Cover Page
Cover Page | 3 Months Ended |
Mar. 31, 2022 | |
Document Information [Line Items] | |
Document Type | S-4 |
Entity Registrant Name | Cottonwood Communities, Inc. |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | true |
Entity Central Index Key | 0001692951 |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | |||
Real estate assets, net | $ 1,416,553 | $ 1,408,483 | $ 161,092 |
Investments in unconsolidated real estate entities | 152,596 | 190,733 | 30,000 |
Investments in real-estate related loans | 13,031 | 13,035 | 8,255 |
Cash and cash equivalents | 121,890 | 27,169 | 4,362 |
Restricted cash | 28,295 | 18,221 | 271 |
Other assets | 30,655 | 29,249 | 825 |
Total assets | 1,763,020 | 1,686,890 | 204,805 |
Liabilities | |||
Mortgage notes and revolving credit facility, net | 769,061 | 642,107 | 70,320 |
Construction loans, net | 66,174 | 116,656 | 0 |
Preferred stock, net | 257,585 | 245,268 | 29,825 |
Unsecured promissory notes, net | 43,443 | 43,543 | 0 |
Performance participation allocation due to affiliate | 19,934 | 51,761 | 0 |
Accounts payable, accrued expenses and other liabilities | 58,320 | 46,886 | 2,577 |
Total liabilities | 1,214,517 | 1,146,221 | 102,722 |
Commitments and contingencies (Note 11) | |||
Stockholders' equity | |||
Additional paid-in capital | 279,347 | 252,035 | 121,677 |
Accumulated distributions | (21,587) | (17,273) | (7,768) |
Accumulated deficit | (58,869) | (55,864) | (11,948) |
Total stockholders' equity | 199,143 | 179,134 | 102,083 |
Noncontrolling interests | |||
Limited partners | 282,549 | 291,258 | 0 |
Partially owned entities | 66,811 | 70,277 | 0 |
Total noncontrolling interests | 349,360 | 361,535 | 0 |
Total equity and noncontrolling interests | 548,503 | 540,669 | 102,083 |
Total liabilities, equity and noncontrolling interests | 1,763,020 | 1,686,890 | 204,805 |
Class I | |||
Stockholders' equity | |||
Common stock | 6 | 2 | 0 |
Class A | |||
Stockholders' equity | |||
Common stock | 232 | 234 | 122 |
Common Class TX | |||
Stockholders' equity | |||
Common stock | 0 | 0 | $ 0 |
Class T | |||
Stockholders' equity | |||
Common stock | $ 14 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Common stock, shares outstanding (in shares) | 25,297,131 | 23,613,980 | 12,232,289 |
Common Stock Class I | |||
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 275,000,000 | 275,000,000 | 275,000,000 |
Common stock, shares issued (in shares) | 608,019 | 151,286 | |
Common stock, shares outstanding (in shares) | 608,019 | 151,286 | 0 |
Common Stock Class A | |||
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 125,000,000 | 125,000,000 | 125,000,000 |
Common stock, shares issued (in shares) | 23,288,245 | 23,445,174 | 12,214,771 |
Common stock, shares outstanding (in shares) | 23,288,245 | 23,445,174 | 12,214,771 |
Common Class TX | |||
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 17,525 | 17,520 | 17,518 |
Common stock, shares outstanding (in shares) | 17,525 | 17,520 | 17,518 |
Common Class T [Member] | |||
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized (in shares) | 275,000,000 | 275,000,000 | |
Common stock, shares issued (in shares) | 1,383,342 | 0 | |
Common stock, shares outstanding (in shares) | 1,383,342 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | ||||
Rental and other property revenues | $ 26,820 | $ 3,172 | $ 73,129 | $ 10,749 |
Property management revenues | 3,124 | 0 | 8,597 | 0 |
Other revenues | 615 | 245 | 1,455 | 576 |
Total revenues | 30,559 | 3,417 | 83,181 | 11,325 |
Operating expenses | ||||
Property operations expense | 9,672 | 1,348 | 27,759 | 4,570 |
Property management expense | 4,952 | 0 | 11,302 | 0 |
Reimbursable operating expenses | 331 | 1,030 | ||
Asset management fee | 3,792 | 886 | 8,052 | 2,799 |
Performance participation allocation | 19,934 | 0 | 51,761 | 0 |
Depreciation and amortization | 11,268 | 1,338 | 63,397 | 6,966 |
General and administrative expenses | 3,223 | 2,503 | 9,880 | 3,354 |
Total operating expenses | 52,841 | 6,075 | 172,482 | 18,719 |
Loss from operations | (22,282) | (2,658) | (89,301) | (7,394) |
Equity in earnings (losses) of unconsolidated real estate entities | 2,670 | 951 | (533) | 2,113 |
Interest income | 16 | 0 | 207 | 198 |
Interest expense | (11,117) | (1,330) | (26,954) | (3,665) |
Promote from incentive allocation agreement | 30,309 | 0 | ||
Loss on Extinguishment of Debt | (551) | 0 | ||
Gain on sale of real estate assets | 10,912 | 0 | ||
Other income | 1,530 | 27 | 2 | 197 |
Income (loss) before income taxes | 575 | (3,010) | (105,667) | (8,551) |
Income tax expense | (7,463) | 0 | (1,238) | 0 |
Net loss | (6,888) | (3,010) | (106,905) | (8,551) |
Net loss attributable to noncontrolling interests: | ||||
Limited partners | 3,828 | 0 | 58,923 | 0 |
Partially owned entities | 55 | 0 | 4,066 | 0 |
Net loss attributable to common stockholders | $ (3,005) | $ (3,010) | $ (43,916) | $ (8,551) |
Weighted-average common shares outstanding - basic (in shares) | 24,654,085 | 12,232,289 | 17,603,981 | 10,781,487 |
Net loss per common share - diluted (in dollars per share) | $ (0.12) | $ (0.25) | $ (2.49) | $ (0.79) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | CRII Merger | CMRI Merger | CMRII Merger | Common Stock Class I | Common Stock Class I CRII Merger | Common Stock Class I CMRI Merger | Common Stock Class I CMRII Merger | Common Stock Class A | Common Stock Class A CRII Merger | Common Stock Class A CMRI Merger | Common Stock Class A CMRII Merger | Common Class T | Common Class TX | Common Class TX CRII Merger | Common Class TX CMRI Merger | Common Class TX CMRII Merger | Total Stockholders' Equity | Total Stockholders' Equity CRII Merger | Total Stockholders' Equity CMRI Merger | Total Stockholders' Equity CMRII Merger | Common Stock | Common Stock CRII Merger | Common Stock CMRI Merger | Common Stock CMRII Merger | Common Stock Common Stock Class I | Common Stock Common Stock Class A | Common Stock Common Stock Class A CRII Merger | Common Stock Common Stock Class A CMRI Merger | Common Stock Common Stock Class A CMRII Merger | Common Stock Common Class T | Common Stock Common Class TX | Additional Paid-In Capital | Additional Paid-In Capital CRII Merger | Additional Paid-In Capital CMRI Merger | Additional Paid-In Capital CMRII Merger | Accumulated Distributions | Accumulated Deficit | Noncontrolling interests Limited Partners | Noncontrolling interests Limited Partners CRII Merger | Noncontrolling interests Partially Owned Entities | Noncontrolling interests Partially Owned Entities CRII Merger | Noncontrolling interests Partially Owned Entities CMRI Merger | Noncontrolling interests Partially Owned Entities CMRII Merger | Noncontrolling interests OP Units Limited Partners |
Shares outstanding, beginning balance (in shares) at Dec. 31, 2019 | 8,851,759 | 0 | 8,851,759 | 0 | 8,851,759 | ||||||||||||||||||||||||||||||||||||||||
Stockholders' equity, beginning balance at Dec. 31, 2019 | $ 82,296 | $ 82,296 | $ 89 | $ 87,974 | $ (2,370) | $ (3,397) | |||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock (in shares) | 3,301,213 | 0 | 3,283,713 | 17,500 | 3,301,213 | ||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | $ 32,828 | 32,828 | 33 | 32,795 | |||||||||||||||||||||||||||||||||||||||||
Distribution reinvestment (in shares) | 110,624 | 0 | 110,606 | 18 | 110,624 | ||||||||||||||||||||||||||||||||||||||||
Distribution reinvestment | $ 1,106 | 1,106 | $ 1 | 1,105 | |||||||||||||||||||||||||||||||||||||||||
Common stock/OP Units repurchased (in shares) | (31,307) | 0 | (31,307) | 0 | (31,307) | 31,307 | 0 | ||||||||||||||||||||||||||||||||||||||
Common stock/OP Units repurchased | $ (269) | (269) | $ (1) | (268) | |||||||||||||||||||||||||||||||||||||||||
Share-based compensation | 71 | 71 | 71 | ||||||||||||||||||||||||||||||||||||||||||
Distributions to investors | (5,398) | (5,398) | |||||||||||||||||||||||||||||||||||||||||||
Distributions to investors | (5,398) | ||||||||||||||||||||||||||||||||||||||||||||
Net loss | $ (8,551) | (8,551) | (8,551) | ||||||||||||||||||||||||||||||||||||||||||
Shares outstanding, ending balance (in shares) at Dec. 31, 2020 | 12,232,289 | 0 | 12,214,771 | 17,518 | 12,232,289 | ||||||||||||||||||||||||||||||||||||||||
Stockholders' equity, ending balance at Dec. 31, 2020 | $ 102,083 | 102,083 | $ 0 | 122 | $ 0 | $ 0 | 121,677 | (7,768) | (11,948) | $ 0 | $ 0 | ||||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||||||
Common stock/OP Units repurchased (in shares) | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | 45 | 45 | 45 | ||||||||||||||||||||||||||||||||||||||||||
Distributions to investors | (1,511) | (1,511) | (1,511) | ||||||||||||||||||||||||||||||||||||||||||
Net loss | (3,010) | (3,010) | (3,010) | ||||||||||||||||||||||||||||||||||||||||||
Shares outstanding, ending balance (in shares) at Mar. 31, 2021 | 12,232,289 | ||||||||||||||||||||||||||||||||||||||||||||
Stockholders' equity, ending balance at Mar. 31, 2021 | $ 97,607 | 97,607 | 0 | 122 | 0 | 0 | 121,722 | (9,279) | (14,958) | 0 | 0 | ||||||||||||||||||||||||||||||||||
Shares outstanding, beginning balance (in shares) at Dec. 31, 2020 | 12,232,289 | 0 | 12,214,771 | 17,518 | 12,232,289 | ||||||||||||||||||||||||||||||||||||||||
Stockholders' equity, beginning balance at Dec. 31, 2020 | $ 102,083 | 102,083 | 0 | $ 122 | 0 | $ 0 | 121,677 | (7,768) | (11,948) | 0 | 0 | ||||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock (in shares) | 151,286 | 151,286 | 0 | 0 | 151,286 | ||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | $ 2,534 | 2,534 | $ 2 | 2,532 | |||||||||||||||||||||||||||||||||||||||||
Offering costs | $ (1,705) | (1,705) | (1,705) | ||||||||||||||||||||||||||||||||||||||||||
Distribution reinvestment (in shares) | 8,662 | 0 | 8,660 | 2 | 8,662 | ||||||||||||||||||||||||||||||||||||||||
Distribution reinvestment | $ 141 | 141 | 141 | ||||||||||||||||||||||||||||||||||||||||||
Common stock/OP Units repurchased (in shares) | (203,537) | 0 | (203,537) | 0 | (203,537) | 0 | 203,537 | 0 | |||||||||||||||||||||||||||||||||||||
Common stock/OP Units repurchased | $ (5,012) | (2,626) | $ (2) | (2,624) | $ (2,386) | ||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | 869 | 869 | |||||||||||||||||||||||||||||||||||||||||||
Acquisition of noncontrolling interests | (1,551) | (1,271) | (280) | ||||||||||||||||||||||||||||||||||||||||||
CRII, CMRI and CMRII Merger (in shares) | 430,070 | 5,762,253 | 5,232,957 | 0 | 0 | 0 | 430,070 | 5,762,253 | 5,232,957 | 0 | 0 | 0 | 430,070 | 5,762,253 | 5,232,957 | ||||||||||||||||||||||||||||||
CRII, CMRI and CMRII Merger | $ 586,316 | $ 4,658 | $ 70,094 | $ 57,376 | $ 4 | $ 58 | $ 52 | $ 4,654 | $ 70,036 | $ 57,324 | $ 363,278 | $ 218,380 | |||||||||||||||||||||||||||||||||
Noncontrolling interest, decrease from deconsolidation | $ (9,353) | $ (6,376) | $ (79,447) | $ (63,752) | |||||||||||||||||||||||||||||||||||||||||
Share-based compensation | 1,570 | 1,570 | |||||||||||||||||||||||||||||||||||||||||||
Distributions to investors | (9,505) | (9,505) | |||||||||||||||||||||||||||||||||||||||||||
Distributions to investors | (21,942) | (11,010) | (1,427) | ||||||||||||||||||||||||||||||||||||||||||
Net loss | $ (106,905) | (43,916) | (43,916) | (58,923) | (4,066) | ||||||||||||||||||||||||||||||||||||||||
Shares outstanding, ending balance (in shares) at Dec. 31, 2021 | 23,613,980 | 151,286 | 23,445,174 | 0 | 17,520 | 23,613,980 | |||||||||||||||||||||||||||||||||||||||
Stockholders' equity, ending balance at Dec. 31, 2021 | $ 540,669 | 179,134 | $ 2 | 234 | 0 | $ 0 | 252,035 | (17,273) | (55,864) | 291,258 | 70,277 | ||||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||||||
Net loss | (36,830) | ||||||||||||||||||||||||||||||||||||||||||||
Shares outstanding, ending balance (in shares) at Dec. 31, 2021 | 23,613,980 | 151,286 | 23,445,174 | 0 | 17,520 | 23,613,980 | |||||||||||||||||||||||||||||||||||||||
Stockholders' equity, ending balance at Dec. 31, 2021 | $ 540,669 | 179,134 | 2 | $ 234 | 0 | 0 | 252,035 | (17,273) | (55,864) | 291,258 | 70,277 | ||||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock (in shares) | 1,839,600 | 456,277 | 0 | 1,383,323 | 0 | 1,839,600 | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock | $ 32,787 | 32,787 | 4 | 14 | 32,769 | ||||||||||||||||||||||||||||||||||||||||
Offering costs | $ (2,958) | (2,958) | (2,958) | ||||||||||||||||||||||||||||||||||||||||||
Distribution reinvestment (in shares) | 26,600 | 456 | 26,120 | 19 | 5 | 26,600 | |||||||||||||||||||||||||||||||||||||||
Distribution reinvestment | $ 607 | 607 | 607 | ||||||||||||||||||||||||||||||||||||||||||
Common stock/OP Units repurchased (in shares) | (183,049) | 0 | (183,049) | 0 | 0 | (183,049) | (183,049) | ||||||||||||||||||||||||||||||||||||||
Common stock/OP Units repurchased | $ (3,394) | (3,108) | $ (2) | (3,106) | (286) | ||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | 662 | 662 | |||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | 865 | 865 | |||||||||||||||||||||||||||||||||||||||||||
Distributions to investors | (13,847) | (4,314) | (4,314) | (5,460) | (4,073) | ||||||||||||||||||||||||||||||||||||||||
Net loss | $ (6,888) | $ 20,114 | (3,005) | (3,005) | (3,828) | (55) | |||||||||||||||||||||||||||||||||||||||
Shares outstanding, ending balance (in shares) at Mar. 31, 2022 | 25,297,131 | 608,019 | 23,288,245 | 1,383,342 | 17,525 | 25,297,131 | |||||||||||||||||||||||||||||||||||||||
Stockholders' equity, ending balance at Mar. 31, 2022 | $ 548,503 | $ 199,143 | $ 6 | $ 232 | $ 14 | $ 0 | $ 279,347 | $ (21,587) | $ (58,869) | $ 282,549 | $ 66,811 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | ||||
Net loss | $ (6,888) | $ (3,010) | $ (106,905) | $ (8,551) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization | 11,268 | 1,338 | 63,397 | 6,966 |
Gain on sale of real estate assets | (10,912) | 0 | ||
Share-based compensation | 865 | 45 | 1,570 | 71 |
Other operating | 1,312 | 350 | 1,932 | 729 |
Loss in debt extinguishment | 551 | 0 | ||
Equity in losses (earnings) of unconsolidated real estate entities | (2,670) | (951) | 533 | (2,113) |
Distributions from unconsolidated real estate entities - return on capital | 2,235 | 0 | 5,429 | 0 |
Changes in operating assets and liabilities: | ||||
Other assets | (1,170) | 401 | (862) | (646) |
Performance participation allocation | 19,934 | 0 | 51,761 | 0 |
Performance participation allocation payment | (51,761) | 0 | ||
Accounts payable, accrued expenses and other liabilities | 11,518 | 1,625 | (519) | 728 |
Net cash used in operating activities | (14,806) | (202) | 5,424 | (2,816) |
Cash flows from investing activities: | ||||
Cash, cash equivalents and restricted cash acquired in connection with the CRII Merger | 51,943 | 0 | ||
Acquisition of real estate | 0 | (53,905) | ||
Acquisition of noncontrolling interest | (1,500) | 0 | ||
Capital expenditures and development activities | (18,488) | (36) | (84,692) | (210) |
Investments in unconsolidated real estate entities | (197) | (2,512) | (23,545) | (22,925) |
Proceeds from sale of real estate assets | 16,812 | 0 | ||
Distributions from unconsolidated real estate entities—return on capital | 38,769 | 0 | ||
Contributions to investments in real-estate related loans | 0 | (824) | (14,173) | (6,244) |
Proceeds from settlement of investments in real-estate related loans | 9,332 | 0 | ||
Other investing activities | 1,526 | 0 | ||
Net cash provided by (used in) investing activities | 20,084 | (3,372) | (44,297) | (83,284) |
Cash flows from financing activities: | ||||
Principal payments on mortgage notes | (404) | 0 | (642) | 0 |
Proceeds from refinances, net | 4,925 | 0 | ||
Borrowings from revolving credit facility | 52,800 | 3,500 | 8,500 | 12,000 |
Repayments on revolving credit facility | (72,800) | (5,000) | (24,000) | (26,500) |
Borrowings under mortgage notes and term loans | 369,500 | 0 | ||
Repayments of mortgage notes and term loans | (218,693) | 0 | ||
Deferred financing costs on mortgage notes and term loans | (4,036) | 0 | ||
Borrowings from construction loans | 9,178 | 0 | 52,542 | 0 |
Repayments of construction loans | (59,660) | 0 | ||
Proceeds from issuance of Series 2019 Preferred Stock, net of issuance costs | 14,162 | 10,427 | 70,528 | 28,548 |
Redemption of preferred stock | (2,738) | 0 | (1,421) | 0 |
Offering costs paid on issuance of preferred stock | (1,693) | (1,064) | ||
Repurchase of unsecured promissory notes | (96) | 0 | (5,092) | 0 |
Proceeds from issuance of common stock, net | 33,395 | 0 | 829 | 33,357 |
Repurchase of common stock/OP Units | (3,394) | 0 | (5,012) | (269) |
Offering costs paid on issuance of common stock | (2,959) | 0 | ||
Contributions from noncontrolling interests | 662 | 0 | ||
Distributions to common stockholders | (4,174) | (1,503) | (9,482) | (4,145) |
Distributions to noncontrolling interests—limited partners | (5,460) | 0 | (10,591) | 0 |
Distributions to noncontrolling interests—partially owned entities | (4,073) | 0 | (1,454) | 0 |
Net cash provided by financing activities | 99,517 | 6,360 | 79,630 | 42,991 |
Net increase (decrease) in cash and cash equivalents and restricted cash | 104,795 | 2,786 | 40,757 | (43,109) |
Cash and cash equivalents and restricted cash, beginning of period | 45,390 | 4,633 | 4,633 | 47,742 |
Cash and cash equivalents and restricted cash, end of period | 150,185 | 7,419 | 45,390 | 4,633 |
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets: | ||||
Cash and cash equivalents | 121,890 | 7,134 | 27,169 | 4,362 |
Restricted cash | 28,295 | 285 | 18,221 | 271 |
Total cash and cash equivalents and restricted cash | $ 150,185 | $ 7,419 | 45,390 | 4,633 |
Supplemental disclosure of cash flow information: | ||||
Cash paid for interest | 24,659 | 2,779 | ||
Income taxes paid | 1,068 | 0 | ||
Fair value of assets acquired and liabilities assumed with the CRII Merger: | ||||
Real estate assets | 1,291,030 | 0 | ||
Investments in unconsolidated real estate entities | 120,775 | 0 | ||
Intangibles | 32,122 | 0 | ||
Debt | 734,852 | 0 | ||
Preferred stock | 143,979 | 0 | ||
Other assets acquired | 62,147 | 0 | ||
Other liabilities assumed | 40,926 | 0 | ||
Fair value of equity issued to CRII Shareholders in the CRII Merger | 4,658 | 0 | ||
Fair value of noncontrolling interests from the CRII Merger | 581,659 | 0 | ||
Credit facility entered into in conjunction with acquisition of real estate | 0 | 49,616 | ||
CMRI Merger | ||||
Fair value of assets acquired and liabilities assumed with the CRII Merger: | ||||
Settlement of promote upon closing of the CMRI Merger | 5,585 | 0 | ||
Settlement of CMRI promissory notes and interest with CROP | 1,545 | 0 | ||
Net liabilities assumed | 2,223 | 0 | ||
CMRII Merger | ||||
Fair value of assets acquired and liabilities assumed with the CRII Merger: | ||||
Settlement of promote upon closing of the CMRI Merger | 2,424 | 0 | ||
Settlement of CMRI promissory notes and interest with CROP | 2,475 | 0 | ||
Net liabilities assumed | $ 1,477 | $ 0 |
Organization and Business
Organization and Business | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Organization and Business | 1. Organization and Business Cottonwood Communities, Inc. (the “Company,” “CCI,” “we,” “us,” or “our”) invests in a diverse portfolio of multifamily apartment communities and multifamily real estate-related assets throughout the United States. We are externally managed by our advisor, CC Advisors III, LLC (“CC Advisors III”), a wholly-owned subsidiary of our sponsor, Cottonwood Communities Advisors, LLC (“CCA”). We were incorporated in Maryland in 2016. We hold all of our assets through our Operating Partnership. Our Operating Partnership was Cottonwood Communities O.P., LP (“CCOP”) prior to the CRII Merger (as defined below) and is Cottonwood Residential O.P., LP (“CROP”) after the CRII Merger, as described below. The Operating Partnership, together with its subsidiaries, holds the Company’s real estate interests and conducts the ongoing operations of the Company. We are the sole member of the sole general partner of the Operating Partnership and own general partner interests in the Operating Partnership alongside third party limited partners. We are a non-traded From August 13, 2018 to December 22, 2020 we conducted an initial public offering of our common stock (the “Initial Offering”), for which received gross proceeds of $122.0 million. The Initial Offering ended in December 2020 as we pursued the 2021 Mergers described below. On November 4, 2021, after the 2021 Mergers were completed, we registered with the SEC an offering of up to $1.0 billion of shares of common stock (the “Follow-on On November 8, 2019, we commenced a private placement offering exempt from registration under the Securities Act pursuant to which we offered a maximum of $128.0 million in shares of Series 2019 Preferred Stock to accredited investors at a purchase price of $10.00 per share (the “Private Offering”). As of March 31, 2022, we had received gross proceeds of $127.3 million from the Private Offering. The offering was fully subscribed in March 2022. We own and operate a diverse portfolio of investments in multifamily apartment communities located in targeted markets throughout the United States. As of March 31, 2022, our portfolio consists of ownership interests or structured investment interests in 33 multifamily apartment communities with a total of 9,746 units, including 1,373 units in four multifamily apartment communities in which we have a structured investment interest and another 1,079 units in four multifamily apartment communities under construction. In addition, we have an ownership interest in three parcels of land planned for development. The 2021 Mergers On January 26, 2021, we entered into stock-for-stock unit-for CRII stockholders received (i) 2.015 shares of our Class A common stock in exchange for their shares of common stock, (ii) one share of our Series 2016 preferred stock in exchange for their CRII Series 2016 preferred stock, and (iii) one share of our Series 2017 preferred stock in exchange for their CRII Series 2017 preferred stock. CROP, the Operating Partnership of CRII, replaced CCOP as our Operating Partnership. The participating partnership units of CROP, which excluded preferred units, were split by a ratio of 2.015 (“CROP Unit Split”). Issued and outstanding partnership units of CCOP, which included Series 2019 Preferred units, LTIP units, Special LTIP units, general partner units and common limited partnership units converted into corresponding units at CROP, the terms of which were identical to the converted CCOP partnership unit. After giving effect to the CROP Unit Split, each preferred unit, general partner unit, common limited partnership unit, and LTIP unit of CROP remained issued and outstanding CMRI stockholders received 1.175 shares of our Class A common stock in exchange for their CMRI common stock. CMRII’s stockholders received 1.072 shares of our Class A common stock in exchange for their CMRII common stock. In connection with the mergers of the operating partnerships of each of CMRI and CMRII with and into CROP, the partnership units outstanding, which were split to equal the amount of the common stock outstanding, were converted into CROP common units at the same ratio as the common stock. Each asset held by CMRI and CMRII was owned through joint ventures with CROP. As a result of the consummation of the CMRI Merger and the CMRII Merger, our ownership interest in the properties held through joint ventures with CMRI and CMRII increased to 100% on July 15, 2021. Through the 2021 Mergers we acquired interests in 22 stabilized multifamily apartment communities, four multifamily development projects, one structured investment, and land held for development. We also acquired CRII’s property management business and its employees, an advisory contract with Cottonwood Multifamily Opportunity Fund, Inc. (“CMOF”), and personnel who performed certain administrative and other services for us on behalf of CC Advisors III. CC Advisors III continues to manage our business as our external advisor pursuant to an amended and restated advisory agreement. With the exception of our Chief Legal Officer, Chief Operating Officer, Chief Accounting Officer and Chief Development Officer, we do not employ our executive officers. Much of our structure and agreements have changed materially as a result of the 2021 Mergers. Accordingly, information presented in these condensed consolidated financial statements may not be directly comparable to prior periods. | 1. Organization and Business Cottonwood Communities, Inc. (the “Company,” “CCI,” “we,” “us,” or “our”) invests in a diverse portfolio of multifamily apartment communities and multifamily real estate-related assets throughout the United States. We are externally managed by our advisor, CC Advisors III, LLC (“CC Advisors III”), a wholly owned subsidiary of our sponsor, Cottonwood Communities Advisors, LLC (“CCA”). We were incorporated in Maryland in 2016. We hold all of our assets through our Operating Partnership. Our Operating Partnership was Cottonwood Communities O.P., LP (“CCOP”) prior to the CRII Merger and is Cottonwood Residential O.P., LP (“CROP”) after the CRII Merger, as described below. We are the sole member of the sole general partner of the Operating Partnership and own general partner interests in the Operating Partnership alongside third party limited partners. Cottonwood Communities, Inc. is a non-traded From August 13, 2018 to December 22, 2020 we conducted an initial public offering of our Class A and Class TX (formerly Class T) common stock (the “Initial Offering”), for which received gross proceeds of $122.0 million. The Initial Offering ended December 2020 as we pursued the Mergers described below. On November 4, 2021, after the Mergers were completed, we registered with the SEC an offering of up to $1.0 billion of shares of common stock (the “Follow-on Shares in the Initial Offering had different underwriting compensation structures, which compensation was paid by our advisor on our behalf. Underwriting compensation for Class T, Class D, and Class I shares offered in the Follow-on On November 8, 2019, we commenced a private placement offering exempt from registration under the Securities Act pursuant to which we offered a maximum of $128.0 million in shares of Series 2019 Preferred Stock to accredited investors at a purchase price of $10.00 per share (the “Private Offering”). Offering-related expenses in the Private Offering were paid by us. As December 31, 2021, we had received gross proceeds of $111.9 million from the Private Offering. The offering was fully subscribed by March 2022. We own and operate a diverse portfolio of investments in multifamily apartment communities located in targeted markets throughout the United States. As of December 31, 2021, our portfolio consists of ownership interests or structured investment interests in 33 multifamily apartment communities in 13 states with 9,746 units, including 1,373 units in four multifamily apartment communities in which we have a structured investment interest and another 1,079 units in four multifamily apartment communities under construction. In addition, we have an ownership interest in three parcels of land planned for development. The Mergers On January 26, 2021, we entered into stock-for-stock unit-for 2021. The merger with Cottonwood Multifamily REIT II, Inc. (“CMRII,” the “CMRII Merger”) also closed on July 7, 2021. We refer to the CRII Merger, the CMRI Merger and the CMRII Merger as the “Mergers.” CRII stockholders received (i) 2.015 shares of our Class A common stock in exchange for their shares of common stock, (ii) one share of our Series 2016 preferred stock in exchange for their CRII Series 2016 preferred stock, and (iii) one share of our Series 2017 preferred stock in exchange for their CRII Series 2017 preferred stock. Cottonwood Residential O.P., LP (“CROP”), the Operating Partnership of CRII, replaced Cottonwood Communities O.P., LP (“CCOP”) as our Operating Partnership. The participating partnership units of CROP, which excluded preferred units, were split by a ratio of 2.015 (“CROP Unit Split”). Issued and outstanding partnership units of CCOP, which included Series 2019 Preferred Units, LTIP units, Special LTIP units, general partner units and common limited partnership units converted into corresponding units at CROP, the terms of which were identical to the converted CCOP partnership unit. After giving effect of the CROP Unit Split, each preferred unit, general partner unit, common limited partnership unit, and LTIP unit of CROP remained issued and outstanding CMRI stockholders received 1.175 shares of our Class A common stock in exchange for their CMRI common stock. CMRII’s stockholders received 1.072 shares of our Class A common stock in exchange for their CMRII common stock. Each partnership unit in the Operating Partnership of the respective REIT, the equivalent number of respective common stock in CMRI and CMRII, converted into common limited partner units in CROP at the same exchange ratio. Each asset held by CMRI and CMRII was owned through joint ventures with CROP. As a result of the consummation of the CMRI Merger and the CMRII Merger, our ownership interest in the properties held through joint ventures with CMRI and CMRII increased to 100% on July 15, 2021. Through the Mergers we acquired interests in 22 stabilized multifamily apartment communities, four multifamily development projects, one structured investment, and land held for development. We also acquired CRII’s property management business and its employees, an advisory contract with Cottonwood Multifamily Opportunity Fund, Inc. (“CMOF”), and personnel who performed certain administrative and other services for us on behalf of CCA III. CCA III continues to manage our business as our external advisor pursuant to an amended and restated advisory agreement. With the exception of our Chief Legal Officer, Chief Operating Officer, Chief Accounting Officer and Executive Vice President, we do not employ our executive officers. Much of our structure and agreements have changed materially as a result of the Mergers. Accordingly, information presented in these consolidated financial statements may not be directly comparable to prior periods. