Line Items] | |||
Total components due to affiliates | $ 1,900,000 | ||
Management Fee [Member] | Adviser [Member] | Class I Shares [Member] | |||
Related Party Transaction [Line Items] | |||
Stock issued as payment for services | shares | 664,411 | ||
Management Fee [Member] | Subsequent Event [Member] | Adviser [Member] | Class I Shares [Member] | |||
Related Party Transaction [Line Items] | |||
Stock issued as payment for services | shares | 180,215 |
Related Party Transactions - Su
Related Party Transactions - Summary of Components of Due to Affiliates (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Related Party Transaction [Line Items] | ||
Total components due to affiliates | $ 133,071 | $ 86 |
Accrued Stockholder Servicing Fee [Member] | ||
Related Party Transaction [Line Items] | ||
Total components due to affiliates | 102,076 | |
Performance Participation Allocation [Member] | ||
Related Party Transaction [Line Items] | ||
Total components due to affiliates | 16,974 | |
Advanced Organization and Offering Costs [Member] | ||
Related Party Transaction [Line Items] | ||
Total components due to affiliates | 10,160 | |
Accrued Management Fee [Member] | ||
Related Party Transaction [Line Items] | ||
Total components due to affiliates | 1,904 | |
Accrued Affiliate Service Provider Expenses [Member] | ||
Related Party Transaction [Line Items] | ||
Total components due to affiliates | 1,485 | |
Advanced Expenses [Member] | ||
Related Party Transaction [Line Items] | ||
Total components due to affiliates | $ 472 | $ 86 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017Investment | |
Commitments And Contingencies Disclosure [Abstract] | |
Number of real estate investments subject to ground leases | 2 |
Advance expenses reimbursement period | 60 months |
Commitments and Contingencies70
Commitments and Contingencies - Summary of Contractual Obligations and Commitments with Payments Due (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2,018 | $ 2,272 |
2,019 | 2,272 |
2,020 | 3,287 |
2,021 | 3,322 |
2,022 | 3,349 |
Thereafter | 15,310 |
Total | $ 29,812 |
Five Year Minimum Rental Paym71
Five Year Minimum Rental Payments - Schedule of Future Minimum Rental Income (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Leases [Abstract] | |
2,018 | $ 48,365 |
2,019 | 43,563 |
2,020 | 40,060 |
2,021 | 35,439 |
2,022 | 28,368 |
Thereafter | 50,034 |
Total | $ 245,829 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 5 |
Segment Reporting - Summary of
Segment Reporting - Summary of Total Assets by Segment (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 4,625,308 | $ 200 |
Multifamily [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 2,567,735 | |
Industrial [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 636,900 | |
Hotel [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 281,242 | |
Retail [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 103,138 | |
Real Estate-Related Securities [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 918,975 | |
Other (Corporate) [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 117,318 |
Segment Reporting - Summary o74
Segment Reporting - Summary of Financial Results by Segment (Detail) - USD ($) | 3 Months Ended | 10 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2017 | |
Revenues: | |||||||
Rental revenue | $ 110,429,000 | ||||||
Tenant reimbursement income | 10,952,000 | ||||||
Hotel revenue | 29,916,000 | ||||||
Other revenue | 6,635,000 | ||||||
Total revenues | $ 78,245 | $ 48,904 | $ 28,339 | $ 2,444 | 157,932,000 | ||
Expenses: | |||||||
Rental property operating | 51,115,000 | ||||||
Hotel operating | 20,417,000 | ||||||
Total segment expenses | 71,532,000 | ||||||
Income from real estate-related securities | 17,749,000 | ||||||
Segment net operating income | 104,149,000 | ||||||
Depreciation and amortization | $ 0 | 121,793,000 | |||||
Other income (expense): | |||||||
General and administrative | (115,000) | (7,692,000) | |||||
Management fee | 0 | (8,867,000) | |||||
Performance participation allocation | 0 | (16,974,000) | |||||
Interest income | 454,000 | ||||||
Interest expense | (36,884,000) | ||||||
Other income | 57,000 | ||||||
Net loss | (37,735) | (31,847) | (16,701) | (1,267) | $ (115) | (115,000) | (87,550,000) |
Net loss attributable to non-controlling interests | 1,292,000 | ||||||
Net loss attributable to BREIT stockholders | $ (36,565) | $ (31,725) | $ (16,701) | $ (1,267) | $ (115) | $ (115,000) | (86,258,000) |
Multifamily [Member] | |||||||
Revenues: | |||||||
Rental revenue | 82,846,000 | ||||||
Tenant reimbursement income | 3,476,000 | ||||||
Other revenue | 6,589,000 | ||||||
Total revenues | 92,911,000 | ||||||
Expenses: | |||||||
Rental property operating | 40,831,000 | ||||||
Total segment expenses | 40,831,000 | ||||||
Segment net operating income | 52,080,000 | ||||||
Depreciation and amortization | 96,732,000 | ||||||
Industrial [Member] | |||||||
Revenues: | |||||||
Rental revenue | 24,034,000 | ||||||
Tenant reimbursement income | 6,812,000 | ||||||
Other revenue | 12,000 | ||||||
Total revenues | 30,858,000 | ||||||
Expenses: | |||||||
Rental property operating | 9,265,000 | ||||||
Total segment expenses | 9,265,000 | ||||||
Segment net operating income | 21,593,000 | ||||||
Depreciation and amortization | 17,063,000 | ||||||
Hotel [Member] | |||||||
Revenues: | |||||||
Hotel revenue | 29,916,000 | ||||||
Total revenues | 29,916,000 | ||||||
Expenses: | |||||||
Hotel operating | 20,417,000 | ||||||
Total segment expenses | 20,417,000 | ||||||
Segment net operating income | 9,499,000 | ||||||
Depreciation and amortization | 6,071,000 | ||||||
Retail [Member] | |||||||
Revenues: | |||||||
Rental revenue | 3,549,000 | ||||||
Tenant reimbursement income | 664,000 | ||||||
Other revenue | 34,000 | ||||||
Total revenues | 4,247,000 | ||||||
Expenses: | |||||||
Rental property operating | 1,019,000 | ||||||
Total segment expenses | 1,019,000 | ||||||
Segment net operating income | 3,228,000 | ||||||
Depreciation and amortization | 1,927,000 | ||||||
Real Estate-Related Securities [Member] | |||||||
Expenses: | |||||||
Income from real estate-related securities | 17,749,000 | ||||||
Segment net operating income | $ 17,749,000 |
Quarterly Financial Informati75
Quarterly Financial Information (Unaudited) - Schedule of Quarterly Financial Information (Detail) - USD ($) | 3 Months Ended | 10 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||
Total revenues | $ 78,245 | $ 48,904 | $ 28,339 | $ 2,444 | $ 157,932,000 | ||
Net loss | (37,735) | (31,847) | (16,701) | (1,267) | $ (115) | $ (115,000) | (87,550,000) |
Net loss attributable to BREIT stockholders | $ (36,565) | $ (31,725) | $ (16,701) | $ (1,267) | $ (115) | $ (115,000) | $ (86,258,000) |
Net loss per share of common stock — basic and diluted | $ (0.24) | $ (0.28) | $ (0.22) | $ (0.03) | $ (5.74) | $ (5.74) | $ (0.90) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ in Thousands, ft² in Millions | Mar. 19, 2018USD ($)Transactionshares | Mar. 09, 2018USD ($)ft²Property | Mar. 19, 2018USD ($)Transactionshares | Dec. 31, 2016USD ($)shares | Dec. 31, 2017USD ($)Propertyshares |
Subsequent Event [Line Items] | |||||
Aggregate payments to acquire real estate, exclusive of closing costs | $ 0 | $ 3,393,674 | |||
Purchase of floating-rate CMBS | 0 | 930,147 | |||
Purchase Price | $ 3,617,378 | ||||
Number of Properties | Property | 115 | ||||
Total principal balance | $ 2,125,825 | ||||
Common stock, shares issued | shares | 170,384,033 | ||||
Proceeds from issuance of common stock | $ 0 | $ 1,718,992 | |||
Class S Shares [Member] | |||||
Subsequent Event [Line Items] | |||||
Common stock, shares issued | shares | 0 | 130,085,145 | |||
Class I Shares [Member] | |||||
Subsequent Event [Line Items] | |||||
Common stock, shares issued | shares | 20,000 | 30,719,160 | |||
Class D Shares [Member] | |||||
Subsequent Event [Line Items] | |||||
Common stock, shares issued | shares | 0 | 3,955,114 | |||
Class T Shares [Member] | |||||
Subsequent Event [Line Items] | |||||
Common stock, shares issued | shares | 0 | 5,624,614 | |||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Aggregate payments to acquire real estate, exclusive of closing costs | $ 289,900 | ||||
Number of separate transaction in real estate acquisition | Transaction | 2 | 2 | |||
Common stock, shares issued | shares | 226,804,071 | 226,804,071 | |||
Proceeds from issuance of common stock | $ 2,300,000 | ||||
Subsequent Event [Member] | Class S Shares [Member] | |||||
Subsequent Event [Line Items] | |||||
Common stock, shares issued | shares | 163,218,275 | 163,218,275 | |||
Subsequent Event [Member] | Class I Shares [Member] | |||||
Subsequent Event [Line Items] | |||||
Common stock, shares issued | shares | 9,741,552 | 9,741,552 | |||
Subsequent Event [Member] | Class D Shares [Member] | |||||
Subsequent Event [Line Items] | |||||
Common stock, shares issued | shares | 6,823,284 | 6,823,284 | |||
