Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 03, 2020 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-36369 | |
Entity Registrant Name | Bluerock Residential Growth REIT, Inc. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 26-3136483 | |
Entity Address, Address Line One | 1345 Avenue of the Americas, 32nd Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10105 | |
City Area Code | 212 | |
Local Phone Number | 843-1601 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001442626 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Class A Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class A Common Stock, $0.01 par value per share | |
Trading Symbol | BRG | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 23,771,080 | |
Cumulative Redeemable Preferred Stock | Series A [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 8.250% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share | |
Trading Symbol | BRG | |
Security Exchange Name | NYSE | |
Cumulative Redeemable Preferred Stock | Series C [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 7.625% Series C Cumulative Redeemable Preferred Stock, $0.01 par value per share | |
Trading Symbol | BRG | |
Security Exchange Name | NYSE | |
Cumulative Redeemable Preferred Stock | Series D [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 7.125% Series D Cumulative Preferred Stock, $0.01 par value per share | |
Trading Symbol | BRG | |
Security Exchange Name | NYSE | |
Class C Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 76,603 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Net Real Estate Investments | ||
Land | $ 273,043,000 | $ 268,244,000 |
Buildings and improvements | 1,807,386,000 | 1,752,738,000 |
Furniture, fixtures and equipment | 73,797,000 | 67,904,000 |
Total Gross Real Estate Investments | 2,154,226,000 | 2,088,886,000 |
Accumulated depreciation | (177,124,000) | (141,566,000) |
Total Net Real Estate Investments | 1,977,102,000 | 1,947,320,000 |
Cash and cash equivalents | 91,836,000 | 31,683,000 |
Restricted cash | 34,744,000 | 19,085,000 |
Notes and accrued interest receivable | 202,649,000 | 193,781,000 |
Due from affiliates | 314,000 | 2,969,000 |
Accounts receivable, prepaids and other assets | 26,954,000 | 16,317,000 |
Preferred equity investments and investments in unconsolidated real estate joint ventures | 108,098,000 | 126,444,000 |
In-place lease intangible assets, net | 522,000 | 3,098,000 |
Total Assets | 2,442,219,000 | 2,340,697,000 |
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | ||
Mortgages payable | 1,427,542,000 | 1,425,257,000 |
Revolving credit facilities | 18,000,000 | |
Mandatorily redeemable preferred stock | 34,833,000 | |
Accounts payable | 1,596,000 | 1,488,000 |
Other accrued liabilities | 36,664,000 | 27,499,000 |
Due to affiliates | 602,000 | 790,000 |
Distributions payable | 14,964,000 | 13,541,000 |
Total Liabilities | 1,516,201,000 | 1,486,575,000 |
Stockholders' Equity | ||
Additional paid-in-capital | 323,064,000 | 311,683,000 |
Distributions in excess of cumulative earnings | (283,537,000) | (253,132,000) |
Total Stockholders' Equity | 106,641,000 | 127,491,000 |
Noncontrolling Interests | ||
Operating Partnership units | 13,531,000 | 19,331,000 |
Partially owned properties | 26,456,000 | 28,839,000 |
Total Noncontrolling Interests | 39,987,000 | 48,170,000 |