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information and the instructions to Rule 10-01 S-X. In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. The accompanying condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included herein. The accompanying condensed consolidated financial statements include the accounts of the Company and its subsidiaries for which we have a controlling interest. All intercompany balances and transactions have been eliminated in consolidation. Certain amounts in the prior year condensed consolidated financial statements and notes to the condensed consolidated financial statements have been reclassified to conform to the current year presentation. Such reclassifications did not impact previously reported net loss or accumulated deficit or change net cash provided by or used in operating, investing or financing activities. Organization and Offering Costs Organization and offering costs in the Initial Offering were paid by our advisor, which totaled $14.1 million. Organization and offering costs with the Follow-on Follow-on Organization and offering costs in the Private Offering for our Series 2019 Preferred Stock were paid by us. They are deferred and amortized up to the redemption date through interest expense. We incurred approximately $13.2 million of organization and offering costs related to the Private Offering, which was fully subscribed and terminated in March 2022. Income Taxes As a REIT, we are not subject to federal income tax with respect to the portion of our income that meets certain criteria and is distributed annually to stockholders. Taxable income from activities managed through our taxable REIT subsidiary (“TRS”) are subject to federal, state and local income taxes. Provision for such taxes has been included in income tax expense on our condensed consolidated statements of operations. In 2018, we entered into an incentive allocation agreement with a real estate firm who bought a portfolio of twelve assets from us. The agreement allowed us to participate in distributions from the portfolio should returns on the portfolio exceed certain amounts. In March 2022, the firm sold the portfolio and our TRS realized a promote distribution of $30.3 million. Income tax expense accrued for this discrete item was $7.3 million. | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, the accompanying consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. Principles of Consolidation The consolidated financial statements include the accounts of the Company and subsidiaries under its control. The Operating Partnership and its subsidiaries are consolidated as they are controlled by CCI. All intercompany balances and transactions have been eliminated in consolidation. Some of our partially owned and unconsolidated properties are owned through a tenant in common (“TIC interest”) structure. TIC interests constitute separate and undivided interests in real property. TIC interests in properties for which we exercise significant influence are accounted for using the equity method of accounting until we have acquired a 100% interest in the property. Number of units and certain other measures used to describe real estate assets included in the notes to the consolidated financial statements are presented on an unaudited basis. Certain amounts in the prior year consolidated financial statements and notes to the consolidated financial statements have been reclassified to conform to the current year presentation. Such reclassifications did not impact previously reported net loss or accumulated deficit or change net cash provided by or used in operating, investing or financing activities. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Variable Interest Entities We invest in entities that qualify as variable interest entities (“VIEs”). All VIEs for which we are the primary beneficiary are consolidated. VIEs for which we are not the primary beneficiary are accounted for under the equity method. A VIE is a legal entity in which the equity investors at risk lack sufficient equity to finance the entity’s activities without additional subordinated financial support or, as a group, the equity investors at risk lack the power to direct the entity’s activities and the obligation to absorb the entity’s expected losses or the right to receive the entity’s expected residual returns. Qualitative and quantitative factors are considered in determining whether we are the primary beneficiary of a VIE, including, but not limited to, which activities most significantly impact economic performance, which party controls such activities, the amount and characteristics of our investments, the obligation or likelihood for us or other investors to provide financial support, and the management relationship of the property. CROP is a VIE as the limited partners lack substantive kick-out In cases where we become the primarily beneficiary of a VIE, we recognized a gain or loss for the difference between the sum of (1) the fair value of any consideration paid, the fair value of the noncontrolling interest, and the reported amount of our equity method investment and (2) the net fair value of identifiable assets and liabilities of the VIE. Investments in Real Estate In accordance with Accounting Standards Codification Topic 805, Business Combinations We account for business combinations by recognizing assets acquired and liabilities assumed at their fair values as of the acquisition date and expensing transaction costs. Differences between the transaction price and the fair value of identifiable assets acquired, the liabilities assumed, and any non-controlling We account for asset acquisitions by allocating the total cost to the individual assets acquired and liabilities assumed on a relative fair value basis. Real estate assets and liabilities include land, building, furniture, fixtures and equipment, other personal property, in-place Fair values are determined using methods similar to those used by independent appraisers, and include using replacement cost estimates less depreciation, discounted cash flows, market comparisons, and direct capitalization of net operating income. The fair value of debt assumed is determined using a discounted cash flow analysis based on remaining loan terms and principal. Discount rates are based on management’s estimates of current market interest rates for instruments with similar characteristics, and consider remaining loan term and loan-to-value Real Estate Assets, Net We state real estate assets at cost, less accumulated depreciation and amortization. We capitalize costs related to the development, construction, improvement, and significant renovation of properties, which include capital replacements such as scheduled carpet replacement, new roofs, HVAC units, plumbing, concrete, masonry and other paving, pools and various exterior building improvements. We also capitalize salary costs directly attributable to significant renovation work. We compute depreciation on a straight-line basis over the estimated useful lives of the related assets. Intangible lease assets are amortized to depreciation and amortization over the remaining lease term. The useful lives of our real estate assets are as follows (in years): Land improvements 5–15 Buildings 30 Building improvements 5–15 Furniture, fixtures and equipment 5–15 Intangible lease assets Over lease term We expense ordinary maintenance and repairs to operations as incurred. We capitalize significant renovations and improvements that improve and/or extend the useful life of an asset and amortize over their estimated useful life, generally five Impairment of Long-Lived Assets Long-lived assets include real estate assets, acquired intangible assets, and investments in real-estate related loans. Intangible assets are amortized on a straight-line basis over their estimated useful lives. On an annual basis, we assess potential impairment indicators of long-lived assets. We also review for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Indicators that may cause an impairment review include, but are not limited to, significant under-performance relative to historical or projected future operating results and significant market or economic trends. When we determine the carrying value of a long-lived asset may not be recoverable based upon the existence of one or more of the above indicators, we determine recoverability by comparing the carrying amount of the asset to the net future undiscounted cash flows the asset is expected to generate. We recognize, if appropriate, an impairment equal to the amount by which the carrying amount exceeds the fair value of the asset. No impairment losses were recognized for the years ended December 31, 2021 and 2020 related to our long-lived assets. Investments in Unconsolidated Real Estate Entities Real estate investments where we have significant noncontrolling influence and VIEs where we are not the primary beneficiary are accounted for under the equity method. Equity method investments in unconsolidated real estate entities are recorded at cost, adjusted for our share of net earnings or losses each period, and reduced by distributions. Equity in earnings or losses is generally recognized based on our ownership interest in the earnings or losses of the unconsolidated real estate entities. We follow the “look through” approach for classification of distributions from unconsolidated real estate entities in the consolidated statements of cash flows. Under this approach, distributions are reported under operating cash flow unless the facts and circumstances of a specific distribution clearly indicate that it is a return of capital (e.g., a liquidating dividend or distribution of the proceeds from the entity’s sale of assets), in which case it is reported as an investing activity. We assess potential impairment of investments in unconsolidated real estate entities whenever events or changes in circumstances indicate that the fair value of the investment is less than its carrying value. To the extent impairment has occurred, and is not considered temporary, the impairment is measured as the excess of the carrying amount of the investment over the fair value of the investment. No impairment losses were recognized for the years ended December 31, 2021 and 2020 related to our investments in unconsolidated real estate entities. Evaluation of Acquisition, Construction and Development Investments We evaluate our investments in real-estate related loans at the time of origination to determine whether these arrangements represent, in economic substance, an investment in real estate or a loan using the guidance for acquisition, development, and construction (“ADC”) arrangements. This includes evaluating the risks and rewards of each arrangement and the characteristics of an owner of real estate versus those of a lender. Investments in Real-Estate Related Loans We carry our investment in real-estate related loans at amortized cost with an assessment made for impairment in the event recoverability of the principal amount becomes doubtful. If, upon testing for impairment, the fair value result of our investments in real-estate related loans or its collateral is lower than the carrying amount of the loan, an allowance is recorded to lower the carrying amount to fair value, with a loss recorded in earnings. The amortized cost of our investments in real-estate related loans on the consolidated balance sheets consists of drawn amounts on the loans, net of unamortized costs and fees directly associated with the origination of the loan. Costs we incur associated with originating investments in real-estate related loans are deferred and amortized on a straight-line basis, which approximates the effective interest method, over the term of the corresponding investment in real-estate related loan as an adjustment to interest income and are reflected on our consolidated statements of operations as other revenues. Interest income on our investments in real-estate related loans is recognized on an accrual basis over the life of the loan. Cash and Cash Equivalents We consider all cash on deposit, money market funds and short-term investments with original maturities of three months or less to be cash and cash equivalents. We maintain cash in demand deposit accounts at several major commercial banks where balances in individual accounts at times exceeds FDIC insured amounts. We have not experienced any losses in such accounts. Restricted Cash Restricted cash includes a construction bond, residents’ security deposits, cash in escrow for self-insurance retention, cash in escrow for acquisitions, escrow deposits held by lenders for property taxes, insurance, debt service and replacement reserves, and utility deposits. Other Assets Other assets consist primarily of intangible assets acquired in connection with the CRII Merger, as well as receivables, deferred tax assets, prepaid expenses, equipment, related party notes, related party receivables and other assets. Unsecured Promissory Notes The 2017 6% Notes and the 2019 6% Notes are unsecured notes issued to investors outside of the United States. These unsecured promissory notes are described in Note 6 Preferred Stock Series 2016 Preferred Stock, Series 2017 Preferred Stock and Series 2019 Preferred Stock are described in Note 8. These instruments are similar in nature and are classified as liabilities on the consolidated balance sheet due to the mandatory redemption of these instruments on a fixed date for a fixed amount. Preferred stock distributions are recorded as interest expense. Debt Financing Costs Debt financing costs are presented as a direct deduction from the carrying amount of the associated debt liability, which includes mortgage notes, unsecured promissory notes, our revolving credit facility and preferred stock. Debt financing costs are amortized over the life of the related liability through interest expense. Revenue Recognition We lease our multifamily residential units with rents generally due on a monthly basis. Terms are one year or less, renewable upon consent of both parties on an annual or monthly basis. Rental and other property revenues is recognized in accordance with Accounting Standards Codification (“ASC”) No. 842, Leases Our non-lease Non-lease No. 2014-09, Revenue from Contracts with Customers 2014-09”), Income Taxes We elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, beginning with the year ending December 31, 2019. CCI, as a REIT, is not subject to federal income tax with respect to that portion of its income that meets certain criteria and is distributed annually to stockholders. To continue to qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the REIT’s taxable income, excluding net capital gains, to stockholders. We have adhered to, and intend to continue to adhere to, these requirements to maintain REIT status. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service grants relief under certain statutory provisions. As a qualified REIT, we are still subject to certain state and local taxes and may be subject to federal income and excise taxes on undistributed taxable income. In addition, taxable income from activities managed through our taxable REIT subsidiary (“TRS”) are subject to federal, state and local income taxes. Provision for such taxes has been included in income tax expense on our consolidated statements of operations. CROP is generally not subject to federal and state income taxes. OP Unit holders, including CCI, are subject to tax on their respective allocable shares of CROP’s taxable income. However, there are certain states that require an entity level tax on CROP. We determine deferred tax assets and liabilities applicable to the TRS based on differences between financial reporting and tax bases of existing assets and liabilities. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, only to the extent that it is more likely than not that future taxable profits will be available against which they can be utilized. We recognize interest and penalties relating to uncertain tax positions in income tax expense when incurred. Our deferred tax assets in 2020 were fully allowed for. For the year ended December 31, 2021, we had an income tax provision of $1.2 million of which $1.1 million was current and $0.1 million was deferred. As of December 31, 2021, our net deferred tax liability was $2.1 million. Noncontrolling Interests The portion of ownership interests in consolidated entities not held by CCI are reported as noncontrolling interests. Equity and net income (loss) attributable to CCI and to noncontrolling interests are presented separately on the consolidated financial statements. Changes in noncontrolling ownership interests, as in the case of the CMRI Merger and CMRII Merger, are accounted for as equity transactions. Noncontrolling interest—limited partners Consistent with the one-for-one Noncontrolling interest—partially owned entities Refer to Note 11 Organization and Offering Costs Organization and offering costs in the Initial Offering were paid by our advisor, which totaled $14.1 million. Organization and offering costs with the Follow-on Follow-on Organization and offering costs in the Private Offering are paid by us. They are deferred and amortized up to the redemption date through interest expense. As of December 31, 2021, we had incurred $11.6 million of organization and offering costs with the Private Offering. Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements that could have a material effect on our consolidated financial statements: Standard Description Required date of Effect on the Financial Statements ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments This ASU requires entities to estimate a lifetime expected credit loss for most financial assets, including trade and other receivables and other long term financings including available for sale and held-to-maturity 2018-19, 2016-13 January 1, 2023 ASU 2016-13 2016-13 2016-13 |
Real Estate Assets, Net
Real Estate Assets, Net | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | ||
Real Estate Assets, Net | 3. Real Estate Assets, Net The following table summarizes the carrying amounts of our consolidated real estate assets (in thousands): March 31, 2022 December 31, 2021 Land $ 202,531 $ 202,531 Buildings and improvements 1,076,901 1,074,126 Furniture, fixtures and equipment 43,629 37,463 Intangible assets 34,905 34,905 Construction in progress (1) 137,040 127,493 1,495,006 1,476,518 Less: Accumulated depreciation and amortization (2) (78,453 ) (68,035 ) Real estate assets, net $ 1,416,553 $ 1,408,483 (1) Includes construction in progress for our development projects and capitalized costs for improvements not yet placed in service at our stabilized properties. (2) Includes the amortization of $33.2 million of in-place We did not have real estate asset acquisitions or business combinations during the three months ended March 31, 2022. Below is a description of the mergers that occurred in 2021. CRII Merger On May 7, 2021, we completed the CRII Merger, which was accounted for as a business combination in accordance with ASC 805, Business Combinations The consideration given in exchange for CRII was as follows ($ in thousands, except share and per share data): CRII Common stock issued and outstanding 213,434 Exchange ratio 2.015 CCI common stock issued as consideration 430,070 CCI’s estimated value per share as of May 7, 2021 $ 10.83 Value of CCI common stock issued as consideration $ 4,658 The allocation of the purchase price below required significant judgment and represented management’s best estimate of the fair value as of the acquisition date. The following table shows the purchase price allocation of CRII’s identifiable asset and liabilities assumed as of May 7, 2021 ($ in thousands): Assets Real estate assets (1) $ 1,291,030 Investments in unconsolidated real estate entities 120,775 Cash and cash equivalents 31,799 Restricted cash 20,144 Other assets (2) 42,325 Total assets acquired $ 1,506,073 Liabilities Mortgage notes, net $ 622,095 Construction loans 64,114 Preferred stock 143,979 Unsecured promissory notes 48,643 Accounts payable, accrued expenses and other liabilities 40,926 Total liabilities assumed 919,757 Consolidated net assets acquired 586,316 Noncontrolling interests (3) (581,659 ) Net assets acquired $ 4,657 (1) Real estate assets acquired in connection with the CRII Merger include $33.2 million of intangible lease assets, which have a weighted-average amortization period of 0.5 years. As such, based on the May 7, 2021 merger date, the intangible lease assets acquired from the CRII Merger have been fully amortized by December 31, 2021. (2) Other assets includes $32.1 million of intangible assets from the CRII Merger. Of this amount, $8.0 million relates to a promote asset which was removed upon the closing of the CMRI Merger and CMR II Merger on July 15, 2021. The remaining $24.1 million of intangible assets have a weighted-average amortization period of 8.8 years, and include $22.2 million related to the acquisition of CRII’s property management and ancillary businesses (with a weighted-average amortization period of 9.2 years) and $1.9 million related to acquired disposition fees on certain properties and promotes on development assets (with a weighted-average amortization period of 3.8 years). (3) The fair value of noncontrolling interests is based on the fair value of assets and liabilities held by the noncontrolling interests at their ownership share. These values were determined using methods similar to those used by independent appraisers, and include using replacement cost estimates less depreciation, discounted cash flows, market comparisons, and direct capitalization of net operating income. As a result of the CRII Merger we consolidated 17 multifamily apartment communities and four development properties as well as added six multifamily apartment communities accounted for under the equity method of accounting. The results of operations for the CRII Merger are included in the Company’s statements of operations beginning on the May 7, 2021 merger closing date onward. For the three months ended March 31, 2022, the accompanying statements of operations include the following revenue and net income generated from the assets acquired and liabilities assumed with the CRII Merger (unaudited, in thousands): Revenue $ 26,396 Net income $ 20,114 Pro Forma Financial Information (unaudited) The following condensed pro forma operating information is presented as if the CRII Merger occurred in 2020 and had been included in operations as of January 1, 2020. The pro forma operating information excludes certain nonrecurring adjustments, such as acquisition fees and expenses incurred, to reflect the pro forma impact the acquisition would have on earnings on a continuous basis (in thousands): Three Months Ended 2022 2021 Pro forma revenue: Historic results $ 30,559 $ 3,417 CRII Merger (excluding those in historic results) — 25,147 Total $ 30,559 $ 28,564 Pro forma net loss: Historic results $ (6,888 ) $ (3,010 ) CRII Merger (excluding those in historic results) — (7,959 ) Total $ (6,888 ) $ (10,969 ) The pro forma information is not necessarily indicative of the results which actually would have occurred if the business combination had occurred on the first day of the periods presented, nor does the pro forma financial information purport to represent the results of operations for future periods. CMRI Merger and CMRII Merger With the closing of the CRII Merger in May 2021, we consolidated the properties that CMRI and CMRII invested in through joint ventures with CROP. As a result of the consummation of the CMRI Merger and the CMRII Merger in July 2021, our ownership interest in these properties increased to 100%. The acquisition of an additional ownership interest of a consolidated entity is accounted for as an equity transaction. Accordingly, CMRI’s and CMRII’s noncontrolling interest in the properties was reduced by its carrying amount and the difference between the carrying amount and the consideration paid was recorded as an adjustment to our equity through additional paid-in 2021 Consideration CMRI Merger CMRII Merger Common stock issued and outstanding 4,904,045 4,881,490 Exchange ratio 1.175 1.072 CCI common stock issued as consideration 5,762,253 5,232,957 Per share value of CCI Common Stock $ 11.7865 $ 11.7865 Fair value of CCI Common Stock issued $ 67,917 $ 61,678 Settlement of promote 5,585 2,424 Settlement of CMRI and CMRII promissory notes and interest with CROP 1,545 2,475 Net liabilities assumed 2,223 1,477 Total consideration $ 77,270 $ 68,054 2021 Change in equity CMRI Merger CMRII Merger Carrying amount of noncontrolling interest $ 79,447 $ 63,752 Total consideration 77,270 68,054 Additional paid in capital adjustment $ 2,177 $ (4,302 ) Fair value of CCI Common Stock issued $ 67,917 $ 61,678 Additional paid in capital adjustment 2,177 (4,302 ) Total change in equity $ 70,094 $ 57,376 | 3. Real Estate Assets, Net The following table summarizes the carrying amounts of our consolidated real estate assets ($ in thousands): December 31, December 31, Land $ 202,531 $ 23,894 Building and improvements 1,074,126 139,110 Furniture, fixtures and equipment 37,463 3,983 Intangible assets 34,905 3,809 Construction in progress (1) 127,493 — 1,476,518 170,796 Less: Accumulated depreciation and amortization (68,035 ) (2) (9,704 ) Real estate assets, net $ 1,408,483 $ 161,092 (1) Includes construction in progress for our development projects and capitalized costs for improvements not yet placed in service at our stabilized properties. (2) Includes the amortization of $33.2 million of in-place CRII Merger On May 7, 2021, we completed the CRII Merger. The CRII Merger was accounted for as a business combination in accordance with ASC 805, Business Combinations In order to make this consideration, various factors have been analyzed including which entity issued its equity interests, relative voting rights, existence of noncontrolling interests, control of the board of directors, management composition, relative size, transaction initiation, operational structure, relative composition of employees, and other factors. The most significant factor identified was the relative voting rights, as CCI stockholders hold the majority of the controlling financial (voting) interests. CCI also initiated the transaction and was the entity issuing common equity interests in the merger. The consideration given in exchange for CRII is as follows ($ in thousands, except share and per share data): CRII Common stock issued and outstanding 213,434 Exchange ratio 2.015 CCI common stock issued as consideration 430,070 CCI’s estimated value per share as of May 7, 2021 $ 10.83 Value of CCI common stock issued as consideration $ 4,658 The allocation of the purchase price below requires significant judgment and represents management’s best estimate of the fair value as of the acquisition date. The following table shows the purchase price allocation of CRII’s identifiable asset and liabilities assumed as of May 7, 2021 ($ in thousands): Assets Real estate assets (1) $ 1,291,030 Investments in unconsolidated real estate entities 120,775 Cash and cash equivalents 31,799 Restricted cash 20,144 Other assets (2) 42,325 Total assets acquired $ 1,506,073 Liabilities Mortgage notes, net $ 622,095 Construction loans 64,114 Preferred stock 143,979 Unsecured promissory notes 48,643 Accounts payable, accrued expenses and other liabilities 40,926 Total liabilities assumed 919,757 Consolidated net assets acquired 586,316 Noncontrolling interests (3) (581,659 ) Net assets acquired $ 4,657 (1) Real estate assets acquired in connection with the CRII Merger include $33.2 million of intangible lease assets, which have a weighted-average amortization period of 0.5 years. As such, based on the May 7, 2021 merger date, the intangible lease assets acquired from the CRII Merger have been fully amortized by December 31, 2021. (2) Other assets includes $32.1 million of intangible assets from the CRII Merger. Of this amount, $8.0 million relates to a promote asset which was removed upon the closing of the CMRI and CMR II Mergers on July 15, 2021. The remaining $24.1 million of intangible assets have a weighted-average amortization period of 8.8 years, and include $22.2 million related to the acquisition of CRII’s property management and ancillary businesses (with a weighted-average amortization period of 9.2 years) and $1.9 million related to acquired disposition fees on certain properties and promotes on development assets (with a weighted-average amortization period of 3.8 years). (3) The fair value of noncontrolling