Subsequent Event [Member] | Class T Shares [Member] | |||||
Subsequent Event [Line Items] | |||||
Common stock, shares issued | shares | 47,020,960 | 47,020,960 | |||
Subsequent Event [Member] | Canyon Industrial Portfolio [Member] | |||||
Subsequent Event [Line Items] | |||||
Area of retail space | ft² | 22 | ||||
Purchase Price | $ 1,800,000 | ||||
Number of Properties | Property | 146 | ||||
Subsequent Event [Member] | Canyon Industrial Portfolio [Member] | Mortgage Notes [Member] | |||||
Subsequent Event [Line Items] | |||||
Total principal balance | $ 1,100,000 | ||||
Loan maturity period | 84 months | ||||
Debt instrument, Interest rate | 4.10% | ||||
Subsequent Event [Member] | Canyon Industrial Portfolio [Member] | Mezzanine Loan [Member] | |||||
Subsequent Event [Line Items] | |||||
Total principal balance | $ 200,000 | ||||
Loan maturity period | 84 months | ||||
Debt instrument, Interest rate | 5.85% | ||||
Subsequent Event [Member] | Canyon Industrial Portfolio [Member] | Chicago [Member] | |||||
Subsequent Event [Line Items] | |||||
Geographic area concentration, percentage | 18.00% | ||||
Subsequent Event [Member] | Canyon Industrial Portfolio [Member] | Dallas [Member] | |||||
Subsequent Event [Line Items] | |||||
Geographic area concentration, percentage | 12.00% | ||||
Subsequent Event [Member] | Canyon Industrial Portfolio [Member] | Baltimore/Washington, D.C. [Member] | |||||
Subsequent Event [Line Items] | |||||
Geographic area concentration, percentage | 12.00% | ||||
Subsequent Event [Member] | Canyon Industrial Portfolio [Member] | Los Angeles/Inland Empire [Member] | |||||
Subsequent Event [Line Items] | |||||
Geographic area concentration, percentage | 7.00% | ||||
Subsequent Event [Member] | Canyon Industrial Portfolio [Member] | South/Central Florida [Member] | |||||
Subsequent Event [Line Items] | |||||
Geographic area concentration, percentage | 7.00% | ||||
Subsequent Event [Member] | Canyon Industrial Portfolio [Member] | New Jersey [Member] | |||||
Subsequent Event [Line Items] | |||||
Geographic area concentration, percentage | 7.00% | ||||
Subsequent Event [Member] | Canyon Industrial Portfolio [Member] | Denver [Member] | |||||
Subsequent Event [Line Items] | |||||
Geographic area concentration, percentage | 6.00% | ||||
Subsequent Event [Member] | Commercial Mortgage Backed Securities [Member] | |||||
Subsequent Event [Line Items] | |||||
Purchase of floating-rate CMBS | $ 169,500 |
Real Estate and Accumulated D77
Real Estate and Accumulated Depreciation - Schedule of Real Estate and Accumulated Depreciation (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 2,125,825 |
Initial Cost, Land and Land Improvements | 573,001 |
Initial Cost, Building and Building Improvements | 2,807,821 |
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements | 1,229 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 7,550 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 574,230 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 2,815,371 |
Total | 3,389,601 |
Accumulated Depreciation | (44,184) |
Multifamily Properties [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | 1,472,504 |
Initial Cost, Land and Land Improvements | 397,099 |
Initial Cost, Building and Building Improvements | 2,045,675 |
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements | 1,205 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 5,586 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 398,304 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 2,051,261 |
Total | 2,449,565 |
Accumulated Depreciation | (27,411) |
Multifamily Properties [Member] | Sonora Canyon Apartments [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | 26,455 |
Initial Cost, Land and Land Improvements | 9,358 |
Initial Cost, Building and Building Improvements | 30,007 |
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements | 94 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 279 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 9,452 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 30,286 |
Total | 39,738 |
Accumulated Depreciation | $ (1,052) |
Year Built | 1,985 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | 55 West [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 63,600 |
Initial Cost, Land and Land Improvements | 10,030 |
Initial Cost, Building and Building Improvements | 97,652 |
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements | 42 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 1,531 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 10,072 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 99,183 |
Total | 109,255 |
Accumulated Depreciation | $ (2,480) |
Year Built | 2,010 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Addison Keller Springs Apartments [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 36,140 |
Initial Cost, Land and Land Improvements | 9,382 |
Initial Cost, Building and Building Improvements | 37,786 |
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements | 36 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 281 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 9,418 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 38,067 |
Total | 47,485 |
Accumulated Depreciation | $ (922) |
Year Built | 2,013 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Estates at Park [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 43,225 |
Initial Cost, Land and Land Improvements | 11,567 |
Initial Cost, Building and Building Improvements | 57,128 |
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements | 138 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 175 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 11,705 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 57,303 |
Total | 69,008 |
Accumulated Depreciation | $ (1,449) |
Year Built | 2,004 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | San Merano [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 69,777 |
Initial Cost, Land and Land Improvements | 24,422 |
Initial Cost, Building and Building Improvements | 73,818 |
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements | 31 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 219 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 24,453 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 74,037 |
Total | 98,490 |
Accumulated Depreciation | $ (1,844) |
Year Built | 2,003 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | The Preserve at Osprey Lake [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 41,340 |
Initial Cost, Land and Land Improvements | 10,899 |
Initial Cost, Building and Building Improvements | 42,850 |
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements | 206 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 837 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 11,105 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 43,687 |
Total | 54,792 |
Accumulated Depreciation | $ (1,060) |
Year Built | 1,997 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | West End at City Center [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 20,767 |
Initial Cost, Land and Land Improvements | 2,156 |
Initial Cost, Building and Building Improvements | 28,655 |
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements | 54 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 435 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 2,210 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 29,090 |
Total | 31,300 |
Accumulated Depreciation | $ (703) |
Year Built | 2,009 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Emory Point [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 130,000 |
Initial Cost, Building and Building Improvements | 171,709 |
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements | 29 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 280 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 29 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 171,989 |
Total | 172,018 |
Accumulated Depreciation | $ (4,189) |
Year Built | 2,013 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Dream [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 37,783 |
Initial Cost, Land and Land Improvements | 4,745 |
Initial Cost, Building and Building Improvements | 47,195 |
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements | 17 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 211 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 4,762 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 47,406 |
Total | 52,168 |
Accumulated Depreciation | $ (1,062) |
Year Built | 2,015 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | South West [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 37,487 |
Initial Cost, Land and Land Improvements | 6,071 |
Initial Cost, Building and Building Improvements | 46,952 |