Total Equity | 146,628,000 | 175,661,000 |
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | 2,442,219,000 | 2,340,697,000 |
Preferred Stock [Member] | ||
Stockholders' Equity | ||
Preferred Stock Value | 0 | 0 |
Class A Common Stock [Member] | ||
Stockholders' Equity | ||
Common Stock Value | 246,000 | 234,000 |
Noncontrolling Interests | ||
Total Equity | 246,000 | 234,000 |
Class C Common Stock [Member] | ||
Stockholders' Equity | ||
Common Stock Value | 1,000 | 1,000 |
Noncontrolling Interests | ||
Total Equity | 1,000 | 1,000 |
Cumulative Redeemable Preferred Stock | Series A [Member] | ||
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | ||
Redeemable Preferred Stock | 102,656,000 | 140,355,000 |
Cumulative Redeemable Preferred Stock | Series C [Member] | ||
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | ||
Redeemable Preferred Stock | 56,373,000 | 56,797,000 |
Cumulative Redeemable Preferred Stock | Series D [Member] | ||
Stockholders' Equity | ||
Preferred Stock Value | 66,867,000 | 68,705,000 |
Redeemable Preferred Stock [Member] | Series B [Member] | ||
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | ||
Redeemable Preferred Stock | 469,538,000 | 480,921,000 |
Redeemable Preferred Stock [Member] | Series T | ||
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | ||
Redeemable Preferred Stock | $ 150,823,000 | $ 388,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 197,900,000 | 197,900,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Redeemable Preferred Stock [Member] | Series B [Member] | ||
Preferred Stock, Dividend Rate, Percentage | 6.00% | 6.00% |
Temporary Equity, Liquidation Preference Per Share | $ 1,000 | $ 1,000 |
Temporary Equity, Shares Authorized | 1,225,000 | 1,225,000 |
Temporary Equity, Shares Issued | 516,100 | 536,695 |
Temporary Equity, Shares Outstanding | 516,100 | 536,695 |
Redeemable Preferred Stock [Member] | Series T | ||
Preferred Stock, Dividend Rate, Percentage | 6.15% | 6.15% |
Temporary Equity, Liquidation Preference Per Share | $ 25 | $ 25 |
Temporary Equity, Shares Authorized | 32,000,000 | 32,000,000 |
Temporary Equity, Shares Issued | 6,671,458 | 17,400 |
Temporary Equity, Shares Outstanding | 6,671,458 | 17,400 |
Cumulative Redeemable Preferred Stock | Series A [Member] | ||
Preferred Stock, Dividend Rate, Percentage | 8.25% | 8.25% |
Temporary Equity, Liquidation Preference Per Share | $ 25 | $ 25 |
Temporary Equity, Shares Authorized | 10,875,000 | 10,875,000 |
Temporary Equity, Shares Issued | 5,558,392 | 5,721,460 |
Temporary Equity, Shares Outstanding | 5,558,392 | 5,721,460 |
Cumulative Redeemable Preferred Stock | Series C [Member] | ||
Preferred Stock, Dividend Rate, Percentage | 7.625% | 7.625% |
Temporary Equity, Liquidation Preference Per Share | $ 25 | $ 25 |
Temporary Equity, Shares Authorized | 4,000,000 | 4,000,000 |
Temporary Equity, Shares Issued | 2,295,845 | 2,323,750 |
Temporary Equity, Shares Outstanding | 2,295,845 | 2,323,750 |
Cumulative Redeemable Preferred Stock | Series D [Member] | ||
Preferred Stock, Liquidation Preference Per Share | $ 25 | $ 25 |
Preferred Stock, Shares Authorized | 4,000,000 | 4,000,000 |
Preferred Stock, Shares Issued | 2,774,338 | 2,850,602 |
Preferred Stock, Shares Outstanding | 2,774,338 | 2,850,602 |
Preferred Stock, Dividend Rate, Percentage | 7.125% | 7.125% |