interests is based on the fair value of assets and liabilities held by the noncontrolling interests at their ownership share. These values were determined using methods similar to those used by independent appraisers, and include using replacement cost estimates less depreciation, discounted cash flows, market comparisons, and direct capitalization of net operating income. As a result of the CRII Merger we consolidated 17 multifamily apartment communities and four development projects as well as added six multifamily apartment communities accounted for under the equity method of accounting. The revenue and net loss generated from the assets acquired and liabilities assumed with the CRII Merger since the May 7, 2021 acquisition date to December 31, 2021 are as follows (unaudited, in thousands): Revenue $ 70,211 Net loss $ (36,830 ) Pro Forma Financial Information (unaudited) The following condensed pro forma operating information is presented as if the CRII Merger occurred in 2020 and had been included in operations as of January 1, 2020. The pro forma operating information excludes certain nonrecurring adjustments, such as acquisition fees and expenses incurred, to reflect the pro forma impact the acquisition would have on earnings on a continuous basis (in thousands): Year Ended December 31, 2021 2020 Pro forma revenue: Historic results $ 83,181 $ 11,325 CRII Merger (excluding those in historic results) 34,140 88,535 Total $ 117,321 $ 99,860 Pro forma net loss: Historic results $ (106,904 ) $ (8,551 ) CRII Merger (excluding those in historic results) (13,298 ) (70,902 ) Total $ (120,202 ) $ (79,453 ) The pro forma information is not necessarily indicative of the results which actually would have occurred if the business combination had occurred on the first day of the periods presented, nor does the pro forma financial information purport to represent the results of operations for future periods. Pro forma net losses for the year ended December 31, 2020 include the amortization of $33.2 million of intangible lease assets, which have a weighted-average amortization period of 0.5 years. CMRI Merger and CMRII Merger We consolidated the properties that CMRI and CMRII invested in through joint ventures with CROP with the closing of the CRII Merger in May 2021. As a result of the CMRI Merger and the CMRII Merger in July 2021, our ownership interest in these properties increased to 100%. The acquisition of an additional ownership interest of a consolidated entity is accounted for as an equity transaction. Accordingly, CMRI’s and CMRII’s noncontrolling interest in the properties was reduced by its carrying amount and the difference between the carrying amount and the consideration paid was recorded as an adjustment to our equity through additional paid-in Consideration CMRI CMRII Common stock issued and outstanding 4,904,045 4,881,490 Exchange ratio 1.175 1.072 CCI common stock issued as consideration 5,762,253 5,232,957 Per share value of CCI Common Stock $ 11.7865 $ 11.7865 Fair value of CCI Common Stock issued $ 67,917 $ 61,678 Settlement of promote 5,585 2,424 Settlement of CMRI and CMRII promissory notes and interest with CROP 1,545 2,475 Net liabilities assumed 2,223 1,477 Total consideration $ 77,270 $ 68,054 Change in equity CMRI CMRII Carrying amount of noncontrolling interest $ 79,447 $ 63,752 Total consideration 77,270 68,054 Additional paid in capital adjustment $ 2,177 $ (4,302 ) Fair value of CCI Common Stock issued $ 67,917 $ 61,678 Additional paid in capital adjustment 2,177 (4,302 ) Total change in equity $ 70,094 $ 57,376 Asset acquisitions During 2020, we acquired Cottonwood One Upland, a multifamily community in the Greater Boston area for $103.6 million, excluding closing costs. We funded the purchase with an initial draw of $50.0 million from our $67.6 million credit facility with JP Morgan and proceeds from our offerings. Acquired assets and liabilities were recorded at relative fair value as an asset acquisition (Note 2). The following table summarizes the purchase price allocation Cottonwood One Upland during the year ended December 31, 2020 (in thousands): Allocated Amounts Property Building Land Land Personal Intangible Total Cottonwood One Upland $ 82,146 $ 14,515 $ 3,009 $ 1,967 $ 2,305 $ 103,942 The weighted-average amortization period for the intangible lease assets acquired in connection with the Cottonwood One Upland acquisition was 0.5 years after the March 19, 2020 acquisition date. As such, the intangible lease assets acquired from the Cottonwood One Upland acquisition have been fully amortized by December 31, 2020. Alpha Mill Transaction On November 2, 2021, we sold TIC interests in Alpha Mill totaling 43% to certain unaffiliated third parties through a private offering for $34.8 million. Under the terms of the private offering, we have the option to re-acquire As |
Investments in Unconsolidated R
Investments in Unconsolidated Real Estate Entities | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Real Estate [Abstract] | ||
Investments in Unconsolidated Real Estate Entities | 4. Investments in Unconsolidated Real Estate Entities Our investments in unconsolidated real estate entities consist of ownership interests in stabilized properties and preferred equity investments as follows as of March 31, 2022 and December 31, 2021 (in thousands): Balance at Property / Development Location % Owned March 31, 2022 December 31, 2021 Stabilized Assets 3800 Main Houston, TX 50.0% $ 10,227 $ 10,347 Alpha Mill (1) Charlotte, NC 57.2% 21,876 22,034 Cottonwood Bayview (1) St. Petersburg, FL 71.0% 31,450 31,399 Cottonwood Ridgeview (1) Plano, TX 90.5% 3,881 34,352 Fox Point (1) Salt Lake City, UT 52.8% 15,742 16,056 Toscana at Valley Ridge (1) Lewisville, TX 58.6% 9,625 9,370 Melrose Phase II (1) Nashville, TN 79.8% 6,945 15,523 Preferred Equity Investments Lector85 Ybor City, FL 13,425 13,010 Vernon Boulevard Queens, NY 18,658 18,079 Riverfront West Sacramento, CA 17,569 16,884 Other 3,198 3,679 Total $ 152,596 $ 190,733 (1) We account for our tenant-in-common Our investments in unconsolidated real estate entities for the stabilized assets above were acquired on May 7, 2021 as part of the CRII Merger. Equity in earnings for our stabilized assets for the three months ended March 31, 2022 was $0.8 million. During the three months ended March 31, 2022, we received $30.4 million and $8.3 million in distributions as a return of capital from debt refinances at Cottonwood Ridgeview and Melrose Phase II, respectively. Our preferred equity investments, which are in development projects, have liquidation rights and priorities that are different from ownership percentages. As such, equity in earnings is determined using the hypothetical liquidation book value (“HLBV”) method. Equity in earnings for our preferred equity investments for the three months ended March 31, 2022 and 2021 were approximately $1.7 million and $1.0 million, respectively. By the end of 2021, we had fully funded our commitments on all of our preferred equity investments. | 4. Investments in Unconsolidated Real Estate Entities Our investments in unconsolidated real estate entities consist of ownership interests in stabilized properties and preferred equity investments as follows as of December 31, 2021 and 2020 (in thousands): Balance at December 31, Property / Development Location % Owned 2021 2020 Stabilized Properties 3800 Main Houston, TX 50.0 % $ 10,347 $ — Alpha Mill (1) Charlotte, NC 57.2 % 22,034 — Cottonwood Bayview (1) St. Petersburg, FL 71.0 % 31,399 — Cottonwood Ridgeview (1) Plano, TX 90.5 % 34,352 — Fox Point (1) Salt Lake City, UT 52.8 % 16,056 — Toscana at Valley Ridge (1) Lewisville, TX 58.6 % 9,370 — Melrose Phase II (1) Nashville, TN 79.8 % 15,523 — Preferred Equity Investments Lector85 Ybor City, FL 13,010 11,396 Vernon Boulevard Queens, NY 18,079 15,886 Riverfront West Sacramento, CA 16,884 2,718 Other 3,679 — Total $ 190,733 $ 30,000 (1) We account for our tenant in common interests in these properties as equity method investments. Refer to Note 2 Our investments in unconsolidated real estate entities for the stabilized assets above were acquired on May 7, 2021 as part of the CRII Merger. Equity in losses for our stabilized assets during the period from the CRII Merger closing on May 7, 2021 to December 31, 2021 was $6.1 million. During 2021, we bought an additional 54.9% interest in Melrose Phase II for $10.6 million, increasing our ownership to 79.8%. We acquired equity method investments in stabilized properties with the CRII Merger in May 2021 and recorded an equity method investment in Alpha Mill with the November 2021 transaction mentioned in Note 3 For the Operating data: Total revenues $ 23,514 Total operating expenses 9,941 Total other expenses (24,672 ) Net loss (11,099 ) December 31, Balance sheet data: Real estate assets $ 440,853 Cash and cash equivalents 6,361 Total assets 452,972 Mortgage notes, net 250,224 Total liabilities 255,768 Our preferred equity investments, which are in development projects, have liquidation rights and priorities that are different from ownership percentages. As such, equity in earnings is determined using the hypothetical liquidation book value (“HLBV”) method. Income or loss is recorded based on changes in what would be received should the entity liquidate all of its assets (as valued in accordance with GAAP) and distribute the resulting proceeds based on the terms of the respective agreements. The HLBV method is a balance sheet focused approach commonly applied to equity investments where cash distribution percentages vary at different points in time and are not directly linked to an equity holder’s ownership percentage. Equity in earnings for our preferred equity investments for the years ended December 31, 2021 and 2020 were $5.6 million and $2.1 million, respectively. During the year ended December 31, 2021, we funded the remaining $12.4 million commitment on our Riverfront preferred equity investment. As of December 31, 2021, we had fully funded our commitments on all of our preferred equity investments. |
Investments in Real-Estate Rela
Investments in Real-Estate Related Loans | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate [Abstract] | |
Investments in Real-Estate Related Loans | 5. Investments in Real-Estate Related Loans Dolce B Note On May 7, 2021, the borrower of the Dolce B Note prepaid in full the outstanding principal balance plus accrued interest as a result of refinancing the project upon completion. During the period from January 1, 2021 to May 7, 2021, we issued $1.1 million, bringing the total amount funded on the $10.0 million B Note to $9.3 million prior to repayment by the borrower in full on May 7, 2021. During the period from January 1, 2021 to the May 7, 2021 repayment date, net interest income from the Dolce B Note was $0.3 million. Net interest income from the Dolce B Note was $0.6 million for the year ended December 31, 2020, and is classified within other revenues on our consolidated statements of operations. No allowance was recorded on the Dolce B Note during the years ended December 31, 2021 and 2020. Integra Peaks Mezzanine Loan On June 30, 2021, we entered into a co-lender 300-unit 4-story We committed to fund a total of $13.0 million of the mezzanine loan, with the remaining $6.5 million funded by an unaffiliated co-lender. co-lender As of December 31, 2021, we had funded all $13.0 million of our commitment under the co-lender one-year Net interest income from the Integra Peaks Mezzanine Loan was $0.6 million for the year ended December 31, 2021 and is classified within other revenues on our consolidated statements of operations. No allowance was recorded on the Integra Peaks Mezzanine Loan during the year ended December 31, 2021. |
Debt
Debt | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Debt Disclosure [Abstract] | ||
Debt | 5. Debt Mortgage Notes and Revolving Credit Facility The following table is a summary of the mortgage notes and revolving credit facility secured by our properties as of March 31, 2022 and December 31, 2021 ($ in thousands): Principal Balance Outstanding Indebtedness Weighted-Average Weighted-Average (1) March 31, December 31, Fixed rate loans Fixed rate mortgages 3.68 % 4.5 $ 450,431 $ 213,009 Total fixed rate loans 450,431 213,009 Variable rate loans (2) Floating rate mortgages 2.44 % 6.5 Years 321,592 407,022 Variable rate revolving credit facility (3) 1.85 % 3.0 Years — 20,000 Total variable rate loans 321,592 427,022 Total secured loans 772,023 640,031 Unamortized debt issuance costs (4,712 ) (940 ) Premium on assumed debt, net 1,750 3,016 Mortgage notes and revolving credit facility, net $ 769,061 $ 642,107 (1) For loans where we have the ability to exercise extension options at our own discretion, the maximum maturity date has been assumed. (2) The interest rate of our variable rate loans is primarily based on one-month one-month (3) We may obtain advances secured against Cottonwood One Upland and Parc Westborough up to $125.0 million on our variable rate revolving credit facility, as long as certain loan-to-value We are in compliance with all covenants associated with our mortgage notes and revolving credit facility as of March 31, 2022. Construction Loans Information on our construction loans are as follows ($ in thousands): Development Interest Rate Final Expiration Date Loan Amount March 31, Park Avenue One-Month USD Libor + 1.75% November 30, 2023 $ 37,000 $ 33,512 Cottonwood on Broadway One-Month USD Libor + 1.9% May 15, 2024 44,625 30,859 Cottonwood on Highland One-Month USD Libor + 2.75% (1) December 1, 2024 37,000 1,803 $ 118,625 $ 66,174 (1) The Libor rate for the Cottonwood on Highland construction loan is subject to a minimum floating index embedded floor rate of 0.5%, resulting in a minimum interest rate of 3.25%. Unsecured Promissory Notes, Net CROP issued notes to foreign investors outside of the United States. These notes are unsecured and subordinate to all of CROP’s debt. Each note has two one-year Information on our unsecured promissory notes are as follows ($ in thousands): Offering Size Interest Rate Maturity Date March 31, 2022 2017 6% Notes $ 35,000 6.00 % December 31, 2022 $ 20,818 2019 6% Notes 25,000 6.00 % December 31, 2023 22,625 $60,000 $43,443 The aggregate maturities, including amortizing principal payments on our debt for years subsequent to March 31, 2022 are as follows (in thousands): Year Total 2022 (1) $ 55,518 2023 (2) 111,344 2024 22,186 2025 2,877 2026 143,221 Thereafter 546,494 $881,640 (1) $20.8 million of the amount maturing in 2022 relates to the amount outstanding at March 31, 2022 on our 2017 6% Unsecured Promissory Notes. The maturity date on these notes can be extended for two one-year (2) $22.6 million of the amount maturing in 2023 relates to the amount outstanding at March 31, 2022 on our 2019 6% Unsecured Promissory Notes. The maturity date on these notes can be extended for two one-year | 6. Debt Mortgage Notes and Revolving Credit Facility The following table is a summary of the mortgage notes and revolving credit facility secured by our properties as of December 31, 2021 and 2020 ($ in thousands): Principal Balance Indebtedness Weighted-Average Weighted-Average (1) December 31, December 31, Fixed rate loans Fixed rate mortgages 4.03 % 3.7 Years $ 213,009 $ 35,995 Total fixed rate loans 213,009 35,995 Variable rate loans (2) Floating rate mortgages 2.86 % 6.2 Years 407,022 — Variable rate revolving credit facility (3) 1.63 % 3.2 Years 20,000 35,500 Total variable rate loans 427,022 35,500 Total secured loans 640,031 71,495 Unamortized debt issuance costs (940 ) (1,175 ) Premium on assumed debt, net 3,016 — Mortgage notes and revolving credit facility, net $ 642,107 $ 70,320 (1) For loans where we have the ability to exercise extension options at our own discretion, the maximum maturity date has been assumed. (2) The interest rate of our variable rate loans is primarily based on one-month (3) We may obtain advances secured against Cottonwood One Upland up to $74.9 million on our variable rate revolving credit facility, as well as finance other future acquisitions up to $125.0 million in total revolving debt capacity, as long as certain loan-to-value The aggregate maturities, including amortizing principal payments on mortgage notes for years subsequent to December 31, 2021 are as follows (in thousands): Year Total 2022 $ 1,592 2023 (1) 102,731 2024 139,686 2025 3,374 2026 39,087 Thereafter 353,561 $ 640,031 (1) $20.0 million of the amount maturing in 2023 relates to the amount outstanding at December 31, 2021 on our variable rate revolving credit facility. The maturity date on the variable rate revolving credit facility can be extended for two one-year We are in compliance with all covenants associated with our mortgage notes and revolving credit facility as of December 31, 2021. Construction Loans Information on our construction loans are as follows ($ in thousands): Development Interest Rate Final Expiration Date Loan Amount December 31, Sugarmont (1) One-Month September 30, 2022 $ 63,250 $ 59,660 Park Avenue One-Month November 30, 2023 37,000 29,520 Cottonwood on Broadway One-Month May 15, 2024 44,625 27,476 Cottonwood on Highland One-Month (2) December 1, 2024 37,000 — $ 181,875 $ 116,656 (1) The Sugarmont construction loan was refinanced in January 2022. Refer to Note 13 (2) The Libor rate for the Cottonwood on Highland construction loan is subject to a minimum floating index embedded floor rate of 0.5%, resulting in a minimum interest rate of 3.25%. Unsecured Promissory Notes, Net CROP issued notes to foreign investors outside of the United States. These notes are unsecured and subordinate to all of CROP’s debt. Each note has two one-year Information on our unsecured promissory notes are as follows ($ in thousands): Offering Interest Rate Maturity Date December 31, 2021 2017 6% Notes $ 35,000 6.00 % December 31, 2022 $ 20,918 2019 6% Notes 25,000 6.00 % December 31, 2023 22,625 $ 60,000 $ 43,543 Our previously issued 2017 6.25% Notes were fully redeemed in December 2021 for $5.0 million prior to their December 31, 2021 maturity date. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | ||
Fair Value of Financial Instruments | 6. Fair Value of Financial Instruments We estimate the fair value of our financial instruments using available market information and valuation methodologies we believe to be appropriate. As of March 31, 2022 and December 31, 2021, the fair values of cash and cash equivalents, restricted cash, other assets, related party payables, and accounts payable, accrued expenses and other liabilities approximate their carrying values due to the short-term nature of these instruments. Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that we could realize upon settlement. The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: • Quoted prices for similar assets/liabilities in active markets; • Quoted prices for identical or similar assets/liabilities in non-active non-current • Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatility, default rates); and • Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data. The table below includes the carrying value and fair value for our financial instruments for which it is practicable to estimate fair value (in thousands): March 31, 2022 December 31, 2021 Carrying Fair Value Carrying Fair Value Financial Asset: Investments in real-estate related loans $ 13,031 $ 13,031 $ 13,035 $ 13,035 Financial Liability: Fixed rate mortgages $ 450,431 $ 448,954 $ 213,009 $ 216,566 Floating rate mortgages $ 321,592 $ 320,466 $ 407,022 $ 409,377 Variable rate revolving credit facility $ — $ — $ 20,000 $ 20,000 Construction loans $ 66,174 $ 66,174 $ 116,656 $ 116,656 Series 2016 Preferred Stock $ 139,838 $ 139,838 $ 139,996 $ 139,996 Series 2017 Preferred Stock $ — $ — $ 2,586 $ 2,586 Series 2019 Preferred Stock $ 127,335 $ 127,335 $ 111,863 $ 111,863 Unsecured promissory notes $ 43,443 $ 43,443 $ 43,543 $ 43,543 Our investments in real-estate related loans, fixed and floating rate mortgages, variable rate revolving credit facility, construction loans, preferred stock and unsecured promissory notes are categorized as Level 3 in the fair value hierarchy. | 7. Fair Value of Financial Instruments We estimate the fair value of our financial instruments using available market information and valuation methodologies we believe to be appropriate. As of December 31, 2021 and 2020, the fair values of cash and cash equivalents, restricted cash, other assets, related party payables, and accounts payable, accrued expenses and other liabilities approximate their carrying values due to the short-term nature of these instruments. Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that we could realize upon settlement. The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: • Quoted prices for similar assets/liabilities in active markets; • Quoted prices for identical or similar assets/liabilities in non-active non-current • Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatilities, default rates); and • Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data. The table below includes the carrying value and fair value for our financial instruments for which it is practicable to estimate fair value (in thousands): As of December 31, 2021 As of December 31, Carrying Fair Value Carrying Fair Financial Asset: Investments in real-estate related loans $ 13,035 $ 13,035 $ 8,206 $ 8,206 Financial Liability: Fixed rate mortgages $ 213,009 $ 216,566 $ 35,995 $ 38,658 Floating rate mortgages $ 407,022 $ 409,377 $ — $ — Variable rate revolving credit facility $ 20,000 $ 20,000 $ 35,500 $ 35,500 Construction loans $ 116,656 $ 116,656 $ — $ — Series 2016 Preferred Stock $ 139,996 $ 139,996 $ — $ — Series 2017 Preferred Stock $ 2,586 $ 2,586 $ — $ — Series 2019 Preferred Stock $ 111,863 $ 111,863 $ 32,933 $ 32,933 Unsecured promissory notes, net $ 43,543 $ 43,543 $ — $ — Our investments in real-estate related loans, fixed and floating rate mortgages, variable rate revolving credit facility, construction loans, preferred stock and unsecured promissory notes are categorized as Level 3 in the fair value hierarchy. |
Preferred Stock
Preferred Stock | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | ||
Preferred Stock | 7. Preferred Stock Information on our preferred stock as of March 31, 2022 and December 31, 2021 is as follows: Shares Outstanding at Dividend Extension Redemption Date Maximum Extension Date March 31, December 31, Series 2016 Preferred Stock (1) 6.5 % 7.0 % January 31, 2022 January 31, 2023 13,983,810 13,999,560 Series 2017 Preferred Stock (2) 7.5 % 8.0 % January 31, 2022 January 31, 2024 — 258,550 Series 2019 Preferred Stock 5.5 % 6.0 % December 31, 2023 December 31, 2025 12,733,485 11,186,301 (1) As of March 31, 2022, we were in the second extension period on our Series 2016 Preferred Stock resulting in an extension dividend rate of 7.0%. Subsequent to March 31, 2022, we fully redeemed our Series 2016 Preferred Stock on April 18, 2022 for approximately $139.8 million. (2) We fully redeemed our Series 2017 Preferred Stock immediately after the January 31, 2022 redemption date for approximately $2.6 million. During the three months ended March 31, 2022 and 2021 we issued approximately $15.4 million and $10.8 million of Series 2019 Preferred Stock, respectively. The Private Offering for our Series 2019 Preferred Stock was fully subscribed and terminated in March 2022. During the three months ended March 31, 2022 and 2021, we incurred approximately $1.7 million and $0.5 million in dividends on our Series 2019 Preferred Stock, respectively. During the three months ended March 31, 2022, we incurred approximately $2.4 million in dividends on our Series 2016 Preferred Stock, and we incurred an insignificant amount in dividends on our Series 2017 Preferred Stock prior to their full redemption immediately after the January 31, 2022 redemption date. No shares of Series 2019 Preferred Stock were repurchased during the three months ended March 31, 2022. We fully redeemed our Series 2017 Preferred Stock immediately after the January 31, 2022 redemption date for approximately $2.6 million. During the three months ended March 31, 2022, we repurchased 15,750 shares of Series 2016 Preferred Stock for approximately $152,000. Subsequent to March 31, 2022, we fully redeemed our Series 2016 Preferred Stock on April 18, 2022 for approximately $139.8 million. | 8. Preferred Stock We have three classes of preferred stock, Series 2016, Series 2017 and Series 2019, each of which were offered at a price of $10.00 per share. Our Series 2016 Preferred Stock and the Series 2017 Preferred Stock were issued in connection with the CRII Merger in exchange for the corresponding series of preferred stock held at CRII. Each class of preferred stock receives a fixed preferred dividend based on a cumulative, but not compounded, annual return. Each class has a fixed redemption date with extension options at our discretion, subject to an increase in the preferred dividend rate, and is classified as a liability on the consolidated balance sheets. We can also redeem our preferred stock early for cash plus all accrued and unpaid dividends. Our preferred stock ranks senior to our common stock and on parity with each other with respect to distribution rights and rights upon liquidation, dissolution or winding up. Information on our preferred stock is as follows: Shares Outstanding at Dividend Extension Redemption Date Maximum Extension December 31, December 31, Series 2016 Preferred Stock (1) 6.5 % 7.0 % January 31, 2022 January 31, 2023 13,999,560 — Series 2017 Preferred Stock 7.5 % 8.0 % January 31, 2022 January 31, 2024 258,550 — Series 2019 Preferred Stock 5.5 % 6.0 % December 31, 2023 December 31, 2025 11,186,301 3,308,326 (1) As of December 31, 2021, we are currently in the first extension period on our Series 2016 Preferred Stock resulting in an extension dividend rate of 7.0%. Subsequent to year end, our Series 2017 Preferred Stock was fully redeemed for approximately $2.6 million immediately after the January 31, 2022 redemption date. During the years ended December 31, 2021 and 2020 we issued $78.9 million and $31.7 million of Series 2019 Preferred Stock, respectively. During the years ended December 31, 2021 and 2020, we incurred $3.6 million and $0.8 million in dividends on our Series 2019 Preferred Stock, respectively. During the period from the CRII Merger closing on May 7, 2021 to December 31, 2021, we incurred $6.4 million and $0.1 million in dividends on our Series 2016 Preferred Stock and Series 2017 Preferred Stock, respectively. During the year ended December 31, 2021, we repurchased 10,000 shares of Series 2019 Preferred Stock for $0.1 million and during the period from the CRII Merger closing on May 7, 2021 to December 31, 2021 we repurchased 139,740 shares of Series 2016 Preferred Stock for $1.3 million. No shares of Series 2019 Preferred Stock were repurchased during the year ended December 31, 2020. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | ||