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements | 7 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 157 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 6,078 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 47,109 |
Total | 53,187 |
Accumulated Depreciation | $ (1,072) |
Year Built | 2,016 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Union [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 46,110 |
Initial Cost, Land and Land Improvements | 6,593 |
Initial Cost, Building and Building Improvements | 51,158 |
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements | 1 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 179 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 6,594 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 51,337 |
Total | 57,931 |
Accumulated Depreciation | $ (1,140) |
Year Built | 2,016 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Mountain Gate [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 33,704 |
Initial Cost, Land and Land Improvements | 6,632 |
Initial Cost, Building and Building Improvements | 37,909 |
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements | 94 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 215 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 6,726 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 38,124 |
Total | 44,850 |
Accumulated Depreciation | $ (703) |
Year Built | 2,010 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Mountain Trails [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 26,281 |
Initial Cost, Land and Land Improvements | 5,569 |
Initial Cost, Building and Building Improvements | 29,208 |
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements | 86 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 189 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 5,655 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 29,397 |
Total | 35,052 |
Accumulated Depreciation | $ (559) |
Year Built | 2,010 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Elysian West Multifamily [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 75,400 |
Initial Cost, Land and Land Improvements | 17,565 |
Initial Cost, Building and Building Improvements | 80,840 |
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements | 27 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 27 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 17,592 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 80,867 |
Total | 98,459 |
Accumulated Depreciation | $ (1,395) |
Year Built | 2,016 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Redstone at SanTan Village [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 40,484 |
Initial Cost, Land and Land Improvements | 16,491 |
Initial Cost, Building and Building Improvements | 53,056 |
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements | 2 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 3 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 16,493 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 53,059 |
Total | 69,552 |
Accumulated Depreciation | $ (708) |
Year Built | 2,014 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Vistara at SanTan Village [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 48,129 |
Initial Cost, Land and Land Improvements | 15,574 |
Initial Cost, Building and Building Improvements | 54,663 |
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements | 2 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 15,576 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 54,663 |
Total | 70,239 |
Accumulated Depreciation | $ (583) |
Year Built | 2,017 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Abbey at Vista Ridge [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 32,338 |
Initial Cost, Land and Land Improvements | 6,903 |
Initial Cost, Building and Building Improvements | 36,616 |
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements | 28 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 41 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 6,931 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 36,657 |
Total | 43,588 |
Accumulated Depreciation | $ (465) |
Year Built | 2,002 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Fieldcrest [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 13,860 |
Initial Cost, Land and Land Improvements | 4,507 |
Initial Cost, Building and Building Improvements | 13,216 |
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements | 1 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 19 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 4,508 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 13,235 |
Total | 17,743 |
Accumulated Depreciation | $ (186) |
Year Built | 1,985 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Tall Timbers [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 17,990 |
Initial Cost, Land and Land Improvements | 4,873 |
Initial Cost, Building and Building Improvements | 18,919 |
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements | 25 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 20 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 4,898 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 18,939 |
Total | 23,837 |
Accumulated Depreciation | $ (248) |
Year Built | 1,985 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | The Tallows [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 20,510 |
Initial Cost, Land and Land Improvements | 6,053 |
Initial Cost, Building and Building Improvements | 20,934 |
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements | 27 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 82 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 6,080 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 21,016 |
Total | 27,096 |
Accumulated Depreciation | $ (267) |
Year Built | 1,983 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Villas at Waterchase [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 18,573 |
Initial Cost, Land and Land Improvements | 5,693 |
Initial Cost, Building and Building Improvements | 18,762 |
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements | 242 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 156 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 5,935 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 18,918 |
Total | 24,853 |
Accumulated Depreciation | $ (233) |
Year Built | 1,982 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Domain at Midtown Park [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 47,600 |
Initial Cost, Land and Land Improvements | 16,678 |
Initial Cost, Building and Building Improvements | 47,939 |
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements | 4 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 5 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 16,682 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 47,944 |
Total | 64,626 |
Accumulated Depreciation | $ (533) |
Year Built | 2,016 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | GreenVue [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Initial Cost, Land and Land Improvements | $ 11,754 |
Initial Cost, Building and Building Improvements | 49,788 |
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements | 3 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 16 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 11,757 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 49,804 |
Total | 61,561 |
Accumulated Depreciation | $ (542) |
Year Built | 2,015 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Brooks Landing [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 24,500 |
Initial Cost, Land and Land Improvements | 2,740 |
Initial Cost, Building and Building Improvements | 33,738 |
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements | 1 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 14 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 2,741 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 33,752 |
Total | 36,493 |
Accumulated Depreciation | $ (332) |
Year Built | 2,005 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Sterling Pointe [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 18,900 |
Initial Cost, Land and Land Improvements | 3,344 |
Initial Cost, Building and Building Improvements | 30,331 |
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements | 1 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 5 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 3,345 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 30,336 |
Total | 33,681 |
Accumulated Depreciation | $ (302) |
Year Built | 2,007 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Woodland [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 23,485 |
Initial Cost, Land and Land Improvements | 3,940 |
Initial Cost, Building and Building Improvements | 27,206 |
