Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2020 | May 14, 2020 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 333-222231 | |
Entity Registrant Name | Nuveen Global Cities REIT, Inc. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 82-1419222 | |
Entity Address, Address Line One | 730 Third Avenue, 3rd Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10017 | |
City Area Code | 212 | |
Local Phone Number | 490-9000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001711799 | |
Current Fiscal Year End Date | --12-31 | |
Class T shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,431,462 | |
Class S shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2,700,998 | |
Class D shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,126,034 | |
Class I shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 3,413,654 | |
Class N shares | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 29,730,608 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Investments in real estate, net | $ 370,540 | $ 373,088 |
Investments in international affiliated funds | 45,047 | 37,734 |
Investments in real estate-related securities, at fair value | 30,047 | 35,240 |
Investment in commercial mortgage loan, at fair value | 12,831 | 12,733 |
Intangible assets, net | 27,883 | 28,769 |
Cash and cash equivalents | 10,044 | 5,584 |
Restricted cash | 2,781 | 10,087 |
Other assets | 5,347 | 4,262 |
Total assets | 504,520 | 507,497 |
Liabilities and Equity | ||
Credit facility | 85,277 | 107,777 |
Mortgage payable, net | 47,520 | 47,502 |
Intangible liabilities, net | 8,709 | 8,907 |
Due to affiliates | 7,895 | 6,059 |
Accounts payable, accrued expenses, and other liabilities | 6,509 | 5,798 |
Subscriptions received in advance | 2,781 | 10,087 |
Distributions payable | 1,924 | 5,102 |
Total liabilities | 160,615 | 191,232 |
Equity | ||
Series A Preferred Stock | 129 | 125 |
Additional paid-in capital | 376,382 | 336,147 |
Accumulated deficit and cumulative distributions | (32,140) | (19,974) |
Accumulated other comprehensive loss | (842) | (370) |
Total equity | 343,905 | 316,265 |
Total liabilities and equity | 504,520 | 507,497 |
Class T shares | ||
Equity | ||
Common stock | 24 | 14 |
Class S shares | ||
Equity | ||
Common stock | 13 | 1 |
Class D shares | ||
Equity | ||
Common stock | 10 | 5 |
Class I shares | ||
Equity | ||
Common stock | 32 | 20 |
Class N shares | ||
Equity | ||
Common stock | $ 297 | $ 297 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Common stock, par value (in dollars per share) | $ 0.01 | |
Common stock, shares authorized (in shares) | 2,100,000,000 | |
Class T shares | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 2,358,700 | 1,377,256 |
Common stock, shares outstanding (in shares) | 2,358,700 | 1,377,256 |
Class S shares | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 1,255,756 | 70,151 |
Common stock, shares outstanding (in shares) | 1,255,756 | 70,151 |
Class D shares | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 1,115,645 | 572,675 |
Common stock, shares outstanding (in shares) | 1,115,645 | 572,675 |
Class I shares | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 3,200,941 | 1,965,962 |
Common stock, shares outstanding (in shares) | 3,200,941 | 1,965,962 |
Class N shares | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 29,730,608 | 29,730,608 |
Common stock, shares outstanding (in shares) | 29,730,608 | 29,730,608 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues | ||
Rental revenue | $ 9,458 | $ 6,745 |
Income from commercial mortgage loan | 245 | 21 |
Total revenues | 9,703 | 6,766 |
Expenses | ||
Rental property operating expenses | 2,962 | 2,286 |
General and administrative | 1,034 | 958 |
Advisory fee due to affiliate | 727 | 467 |
Depreciation and amortization | 4,144 | 3,387 |
Total expenses | 8,867 | 7,098 |
Other income (expense) | ||
Realized and unrealized (loss) income from real estate-related securities | (7,667) | 4,986 |
Income (loss) from equity investment in unconsolidated international affiliated funds | 1,690 | (165) |
Unrealized loss from commercial mortgage loan | (331) | 0 |
Interest income | 35 | 11 |
Interest expense | (1,189) | (752) |
Total other (expense) income | (7,462) | 4,080 |
Net (loss) income | (6,626) | 3,748 |
Net income attributable to Series A preferred stock | 4 | 4 |
Net (loss) income attributable to common stockholders | $ (6,630) | $ 3,744 |
Net (loss) income per share of common stock - basic and diluted (in dollars per share) | $ (0.18) | $ 0.12 |
Weighted-average shares of common stock outstanding, basic and diluted (in shares) | 36,062,045 | 29,994,015 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net (loss) income | $ (6,626) | $ 3,748 |
Other comprehensive loss: | ||
Foreign currency translation adjustment | (472) | (392) |
Comprehensive (loss) income | (7,098) | 3,356 |
Comprehensive income attributable to Series A preferred stock | 4 | 4 |
Comprehensive (loss) income attributable to common stockholders | $ (7,102) | $ 3,352 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Series A Preferred Stock | Par Value Common Stock | Par Value Common StockClass T shares | Par Value Common StockClass S shares | Par Value Common StockClass D shares | Par Value Common StockClass I shares | Par Value Common StockClass N shares | Additional Paid-in Capital | Accumulated Deficit and Cumulative Distributions | Accumulated Other Comprehensive Loss | ||||
Beginning balance at Dec. 31, 2018 | $ 288,876 | $ 0 | $ 0 | $ 0 | $ 2 | $ 297 | $ 298,419 | $ (9,884) | $ 42 | ||||||
Issuance of shares, net of offering costs | 125 | $ 775 | 0 | [1] | 0 | [1] | 0 | [1] | 0 | 775 | |||||
Distribution reinvestments | 10 | 0 | [2] | 0 | [2] | 0 | [2] | 10 | |||||||
Amortization of restricted stock grants | 11 | 11 | |||||||||||||
Net income (loss) | 3,748 | 4 | 3,744 | ||||||||||||
Distributions on common stock | (2,666) | (2) | (3) | (15) | (2,646) | 0 | |||||||||
Foreign currency translation adjustment | (392) | (392) | |||||||||||||
Ending balance at Mar. 31, 2019 | 290,487 | 129 | (2) | (3) | (13) | (2,349) | 299,215 | (6,140) | (350) | ||||||
Beginning balance at Dec. 31, 2019 | 316,265 | 125 | 14 | $ 1 | 5 | 20 | 297 | 336,147 | (19,974) | (370) | |||||
Issuance of shares, net of offering costs | 39,968 | 10 | 12 | 5 | 12 | 39,929 | |||||||||
Distribution reinvestments | 295 | 0 | [3] | 0 | [3] | 0 | [3] | 0 | [3] | 295 | |||||
Amortization of restricted stock grants | 11 | 11 | |||||||||||||
Common stock repurchased | 0 | 0 | |||||||||||||
Net income (loss) | (6,626) | 4 | (6,630) | ||||||||||||
Distributions on common stock | (5,536) | (5,536) | |||||||||||||
Foreign currency translation adjustment | (472) | (472) | |||||||||||||
Ending balance at Mar. 31, 2020 | $ 343,905 | $ 129 | $ 24 | $ 13 | $ 10 | $ 32 | $ 297 | $ 376,382 | $ (32,140) | $ (842) | |||||
[1] | The Class D, Class T, and Class I Shares amount is not presented due to rounding; see Note 14. | ||||||||||||||
[2] | The Class D and Class I Distribution reinvestment amount is not presented due to rounding; see Note 14. | ||||||||||||||
[3] | The Class T, Class S, Class D, and Class I distribution reinvestment amounts are not presented due to rounding; see Note 14. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net of offering costs | $ 166 | $ 69 |
Par Value Common Stock | ||
Issuance of common stock (in shares) | 2,123,497 | 93,740 |
Series A Preferred Stock | ||
Issuance of common stock (in shares) | 125 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (6,626) | $ 3,748 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation and amortization | 4,144 | 3,387 |
Unrealized loss (gain) on changes in fair value of real estate-related securities | 6,498 | (4,769) |
Realized loss on sale of real estate-related securities | 1,459 | 76 |
(Income) loss from equity investment in unconsolidated international affiliated funds | (1,690) | 165 |
Income distribution from equity investment in unconsolidated international affiliated funds | 282 | 0 |
Unrealized loss on changes in fair value of commercial mortgage loan | 331 | 0 |
Straight line rent adjustment | (665) | (410) |
Amortization of below-market lease intangibles | (184) | (87) |
Amortization of above-market lease intangibles | 4 | 0 |
Amortization of loan closing costs | 127 | 99 |
Amortization of restricted stock grants | 11 | 11 |
Change in assets and liabilities: | ||
Escrow for commercial mortgage loan | 0 | 1,096 |
Increase in other assets | (522) | (421) |
Increase in due to affiliates | 0 | 120 |
Increase (decrease) in accounts payable, accrued expenses, and other liabilities | 853 | (434) |
Net cash provided by operating activities | 4,022 | 2,581 |
Cash flows from investing activities: | ||
Origination and fundings of commercial mortgage loan | (429) | (45,202) |
Funding for investment in international affiliated funds | (6,377) | 0 |
Capital improvements to real estate | (876) | (62) |
Purchase of real estate-related securities | (11,783) | (2,907) |
Proceeds from sale of real estate-related securities | 9,019 | 2,876 |
Net cash used in investing activities | (10,446) | (45,295) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock | 42,242 | 969 |
Offering costs paid | (144) | 0 |
Borrowings from credit facility | 20,000 | 45,000 |
Repayments on credit facility | (42,500) | 0 |
Proceeds from issuance of Series A preferred stock | 0 | 110 |
Subscriptions received in advance | (7,306) | 2,467 |
Distributions to common stockholders | (8,714) | (2,484) |
Net cash provided by financing activities | 3,578 | 46,062 |
Net (decrease) increase in cash and cash equivalents and restricted cash during the period | (2,846) | 3,348 |
Cash and cash equivalents and restricted cash, beginning of period | 15,671 | 5,699 |
Cash and cash equivalents and restricted cash, end of period | 12,825 | 9,047 |
Reconciliation of cash and cash equivalents and restricted cash to the Consolidated Balance Sheets, end of period: | ||
Cash and cash equivalents | 10,044 | 5,485 |
Restricted cash | 2,781 | 3,562 |
Total cash and cash equivalents and restricted cash | 12,825 | 9,047 |
Supplemental disclosures: | ||
Interest paid | 1,233 | 534 |
Series A preferred stock costs | 0 | 15 |
Non-cash investing activities: | ||
Accrued capital expenditures | (149) | 10 |
Non-cash financing activities: | ||
Accrued distributions | 3,178 | 2,666 |
Accrued stockholder servicing fees | 1,836 | 74 |
Distribution reinvestments | 285 | 10 |
Accrued offering costs | 19 | 0 |
Accrued offering costs due to affiliate | $ 0 | $ 3,557 |
Organization and Business Purpo
Organization and Business Purpose | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business Purpose | Organization and Business Purpose Nuveen Global Cities REIT, Inc. (the “Company”) was formed on May 1, 2017 as a Maryland corporation and elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes commencing with its taxable year ending December 31, 2018. The Company’s sponsor is Nuveen, LLC (the “Sponsor”), a wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). The Company is the sole general partner of Nuveen Global Cities REIT OP, LP, a Delaware limited partnership (“Nuveen OP”). Nuveen OP has issued a limited partner interest to Nuveen Global Cities REIT LP, LLC (the “Limited Partner”), a wholly owned subsidiary of the Company. The Company was organized to invest primarily in stabilized income-oriented commercial real estate in the United States and a substantial but lesser portion of the Company’s portfolio will include real properties located in Canada, Europe and the Asia-Pacific region. Substantially all of the Company’s business will be conducted through Nuveen OP. The Company and Nuveen OP are externally managed by Nuveen Real Estate Global Cities Advisors, LLC (the “Advisor”), an indirect, wholly owned subsidiary of the Sponsor and an investment advisory affiliate of Nuveen Real Estate ("NRE"). Pursuant to a Registration Statement on Form S-11 (file No. 333-222231, the “Registration Statement”), the Company has registered with the Securities and Exchange Commission (the “SEC”) an offering of up to $5.0 billion in shares of common stock, consisting of up to $4.0 billion in shares in its primary offering and up to $1.0 billion in shares pursuant to its distribution reinvestment plan (the “Offering”). The Registration Statement was declared effective on January 31, 2018. The Company is publicly offering any combination of four classes of shares of its common stock, Class T shares, Class S shares, Class D shares and Class I shares, with a dollar value up to the maximum offering amount. The publicly offered share classes have different upfront selling commissions and ongoing stockholder servicing fees. The purchase price per share for each class of common stock in the Offering varies and will generally equal the Company’s prior month’s net asset value (“NAV”) per share, as calculated monthly, plus applicable upfront selling commissions and dealer manager fees. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of the Company and its subsidiaries, and in the opinion of management, include all necessary adjustments, consisting of only normal and recurring items, necessary for a fair statement of the Company’s consolidated financial statements as of March 31, 2020 and for the three months ended March 31, 2020 and 2019. Results of operations for the interim periods are not necessarily indicative of results for the entire year. These financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the applicable rules and regulations of the SEC. Accordingly, they do not include all information and footnotes required by GAAP for complete financial statements. Certain footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed from this report pursuant to the rules of the SEC. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements prepared in accordance with GAAP, and the related notes thereto, that are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 as filed with the SEC. The year-end balance sheet was derived from those audited financial statements. All intercompany balances and transactions have been eliminated in consolidation. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumption that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates. Investments in Real Estate In accordance with the guidance for business combinations, the Company determines whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired is not a business, the Company accounts for the transaction as an asset acquisition. All property acquisitions to date have been accounted for as asset acquisitions. Whether the acquisition of a property acquired is considered a business combination or asset acquisition, the Company recognizes the identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquired entity. In addition, for transactions that will be considered business combinations, the Company will evaluate the existence of goodwill or a gain from a bargain purchase. The Company would expense acquisition-related costs associated with business combinations as they are incurred. The Company capitalizes acquisition-related costs associated with asset acquisitions. Upon acquisition of a property, the Company assesses the fair value of acquired tangible and intangible assets (including land, buildings, tenant improvements, above-market and below-market leases, acquired in-place leases, other identified intangible assets and assumed liabilities) and allocates the purchase price to the acquired assets and assumed liabilities. The Company assesses and considers fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that it deems appropriate, as well as other available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends, and market and economic conditions. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place leases that may have a customer relationship intangible value, including but not limited to the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. Based on its acquisitions to date, the Company’s allocation to customer relationship intangible assets has not been material. The Company records acquired above-market and below-market leases at their fair values (using a discount rate which reflects the risks associated with the leases acquired) equal to the difference between (1) the contractual amounts to be paid pursuant to each in-place lease and (2) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above- market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases. Other intangible assets acquired include amounts for in-place lease values that are based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related expenses. Intangible assets and intangible liabilities are recorded as separate components on the Company's Consolidated Balance Sheets. The amortization of acquired above-market and below-market leases is recorded as an adjustment to Rental Revenue on the Company’s Consolidated Statements of Operations. The amortization of in-place leases is recorded as an adjustment to Depreciation and Amortization on the Company's Consolidated Statements of Operations. The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related adjustments, along with any subsequent improvements to such properties. The Company’s Investments in Real Estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building 40 years Building, land and site improvements 15-40 years Furniture, fixtures and equipment 3-7 years Lease intangibles Over lease term Significant improvements to properties are capitalized. When assets are sold or retired, their costs and related accumulated depreciation or amortization are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. Repairs and maintenance are expensed to operations as incurred and are included in Rental Property Operating on the Company’s Consolidated Statements of Operations. The Company’s management reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. If the carrying amount of the real estate investment is no longer recoverable and exceeds the fair value of such investment, an impairment loss is recognized. The impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value, or fair value, less cost to sell if classified as held for sale. If the Company’s strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized and such loss could be material to the Company’s results. If the Company determines that an impairment has occurred, the affected assets must be reduced to their fair value or fair value, less cost to sell if classified as held for sale. During the period presented, no such impairment occurred. Investments in Real Estate-Related Securities The Company has elected the fair market value option for accounting for real estate-related securities and changes in fair value are recorded in the current period earnings. Dividend income is recorded when declared and the resulting dividend income, along with gains and losses are recorded as a component of Realized and Unrealized Income from Real Estate-Related Securities on the Company’s Consolidated Statements of Operations. Investments in International Affiliated Funds The Company reports its investment in European Cities Partnership SCSp (“ECF”) and Asia Pacific Cities Fund (“APCF”), investment funds managed by an affiliate of TIAA, (the “International Affiliated Funds”) under the equity method of accounting. The equity method income (loss) from the investments in the International Affiliated Funds represent the Company’s allocable share of each fund’s net income or loss, which includes income and expense, realized gains and losses, and unrealized appreciation or depreciation as determined from the financial statements of ECF and APCF (which carry investments at fair value in accordance with the applicable GAAP) and is reported as Income (Loss) from Equity Investment in Unconsolidated International Affiliated Funds on the Company’s Consolidated Statement of Operations. All contributions to or distributions from the investment in the International Affiliated Funds is accrued when notice is received and recorded as a receivable from or payable to the International Affiliated Funds on the Company's Consolidated Balance Sheets. Investment in Commercial Mortgage Loan at Fair Value The Company originated its first commercial mortgage loan in March 2019 and elected the fair value option. In accordance with the adoption of the fair value option allowed under ASC 825, Financial Instruments, and at the election of the Company, the commercial mortgage loan is stated at fair value and was initially valued at the face amount of the loan funding. Subsequently, the commercial mortgage loan is valued at least quarterly by an independent third-party valuation firm with additional oversight being performed by the Advisor’s internal valuation department. The value is based on market factors, such as market interest rates and spreads for comparable loans, the performance of the underlying collateral (such as the loan-to-value ratio and the cash flow of the underlying collateral), and the credit quality of the borrower. The income from commercial mortgage loan represents interest income and origination fee income, which is reported as income from commercial mortgage loan on the Company’s Consolidated Statements of Operations. In the event of a partial or whole sale of the commercial mortgage loan, the Company derecognizes the corresponding asset and fees paid as part of the partial or whole sale are recognized as expense in General and Administrative expenses on the Company’s Consolidated Statements of Operations. Deferred Financing Costs The Company's deferred charges include financing and leasing costs. Financing costs include legal, structuring, and other loan costs incurred by the Company for its financing arrangements. Deferred financing costs related to the credit facility are recorded as a component of Other Assets on the Company’s Consolidated Balance Sheets and are being amortized over the term of the credit facility. Unamortized costs are charged to interest expense upon early repayment or significant modification of the credit facility and fully amortized deferred financing costs are removed from the books upon the maturity of the credit facility. Deferred financing costs related to the Company’s mortgage payable are recorded as an offset to the related liability and amortized over the term of the financing instrument. Deferred leasing costs incurred in connection with new leases, which consist primarily of brokerage and legal fees, are recorded as a component of Investments in Real Estate, Net on the Company’s Consolidated Balance Sheets and amortized over the life of the related lease. Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1—quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2—quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3—pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. The carrying amounts of financial instruments such as other assets, accounts payable, accrued expenses and other liabilities approximate their fair values due to the short-term maturities and market rates of interest of these instruments. As of March 31, 2020, the Company’s $30.0 million of Investments in Real estate-related securities consisted of shares of common stock of publicly-traded REITs and were classified as Level 1. These investments are recorded at fair value based on the closing price of the common stock as reported by national securities exchanges. As of March 31, 2020, and subsequent to the sale of the senior portion of the Commercial mortgage loan, the Company’s $12.8 million investment in commercial mortgage loan consisted of a mezzanine loan the Company originated and was classified as Level 3. The commercial mortgage loan is carried at fair value based on significant unobservable inputs. The following is a reconciliation of the beginning and ending balances for assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2020 ($ in thousands): Investment in Commercial Mortgage Loan Balance as of December 31, 2019 $ 12,733 Additional Fundings 429 Net Unrealized Loss (331) Balance as of March 31, 2020 $ 12,831 The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements comprising the investment in commercial mortgage loan as of March 31, 2020: Type Asset Class Valuation Technique(s) Unobservable Inputs Market Equivalent Rate Commercial Mortgage Loan Industrial Cash Equivalency Method Discount Rate LIBOR (1) + 7.05% (1) LIBOR as of March 31, 2020 was 0.9% As of March 31, 2020 and December 31, 2019, the carrying value of the Company's credit facility approximates fair value. As of March 31, 2020 and December 31, 2019, the fair value of the Company's mortgage payable was $47.0 million and the carrying value of the Company's mortgage payable approximated fair value, respectively. Fair value of the Company's indebtedness is estimated by modeling the cash flows required by the Company's debt agreements and discounting them back to present value using the appropriate discount rate. Additionally, the Company considers current market rates and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The inputs used in determining the fair value of the Company's indebtedness are considered Level 3. Revenue Recognition The Company’s sources of revenue arising from leasing arrangements and the related revenue recognition policies are as follows: Rental revenue — consists primarily of base rent arising from tenant operating leases at the Company’s office, industrial, multifamily, retail and other properties. Rental revenue is recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. The Company begins to recognize revenue when a tenant takes possession of the leased space. The Company includes its tenant reimbursement income in rental revenue that consist of amounts due from tenants for costs related to common area maintenance, real estate taxes and other recoverable costs includes in lease agreements. Income from Commercial Mortgage Loan — consists of income from interest earned and recognized as operating income based upon the principal amount outstanding and the contracted interest rate along with origination fees. The accrual of interest income on mortgage loans is discontinued when in management’s opinion, the borrower may be unable to meet payments as they become due (“nonaccrual mortgage loans”), unless the loan is well-secured and is in the process of collection. Interest income on nonaccrual mortgage loans is subsequently recognized only to the extent cash payment are received until the loans are returned to accrual status. As of March 31, 2020, the Company did not have any mortgage loans on nonaccrual status. Leases The Company derives revenue pursuant to lease agreements. At the inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At the lease inception, the Company determines whether each lease is a sales-type, direct financing or operating lease. Such classification is based on whether: • The lessee gains control of the underlying asset and the lessor therefore relinquishes control to the lessee under certain criteria (sales-type or direct-financing); or • All other leases that do not meet the criteria as sales-type or direct financing leases (operating). The Company's leases are classified as operating leases in accordance with relevant accounting guidelines, and the related revenue is recognized on a straight-line basis. Cash and Cash Equivalents Cash and cash equivalents represents cash held in banks, cash on hand and liquid investments with original maturities of three months or less at the time of purchase. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash with high credit-quality institutions to minimize credit risk. Restricted Cash As of March 31, 2020, restricted cash consists of $2.8 million of cash received for subscriptions prior to the date in which the subscriptions are effective, which is held in a bank account controlled by the Company’s transfer agent, but in the name of the Company. Income Taxes The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code (“Code”) commencing with its taxable year ending December 31, 2018 and intends to continue to qualify as a REIT. In qualifying for taxation as a REIT, the Company generally is not subject to federal corporate income tax to the extent it distributes annually at least 90% of its taxable income to its stockholders. REITs are subject to a number of other organizational and operational requirements. Even in qualifying for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. The Company may elect to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (“TRSs”). In general, a TRS may perform additional services for the Company’s tenants and generally may engage in any real estate or non-real estate-related business other than management or operation of a lodging facility or a health care facility. A domestic TRS is subject to U.S. federal corporate income tax. The Cayman Islands TRSs are not subject to federal corporate income tax or Cayman Islands taxes. As of March 31, 2020, the Company has three active TRSs: the Company uses two Cayman Islands TRSs to hold its investments in the International Affiliated Funds and used one domestic TRS to hold the senior portion of the commercial mortgage loan, which has since been sold. Tax legislation commonly referred to as the Tax Cuts & Jobs Act (the “TCJA”) was enacted on December 22, 2017. Among other things, the TCJA reduces the U.S. federal corporate income tax rate from 35% to 21% and created new taxes on certain foreign-sourced earnings. Federal legislation intended to ameliorate the economic impact of the COVID-19 pandemic, the Coronavirus Aid, Relief and Economic Security Act (the "CARES Act"), was enacted on March 27, 2020, which, among other things, makes technical corrections to, or modifies on a temporary basis, certain of the provisions of the TCJA. Management has evaluated the effects of TCJA, as modified by the CARES Act and concluded that the TCJA will not materially impact its consolidated financial statements. The Company also estimates that the taxes on foreign-sourced earnings imposed under the TCJA are not likely to apply to its foreign investments. On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the tax effects of the TCJA. SAB 118 provides a measurement period that should not extend beyond one year from the TCJA enactment date for companies to complete the accounting under ASC 740, Income Taxes. Though the Company believes that the impacts of the TCJA will be immaterial to its financial results, the Company continues to analyze certain aspects of the TCJA, therefore its estimates may change as additional information becomes available. Many of the provisions of the TCJA will require guidance through the issuance of Treasury regulations in order to assess their effect. There may be a substantial delay before such regulations are promulgated, increasing the uncertainty as to the ultimate effect of the statutory amendments on the Company. It is also likely that there will be technical corrections legislation proposed with respect to the TCJA this year, the effect of which cannot be predicted and may be adverse to the Company or its stockholders. Organization and Offering Expenses The Advisor agreed to advance organization and offering expenses on behalf of the Company (including legal, accounting, and other expenses attributable to the organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through the fourth full fiscal quarter after the Company’s acquisition of its first property. The Company will reimburse the Advisor for all such advanced expenses it incurred in 60 equal monthly installments commencing on the earlier of the date the Company's NAV reaches $1.0 billion or January 31, 2023. As of March 31, 2020, the Advisor and its affiliates had incurred organization and offering expenses on the Company’s behalf of $4.6 million, consisting of offering costs of $3.5 million and organization costs of $1.1 million. Such costs became the Company’s liability on January 31, 2018, the date on which the Offering was declared effective. These organization and offering costs are recorded as due to affiliates on the Company’s Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019. Offering costs are currently charged to equity as such amounts are incurred. For the three months ended March 31, 2020 and 2019, the Company incurred $0.2 million and $0.1 million, respectively in offering costs to equity. Foreign Currency The financial position and results of operations of ECF is measured using the local currency (Euro) as the functional currency and are translated into U.S. dollars for purposes of recording the related activity under the equity method of accounting. Net income (loss), which includes the Company’s allocable share of the International Affiliated Funds income and expense, realized gains and losses and unrealized appreciation or depreciation, has been translated at average exchange rates prevailing during the period. Assets and liabilities have been translated at the rates of exchange on the balance sheet date. The resulting translation gain and loss adjustments are recorded directly as a separate component of accumulated other comprehensive income, unless there is a sale or complete liquidation of the underlying foreign investments. Foreign currency translation adjustments resulted in other comprehensive losses of approximately $0.5 million and $0.4 million, respectively, for the three months ended March 31, 2020 and March 31, 2019. The financial position and results of operations of APCF is measured in U.S. dollars for purposes of recording the related activity under the equity method of accounting. There is no direct foreign currency exposure to the Company for its investment in APCF. Earnings per Share Basic net income/(loss) per share of common stock is determined by dividing net income/(loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. All classes of common stock are allocated net income/(loss) at the same rate per share. Recent Accounting Pronouncements Pending Adoption: In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, (“ASU 2019-12”). The guidance removes certain exceptions to the general principles of ASC 740 in order to reduce the cost and complexity of its application. The guidance is effective for annual and interim periods beginning after December 15, 2020. Management is assessing the impact of the guidance and does not expect the guidance to materially impact the Company. In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). The guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. Management is assessing the impact and does not expect the guidance to materially impact the Company. Recently Adopted: In August 2018, the (“FASB”) issued ASU 2018-13, Fair Value Measurement: Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurements (“ASU 2018-13”). ASU 2018-13 modifies the disclosures required for fair value measurements. This guidance is effective for fiscal years beginning after December 15, 2019. The Company adopted ASU 2018-13 and concluded that the adoption did not have a material impact on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, (“ASU 2016-13”) which changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for losses. The guidance is not applicable to fair-valued receivables or operating lease receivables. The guidance is effective for annual and interim periods beginning after December 15, 2019. The Company adopted ASU 2016-13 and concluded that the adoption did not have a material impact to its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”) which supersedes Topic 840, Leases and applies to all entities that enter into leases. Lessees are required to report assets and liabilities that arise from leases. Lessor accounting has largely remained unchanged; however, certain refinements were made to conform with revenue recognition guidance in ASU 2014-09, Revenue from Contracts with Customers (Topic 606), specifically related to the allocation and recognition of contract consideration earned from lease and non-lease revenue components. ASU 2016-02 contains certain practical expedients, which the Company has elected. The Company has elected the transition package of practical expedients permitted within the new standard. This practical expedient permits the Company to carryforward the historical lease classification and not to reassess initial direct costs for any existing leases. In addition, the Company has elected the practical expedient that allows lessors to avoid separating lease and non-lease components within a contract if certain criteria are met. The lessor’s practical expedient election is limited to circumstances in which (i) the timing and pattern of revenue recognition are the same for the non-lease component and the related lease component and (ii) the combined single lease component would be classified as an operating lease. This practical expedient allows the Company the ability to combine the lease and non-lease components if the underlying asset meets the two criteria above. In February 2019, the FASB issued ASU 2019-01, Leases (Topic 842) Codification Improvements (“ASU 2019-01”). ASU 2019-01 addresses two lessor implementation issues and clarifies an exemption for lessors and lessees from a certain interim disclosure requirement associated with adopting the new lease accounting standard. One exemption applicable to the Company would exempt the Company from having to provide certain interim disclosures in the fiscal year in which a company adopts the new lease accounting standard. This guidance is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The Company early adopted ASU 2019-01 and concluded that the adoption did not have a material impact on its consolidated financial statements. |