Stockholders' Equity | 8. Stockholders’ Equity Common Stock The following table details the movement in the Company’s outstanding shares for each class of common stock: Three Months Ended March 31, 2022 Class T Class I Class A Class TX Total December 31, 2021 — 151,286 23,445,174 17,520 23,613,980 Issuance of common stock 1,383,323 456,277 — — 1,839,600 Distribution reinvestment 19 456 26,120 5 26,600 Repurchases of common stock — — (183,049 ) — (183,049 ) March 31, 2022 1,383,342 608,019 23,288,245 17,525 25,297,131 Common Stock Distributions Distributions on our common stock are determined by the board of directors based on our financial condition and other relevant factors. Common stockholders may choose to receive cash distributions or purchase additional shares through our distribution reinvestment plan. For the three months ended March 31, 2022, we paid aggregate distributions of approximately $4.6 million, including $4.2 million distributions paid in cash and approximately $0.4 million of distributions reinvested through our distribution reinvestment plan. For the three months ended March 31, 2021, we paid aggregate distributions of approximately $1.5 million, all paid in cash due to our distribution reinvestment plan being suspended. We declared the following monthly distributions for each share of our common stock as shown in the table below: Shareholder Record Date Monthly Rate Annually January 31, 2022 $ 0.05833333 $ 0.70 February 28, 2022 $ 0.05916667 $ 0.71 March 31, 2022 $ 0.05916667 $ 0.71 For the three months ended March 31, 2021, distributions were at a daily rate of $0.00013699, or $0.50 annually, per common share. Repurchases During the three months ended March 31, 2022, we repurchased 183,049 shares of common stock pursuant to our share repurchase program for approximately $3.1 million, at an average repurchase price of $16.98. No shares of common stock were repurchased during the three months ended March 31, 2021. | 9. Stockholders’ Equity Common Stock The following table summarizes the changes in the shares outstanding for each class of outstanding common stock for the periods presented below: Class I A TX Total Balance at December 31, 2019 — 8,851,759 — 8,851,759 Issuance of common stock — 3,283,713 17,500 3,301,213 Distribution reinvestment — 110,606 18 110,624 Repurchases of common stock — (31,307 ) — (31,307 ) Balance at December 31, 2020 — 12,214,771 17,518 12,232,289 Issuance of common stock 151,286 — — 151,286 Distribution reinvestment — 8,660 2 8,662 Repurchases of common stock — (203,537 ) — (203,537 ) CRII Merger — 430,070 — 430,070 CMRI Merger — 5,762,253 — 5,762,253 CMRII Merger — 5,232,957 — 5,232,957 Balance at December 31, 2021 151,286 23,445,174 17,520 23,613,980 Common Stock Distributions Distributions on our common stock are determined by the board of directors based on our financial condition and other relevant factors. Common stockholders may choose to receive cash distributions or purchase additional shares through our distribution reinvestment plan. For the year ended December 31, 2021, we paid aggregate distributions of approximately $9.6 million, including $9.5 million distributions paid in cash and $0.1 million of distributions reinvested through our distribution reinvestment plan. For the year ended December 31, 2020, we paid aggregate distributions of approximately $5.2 million, including $4.1 million distributions paid in cash and $1.1 million of distributions reinvested through our distribution reinvestment plan. Distributions were at a daily rate of $0.00013699, or $0.50 annually, per common share during the year ended December 31, 2020 and for the period of January 1, 2021 through August 30, 2021. In September 2021, we began declaring monthly distributions for each share of our common stock as shown in the table below: Shareholder Record Date Monthly Rate Annually September 25, 2021 $ 0.04333333 $ 0.52 October 29, 2021 0.04333333 0.52 November 30, 2021 0.05416667 0.65 December 31, 2021 0.05666667 0.68 For the year ended December 31, 2021, 100% (unaudited) of distributions to stockholders were reported as a return of capital or, to the extent they exceed a stockholder’s adjusted tax basis, as gains from the sale or exchange of property. Repurchases During the year ended December 31, 2021, we repurchased 203,537 shares of Class A common stock pursuant to our share repurchase program for $2.6 million, at an average repurchase price of $12.90. During the year ended December 31, 2020, we repurchased 31,307 shares of Class A common stock pursuant to our share repurchase program for $0.3 million, at an average repurchase price of $8.58. No shares of Class TX common stock were repurchased during the years ended December 31, 2021 and 2020. No shares of Class I common stock were repurchased during the year ended December 31, 2021. |
Related-Party Transactions
Related-Party Transactions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Related Party Transactions [Abstract] | ||
Related-Party Transactions | 9. Related-Party Transactions Asset Management Fee Under the amended and restated advisory agreement entered May 7, 2021, CROP pays our advisor a monthly management fee equal to 0.0625% of GAV (gross asset value of CROP, calculated pursuant to our valuation guidelines and reflective of the ownership interest held by CROP in such gross assets), subject to a cap of 0.125% of net asset value of CROP. Prior to May 7, 2021, we paid our advisor an annual asset management fee in an amount equal to 1.25% per annum (paid monthly) of the gross book value of our assets as of the last day of the prior month. Asset management fees to our advisor for the three months ended March 31, 2022 and 2021 were approximately $3.8 million and $0.9 million, respectively. Performance Participation Allocation CC Advisors—SLP, LLC, an affiliate of our advisor and the Special Limited Partner at CROP, holds a performance participation interest in CROP that entitles it to receive an allocation of CROP’s total return to its capital account as long as the advisory agreement has not been terminated. Total return is defined as all distributions accrued or paid (without duplication) on the Participating Partnership units (all units in our Operating Partnership with the exception of preferred units) plus the change in the aggregate net asset value of such Participating Partnership units. Under the Operating Partnership agreement, the annual total return will be allocated solely to the Special Limited Partner only 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, accrues monthly and will be paid in cash or Class I units at the election of the Special Limited Partner after the completion of each calendar year. On January 31, 2022, the performance participation allocation incurred during the period from the CRII Merger closing on May 7, 2021 to December 31, 2021 of $51.8 million was paid in cash. During the three months ended March 31, 2022, we recognized $19.9 million of performance participation expense as a result of the increase in the value of our net assets and dividends paid to stockholders. CROP’s Operating Partnership agreement was amended with the CRII Merger in May 2021 to provide for the performance participation allocation. Therefore, no performance participation allocation was recognized prior to the CRII Merger. | 10. Related-Party Transactions Advisory Agreement CCA III manages our business as our external advisor and, as of the CRII Merger described above, was initially the Special Limited Partner owning a special partner interest in CROP. Effective November 12, 2021, CCA III assigned its special limited partner interest to its affiliate, CC Advisors — SLP, LLC. Following the CRII Merger, we became the property manager for our stabilized multifamily apartment communities and employ certain personnel who manage our operations directly. These activities are all subject to oversight by our board of directors. Per the terms of our advisory agreement, our advisor is entitled to receive the fees for the services which are mentioned below. Asset Management Fee Under the amended and restated advisory agreement entered May 7, 2021, CROP pays our advisor a monthly management fee equal to 0.0625% of GAV (gross asset value of CROP, calculated pursuant to our valuation guidelines and reflective of the ownership interest held by CROP in such gross assets), subject to a cap of 0.125% of net asset value of CROP. Prior to May 7, 2021, we paid our advisor an annual asset management fee in an amount equal to 1.25% per annum (paid monthly) of the gross book value of our assets as of the last day of the prior month. Asset management fees to our advisor for the years ended December 31, 2021 and 2020 were $8.1 million and $2.8 million, respectively. Acquisition Expense Reimbursement We will reimburse our advisor for out-of-pocket Performance Participation Allocation The Special Limited Partner, so long as the advisory agreement has not been terminated, holds a performance participation interest in CROP that entitles it to receive an allocation of CROP’s total return to its capital account. Total return is defined as all distributions accrued or paid (without duplication) on Participating Partnership units (all units in CROP with the exception of preferred units) plus the change in the aggregate net asset value of such Participating Partnership units. The annual total return will be allocated solely to the Special Limited Partner only 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, accrues monthly and will be paid in cash or Class I units at the election of the Special Limited Partner after the completion of each calendar year. During the period from the CRII Merger closing on May 7, 2021 to December 31, 2021, we recognized $51.8 million of performance participation expense as a result of the increase in the value of our net assets and dividends paid to stockholders. The full amount was paid in cash subsequent to year end. No performance participation allocation was recognized prior to the CRII Merger as it was not a part of our operating partnership agreement. Reimbursable Operating Expenses Our advisor must reimburse us the amount by which our aggregate total operating expenses for the four fiscal quarters then ended exceed the greater of 2% of our average invested assets or 25% of our net income, unless the conflicts committee has determined that such excess expenses were justified based on unusual and non-recurring factors. Our Other As a result of the CRII Merger, employees who had previously provided services to us and for which we reimbursed related expenses to our advisor are now our employees. As such, we had no reimbursable company operating expenses from the May 7, 2021 CRII Merger date onward. Reimbursable company operating expenses to our advisor or its affiliates for the years ended December 31, 2021 and 2020 were $0.3 million and $1.0 million, respectively. Independent Director Compensation Annually, each independent director is paid a cash retainer of $50,000 for their service (prorated in 2021) and a grant of time-based LTIP Units with a value of $85,000 at the time of grant. The LTIP Units have a one-year |
Noncontrolling Interests
Noncontrolling Interests | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Noncontrolling Interest [Abstract] | ||
Noncontrolling Interests | 10. Noncontrolling Interests Noncontrolling Interests—Limited Partners Common Limited OP Units and LTIP Units are CROP units not owned by CCI and collectively referred to as “Noncontrolling Interests – Limited Partners.” Common Limited OP Units LTIP Units Noncontrolling Interests—Partially Owned Entities | 11. Noncontrolling Interests Noncontrolling Interests—Limited Partners Common Limited OP Units and LTIP Units are CROP units not owned by CCI and collectively referred to as “Noncontrolling Interests—Limited Partners.” Common Limited OP Units During the period from the CRII Merger closing on May 7, 2021 to December 31, 2021, we paid aggregate distributions to noncontrolling OP Unit holders of $10.6 million. LTIP Units one-for-one In conjunction with the CRII Merger, 528,451 time vesting LTIP units were awarded to executives as retention grants. As of December 31, 2021, there were 719,137 unvested time LTIP awards and 380,637 unvested performance LTIP awards outstanding. Share-based compensation was $1.6 million and $0.1 million for the years ended December 31, 2021 and 2020, respectively. Total unrecognized compensation expense for LTIP Units at December 31, 2021 is $6.5 million and is expected to be recognized on a straight-line basis through June 2025. Noncontrolling Interests—Partially Owned Entities As of December 31, 2021, noncontrolling interests in entities not wholly owned by us ranged from 1% to 81%, with the average being 24%. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | 11. Commitments and Contingencies Litigation We are subject to a variety of legal actions in the ordinary course of our business, most of which are covered by liability insurance. While the resolution of these matters cannot be predicted with certainty, as of March 31, 2022, we believe the final outcome of such legal proceedings and claims will not have a material adverse effect on our liquidity, financial position or results of operations. | 12. Commitments and Contingencies Economic Dependency We are dependent on our advisor and its affiliates and the dealer manager for certain services that are essential to us, including the sale of our shares in our public and private offering; the identification, evaluation, negotiation, origination, acquisition and disposition of investments; management of the daily operations of our investment portfolio; and other general and administrative responsibilities. In the event that these companies are unable to provide the respective services, we will be required to obtain such services from other sources. Litigation We are subject to a variety of legal actions in the ordinary course of our business, most of which are covered by liability insurance. While the resolution of these matters cannot be predicted with certainty, as of December 31, 2021, we believe the final outcome of such legal proceedings and claims will not have a material adverse effect on our liquidity, financial position or results of operations. Environmental As an owner of real estate, we are subject to various federal, state and local environmental laws. Compliance with existing laws has not had a material adverse effect on us. However, we cannot predict the impact of new or changed laws or regulations on our properties or on properties that we may acquire in the future. COVID-19 One of the most significant risks and uncertainties facing the real estate industry generally continues to be the effect of the ongoing public health crisis of the novel coronavirus (COVID-19) COVID-19 COVID-19 Distribution Reinvestment Plan Our distribution reinvestment plan allows common stockholders to apply their dividends and other distributions towards the purchase of additional shares of common stock. The purchase price for shares purchased pursuant to our distribution reinvestment plan is the transaction price for such shares in effect on the distribution date, which is generally the most recently disclosed NAV per share. We suspended our distribution reinvestment plan in December 2020 and resumed our distribution reinvestment plan on November 4, 2021 when the SEC declared the Follow-on Share Repurchase Programs Preferred Stock Our board of directors has adopted a share repurchase program with respect to our preferred stock whereby, upon the request of a holder of our Series 2016, Series 2017 or Series 2019 preferred stock, we may, at the sole discretion of the board of directors, repurchase their shares at the following prices, which are dependent on how long such preferred stockholder has held each share: Share Purchase Anniversary Repurchase Less than 1 year $ 8.80 1 year $ 9.00 2 years $ 9.20 3 years $ 9.40 4 years $ 9.60 5 years $ 9.80 A stockholder’s death or complete disability, 2 years or more (Series 2019), 6 years or more (Series 2016 and Series 2017) $ 10.00 Repurchase information on our Preferred Stock is disclosed in Note 8 above. Common Stock We suspended our share repurchase program in December 2020. Our board of directors approved the resumption of the share repurchase program effective for repurchases for the month ended June 30, 2021 onward. Our share repurchase program provides that we may make repurchases, at our discretion, with an aggregate value of up to 2% of our aggregate net asset value or “NAV” each month and up to 5% of our NAV each quarter. We have no restrictions on the source of funds used to repurchase shares pursuant to our share repurchase program. For our Class T, Class D and Class I shares, the repurchase price will be equal to the transaction price at the date of repurchase, or 95% of the transaction price on the repurchase date if the shares have been held for less than a year. For our Class A and Class TX shares, the repurchase price will be equal to the transaction price at the date of repurchase, subject to the following: (i) shares that have been outstanding six years or more will be repurchased at 100% of the transaction price, (ii) shares that have been outstanding for at least five years and less than six years will be repurchased at 95.0% of the transaction price, (iii) shares that have been outstanding for at least three years and less than five years will be repurchased at 90.0% of the transaction price and (iv) shares that have been outstanding for at least one year and less than three years will be repurchased at 85.0% of the transaction price. The transaction price is the then-current offering price per share, which is generally the most recently disclosed NAV per share. Common Limited OP Units Beginning one year after acquiring any Common Limited OP Units, common limited partners have the right to request CROP repurchase their Common Limited OP Units as described below. We may, in our sole discretion, honor the repurchase request at the following prices: 1. Beginning one year after acquisition of a Common Limited OP Unit and continuing for the three-year period thereafter, the purchase price for the repurchased Common Limited OP Unit shall be equal to 80% of the NAV of the Common Limited OP Units. 2. Beginning four years after acquisition of a Common Limited OP Unit and continuing for the two-year 3. Beginning six years after acquisition of a Common Limited OP Unit and continuing thereafter, the purchase price for the repurchased Common Limited OP Unit shall be equal to 90% of the NAV of the Common Limited OP Units. Subject to our sole discretion, in the case of the death or complete disability of a limited partner, the repurchase of the Common Limited OP Units may occur at any time after acquisition of a Common Limited OP Unit and, if accepted by us, the purchase price for the repurchased Common Limited OP Units will be equal to 95% of the NAV of the Common Limited OP Units. |
Subsequent Events
Subsequent Events | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Subsequent Events [Abstract] | ||
Subsequent Events | 12. Subsequent Events We evaluate subsequent events up until the date the condensed consolidated financial statements are issued and have determined there are none to be reported or disclosed in the condensed consolidated financial statements other than those mentioned below. Series 2016 Preferred Stock Payoff Our Series 2016 Preferred Stock was fully redeemed on April 18, 2022 for approximately $139.8 million, utilizing available cash on hand, cash from asset-level refinances, funds raised in the Follow-on Distributions Declared—Common Stock On May 10, 2022, our board of directors declared a gross distribution for the month of May of $0.06000000, or $0.72 annually, for each class of our common stock to holders of record on May 31, 2022, to be paid in June. Each class of our common stock will receive the same aggregate gross distribution per share. The net distribution varies for each class based on applicable distribution fees, which are deducted from the monthly distribution per share and paid directly to the applicable distributor. Distributions Declared—CROP Units As the sole member of the sole general partner of CROP, we declared distributions on Common Limited OP Units an Preferred OP Units to correspond to the distributions declared on our common stock and preferred stock. Alpha Mill Transaction On April 7, 2022, we sold to certain unaffiliated third parties approximately 28.9% of our 57.2% ownership interest in Alpha Mill apartments. We will retain at least a 20% ownership interest in Alpha Mill apartments under the terms of the offering and financing documents, and will also continue to provide property and asset management services. Among other material terms, the offering provides that each purchaser of an interest in Alpha Mill apartments will enter into an option agreement which provides us the right (but not the obligation) to re-acquire Financing Activities On May 5, 2022, we completed a borrow-up | 13. Subsequent Events We have evaluated subsequent events from December 31, 2021 up until the date the consolidated financial statements are issued for recognition or disclosure and have determined there are none to be reported or disclosed in the consolidated financial statements other than those mentioned below. Series 2016 Preferred Stock Extension In January 2022, we extended our Series 2016 Preferred Stock redemption date to the maximum extension date of January 31, 2023. On March 22, 2022, our board of directors approved the full redemption of our Series 2016 Preferred Stock which we expect to occur before the end of April 2022. We will continue to pay the extension dividend rate of 7.0% until the earlier of January 31, 2023 or the full redemption of the Series 2016 Preferred Stock. We intend to use funds from our Follow-on Series 2017 Preferred Stock Payoff Our Series 2017 Preferred Stock was fully redeemed on February 1, 2022 for approximately $2.6 million. Financing Activities On January 28, 2022, we refinanced Parc Westborough and placed it on our revolving credit facility, drawing an additional $1.7 million on that line. We also refinanced Sugarmont’s construction loan to a permanent $105.0 million mortgage, receiving net proceeds of $43.8 million. In March 2022, we refinanced seven properties through individual, uncrossed loans with one lender for $362.2 million, receiving net proceeds of $111.7 million. All of the loans are on a 5 year term and carry a 3.4% fixed interest rate. Two of the properties are unconsolidated. Performance Participation Allocation Payment On January 31, 2021, the accrued $51.8 million performance participation allocation was paid in cash. Status of the Private Offering We sold 1,547,184 shares of Series 2019 Preferred Stock for aggregate gross offering proceeds of $15.4 million. In connection with the sale of these shares in the Private Offering, the Company paid aggregate selling commissions of $1.0 million and placement fees of $0.3 million. The offering was fully subscribed and terminated in March 2022. Status of the Follow-on We sold the following through our Follow-on Class T I A TX Total Shares issued through Primary Offering 1,394,087 442,888 — — 1,836,975 Shares issued through DRP Offering 19 456 26,120 — 26,595 Gross Proceeds $ 25,000 $ 7,888 $ 458 $ — $ 33,346 Distributions Declared—Common Stock We declared the following monthly distributions after December 31, 2021: Shareholder Record Date Monthly Rate Annually January 31, 2022 $ 0.05833333 $ 0.70 February 28, 2022 $ 0.05916667 $ 0.71 March 31, 2022 $ 0.05916667 $ 0.71 Grant of LTIP Unit Awards and RSU Awards On January 7, 2022, grants of 105,826 time-based LTIP Units and 170,731 performance-based LTIP units were issued to executives, directors and employees. Equity Incentive Plan On March 22, 2022, our board of directors approved the Cottonwood Communities, Inc. 2022 Equity Incentive Plan (the “Plan”) to attract, retain and reward certain employees, consultants and/or directors for services they perform on behalf of the Company. The plan allows for the issuance of a maximum of 300,000 shares of common stock issued through restricted stock units or restricted stock awards. Awards may (but need not) be subject to service or performance vesting conditions. Upon adoption of the Plan, the compensation committee of the board of directors approved an aggregate grant of 20,038 restricted stock units with a four-year vesting schedule. The Company does not intend to issue awards to executive officers or directors pursuant to the Plan. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | Initial Cost to Company Gross Amount Carried as of December 31, 2021 Description Location Ownership Number Encumbrances Land Buildings, Cost Land Buildings, Total (1) Accumulated (2) Year(s) Built Date Stabilized Multifamily Apartment Communities: Cason Estates Murfreesboro, TN 100.0 % 262 $ (33,594 ) $ 4,806 $ 46,666 $ 139 $ 4,806 $ 46,805 $ 51,611 $ (2,869 ) 2005 5/7/2021 Cottonwood Salt Lake City, UT 100.0 % 264 (21,645 ) 6,556 40,745 776 6,556 41,521 48,077 (2,178 ) 1986 5/7/2021 Cottonwood One Upland Boston, MA 100.0 % 262 (20,000 ) 14,515 89,428 335 14,515 89,763 104,278 (8,137 ) 2016 3/19/2020 Cottonwood Reserve Charlotte, NC 91.1 % 352 (38,314 ) 12,634 64,986 269 12,634 65,255 77,889 (3,967 ) 2004 5/7/2021 Cottonwood West Palm West Palm Beach, FL 100.0 % 245 (35,995 ) 9,380 57,073 366 9,380 57,439 66,819 (6,934 ) 2018 5/30/2019 Cottonwood Westside Atlanta, GA 100.0 % 197 (25,506 ) 8,641 39,324 106 8,641 39,430 48,071 (2,358 ) 2014 5/7/2021 Enclave on Golden Triangle Keller, TX 98.9 % 273 (34,000 ) 4,888 46,712 168 4,888 46,880 51,768 (2,410 ) 2006 5/7/2021 Heights at Meridian Durham, NC 100.0 % 339 (33,750 ) 5,971 74,022 172 5,971 74,194 80,165 (4,158 ) 2015 5/7/2021 Melrose Nashville, TN 100.0 % 220 (47,100 ) 8,822 58,676 96 8,822 58,772 67,594 (4,057 ) 2015 5/7/2021 Parc Westborough Boston, MA 100.0 % 249 (38,010 ) 12,759 61,302 65 12,759 61,367 74,126 (4,088 ) 2016 5/7/2021 Pavilions Albuquerque, NM 96.4 % 240 (37,350 ) 5,924 55,177 241 5,924 55,418 61,342 (2,688 ) 1992 5/7/2021 Raveneaux Houston, TX 97.0 % 382 (26,675 ) 6,249 51,251 147 6,249 51,398 57,647 (2,983 ) 2000 5/7/2021 Regatta Houston, TX 100.0 % 490 (35,367 ) 8,449 39,651 601 8,449 40,252 48,701 (2,677 ) 1968-1976 5/7/2021 Retreat at Peachtree City Peachtree City, GA 100.0 % 312 (48,719 ) 5,669 66,888 282 5,669 67,170 72,839 (4,090 ) 1999 5/7/2021 Scott Mountain Portland, OR 95.8 % 262 (48,373 ) 6,952 63,758 151 6,952 63,909 70,861 (2,995 ) 1997, 2000 5/7/2021 Stonebriar of Frisco Frisco, TX 84.2 % 306 (36,400 ) 5,737 53,463 290 5,737 53,753 59,490 (2,715 ) 1999 5/7/2021 Summer Park Buford, GA 98.7 % 358 (44,620 ) 9,474 66,200 252 9,474 66,452 75,926 (4,029 ) 2001 5/7/2021 The Marq Highland Park Tampa, FL 100.0 % 239 (34,613 ) 6,280 59,424 149 6,280 59,573 65,853 (3,763 ) 2015 5/7/2021 Development Projects: Cottonwood on Broadway Salt Lake City, UT 18.8 % 254 (27,476 ) 11,042 30,958 20,026 11,042 50,984 62,026 — N/A 5/7/2021 Park Avenue Salt Lake City, UT 23.6 % 234 (29,520 ) 11,369 30,931 19,019 11,369 49,950 61,319 — N/A 5/7/2021 Sugarmont (3) Salt Lake City, UT 99.0 % 341 (59,660 ) 17,838 94,662 21,193 17,838 115,855 133,693 (939 ) N/A 5/7/2021 Cottonwood on Highland Millcreek, UT 36.9 % 250 — 7,405 1,695 15,797 7,405 17,492 24,897 — N/A 5/7/2021 Other Developments Various Various N/A — 11,171 — 355 11,171 355 11,526 — N/A Various Total 6,331 $ (756,687 ) $ 202,531 $ 1,192,992 $ 80,995 $ 202,531 $ 1,273,987 $ 1,476,518 $ (68,035 ) (1) The aggregate cost of real estate for federal income tax purposes was $1.0 billion (unaudited) as of December 31, 2021. (2) Depreciation is recognized on a straight-line basis over the estimated useful asset lives of the related assets, which is 30 years for buildings and ranges from five (3) Lease-up The following table summarized the changes in our consolidated real estate assets and accumulated depreciation for the years ended December 31, 2021 and 2020 (in thousands): 2021 2020 Real estate assets: Balance at beginning of the year $ 170,796 $ 66,644 Additions during the year: Acquisitions 1,295,086 (1) 103,942 Improvements and development costs 80,775 210 Dispositions and deconsolidations during the year: Dispositions and deconsolidations (70,139 ) — Balance at end of the year $ 1,476,518 $ 170,796 Accumulated depreciation and amortization: Balance at beginning of the year $ (9,704 ) $ (2,738 ) Depreciation and amortization (61,243 ) (6,966 ) Dispositions and deconsolidations 2,912 — Balance at end of the year $ (68,035 ) $ (9,704 ) (1) Aside from a portion of the other development real estate assets listed on our “Schedule III—Real Estate and Accumulated Depreciation,” all of our 2021 acquisitions of real estate were from the merger with CRII, which was an affiliated entity. The CRII Merger was accounted for as a business combination in accordance with ASC 805. See Note 3 for additional information regarding the CRII Merger including the amount of real estate assets acquired as part of the merger. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | ||
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information and the instructions to Rule 10-01 S-X. In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. The accompanying condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included herein. The accompanying condensed consolidated financial statements include the accounts of the Company and its subsidiaries for which we have a controlling interest. All intercompany balances and transactions have been eliminated in consolidation. Certain amounts in the prior year condensed consolidated financial statements and notes to the condensed consolidated financial statements have been reclassified to conform to the current year presentation. Such reclassifications did not impact previously reported net loss or accumulated deficit or change net cash provided by or used in operating, investing or financing activities. | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of management, the accompanying consolidated financial statements contain all adjustments and eliminations, consisting only of normal recurring adjustments necessary for a fair presentation in conformity with GAAP. |
Organization and Offering Costs | Organization and Offering Costs Organization and offering costs in the Initial Offering were paid by our advisor, which totaled $14.1 million. Organization and offering costs with the Follow-on Follow-on Organization and offering costs in the Private Offering for our Series 2019 Preferred Stock were paid by us. They are deferred and amortized up to the redemption date through interest expense. We incurred approximately $13.2 million of organization and offering costs related to the Private Offering, which was fully subscribed and terminated in March 2022. | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and subsidiaries under its control. The Operating Partnership and its subsidiaries are consolidated as they are controlled by CCI. All intercompany balances and transactions have been eliminated in consolidation. Some of our partially owned and unconsolidated properties are owned through a tenant in common (“TIC interest”) structure. TIC interests constitute separate and undivided interests in real property. TIC interests in properties for which we exercise significant influence are accounted for using the equity method of accounting until we have acquired a 100% interest in the property. Number of units and certain other measures used to describe real estate assets included in the notes to the consolidated financial statements are presented on an unaudited basis. Certain amounts in the prior year consolidated financial statements and notes to the consolidated financial statements have been reclassified to conform to the current year presentation. Such reclassifications did not impact previously reported net loss or accumulated deficit or change net cash provided by or used in operating, investing or financing activities. | |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | |