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements | 1 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 18 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 3,941 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 27,224 |
Total | 31,165 |
Accumulated Depreciation | $ (297) |
Year Built | 2,012 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Highlands [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 27,715 |
Initial Cost, Land and Land Improvements | 10,679 |
Initial Cost, Building and Building Improvements | 28,170 |
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements | 3 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 13 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 10,682 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 28,183 |
Total | 38,865 |
Accumulated Depreciation | $ (256) |
Year Built | 2,006 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Cape House [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 45,426 |
Initial Cost, Land and Land Improvements | 11,548 |
Initial Cost, Building and Building Improvements | 55,009 |
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements | 1 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 5 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 11,549 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 55,014 |
Total | 66,563 |
Accumulated Depreciation | $ (278) |
Year Built | 1,999 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Mirador at River City [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 23,250 |
Initial Cost, Land and Land Improvements | 4,034 |
Initial Cost, Building and Building Improvements | 28,288 |
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements | 1 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 28 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 4,035 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 28,316 |
Total | 32,351 |
Accumulated Depreciation | $ (137) |
Year Built | 2,008 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Stovall at River City [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 23,250 |
Initial Cost, Land and Land Improvements | 3,996 |
Initial Cost, Building and Building Improvements | 29,314 |
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements | 1 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 3,997 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 29,314 |
Total | 33,311 |
Accumulated Depreciation | $ (141) |
Year Built | 2,007 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Ashley Oaks [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 27,202 |
Initial Cost, Land and Land Improvements | 7,940 |
Initial Cost, Building and Building Improvements | 26,929 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 27 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 7,940 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 26,956 |
Total | 34,896 |
Accumulated Depreciation | $ (135) |
Year Built | 1,985 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Audubon Park [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 20,987 |
Initial Cost, Land and Land Improvements | 3,934 |
Initial Cost, Building and Building Improvements | 20,178 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 24 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 3,934 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 20,202 |
Total | 24,136 |
Accumulated Depreciation | $ (95) |
Year Built | 1,968 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Belmont [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 16,503 |
Initial Cost, Land and Land Improvements | 3,535 |
Initial Cost, Building and Building Improvements | 18,145 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 7 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 3,535 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 18,152 |
Total | 21,687 |
Accumulated Depreciation | $ (86) |
Year Built | 1,983 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Cantare at Indian Lake Village [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 23,357 |
Initial Cost, Land and Land Improvements | 2,236 |
Initial Cost, Building and Building Improvements | 32,572 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 3 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 2,236 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 32,575 |
Total | 34,811 |
Accumulated Depreciation | $ (145) |
Year Built | 2,013 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Cooper Creek [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 8,352 |
Initial Cost, Land and Land Improvements | 1,292 |
Initial Cost, Building and Building Improvements | 11,092 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 3 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 1,292 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 11,095 |
Total | 12,387 |
Accumulated Depreciation | $ (51) |
Year Built | 1,997 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Grayson Ridge [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 15,277 |
Initial Cost, Land and Land Improvements | 3,587 |
Initial Cost, Building and Building Improvements | 18,136 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 8 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 3,587 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 18,144 |
Total | 21,731 |
Accumulated Depreciation | $ (84) |
Year Built | 1,988 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Landing at Mansfield [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 26,013 |
Initial Cost, Land and Land Improvements | 3,833 |
Initial Cost, Building and Building Improvements | 33,054 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 10 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 3,833 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 33,064 |
Total | 36,897 |
Accumulated Depreciation | $ (157) |
Year Built | 2,006 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Meritage at Steiner Ranch [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 49,733 |
Initial Cost, Land and Land Improvements | 8,422 |
Initial Cost, Building and Building Improvements | 52,899 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 27 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 8,422 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 52,926 |
Total | 61,348 |
Accumulated Depreciation | $ (231) |
Year Built | 2,001 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Montelena [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 20,502 |
Initial Cost, Land and Land Improvements | 3,875 |
Initial Cost, Building and Building Improvements | 25,462 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 6 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 3,875 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 25,468 |
Total | 29,343 |
Accumulated Depreciation | $ (117) |
Year Built | 1,998 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Richland Falls [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 24,457 |
Initial Cost, Land and Land Improvements | 2,690 |
Initial Cost, Building and Building Improvements | 30,046 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 15 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 2,690 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 30,061 |
Total | 32,751 |
Accumulated Depreciation | $ (136) |
Year Built | 2,013 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Rosemont at Olmos Park [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 13,308 |
Initial Cost, Land and Land Improvements | 2,468 |
Initial Cost, Building and Building Improvements | 14,831 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 4 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 2,468 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 14,835 |
Total | 17,303 |
Accumulated Depreciation | $ (68) |
Year Built | 1,995 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Trails at Buda Ranch [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 20,704 |
Initial Cost, Land and Land Improvements | 3,832 |
Initial Cost, Building and Building Improvements | 23,258 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 11 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 3,832 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 23,269 |
Total | 27,101 |
Accumulated Depreciation | $ (113) |
Year Built | 2,009 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Amberglen West Multifamily [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Initial Cost, Land and Land Improvements | $ 9,176 |
Initial Cost, Building and Building Improvements | 82,029 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 9,176 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 82,029 |
Total | 91,205 |
Accumulated Depreciation | $ (263) |
Year Built | 2,017 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Flamingo [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Initial Cost, Land and Land Improvements | $ 14,447 |