Investments in Real Estate
Investments in Real Estate | 3 Months Ended |
Mar. 31, 2020 | |
Real Estate [Abstract] | |
Investments in Real Estate | Investments in Real Estate Investments in Real Estate, Net consisted of the following ($ in thousands): March 31, 2020 December 31, 2019 Building and building improvements $ 323,486 $ 323,162 Land and land improvements 61,098 61,098 Furniture, fixtures and equipment 3,548 3,474 Total 388,132 387,734 Accumulated depreciation (17,592) (14,646) Investments in real estate, net $ 370,540 $ 373,088 Depreciation expense was $2.9 million for the three months ended March 31, 2020. |
Investments in Real Estate-Rela
Investments in Real Estate-Related Securities | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Real Estate-Related Securities | Investments in Real Estate-Related Securities As of March 31, 2020 and December 31, 2019, the Company’s investments in real estate-related securities consisted of shares of common stock of publicly-traded REITs. As described in Note 2, the Company records its investments in real estate-related securities at fair value on its Consolidated Balance Sheets. The following table summarizes the components of Realized and Unrealized (Loss) Income from Real Estate-Related Securities during the three months ended March 31, 2020 and March 31, 2019 ($ in thousands): Three Months Ended March 31, 2020 2019 Unrealized (losses) gains $ (6,498) $ 4,769 Realized losses (1,459) (76) Dividend income 290 293 Total $ (7,667) $ 4,986 |
Investment in International Aff
Investment in International Affiliated Funds | 3 Months Ended |
Mar. 31, 2020 | |
Schedule of Investments [Abstract] | |
Investment in International Affiliated Fund | Investment in International Affiliated Funds Investment in ECF: ECF was formed in March 2016 as an open-end, Euro-denominated fund that seeks to build a diversified portfolio of high quality and stabilized commercial real estate with good fundamentals (i.e., core real estate) located in or around certain investment cities in Europe selected for their resilience, potential for long-term structural performance and ability to deliver an attractive and stable distribution yield. On December 22, 2017, the Company entered into a subscription agreement to invest approximately $27.8 million (€25.0 million) into ECF. As of March 31, 2020, the Company has fully satisfied its commitment. As described in Note 2, the Company records its investment in ECF using the equity method on its Consolidated Balance Sheets. While the Company has strategies to manage the foreign exchange risk associated with its investment made in Euros, there can be no assurance that these strategies will be successful or that foreign exchange fluctuations will not negatively impact the Company’s financial performance and results of operations in a material manner. The following table summarizes the components of Income from Equity Investment in Unconsolidated International Affiliated Funds from ECF for the three months ended March 31, 2020 and March 31, 2019 ($ in thousands): Three Months Ended March 31, 2020 2019 Operating income $ 428 $ 185 Unrealized gains (losses) 738 (22) Net income $ 1,166 $ 163 Investment in APCF: APCF was launched in November 2018 as an open-end, U.S. dollar denominated fund that seeks durable income and capital appreciation from a balanced and diversified portfolio of real estate investments in a defined list of investment cities in the Asia-Pacific region. On November 9, 2018, the Company entered into a subscription agreement to invest $10.0 million into APCF. Subsequently, on September 11, 2019, the Company increased its commitment by $20.0 million. As of March 31, 2020, the Company has funded $16.4 million of its total $30.0 million commitment. As described in Note 2, the Company records its investment in APCF using the equity method on its Consolidated Balance Sheets. The following table summarizes the components of Income from Equity Investment in Unconsolidated International Affiliated Funds from APCF for the three months ended March 31, 2020 and March 31, 2019 ($ in thousands): Three Months Ended March 31, 2020 2019 Operating income (loss) $ 249 $ (25) Unrealized gains (losses) 275 (302) Net income (loss) $ 524 $ (327) |
Investment in Commercial Mortga
Investment in Commercial Mortgage Loan | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment in Commercial Mortgage Loan | Investment in Commercial Mortgage Loan On March 28, 2019, the Company originated a loan to finance the acquisition and renovation of an industrial property in Maspeth, New York for $46.0 million. The company funded the loan on a 60% loan to cost basis amounting to $46.0 million. On June 6, 2019, the Company sold the senior portion of the loan for $34.3 million to an unaffiliated party and retained the subordinate mortgage, receiving proceeds of $34.0 million, which is net of disposition fees. The fair value of the subordinate mortgage was $12.8 million and $12.7 million as of March 31, 2020 and December 31, 2019, respectively. The Company recognized interest income from its investment in commercial mortgage loan of approximately $0.2 million and $0 million for the three months ending March 31, 2020 and March 31, 2019, respectively. Loan terms for the subordinate mortgage as of March 31, 2020 are summarized below ($ in thousands): Investment Asset Type Location Interest Rate Origination Maturity Date Periodic Commitment Unfunded Principal Fair Value 55 Grand Ave Mezzanine Loan Masbeth, NY Libor + 570 bps March 28, 2019 March 29, 2022 Interest Only $14,375 $1,213 $13,162 $12,831 The estimated fair value of the commercial mortgage loan is based on models developed by an independent valuation advisor with additional oversight being performed by the Advisor’s internal valuation department that primarily use market based or independently sourced market data, including interest rate yield curves and market spreads. Valuation adjustments may be made to reflect credit quality, liquidity, and other observable and unobservable data that are applied consistently over time. For the three months ended March 31, 2020 and March 31, 2019, the Company recognized an unrealized loss on its commercial mortgage loan of $0.3 million and $0 million, respectively. |
Intangibles
Intangibles | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangibles | Intangibles The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands): March 31, December 31, Intangible assets: In-place lease intangibles $ 26,359 $ 26,408 Above-market lease intangibles 154 154 Other intangibles 11,964 11,677 Total Intangible assets 38,477 38,239 Accumulated amortization: In-place lease intangibles (8,354) (7,623) Above-market lease intangibles (25) (21) Other intangibles (2,215) (1,826) Total accumulated amortization (10,594) (9,470) Intangible assets, net $ 27,883 $ 28,769 Intangible liabilities: Below-market lease intangibles $ (9,414) $ (9,414) Accumulated amortization 705 507 Intangible liabilities, net $ (8,709) $ (8,907) Amortization expense relating to intangible assets was $1.1 million for the three months ended March 31, 2020. Income from the amortization of intangible liabilities was $0.2 million for the three months ended March 31, 2020. The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter is as follows ($ in thousands): In-place Lease Above-market Lease Intangibles Other Below-market 2020 (remaining) $ 2,100 $ 13 $ 1,152 $ (550) 2021 2,596 17 1,395 (724) 2022 2,316 17 1,303 (695) 2023 2,016 17 1,168 (681) 2024 1,893 17 1,093 (677) Thereafter 7,084 48 3,638 (5,382) $ 18,005 $ 129 $ 9,749 $ (8,709) The weighted-average amortization periods for the acquired in-place lease intangibles, above-market lease intangibles, other intangibles and below-market lease intangibles of the properties acquired were 7, 7, 8 and 14 years, respectively. |
Credit Facility and Mortgage Pa
Credit Facility and Mortgage Payable | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Credit Facility | Credit Facility and Mortgage Payable Credit Facility On October 24, 2018, the Company entered into a credit agreement (“Credit Agreement”) with Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent and lead arranger. The Credit Agreement provides for aggregate commitments of up to $60.0 million for unsecured revolving loans, with an accordion feature that may increase the aggregate commitments to up to $500.0 million (the "Credit Facility") . Loans outstanding under the Credit Facility bear interest, at Nuveen OP’s option, at either an adjusted base rate or an adjusted 30-day London Interbank Offered Rate (“LIBOR”) rate, in each case, plus an applicable margin. The applicable margin ranges from 1.30% to 1.90% for borrowings at the adjusted LIBOR rate, in each case, based on the total leverage ratio of Nuveen OP and its subsidiaries. Loans under the Credit Agreement will mature three years from October 24, 2018, with an option to extend twice for an additional year pursuant to the terms of the Credit Agreement. On December 17, 2018 and June 11, 2019, the Company amended the Credit Agreement to increase the Credit facility to $150.0 million and $210.0 million in aggregate commitments, respectively, with all other terms remaining the same. In July 2017, the Financial Conduct Authority (the authority that regulates LIBOR) announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. The Alternative Reference Rates Committee ("ARRC") has proposed that the Secured Overnight Financing Rate ("SOFR") is the rate that represents best practice as the alternative to USD-LIBOR for use in derivatives and other financial contracts that are currently indexed to USD-LIBOR. The consequence of these developments cannot be entirely predicted but could include an increase in the cost of our variable rate indebtedness. The following is a summary of the Credit Facility ($ in thousands): Principal Balance Outstanding Indebtedness Interest Rate Maturity Date Maximum Facility Size March 31, 2020 December 31, 2019 Credit facility L+applicable margin (1) October 24, 2021 $ 210,000 $ 85,277 $ 107,777 (1) The applicable margin ranges from 1.30% to 1.90% for borrowings at the adjusted LIBOR rate, in each case, based on the total leverage ratio of Nuveen OP and its subsidiaries. As of March 31, 2020, the Company had $85.3 million in borrowings and had outstanding accrued interest of $0.2 million. For the three months ended March 31, 2020 and March 31, 2019, the Company incurred $0.7 million, respectively, in interest expense. As of March 31, 2020, the Company is in compliance with all loan covenants. Mortgage Payable On November 8, 2019, NR Main Street at Kingwood LLC, a wholly owned subsidiary of the Company, entered into a loan agreement (“Mortgage Payable”) with Nationwide Life Insurance Company (“Lender”). The Mortgage Payable provides a secured loan of $48.0 million, interest only, for seven years with a fixed rate of 3.15% per annum and matures in December 2026 with unpaid principal balance on the Mortgage Payable due and payable in full on the maturity date. The following is a summary of the Mortgage Payable secured by the Company's retail property ($ in thousands): Principal Balance Outstanding Indebtedness Interest Rate Maturity Date Maximum Facility Size March 31, 2020 December 31, 2019 Mortgage payable 3.15% December 1, 2026 $ 48,000 $ 48,000 $ — $ 48,000 Deferred financing costs, net (480) (499) Mortgage payable, net $ 47,520 $ 47,501 As of March 31, 2020, the Company had $48.0 million in borrowings and $0.1 million in accrued interest outstanding under the Mortgage Payable. For the three months ended March 31, 2020, the Company incurred $0.4 million in Interest Expense. The following table presents the future principal payments due under the Credit Facility and Mortgage Payable as of March 31, 2020 ($ in thousands): Amount Year Credit Facility Mortgage Payable 2020 (remaining) $ — $ — 2021 85,277 — 2022 — — 2023 — — 2024 — — Thereafter — 48,000 Total $ 85,277 $ 48,000 |
Other Assets and Other Liabilit
Other Assets and Other Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets and Other Liabilities | Other Assets and Other Liabilities The following table summarizes the components of Other Assets ($ in thousands): March 31, 2020 December 31, 2019 Straight-line rent receivable $ 3,000 $ 2,336 Receivables 1,062 736 Deferred financing costs on credit facility, net 671 779 Prepaid expenses 521 329 Other 93 82 Total $ 5,347 $ 4,262 The following table summarizes the components of Accounts Payable, Accrued Expenses, and Other Liabilities ($ in thousands): March 31, 2020 December 31, 2019 Real estate taxes payable $ 2,177 $ 1,742 Accounts payable and accrued expenses 1,720 1,700 Tenant security deposits 1,053 1,044 Prepaid rental income 909 608 Accrued interest expense 290 334 Other 360 370 Total $ 6,509 $ 5,798 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Fees Due to Related Party Pursuant to the advisory agreement between the Company, Nuveen OP, and the Advisor, the Advisor is responsible for sourcing, evaluating and monitoring the Company’s investment opportunities and making decisions related to the acquisition, management, financing and disposition of the Company’s assets, in accordance with the Company’s investment objectives, guidelines, policies and limitations, subject to oversight by the Company’s board of directors. The Advisor, will receive fees and compensation, payable monthly in arrears, in connection with the offering and ongoing management of the assets of the Company, as follows: Class T Shares Class S Shares Class D Shares Class I Shares Class N Shares Advisory Fee (% of NAV) 1.25% 1.25% 1.25% 1.25% 0.65% For the three months ended March 31, 2020, the Company has accrued advisory fees of approximately $0.2 million, which has been included in Accounts Payable, Accrued Expenses, and Other Liabilities on the Company’s Consolidated Balance Sheets. For the three months ended March 31, 2020 and March 31, 2019, the Company has incurred advisory fee expense of $0.7 million and $0.5 million, respectively. The Company may retain certain of the Advisor’s affiliates for necessary services relating to the Company’s investments or its operations, including construction, special servicing, leasing, development, property oversight and other property management services, as well as services related to mortgage servicing, group purchasing, healthcare, consulting/brokerage, capital markets/credit origination, loan servicing, property, title and other types of insurance, management consulting and other similar operational matters. Any such arrangements will be at market terms and rates. As of March 31, 2020, the Company has not retained an affiliate of the Advisor for any such services. In addition, Nuveen Securities, LLC (the “Dealer Manager”) serves as the dealer manager for the Offering. The Dealer Manager is a registered broker-dealer affiliated with the Advisor. The Company’s obligations under the Dealer Manager Agreement to pay stockholder servicing fees with respect to the Class T, Class S and Class D shares distributed in the Offering shall survive until such shares are no longer outstanding or converted into Class I shares. As of March 31, 2020, the Company has accrued approximately $3.2 million of stockholder servicing fees with respect to the outstanding Class T, Class S and Class D common shares. The following table presents the upfront selling commissions and dealer manager fees for each class of shares sold in the Offering, and the stockholder servicing fee per annum based on the aggregate outstanding NAV: Class T Shares Class S Shares Class D Shares Class I Shares Maximum Upfront Selling Commissions (% of Transaction Price) up to 3.0% up to 3.5% — — Maximum Upfront Dealer Manager Fees (% of Transaction Price) 0.50% — — — Stockholder Servicing Fee (% of NAV) 0.85% (1) 0.85% 0.25% — (1) Consists of an advisor stockholder servicing fee of 0.65% per annum and a dealer stockholder servicing fee of 0.20% per annum (or other amounts, provided that the sum equals 0.85%), of the aggregate NAV of outstanding Class T shares. The Company will cease paying the stockholder servicing fee with respect to any Class T share, Class S share or Class D share held in a stockholder’s account at the end of the month in which the Dealer Manager, in conjunction with the transfer agent, determines that total upfront selling commissions, dealer manager fees and stockholder servicing fees paid with respect to the shares held within such account would exceed, in the aggregate, 8.75% of the sum of the gross proceeds from the sale of such shares and the aggregate gross proceeds of any shares issued under the distribution reinvestment plan with respect thereto (or, solely with respect to the Class T shares, a lower limit set forth in an agreement