Variable Interest Entities | Variable Interest Entities We invest in entities that qualify as variable interest entities (“VIEs”). All VIEs for which we are the primary beneficiary are consolidated. VIEs for which we are not the primary beneficiary are accounted for under the equity method. A VIE is a legal entity in which the equity investors at risk lack sufficient equity to finance the entity’s activities without additional subordinated financial support or, as a group, the equity investors at risk lack the power to direct the entity’s activities and the obligation to absorb the entity’s expected losses or the right to receive the entity’s expected residual returns. Qualitative and quantitative factors are considered in determining whether we are the primary beneficiary of a VIE, including, but not limited to, which activities most significantly impact economic performance, which party controls such activities, the amount and characteristics of our investments, the obligation or likelihood for us or other investors to provide financial support, and the management relationship of the property. CROP is a VIE as the limited partners lack substantive kick-out In cases where we become the primarily beneficiary of a VIE, we recognized a gain or loss for the difference between the sum of (1) the fair value of any consideration paid, the fair value of the noncontrolling interest, and the reported amount of our equity method investment and (2) the net fair value of identifiable assets and liabilities of the VIE. | |
Investments in Real Estate | Investments in Real Estate In accordance with Accounting Standards Codification Topic 805, Business Combinations We account for business combinations by recognizing assets acquired and liabilities assumed at their fair values as of the acquisition date and expensing transaction costs. Differences between the transaction price and the fair value of identifiable assets acquired, the liabilities assumed, and any non-controlling We account for asset acquisitions by allocating the total cost to the individual assets acquired and liabilities assumed on a relative fair value basis. Real estate assets and liabilities include land, building, furniture, fixtures and equipment, other personal property, in-place Fair values are determined using methods similar to those used by independent appraisers, and include using replacement cost estimates less depreciation, discounted cash flows, market comparisons, and direct capitalization of net operating income. The fair value of debt assumed is determined using a discounted cash flow analysis based on remaining loan terms and principal. Discount rates are based on management’s estimates of current market interest rates for instruments with similar characteristics, and consider remaining loan term and loan-to-value | |
Real Estate Assets, Net | Real Estate Assets, Net We state real estate assets at cost, less accumulated depreciation and amortization. We capitalize costs related to the development, construction, improvement, and significant renovation of properties, which include capital replacements such as scheduled carpet replacement, new roofs, HVAC units, plumbing, concrete, masonry and other paving, pools and various exterior building improvements. We also capitalize salary costs directly attributable to significant renovation work. We compute depreciation on a straight-line basis over the estimated useful lives of the related assets. Intangible lease assets are amortized to depreciation and amortization over the remaining lease term. The useful lives of our real estate assets are as follows (in years): Land improvements 5–15 Buildings 30 Building improvements 5–15 Furniture, fixtures and equipment 5–15 Intangible lease assets Over lease term We expense ordinary maintenance and repairs to operations as incurred. We capitalize significant renovations and improvements that improve and/or extend the useful life of an asset and amortize over their estimated useful life, generally five | |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets include real estate assets, acquired intangible assets, and investments in real-estate related loans. Intangible assets are amortized on a straight-line basis over their estimated useful lives. On an annual basis, we assess potential impairment indicators of long-lived assets. We also review for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Indicators that may cause an impairment review include, but are not limited to, significant under-performance relative to historical or projected future operating results and significant market or economic trends. When we determine the carrying value of a long-lived asset may not be recoverable based upon the existence of one or more of the above indicators, we determine recoverability by comparing the carrying amount of the asset to the net future undiscounted cash flows the asset is expected to generate. We recognize, if appropriate, an impairment equal to the amount by which the carrying amount exceeds the fair value of the asset. No impairment losses were recognized for the years ended December 31, 2021 and 2020 related to our long-lived assets. | |
Investments in Unconsolidated Real Estate Entities | Investments in Unconsolidated Real Estate Entities Real estate investments where we have significant noncontrolling influence and VIEs where we are not the primary beneficiary are accounted for under the equity method. Equity method investments in unconsolidated real estate entities are recorded at cost, adjusted for our share of net earnings or losses each period, and reduced by distributions. Equity in earnings or losses is generally recognized based on our ownership interest in the earnings or losses of the unconsolidated real estate entities. We follow the “look through” approach for classification of distributions from unconsolidated real estate entities in the consolidated statements of cash flows. Under this approach, distributions are reported under operating cash flow unless the facts and circumstances of a specific distribution clearly indicate that it is a return of capital (e.g., a liquidating dividend or distribution of the proceeds from the entity’s sale of assets), in which case it is reported as an investing activity. We assess potential impairment of investments in unconsolidated real estate entities whenever events or changes in circumstances indicate that the fair value of the investment is less than its carrying value. To the extent impairment has occurred, and is not considered temporary, the impairment is measured as the excess of the carrying amount of the investment over the fair value of the investment. No impairment losses were recognized for the years ended December 31, 2021 and 2020 related to our investments in unconsolidated real estate entities. Evaluation of Acquisition, Construction and Development Investments We evaluate our investments in real-estate related loans at the time of origination to determine whether these arrangements represent, in economic substance, an investment in real estate or a loan using the guidance for acquisition, development, and construction (“ADC”) arrangements. This includes evaluating the risks and rewards of each arrangement and the characteristics of an owner of real estate versus those of a lender. Investments in Real-Estate Related Loans We carry our investment in real-estate related loans at amortized cost with an assessment made for impairment in the event recoverability of the principal amount becomes doubtful. If, upon testing for impairment, the fair value result of our investments in real-estate related loans or its collateral is lower than the carrying amount of the loan, an allowance is recorded to lower the carrying amount to fair value, with a loss recorded in earnings. The amortized cost of our investments in real-estate related loans on the consolidated balance sheets consists of drawn amounts on the loans, net of unamortized costs and fees directly associated with the origination of the loan. Costs we incur associated with originating investments in real-estate related loans are deferred and amortized on a straight-line basis, which approximates the effective interest method, over the term of the corresponding investment in real-estate related loan as an adjustment to interest income and are reflected on our consolidated statements of operations as other revenues. Interest income on our investments in real-estate related loans is recognized on an accrual basis over the life of the loan. | |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all cash on deposit, money market funds and short-term investments with original maturities of three months or less to be cash and cash equivalents. We maintain cash in demand deposit accounts at several major commercial banks where balances in individual accounts at times exceeds FDIC insured amounts. We have not experienced any losses in such accounts. | |
Restricted Cash | Restricted Cash Restricted cash includes a construction bond, residents’ security deposits, cash in escrow for self-insurance retention, cash in escrow for acquisitions, escrow deposits held by lenders for property taxes, insurance, debt service and replacement reserves, and utility deposits. | |
Other Assets | Other Assets Other assets consist primarily of intangible assets acquired in connection with the CRII Merger, as well as receivables, deferred tax assets, prepaid expenses, equipment, related party notes, related party receivables and other assets. | |
Unsecured Promissory Notes And Debt Financing Costs | Unsecured Promissory Notes The 2017 6% Notes and the 2019 6% Notes are unsecured notes issued to investors outside of the United States. These unsecured promissory notes are described in Note 6 Debt Financing Costs Debt financing costs are presented as a direct deduction from the carrying amount of the associated debt liability, which includes mortgage notes, unsecured promissory notes, our revolving credit facility and preferred stock. Debt financing costs are amortized over the life of the related liability through interest expense. | |
Preferred Stock | Preferred Stock Series 2016 Preferred Stock, Series 2017 Preferred Stock and Series 2019 Preferred Stock are described in Note 8. These instruments are similar in nature and are classified as liabilities on the consolidated balance sheet due to the mandatory redemption of these instruments on a fixed date for a fixed amount. Preferred stock distributions are recorded as interest expense. | |
Revenue Recognition | Revenue Recognition We lease our multifamily residential units with rents generally due on a monthly basis. Terms are one year or less, renewable upon consent of both parties on an annual or monthly basis. Rental and other property revenues is recognized in accordance with Accounting Standards Codification (“ASC”) No. 842, Leases Our non-lease Non-lease No. 2014-09, Revenue from Contracts with Customers 2014-09”), | |
Income Taxes | Income Taxes As a REIT, we are not subject to federal income tax with respect to the portion of our income that meets certain criteria and is distributed annually to stockholders. Taxable income from activities managed through our taxable REIT subsidiary (“TRS”) are subject to federal, state and local income taxes. Provision for such taxes has been included in income tax expense on our condensed consolidated statements of operations. In 2018, we entered into an incentive allocation agreement with a real estate firm who bought a portfolio of twelve assets from us. The agreement allowed us to participate in distributions from the portfolio should returns on the portfolio exceed certain amounts. In March 2022, the firm sold the portfolio and our TRS realized a promote distribution of $30.3 million. Income tax expense accrued for this discrete item was $7.3 million. | Income Taxes We elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, beginning with the year ending December 31, 2019. CCI, as a REIT, is not subject to federal income tax with respect to that portion of its income that meets certain criteria and is distributed annually to stockholders. To continue to qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the REIT’s taxable income, excluding net capital gains, to stockholders. We have adhered to, and intend to continue to adhere to, these requirements to maintain REIT status. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service grants relief under certain statutory provisions. As a qualified REIT, we are still subject to certain state and local taxes and may be subject to federal income and excise taxes on undistributed taxable income. In addition, taxable income from activities managed through our taxable REIT subsidiary (“TRS”) are subject to federal, state and local income taxes. Provision for such taxes has been included in income tax expense on our consolidated statements of operations. CROP is generally not subject to federal and state income taxes. OP Unit holders, including CCI, are subject to tax on their respective allocable shares of CROP’s taxable income. However, there are certain states that require an entity level tax on CROP. We determine deferred tax assets and liabilities applicable to the TRS based on differences between financial reporting and tax bases of existing assets and liabilities. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, only to the extent that it is more likely than not that future taxable profits will be available against which they can be utilized. We recognize interest and penalties relating to uncertain tax positions in income tax expense when incurred. Our deferred tax assets in 2020 were fully allowed for. For the year ended December 31, 2021, we had an income tax provision of $1.2 million of which $1.1 million was current and $0.1 million was deferred. As of December 31, 2021, our net deferred tax liability was $2.1 million. |
Noncontrolling Interests | Noncontrolling Interests The portion of ownership interests in consolidated entities not held by CCI are reported as noncontrolling interests. Equity and net income (loss) attributable to CCI and to noncontrolling interests are presented separately on the consolidated financial statements. Changes in noncontrolling ownership interests, as in the case of the CMRI Merger and CMRII Merger, are accounted for as equity transactions. Noncontrolling interest—limited partners Consistent with the one-for-one Noncontrolling interest—partially owned entities | |
Fair Value of Financial Instruments | Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that we could realize upon settlement. The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: • Quoted prices for similar assets/liabilities in active markets; • Quoted prices for identical or similar assets/liabilities in non-active non-current • Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatility, default rates); and • Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data. | Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. Fair value measurements are categorized into one of three levels of the fair value hierarchy based on the lowest level of significant input used. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Considerable judgment and a high degree of subjectivity are involved in developing these estimates. These estimates may differ from the actual amounts that we could realize upon settlement. The fair value hierarchy is as follows: Level 1—Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2—Other observable inputs, either directly or indirectly, other than quoted prices included in Level 1, including: • Quoted prices for similar assets/liabilities in active markets; • Quoted prices for identical or similar assets/liabilities in non-active non-current • Inputs other than quoted prices that are observable for the asset/liability (e.g., interest rates, yield curves, volatilities, default rates); and • Inputs that are derived principally from or corroborated by other observable market data. Level 3—Unobservable inputs that cannot be corroborated by observable market data. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | ||
Schedule of Property, Plant and Equipment Useful Lives | The following table summarizes the carrying amounts of our consolidated real estate assets (in thousands): March 31, 2022 December 31, 2021 Land $ 202,531 $ 202,531 Buildings and improvements 1,076,901 1,074,126 Furniture, fixtures and equipment 43,629 37,463 Intangible assets 34,905 34,905 Construction in progress (1) 137,040 127,493 1,495,006 1,476,518 Less: Accumulated depreciation and amortization (2) (78,453 ) (68,035 ) Real estate assets, net $ 1,416,553 $ 1,408,483 (1) Includes construction in progress for our development projects and capitalized costs for improvements not yet placed in service at our stabilized properties. (2) Includes the amortization of $33.2 million of in-place | We compute depreciation on a straight-line basis over the estimated useful lives of the related assets. Intangible lease assets are amortized to depreciation and amortization over the remaining lease term. The useful lives of our real estate assets are as follows (in years): Land improvements 5–15 Buildings 30 Building improvements 5–15 Furniture, fixtures and equipment 5–15 Intangible lease assets Over lease term The following table summarizes the carrying amounts of our consolidated real estate assets ($ in thousands): December 31, December 31, Land $ 202,531 $ 23,894 Building and improvements 1,074,126 139,110 Furniture, fixtures and equipment 37,463 3,983 Intangible assets 34,905 3,809 Construction in progress (1) 127,493 — 1,476,518 170,796 Less: Accumulated depreciation and amortization (68,035 ) (2) (9,704 ) Real estate assets, net $ 1,408,483 $ 161,092 (1) Includes construction in progress for our development projects and capitalized costs for improvements not yet placed in service at our stabilized properties. (2) Includes the amortization of $33.2 million of in-place |
Schedule of Accounting Standards Update and Change in Accounting Principle | The following table provides a brief description of recent accounting pronouncements that could have a material effect on our consolidated financial statements: Standard Description Required date of Effect on the Financial Statements ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments This ASU requires entities to estimate a lifetime expected credit loss for most financial assets, including trade and other receivables and other long term financings including available for sale and held-to-maturity 2018-19, 2016-13 January 1, 2023 ASU 2016-13 2016-13 2016-13 |
Real Estate Assets, Net (Tables
Real Estate Assets, Net (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | ||
Schedule of Carrying Amounts of Consolidated Real Estate Assets | The following table summarizes the carrying amounts of our consolidated real estate assets (in thousands): March 31, 2022 December 31, 2021 Land $ 202,531 $ 202,531 Buildings and improvements 1,076,901 1,074,126 Furniture, fixtures and equipment 43,629 37,463 Intangible assets 34,905 34,905 Construction in progress (1) 137,040 127,493 1,495,006 1,476,518 Less: Accumulated depreciation and amortization (2) (78,453 ) (68,035 ) Real estate assets, net $ 1,416,553 $ 1,408,483 (1) Includes construction in progress for our development projects and capitalized costs for improvements not yet placed in service at our stabilized properties. (2) Includes the amortization of $33.2 million of in-place | We compute depreciation on a straight-line basis over the estimated useful lives of the related assets. Intangible lease assets are amortized to depreciation and amortization over the remaining lease term. The useful lives of our real estate assets are as follows (in years): Land improvements 5–15 Buildings 30 Building improvements 5–15 Furniture, fixtures and equipment 5–15 Intangible lease assets Over lease term The following table summarizes the carrying amounts of our consolidated real estate assets ($ in thousands): December 31, December 31, Land $ 202,531 $ 23,894 Building and improvements 1,074,126 139,110 Furniture, fixtures and equipment 37,463 3,983 Intangible assets 34,905 3,809 Construction in progress (1) 127,493 — 1,476,518 170,796 Less: Accumulated depreciation and amortization (68,035 ) (2) (9,704 ) Real estate assets, net $ 1,408,483 $ 161,092 (1) Includes construction in progress for our development projects and capitalized costs for improvements not yet placed in service at our stabilized properties. (2) Includes the amortization of $33.2 million of in-place |
Schedule of Consideration in Merger Agreement | The consideration given in exchange for CRII was as follows ($ in thousands, except share and per share data): CRII Common stock issued and outstanding 213,434 Exchange ratio 2.015 CCI common stock issued as consideration 430,070 CCI’s estimated value per share as of May 7, 2021 $ 10.83 Value of CCI common stock issued as consideration $ 4,658 | The consideration given in exchange for CRII is as follows ($ in thousands, except share and per share data): CRII Common stock issued and outstanding 213,434 Exchange ratio 2.015 CCI common stock issued as consideration 430,070 CCI’s estimated value per share as of May 7, 2021 $ 10.83 Value of CCI common stock issued as consideration $ 4,658 |
Schedule of Purchase Price Allocation of identifiable Asset and Liabilities Assumed | The following table shows the purchase price allocation of CRII’s identifiable asset and liabilities assumed as of May 7, 2021 ($ in thousands): Assets Real estate assets (1) $ 1,291,030 Investments in unconsolidated real estate entities 120,775 Cash and cash equivalents 31,799 Restricted cash 20,144 Other assets (2) 42,325 Total assets acquired $ 1,506,073 Liabilities Mortgage notes, net $ 622,095 Construction loans 64,114 Preferred stock 143,979 Unsecured promissory notes 48,643 Accounts payable, accrued expenses and other liabilities 40,926 Total liabilities assumed 919,757 Consolidated net assets acquired 586,316 Noncontrolling interests (3) (581,659 ) Net assets acquired $ 4,657 (1) Real estate assets acquired in connection with the CRII Merger include $33.2 million of intangible lease assets, which have a weighted-average amortization period of 0.5 years. As such, based on the May 7, 2021 merger date, the intangible lease assets acquired from the CRII Merger have been fully amortized by December 31, 2021. (2) Other assets includes $32.1 million of intangible assets from the CRII Merger. Of this amount, $8.0 million relates to a promote asset which was removed upon the closing of the CMRI Merger and CMR II Merger on July 15, 2021. The remaining $24.1 million of intangible assets have a weighted-average amortization period of 8.8 years, and include $22.2 million related to the acquisition of CRII’s property management and ancillary businesses (with a weighted-average amortization period of 9.2 years) and $1.9 million related to acquired disposition fees on certain properties and promotes on development assets (with a weighted-average amortization period of 3.8 years). (3) The fair value of noncontrolling interests is based on the fair value of assets and liabilities held by the noncontrolling interests at their ownership share. These values were determined using methods similar to those used by independent appraisers, and include using replacement cost estimates less depreciation, discounted cash flows, market comparisons, and direct capitalization of net operating income. | The allocation of the purchase price below requires significant judgment and represents management’s best estimate of the fair value as of the acquisition date. The following table shows the purchase price allocation of CRII’s identifiable asset and liabilities assumed as of May 7, 2021 ($ in thousands): Assets Real estate assets (1) $ 1,291,030 Investments in unconsolidated real estate entities 120,775 Cash and cash equivalents 31,799 Restricted cash 20,144 Other assets (2) 42,325 Total assets acquired $ 1,506,073 Liabilities Mortgage notes, net $ 622,095 Construction loans 64,114 Preferred stock 143,979 Unsecured promissory notes 48,643 Accounts payable, accrued expenses and other liabilities 40,926 Total liabilities assumed 919,757 Consolidated net assets acquired 586,316 Noncontrolling interests (3) (581,659 ) Net assets acquired $ 4,657 (1) Real estate assets acquired in connection with the CRII Merger include $33.2 million of intangible lease assets, which have a weighted-average amortization period of 0.5 years. As such, based on the May 7, 2021 merger date, the intangible lease assets acquired from the CRII Merger have been fully amortized by December 31, 2021. (2) Other assets includes $32.1 million of intangible assets from the CRII Merger. Of this amount, $8.0 million relates to a promote asset which was removed upon the closing of the CMRI and CMR II Mergers on July 15, 2021. The remaining $24.1 million of intangible assets have a weighted-average amortization period of 8.8 years, and include $22.2 million related to the acquisition of CRII’s property management and ancillary businesses (with a weighted-average amortization period of 9.2 years) and $1.9 million related to acquired disposition fees on certain properties and promotes on development assets (with a weighted-average amortization period of 3.8 years). |
Schedule of Revenue and Net Income Since Acquisition | The results of operations for the CRII Merger are included in the Company’s statements of operations beginning on the May 7, 2021 merger closing date onward. For the three months ended March 31, 2022, the accompanying statements of operations include the following revenue and net income generated from the assets acquired and liabilities assumed with the CRII Merger (unaudited, in thousands): Revenue $ 26,396 Net income $ 20,114 | The revenue and net loss generated from the assets acquired and liabilities assumed with the CRII Merger since the May 7, 2021 acquisition date to December 31, 2021 are as follows (unaudited, in thousands): Revenue $ 70,211 Net loss $ (36,830 ) |
Schedule of Pro Forma Information | The pro forma operating information excludes certain nonrecurring adjustments, such as acquisition fees and expenses incurred, to reflect the pro forma impact the acquisition would have on earnings on a continuous basis (in thousands): Three Months Ended 2022 2021 Pro forma revenue: Historic results $ 30,559 $ 3,417 CRII Merger (excluding those in historic results) — 25,147 Total $ 30,559 $ 28,564 Pro forma net loss: Historic results $ (6,888 ) $ (3,010 ) CRII Merger (excluding those in historic results) — (7,959 ) Total $ (6,888 ) $ (10,969 ) | The following condensed pro forma operating information is presented as if the CRII Merger occurred in 2020 and had been included in operations as of January 1, 2020. The pro forma operating information excludes certain nonrecurring adjustments, such as acquisition fees and expenses incurred, to reflect the pro forma impact the acquisition would have on earnings on a continuous basis (in thousands): Year Ended December 31, 2021 2020 Pro forma revenue: Historic results $ 83,181 $ 11,325 CRII Merger (excluding those in historic results) 34,140 88,535 Total $ 117,321 $ 99,860 Pro forma net loss: Historic results $ (106,904 ) $ (8,551 ) CRII Merger (excluding those in historic results) (13,298 ) (70,902 ) Total $ (120,202 ) $ (79,453 ) |
Schedule of Equity Transaction Adjustments | Accordingly, CMRI’s and CMRII’s noncontrolling interest in the properties was reduced by its carrying amount and the difference between the carrying amount and the consideration paid was recorded as an adjustment to our equity through additional paid-in 2021 Consideration CMRI Merger CMRII Merger Common stock issued and outstanding 4,904,045 4,881,490 Exchange ratio 1.175 1.072 CCI common stock issued as consideration 5,762,253 5,232,957 Per share value of CCI Common Stock $ 11.7865 $ 11.7865 Fair value of CCI Common Stock issued $ 67,917 $ 61,678 Settlement of promote 5,585 2,424 Settlement of CMRI and CMRII promissory notes and interest with CROP 1,545 2,475 Net liabilities assumed 2,223 1,477 Total consideration $ 77,270 $ 68,054 2021 Change in equity CMRI Merger CMRII Merger Carrying amount of noncontrolling interest $ 79,447 $ 63,752 Total consideration 77,270 68,054 Additional paid in capital adjustment $ 2,177 $ (4,302 ) Fair value of CCI Common Stock issued $ 67,917 $ 61,678 Additional paid in capital adjustment 2,177 (4,302 ) Total change in equity $ 70,094 $ 57,376 | Accordingly, CMRI’s and CMRII’s noncontrolling interest in the properties was reduced by its carrying amount and the difference between the carrying amount and the consideration paid was recorded as an adjustment to our equity through additional paid-in Consideration CMRI CMRII Common stock issued and outstanding 4,904,045 4,881,490 Exchange ratio 1.175 1.072 CCI common stock issued as consideration 5,762,253 5,232,957 Per share value of CCI Common Stock $ 11.7865 $ 11.7865 Fair value of CCI Common Stock issued $ 67,917 $ 61,678 Settlement of promote 5,585 2,424 Settlement of CMRI and CMRII promissory notes and interest with CROP 1,545 2,475 Net liabilities assumed 2,223 1,477 Total consideration $ 77,270 $ 68,054 Change in equity CMRI CMRII Carrying amount of noncontrolling interest $ 79,447 $ 63,752 Total consideration 77,270 68,054 Additional paid in capital adjustment $ 2,177 $ (4,302 ) Fair value of CCI Common Stock issued $ 67,917 $ 61,678 Additional paid in capital adjustment 2,177 (4,302 ) Total change in equity $ 70,094 $ 57,376 |