Initial Cost, Building and Building Improvements | 34,871 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 14,447 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 34,871 |
Total | 49,318 |
Accumulated Depreciation | $ (93) |
Year Built | 1,998 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Talavera [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Initial Cost, Land and Land Improvements | $ 14,801 |
Initial Cost, Building and Building Improvements | 46,622 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 14,801 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 46,622 |
Total | 61,423 |
Accumulated Depreciation | $ (122) |
Year Built | 1,996 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Montair [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 44,325 |
Initial Cost, Land and Land Improvements | 19,105 |
Initial Cost, Building and Building Improvements | 46,552 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 19,105 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 46,552 |
Total | 65,657 |
Accumulated Depreciation | $ (101) |
Year Built | 1,984 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Walden Pond [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 47,705 |
Initial Cost, Land and Land Improvements | 9,711 |
Initial Cost, Building and Building Improvements | 47,052 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 1 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 9,711 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 47,053 |
Total | 56,764 |
Accumulated Depreciation | $ (88) |
Year Built | 1,991 |
Year Acquired | 2,017 |
Multifamily Properties [Member] | Signature at Kendall Multifamily [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Initial Cost, Land and Land Improvements | $ 28,419 |
Initial Cost, Building and Building Improvements | 103,131 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 28,419 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 103,131 |
Total | 131,550 |
Accumulated Depreciation | $ (188) |
Year Built | 2,016 |
Year Acquired | 2,017 |
Industrial Properties [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 415,100 |
Initial Cost, Land and Land Improvements | 95,842 |
Initial Cost, Building and Building Improvements | 499,840 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 1,046 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 95,842 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 500,886 |
Total | 596,728 |
Accumulated Depreciation | (9,515) |
Industrial Properties [Member] | Stockton Industrial Park [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | 21,913 |
Initial Cost, Land and Land Improvements | 10,079 |
Initial Cost, Building and Building Improvements | 21,240 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 42 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 10,079 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 21,282 |
Total | 31,361 |
Accumulated Depreciation | $ (737) |
Year Built | 1,974 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 1650 Bluegrass Lakes Parkway [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 6,117 |
Initial Cost, Land and Land Improvements | 998 |
Initial Cost, Building and Building Improvements | 7,705 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 17 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 998 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 7,722 |
Total | 8,720 |
Accumulated Depreciation | $ (156) |
Year Built | 1,991 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 500 Interstate Parkway [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 7,192 |
Initial Cost, Land and Land Improvements | 1,105 |
Initial Cost, Building and Building Improvements | 8,687 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 1,105 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 8,687 |
Total | 9,792 |
Accumulated Depreciation | $ (206) |
Year Built | 1,993 |
Year Acquired | 2,017 |
Industrial Properties [Member] | Cobb West Business Park [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 75,286 |
Initial Cost, Land and Land Improvements | 5,344 |
Initial Cost, Building and Building Improvements | 97,862 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 152 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 5,344 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 98,014 |
Total | 103,358 |
Accumulated Depreciation | $ (2,184) |
Year Built | 1,994 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 8110 Troon Circle [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 4,437 |
Initial Cost, Land and Land Improvements | 1,336 |
Initial Cost, Building and Building Improvements | 5,481 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 71 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 1,336 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 5,552 |
Total | 6,888 |
Accumulated Depreciation | $ (151) |
Year Built | 2,001 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 8140 Troon Circle [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 4,773 |
Initial Cost, Land and Land Improvements | 1,342 |
Initial Cost, Building and Building Improvements | 5,761 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 174 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 1,342 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 5,935 |
Total | 7,277 |
Accumulated Depreciation | $ (164) |
Year Built | 2,001 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 1000 N. Main Street [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 2,554 |
Initial Cost, Land and Land Improvements | 483 |
Initial Cost, Building and Building Improvements | 3,489 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 483 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 3,489 |
Total | 3,972 |
Accumulated Depreciation | $ (80) |
Year Built | 2,000 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 111 Internationale Blvd [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 3,159 |
Initial Cost, Land and Land Improvements | 631 |
Initial Cost, Building and Building Improvements | 3,698 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 55 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 631 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 3,753 |
Total | 4,384 |
Accumulated Depreciation | $ (77) |
Year Built | 1,992 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 120 North Schmale Road [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 3,361 |
Initial Cost, Land and Land Improvements | 1,184 |
Initial Cost, Building and Building Improvements | 4,511 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 1,184 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 4,511 |
Total | 5,695 |
Accumulated Depreciation | $ (108) |
Year Built | 1,997 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 1215 - 1225 Bowes Road [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 2,151 |
Initial Cost, Land and Land Improvements | 620 |
Initial Cost, Building and Building Improvements | 2,733 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 28 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 620 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 2,761 |
Total | 3,381 |
Accumulated Depreciation | $ (69) |
Year Built | 1,998 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 1287 Naperville Road [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 3,227 |
Initial Cost, Land and Land Improvements | 935 |
Initial Cost, Building and Building Improvements | 5,023 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 15 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 935 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 5,038 |
Total | 5,973 |
Accumulated Depreciation | $ (111) |
Year Built | 2,000 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 1275-1285 Holmes Road [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 4,100 |
Initial Cost, Land and Land Improvements | 1,118 |
Initial Cost, Building and Building Improvements | 5,172 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 41 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 1,118 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 5,213 |
Total | 6,331 |
Accumulated Depreciation | $ (108) |
Year Built | 1,990 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 1811-1821 Industrial Drive [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 3,832 |
Initial Cost, Land and Land Improvements | 850 |
Initial Cost, Building and Building Improvements | 4,340 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 850 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 4,340 |
Total | 5,190 |
Accumulated Depreciation | $ (110) |
Year Built | 1,988 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 221 Westgate Drive [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 4,974 |
Initial Cost, Land and Land Improvements | 757 |