between the Dealer Manager and the applicable participating broker-dealer in effect on the date that such shares were sold). At the end of such month, each Class T share, Class S share and Class D share held in a stockholder’s account will convert into a number of Class I shares (including any fractional shares) with an equivalent aggregate NAV as such share. The Company accrues the cost of the stockholder servicing fee as an offering cost at the time each Class T, Class S and Class D share is sold during the primary offering. There is not a stockholder servicing fee with respect to Class I shares. If not already converted into Class I shares upon a determination that total upfront selling commissions, dealer manager fees and stockholder servicing fees paid with respect to such shares would exceed the applicable limit as described above, each Class T share, Class S share, Class D share and Class N share held in a stockholder’s account will automatically and without any action on the part of the holder thereof convert into a number of Class I shares (including any fractional shares) with an equivalent NAV as such share on the earliest of (i) a listing of Class I shares, (ii) the Company’s merger or consolidation with or into another entity or the sale or other disposition of all or substantially all of the Company’s assets, in each case in a transaction in which stockholders receive cash and/or listed securities or (iii) after termination of the primary portion of the offering in which such Class T shares, Class S shares and Class D shares were sold, the end of the month in which the Company, with the assistance of the dealer manager, determines that all underwriting compensation from all sources in connection with the Offering, including upfront selling commissions, the stockholder servicing fee and other underwriting compensation, is equal to 10% of the gross proceeds of the primary portion of the Offering. In addition, immediately before any liquidation, dissolution or winding up, each Class T share, Class S share, Class D share and Class N shares will automatically convert into a number of Class I shares (including any fractional shares) with an equivalent NAV as such share. Due to Affiliates The following table summarizes the components of Due to Affiliates ($ in thousands): March 31, December 31, Accrued stockholder servicing fees (1) $ 3,247 $ 1,411 Advanced organization and offering 4,648 4,648 Total $ 7,895 $ 6,059 (1) The Company accrues the full amount of future stockholder servicing fees payable to the Dealer Manager for Class T, Class S and Class D shares up to the 8.75% of gross proceeds limit at the time such shares are sold. As of March 31, 2020, the Company accrued approximately $3.2 million of stockholder servicing fees payable to the Dealer Manager related to |
Economic Dependency
Economic Dependency | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Economic Dependency | Economic DependencyThe Company depends on the Advisor and its affiliates for certain services that are essential to it, including the sale of the Company’s shares of common stock, acquisition and disposition decisions, and certain other responsibilities. In the event that the Advisor and its affiliates are unable to provide such services, the Company would be required to find alternative service providers. |
Risks and Contingencies
Risks and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Risks and Contingencies | Risks and Contingencies The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. At this time the Company reasonably expect tenants will request certain rent relief and lease modifications from this unprecedented event; however, such requests haven’t been significant as of March 31, 2020 for the Company's direct real estate investments. The Company's investment in the International Affiliated Funds may be similarly and negatively impacted by COVID-19 in the foreign countries where their investments are located. The duration and extent of COVID-19 over the long-term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Company will depend on future developments. From time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. As of March 31, 2020, the Company was not involved in any material legal proceedings. In the normal course of business the Advisor, on behalf of the Company, enters into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred. However, based on experience, the Advisor expects the risk of loss to be remote. |
Tenant Leases
Tenant Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Tenant Leases | Tenant Leases The Company’s real estate properties are leased to tenants under operating lease agreements which expire on various dates. Certain leases have the option to extend or terminate at the tenant’s discretion, with termination options resulting in additional fees due to the Company. Rental income is recognized in accordance with the billing terms of the lease agreements. The leases do not have material variable payments, material residual value guarantees or material restrictive covenants. Rental income for the three months ended March 31, 2020 was $9.5 million. Aggregate minimum annual rentals for wholly-owned real estate investments owned by the Company through the non-cancelable lease term, excluding short-term multifamily investments are as follows ($ in thousands): Year March 31, 2020 2020 (remaining) $ 15,186 2021 19,716 2022 19,386 2023 18,019 2024 16,932 Thereafter 79,006 Total $ 168,245 Certain leases provide for additional rental amounts based upon the recovery of actual operating expenses in excess of specified base amounts, sales volume or contractual increases as defined in the lease agreement. These contractual contingent rentals are not included in the table above. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Equity | Equity Authorized Capital On January 24, 2018, the Company filed Articles of Amendment and Restatement (the “charter”) with the State Department of Assessments and Taxation of Maryland pursuant to which the Company’s undesignated common stock became Class N shares of common stock and the Class T, Class S, Class D and Class I shares offered in the Offering were authorized. As of March 31, 2020, the Company had authority to issue a total of of 2,200,000,000 shares of capital stock. Of the total shares of stock authorized, 2,100,000,000 shares are classified as common stock with a par value of $0.01 per share, 500,000,000 of which are classified as Class T shares, 500,000,000 of which are classified as Class S shares, 500,000,000 of which are classified as Class D shares, 500,000,000 of which are classified as Class I shares, 100,000,000 of which are classified as Class N shares, and 100,000,000 are classified as Series A Preferred Stock (defined below). In addition, the Company’s board of directors may amend the charter from time to time, without stockholder approval, to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that the Company has authority to issue, or to issue additional classes of stock which may be subject to various class-specific fees. Preferred Stock On January 2, 2019, the Company filed Articles Supplementary to the charter, which set forth the rights, preferences and privileges of the Company’s 12.0% Series A cumulative non-voting preferred stock (“Series A Preferred Stock”). On January 4, 2019, the Company sold 125 shares of its Series A Preferred Stock at a purchase price of $1,000 per share in a private placement exempt from registration. The offering of Series A Preferred Stock was effected for the purpose of the Company having at least 100 stockholders to satisfy one of the qualifications required in order to qualify as a REIT under the Code. Common Stock As of March 31, 2020, the Company has issued and outstanding 2,358,700 shares of Class T common stock, 1,255,756 shares of Class S common stock, 1,115,645 shares of Class D common stock, 3,200,941 shares of Class I common stock, and 29,730,608 shares of Class N common stock. During the three months ended March 31, 2020, the Company sold the following shares of common stock (in thousands): Class T Class S Class D Class I Class N Total December 31, 2019 1,377 70 573 1,966 29,731 33,717 Common Stock Issued 970 1,185 536 1,220 — 3,911 Distribution Reinvestment 12 1 7 9 — 29 Vested Stock — — — 6 — 6 March 31, 2020 2,359 1,256 1,116 3,201 29,731 37,663 TIAA has purchased $300.0 million of the Company’s Class N shares of common stock through its wholly owned subsidiary. Per the terms of the agreement between the Company and TIAA, all shares held by TIAA are not eligible to be repurchased until January 31, 2023; provided that TIAA must continue to maintain ownership of the $200,000 initial investment in the Company’s shares for so long as the Advisor or its affiliate serves as the Company’s advisor. Restricted Stock Grants The Company’s independent directors are compensated with an annual retainer, of which 25% is paid in the form of an annual grant of restricted stock based on the most recent transaction price. The restricted stock generally vests one year from the date of grant, which, in connection with the directors’ first annual grant, occurred in February 2019. The Company accrued approximately $11,250 of expense for the three months ended March 31, 2020, in connection with restricted stock portion of director compensation, which is included in Accounts Payable, Accrued Expenses and Other Liabilities on the Consolidated Balance Sheets. Distribution Reinvestment Plan The Company has adopted a distribution reinvestment plan whereby holders of Class T, Class S, Class D and Class I shares (other than investors in certain states or who are clients of a participating broker-dealer that does not permit automatic enrollment in the distribution reinvestment plan) have their cash distributions automatically reinvested in additional shares of common stock unless they elect to receive their distributions in cash. Holders of Class N shares are not eligible to participate in the distribution reinvestment plan and receive their distributions in cash. Investors who are clients of a participating broker-dealer that does not permit automatic enrollment in the distribution reinvestment plan or are residents of those states that do not allow automatic enrollment receive their distributions in cash unless they elect to have their cash distributions reinvested in additional shares of the Company’s common stock. The per share purchase price for shares purchased pursuant to the distribution reinvestment plan will be equal to the transaction price at the time the distribution is payable, which will generally be equal to the Company’s prior month’s NAV per share for that share class. Stockholders do not pay upfront selling commissions or dealer manager fees when purchasing shares pursuant to the distribution reinvestment plan. The stockholder servicing fees with respect to shares of the Company’s Class T shares, Class S shares and Class D shares are calculated based on the NAV for those shares and may reduce the NAV or, alternatively, the distributions payable with respect to shares of each such class, including shares issued in respect of distributions on such shares under the distribution reinvestment plan. Distributions The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to its stockholders each year to comply with the REIT provisions of the Code. Beginning September 30, 2018, the Company established a monthly record date for a quarterly distribution to stockholders on record as of the last day of each applicable month typically payable within 25 days following quarter end. On January 17, 2020, the Company’s board of directors amended the Company’s distribution policy to reflect that the Company intends to pay distributions monthly rather than quarterly going forward, subject to the discretion of the board of directors. Based on the monthly record dates established by the board of directors, the Company accrues for distribution on a monthly basis. The Company accrued $1.9 million for March 2020 in Distribution Payable on the Consolidated Balance Sheets. For the three months ended March 31, 2020, the Company declared and paid distributions in the amount of $8.7 million. Each class of common stock receives the same gross distribution per share. The net distribution varies for each class based on the applicable advisory fee and stockholder servicing fee, which is deducted from the monthly distribution per share. The following table details the aggregate distribution declared for each of our share classes for the three months ended March 31, 2020: Class T Common Stock Class S Common Stock Class D Common Stock Class I Common Stock Class N Common Stock Gross distribution per share of common stock $ 0.1737 $ 0.1737 $ 0.1737 $ 0.1737 $ 0.1737 Advisory fee per share of common stock (0.0296) (0.0296) (0.0298) (0.0299) (0.0158) Stockholder servicing fee per share of common stock (0.0226) (0.0225) (0.0067) — — Net distribution per share of common stock $ 0.1215 $ 0.1216 $ 0.1372 $ 0.1438 $ 0.1579 Share Repurchases The Company has adopted a share repurchase plan, whereby on a monthly basis, stockholders may request that the Company repurchase all or any portion of their shares. The Company may choose to repurchase all, some or none of the shares that have been requested to be repurchased at the end of any particular month, in its discretion, subject to any limitations in the share repurchase plan. The total amount of aggregate repurchases of Class T, Class S, Class D, and Class I shares will be limited to 2% of the aggregate NAV per month and 5% of the aggregate NAV per calendar quarter. In addition, if during any consecutive 24-month period, the Company does not have at least one month in which the Company fully satisfies 100% of properly submitted repurchase requests or accepts all properly submitted tenders in a self-tender offer for the Company’s shares, the Company will not make any new investments (excluding short-term cash management investments under 30 days in duration) and will use all available investable assets to satisfy repurchase requests (subject to the limitations under this program) until all outstanding repurchase requests have been satisfied. Shares would be repurchased at a price equal to the transaction price on the applicable repurchase date, subject to any early repurchase deduction. Shares that have not been outstanding for at least one year would be repurchased at 95% of the transaction price. Due to the illiquid nature of investments in real estate, the Company may not have sufficient liquid resources to fund repurchase requests and has established limitations on the amount of funds the Company may use for repurchases during any calendar month and quarter. Further, the Company’s board of directors may modify, suspend or terminate the share repurchase plan. The Company did not repurchase any shares during the three months ended March 31, 2020. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company currently operates in eight reportable segments: industrial properties, multi-family properties, retail properties, office properties, other properties (which consists of a medical office building), real estate-related securities, International Affiliated Funds, and commercial mortgage loan. These are operating segments that are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-makers in deciding how to allocate resources and in assessing performance. The Company’s chief executive officer, chief financial officer and head of portfolio management have been identified as the chief operating decision-makers. The Company’s chief operating decision-makers direct the allocation of resources to operating segments based on the profitability and cash flows of each respective segment. The Company believes that Segment Net Operating Income is the performance metric that captures the unique operating characteristics of each segment. The following table sets forth the total assets by segment as of March 31, 2020 and December 31, 2019 ($ in thousands): March 31, December 31, Industrial $ 106,225 $ 106,417 Multifamily 93,402 $ 94,039 Retail 87,480 $ 88,217 Office 75,862 $ 76,603 Other 39,601 $ 39,634 International Affiliated Funds 45,047 $ 37,734 Real Estate-Related Securities 30,047 $ 35,240 Commercial Mortgage Loan 12,886 $ 12,733 Other (Corporate) 13,970 $ 16,880 Total assets $ 504,520 $ 507,497 The following table sets forth the financial results by segment for the three months ended March 31, 2020 and 2019 ($ in thousands): Three Months Ended March 31, 2020 v 2019 2020 2019 $ % Rental revenues Multifamily $ 2,357 $ 1,931 $ 426 22 % Office 2,342 2,360 (18) (1) % Industrial 1,654 1,644 10 1 % Retail 1,979 810 1,169 144 % Other 1,126 — 1,126 100 % Total rental revenues 9,458 6,745 2,713 40 % Rental property operating expenses Multifamily 695 575 120 21 % Office 1,145 1,085 60 6 % Industrial 319 371 (52) (14) % Retail 516 255 261 102 % Other 287 — 287 100 % Total rental property operating expenses 2,962 2,286 676 30 % Depreciation and amortization Multifamily (1,194) (1,117) (77) 7 % Office (761) (1,201) 440 (37) % Industrial (845) (789) (56) 7 % Retail (867) (280) (587) 210 % Other (477) — (477) 100 % Total depreciation and amortization (4,144) (3,387) (757) 22 % Income from commercial mortgage loan 245 21 224 1,067 % Unrealized loss from commercial mortgage loan (331) — (331) 100 % Realized and unrealized (loss) income from real estate-related securities (7,667) 4,986 (12,653) (254) % Income (loss) from equity investment in unconsolidated international affiliated funds 1,690 (165) 1,855 (1,124) % General and administrative expenses (1,034) (958) (76) 8 % Advisory fee due to affiliate (727) (467) (260) 56 % Interest income 35 11 24 218 % Interest expense (1,189) (752) (437) 58 % Net (loss) income (6,626) 3,748 (10,374) (277) % Net income attributable to Series A preferred 4 4 — — % Net (loss) income attributable to common stockholders $ (6,630) $ 3,744 $ (10,374) (277) % |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Distributions Our board of directors declared distributions amounting to $1.9 million on all outstanding shares of common stock as of the close of business on the record date of March 31, 2020 and the Company paid these distributions on April 28, 2020. Status of the Offering On April 1, 2020 the Company sold approximately $2.8 million of common stock (177,115 Class T shares, 41,153 Class S shares, 7,219 Class D shares and 35,580 Class I shares) at a purchase price of $10.64 for Class T, $10.61 for Class S, $10.73 for Class D, and $10.75 for Class I. On May 1, 2020 the Company sold approximately $5.0 million of common stock (165,178 Class T shares, 134,545 Class S shares, 3,193 Class D shares and 167,611 Class I shares) at a purchase price of $10.53 for Class T, $10.51 for Class S, $10.62 for Class D, and $10.64 for Class I. On May 1, 2020, the Company repurchased 2,232 of Class S shares at a price of $10.51 per share. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of the Company and its subsidiaries, and in the opinion of management, include all necessary adjustments, consisting of only normal and recurring items, necessary for a fair statement of the Company’s consolidated financial statements as of March 31, 2020 and for the three months ended March 31, 2020 and 2019. Results of operations for the interim periods are not necessarily indicative of results for the entire year. These financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the applicable rules and regulations of the SEC. Accordingly, they do not include all information and footnotes required by GAAP for complete financial statements. Certain footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed from this report pursuant to the rules of the SEC. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements prepared in accordance with GAAP, and the related notes thereto, that are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 as filed with the SEC. The year-end balance sheet was derived from those audited financial statements. All intercompany balances and transactions have been eliminated in consolidation. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumption that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates. |