Schedule of Purchase Price Allocation of Real Estate Assets Acquired | Allocated Amounts Property Building Land Land Personal Intangible Total Cottonwood One Upland $ 82,146 $ 14,515 $ 3,009 $ 1,967 $ 2,305 $ 103,942 |
Investments in Unconsolidated_2
Investments in Unconsolidated Real Estate Entities (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Real Estate [Abstract] | ||
Schedule of Equity Method Investments | Our investments in unconsolidated real estate entities consist of ownership interests in stabilized properties and preferred equity investments as follows as of March 31, 2022 and December 31, 2021 (in thousands): Balance at Property / Development Location % Owned March 31, 2022 December 31, 2021 Stabilized Assets 3800 Main Houston, TX 50.0% $ 10,227 $ 10,347 Alpha Mill (1) Charlotte, NC 57.2% 21,876 22,034 Cottonwood Bayview (1) St. Petersburg, FL 71.0% 31,450 31,399 Cottonwood Ridgeview (1) Plano, TX 90.5% 3,881 34,352 Fox Point (1) Salt Lake City, UT 52.8% 15,742 16,056 Toscana at Valley Ridge (1) Lewisville, TX 58.6% 9,625 9,370 Melrose Phase II (1) Nashville, TN 79.8% 6,945 15,523 Preferred Equity Investments Lector85 Ybor City, FL 13,425 13,010 Vernon Boulevard Queens, NY 18,658 18,079 Riverfront West Sacramento, CA 17,569 16,884 Other 3,198 3,679 Total $ 152,596 $ 190,733 (1) We account for our tenant-in-common | Our investments in unconsolidated real estate entities consist of ownership interests in stabilized properties and preferred equity investments as follows as of December 31, 2021 and 2020 (in thousands): Balance at December 31, Property / Development Location % Owned 2021 2020 Stabilized Properties 3800 Main Houston, TX 50.0 % $ 10,347 $ — Alpha Mill (1) Charlotte, NC 57.2 % 22,034 — Cottonwood Bayview (1) St. Petersburg, FL 71.0 % 31,399 — Cottonwood Ridgeview (1) Plano, TX 90.5 % 34,352 — Fox Point (1) Salt Lake City, UT 52.8 % 16,056 — Toscana at Valley Ridge (1) Lewisville, TX 58.6 % 9,370 — Melrose Phase II (1) Nashville, TN 79.8 % 15,523 — Preferred Equity Investments Lector85 Ybor City, FL 13,010 11,396 Vernon Boulevard Queens, NY 18,079 15,886 Riverfront West Sacramento, CA 16,884 2,718 Other 3,679 — Total $ 190,733 $ 30,000 (1) We account for our tenant in common interests in these properties as equity method investments. Refer to Note 2 For the Operating data: Total revenues $ 23,514 Total operating expenses 9,941 Total other expenses (24,672 ) Net loss (11,099 ) December 31, Balance sheet data: Real estate assets $ 440,853 Cash and cash equivalents 6,361 Total assets 452,972 Mortgage notes, net 250,224 Total liabilities 255,768 |
Debt (Tables)
Debt (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Debt Disclosure [Abstract] | ||
Schedule of Mortgage Notes And Revolving Credit Facility | The following table is a summary of the mortgage notes and revolving credit facility secured by our properties as of March 31, 2022 and December 31, 2021 ($ in thousands): Principal Balance Outstanding Indebtedness Weighted-Average Weighted-Average (1) March 31, December 31, Fixed rate loans Fixed rate mortgages 3.68 % 4.5 $ 450,431 $ 213,009 Total fixed rate loans 450,431 213,009 Variable rate loans (2) Floating rate mortgages 2.44 % 6.5 Years 321,592 407,022 Variable rate revolving credit facility (3) 1.85 % 3.0 Years — 20,000 Total variable rate loans 321,592 427,022 Total secured loans 772,023 640,031 Unamortized debt issuance costs (4,712 ) (940 ) Premium on assumed debt, net 1,750 3,016 Mortgage notes and revolving credit facility, net $ 769,061 $ 642,107 (1) For loans where we have the ability to exercise extension options at our own discretion, the maximum maturity date has been assumed. (2) The interest rate of our variable rate loans is primarily based on one-month one-month (3) We may obtain advances secured against Cottonwood One Upland and Parc Westborough up to $125.0 million on our variable rate revolving credit facility, as long as certain loan-to-value | The following table is a summary of the mortgage notes and revolving credit facility secured by our properties as of December 31, 2021 and 2020 ($ in thousands): Principal Balance Indebtedness Weighted-Average Weighted-Average (1) December 31, December 31, Fixed rate loans Fixed rate mortgages 4.03 % 3.7 Years $ 213,009 $ 35,995 Total fixed rate loans 213,009 35,995 Variable rate loans (2) Floating rate mortgages 2.86 % 6.2 Years 407,022 — Variable rate revolving credit facility (3) 1.63 % 3.2 Years 20,000 35,500 Total variable rate loans 427,022 35,500 Total secured loans 640,031 71,495 Unamortized debt issuance costs (940 ) (1,175 ) Premium on assumed debt, net 3,016 — Mortgage notes and revolving credit facility, net $ 642,107 $ 70,320 (1) For loans where we have the ability to exercise extension options at our own discretion, the maximum maturity date has been assumed. (2) The interest rate of our variable rate loans is primarily based on one-month (3) We may obtain advances secured against Cottonwood One Upland up to $74.9 million on our variable rate revolving credit facility, as well as finance other future acquisitions up to $125.0 million in total revolving debt capacity, as long as certain loan-to-value |
Schedule of Construction Loans | Information on our construction loans are as follows ($ in thousands): Development Interest Rate Final Expiration Date Loan Amount March 31, Park Avenue One-Month USD Libor + 1.75% November 30, 2023 $ 37,000 $ 33,512 Cottonwood on Broadway One-Month USD Libor + 1.9% May 15, 2024 44,625 30,859 Cottonwood on Highland One-Month USD Libor + 2.75% (1) December 1, 2024 37,000 1,803 $ 118,625 $ 66,174 (1) The Libor rate for the Cottonwood on Highland construction loan is subject to a minimum floating index embedded floor rate of 0.5%, resulting in a minimum interest rate of 3.25%. | Information on our construction loans are as follows ($ in thousands): Development Interest Rate Final Expiration Date Loan Amount December 31, Sugarmont (1) One-Month September 30, 2022 $ 63,250 $ 59,660 Park Avenue One-Month November 30, 2023 37,000 29,520 Cottonwood on Broadway One-Month May 15, 2024 44,625 27,476 Cottonwood on Highland One-Month (2) December 1, 2024 37,000 — $ 181,875 $ 116,656 (1) The Sugarmont construction loan was refinanced in January 2022. Refer to Note 13 (2) The Libor rate for the Cottonwood on Highland construction loan is subject to a minimum floating index embedded floor rate of 0.5%, resulting in a minimum interest rate of 3.25%. |
Schedule of Unsecured Promissory Notes | Information on our unsecured promissory notes are as follows ($ in thousands): Offering Size Interest Rate Maturity Date March 31, 2022 2017 6% Notes $ 35,000 6.00 % December 31, 2022 $ 20,818 2019 6% Notes 25,000 6.00 % December 31, 2023 22,625 $60,000 $43,443 | Information on our unsecured promissory notes are as follows ($ in thousands): Offering Interest Rate Maturity Date December 31, 2021 2017 6% Notes $ 35,000 6.00 % December 31, 2022 $ 20,918 2019 6% Notes 25,000 6.00 % December 31, 2023 22,625 $ 60,000 $ 43,543 |
Schedule of Mortgage Notes, Repayments of Principal | The aggregate maturities, including amortizing principal payments on our debt for years subsequent to March 31, 2022 are as follows (in thousands): Year Total 2022 (1) $ 55,518 2023 (2) 111,344 2024 22,186 2025 2,877 2026 143,221 Thereafter 546,494 $881,640 (1) $20.8 million of the amount maturing in 2022 relates to the amount outstanding at March 31, 2022 on our 2017 6% Unsecured Promissory Notes. The maturity date on these notes can be extended for two one-year (2) $22.6 million of the amount maturing in 2023 relates to the amount outstanding at March 31, 2022 on our 2019 6% Unsecured Promissory Notes. The maturity date on these notes can be extended for two one-year | The aggregate maturities, including amortizing principal payments on mortgage notes for years subsequent to December 31, 2021 are as follows (in thousands): Year Total 2022 $ 1,592 2023 (1) 102,731 2024 139,686 2025 3,374 2026 39,087 Thereafter 353,561 $ 640,031 (1) $20.0 million of the amount maturing in 2023 relates to the amount outstanding at December 31, 2021 on our variable rate revolving credit facility. The maturity date on the variable rate revolving credit facility can be extended for two one-year |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | ||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The table below includes the carrying value and fair value for our financial instruments for which it is practicable to estimate fair value (in thousands): March 31, 2022 December 31, 2021 Carrying Fair Value Carrying Fair Value Financial Asset: Investments in real-estate related loans $ 13,031 $ 13,031 $ 13,035 $ 13,035 Financial Liability: Fixed rate mortgages $ 450,431 $ 448,954 $ 213,009 $ 216,566 Floating rate mortgages $ 321,592 $ 320,466 $ 407,022 $ 409,377 Variable rate revolving credit facility $ — $ — $ 20,000 $ 20,000 Construction loans $ 66,174 $ 66,174 $ 116,656 $ 116,656 Series 2016 Preferred Stock $ 139,838 $ 139,838 $ 139,996 $ 139,996 Series 2017 Preferred Stock $ — $ — $ 2,586 $ 2,586 Series 2019 Preferred Stock $ 127,335 $ 127,335 $ 111,863 $ 111,863 Unsecured promissory notes $ 43,443 $ 43,443 $ 43,543 $ 43,543 | The table below includes the carrying value and fair value for our financial instruments for which it is practicable to estimate fair value (in thousands): As of December 31, 2021 As of December 31, Carrying Fair Value Carrying Fair Financial Asset: Investments in real-estate related loans $ 13,035 $ 13,035 $ 8,206 $ 8,206 Financial Liability: Fixed rate mortgages $ 213,009 $ 216,566 $ 35,995 $ 38,658 Floating rate mortgages $ 407,022 $ 409,377 $ — $ — Variable rate revolving credit facility $ 20,000 $ 20,000 $ 35,500 $ 35,500 Construction loans $ 116,656 $ 116,656 $ — $ — Series 2016 Preferred Stock $ 139,996 $ 139,996 $ — $ — Series 2017 Preferred Stock $ 2,586 $ 2,586 $ — $ — Series 2019 Preferred Stock $ 111,863 $ 111,863 $ 32,933 $ 32,933 Unsecured promissory notes, net $ 43,543 $ 43,543 $ — $ — |
Preferred Stock (Tables)
Preferred Stock (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | ||
Schedule of Preferred Stock | Information on our preferred stock as of March 31, 2022 and December 31, 2021 is as follows: Shares Outstanding at Dividend Extension Redemption Date Maximum Extension Date March 31, December 31, Series 2016 Preferred Stock (1) 6.5 % 7.0 % January 31, 2022 January 31, 2023 13,983,810 13,999,560 Series 2017 Preferred Stock (2) 7.5 % 8.0 % January 31, 2022 January 31, 2024 — 258,550 Series 2019 Preferred Stock 5.5 % 6.0 % December 31, 2023 December 31, 2025 12,733,485 11,186,301 (1) As of March 31, 2022, we were in the second extension period on our Series 2016 Preferred Stock resulting in an extension dividend rate of 7.0%. Subsequent to March 31, 2022, we fully redeemed our Series 2016 Preferred Stock on April 18, 2022 for approximately $139.8 million. (2) We fully redeemed our Series 2017 Preferred Stock immediately after the January 31, 2022 redemption date for approximately $2.6 million. | Information on our preferred stock is as follows: Shares Outstanding at Dividend Extension Redemption Date Maximum Extension December 31, December 31, Series 2016 Preferred Stock (1) 6.5 % 7.0 % January 31, 2022 January 31, 2023 13,999,560 — Series 2017 Preferred Stock 7.5 % 8.0 % January 31, 2022 January 31, 2024 258,550 — Series 2019 Preferred Stock 5.5 % 6.0 % December 31, 2023 December 31, 2025 11,186,301 3,308,326 (1) As of December 31, 2021, we are currently in the first extension period on our Series 2016 Preferred Stock resulting in an extension dividend rate of 7.0%. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | ||
Schedule of Common Stock Outstanding | The following table details the movement in the Company’s outstanding shares for each class of common stock: Three Months Ended March 31, 2022 Class T Class I Class A Class TX Total December 31, 2021 — 151,286 23,445,174 17,520 23,613,980 Issuance of common stock 1,383,323 456,277 — — 1,839,600 Distribution reinvestment 19 456 26,120 5 26,600 Repurchases of common stock — — (183,049 ) — (183,049 ) March 31, 2022 1,383,342 608,019 23,288,245 17,525 25,297,131 | The following table summarizes the changes in the shares outstanding for each class of outstanding common stock for the periods presented below: Class I A TX Total Balance at December 31, 2019 — 8,851,759 — 8,851,759 Issuance of common stock — 3,283,713 17,500 3,301,213 Distribution reinvestment — 110,606 18 110,624 Repurchases of common stock — (31,307 ) — (31,307 ) Balance at December 31, 2020 — 12,214,771 17,518 12,232,289 Issuance of common stock 151,286 — — 151,286 Distribution reinvestment — 8,660 2 8,662 Repurchases of common stock — (203,537 ) — (203,537 ) CRII Merger — 430,070 — 430,070 CMRI Merger — 5,762,253 — 5,762,253 CMRII Merger — 5,232,957 — 5,232,957 Balance at December 31, 2021 151,286 23,445,174 17,520 23,613,980 |
Schedule of Distributions | We declared the following monthly distributions for each share of our common stock as shown in the table below: Shareholder Record Date Monthly Rate Annually January 31, 2022 $ 0.05833333 $ 0.70 February 28, 2022 $ 0.05916667 $ 0.71 March 31, 2022 $ 0.05916667 $ 0.71 | In September 2021, we began declaring monthly distributions for each share of our common stock as shown in the table below: Shareholder Record Date Monthly Rate Annually September 25, 2021 $ 0.04333333 $ 0.52 October 29, 2021 0.04333333 0.52 November 30, 2021 0.05416667 0.65 December 31, 2021 0.05666667 0.68 |
Commitments and Contingencies
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Repurchase Program | Our board of directors has adopted a share repurchase program with respect to our preferred stock whereby, upon the request of a holder of our Series 2016, Series 2017 or Series 2019 preferred stock, we may, at the sole discretion of the board of directors, repurchase their shares at the following prices, which are dependent on how long such preferred stockholder has held each share: Share Purchase Anniversary Repurchase Less than 1 year $ 8.80 1 year $ 9.00 2 years $ 9.20 3 years $ 9.40 4 years $ 9.60 5 years $ 9.80 A stockholder’s death or complete disability, 2 years or more (Series 2019), 6 years or more (Series 2016 and Series 2017) $ 10.00 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Schedule of Sale of Stock | We sold the following through our Follow-on Class T I A TX Total Shares issued through Primary Offering 1,394,087 442,888 — — 1,836,975 Shares issued through DRP Offering 19 456 26,120 — 26,595 Gross Proceeds $ 25,000 $ 7,888 $ 458 $ — $ 33,346 |
Schedule of Distributions | We declared the following monthly distributions after December 31, 2021: Shareholder Record Date Monthly Rate Annually January 31, 2022 $ 0.05833333 $ 0.70 February 28, 2022 $ 0.05916667 $ 0.71 March 31, 2022 $ 0.05916667 $ 0.71 |
Organization and Business (Deta
Organization and Business (Details) | 3 Months Ended | 12 Months Ended | 28 Months Ended | |||||
Jan. 26, 2021 numberOfAffiliatedREIT | Mar. 31, 2022 USD ($) parcel apartmentCommunity realEstateUnit APARTMENTCOMMUNITY $ / shares | Dec. 31, 2021 USD ($) apartmentCommunity realEstateUnit developmentProject state land_parcel | Dec. 22, 2020 USD ($) | Nov. 04, 2021 USD ($) | Aug. 12, 2021 USD ($) | Jul. 15, 2021 | Nov. 08, 2019 USD ($) $ / shares | |
Subsidiary, Sale of Stock [Line Items] | ||||||||
Number of multifamily apartment communities | 17 | 17 | ||||||
Number of affiliated REITs | numberOfAffiliatedREIT | 3 | |||||||
Number of stabilized multifamily apartment communities | apartmentCommunity | 22 | |||||||
Number of multifamily development projects | developmentProject | 4 | |||||||
Number of structured investment, and land held for development | developmentProject | 1 | |||||||
Preferred Equity Investments | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Number of real estate properties | parcel | 3 | |||||||
CROP | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Share conversion ratio | 2.015 | |||||||
Ownership interest | 100% | |||||||
Ownership Interest | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Number of multifamily apartment communities | apartmentCommunity | 33 | |||||||
Number of states in real estate property | state | 13 | |||||||
Number of real estate units | realEstateUnit | 9,746 | |||||||
Number of real estate properties | land_parcel | 3 | |||||||
Structured Investment Interest | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Number of multifamily apartment communities | apartmentCommunity | 4 | 4 | ||||||
Number of real estate units | realEstateUnit | 1,373 | 1,373 | ||||||
Structured Investment Interest | Under Construction | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Number of multifamily apartment communities | apartmentCommunity | 4 | |||||||
Number of real estate units | realEstateUnit | 1,079 | |||||||
Owned Interest | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Number of multifamily apartment communities | apartmentCommunity | 33 | |||||||
Number of real estate units | realEstateUnit | 9,746 | |||||||
Owned Interest | Under Construction | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Number of multifamily apartment communities | apartmentCommunity | 4 | |||||||
Number of real estate units | realEstateUnit | 1,079 | |||||||
Common Stock Class A | CRII Merger | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Share conversion ratio | 2.015 | |||||||
Common Stock Class A | Cottonwood Multifamily REIT II, Inc. | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Share conversion ratio | 1.175 | |||||||
Common Stock Class A | Cottonwood Multifamily REIT I, Inc. | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Share conversion ratio | 1.072 | |||||||
Series 2016 Preferred Stock | CRII Merger | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Share conversion ratio | 1 | |||||||
Series 2017 Preferred Stock | CRII Merger | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Share conversion ratio | 1 | |||||||
IPO | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Proceeds from offering including dividend reinvestment plan offering | $ (122,000,000) | |||||||
IPO | Class A and Class TX | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Proceeds from offering including dividend reinvestment plan offering | $ (122,000,000) | |||||||
Primary Offering | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Stock offered, value | $ 900,000,000 | |||||||
Primary Offering | Class T Class D And Class I Common Stock | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Stock offered, value | $ 900,000,000 | |||||||
Distribution Reinvestment Plan | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Stock offered, value | 100,000,000 | |||||||
Distribution Reinvestment Plan | Class A Class T X Class T Class D And Class I Common Stock [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Stock offered, value | 100,000,000 | |||||||
Follow on Offering | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Stock offered, value | $ 1,000,000,000 | $ 1,000,000,000 | ||||||
Private Placement | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Proceeds from private offering | $ 127,300,000 | $ 111,900,000 | ||||||
Private Placement | Series 2019 Preferred Stock | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Stock offered, value | $ 128,000,000 | |||||||
Share price (in USD per share) | $ / shares | $ 10 | $ 10 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Subsidiary, Sale of Stock [Line Items] | |||||
Useful life of real estate assets (in years) | 5 years | ||||
Impairment losses for long-lived assets recognized | $ 0 | $ 0 | |||
Impairment losses in unconsolidated real estate entities | $ 0 | 0 | |||
Rental and other property revenues | 88% | ||||
Income tax provision | $ 7,463,000 | $ 0 | $ 1,238,000 | $ 0 | |
Current income tax | 1,100,000 | ||||
Deferred tax | 100,000 | ||||
Net deferred tax liability | $ 2,100,000 | ||||
TRS received impacts from sale of portfolio of assets | $ 30,300,000 | ||||
Income tax expense | 7,300,000 | ||||
Maximum | Renovations and Improvements | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Useful life of real estate assets (in years) | 15 years | ||||
2017 Notes | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Interest rate | 6% | ||||
2019 Notes | Unsecured Debt | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Interest rate | 6% | ||||
OP Units | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Share conversion ratio | 1 | ||||
Cottonwood Communities Management, LLC | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Offering costs incurred | 4,700,000 | 4,700,000 | |||
Cottonwood Communities Management, LLC | IPO | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Offering costs incurred | 14,100,000 | 14,100,000 | $ 14,100,000 | ||
Cottonwood Communities Management, LLC | Follow on Offering | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Offering costs incurred | 1,700,000 | ||||
Cottonwood Communities Management, LLC | Private Placement | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Offering costs incurred | $ 13,200,000 | $ 13,200,000 | $ 11,600,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Property, Plant and Equipment Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |
Useful life of real estate assets (in years) | 5 years |
Buildings | |
Property, Plant and Equipment [Line Items] | |
Useful life of real estate assets (in years) | 30 years |
Minimum | Land improvements | |
Property, Plant and Equipment [Line Items] | |
Useful life of real estate assets (in years) | 5 years |
Minimum | Building improvements | |
Property, Plant and Equipment [Line Items] | |
Useful life of real estate assets (in years) | 5 years |
Minimum | Furniture, fixtures and equipment | |
Property, Plant and Equipment [Line Items] | |
Useful life of real estate assets (in years) | 5 years |
Maximum | Land improvements | |
Property, Plant and Equipment [Line Items] | |
Useful life of real estate assets (in years) | 15 years |
Maximum | Building improvements | |
Property, Plant and Equipment [Line Items] | |
Useful life of real estate assets (in years) | 15 years |
Maximum | Furniture, fixtures and equipment | |
Property, Plant and Equipment [Line Items] | |
Useful life of real estate assets (in years) | 15 years |
Real Estate Assets, Net - Carry
Real Estate Assets, Net - Carrying Amount of Real Estate Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Business Acquisition [Line Items] | ||||
Land | $ 202,531 | $ 202,531 | $ 23,894 | |
Buildings and improvements | 1,076,901 | 1,074,126 | 139,110 | |
Furniture, fixtures and equipment | 43,629 | 37,463 | 3,983 | |
Intangible assets | 34,905 | 34,905 | 3,809 | |
Construction in progress | 137,040 | 127,493 | 0 | |
Real estate investment property, at cost | 1,495,006 | 1,476,518 | 170,796 | |
Less: Accumulated depreciation and amortization | (78,453) | (68,035) | (9,704) | |
Real estate assets, net | $ 1,416,553 | $ 1,408,483 | $ 161,092 | |
CRII Merger | ||||
Business Acquisition [Line Items] | ||||
Acquired-in-place leases | $ 33,200 |
Real Estate Assets, Net - Consi
Real Estate Assets, Net - Considerations in Merger Agreement (Details) $ / shares in Units, $ in Thousands | May 07, 2021 USD ($) $ / shares shares | Mar. 31, 2022 shares | Dec. 31, 2021 shares | Dec. 31, 2020 shares | Dec. 31, 2019 shares |
Business Acquisition [Line Items] | |||||
Common stock, shares outstanding (in shares) | 25,297,131 | 23,613,980 | 12,232,289 | 8,851,759 | |
CRII Merger | Common Stock | |||||
Business Acquisition [Line Items] | |||||
Common stock, shares issued (in shares) | 213,434 | ||||
Common stock, shares outstanding (in shares) | 213,434 | ||||
Exchange ratio | 2.015 | ||||
CCI | Common Stock | |||||
Business Acquisition [Line Items] | |||||
Common stock issued as consideration (in shares) | 430,070 | ||||
CCI's estimated value per share (in dollars per share) | $ / shares | $ 10.83 | ||||
Value of CCI common stock issued as consideration | $ | $ 4,658 |
Real Estate Assets, Net - Purch
Real Estate Assets, Net - Purchase Price Allocation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 15, 2021 | May 07, 2021 | Dec. 31, 2020 | |
Liabilities | |||
Intangible assets from merger | $ 33,200 | ||
Weighted-average amortization period (in years) | 6 months | 6 months | |
Other Assets | |||
Liabilities | |||
Intangible assets from merger | $ 24,100 | ||
Weighted-average amortization period (in years) | 9 years 2 months 12 days | ||
Intangible assets from merger, weighted average useful life (in years) | 8 years 9 months 18 days | ||
Acquisition of intangible assets | $ 22,200 | ||
Disposition fees | $ 1,900 | ||
Disposition fees, weighted average useful life (in years) | 3 years 9 months 18 days | ||
CRII Merger | |||
Assets | |||
Real estate assets | $ 1,291,030 | ||
Investments in unconsolidated real estate entities | 120,775 | ||
Cash and cash equivalents | 31,799 | ||
Restricted cash | 20,144 | ||
Other assets | 42,325 | ||
Total assets acquired | 1,506,073 | ||
Liabilities | |||
Mortgage notes, net | 622,095 | ||
Construction loans | 64,114 | ||
Preferred stock | 143,979 | ||
Unsecured promissory notes | 48,643 | ||
Accounts payable, accrued expenses and other liabilities | 40,926 | ||
Total liabilities assumed | 919,757 | ||
Consolidated net assets acquired | 586,316 | ||
Noncontrolling interests | (581,659) | ||
Net assets acquired | 4,657 | ||
CRII Merger | Other Assets | |||
Liabilities | |||
Intangible assets from merger | $ 8,000 | $ 32,100 |
Real Estate Assets, Net - Addit
Real Estate Assets, Net - Additional Information (Details) $ in Millions | 12 Months Ended | |||
May 07, 2021 | Dec. 31, 2020 USD ($) | Mar. 31, 2022 DEVELOPMENTPROJECT APARTMENTCOMMUNITY | Dec. 31, 2021 apartmentCommunity developmentProject | |
Business Combination and Asset Acquisition [Abstract] | ||||
Number of multifamily apartment communities | 17 | 17 | ||
Number of development properties | 4 | 4 | ||
Number of multifamily apartment communities under equity method accounting | 6 | 6 | ||
Amortization of intangible lease assets | $ 33.2 | |||
Weighted-average amortization period (in years) | 6 months | 6 months |
Real Estate Assets, Net - Reven
Real Estate Assets, Net - Revenue and Net Loss Since Acquisition (Details) - USD ($) $ in Thousands | 3 Months Ended | 8 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | |||||
Net loss | $ (6,888) | $ (3,010) | $ (106,905) | $ (8,551) | |
CRII Merger | |||||
Business Acquisition [Line Items] | |||||
Revenue | 26,396 | $ 70,211 | |||
Net loss | $ 20,114 | $ (36,830) |
Real Estate Assets, Net - Pro F
Real Estate Assets, Net - Pro Forma Operating Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Historic results | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, pro forma revenue | $ 30,559 | $ 3,417 | $ 83,181 | $ 11,325 |
Business acquisition, pro forma net income (loss) | (6,888) | (3,010) | (106,904) | (8,551) |
CRII Merger (excluding those in historic results) | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, pro forma revenue | 0 | 25,147 | 34,140 | 88,535 |
Business acquisition, pro forma net income (loss) | 0 | (7,959) | (13,298) | (70,902) |
CMRI & CMRII Merger | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, pro forma revenue | 30,559 | 28,564 | 117,321 | 99,860 |
Business acquisition, pro forma net income (loss) | $ (6,888) | $ (10,969) | $ (120,202) | $ (79,453) |
Real Estate Assets, Net - Equit
Real Estate Assets, Net - Equity Transaction Adjustments (Details) $ / shares in Units, $ in Thousands | Jul. 15, 2021 USD ($) $ / shares shares | Jul. 07, 2021 USD ($) $ / shares shares | Mar. 31, 2022 shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) shares | Dec. 31, 2019 shares |
Business Acquisition [Line Items] | ||||||
Common stock, shares outstanding (in shares) | shares | 25,297,131 | 23,613,980 | 12,232,289 | 8,851,759 | ||
CROP | ||||||
Business Acquisition [Line Items] | ||||||
Ownership interest | 100% | |||||
CMRI Merger | ||||||
Business Acquisition [Line Items] | ||||||
Fair value of CCI Common Stock issued | $ 67,917 | |||||
Settlement of promote | 5,585 | $ 5,585 | $ 5,585 | $ 0 | ||
Settlement of CMRI promissory notes and interest with CROP | 1,545 | 1,545 | 1,545 | 0 | ||
Net liabilities assumed | 2,223 | 2,223 | 2,223 | 0 | ||
Total consideration | 77,270 | 77,270 | ||||
Carrying amount of noncontrolling interest | 79,447 | 79,447 | ||||
Additional paid in capital adjustment | 2,177 | 2,177 | ||||
Total change in equity | $ 70,094 | $ 70,094 | ||||
CMRI Merger | Common Stock | ||||||
Business Acquisition [Line Items] | ||||||
Common stock, shares issued (in shares) | shares | 4,904,045 | 4,904,045 | ||||
Common stock, shares outstanding (in shares) | shares | 4,904,045 | 4,904,045 | ||||
Exchange ratio | 1.175 | 1.175 | ||||
CMRI Merger | Common Stock | CCI | ||||||
Business Acquisition [Line Items] | ||||||
CCI common stock issued as consideration (in shares) | shares | 5,762,253 | 5,762,253 | ||||
Per share value of CCI common stock (in dollars per share) | $ / shares | $ 11.7865 | $ 11.7865 | ||||