Initial Cost, Building and Building Improvements | 6,727 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 757 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 6,727 |
Total | 7,484 |
Accumulated Depreciation | $ (141) |
Year Built | 2,007 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 2350 Pinehurst Blvd [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 4,504 |
Initial Cost, Land and Land Improvements | 858 |
Initial Cost, Building and Building Improvements | 5,683 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 11 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 858 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 5,694 |
Total | 6,552 |
Accumulated Depreciation | $ (115) |
Year Built | 1,995 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 417-419 Village Drive [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 4,571 |
Initial Cost, Land and Land Improvements | 837 |
Initial Cost, Building and Building Improvements | 5,902 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 837 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 5,902 |
Total | 6,739 |
Accumulated Depreciation | $ (134) |
Year Built | 2,008 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 472 Thomas Drive [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 4,168 |
Initial Cost, Land and Land Improvements | 1,001 |
Initial Cost, Building and Building Improvements | 7,908 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 125 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 1,001 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 8,033 |
Total | 9,034 |
Accumulated Depreciation | $ (154) |
Year Built | 1,974 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 490 Windy Point Drive [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 2,151 |
Initial Cost, Land and Land Improvements | 416 |
Initial Cost, Building and Building Improvements | 2,837 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 416 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 2,837 |
Total | 3,253 |
Accumulated Depreciation | $ (65) |
Year Built | 1,989 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 540-570 Congress Circle South [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 5,579 |
Initial Cost, Land and Land Improvements | 1,166 |
Initial Cost, Building and Building Improvements | 6,812 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 1,166 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 6,812 |
Total | 7,978 |
Accumulated Depreciation | $ (157) |
Year Built | 1,997 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 6350 Church Road [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 4,168 |
Initial Cost, Land and Land Improvements | 1,090 |
Initial Cost, Building and Building Improvements | 5,342 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 1,090 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 5,342 |
Total | 6,432 |
Accumulated Depreciation | $ (141) |
Year Built | 2,007 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 655 Remington Blvd [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 4,100 |
Initial Cost, Land and Land Improvements | 1,892 |
Initial Cost, Building and Building Improvements | 4,023 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 1,892 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 4,023 |
Total | 5,915 |
Accumulated Depreciation | $ (102) |
Year Built | 1,998 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 340 Remington Blvd [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 8,402 |
Initial Cost, Land and Land Improvements | 2,313 |
Initial Cost, Building and Building Improvements | 9,953 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 135 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 2,313 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 10,088 |
Total | 12,401 |
Accumulated Depreciation | $ (237) |
Year Built | 1,991 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 636 Schwab Circle [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 3,294 |
Initial Cost, Land and Land Improvements | 860 |
Initial Cost, Building and Building Improvements | 4,193 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 860 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 4,193 |
Total | 5,053 |
Accumulated Depreciation | $ (88) |
Year Built | 2,001 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 3232 East Loop North [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 2,218 |
Initial Cost, Land and Land Improvements | 632 |
Initial Cost, Building and Building Improvements | 2,416 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 632 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 2,416 |
Total | 3,048 |
Accumulated Depreciation | $ (61) |
Year Built | 1,981 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 3262 East Loop [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 3,899 |
Initial Cost, Land and Land Improvements | 707 |
Initial Cost, Building and Building Improvements | 4,911 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 707 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 4,911 |
Total | 5,618 |
Accumulated Depreciation | $ (112) |
Year Built | 1,981 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 201 Cumberland Parkway [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 17,813 |
Initial Cost, Land and Land Improvements | 1,467 |
Initial Cost, Building and Building Improvements | 21,649 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 1,467 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 21,649 |
Total | 23,116 |
Accumulated Depreciation | $ (484) |
Year Built | 1,992 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 181 Fulling Mill Rd [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 8,806 |
Initial Cost, Land and Land Improvements | 866 |
Initial Cost, Building and Building Improvements | 12,492 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 866 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 12,492 |
Total | 13,358 |
Accumulated Depreciation | $ (280) |
Year Built | 1,999 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 5045 Ritter Road [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 2,285 |
Initial Cost, Land and Land Improvements | 399 |
Initial Cost, Building and Building Improvements | 2,984 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 5 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 399 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 2,989 |
Total | 3,388 |
Accumulated Depreciation | $ (80) |
Year Built | 1,986 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 957 Heinz Way [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 4,934 |
Initial Cost, Land and Land Improvements | 1,027 |
Initial Cost, Building and Building Improvements | 5,762 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 1,027 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 5,762 |
Total | 6,789 |
Accumulated Depreciation | $ (161) |
Year Built | 1,976 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 4030 Mint Way [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 3,663 |
Initial Cost, Land and Land Improvements | 863 |
Initial Cost, Building and Building Improvements | 4,487 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 863 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 4,487 |
Total | 5,350 |
Accumulated Depreciation | $ (120) |
Year Built | 1,983 |
Year Acquired | 2,017 |
Industrial Properties [Member] | Twin Creeks Business Center [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 11,965 |
Initial Cost, Land and Land Improvements | 2,474 |
Initial Cost, Building and Building Improvements | 15,664 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 2,474 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 15,664 |
Total | 18,138 |
Accumulated Depreciation | $ (389) |
Year Built | 2,008 |
Year Acquired | 2,017 |
Industrial Properties [Member] | Carrier Parkway [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 4,779 |
Initial Cost, Land and Land Improvements | 1,052 |
Initial Cost, Building and Building Improvements | 6,266 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 30 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 1,052 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 6,296 |
Total | 7,348 |
Accumulated Depreciation | $ (158) |
Year Built | 1,979 |
Year Acquired | 2,017 |
Industrial Properties [Member] | Southport Center [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 4,436 |
Initial Cost, Land and Land Improvements | 937 |
Initial Cost, Building and Building Improvements | 5,149 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 20 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 937 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 5,169 |
Total | 6,106 |
Accumulated Depreciation | $ (116) |
Year Built | 2,007 |
Year Acquired | 2,017 |
Industrial Properties [Member] | Palmbay Center [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 3,697 |