Investments in Real Estate | Investments in Real Estate In accordance with the guidance for business combinations, the Company determines whether the acquisition of a property qualifies as a business combination, which requires that the assets acquired and liabilities assumed constitute a business. If the property acquired is not a business, the Company accounts for the transaction as an asset acquisition. All property acquisitions to date have been accounted for as asset acquisitions. Whether the acquisition of a property acquired is considered a business combination or asset acquisition, the Company recognizes the identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquired entity. In addition, for transactions that will be considered business combinations, the Company will evaluate the existence of goodwill or a gain from a bargain purchase. The Company would expense acquisition-related costs associated with business combinations as they are incurred. The Company capitalizes acquisition-related costs associated with asset acquisitions. Upon acquisition of a property, the Company assesses the fair value of acquired tangible and intangible assets (including land, buildings, tenant improvements, above-market and below-market leases, acquired in-place leases, other identified intangible assets and assumed liabilities) and allocates the purchase price to the acquired assets and assumed liabilities. The Company assesses and considers fair value based on estimated cash flow projections that utilize discount and/or capitalization rates that it deems appropriate, as well as other available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends, and market and economic conditions. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company also considers an allocation of purchase price of other acquired intangibles, including acquired in-place leases that may have a customer relationship intangible value, including but not limited to the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals. Based on its acquisitions to date, the Company’s allocation to customer relationship intangible assets has not been material. The Company records acquired above-market and below-market leases at their fair values (using a discount rate which reflects the risks associated with the leases acquired) equal to the difference between (1) the contractual amounts to be paid pursuant to each in-place lease and (2) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above- market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases. Other intangible assets acquired include amounts for in-place lease values that are based on the Company’s evaluation of the specific characteristics of each tenant’s lease. Factors to be considered include estimates of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related expenses. Intangible assets and intangible liabilities are recorded as separate components on the Company's Consolidated Balance Sheets. The amortization of acquired above-market and below-market leases is recorded as an adjustment to Rental Revenue on the Company’s Consolidated Statements of Operations. The amortization of in-place leases is recorded as an adjustment to Depreciation and Amortization on the Company's Consolidated Statements of Operations. The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related adjustments, along with any subsequent improvements to such properties. The Company’s Investments in Real Estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building 40 years Building, land and site improvements 15-40 years Furniture, fixtures and equipment 3-7 years Lease intangibles Over lease term Significant improvements to properties are capitalized. When assets are sold or retired, their costs and related accumulated depreciation or amortization are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. Repairs and maintenance are expensed to operations as incurred and are included in Rental Property Operating on the Company’s Consolidated Statements of Operations. The Company’s management reviews its real estate properties for impairment each quarter or when there is an event or change in circumstances that indicates an impaired value. If the carrying amount of the real estate investment is no longer recoverable and exceeds the fair value of such investment, an impairment loss is recognized. The impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value, or fair value, less cost to sell if classified as held for sale. If the Company’s strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized and such loss could be material to the Company’s results. If the Company determines that an impairment has occurred, the affected assets must be reduced to their fair value or fair value, less cost to sell if classified as held for sale. During the period presented, no such impairment occurred. |
Investments in Real Estate-Related Securities | Investments in Real Estate-Related Securities The Company has elected the fair market value option for accounting for real estate-related securities and changes in fair value are recorded in the current period earnings. Dividend income is recorded when declared and the resulting dividend income, along with gains and losses are recorded as a component of Realized and Unrealized Income from Real Estate-Related Securities on the Company’s Consolidated Statements of Operations. |
Investments in International Affiliated Funds | Investments in International Affiliated Funds The Company reports its investment in European Cities Partnership SCSp (“ECF”) and Asia Pacific Cities Fund (“APCF”), investment funds managed by an affiliate of TIAA, (the “International Affiliated Funds”) under the equity method of accounting. The equity method income (loss) from the investments in the International Affiliated Funds represent the Company’s allocable share of each fund’s net income or loss, which includes income and expense, realized gains and losses, and unrealized appreciation or depreciation as determined from the financial statements of ECF and APCF (which carry investments at fair value in accordance with the applicable GAAP) and is reported as Income (Loss) from Equity Investment in Unconsolidated International Affiliated Funds on the Company’s Consolidated Statement of Operations. All contributions to or distributions from the investment in the International Affiliated Funds is accrued when notice is received and recorded as a receivable from or payable to the International Affiliated Funds on the Company's Consolidated Balance Sheets. |
Investment in Commercial Mortgage Loan at Fair Value | Investment in Commercial Mortgage Loan at Fair Value The Company originated its first commercial mortgage loan in March 2019 and elected the fair value option. In accordance with the adoption of the fair value option allowed under ASC 825, Financial Instruments, and at the election of the Company, the commercial mortgage loan is stated at fair value and was initially valued at the face amount of the loan funding. Subsequently, the commercial mortgage loan is valued at least quarterly by an independent third-party valuation firm with additional oversight being performed by the Advisor’s internal valuation department. The value is based on market factors, such as market interest rates and spreads for comparable loans, the performance of the underlying collateral (such as the loan-to-value ratio and the cash flow of the underlying collateral), and the credit quality of the borrower. The income from commercial mortgage loan represents interest income and origination fee income, which is reported as income from commercial mortgage loan on the Company’s Consolidated Statements of Operations. In the event of a partial or whole sale of the commercial mortgage loan, the Company derecognizes the corresponding asset and fees paid as part of the partial or whole sale are recognized as expense in General and Administrative expenses on the Company’s Consolidated Statements of Operations. |
Deferred Financing Costs | Deferred Financing Costs The Company's deferred charges include financing and leasing costs. Financing costs include legal, structuring, and other loan costs incurred by the Company for its financing arrangements. Deferred financing costs related to the credit facility are recorded as a component of Other Assets on the Company’s Consolidated Balance Sheets and are being amortized over the term of the credit facility. Unamortized costs are charged to interest expense upon early repayment or significant modification of the credit facility and fully amortized deferred financing costs are removed from the books upon the maturity of the credit facility. Deferred financing costs related to the Company’s mortgage payable are recorded as an offset to the related liability and amortized over the term of the financing instrument. Deferred leasing costs incurred in connection with new leases, which consist primarily of brokerage and legal fees, are recorded as a component of Investments in Real Estate, Net on the Company’s Consolidated Balance Sheets and amortized over the life of the related lease. |
Fair Value Measurement | Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1—quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2—quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3—pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. The carrying amounts of financial instruments such as other assets, accounts payable, accrued expenses and other liabilities approximate their fair values due to the short-term maturities and market rates of interest of these instruments. As of March 31, 2020, the Company’s $30.0 million of Investments in Real estate-related securities consisted of shares of common stock of publicly-traded REITs and were classified as Level 1. These investments are recorded at fair value based on the closing price of the common stock as reported by national securities exchanges. As of March 31, 2020, and subsequent to the sale of the senior portion of the Commercial mortgage loan, the Company’s $12.8 million investment in commercial mortgage loan consisted of a mezzanine loan the Company originated and was classified as Level 3. The commercial mortgage loan is carried at fair value based on significant unobservable inputs. The following is a reconciliation of the beginning and ending balances for assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2020 ($ in thousands): Investment in Commercial Mortgage Loan Balance as of December 31, 2019 $ 12,733 Additional Fundings 429 Net Unrealized Loss (331) Balance as of March 31, 2020 $ 12,831 |
Revenue Recognition | Revenue Recognition The Company’s sources of revenue arising from leasing arrangements and the related revenue recognition policies are as follows: Rental revenue — consists primarily of base rent arising from tenant operating leases at the Company’s office, industrial, multifamily, retail and other properties. Rental revenue is recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. The Company begins to recognize revenue when a tenant takes possession of the leased space. The Company includes its tenant reimbursement income in rental revenue that consist of amounts due from tenants for costs related to common area maintenance, real estate taxes and other recoverable costs includes in lease agreements. Income from Commercial Mortgage Loan — consists of income from interest earned and recognized as operating income based upon the principal amount outstanding and the contracted interest rate along with origination fees. The accrual of interest income on mortgage loans is discontinued when in management’s opinion, the borrower may be unable to meet payments as they become due (“nonaccrual mortgage loans”), unless the loan is well-secured and is in the process of collection. Interest income on nonaccrual mortgage loans is subsequently recognized only to the extent cash payment are received until the loans are returned to accrual status. As of March 31, 2020, the Company did not have any mortgage loans on nonaccrual status. Leases The Company derives revenue pursuant to lease agreements. At the inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At the lease inception, the Company determines whether each lease is a sales-type, direct financing or operating lease. Such classification is based on whether: • The lessee gains control of the underlying asset and the lessor therefore relinquishes control to the lessee under certain criteria (sales-type or direct-financing); or • All other leases that do not meet the criteria as sales-type or direct financing leases (operating). |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents represents cash held in banks, cash on hand and liquid investments with original maturities of three months or less at the time of purchase. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash with high credit-quality institutions to minimize credit risk. |
Restricted Cash | Restricted CashAs of March 31, 2020, restricted cash consists of $2.8 million of cash received for subscriptions prior to the date in which the subscriptions are effective, which is held in a bank account controlled by the Company’s transfer agent, but in the name of the Company |
Income Taxes | Income Taxes The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code (“Code”) commencing with its taxable year ending December 31, 2018 and intends to continue to qualify as a REIT. In qualifying for taxation as a REIT, the Company generally is not subject to federal corporate income tax to the extent it distributes annually at least 90% of its taxable income to its stockholders. REITs are subject to a number of other organizational and operational requirements. Even in qualifying for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. The Company may elect to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (“TRSs”). In general, a TRS may perform additional services for the Company’s tenants and generally may engage in any real estate or non-real estate-related business other than management or operation of a lodging facility or a health care facility. A domestic TRS is subject to U.S. federal corporate income tax. The Cayman Islands TRSs are not subject to federal corporate income tax or Cayman Islands taxes. As of March 31, 2020, the Company has three active TRSs: the Company uses two Cayman Islands TRSs to hold its investments in the International Affiliated Funds and used one domestic TRS to hold the senior portion of the commercial mortgage loan, which has since been sold. Tax legislation commonly referred to as the Tax Cuts & Jobs Act (the “TCJA”) was enacted on December 22, 2017. Among other things, the TCJA reduces the U.S. federal corporate income tax rate from 35% to 21% and created new taxes on certain foreign-sourced earnings. Federal legislation intended to ameliorate the economic impact of the COVID-19 pandemic, the Coronavirus Aid, Relief and Economic Security Act (the "CARES Act"), was enacted on March 27, 2020, which, among other things, makes technical corrections to, or modifies on a temporary basis, certain of the provisions of the TCJA. Management has evaluated the effects of TCJA, as modified by the CARES Act and concluded that the TCJA will not materially impact its consolidated financial statements. The Company also estimates that the taxes on foreign-sourced earnings imposed under the TCJA are not likely to apply to its foreign investments. |
Organization and Offering Expenses | Organization and Offering Expenses The Advisor agreed to advance organization and offering expenses on behalf of the Company (including legal, accounting, and other expenses attributable to the organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through the fourth full fiscal quarter after the Company’s acquisition of its first property. The Company will reimburse the Advisor for all such advanced expenses it incurred in 60 equal monthly installments commencing on the earlier of the date the Company's NAV reaches $1.0 billion or January 31, 2023. As of March 31, 2020, the Advisor and its affiliates had incurred organization and offering expenses on the Company’s behalf of $4.6 million, consisting of offering costs of $3.5 million and organization costs of $1.1 million. Such costs became the Company’s liability on January 31, 2018, the date on which the Offering was declared effective. These organization and offering costs are recorded as due to affiliates on the Company’s Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019. |