Fair value of CCI Common Stock issued | $ 67,917 | $ 67,917 | ||||
CMRII Merger | ||||||
Business Acquisition [Line Items] | ||||||
Fair value of CCI Common Stock issued | 61,678 | |||||
Settlement of promote | 2,424 | 2,424 | 2,424 | 0 | ||
Settlement of CMRI promissory notes and interest with CROP | 2,475 | 2,475 | 2,475 | 0 | ||
Net liabilities assumed | 1,477 | 1,477 | $ 1,477 | $ 0 | ||
Total consideration | 68,054 | 68,054 | ||||
Carrying amount of noncontrolling interest | 63,752 | 63,752 | ||||
Additional paid in capital adjustment | (4,302) | (4,302) | ||||
Total change in equity | $ 57,376 | $ 57,376 | ||||
CMRII Merger | Common Stock | ||||||
Business Acquisition [Line Items] | ||||||
Common stock, shares issued (in shares) | shares | 4,881,490 | 4,881,490 | ||||
Common stock, shares outstanding (in shares) | shares | 4,881,490 | 4,881,490 | ||||
Exchange ratio | 1.072 | 1.072 | ||||
CMRII Merger | Common Stock | CCI | ||||||
Business Acquisition [Line Items] | ||||||
CCI common stock issued as consideration (in shares) | shares | 5,232,957 | 5,232,957 | ||||
Per share value of CCI common stock (in dollars per share) | $ / shares | $ 11.7865 | $ 11.7865 | ||||
Fair value of CCI Common Stock issued | $ 61,678 | $ 61,678 |
Real Estate Assets, Net - Asset
Real Estate Assets, Net - Asset Acquisitions - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
May 07, 2021 | Mar. 19, 2020 | Dec. 31, 2020 | Mar. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||||
Outstanding amount | $ 70,320 | $ 769,061 | $ 642,107 | ||
Weighted-average amortization period (in years) | 6 months | 6 months | |||
Line of Credit | JP Morgan | |||||
Business Acquisition [Line Items] | |||||
Outstanding amount | $ 50,000 | ||||
Line of credit maximum borrowing capacity | 67,600 | ||||
One Upland | |||||
Business Acquisition [Line Items] | |||||
Payments for asset acquisitions | $ 103,600 | ||||
Weighted-average amortization period (in years) | 6 months |
Real Estate Assets, Net - Ass_2
Real Estate Assets, Net - Asset Acquisitions (Details) - One Upland $ in Thousands | 12 Months Ended |
Dec. 31, 2020 USD ($) | |
Business Acquisition [Line Items] | |
Building | $ 82,146 |
Land | 14,515 |
Land Improvements | 3,009 |
Personal Property | 1,967 |
Intangible | 2,305 |
Total | $ 103,942 |
Real Estate Assets, Net - Alpha
Real Estate Assets, Net - Alpha Mill Transaction (Details) - Alpha Mill $ in Millions | Nov. 02, 2021 USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Ownership in equity transaction | 43% |
Value of shares in offering | $ 34.8 |
Gain on sale | $ 10.8 |
Investments in Unconsolidated_3
Investments in Unconsolidated Real Estate Entities - Schedule of Equity Method Investments (Details) - Unconsolidated Properties - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 152,596 | $ 190,733 | $ 30,000 |
3800 Main | Houston, TX | Stabilized Properties | |||
Schedule of Equity Method Investments [Line Items] | |||
% Owned | 50% | 50% | |
Equity method investments | $ 10,227 | $ 10,347 | |
Alpha Mill | Charlotte, NC | Stabilized Properties | |||
Schedule of Equity Method Investments [Line Items] | |||
% Owned | 57.20% | 57.20% | |
Equity method investments | $ 21,876 | $ 22,034 | |
Cottonwood Bayview | St. Petersburg, FL | Stabilized Properties | |||
Schedule of Equity Method Investments [Line Items] | |||
% Owned | 71% | 71% | |
Equity method investments | $ 31,450 | $ 31,399 | |
Cottonwood Ridgeview | Plano, TX | Stabilized Properties | |||
Schedule of Equity Method Investments [Line Items] | |||
% Owned | 90.50% | 90.50% | |
Equity method investments | $ 3,881 | $ 34,352 | |
Fox Point | Salt Lake City, UT | Stabilized Properties | |||
Schedule of Equity Method Investments [Line Items] | |||
% Owned | 52.80% | 52.80% | |
Equity method investments | $ 15,742 | $ 16,056 | |
Toscana At Valley Ridge | Lewisville, TX | Stabilized Properties | |||
Schedule of Equity Method Investments [Line Items] | |||
% Owned | 58.60% | 58.60% | |
Equity method investments | $ 9,625 | $ 9,370 | |
Melrose Phase II | Nashville, TN | Stabilized Properties | |||
Schedule of Equity Method Investments [Line Items] | |||
% Owned | 79.80% | 79.80% | |
Equity method investments | $ 6,945 | $ 15,523 | |
Lector85 | Ybor City, FL | Preferred Equity Investments | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | 13,425 | 13,010 | 11,396 |
Vernon Boulevard | Queens, NY | Preferred Equity Investments | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | 18,658 | 18,079 | 15,886 |
Riverfront | West Sacramento, CA | Preferred Equity Investments | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | 17,569 | 16,884 | $ 2,718 |
Other | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 3,198 | $ 3,679 |
Investments in Unconsolidated_4
Investments in Unconsolidated Real Estate Entities - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 8 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||||
Equity in earnings (losses) of unconsolidated real estate entities | $ 2,670 | $ 951 | $ (533) | $ 2,113 | |
Stabilized Properties | Melrose Phase II | Unconsolidated Properties | Nashville, TN | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Additional interest | 54.90% | 54.90% | |||
Payment for the additional interest | $ 30,400 | 8,300 | $ 10,600 | ||
Ownership percentage | 79.80% | 79.80% | 79.80% | ||
Preferred Equity Investments | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in earnings (losses) of unconsolidated real estate entities | $ 1,700 | $ 1,000 | $ 5,600 | $ 2,100 | |
Preferred Equity Investments | Riverfront | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Commitment on investment | $ 12,400 | $ 12,400 | |||
CRII Merger | Stabilized Properties | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in earnings (losses) of unconsolidated real estate entities | $ 800 | $ 6,100 |
Investments in Unconsolidated_5
Investments in Unconsolidated Real Estate Entities - Balance Sheet and Operating Data (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating data: | ||||
Total revenues | $ 30,559 | $ 3,417 | $ 83,181 | $ 11,325 |
Total operating expenses | 52,841 | 6,075 | 172,482 | 18,719 |
Total other expenses | 1,530 | 27 | 2 | 197 |
Net loss | (6,888) | (3,010) | (106,905) | (8,551) |
Balance sheet data: | ||||
Real estate assets, net | 1,416,553 | 1,408,483 | 161,092 | |
Cash and cash equivalents | 121,890 | $ 7,134 | 27,169 | 4,362 |
Total assets | 1,763,020 | 1,686,890 | 204,805 | |
Mortgage notes, net | 769,061 | 642,107 | 70,320 | |
Total liabilities | $ 1,214,517 | 1,146,221 | $ 102,722 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Underlying Stabilized Assets | ||||
Operating data: | ||||
Total revenues | 23,514 | |||
Total operating expenses | 9,941 | |||
Total other expenses | (24,672) | |||
Net loss | (11,099) | |||
Balance sheet data: | ||||
Real estate assets, net | 440,853 | |||
Cash and cash equivalents | 6,361 | |||
Total assets | 452,972 | |||
Mortgage notes, net | 250,224 | |||
Total liabilities | $ 255,768 |
Investments in Real-Estate Re_2
Investments in Real-Estate Related Loans (Details) | 3 Months Ended | 4 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | May 07, 2021 USD ($) | Dec. 31, 2021 USD ($) extension | Dec. 31, 2020 USD ($) | Jun. 30, 2021 USD ($) a apartmentCommunity realEstateUnit story | |
Real Estate [Line Items] | ||||||
Note balance | $ 13,031,000 | $ 13,035,000 | $ 8,255,000 | |||
Net interest income | $ 16,000 | $ 0 | 207,000 | 198,000 | ||
Integra Peaks | ||||||
Real Estate [Line Items] | ||||||
Investment allowance | 0 | |||||
Common Equity Investment | Integra Peaks | ||||||
Real Estate [Line Items] | ||||||
Investments equity | $ 14,100,000 | |||||
Dolce B Note | ||||||
Real Estate [Line Items] | ||||||
Net interest income | $ 300,000 | 600,000 | ||||
Investment allowance | 0 | $ 0 | ||||
Dolce B Note | Commercial Mortgage Backed Securities | ||||||
Real Estate [Line Items] | ||||||
Notes issued | 1,100,000 | |||||
Face value of note | 10,000,000 | |||||
Note balance | $ 9,300,000 | |||||
Integra Peaks Mezzanine Loan | Integra Peaks | ||||||
Real Estate [Line Items] | ||||||
Net interest income | 600,000 | |||||
Investment owned, balance | $ 19,500,000 | |||||
Number of real estate units | realEstateUnit | 300 | |||||
Number of elevator serviced apartments | apartmentCommunity | 5 | |||||
Number of stories in elevators | story | 4 | |||||
Area of property | a | 12.1 | |||||
Investment in loan | 13,000,000 | |||||
Fund by co-lender | $ 13,000,000 | |||||
Interest Rate | 12% | |||||
Number of extensions | extension | 2 | |||||
Term of extension (in years) | 1 year | |||||
Integra Peaks Mezzanine Loan | Co-Lender | Integra Peaks | ||||||
Real Estate [Line Items] | ||||||
Fund by co-lender | $ 6,500,000 | |||||
Construction Loan | Integra Peaks | ||||||
Real Estate [Line Items] | ||||||
Construction loan | $ 42,500,000 |
Debt - Mortgage Notes And Revol
Debt - Mortgage Notes And Revolving Credit Facility (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Total secured loans | $ 772,023 | $ 640,031 | $ 71,495 |
Unamortized debt issuance costs | (4,712) | (940) | (1,175) |
Premium on assumed debt, net | 1,750 | 3,016 | 0 |
Mortgage notes and revolving credit facility, net | 769,061 | 642,107 | 70,320 |
Variable rate revolving credit facility | |||
Debt Instrument [Line Items] | |||
Line of credit maximum borrowing capacity | 74,900 | ||
Future Acquisition Financing | |||
Debt Instrument [Line Items] | |||
Line of credit maximum borrowing capacity | $ 125,000 | $ 125,000 | |
Fixed rate loans | |||
Debt Instrument [Line Items] | |||
Weighted average fixed interest rate | 3.68% | 4.03% | |
Weighted average remaining term | 4 years 6 months | 3 years 8 months 12 days | |
Total secured loans | $ 450,431 | $ 213,009 | 35,995 |
Variable Rate Loans | |||
Debt Instrument [Line Items] | |||
Total secured loans | $ 321,592 | $ 427,022 | 35,500 |
Variable Rate Loans | Floating rate mortgages | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 2.44% | 2.86% | |
Weighted average remaining term | 6 years 6 months | 6 years 2 months 12 days | |
Total secured loans | $ 321,592 | $ 407,022 | 0 |
Variable Rate Loans | Variable rate revolving credit facility | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 1.85% | 1.63% | |
Weighted average remaining term | 3 years | 3 years 2 months 12 days | |
Total secured loans | $ 0 | $ 20,000 | $ 35,500 |
Debt - Construction loans (Deta
Debt - Construction loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Amount Drawn | $ 66,174 | $ 116,656 | $ 0 |
LIBOR | |||
Debt Instrument [Line Items] | |||
Interest Rate | 0.50% | 0.50% | |
LIBOR Floor | |||
Debt Instrument [Line Items] | |||
Interest Rate | 3.25% | 3.25% | |
Construction Loan Payable | |||
Debt Instrument [Line Items] | |||
Loan Amount | $ 118,625 | $ 181,875 | |
Amount Drawn | 66,174 | 116,656 | |
Sugarmont (1) | Construction Loan Payable | |||
Debt Instrument [Line Items] | |||
Loan Amount | 63,250 | ||
Amount Drawn | $ 59,660 | ||
Sugarmont (1) | Construction Loan Payable | LIBOR | |||
Debt Instrument [Line Items] | |||
Interest Rate | 3% | ||
Park Avenue | Construction Loan Payable | |||
Debt Instrument [Line Items] | |||
Loan Amount | 37,000 | $ 37,000 | |
Amount Drawn | $ 33,512 | $ 29,520 | |
Park Avenue | Construction Loan Payable | LIBOR | |||
Debt Instrument [Line Items] | |||
Interest Rate | 1.75% | 1.75% | |
Cottonwood on Broadway | Construction Loan Payable | |||
Debt Instrument [Line Items] | |||
Loan Amount | $ 44,625 | $ 44,625 | |
Amount Drawn | $ 30,859 | $ 27,476 | |
Cottonwood on Broadway | Construction Loan Payable | LIBOR | |||
Debt Instrument [Line Items] | |||
Interest Rate | 1.90% | 1.90% | |
Cottonwood on Highland | Construction Loan Payable | |||
Debt Instrument [Line Items] | |||
Loan Amount | $ 37,000 | $ 37,000 | |
Amount Drawn | $ 1,803 | $ 0 | |
Cottonwood on Highland | Construction Loan Payable | LIBOR | |||
Debt Instrument [Line Items] | |||
Interest Rate | 2.75% | 2.75% |
Debt - Unsecured Promissory Not
Debt - Unsecured Promissory Notes - Additional Information (Details) - Unsecured Debt $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Dec. 31, 2021 USD ($) | Mar. 31, 2022 extension | Dec. 31, 2021 extension | |
Debt Instrument [Line Items] | |||
Number of extensions | extension | 2 | 2 | |
Term of extension (in years) | 1 year | 1 year | |
Increase in interest rate | 0.25% | 0.25% | |
2017 6.25% Notes | |||
Debt Instrument [Line Items] | |||
Interest rate | 6.25% | 6.25% | |
Extinguishment of debt | $ | $ 5 |
Debt - Unsecured Promissory N_2
Debt - Unsecured Promissory Notes (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||
Unsecured promissory notes, net | $ 43,443 | $ 43,543 | $ 0 |
Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Offering Size | 60,000 | 60,000 | |
Unsecured promissory notes, net | 43,443 | 43,543 | |
2017 6% Notes | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Offering Size | $ 35,000 | $ 35,000 | |
Interest Rate | 6% | 6% | |
Unsecured promissory notes, net | $ 20,818 | $ 20,918 | |
2019 6% Notes | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Offering Size | $ 25,000 | $ 25,000 | |
Interest Rate | 6% | 6% | |
Unsecured promissory notes, net | $ 22,625 | $ 22,625 |
Debt - Mortgage Notes Repayment
Debt - Mortgage Notes Repayment of Principal (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 USD ($) extension | Dec. 31, 2021 USD ($) extension | Dec. 31, 2020 USD ($) | |
Debt Instrument [Line Items] | |||
2022 | $ 55,518 | $ 1,592 | |
2023 | 111,344 | 102,731 | |
2024 | 22,186 | 139,686 | |
2025 | 2,877 | 3,374 | |
2026 | 143,221 | 39,087 | |
Thereafter | 546,494 | 353,561 | |
Principal payment on mortgage loans | 881,640 | 640,031 | |
Outstanding amount | $ 769,061 | $ 642,107 | $ 70,320 |
Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Number of extensions | extension | 2 | 2 | |
Term of extension (in years) | 1 year | 1 year | |
Unsecured Debt [Member] | 2017 6% Notes | |||
Debt Instrument [Line Items] | |||
Outstanding amount | $ 20,800 | ||
Number of extensions | extension | 2 | ||
Term of extension (in years) | 1 year | ||
Interest Rate | 6% | 6% | |
Unsecured Debt [Member] | 2019 6% Notes | |||
Debt Instrument [Line Items] | |||
Outstanding amount | $ 22,600 | ||
Number of extensions | extension | 2 | ||
Term of extension (in years) | 1 year | ||
Interest Rate | 6% | 6% | |
Line of Credit | Secured Credit Facility | Variable rate revolving credit facility | |||
Debt Instrument [Line Items] | |||
Outstanding amount | $ 20,000 | ||
Number of extensions | extension | 2 | ||
Term of extension (in years) | 1 year |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Carrying Value | |||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||
Investments in real-estate related loans | $ 13,031 | $ 13,035 | $ 8,206 |
Unsecured promissory notes | 43,443 | 43,543 | 0 |
Carrying Value | Series 2016 Preferred Stock | |||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||
Preferred stock series | 139,838 | 139,996 | 0 |
Carrying Value | Series 2017 Preferred Stock | |||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||
Preferred stock series | 0 | 2,586 | 0 |
Carrying Value | Series 2019 Preferred Stock | |||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||
Preferred stock series | 127,335 | 111,863 | 32,933 |
Carrying Value | Variable rate revolving credit facility | |||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||
Lines of credit, fair value disclosure | 0 | 20,000 | 35,500 |
Carrying Value | Fixed rate mortgages | |||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||
Mortgages | 450,431 | 213,009 | 35,995 |
Carrying Value | Floating rate mortgages | |||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||
Mortgages | 321,592 | 407,022 | 0 |
Carrying Value | Construction loans | |||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||
Mortgages | 66,174 | 116,656 | 0 |
Fair Value | |||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||
Investments in real-estate related loans | 13,031 | 13,035 | 8,206 |
Unsecured promissory notes | 43,443 | 43,543 | 0 |
Fair Value | Series 2016 Preferred Stock | |||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||
Preferred stock series | 139,838 | 139,996 | 0 |
Fair Value | Series 2017 Preferred Stock | |||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||
Preferred stock series | 0 | 2,586 | 0 |
Fair Value | Series 2019 Preferred Stock | |||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||
Preferred stock series | 127,335 | 111,863 | 32,933 |
Fair Value | Variable rate revolving credit facility | |||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||
Lines of credit, fair value disclosure | 0 | 20,000 | 35,500 |
Fair Value | Fixed rate mortgages | |||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||
Mortgages | 448,954 | 216,566 | 38,658 |
Fair Value | Floating rate mortgages | |||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||
Mortgages | 320,466 | 409,377 | 0 |
Fair Value | Construction loans | |||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||
Mortgages | $ 66,174 | $ 116,656 | $ 0 |
Preferred Stock - Additional In
Preferred Stock - Additional Information (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||
Apr. 18, 2022 USD ($) | Jan. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) shares | Mar. 31, 2021 USD ($) | Dec. 31, 2021 USD ($) Stockclass $ / shares shares | Dec. 31, 2021 USD ($) Stockclass $ / shares shares | Dec. 31, 2020 USD ($) shares | |
Subsidiary, Sale of Stock [Line Items] | |||||||
Number of preferred stock classes outstanding | Stockclass | 3 | 3 | |||||
Proceeds from issuance of Preferred Stock, net of issuance costs | $ 14,162 | $ 10,427 | $ 70,528 | $ 28,548 | |||
Number of shares redeemed (in shares) | shares | 183,049 | 203,537 | 31,307 | ||||
Stock repurchased during period, value | $ 3,394 | $ 5,012 | $ 269 | ||||
Series 2016 Preferred Stock | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 10 | $ 10 | |||||
Series 2017 Preferred Stock | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Preferred stock, par value (in dollars per share) | $ / shares | 10 | 10 | |||||
Series 2019 Preferred Stock | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 10 | $ 10 | |||||
Preferred Stock | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Proceeds from issuance of Preferred Stock, net of issuance costs | $ 78,900 | 31,700 | |||||
Preferred dividend value incurred | $ 3,600 | $ 800 | |||||
Preferred Stock | Series 2016 Preferred Stock | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Preferred dividend value incurred | $ 2,400 | $ 6,400 | |||||
Number of shares redeemed (in shares) | shares | 15,750 | 139,740 | |||||
Stock repurchased during period, value | $ 152,000 | $ 1,300 | |||||
Preferred Stock | Series 2016 Preferred Stock | Subsequent event | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Stock repurchased during period, value | $ 139,800 | ||||||
Preferred Stock | Series 2017 Preferred Stock | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Proceeds from issuance of Preferred Stock, net of issuance costs | 2,600 | ||||||
Preferred dividend value incurred | $ 100 | ||||||
Preferred Stock | Series 2017 Preferred Stock | Subsequent event | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Proceeds from issuance of Preferred Stock, net of issuance costs | $ 2,600 | ||||||
Preferred Stock | Series 2019 Preferred Stock | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Proceeds from issuance of Preferred Stock, net of issuance costs | 15,400 | 10,800 | |||||
Preferred dividend value incurred | $ 1,700 | $ 500 | |||||
Number of shares redeemed (in shares) | shares | 0 | 10,000 | 0 | ||||
Stock repurchased during period, value | $ 100 |
Preferred Stock - Equity (Detai
Preferred Stock - Equity (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 8 Months Ended | 12 Months Ended | ||||
Apr. 18, 2022 | Jan. 31, 2022 | Jan. 30, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Subsidiary, Sale of Stock [Line Items] | ||||||||
Stock repurchased during period, value | $ 3,394 | $ 5,012 | $ 269 | |||||
Proceeds from issuance of Preferred Stock, net of issuance costs | $ 14,162 | $ 10,427 | 70,528 | 28,548 | ||||
Preferred Stock [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Proceeds from issuance of Preferred Stock, net of issuance costs | $ 78,900 | $ 31,700 | ||||||
Series 2016 Preferred Stock | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Dividend Rate | 6.50% | 6.50% | ||||||
Extension Dividend Rate | 7% | 7% | ||||||
Preferred stock outstanding (in shares) | 13,983,810 | 13,999,560 | 13,999,560 | 0 | ||||
Series 2016 Preferred Stock | Subsequent Event [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Dividend Rate | 7% | |||||||
Series 2016 Preferred Stock | Preferred Stock [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Stock repurchased during period, value | $ 152,000 | $ 1,300 | ||||||
Series 2016 Preferred Stock | Preferred Stock [Member] | Subsequent Event [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Stock repurchased during period, value | $ 139,800 | |||||||
Series 2017 Preferred Stock | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Dividend Rate | 7.50% | 7.50% | ||||||
Extension Dividend Rate | 8% | 8% | ||||||
Preferred stock outstanding (in shares) | 0 | 258,550 | 258,550 | 0 | ||||
Series 2017 Preferred Stock | Preferred Stock [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Proceeds from issuance of Preferred Stock, net of issuance costs | $ 2,600 | |||||||
Series 2017 Preferred Stock | Preferred Stock [Member] | Subsequent Event [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Proceeds from issuance of Preferred Stock, net of issuance costs | $ 2,600 | |||||||
Series 2019 Preferred Stock | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Dividend Rate | 5.50% | 5.50% | ||||||
Extension Dividend Rate | 6% | 6% | ||||||
Preferred stock outstanding (in shares) | 12,733,485 | 11,186,301 | 11,186,301 | 3,308,326 | ||||
Series 2019 Preferred Stock | Preferred Stock [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Stock repurchased during period, value | $ 100 | |||||||
Proceeds from issuance of Preferred Stock, net of issuance costs | $ 15,400 | $ 10,800 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Common Stock Outstanding (Details) - shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Subsidiary, Sale of Stock [Line Items] | |||
Shares outstanding, beginning balance (in shares) | 23,613,980 | 12,232,289 | 8,851,759 |
Issuance of common stock (in shares) | 1,839,600 | 151,286 | 3,301,213 |
Distribution reinvestment (in shares) | 26,600 | 8,662 | 110,624 |
Common stock/OP Units repurchased (in shares) | (183,049) | (203,537) | (31,307) |
Shares outstanding, ending balance (in shares) | 25,297,131 | 23,613,980 | 12,232,289 |
Class T | |||
Subsidiary, Sale of Stock [Line Items] | |||
Shares outstanding, beginning balance (in shares) | 0 | ||
Issuance of common stock (in shares) | 1,383,323 | ||
Distribution reinvestment (in shares) | 19 | ||
Common stock/OP Units repurchased (in shares) | 0 | ||
Shares outstanding, ending balance (in shares) | 1,383,342 | 0 | |
Class I | |||
Subsidiary, Sale of Stock [Line Items] | |||
Shares outstanding, beginning balance (in shares) | 151,286 | 0 | 0 |
Issuance of common stock (in shares) | 456,277 | 151,286 | 0 |
Distribution reinvestment (in shares) | 456 | 0 | 0 |
Common stock/OP Units repurchased (in shares) | 0 | 0 | 0 |
Shares outstanding, ending balance (in shares) | 608,019 | 151,286 | 0 |
Class A | |||
Subsidiary, Sale of Stock [Line Items] | |||
Shares outstanding, beginning balance (in shares) | 23,445,174 | 12,214,771 | 8,851,759 |
Issuance of common stock (in shares) | 0 | 0 | 3,283,713 |
Distribution reinvestment (in shares) | 26,120 | 8,660 | 110,606 |
Common stock/OP Units repurchased (in shares) | (183,049) | (203,537) | (31,307) |
Shares outstanding, ending balance (in shares) | 23,288,245 | 23,445,174 | 12,214,771 |
Class TX | |||
Subsidiary, Sale of Stock [Line Items] | |||
Shares outstanding, beginning balance (in shares) | 17,520 | 17,518 | 0 |
Issuance of common stock (in shares) | 0 | 0 | 17,500 |
Distribution reinvestment (in shares) | 5 | 2 | 18 |
Common stock/OP Units repurchased (in shares) | 0 | 0 | 0 |
Shares outstanding, ending balance (in shares) | 17,525 | 17,520 | 17,518 |
CRII Merger | |||
Subsidiary, Sale of Stock [Line Items] | |||
CRII, CMRI and CMRII Merger (in shares) | 430,070 | ||
CRII Merger | Class I | |||
Subsidiary, Sale of Stock [Line Items] | |||
CRII, CMRI and CMRII Merger (in shares) | 0 | ||
CRII Merger | Class A | |||
Subsidiary, Sale of Stock [Line Items] | |||
CRII, CMRI and CMRII Merger (in shares) | 430,070 | ||
CRII Merger | Class TX | |||
Subsidiary, Sale of Stock [Line Items] | |||
CRII, CMRI and CMRII Merger (in shares) | 0 | ||
CMRI Merger | |||
Subsidiary, Sale of Stock [Line Items] | |||
CRII, CMRI and CMRII Merger (in shares) | 5,762,253 | ||
CMRI Merger | Class I | |||
Subsidiary, Sale of Stock [Line Items] | |||
CRII, CMRI and CMRII Merger (in shares) | 0 | ||
CMRI Merger | Class A | |||
Subsidiary, Sale of Stock [Line Items] | |||
CRII, CMRI and CMRII Merger (in shares) | 5,762,253 | ||
CMRI Merger | Class TX | |||
Subsidiary, Sale of Stock [Line Items] | |||
CRII, CMRI and CMRII Merger (in shares) | 0 | ||
CMRII Merger | |||
Subsidiary, Sale of Stock [Line Items] | |||
CRII, CMRI and CMRII Merger (in shares) | 5,232,957 | ||
CMRII Merger | Class I | |||
Subsidiary, Sale of Stock [Line Items] | |||
CRII, CMRI and CMRII Merger (in shares) | 0 | ||
CMRII Merger | Class A | |||
Subsidiary, Sale of Stock [Line Items] | |||
CRII, CMRI and CMRII Merger (in shares) | 5,232,957 | ||
CMRII Merger | Class TX | |||
Subsidiary, Sale of Stock [Line Items] | |||
CRII, CMRI and CMRII Merger (in shares) | 0 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2022 | Feb. 28, 2022 | Jan. 31, 2022 | Dec. 31, 2021 | Nov. 30, 2021 | Oct. 29, 2021 | Sep. 25, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Aug. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Aggregate distributions paid | $ 4,600 | $ 1,500 | $ 9,600 | $ 5,200 | ||||||||
Distributions paid in cash | 4,174 | $ 1,503 | 9,482 | 4,145 | ||||||||
Distribution reinvestment | $ 607 | $ 141 | $ 1,106 | |||||||||
Common stock, dividend rate (in USD per share) | $ 0.00013699 | $ 0.00013699 | $ 0.00013699 | |||||||||
Dividend declared (usd per share) | $ 0.71 | $ 0.71 | $ 0.7 | $ 0.68 | $ 0.65 | $ 0.52 | $ 0.52 | $ 0.5 | $ 0.5 | $ 0.5 | ||
Distributions to stockholders return of capital | 100% | 100% | ||||||||||
Number of shares redeemed (in shares) | 183,049 | 203,537 | 31,307 | |||||||||
Repurchase of common stock/OP Units | $ (3,394) | $ 0 | $ (5,012) | $ (269) | ||||||||
Dividend reinvestment plan, cash paid | $ 400 | |||||||||||
Common Stock | ||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Number of shares redeemed (in shares) | 183,049 | 0 | 203,537 | 31,307 | ||||||||
Common Stock Class A | ||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Number of shares redeemed (in shares) | 183,049 | 203,537 | 31,307 | |||||||||
Common Stock Class A | Common Stock | ||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Distribution reinvestment | $ 1 | |||||||||||
Number of shares redeemed (in shares) | 183,049 | (203,537) | (31,307) | |||||||||
Repurchase of common stock/OP Units | $ (3,100) | $ (2,600) | $ (300) | |||||||||
Average repurchase price (in USD per share) | $ 16.98 | $ 12.9 | $ 8.58 | |||||||||
Common Class TX | ||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Number of shares redeemed (in shares) | 0 | 0 | 0 | |||||||||
Common Class TX | Common Stock | ||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Number of shares redeemed (in shares) | 0 | 0 | ||||||||||
Common Stock Class I | ||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Number of shares redeemed (in shares) | 0 | 0 | 0 | |||||||||
Common Stock Class I | Common Stock | ||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Number of shares redeemed (in shares) | 0 |
Stockholders' Equity - Distribu
Stockholders' Equity - Distributions of Common Stock (Details) - $ / shares | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2022 | Feb. 28, 2022 | Jan. 31, 2022 | Dec. 31, 2021 | Nov. 30, 2021 | Oct. 29, 2021 | Sep. 25, 2021 | Mar. 31, 2021 | Aug. 30, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | ||||||||||
Monthly rate (usd per share) | $ 0.05916667 | $ 0.05916667 | $ 0.05833333 | $ 0.05666667 | $ 0.05416667 | $ 0.04333333 | $ 0.04333333 | |||
Annually (usd per share) | $ 0.71 | $ 0.71 | $ 0.7 | $ 0.68 | $ 0.65 | $ 0.52 | $ 0.52 | $ 0.5 | $ 0.5 | $ 0.5 |
Related-Party Transactions (Det
Related-Party Transactions (Details) - USD ($) | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||
May 07, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | May 07, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||||||
Performance participation allocation | $ 19,934,000 | $ 0 | $ 51,761,000 | $ 0 | |||
Reimbursable operating expenses | 331,000 | 1,030,000 | |||||
Asset management fee | 3,792,000 | 886,000 | $ 8,052,000 | 2,799,000 | |||
Independent Director Compensation | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage threshold operating expenses must exceed average invested assets to be reimbursable | 2% | 2% | |||||
Percentage threshold operating expenses must exceed net income to be reimbursable | 25% | 25% | |||||