Class A Common Stock [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 747,509,582 | 747,509,582 |
Common stock, shares issued | 24,589,389 | 23,422,557 |
Common stock, shares outstanding | 24,589,389 | 23,422,557 |
Class C Common Stock [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 76,603 | 76,603 |
Common stock, shares issued | 76,603 | 76,603 |
Common stock, shares outstanding | 76,603 | 76,603 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues | ||||
Rental and other property revenues | $ 48,666 | $ 47,422 | $ 146,713 | $ 139,575 |
Interest income from mezzanine loan and ground lease investments | 5,923 | 6,125 | 17,149 | 17,874 |
Total revenues | 54,589 | 53,547 | 163,862 | 157,449 |
Expenses | ||||
Property operating | 19,571 | 19,377 | 57,441 | 56,847 |
Property management fees | 1,231 | 1,256 | 3,719 | 3,707 |
General and administrative | 5,901 | 6,259 | 17,575 | 16,933 |
Acquisition and pursuit costs | 2,242 | 217 | 3,933 | 346 |
Weather-related losses, net | 0 | 57 | 0 | 347 |
Depreciation and amortization | 19,216 | 17,643 | 60,206 | 51,097 |
Total expenses | 48,161 | 44,809 | 142,874 | 129,277 |
Operating income | 6,428 | 8,738 | 20,988 | 28,172 |
Other income (expense) | ||||
Other income | 60 | 0 | 119 | 0 |
Preferred returns on unconsolidated real estate joint ventures | 2,963 | 2,316 | 8,213 | 7,097 |
Gain on sale of real estate investments | 0 | 48,680 | 58,096 | 48,680 |
Gain on sale of non-depreciable real estate investments | 0 | 0 | 0 | 679 |
Loss on extinguishment of debt and debt modification costs | 0 | (6,924) | (13,985) | (6,924) |
Interest expense, net | (13,520) | (14,635) | (42,294) | (45,826) |
Total other (expense) income | (10,497) | 29,437 | 10,149 | 3,706 |
Net (loss) income | (4,069) | 38,175 | 31,137 | 31,878 |
Preferred stock dividends | (15,003) | (11,887) | (42,787) | (33,291) |
Preferred stock accretion | (4,451) | (2,717) | (11,978) | (6,920) |
Net (loss) income attributable to noncontrolling interests | ||||
Operating Partnership units | (6,270) | 6,191 | (6,679) | (1,747) |
Partially-owned properties | (195) | 220 | 1,512 | (662) |
Net (loss) income attributable to noncontrolling interests | (6,465) | 6,411 | (5,167) | (2,409) |
Net (loss) income attributable to common stockholders | $ (17,058) | $ 17,160 | $ (18,461) | $ (5,924) |
Net (loss) income per common share - Basic | $ (0.71) | $ 0.76 | $ (0.80) | $ (0.29) |
Net (loss) income per common share - Diluted | $ (0.71) | $ 0.75 | $ (0.80) | $ (0.29) |
Weighted average basic common shares outstanding | 24,566,196 | 22,320,710 | 24,321,282 | 22,622,040 |
Weighted average diluted common shares outstanding | 24,566,196 | 22,669,188 | 24,321,282 | 22,622,040 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) | Additional Paid-in Capital [Member] | Cumulative Distributions [Member] | Net (Loss) income to Common Stockholders [Member] | Noncontrolling Interests [Member] | Class A Common Stock [Member] | Class C Common Stock [Member] | Series D Preferred Stock [Member] | Total |
Balance at Dec. 31, 2018 | $ 307,938,000 | $ (187,910,000) | $ (30,621,000) | $ 56,597,000 | $ 233,000 | $ 1,000 | $ 68,705,000 | $ 214,943,000 |
Balance (in shares) at Dec. 31, 2018 | 23,322,211 | 76,603 | 2,850,602 | |||||
Issuance of Class A common stock, net | 21,000 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | 21,000 |