Foreign Currency | Foreign Currency The financial position and results of operations of ECF is measured using the local currency (Euro) as the functional currency and are translated into U.S. dollars for purposes of recording the related activity under the equity method of accounting. Net income (loss), which includes the Company’s allocable share of the International Affiliated Funds income and expense, realized gains and losses and unrealized appreciation or depreciation, has been translated at average exchange rates prevailing during the period. Assets and liabilities have been translated at the rates of exchange on the balance sheet date. The resulting translation gain and loss adjustments are recorded directly as a separate component of accumulated other comprehensive income, unless there is a sale or complete liquidation of the underlying foreign investments. Foreign currency translation adjustments resulted in other comprehensive losses of approximately $0.5 million and $0.4 million, respectively, for the three months ended March 31, 2020 and March 31, 2019. The financial position and results of operations of APCF is measured in U.S. dollars for purposes of recording the related activity under the equity method of accounting. There is no direct foreign currency exposure to the Company for its investment in APCF. |
Earnings per Share | Earnings per Share Basic net income/(loss) per share of common stock is determined by dividing net income/(loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. All classes of common stock are allocated net income/(loss) at the same rate per share. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Pending Adoption: In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, (“ASU 2019-12”). The guidance removes certain exceptions to the general principles of ASC 740 in order to reduce the cost and complexity of its application. The guidance is effective for annual and interim periods beginning after December 15, 2020. Management is assessing the impact of the guidance and does not expect the guidance to materially impact the Company. In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). The guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. Management is assessing the impact and does not expect the guidance to materially impact the Company. Recently Adopted: In August 2018, the (“FASB”) issued ASU 2018-13, Fair Value Measurement: Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurements (“ASU 2018-13”). ASU 2018-13 modifies the disclosures required for fair value measurements. This guidance is effective for fiscal years beginning after December 15, 2019. The Company adopted ASU 2018-13 and concluded that the adoption did not have a material impact on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, (“ASU 2016-13”) which changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for losses. The guidance is not applicable to fair-valued receivables or operating lease receivables. The guidance is effective for annual and interim periods beginning after December 15, 2019. The Company adopted ASU 2016-13 and concluded that the adoption did not have a material impact to its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”) which supersedes Topic 840, Leases and applies to all entities that enter into leases. Lessees are required to report assets and liabilities that arise from leases. Lessor accounting has largely remained unchanged; however, certain refinements were made to conform with revenue recognition guidance in ASU 2014-09, Revenue from Contracts with Customers (Topic 606), specifically related to the allocation and recognition of contract consideration earned from lease and non-lease revenue components. ASU 2016-02 contains certain practical expedients, which the Company has elected. The Company has elected the transition package of practical expedients permitted within the new standard. This practical expedient permits the Company to carryforward the historical lease classification and not to reassess initial direct costs for any existing leases. In addition, the Company has elected the practical expedient that allows lessors to avoid separating lease and non-lease components within a contract if certain criteria are met. The lessor’s practical expedient election is limited to circumstances in which (i) the timing and pattern of revenue recognition are the same for the non-lease component and the related lease component and (ii) the combined single lease component would be classified as an operating lease. This practical expedient allows the Company the ability to combine the lease and non-lease components if the underlying asset meets the two criteria above. In February 2019, the FASB issued ASU 2019-01, Leases (Topic 842) Codification Improvements (“ASU 2019-01”). ASU 2019-01 addresses two lessor implementation issues and clarifies an exemption for lessors and lessees from a certain interim disclosure requirement associated with adopting the new lease accounting standard. One exemption applicable to the Company would exempt the Company from having to provide certain interim disclosures in the fiscal year in which a company adopts the new lease accounting standard. This guidance is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The Company early adopted ASU 2019-01 and concluded that the adoption did not have a material impact on its consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Life of Assets | The Company’s Investments in Real Estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building 40 years Building, land and site improvements 15-40 years Furniture, fixtures and equipment 3-7 years Lease intangibles Over lease term |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following is a reconciliation of the beginning and ending balances for assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2020 ($ in thousands): Investment in Commercial Mortgage Loan Balance as of December 31, 2019 $ 12,733 Additional Fundings 429 Net Unrealized Loss (331) Balance as of March 31, 2020 $ 12,831 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques | The following table shows quantitative information about unobservable inputs related to the Level 3 fair value measurements comprising the investment in commercial mortgage loan as of March 31, 2020: Type Asset Class Valuation Technique(s) Unobservable Inputs Market Equivalent Rate Commercial Mortgage Loan Industrial Cash Equivalency Method Discount Rate LIBOR (1) + 7.05% (1) LIBOR as of March 31, 2020 was 0.9% |
Investments in Real Estate (Tab
Investments in Real Estate (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Real Estate [Abstract] | |
Schedule of Investments in Real Estate, Net | Investments in Real Estate, Net consisted of the following ($ in thousands): March 31, 2020 December 31, 2019 Building and building improvements $ 323,486 $ 323,162 Land and land improvements 61,098 61,098 Furniture, fixtures and equipment 3,548 3,474 Total 388,132 387,734 Accumulated depreciation (17,592) (14,646) Investments in real estate, net $ 370,540 $ 373,088 |
Investments in Real Estate-Re_2
Investments in Real Estate-Related Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Components of Realized and Unrealized Income From Real Estate Related Securities | The following table summarizes the components of Realized and Unrealized (Loss) Income from Real Estate-Related Securities during the three months ended March 31, 2020 and March 31, 2019 ($ in thousands): Three Months Ended March 31, 2020 2019 Unrealized (losses) gains $ (6,498) $ 4,769 Realized losses (1,459) (76) Dividend income 290 293 Total $ (7,667) $ 4,986 |
Investment in International A_2
Investment in International Affiliated Funds (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Schedule of Investments [Abstract] | |
Equity Method Investments | The following table summarizes the components of Income from Equity Investment in Unconsolidated International Affiliated Funds from ECF for the three months ended March 31, 2020 and March 31, 2019 ($ in thousands): Three Months Ended March 31, 2020 2019 Operating income $ 428 $ 185 Unrealized gains (losses) 738 (22) Net income $ 1,166 $ 163 The following table summarizes the components of Income from Equity Investment in Unconsolidated International Affiliated Funds from APCF for the three months ended March 31, 2020 and March 31, 2019 ($ in thousands): Three Months Ended March 31, 2020 2019 Operating income (loss) $ 249 $ (25) Unrealized gains (losses) 275 (302) Net income (loss) $ 524 $ (327) |
Investment in Commercial Mort_2
Investment in Commercial Mortgage Loan (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Loan Terms | Loan terms for the subordinate mortgage as of March 31, 2020 are summarized below ($ in thousands): Investment Asset Type Location Interest Rate Origination Maturity Date Periodic Commitment Unfunded Principal Fair Value 55 Grand Ave Mezzanine Loan Masbeth, NY Libor + 570 bps March 28, 2019 March 29, 2022 Interest Only $14,375 $1,213 $13,162 $12,831 |
Intangibles (Tables)
Intangibles (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities | The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands): March 31, December 31, Intangible assets: In-place lease intangibles $ 26,359 $ 26,408 Above-market lease intangibles 154 154 Other intangibles 11,964 11,677 Total Intangible assets 38,477 38,239 Accumulated amortization: In-place lease intangibles (8,354) (7,623) Above-market lease intangibles (25) (21) Other intangibles (2,215) (1,826) Total accumulated amortization (10,594) (9,470) Intangible assets, net $ 27,883 $ 28,769 Intangible liabilities: Below-market lease intangibles $ (9,414) $ (9,414) Accumulated amortization 705 507 Intangible liabilities, net $ (8,709) $ (8,907) |
Estimated Future Amortization | The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter is as follows ($ in thousands): In-place Lease Above-market Lease Intangibles Other Below-market 2020 (remaining) $ 2,100 $ 13 $ 1,152 $ (550) 2021 2,596 17 1,395 (724) 2022 2,316 17 1,303 (695) 2023 2,016 17 1,168 (681) 2024 1,893 17 1,093 (677) Thereafter 7,084 48 3,638 (5,382) $ 18,005 $ 129 $ 9,749 $ (8,709) |
Credit Facility and Mortgage _2
Credit Facility and Mortgage Payable (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following is a summary of the Credit Facility ($ in thousands): Principal Balance Outstanding Indebtedness Interest Rate Maturity Date Maximum Facility Size March 31, 2020 December 31, 2019 Credit facility L+applicable margin (1) October 24, 2021 $ 210,000 $ 85,277 $ 107,777 (1) The applicable margin ranges from 1.30% to 1.90% for borrowings at the adjusted LIBOR rate, in each case, based on the total leverage ratio of Nuveen OP and its subsidiaries. The following is a summary of the Mortgage Payable secured by the Company's retail property ($ in thousands): Principal Balance Outstanding Indebtedness Interest Rate Maturity Date Maximum Facility Size March 31, 2020 December 31, 2019 Mortgage payable 3.15% December 1, 2026 $ 48,000 $ 48,000 $ — $ 48,000 Deferred financing costs, net (480) (499) Mortgage payable, net $ 47,520 $ 47,501 |
Schedule of Maturities of Long-term Debt | The following table presents the future principal payments due under the Credit Facility and Mortgage Payable as of March 31, 2020 ($ in thousands): Amount Year Credit Facility Mortgage Payable 2020 (remaining) $ — $ — 2021 85,277 — 2022 — — 2023 — — 2024 — — Thereafter — 48,000 Total $ 85,277 $ 48,000 |
Other Assets and Other Liabil_2
Other Assets and Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Summary of Components of Other Assets | The following table summarizes the components of Other Assets ($ in thousands): March 31, 2020 December 31, 2019 Straight-line rent receivable $ 3,000 $ 2,336 Receivables 1,062 736 Deferred financing costs on credit facility, net 671 779 Prepaid expenses 521 329 Other 93 82 Total $ 5,347 $ 4,262 |
Summary of Components of Accounts Payable, Accrued Expenses, and Other Liabilities | The following table summarizes the components of Accounts Payable, Accrued Expenses, and Other Liabilities ($ in thousands): March 31, 2020 December 31, 2019 Real estate taxes payable $ 2,177 $ 1,742 Accounts payable and accrued expenses 1,720 1,700 Tenant security deposits 1,053 1,044 Prepaid rental income 909 608 Accrued interest expense 290 334 Other 360 370 Total $ 6,509 $ 5,798 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Summary of Certain Affiliates Receive Fee and Compensation with Offering and Ongoing Management of Assets | The Advisor, will receive fees and compensation, payable monthly in arrears, in connection with the offering and ongoing management of the assets of the Company, as follows: Class T Shares Class S Shares Class D Shares Class I Shares Class N Shares Advisory Fee (% of NAV) 1.25% 1.25% 1.25% 1.25% 0.65% |
Summary of Upfront Selling Commissions and Manager Fees and Stockholder Servicing Fees Per Annum on Aggregate Outstanding NAV | The following table presents the upfront selling commissions and dealer manager fees for each class of shares sold in the Offering, and the stockholder servicing fee per annum based on the aggregate outstanding NAV: Class T Shares Class S Shares Class D Shares Class I Shares Maximum Upfront Selling Commissions (% of Transaction Price) up to 3.0% up to 3.5% — — Maximum Upfront Dealer Manager Fees (% of Transaction Price) 0.50% — — — Stockholder Servicing Fee (% of NAV) 0.85% (1) 0.85% 0.25% — (1) Consists of an advisor stockholder servicing fee of 0.65% per annum and a dealer stockholder servicing fee of 0.20% per annum (or other amounts, provided that the sum equals 0.85%), of the aggregate NAV of outstanding Class T shares. |
Schedule of Components of Due to Affiliates | The following table summarizes the components of Due to Affiliates ($ in thousands): March 31, December 31, Accrued stockholder servicing fees (1) $ 3,247 $ 1,411 Advanced organization and offering 4,648 4,648 Total $ 7,895 $ 6,059 (1) The Company accrues the full amount of future stockholder servicing fees payable to the Dealer Manager for Class T, Class S and Class D shares up to the 8.75% of gross proceeds limit at the time such shares are sold. As of March 31, 2020, the Company accrued approximately $3.2 million of stockholder servicing fees payable to the Dealer Manager related to |
Tenant Leases (Tables)
Tenant Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Schedule of Future Minimum Rents Expects to Receive for Industrial, Retail and Office Properties, Excluding Tenant Reimbursements of Operating Expenses | Aggregate minimum annual rentals for wholly-owned real estate investments owned by the Company through the non-cancelable lease term, excluding short-term multifamily investments are as follows ($ in thousands): Year March 31, 2020 2020 (remaining) $ 15,186 2021 19,716 2022 19,386 2023 18,019 2024 16,932 Thereafter 79,006 Total $ 168,245 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Schedule of Common Stock | During the three months ended March 31, 2020, the Company sold the following shares of common stock (in thousands): Class T Class S Class D Class I Class N Total December 31, 2019 1,377 70 573 1,966 29,731 33,717 Common Stock Issued 970 1,185 536 1,220 — 3,911 Distribution Reinvestment 12 1 7 9 — 29 Vested Stock — — — 6 — 6 March 31, 2020 2,359 1,256 1,116 3,201 29,731 37,663 |
Summary of Declared Distributions | The net distribution varies for each class based on the applicable advisory fee and stockholder servicing fee, which is deducted from the monthly distribution per share. The following table details the aggregate distribution declared for each of our share classes for the three months ended March 31, 2020: Class T Common Stock Class S Common Stock Class D Common Stock Class I Common Stock Class N Common Stock Gross distribution per share of common stock $ 0.1737 $ 0.1737 $ 0.1737 $ 0.1737 $ 0.1737 Advisory fee per share of common stock (0.0296) (0.0296) (0.0298) (0.0299) (0.0158) Stockholder servicing fee per share of common stock (0.0226) (0.0225) (0.0067) — — Net distribution per share of common stock $ 0.1215 $ 0.1216 $ 0.1372 $ 0.1438 $ 0.1579 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Summary of Total Assets by Segment | The following table sets forth the total assets by segment as of March 31, 2020 and December 31, 2019 ($ in thousands): March 31, December 31, Industrial $ 106,225 $ 106,417 Multifamily 93,402 $ 94,039 Retail 87,480 $ 88,217 Office 75,862 $ 76,603 Other 39,601 $ 39,634 International Affiliated Funds 45,047 $ 37,734 Real Estate-Related Securities 30,047 $ 35,240 Commercial Mortgage Loan 12,886 $ 12,733 Other (Corporate) 13,970 $ 16,880 Total assets $ 504,520 $ 507,497 |
Summary of Financial Results by Segment | The following table sets forth the financial results by segment for the three months ended March 31, 2020 and 2019 ($ in thousands): Three Months Ended March 31, 2020 v 2019 2020 2019 $ % Rental revenues Multifamily $ 2,357 $ 1,931 $ 426 22 % Office 2,342 2,360 (18) (1) % Industrial 1,654 1,644 10 1 % Retail 1,979 810 1,169 144 % Other 1,126 — 1,126 100 % Total rental revenues 9,458 6,745 2,713 40 % Rental property operating expenses Multifamily 695 575 120 21 % Office 1,145 1,085 60 6 % Industrial 319 371 (52) (14) % Retail 516 255 261 102 % Other 287 — 287 100 % Total rental property operating expenses 2,962 2,286 676 30 % Depreciation and amortization Multifamily (1,194) (1,117) (77) 7 % Office (761) (1,201) 440 (37) % Industrial (845) (789) (56) 7 % Retail (867) (280) (587) 210 % Other (477) — (477) 100 % Total depreciation and amortization (4,144) (3,387) (757) 22 % Income from commercial mortgage loan 245 21 224 1,067 % Unrealized loss from commercial mortgage loan (331) — (331) 100 % Realized and unrealized (loss) income from real estate-related securities (7,667) 4,986 (12,653) (254) % Income (loss) from equity investment in unconsolidated international affiliated funds 1,690 (165) 1,855 (1,124) % General and administrative expenses (1,034) (958) (76) 8 % Advisory fee due to affiliate (727) (467) (260) 56 % Interest income 35 11 24 218 % Interest expense (1,189) (752) (437) 58 % Net (loss) income (6,626) 3,748 (10,374) (277) % Net income attributable to Series A preferred 4 4 — — % Net (loss) income attributable to common stockholders $ (6,630) $ 3,744 $ (10,374) (277) % |