Required reimbursement | $ 0 | $ 0 | |||||
Independent Director Compensation | LTIP Units | |||||||
Related Party Transaction [Line Items] | |||||||
Grant value | $ 85,000,000 | ||||||
LTIP unit vesting period (in years) | 1 year | ||||||
Affiliated Entity | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage of annual total return | 12.50% | 12.50% | |||||
Affiliated Entity | Independent Director Compensation | |||||||
Related Party Transaction [Line Items] | |||||||
Gross asset value of CROP percentage | 0.0625% | 1.25% | |||||
Net asset value of CROP percentage | 0.125% | ||||||
Asset management fees | $ 8,100,000 | 2,800,000 | |||||
Percentage of total return | 5% | 5% | |||||
Percentage of annual total return | 12.50% | 12.50% | |||||
Reimbursable operating expenses | $ 0 | 300,000 | $ 1,000,000 | ||||
Asset management fee | 3,800,000 | $ 900,000 | |||||
Affiliated Entity | Independent Director Compensation | Limited Partners | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage of total return | 12.50% | 12.50% | |||||
Performance participation allocation | $ 19,900,000 | $ 51,800,000 | |||||
Affiliated Entity | Independent Director Compensation | Other Ownership Interest | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage of total return | 87.50% | 87.50% | |||||
Independent Directors | Independent Director Compensation | |||||||
Related Party Transaction [Line Items] | |||||||
Expenses from transactions with related parties | 50,000,000 | ||||||
Independent Directors | Independent Director Compensation | Chair of Audit Committee | |||||||
Related Party Transaction [Line Items] | |||||||
Expenses from transactions with related parties | 15,000,000 | ||||||
Independent Directors | Independent Director Compensation | Char of Compensation Committee | |||||||
Related Party Transaction [Line Items] | |||||||
Expenses from transactions with related parties | 10,000,000 | ||||||
Independent Directors | Independent Director Compensation | Chair of Conflicts Committee | |||||||
Related Party Transaction [Line Items] | |||||||
Expenses from transactions with related parties | $ 10,000,000 |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||
May 07, 2021 shares | Mar. 31, 2022 USD ($) shares | Mar. 31, 2021 USD ($) | Dec. 31, 2021 USD ($) shares | Dec. 31, 2021 USD ($) Vote shares | Dec. 31, 2020 USD ($) | |
Noncontrolling Interest [Line Items] | ||||||
Distributions to investors | $ (21,942,000) | $ (5,398,000) | ||||
Voting rights | Vote | 0 | |||||
Share-based compensation | $ 865,000 | $ 45,000 | $ 1,570,000 | 71,000 | ||
Not Wholly Owned | Minimum | ||||||
Noncontrolling Interest [Line Items] | ||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 1% | 1% | 1% | |||
Not Wholly Owned | Maximum | ||||||
Noncontrolling Interest [Line Items] | ||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 81% | 81% | 81% | |||
Not Wholly Owned | Weighted Average | ||||||
Noncontrolling Interest [Line Items] | ||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 24% | 24% | 24% | |||
OP Units | ||||||
Noncontrolling Interest [Line Items] | ||||||
Distributions to investors | $ (5,500,000) | $ (10,600,000) | ||||
LTIP Units | ||||||
Noncontrolling Interest [Line Items] | ||||||
Units annual vesting percentage | 10% | |||||
Share conversion ratio | 1 | |||||
Vested awards (in shares) | shares | 528,451 | |||||
Number of unvested awards outstanding (in shares) | shares | 806,482 | 719,137 | 719,137 | |||
Share-based compensation | $ 1,600,000 | $ 100,000 | ||||
Total unrecognized compensation expense | $ 10,900,000 | $ 6,500,000 | $ 6,500,000 | |||
Share-based compensation | $ 900,000 | $ 45,000 | ||||
Performance LTIP | ||||||
Noncontrolling Interest [Line Items] | ||||||
Number of unvested awards outstanding (in shares) | shares | 551,368 | 380,637 | 380,637 |
Commitments and Contingencies -
Commitments and Contingencies - Share Repurchase Program (Details) | Dec. 31, 2021 $ / shares |
Less than 1 year | |
Share Repurchase Program [Line Items] | |
Repurchase price (in dollars per share) | $ 8.8 |
1 year | |
Share Repurchase Program [Line Items] | |
Repurchase price (in dollars per share) | 9 |
2 years | |
Share Repurchase Program [Line Items] | |
Repurchase price (in dollars per share) | 9.2 |
3 years | |
Share Repurchase Program [Line Items] | |
Repurchase price (in dollars per share) | 9.4 |
4 years | |
Share Repurchase Program [Line Items] | |
Repurchase price (in dollars per share) | 9.6 |
5 years | |
Share Repurchase Program [Line Items] | |
Repurchase price (in dollars per share) | 9.8 |
A stockholder's death or complete disability, 2 years or more (Series 2019), 6 years or more (Series 2016 and Series 2017) | |
Share Repurchase Program [Line Items] | |
Repurchase price (in dollars per share) | $ 10 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2021 | May 07, 2021 | |
Subsidiary, Sale of Stock [Line Items] | ||
Monthly redemptions, percent of net asset value, maximum | 2% | |
Quarterly redemptions, percent of net asset value, maximum | 5% | |
Percent of most recently disclosed net asset value | 95% | |
Class A and Class TX Common Stock | ||
Subsidiary, Sale of Stock [Line Items] | ||
Maximum percent of net asset value | 95% | |
Class A and Class TX Common Stock | Four Years After Acquisition | ||
Subsidiary, Sale of Stock [Line Items] | ||
Maximum percent of net asset value | 85% | |
Class A and Class TX Common Stock | Six Years After Acquisition | ||
Subsidiary, Sale of Stock [Line Items] | ||
Maximum percent of net asset value | 90% | |
Class A and Class TX Common Stock | Six Years Or More | ||
Subsidiary, Sale of Stock [Line Items] | ||
Stock repurchase program, redemption price, percentage | 100% | |
Class A and Class TX Common Stock | Five Years And Less Than Six Years | ||
Subsidiary, Sale of Stock [Line Items] | ||
Stock repurchase program, redemption price, percentage | 95% | |
Class A and Class TX Common Stock | Three Years And Less Than Five Years | ||
Subsidiary, Sale of Stock [Line Items] | ||
Stock repurchase program, redemption price, percentage | 90% | |
Class A and Class TX Common Stock | One Year And Less Than Three Years | ||
Subsidiary, Sale of Stock [Line Items] | ||
Stock repurchase program, redemption price, percentage | 85% | |
Common Limited OP Units | One Year After Acquisition | ||
Subsidiary, Sale of Stock [Line Items] | ||
Maximum percent of net asset value | 80% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||||||||||||||
May 10, 2022 $ / shares | May 05, 2022 USD ($) | Apr. 18, 2022 USD ($) | Apr. 07, 2022 | Mar. 31, 2022 USD ($) $ / shares | Mar. 22, 2022 shares | Feb. 28, 2022 $ / shares | Jan. 31, 2022 USD ($) $ / shares | Jan. 28, 2022 USD ($) | Jan. 07, 2022 shares | Dec. 31, 2021 USD ($) $ / shares | Nov. 30, 2021 $ / shares | Nov. 02, 2021 USD ($) | Oct. 29, 2021 $ / shares | Sep. 25, 2021 $ / shares | Jan. 31, 2021 USD ($) | Mar. 25, 2022 USD ($) PROPERTY LENDER | Jan. 31, 2022 USD ($) | Mar. 31, 2022 USD ($) | Mar. 25, 2022 USD ($) PROPERTY shares | Mar. 31, 2021 USD ($) $ / shares | Dec. 31, 2021 USD ($) | Aug. 30, 2021 $ / shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) $ / shares | |
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Stock repurchased during period, value | $ 3,394 | $ 5,012 | $ 269 | ||||||||||||||||||||||
Proceeds from revolving credit facility | 52,800 | $ 3,500 | 8,500 | 12,000 | |||||||||||||||||||||
Loan amount | $ 772,023 | $ 640,031 | 772,023 | $ 640,031 | $ 640,031 | $ 71,495 | |||||||||||||||||||
Accrued performance participation allocation | $ 51,800 | ||||||||||||||||||||||||
Stock issuance costs | $ 2,959 | $ 0 | |||||||||||||||||||||||
Annually (usd per share) | $ / shares | $ 0.71 | $ 0.71 | $ 0.7 | $ 0.68 | $ 0.65 | $ 0.52 | $ 0.52 | $ 0.5 | $ 0.5 | $ 0.5 | |||||||||||||||
Alpha Mill Apartments | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Value of shares in offering | $ 34,800 | ||||||||||||||||||||||||
Ownership in equity transaction | 43% | ||||||||||||||||||||||||
Series 2016 Preferred Stock | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Dividend rate | 6.50% | 6.50% | |||||||||||||||||||||||
Series 2016 Preferred Stock | Preferred Stock | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Stock repurchased during period, value | $ 152,000 | $ 1,300 | |||||||||||||||||||||||
Series 2017 Preferred Stock | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Dividend rate | 7.50% | 7.50% | |||||||||||||||||||||||
Series 2019 Preferred Stock | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Dividend rate | 5.50% | 5.50% | |||||||||||||||||||||||
Series 2019 Preferred Stock | Preferred Stock | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Stock repurchased during period, value | $ 100 | ||||||||||||||||||||||||
Subsequent event | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Value of shares in offering | $ 33,346 | ||||||||||||||||||||||||
Subsequent event | Alpha Mill Apartments | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Ownership in equity transaction | 28.90% | ||||||||||||||||||||||||
Ownership equity before transaction | 57.20% | ||||||||||||||||||||||||
Ownership equity after all transactions | 20% | ||||||||||||||||||||||||
Option to reacquire right period in force | 2 years | ||||||||||||||||||||||||
Subsequent event | Mortgages | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Loan amount | $ 105,000 | ||||||||||||||||||||||||
Proceeds from from debt | 43,800 | ||||||||||||||||||||||||
Subsequent event | Refinanced Properties | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Loan amount | $ 362,200 | $ 362,200 | |||||||||||||||||||||||
Proceeds from from debt | $ 111,700 | ||||||||||||||||||||||||
Number of properties refinanced | PROPERTY | 7 | ||||||||||||||||||||||||
Number of lenders | LENDER | 1 | ||||||||||||||||||||||||
Debt term | 5 years | 5 years | |||||||||||||||||||||||
Interest rate | 3.40% | 3.40% | |||||||||||||||||||||||
Subsequent event | Refinanced Properties | Unconsolidated Properties | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Number of real estate properties | PROPERTY | 2 | 2 | |||||||||||||||||||||||
Subsequent event | Revolving Credit Facility | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Proceeds from revolving credit facility | $ 1,700 | ||||||||||||||||||||||||
Subsequent event | Line of Credit | A2018 Fannie Facility [Member] | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Proceeds from revolving credit facility | $ 9,200 | ||||||||||||||||||||||||
Subsequent event | J P Morgan Revolving Credit Facility | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Proceeds from revolving credit facility | $ 70,000 | ||||||||||||||||||||||||
Subsequent event | 2022 Equity Incentive Plan | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Award shares authorized (in shares) | shares | 300,000 | ||||||||||||||||||||||||
Subsequent event | Time Based Shares | LTIP | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Number of shares granted to executive officers (in shares) | shares | 105,826 | ||||||||||||||||||||||||
Subsequent event | Performance Shares | LTIP | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Number of shares granted to executive officers (in shares) | shares | 170,731 | ||||||||||||||||||||||||
Subsequent event | Restricted Stock Units (RSUs) | 2022 Equity Incentive Plan | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Award shares authorized (in shares) | shares | 20,038 | ||||||||||||||||||||||||
Award vesting period | 4 years | ||||||||||||||||||||||||
Subsequent event | Series 2016 Preferred Stock | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Dividend rate | 7% | ||||||||||||||||||||||||
Subsequent event | Series 2016 Preferred Stock | Preferred Stock | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Stock repurchased during period, value | $ 139,800 | ||||||||||||||||||||||||
Subsequent event | Series 2017 Preferred Stock | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Redemption amount | $ 2,600 | $ 2,600 | |||||||||||||||||||||||
Subsequent event | Common Stock [Member] | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Common stock, dividend rate (in dollars per share) | $ / shares | $ 0.06 | ||||||||||||||||||||||||
Annually (usd per share) | $ / shares | $ 0.72 | $ 0.71 | $ 0.71 | $ 0.7 | |||||||||||||||||||||
Subsequent event | Private Placement | Series 2019 Preferred Stock | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Number of shares issued and sold (in shares) | shares | 1,547,184 | ||||||||||||||||||||||||
Value of shares in offering | $ 15,400 | ||||||||||||||||||||||||
Stock issuance costs | 1,000 | ||||||||||||||||||||||||
Placement fees | $ 300 |
Subsequent Events - Status of t
Subsequent Events - Status of the Follow-on Offering (Details) - Subsequent event $ in Thousands | 3 Months Ended |
Mar. 25, 2022 USD ($) shares | |
Subsequent Event [Line Items] | |
Gross Proceeds | $ | $ 33,346 |
Primary Offering | |
Subsequent Event [Line Items] | |
Shares issued (in shares) | 1,836,975 |
Distribution Reinvestment Plan | |
Subsequent Event [Line Items] | |
Shares issued (in shares) | 26,595 |
Common Class T | |
Subsequent Event [Line Items] | |
Gross Proceeds | $ | $ 25,000 |
Common Class T | Primary Offering | |
Subsequent Event [Line Items] | |
Shares issued (in shares) | 1,394,087 |
Common Class T | Distribution Reinvestment Plan | |
Subsequent Event [Line Items] | |
Shares issued (in shares) | 19 |
Common Stock Class I | |
Subsequent Event [Line Items] | |
Gross Proceeds | $ | $ 7,888 |
Common Stock Class I | Primary Offering | |
Subsequent Event [Line Items] | |
Shares issued (in shares) | 442,888 |
Common Stock Class I | Distribution Reinvestment Plan | |
Subsequent Event [Line Items] | |
Shares issued (in shares) | 456 |
Common Stock Class A | |
Subsequent Event [Line Items] | |
Gross Proceeds | $ | $ 458 |
Common Stock Class A | Primary Offering | |
Subsequent Event [Line Items] | |
Shares issued (in shares) | 0 |
Common Stock Class A | Distribution Reinvestment Plan | |
Subsequent Event [Line Items] | |
Shares issued (in shares) | 26,120 |
Common Class TX | |
Subsequent Event [Line Items] | |
Gross Proceeds | $ | $ 0 |
Common Class TX | Primary Offering | |
Subsequent Event [Line Items] | |
Shares issued (in shares) | 0 |
Common Class TX | Distribution Reinvestment Plan | |
Subsequent Event [Line Items] | |
Shares issued (in shares) | 0 |
Subsequent Events - Distributio
Subsequent Events - Distributions Declared (Details) - $ / shares | 3 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||
May 10, 2022 | Mar. 31, 2022 | Feb. 28, 2022 | Jan. 31, 2022 | Dec. 31, 2021 | Nov. 30, 2021 | Oct. 29, 2021 | Sep. 25, 2021 | Mar. 31, 2021 | Aug. 30, 2021 | Dec. 31, 2020 | |
Subsequent Event [Line Items] | |||||||||||
Monthly rate (usd per share) | $ 0.05916667 | $ 0.05916667 | $ 0.05833333 | $ 0.05666667 | $ 0.05416667 | $ 0.04333333 | $ 0.04333333 | ||||
Annually (usd per share) | 0.71 | 0.71 | 0.7 | $ 0.68 | $ 0.65 | $ 0.52 | $ 0.52 | $ 0.5 | $ 0.5 | $ 0.5 | |
Common Stock | Subsequent event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Monthly rate (usd per share) | 0.05916667 | 0.05916667 | 0.05833333 | ||||||||
Annually (usd per share) | $ 0.72 | $ 0.71 | $ 0.71 | $ 0.7 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation - Schedule of Real Estate and Accumulated Depreciation (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 USD ($) realEstateUnit | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Units | realEstateUnit | 6,331 | ||
Encumbrances | $ (756,687) | ||
Initial cost to company, land | 202,531 | ||
Initial cost to company, building and improvements | 1,192,992 | ||
Cost Capitalized Subsequent to Acquisition | 80,995 | ||
Gross amount carried, land | 202,531 | ||
Gross amount carried, buildings and improvements | 1,273,987 | ||
Gross amount carried, total | 1,476,518 | $ 170,796 | $ 66,644 |
Accumulated depreciation and amortization | (68,035) | $ (9,704) | $ (2,738) |
Aggregate cost of real estate for federal income tax purposes | $ 1,000,000 | ||
Buildings | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Life used for depreciation (in years) | 30 years | ||
Land improvements | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Life used for depreciation (in years) | 5 years | ||
Land improvements | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Life used for depreciation (in years) | 15 years | ||
Cason Estates | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Ownership Percent | 100% | ||
Number of Units | realEstateUnit | 262 | ||
Encumbrances | $ (33,594) | ||
Initial cost to company, land | 4,806 | ||
Initial cost to company, building and improvements | 46,666 | ||
Cost Capitalized Subsequent to Acquisition | 139 | ||
Gross amount carried, land | 4,806 | ||
Gross amount carried, buildings and improvements | 46,805 | ||
Gross amount carried, total | 51,611 | ||
Accumulated depreciation and amortization | $ (2,869) | ||
Cottonwood | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Ownership Percent | 100% | ||
Number of Units | realEstateUnit | 264 | ||
Encumbrances | $ (21,645) | ||
Initial cost to company, land | 6,556 | ||
Initial cost to company, building and improvements | 40,745 | ||
Cost Capitalized Subsequent to Acquisition | 776 | ||
Gross amount carried, land | 6,556 | ||
Gross amount carried, buildings and improvements | 41,521 | ||
Gross amount carried, total | 48,077 | ||
Accumulated depreciation and amortization | $ (2,178) | ||
Cottonwood One Upland | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Ownership Percent | 100% | ||
Number of Units | realEstateUnit | 262 | ||
Encumbrances | $ (20,000) | ||
Initial cost to company, land | 14,515 | ||
Initial cost to company, building and improvements | 89,428 | ||
Cost Capitalized Subsequent to Acquisition | 335 | ||
Gross amount carried, land | 14,515 | ||
Gross amount carried, buildings and improvements | 89,763 | ||
Gross amount carried, total | 104,278 | ||
Accumulated depreciation and amortization | $ (8,137) | ||
Cottonwood Reserve | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Ownership Percent | 91.10% | ||
Number of Units | realEstateUnit | 352 | ||
Encumbrances | $ (38,314) | ||
Initial cost to company, land | 12,634 | ||
Initial cost to company, building and improvements | 64,986 | ||
Cost Capitalized Subsequent to Acquisition | 269 | ||
Gross amount carried, land | 12,634 | ||
Gross amount carried, buildings and improvements | 65,255 | ||
Gross amount carried, total | 77,889 | ||
Accumulated depreciation and amortization | $ (3,967) | ||
Cottonwood West Palm | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Ownership Percent | 100% | ||
Number of Units | realEstateUnit | 245 | ||
Encumbrances | $ (35,995) | ||
Initial cost to company, land | 9,380 | ||
Initial cost to company, building and improvements | 57,073 | ||
Cost Capitalized Subsequent to Acquisition | 366 | ||
Gross amount carried, land | 9,380 | ||
Gross amount carried, buildings and improvements | 57,439 | ||
Gross amount carried, total | 66,819 | ||
Accumulated depreciation and amortization | $ (6,934) | ||
Cottonwood Westside | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Ownership Percent | 100% | ||
Number of Units | realEstateUnit | 197 | ||
Encumbrances | $ (25,506) | ||
Initial cost to company, land | 8,641 | ||
Initial cost to company, building and improvements | 39,324 | ||
Cost Capitalized Subsequent to Acquisition | 106 | ||
Gross amount carried, land | 8,641 | ||
Gross amount carried, buildings and improvements | 39,430 | ||
Gross amount carried, total | 48,071 | ||
Accumulated depreciation and amortization | $ (2,358) | ||
Enclave on Golden Triangle | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Ownership Percent | 98.90% | ||
Number of Units | realEstateUnit | 273 | ||
Encumbrances | $ (34,000) | ||
Initial cost to company, land | 4,888 | ||
Initial cost to company, building and improvements | 46,712 | ||
Cost Capitalized Subsequent to Acquisition | 168 | ||
Gross amount carried, land | 4,888 | ||
Gross amount carried, buildings and improvements | 46,880 | ||
Gross amount carried, total | 51,768 | ||
Accumulated depreciation and amortization | $ (2,410) | ||
Heights at Meridian | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Ownership Percent | 100% | ||
Number of Units | realEstateUnit | 339 | ||
Encumbrances | $ (33,750) | ||
Initial cost to company, land | 5,971 | ||
Initial cost to company, building and improvements | 74,022 | ||
Cost Capitalized Subsequent to Acquisition | 172 | ||
Gross amount carried, land | 5,971 | ||
Gross amount carried, buildings and improvements | 74,194 | ||
Gross amount carried, total | 80,165 | ||
Accumulated depreciation and amortization | $ (4,158) | ||
Melrose | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Ownership Percent | 100% | ||
Number of Units | realEstateUnit | 220 | ||
Encumbrances | $ (47,100) | ||
Initial cost to company, land | 8,822 | ||
Initial cost to company, building and improvements | 58,676 | ||
Cost Capitalized Subsequent to Acquisition | 96 | ||
Gross amount carried, land | 8,822 | ||
Gross amount carried, buildings and improvements | 58,772 | ||
Gross amount carried, total | 67,594 | ||
Accumulated depreciation and amortization | $ (4,057) | ||
Parc Westborough | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Ownership Percent | 100% | ||
Number of Units | realEstateUnit | 249 | ||
Encumbrances | $ (38,010) | ||
Initial cost to company, land | 12,759 | ||
Initial cost to company, building and improvements | 61,302 | ||
Cost Capitalized Subsequent to Acquisition | 65 | ||
Gross amount carried, land | 12,759 | ||
Gross amount carried, buildings and improvements | 61,367 | ||
Gross amount carried, total | 74,126 | ||
Accumulated depreciation and amortization | $ (4,088) | ||
Pavilions | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Ownership Percent | 96.40% | ||
Number of Units | realEstateUnit | 240 | ||
Encumbrances | $ (37,350) | ||
Initial cost to company, land | 5,924 | ||
Initial cost to company, building and improvements | 55,177 | ||
Cost Capitalized Subsequent to Acquisition | 241 | ||
Gross amount carried, land | 5,924 | ||
Gross amount carried, buildings and improvements | 55,418 | ||
Gross amount carried, total | 61,342 | ||
Accumulated depreciation and amortization | $ (2,688) | ||
Raveneaux | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Ownership Percent | 97% | ||
Number of Units | realEstateUnit | 382 | ||
Encumbrances | $ (26,675) | ||
Initial cost to company, land | 6,249 | ||
Initial cost to company, building and improvements | 51,251 | ||
Cost Capitalized Subsequent to Acquisition | 147 | ||
Gross amount carried, land | 6,249 | ||
Gross amount carried, buildings and improvements | 51,398 | ||
Gross amount carried, total | 57,647 | ||
Accumulated depreciation and amortization | $ (2,983) | ||
Regatta | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Ownership Percent | 100% | ||
Number of Units | realEstateUnit | 490 | ||
Encumbrances | $ (35,367) | ||
Initial cost to company, land | 8,449 | ||
Initial cost to company, building and improvements | 39,651 | ||
Cost Capitalized Subsequent to Acquisition | 601 | ||
Gross amount carried, land | 8,449 | ||
Gross amount carried, buildings and improvements | 40,252 | ||
Gross amount carried, total | 48,701 | ||
Accumulated depreciation and amortization | $ (2,677) | ||
Retreat at Peachtree City | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Ownership Percent | 100% | ||
Number of Units | realEstateUnit | 312 | ||
Encumbrances | $ (48,719) | ||
Initial cost to company, land | 5,669 | ||
Initial cost to company, building and improvements | 66,888 | ||
Cost Capitalized Subsequent to Acquisition | 282 | ||
Gross amount carried, land | 5,669 | ||
Gross amount carried, buildings and improvements | 67,170 | ||
Gross amount carried, total | 72,839 | ||
Accumulated depreciation and amortization | $ (4,090) | ||
Scott Mountain | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Ownership Percent | 95.80% | ||
Number of Units | realEstateUnit | 262 | ||
Encumbrances | $ (48,373) | ||
Initial cost to company, land | 6,952 | ||
Initial cost to company, building and improvements | 63,758 | ||
Cost Capitalized Subsequent to Acquisition | 151 | ||
Gross amount carried, land | 6,952 | ||
Gross amount carried, buildings and improvements | 63,909 | ||
Gross amount carried, total | 70,861 | ||
Accumulated depreciation and amortization | $ (2,995) | ||
Stonebriar of Frisco | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Ownership Percent | 84.20% | ||
Number of Units | realEstateUnit | 306 | ||
Encumbrances | $ (36,400) | ||
Initial cost to company, land | 5,737 | ||
Initial cost to company, building and improvements | 53,463 | ||
Cost Capitalized Subsequent to Acquisition | 290 | ||
Gross amount carried, land | 5,737 | ||
Gross amount carried, buildings and improvements | 53,753 | ||
Gross amount carried, total | 59,490 | ||
Accumulated depreciation and amortization | $ (2,715) | ||
Summer Park | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Ownership Percent | 98.70% | ||
Number of Units | realEstateUnit | 358 | ||
Encumbrances | $ (44,620) | ||
Initial cost to company, land | 9,474 | ||
Initial cost to company, building and improvements | 66,200 | ||
Cost Capitalized Subsequent to Acquisition | 252 | ||
Gross amount carried, land | 9,474 | ||
Gross amount carried, buildings and improvements | 66,452 | ||
Gross amount carried, total | 75,926 | ||
Accumulated depreciation and amortization | $ (4,029) | ||
The Marq Highland Park | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Ownership Percent | 100% | ||
Number of Units | realEstateUnit | 239 | ||
Encumbrances | $ (34,613) | ||
Initial cost to company, land | 6,280 | ||
Initial cost to company, building and improvements | 59,424 | ||
Cost Capitalized Subsequent to Acquisition | 149 | ||
Gross amount carried, land | 6,280 | ||
Gross amount carried, buildings and improvements | 59,573 | ||
Gross amount carried, total | 65,853 | ||
Accumulated depreciation and amortization | $ (3,763) | ||
Cottonwood on Broadway | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Ownership Percent | 18.80% | ||
Number of Units | realEstateUnit | 254 | ||
Encumbrances | $ (27,476) | ||
Initial cost to company, land | 11,042 | ||
Initial cost to company, building and improvements | 30,958 | ||
Cost Capitalized Subsequent to Acquisition | 20,026 | ||
Gross amount carried, land | 11,042 | ||
Gross amount carried, buildings and improvements | 50,984 | ||
Gross amount carried, total | 62,026 | ||
Accumulated depreciation and amortization | $ 0 | ||
Park Avenue | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Ownership Percent | 23.60% | ||
Number of Units | realEstateUnit | 234 | ||
Encumbrances | $ (29,520) | ||
Initial cost to company, land | 11,369 | ||
Initial cost to company, building and improvements | 30,931 | ||
Cost Capitalized Subsequent to Acquisition | 19,019 | ||
Gross amount carried, land | 11,369 | ||
Gross amount carried, buildings and improvements | 49,950 | ||
Gross amount carried, total | 61,319 | ||
Accumulated depreciation and amortization | $ 0 | ||
Sugarmont (1) | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Ownership Percent | 99% | ||
Number of Units | realEstateUnit | 341 | ||
Encumbrances | $ (59,660) | ||
Initial cost to company, land | 17,838 | ||
Initial cost to company, building and improvements | 94,662 | ||
Cost Capitalized Subsequent to Acquisition | 21,193 | ||
Gross amount carried, land | 17,838 | ||
Gross amount carried, buildings and improvements | 115,855 | ||
Gross amount carried, total | 133,693 | ||
Accumulated depreciation and amortization | $ (939) | ||
Limited rights ownership percentage | 1% | ||
Sugarmont (1) | Service | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Number of Units | realEstateUnit | 293 | ||
Cottonwood on Highland | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Ownership Percent | 36.90% | ||
Number of Units | realEstateUnit | 250 | ||
Encumbrances | $ 0 | ||
Initial cost to company, land | 7,405 | ||
Initial cost to company, building and improvements | 1,695 | ||
Cost Capitalized Subsequent to Acquisition | 15,797 | ||
Gross amount carried, land | 7,405 | ||
Gross amount carried, buildings and improvements | 17,492 | ||
Gross amount carried, total | 24,897 | ||
Accumulated depreciation and amortization | 0 | ||
Other Developments | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial cost to company, land | 11,171 | ||
Initial cost to company, building and improvements | 0 | ||
Cost Capitalized Subsequent to Acquisition | 355 | ||
Gross amount carried, land | 11,171 | ||
Gross amount carried, buildings and improvements | 355 | ||
Gross amount carried, total | 11,526 | ||
Accumulated depreciation and amortization | $ 0 |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation - Real Estate Investment and Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Real estate assets: | ||
Beginning balance | $ 170,796 | $ 66,644 |
Acquisitions | 1,295,086 | 103,942 |
Improvements and development costs | 80,775 | 210 |
Dispositions and deconsolidations | (70,139) | 0 |
Ending balance | 1,476,518 | 170,796 |
Accumulated depreciation and amortization: | ||
Beginning balance | (9,704) | (2,738) |
Depreciation and amortization | (61,243) | (6,966) |
Dispositions and deconsolidations | 2,912 | 0 |
Ending balance | $ (68,035) | $ (9,704) |