Initial Cost, Land and Land Improvements | 590 |
Initial Cost, Building and Building Improvements | 4,064 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 9 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 590 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 4,073 |
Total | 4,663 |
Accumulated Depreciation | $ (84) |
Year Built | 2,001 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 8901-8918 Market St [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 9,545 |
Initial Cost, Land and Land Improvements | 1,662 |
Initial Cost, Building and Building Improvements | 11,944 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 20 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 1,662 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 11,964 |
Total | 13,626 |
Accumulated Depreciation | $ (261) |
Year Built | 1,981 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 8921-8922 Market St [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 8,470 |
Initial Cost, Land and Land Improvements | 1,645 |
Initial Cost, Building and Building Improvements | 12,220 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 71 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 1,645 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 12,291 |
Total | 13,936 |
Accumulated Depreciation | $ (246) |
Year Built | 1,981 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 8935-8947 Market St [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 6,386 |
Initial Cost, Land and Land Improvements | 1,294 |
Initial Cost, Building and Building Improvements | 8,167 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 1,294 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 8,167 |
Total | 9,461 |
Accumulated Depreciation | $ (173) |
Year Built | 1,981 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 8967-8977 Market St [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 4,907 |
Initial Cost, Land and Land Improvements | 1,149 |
Initial Cost, Building and Building Improvements | 5,722 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 1,149 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 5,722 |
Total | 6,871 |
Accumulated Depreciation | $ (132) |
Year Built | 1,981 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 8979-8999 Market St [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 6,184 |
Initial Cost, Land and Land Improvements | 1,178 |
Initial Cost, Building and Building Improvements | 7,520 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 1,178 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 7,520 |
Total | 8,698 |
Accumulated Depreciation | $ (185) |
Year Built | 1,981 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 1 Gardner Road [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 2,567 |
Initial Cost, Land and Land Improvements | 1,232 |
Initial Cost, Building and Building Improvements | 2,755 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 1,232 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 2,755 |
Total | 3,987 |
Accumulated Depreciation | $ (31) |
Year Built | 1,980 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 4 Gardner Road [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 3,779 |
Initial Cost, Land and Land Improvements | 1,767 |
Initial Cost, Building and Building Improvements | 4,682 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 1,767 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 4,682 |
Total | 6,449 |
Accumulated Depreciation | $ (52) |
Year Built | 1,981 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 12 Gardner Road [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 7,039 |
Initial Cost, Land and Land Improvements | 3,223 |
Initial Cost, Building and Building Improvements | 4,180 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 3,223 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 4,180 |
Total | 7,403 |
Accumulated Depreciation | $ (52) |
Year Built | 1,973 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 15 Gardner Road [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 2,308 |
Initial Cost, Land and Land Improvements | 1,093 |
Initial Cost, Building and Building Improvements | 4,074 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 1,093 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 4,074 |
Total | 5,167 |
Accumulated Depreciation | $ (40) |
Year Built | 1,974 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 11 Stewart Place [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 2,135 |
Initial Cost, Land and Land Improvements | 1,101 |
Initial Cost, Building and Building Improvements | 1,688 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 1,101 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 1,688 |
Total | 2,789 |
Accumulated Depreciation | $ (23) |
Year Built | 1,970 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 17 Stewart Place [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 2,106 |
Initial Cost, Land and Land Improvements | 1,170 |
Initial Cost, Building and Building Improvements | 1,900 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 1,170 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 1,900 |
Total | 3,070 |
Accumulated Depreciation | $ (21) |
Year Built | 1,985 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 24 Stewart Place [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 4,270 |
Initial Cost, Land and Land Improvements | 4,219 |
Initial Cost, Building and Building Improvements | 5,936 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 25 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 4,219 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 5,961 |
Total | 10,180 |
Accumulated Depreciation | $ (61) |
Year Built | 2,000 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 67 Route 46 [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 5,654 |
Initial Cost, Land and Land Improvements | 4,726 |
Initial Cost, Building and Building Improvements | 6,013 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 4,726 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 6,013 |
Total | 10,739 |
Accumulated Depreciation | $ (65) |
Year Built | 2,000 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 5-7 Evans Street [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 4,264 |
Initial Cost, Land and Land Improvements | 2,131 |
Initial Cost, Building and Building Improvements | 2,408 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 2,131 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 2,408 |
Total | 4,539 |
Accumulated Depreciation | $ (28) |
Year Built | 1,973 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 20 Audrey Place [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 7,501 |
Initial Cost, Land and Land Improvements | 4,194 |
Initial Cost, Building and Building Improvements | 8,677 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 4,194 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 8,677 |
Total | 12,871 |
Accumulated Depreciation | $ (86) |
Year Built | 1,975 |
Year Acquired | 2,017 |
Industrial Properties [Member] | 27-29 Dwight Place [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 1,477 |
Initial Cost, Land and Land Improvements | 843 |
Initial Cost, Building and Building Improvements | 1,375 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 843 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 1,375 |
Total | 2,218 |
Accumulated Depreciation | $ (17) |
Year Built | 1,974 |
Year Acquired | 2,017 |
Industrial Properties [Member] | Faye Road [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 16,672 |
Initial Cost, Land and Land Improvements | 3,056 |
Initial Cost, Building and Building Improvements | 20,161 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 3,056 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 20,161 |
Total | 23,217 |
Accumulated Depreciation | $ (79) |
Year Built | 2,007 |
Year Acquired | 2,017 |
Industrial Properties [Member] | Jonesboro Commerce Center [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 13,585 |
Initial Cost, Land and Land Improvements | 2,804 |
Initial Cost, Building and Building Improvements | 14,537 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 2,804 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 14,537 |
Total | 17,341 |
Accumulated Depreciation | $ (73) |
Year Built | 1,994 |
Year Acquired | 2,017 |
Industrial Properties [Member] | Mason Road Distribution Center [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 14,065 |
Initial Cost, Land and Land Improvements | 3,574 |
Initial Cost, Building and Building Improvements | 16,037 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 3,574 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 16,037 |
Total | 19,611 |
Accumulated Depreciation | $ (77) |
Year Built | 1,996 |
Year Acquired | 2,017 |
Industrial Properties [Member] | Volkswagen BTS [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 14,820 |