Organization and Business Pur_2
Organization and Business Purpose - Additional Information (Detail) | Mar. 31, 2020USD ($)Class |
Organization And Business Activities [Line Items] | |
Common stock, value, authorized | $ 5,000,000,000 |
Number of classes of common stock | Class | 4 |
Primary Offering | |
Organization And Business Activities [Line Items] | |
Common stock, value, authorized | $ 4,000,000,000 |
Dividend Reinvestment Plan | |
Organization And Business Activities [Line Items] | |
Common stock, value, authorized | $ 1,000,000,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Assets (Detail) | 3 Months Ended |
Mar. 31, 2020 | |
Building and Building Improvements | |
Real Estate Properties [Line Items] | |
Estimated useful life of asset | 40 years |
Land Improvements | Minimum | |
Real Estate Properties [Line Items] | |
Estimated useful life of asset | 15 years |
Land Improvements | Maximum | |
Real Estate Properties [Line Items] | |
Estimated useful life of asset | 40 years |
Furniture, Fixtures and Equipment | Minimum | |
Real Estate Properties [Line Items] | |
Estimated useful life of asset | 3 years |
Furniture, Fixtures and Equipment | Maximum | |
Real Estate Properties [Line Items] | |
Estimated useful life of asset | 7 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Recurring Liabilities Measured at Fair Value (Details) - Fair Value, Inputs, Level 3 - Fair Value, Recurring $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | $ 12,733 |
Additional Fundings | 429 |
Net Unrealized Loss | (331) |
Ending balance | $ 12,831 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Fair Value Measurements Quantitative Information (Details) | 3 Months Ended |
Mar. 31, 2020 | |
London Interbank Offered Rate (LIBOR) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Debt instrument, reference rate | 0.90% |
Mortgages | Fair Value, Inputs, Level 3 | Fair Value, Recurring | Measurement Input, Discount Rate | Valuation Technique, Cash Equivalency Method | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Loans receivable, measurement input | 0.0705 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | ||
Mar. 31, 2020USD ($)Subsidiary | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Significant Of Accounting Policies [Line Items] | |||
Restricted cash | $ 2,781,000 | $ 10,087,000 | |
Number of active TRSs | Subsidiary | 3 | ||
Investments in and advances to affiliates, advanced expenses reimbursement NAV threshold | $ 1,000,000,000 | ||
Deferred offering costs | 200,000 | $ 100,000 | |
Foreign currency translation adjustment | (472,000) | $ (392,000) | |
Fair Value, Inputs, Level 1 | |||
Significant Of Accounting Policies [Line Items] | |||
Investments in real estate-related securities | $ 30,000,000 | ||
Advisor | |||
Significant Of Accounting Policies [Line Items] | |||
Period for reimbursement of advance expenses | 60 months | ||
Organizational and offering costs | $ 4,600,000 | ||
Offering cost | 3,500,000 | ||
Organization costs | 1,100,000 | ||
Secured Debt | |||
Significant Of Accounting Policies [Line Items] | |||
Long-term debt, fair value | 47,000,000 | 47,000,000 | |
Commercial Mortgage Loan | |||
Significant Of Accounting Policies [Line Items] | |||
Loan receivable, fair value | $ 12,831,000 | $ 12,700,000 |
Investments in Real Estate - Ad
Investments in Real Estate - Additional Information (Detail) $ in Millions | 3 Months Ended | |
Mar. 31, 2020USD ($) | Dec. 31, 2019property | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | ||
Depreciation | $ | $ 2.9 | |
Number of properties acquired | property | 3 |
Investments in Real Estate - Sc
Investments in Real Estate - Schedule of Investments in Real Estate, Net (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | ||
Building and building improvements | $ 323,486 | $ 323,162 |
Land and land improvements | 61,098 | 61,098 |
Furniture, fixtures and equipment | 3,548 | 3,474 |
Total | 388,132 | 387,734 |
Accumulated depreciation | (17,592) | (14,646) |
Investments in real estate, net | $ 370,540 | $ 373,088 |
Investments in Real Estate-Re_3
Investments in Real Estate-Related Securities - Summary of Components of Realized and Unrealized Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | ||
Unrealized (losses) gains | $ (6,498) | $ 4,769 |
Realized losses | (1,459) | (76) |
Dividend income | 290 | 293 |
Total | $ (7,667) | $ 4,986 |
Investment in International A_3
Investment in International Affiliated Funds - Additional Information (Detail) € in Millions, $ in Millions | Sep. 11, 2019USD ($) | Nov. 09, 2018USD ($) | Dec. 22, 2017EUR (€) | Dec. 22, 2017USD ($) | Mar. 31, 2020USD ($) |
European Cities Fund | |||||
Schedule Of Investments [Line Items] | |||||
Subscription agreement investment amount | € 25 | $ 27.8 | |||
Asia Pacific Cities Fund | |||||
Schedule Of Investments [Line Items] | |||||
Subscription agreement investment amount | $ 10 | ||||
Additional subscription agreement investment amount | $ 20 | ||||
Payments to acquire equity method investments | $ 16.4 | ||||
Total subscription agreement investment amount | $ 30 |
Investment in International A_4
Investment in International Affiliated Funds - Summary of Components of Income from Equity Method Investment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | ||
Net income | $ 1,690 | $ (165) |
Asia Pacific Cities Fund | ||
Schedule of Equity Method Investments [Line Items] | ||
Operating income | 249 | (25) |
Unrealized gains (losses) | 275 | (302) |
Net income | 524 | (327) |
European Cities Fund | ||
Schedule of Equity Method Investments [Line Items] | ||
Operating income | 428 | 185 |
Unrealized gains (losses) | 738 | (22) |
Net income | $ 1,166 | $ 163 |
Investment in Commercial Mort_3
Investment in Commercial Mortgage Loan - Summary of Loan Terms (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
London Interbank Offered Rate (LIBOR) | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans receivable, basis spread on variable rate | 57000.00% | |
Commercial Mortgage Loan | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Commitment Amount | $ 14,375 | |
Unfunded Amount | 1,213 | |
Principal Receivable | 13,162 | |
Fair Value | $ 12,831 | $ 12,700 |
Investment in Commercial Mort_4
Investment in Commercial Mortgage Loan - Additional information (Detail) - USD ($) $ in Thousands | Jun. 06, 2019 | Mar. 28, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 |
Payments to originate and fund commercial mortgage loan | $ 429 | $ 45,202 | |||
Unrealized loss from commercial mortgage loan | (331) | 0 | |||
Commercial Mortgage Loan | |||||
Payments to originate and fund commercial mortgage loan | $ 46,000 | ||||
Loan to cost percentage | 60.00% | ||||
Proceeds from sale of loans held-for-investment, gross | $ 34,300 | ||||
Proceeds from sale of loans held-for-investment | $ 34,000 | ||||
Loan receivable, fair value | 12,831 | $ 12,700 | |||
Interest income and origination fee from investment in commercial mortgage loan | $ 200 | $ 0 |
Intangibles - Gross Carrying Am
Intangibles - Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Intangible assets: | ||
Total Intangible assets | $ 38,477 | $ 38,239 |
Accumulated amortization: | ||
Total accumulated amortization | (10,594) | (9,470) |
Intangible assets, net | 27,883 | 28,769 |
Intangible liabilities: | ||
Intangible liabilities, net | (8,709) | (8,907) |
In-place lease intangibles | ||
Intangible assets: | ||
Total Intangible assets | 26,359 | 26,408 |
Accumulated amortization: | ||
Total accumulated amortization | (8,354) | (7,623) |
Intangible assets, net | 18,005 | |
Above-market lease intangibles | ||
Intangible assets: | ||
Total Intangible assets | 154 | 154 |
Accumulated amortization: | ||
Total accumulated amortization | (25) | (21) |
Intangible assets, net | 129 | |
Other intangibles | ||
Intangible assets: | ||
Total Intangible assets | 11,964 | 11,677 |
Accumulated amortization: | ||
Total accumulated amortization | (2,215) | (1,826) |
Intangible assets, net | 9,749 | |
Below-market lease intangibles | ||
Intangible liabilities: | ||
Below-market lease intangibles | (9,414) | (9,414) |
Accumulated amortization | 705 | 507 |
Intangible liabilities, net | $ (8,709) | $ (8,907) |
Intangibles - Additional Inform
Intangibles - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items] | |
Amortization expense relating to intangible assets | $ 1.1 |
Income from amortization of intangible liabilities | $ 0.2 |
In-place lease intangibles | |
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items] | |
Weighted average amortization of useful life | 7 years |
Above-market lease intangibles | |
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items] | |
Weighted average amortization of useful life | 7 years |
Other intangibles | |
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items] | |
Weighted average amortization of useful life | 8 years |
Below-market lease intangibles | |
Schedule Of Finite Lived Intangible Assets And Liabilities [Line Items] | |
Weighted average amortization of useful life | 14 years |
Intangibles - Estimated Future
Intangibles - Estimated Future Amortization (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
In-place Lease Intangibles and Other Intangibles | ||
Intangible assets, net | $ 27,883 | $ 28,769 |
Below-market Lease Intangibles | ||
Intangible liabilities, net | (8,709) | (8,907) |
In-place lease intangibles | ||
In-place Lease Intangibles and Other Intangibles | ||
2020 (remaining) | 2,100 | |
2021 | 2,596 | |
2022 | 2,316 | |
2023 | 2,016 | |
2024 | 1,893 | |
Thereafter | 7,084 | |
Intangible assets, net | 18,005 | |
Above-market lease intangibles | ||
In-place Lease Intangibles and Other Intangibles | ||
2020 (remaining) | 13 | |
2021 | 17 | |
2022 | 17 | |
2023 | 17 | |
2024 | 17 | |
Thereafter | 48 | |
Intangible assets, net | 129 | |
Other intangibles | ||
In-place Lease Intangibles and Other Intangibles | ||
2020 (remaining) | 1,152 | |
2021 | 1,395 | |
2022 | 1,303 | |
2023 | 1,168 | |
2024 | 1,093 | |
Thereafter | 3,638 | |
Intangible assets, net | 9,749 | |
Below-market lease intangibles | ||
Below-market Lease Intangibles | ||
2020 (remaining) | (550) | |
2021 | (724) | |
2022 | (695) | |
2023 | (681) | |
2024 | (677) | |
Thereafter | (5,382) | |
Intangible liabilities, net | $ (8,709) | $ (8,907) |
Credit Facility and Mortgage _3
Credit Facility and Mortgage Payable - Additional Information (Detail) - USD ($) | Nov. 08, 2019 | Oct. 24, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Jun. 11, 2019 | Dec. 17, 2018 |
Amended Credit Agreement | |||||||
Line of Credit Facility [Line Items] | |||||||
Aggregate commitments amount | $ 210,000,000 | $ 210,000,000 | $ 150,000,000 | ||||
Long-term debt | 85,277,000 | $ 107,777,000 | |||||
Outstanding accrued interest | 200,000 | ||||||
Interest expense | 700,000 | $ 700,000 | |||||
Mortgages Payable | |||||||
Line of Credit Facility [Line Items] | |||||||
Long-term debt | 47,520,000 | 47,501,000 | |||||
Mortgage payable | 48,000,000 | $ 48,000,000 | |||||
Outstanding accrued interest | 100,000 | ||||||
Interest expense | $ 400,000 | ||||||
Debt instrument, face amount | $ 48,000,000 | ||||||
Debt instrument, term | 7 years | ||||||
Interest rate | 3.15% | 3.15% | |||||
Unsecured Revolving Loans | |||||||
Line of Credit Facility [Line Items] | |||||||
Aggregate commitments amount | $ 60,000,000 | ||||||
Credit facility maturity period | 3 years | ||||||
Unsecured Revolving Loans | Adjusted LIBOR | Minimum | |||||||
Line of Credit Facility [Line Items] | |||||||
LIBOR rate | 1.30% | ||||||
Unsecured Revolving Loans | Adjusted LIBOR | Maximum | |||||||
Line of Credit Facility [Line Items] | |||||||
LIBOR rate | 1.90% | ||||||
Unsecured Revolving Loans | Credit Agreement With Accordion Feature | |||||||
Line of Credit Facility [Line Items] | |||||||
Aggregate commitments amount | $ 500,000,000 |
Credit Facility and Mortgage _4
Credit Facility and Mortgage Payable - Summary of Credit Facility (Details) - Amended Credit Agreement - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 11, 2019 | Dec. 17, 2018 |
Debt Instrument [Line Items] | ||||
Aggregate commitments amount | $ 210,000,000 | $ 210,000,000 | $ 150,000,000 | |
Long-term debt | $ 85,277,000 | $ 107,777,000 |
Credit Facility and Mortgage _5
Credit Facility and Mortgage Payable - Summary of Mortgage Payable (Details) - Mortgages Payable - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Nov. 08, 2019 |
Debt Instrument [Line Items] | |||
Interest rate | 3.15% | 3.15% | |
Mortgage payable | $ 48,000 | $ 48,000 | |
Deferred financing costs, net | (480) | (499) | |
Total | $ 47,520 | $ 47,501 |
Credit Facility and Mortgage _6
Credit Facility and Mortgage Payable - Long-term Debt Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Amended Credit Agreement | ||
Debt Instrument [Line Items] | ||
2020 (remaining) | $ 0 | |
2021 | 85,277 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
Thereafter | 0 | |
Total | 85,277 | $ 107,777 |
Mortgages Payable | ||
Debt Instrument [Line Items] | ||
2020 (remaining) | 0 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
Thereafter | 48,000 | |
Total | 47,520 | 47,501 |
Total | $ 48,000 | $ 48,000 |
Other Assets and Other Liabil_3
Other Assets and Other Liabilities - Summary of Components of Other Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Straight-line rent receivable | $ 3,000 | $ 2,336 |
Receivables | 1,062 | 736 |
Deferred financing costs on credit facility, net | 671 | 779 |
Prepaid expenses | 521 | 329 |
Other | 93 | 82 |
Total | $ 5,347 | $ 4,262 |
Other Assets and Other Liabil_4
Other Assets and Other Liabilities - Summary of Components of Accounts Payable, Accrued Expenses, and Other Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Real estate taxes payable | $ 2,177 | $ 1,742 |
Accounts payable and accrued expenses | 1,720 | 1,700 |
Tenant security deposits | 1,053 | 1,044 |
Prepaid rental income | 909 | 608 |
Accrued interest expense | 290 | 334 |
Other | 360 | 370 |
Total | $ 6,509 | $ 5,798 |
Related Party Transactions - Su
Related Party Transactions - Summary of Certain Affiliates Receive Fee and Compensation with Offering and Ongoing Management of Assets (Detail) | 3 Months Ended |
Mar. 31, 2020 | |
Class T shares | |
Related Party Transaction [Line Items] | |
Advisory fee as a percentage of NAV | 1.25% |
Class S shares | |
Related Party Transaction [Line Items] | |
Advisory fee as a percentage of NAV | 1.25% |
Class D shares | |
Related Party Transaction [Line Items] | |
Advisory fee as a percentage of NAV | 1.25% |
Class I shares | |
Related Party Transaction [Line Items] | |
Advisory fee as a percentage of NAV | 1.25% |
Class N shares | |
Related Party Transaction [Line Items] | |
Advisory fee as a percentage of NAV | 0.65% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||
Due to affiliates | $ 7,895 | $ 6,059 | |
Percent of gross proceeds from primary portion of public offering | 10.00% | ||
Advisory fees | |||
Related Party Transaction [Line Items] | |||
Advisory fee expense | $ 700 | $ 500 | |
Accrued stockholder servicing fees | |||
Related Party Transaction [Line Items] | |||
Due to affiliates | $ 3,247 | $ 1,411 | |
Class T shares | |||
Related Party Transaction [Line Items] | |||
Percentage of gross proceeds from sale of shares | 8.75% | ||
Class D shares | |||
Related Party Transaction [Line Items] | |||
Percentage of gross proceeds from sale of shares | 8.75% | ||
Class D shares | Accrued stockholder servicing fees | |||
Related Party Transaction [Line Items] | |||
Due to affiliates | $ 3,200 | ||
Accounts Payable, Accrued Expenses and Other Liabilities | |||
Related Party Transaction [Line Items] | |||
Accrued management fees | $ 200 |
Related Party Transactions - Up
Related Party Transactions - Upfront Selling Commissions and Manager Fees and Stockholder Servicing Fees Per Annum on Aggregate Outstanding NAV (Detail) | Mar. 31, 2020 |
Class T shares | |
Related Party Transaction [Line Items] | |
Maximum Upfront Selling Commissions as a % of Transaction Price | 3.00% |
Maximum Upfront Dealer Manager Fees as a % of Transaction Price | 0.50% |
Stockholder Servicing Fee as a % of NAV | 0.85% |
Class T shares | Advisor | |
Related Party Transaction [Line Items] | |
Stockholder Servicing Fee as a % of NAV | 0.65% |
Class T shares | Dealer | |
Related Party Transaction [Line Items] | |
Stockholder Servicing Fee as a % of NAV | 0.20% |
Class S shares | |
Related Party Transaction [Line Items] | |
Maximum Upfront Selling Commissions as a % of Transaction Price | 3.50% |
Maximum Upfront Dealer Manager Fees as a % of Transaction Price | 0.00% |
Stockholder Servicing Fee as a % of NAV | 0.85% |
Class D shares | |
Related Party Transaction [Line Items] | |
Maximum Upfront Selling Commissions as a % of Transaction Price | 0.00% |
Maximum Upfront Dealer Manager Fees as a % of Transaction Price | 0.00% |
Stockholder Servicing Fee as a % of NAV | 0.25% |
Class I shares | |
Related Party Transaction [Line Items] | |
Maximum Upfront Selling Commissions as a % of Transaction Price | 0.00% |
Maximum Upfront Dealer Manager Fees as a % of Transaction Price | 0.00% |
Stockholder Servicing Fee as a % of NAV | 0.00% |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Components of Due to Affiliates (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | ||
Due to affiliates | $ 7,895 | $ 6,059 |
Class T shares | ||
Related Party Transaction [Line Items] | ||
Percentage of gross proceeds from sale of shares | 8.75% | |
Class S shares | ||
Related Party Transaction [Line Items] | ||
Percentage of gross proceeds from sale of shares | 8.75% | |
Class D shares | ||
Related Party Transaction [Line Items] | ||
Percentage of gross proceeds from sale of shares | 8.75% | |
Accrued stockholder servicing fees | ||
Related Party Transaction [Line Items] | ||
Due to affiliates | $ 3,247 | 1,411 |
Threshold percent of gross proceeds | 10.00% | |
Accrued stockholder servicing fees | Class D shares | ||
Related Party Transaction [Line Items] | ||
Due to affiliates | $ 3,200 | |
Period from date of issuance for future shares issued | 35 years | |
Accrued stockholder servicing fees | Class T and S | ||
Related Party Transaction [Line Items] | ||
Period from date of issuance for future shares issued | 7 years | |
Advanced Organization And Offering | ||
Related Party Transaction [Line Items] | ||
Due to affiliates | $ 4,648 | $ 4,648 |
Tenant Leases - Schedule of Min
Tenant Leases - Schedule of Minimum Rents Expects to Receive for Industrial, Retail and Office Properties, Excluding Tenant Reimbursements of Operating Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Leases [Abstract] | ||
Rental revenue | $ 9,458 | $ 6,745 |
2020 (remaining) | 15,186 | |
2021 | 19,716 | |
2022 | 19,386 | |
2023 | 18,019 | |
2024 | 16,932 | |
Thereafter | 79,006 | |
Total | $ 168,245 |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) | Jan. 04, 2019 | Mar. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Jan. 02, 2019 |
Equity [Line Items] | ||||||
Number of shares, authorized to issue (in shares) | 2,200,000,000 | 2,200,000,000 | ||||
Common stock, shares authorized (in shares) | 2,100,000,000 | 2,100,000,000 | ||||
Common stock, par or stated value per share (in dollars per share) | $ 0.01 | $ 0.01 | ||||
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | ||||
Preferred stock preference percentage | 12.00% | |||||
Quarterly distribution payable period | 25 days | |||||
Dividends | $ 1,900,000 | |||||
Distributions to common stockholders | $ 8,714,000 | $ 2,484,000 | ||||
Repurchase fulfillment term | 24 months | |||||
Shares repurchased (in shares) | 0 | |||||
TIAA | ||||||
Equity [Line Items] | ||||||
Restricted stock, vesting period | 1 year | |||||
Percentage of shares to be repurchased at transaction price | 95.00% | |||||
Non-employee Directors | Restricted Stock Grants | ||||||
Equity [Line Items] | ||||||
Annual compensation fee, percentage | 25.00% | |||||
Restricted stock, vesting period | 1 year | |||||
Non-employee Directors | Restricted Stock Grants | Accounts Payable, Accrued Expenses and Other Liabilities | ||||||
Equity [Line Items] | ||||||
Accrued compensation expense | $ 11,250 | |||||
Class T shares | ||||||
Equity [Line Items] | ||||||
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | 500,000,000 | |||
Common stock, par or stated value per share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |||
Common stock, shares issued (in shares) | 2,358,700 | 2,358,700 | 1,377,256 | |||
Common stock, shares outstanding (in shares) | 2,358,700 | 2,358,700 | 1,377,256 | |||
Class D shares | ||||||
Equity [Line Items] | ||||||
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | 500,000,000 | |||
Common stock, par or stated value per share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |||
Common stock, shares issued (in shares) | 1,115,645 | 1,115,645 | 572,675 | |||
Common stock, shares outstanding (in shares) | 1,115,645 | 1,115,645 | 572,675 | |||
Class I shares | ||||||
Equity [Line Items] | ||||||
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | 500,000,000 | |||
Common stock, par or stated value per share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |||
Common stock, shares issued (in shares) | 3,200,941 | 3,200,941 | 1,965,962 | |||
Common stock, shares outstanding (in shares) | 3,200,941 | 3,200,941 | 1,965,962 | |||
Class S shares | ||||||
Equity [Line Items] | ||||||
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | 500,000,000 | |||
Common stock, par or stated value per share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |||
Common stock, shares issued (in shares) | 1,255,756 | 1,255,756 | 70,151 | |||
Common stock, shares outstanding (in shares) | 1,255,756 | 1,255,756 | 70,151 | |||
Class N shares | ||||||
Equity [Line Items] | ||||||
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | 100,000,000 | |||
Common stock, par or stated value per share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |||
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | ||||
Common stock, shares issued (in shares) | 29,730,608 | 29,730,608 | 29,730,608 | |||
Common stock, shares outstanding (in shares) | 29,730,608 | 29,730,608 | 29,730,608 | |||
Class N shares | TIAA | ||||||
Equity [Line Items] | ||||||
Common stock value under purchase agreement | $ 300,000,000 | $ 300,000,000 | ||||
Initial investment threshold | $ 200,000 | $ 200,000 | ||||
Series A Preferred Stock | ||||||
Equity [Line Items] | ||||||
Issuance of common stock (in shares) | 125 | |||||
Purchase price per share (in dollars per share) | $ 1,000 | |||||
Class D and Class S and Class T and Class I | TIAA | Maximum | ||||||
Equity [Line Items] | ||||||
Percentage of repurchase plan limits per month | 2.00% | |||||
Percentage of repurchase plan limits per quarter | 5.00% |
Equity - Summary of Sales of Co
Equity - Summary of Sales of Common Stock (Detail) | 3 Months Ended |
Mar. 31, 2020shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance (in shares) | 33,717,000 |
Issuance of common stock (in shares) | 3,911,000 |
Distribution reinvestment (in shares) | 29,000 |
Vested stock (in shares) | 6,000 |
Ending balance (in shares) | 37,663,000 |
Class T shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance (in shares) | 1,377,000 |
Issuance of common stock (in shares) | 970,000 |
Distribution reinvestment (in shares) | 12,000 |
Ending balance (in shares) | 2,358,700 |
Class S shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance (in shares) | 70,000 |
Issuance of common stock (in shares) | 1,185,000 |
Distribution reinvestment (in shares) | 1,000 |
Ending balance (in shares) | 1,256,000 |
Class D shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance (in shares) | 573,000 |
Issuance of common stock (in shares) | 536,000 |
Distribution reinvestment (in shares) | 7,000 |
Ending balance (in shares) | 1,116,000 |
Class I shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance (in shares) | 1,966,000 |
Issuance of common stock (in shares) | 1,220,000 |
Distribution reinvestment (in shares) | 9,000 |
Vested stock (in shares) | 6,000 |
Ending balance (in shares) | 3,201,000 |
Class N shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Beginning balance (in shares) | 29,731,000 |
Ending balance (in shares) | 29,731,000 |
Equity - Summary of Declared Di
Equity - Summary of Declared Distributions (Detail) | Mar. 31, 2020$ / shares |
Class T shares | |
Distribution [Line Items] | |
Net distributions per share of common stock (in dollars per share) | $ 0.1215 |
Class T shares | Gross distribution per share of common stock | |
Distribution [Line Items] | |
Net distributions per share of common stock (in dollars per share) | 0.1737 |
Class T shares | Advisory fee per share of common stock | |
Distribution [Line Items] | |
Net distributions per share of common stock (in dollars per share) | 0.0296 |
Class T shares | Stockholder servicing fee per share of common stock | |
Distribution [Line Items] | |
Net distributions per share of common stock (in dollars per share) | 0.0226 |
Class S shares | |
Distribution [Line Items] | |
Net distributions per share of common stock (in dollars per share) | 0.1216 |
Class S shares | Gross distribution per share of common stock | |
Distribution [Line Items] | |
Net distributions per share of common stock (in dollars per share) | 0.1737 |
Class S shares | Advisory fee per share of common stock | |
Distribution [Line Items] | |
Net distributions per share of common stock (in dollars per share) | 0.0296 |
Class S shares | Stockholder servicing fee per share of common stock | |
Distribution [Line Items] | |
Net distributions per share of common stock (in dollars per share) | 0.0225 |
Class D shares | |
Distribution [Line Items] | |
Net distributions per share of common stock (in dollars per share) | 0.1372 |
Class D shares | Gross distribution per share of common stock | |
Distribution [Line Items] | |
Net distributions per share of common stock (in dollars per share) | 0.1737 |
Class D shares | Advisory fee per share of common stock | |
Distribution [Line Items] | |
Net distributions per share of common stock (in dollars per share) | 0.0298 |
Class D shares | Stockholder servicing fee per share of common stock | |
Distribution [Line Items] | |
Net distributions per share of common stock (in dollars per share) | 0.0067 |
Class I shares | |
Distribution [Line Items] | |
Net distributions per share of common stock (in dollars per share) | 0.1438 |
Class I shares | Gross distribution per share of common stock | |
Distribution [Line Items] | |
Net distributions per share of common stock (in dollars per share) | 0.1737 |
Class I shares | Advisory fee per share of common stock | |
Distribution [Line Items] | |
Net distributions per share of common stock (in dollars per share) | 0.0299 |
Class I shares | Stockholder servicing fee per share of common stock | |
Distribution [Line Items] | |
Net distributions per share of common stock (in dollars per share) | 0 |
Class N shares | |
Distribution [Line Items] | |
Net distributions per share of common stock (in dollars per share) | 0.1579 |
Class N shares | Gross distribution per share of common stock | |
Distribution [Line Items] | |
Net distributions per share of common stock (in dollars per share) | 0.1737 |
Class N shares | Advisory fee per share of common stock | |
Distribution [Line Items] | |
Net distributions per share of common stock (in dollars per share) | 0.0158 |
Class N shares | Stockholder servicing fee per share of common stock | |
Distribution [Line Items] | |
Net distributions per share of common stock (in dollars per share) | $ 0 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2020segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 8 |
Segment Reporting - Summary of
Segment Reporting - Summary of Total Assets by Segment (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 504,520 | $ 507,497 |
Operating Segments | Industrial | ||
Segment Reporting Information [Line Items] | ||
Total assets | 106,225 | 106,417 |
Operating Segments | Multifamily | ||
Segment Reporting Information [Line Items] | ||
Total assets | 93,402 | 94,039 |
Operating Segments | Retail | ||
Segment Reporting Information [Line Items] | ||
Total assets | 87,480 | 88,217 |
Operating Segments | Office | ||
Segment Reporting Information [Line Items] | ||
Total assets | 75,862 | 76,603 |
Operating Segments | Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | 39,601 | 39,634 |
Operating Segments | International Affiliated Funds | ||
Segment Reporting Information [Line Items] | ||
Total assets | 45,047 | 37,734 |
Operating Segments | Real Estate-Related Securities | ||
Segment Reporting Information [Line Items] | ||
Total assets | 30,047 | 35,240 |
Operating Segments | Commercial Mortgage Loan | ||
Segment Reporting Information [Line Items] | ||
Total assets | 12,886 | 12,733 |
Other (Corporate) | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 13,970 | $ 16,880 |
Segment Reporting - Summary o_2
Segment Reporting - Summary of Financial Results by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues: | ||
Rental revenue | $ 9,458 | $ 6,745 |
Expenses: | ||
Rental property operating expenses | 2,962 | 2,286 |
Depreciation and amortization | (4,144) | (3,387) |
Income from commercial mortgage loan | 245 | 21 |
Unrealized loss from commercial mortgage loan | (331) | 0 |
Realized and unrealized (loss) income from real estate-related securities | (7,667) | 4,986 |
Income (loss) from equity investment in unconsolidated international affiliated funds | 1,690 | (165) |
General and administrative expenses | (1,034) | (958) |
Advisory fee due to affiliate | (727) | (467) |
Interest income | 35 | 11 |
Interest expense | (1,189) | (752) |
Net (loss) income | (6,626) | 3,748 |
Net income attributable to Series A preferred | 4 | 4 |
Net (loss) income attributable to common stockholders | (6,630) | $ 3,744 |
Change in $ | ||
Change in rental revenue | 2,713 | |
Change in property operating expenses | 676 | |
Change in depreciation and amortization | (757) | |
Change in interest income from commercial loan | 224 | |
Change in unrealized loss from commercial mortgage loan | (331) | |
Change in realized and unrealized (loss) income from real estate | (12,653) | |
Change in gain (loss) on equity method investments | 1,855 | |
Change in general administrative expenses | (76) | |
Change in advisory fee due to affiliate | (260) | |
Change in interest income | 24 | |
Change in interest expense | (437) | |
Change in net income (loss) | (10,374) | |
Change in net income attributable to Series A preferred stock | 0 | |
Change in net (loss) income attributable to common stockholders | (10,374) | |
Change in % | ||
Percentage of change in rental revenue | 40.00% | |
Percentage change in property operating expenses | 30.00% | |
Percentage change in depreciation and amortization | 22.00% | |
Percentage change in interest income from commercial loan | 1067.00% | |
Percentage change in unrealized loss on commercial mortgage loan | 100.00% | |
Percentage change in realized and unrealized income (loss) from real estate | (254.00%) | |
Percentage change in income (loss) on equity method investments | (1124.00%) | |
Percentage change in general and administrative expenses | 8.00% | |
Percentage change In advisory fee due to affiliate | 56.00% | |
Percentage change in interest income | 218.00% | |
Percentage change in interest expense | 58.00% | |
Percentage change in net income (loss) | (277.00%) | |
Percentage change in net income attributable to Series A preferred stock | 0.00% | |
Operating Segments | Multifamily | ||
Revenues: | ||
Rental revenue | 2,357 | $ 1,931 |
Expenses: | ||
Rental property operating expenses | 695 | 575 |
Depreciation and amortization | (1,194) | (1,117) |
Net (loss) income attributable to common stockholders | (6,630) | $ 3,744 |
Change in $ | ||
Change in rental revenue | 426 | |
Change in property operating expenses | 120 | |
Change in depreciation and amortization | (77) | |
Change in % | ||
Percentage of change in rental revenue | 22.00% | |
Percentage change in property operating expenses | 21.00% | |
Percentage change in depreciation and amortization | 7.00% | |
Percentage change in net income (loss) attributable to common stockholders | (277.00%) | |
Operating Segments | Office | ||
Revenues: | ||
Rental revenue | 2,342 | $ 2,360 |
Expenses: | ||
Rental property operating expenses | 1,145 | 1,085 |
Depreciation and amortization | (761) | $ (1,201) |
Change in $ | ||
Change in rental revenue | (18) | |
Change in property operating expenses | 60 | |
Change in depreciation and amortization | 440 | |
Change in % | ||
Percentage of change in rental revenue | (1.00%) | |
Percentage change in property operating expenses | 6.00% | |
Percentage change in depreciation and amortization | (37.00%) | |
Operating Segments | Industrial | ||
Revenues: | ||
Rental revenue | 1,654 | $ 1,644 |
Expenses: | ||
Rental property operating expenses | 319 | 371 |
Depreciation and amortization | (845) | $ (789) |
Change in $ | ||
Change in rental revenue | 10 | |
Change in property operating expenses | (52) | |
Change in depreciation and amortization | (56) | |
Change in % | ||
Percentage of change in rental revenue | 1.00% | |
Percentage change in property operating expenses | (14.00%) | |
Percentage change in depreciation and amortization | 7.00% | |
Operating Segments | Retail | ||
Revenues: | ||
Rental revenue | 1,979 | $ 810 |
Expenses: | ||
Rental property operating expenses | 516 | 255 |
Depreciation and amortization | (867) | $ (280) |
Change in $ | ||
Change in rental revenue | 1,169 | |
Change in property operating expenses | 261 | |
Change in depreciation and amortization | (587) | |
Change in % | ||
Percentage of change in rental revenue | 144.00% | |
Percentage change in property operating expenses | 102.00% | |
Percentage change in depreciation and amortization | 210.00% | |
Operating Segments | Other | ||
Revenues: | ||
Rental revenue | 1,126 | $ 0 |
Expenses: | ||
Rental property operating expenses | 287 | 0 |
Depreciation and amortization | (477) | 0 |
Change in $ | ||
Change in rental revenue | 1,126 | |
Change in property operating expenses | $ 287 | |
Change in depreciation and amortization | $ (477) | |
Change in % | ||
Percentage of change in rental revenue | 100.00% | |
Percentage change in property operating expenses | 100.00% | |
Percentage change in depreciation and amortization | 100.00% |
Subsequent Events - Additional
Subsequent Events - Additional information (Detail) - USD ($) $ / shares in Units, $ in Thousands | May 01, 2020 | Apr. 28, 2020 | Apr. 01, 2020 | Mar. 31, 2020 | Mar. 31, 2020 |
Subsequent Event [Line Items] | |||||
Dividends | $ 1,900 | ||||
Issuance of shares | $ 39,968 | ||||
Shares repurchased (in shares) | 0 | ||||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Dividends | $ 1,900 | ||||
Issuance of shares | $ 5,000 | $ 2,800 | |||
Subsequent Event | Class T shares | |||||
Subsequent Event [Line Items] | |||||
Issuance of common stock (in shares) | 165,178 | 177,115 | |||
Purchase price per share (in dollars per share) | $ 10.53 | $ 10.64 | |||
Subsequent Event | Class S shares | |||||
Subsequent Event [Line Items] | |||||
Issuance of common stock (in shares) | 134,545 | 41,153 | |||
Purchase price per share (in dollars per share) | $ 10.51 | $ 10.61 | |||
Subsequent Event | Class D shares | |||||
Subsequent Event [Line Items] | |||||
Issuance of common stock (in shares) | 3,193 | 7,219 | |||
Purchase price per share (in dollars per share) | $ 10.62 | $ 10.73 | |||
Subsequent Event | Class I shares | |||||
Subsequent Event [Line Items] | |||||
Issuance of common stock (in shares) | 167,611 | 35,580 | |||
Purchase price per share (in dollars per share) | $ 10.64 | $ 10.75 | |||
Shares repurchased (in shares) | 2,232 | ||||
Shares repurchased (in dollars per share) | $ 10.51 |