Initial Cost, Land and Land Improvements | 2,261 |
Initial Cost, Building and Building Improvements | 15,933 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 2,261 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 15,933 |
Total | 18,194 |
Accumulated Depreciation | $ (70) |
Year Built | 2,007 |
Year Acquired | 2,017 |
Industrial Properties [Member] | Westlake Distribution Center [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 20,858 |
Initial Cost, Land and Land Improvements | 3,291 |
Initial Cost, Building and Building Improvements | 22,985 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 3,291 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 22,985 |
Total | 26,276 |
Accumulated Depreciation | $ (103) |
Year Built | 2,007 |
Year Acquired | 2,017 |
Hotel Properties [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 178,831 |
Initial Cost, Land and Land Improvements | 36,625 |
Initial Cost, Building and Building Improvements | 212,155 |
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements | 24 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 828 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 36,649 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 212,983 |
Total | 249,632 |
Accumulated Depreciation | (6,038) |
Hotel Properties [Member] | Hyatt Place Uc Davis | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | 20,930 |
Initial Cost, Land and Land Improvements | 526 |
Initial Cost, Building and Building Improvements | 24,778 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 36 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 526 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 24,814 |
Total | 25,340 |
Accumulated Depreciation | $ (1,981) |
Year Built | 2,010 |
Year Acquired | 2,017 |
Hotel Properties [Member] | Hyatt Place San Jose Downtown [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 43,712 |
Initial Cost, Land and Land Improvements | 18,372 |
Initial Cost, Building and Building Improvements | 43,476 |
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements | 19 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 780 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 18,391 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 44,256 |
Total | 62,647 |
Accumulated Depreciation | $ (1,337) |
Year Built | 1,974 |
Year Acquired | 2,017 |
Hotel Properties [Member] | Hampton Inn & Suites Oldsmar [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 10,205 |
Initial Cost, Land and Land Improvements | 2,088 |
Initial Cost, Building and Building Improvements | 13,234 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 2,088 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 13,234 |
Total | 15,322 |
Accumulated Depreciation | $ (352) |
Year Built | 2,013 |
Year Acquired | 2,017 |
Hotel Properties [Member] | Hilton Garden Inn Oldsmar [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 7,166 |
Initial Cost, Land and Land Improvements | 1,069 |
Initial Cost, Building and Building Improvements | 8,724 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 7 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 1,069 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 8,731 |
Total | 9,800 |
Accumulated Depreciation | $ (225) |
Year Built | 2,006 |
Year Acquired | 2,017 |
Hotel Properties [Member] | Hilton Garden Inn Tampa North [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 11,034 |
Initial Cost, Land and Land Improvements | 2,706 |
Initial Cost, Building and Building Improvements | 12,351 |
Costs Capitalized Subsequent to Acquisition, Land and Land Improvements | 5 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 1 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 2,711 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 12,352 |
Total | 15,063 |
Accumulated Depreciation | $ (492) |
Year Built | 2,000 |
Year Acquired | 2,017 |
Hotel Properties [Member] | Hyatt Place Lake Mary [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 9,409 |
Initial Cost, Land and Land Improvements | 1,941 |
Initial Cost, Building and Building Improvements | 10,979 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 3 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 1,941 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 10,982 |
Total | 12,923 |
Accumulated Depreciation | $ (319) |
Year Built | 2,008 |
Year Acquired | 2,017 |
Hotel Properties [Member] | Hyatt House Downtown Atlanta [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 22,750 |
Initial Cost, Land and Land Improvements | 5,714 |
Initial Cost, Building and Building Improvements | 26,296 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 1 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 5,714 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 26,297 |
Total | 32,011 |
Accumulated Depreciation | $ (620) |
Year Built | 2,015 |
Year Acquired | 2,017 |
Hotel Properties [Member] | Courtyard Worcester [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 15,551 |
Initial Cost, Land and Land Improvements | 1,646 |
Initial Cost, Building and Building Improvements | 20,149 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 1,646 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 20,149 |
Total | 21,795 |
Accumulated Depreciation | $ (261) |
Year Built | 1,999 |
Year Acquired | 2,017 |
Hotel Properties [Member] | Hampton Inn & Suites Worcester [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 10,993 |
Initial Cost, Land and Land Improvements | 738 |
Initial Cost, Building and Building Improvements | 14,663 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 738 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 14,663 |
Total | 15,401 |
Accumulated Depreciation | $ (136) |
Year Built | 2,016 |
Year Acquired | 2,017 |
Hotel Properties [Member] | Towne Place Suites Logan Airport [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 27,081 |
Initial Cost, Land and Land Improvements | 1,825 |
Initial Cost, Building and Building Improvements | 37,505 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 1,825 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 37,505 |
Total | 39,330 |
Accumulated Depreciation | $ (315) |
Year Built | 2,015 |
Year Acquired | 2,017 |
Retail [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 59,390 |
Initial Cost, Land and Land Improvements | 43,435 |
Initial Cost, Building and Building Improvements | 50,151 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 90 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 43,435 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 50,241 |
Total | 93,676 |
Accumulated Depreciation | (1,220) |
Retail [Member] | Bakers Centre [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | 32,000 |
Initial Cost, Land and Land Improvements | 19,335 |
Initial Cost, Building and Building Improvements | 31,833 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 84 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 19,335 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 31,917 |
Total | 51,252 |
Accumulated Depreciation | $ (990) |
Year Built | 2,015 |
Year Acquired | 2,017 |
Retail [Member] | Plaza Del Sol Retail [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Encumbrances | $ 27,390 |
Initial Cost, Land and Land Improvements | 24,100 |
Initial Cost, Building and Building Improvements | 18,318 |
Costs Capitalized Subsequent to Acquisition, Building and Building Improvements | 6 |
Gross Amounts at which Carried at the Close of Period, Land and Land Improvements | 24,100 |
Gross Amounts at which Carried at the Close of Period, Building and Building Improvements | 18,324 |
Total | 42,424 |
Accumulated Depreciation | $ (230) |
Year Built | 1,984 |
Year Acquired | 2,017 |
Real Estate and Accumulated D78
Real Estate and Accumulated Depreciation - Schedule of Real Estate and Accumulated Depreciation (Detail) (Parenthetical) $ in Billions | Dec. 31, 2017USD ($) |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |
Aggregate cost basis for tax purposes | $ 3.6 |
Real Estate and Accumulated D79
Real Estate and Accumulated Depreciation - Additional Information (Detail) - Furniture, Fixtures and Equipment [Member] $ in Thousands | Dec. 31, 2017USD ($) |
Real Estate And Accumulated Depreciation [Line Items] | |
Amount of property excluded from real estate investments | $ 64,080 |
Amount of accumulated deprecation excluded from real estate accumulated depreciation | $ 2,942 |
Real Estate and Accumulated D80
Real Estate and Accumulated Depreciation - Summary of Activity for Real Estate and Accumulated Depreciation (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Real Estate: | |
Land and land improvements | $ 574,253 |
Building and building improvements | 2,815,348 |
Balance at the end of the year | 3,389,601 |
Accumulated Depreciation: | |
Accumulated depreciation | (44,184) |
Balance at the end of the year | $ (44,184) |