Issuance of Class A common stock, net (in shares) | 1,970 | 0 | 0 | |||||
Issuance of Class A common stock due to Series B warrants exercise | 305,000 | 0 | 0 | 0 | $ 1,000 | $ 0 | $ 0 | 306,000 |
Issuance of Class A common stock due to Series B warrants exercise (in shares) | 28,793 | 0 | 0 | |||||
Repurchase of Class A common stock | (13,391,000) | 0 | 0 | 0 | $ (13,000) | $ 0 | $ 0 | (13,404,000) |
Repurchase of Class A common stock (in shares) | (1,255,445) | 0 | 0 | |||||
Issuance of restricted Class A common stock | 294,000 | 0 | 0 | 0 | $ 1,000 | $ 0 | $ 0 | 295,000 |
Issuance of restricted Class A common stock (in shares) | 90,694 | 0 | 0 | |||||
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation | 0 | 0 | 0 | 282,000 | $ 0 | $ 0 | $ 0 | 282,000 |
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation (in shares) | 0 | 0 | 0 | |||||
Vesting of LTIP Units for compensation | 0 | 0 | 0 | 3,951,000 | $ 0 | $ 0 | $ 0 | 3,951,000 |
Issuance of LTIP units for expense reimbursements | 0 | 0 | 0 | 1,327,000 | 0 | 0 | 0 | 1,327,000 |
Issuance of Series B warrants | 2,981,000 | 0 | 0 | 0 | 0 | 0 | 0 | 2,981,000 |
Common stock distributions declared | 0 | (11,022,000) | 0 | 0 | 0 | 0 | 0 | (11,022,000) |
Series A Preferred Stock distributions declared | 0 | (8,850,000) | 0 | 0 | 0 | 0 | 0 | (8,850,000) |
Series A Preferred Stock accretion | 0 | (598,000) | 0 | 0 | 0 | 0 | 0 | (598,000) |
Series B Preferred Stock distributions declared | 0 | (17,313,000) | 0 | 0 | 0 | 0 | 0 | (17,313,000) |
Series B Preferred Stock accretion | 0 | (6,092,000) | 0 | 0 | 0 | 0 | 0 | (6,092,000) |
Series C Preferred Stock distributions declared | 0 | (3,321,000) | 0 | 0 | 0 | 0 | 0 | (3,321,000) |
Series C Preferred Stock accretion | 0 | (230,000) | 0 | 0 | 0 | 0 | 0 | (230,000) |
Series D Preferred Stock distributions declared | 0 | (3,807,000) | 0 | 0 | 0 | 0 | 0 | (3,807,000) |
Miscellaneous offering costs | (222,000) | 0 | 0 | 0 | 0 | 0 | 0 | (222,000) |
Distributions to Operating Partnership noncontrolling interests | 0 | 0 | 0 | (4,288,000) | 0 | 0 | 0 | (4,288,000) |
Distributions to partially owned noncontrolling interests | 0 | 0 | 0 | (3,458,000) | 0 | 0 | 0 | (3,458,000) |
Redemption of Operating Partnership Units | (15,000) | 0 | 0 | (10,000) | 0 | 0 | 0 | (25,000) |
Redemption of Series B Preferred Stock and conversion into Class A common stock | 2,319,000 | 0 | 0 | 0 | $ 2,000 | $ 0 | $ 0 | 2,321,000 |
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 193,837 | 0 | 0 | |||||
Cash redemption of Series B Preferred Stock | 13,000 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | 13,000 |
Series B warrant exercise, net | (76,000) | 0 | 0 | 0 | 0 | 0 | 0 | (76,000) |
Acquisition of noncontrolling interest | (6,529,000) | 0 | 0 | (2,390,000) | 0 | 0 | 0 | (8,919,000) |
Adjustment for noncontrolling interest ownership in Operating Partnership | 5,869,000 | 0 | 0 | (5,869,000) | 0 | 0 | 0 | 0 |
Net income (loss) | 0 | 0 | 34,287,000 | (2,409,000) | 0 | 0 | 0 | 31,878,000 |
Balance at Sep. 30, 2019 | 299,507,000 | (239,143,000) | 3,666,000 | 43,733,000 | $ 224,000 | $ 1,000 | $ 68,705,000 | 176,693,000 |
Balance (in shares) at Sep. 30, 2019 | 22,382,060 | 76,603 | 2,850,602 | |||||
Balance at Dec. 31, 2018 | 307,938,000 | (187,910,000) | (30,621,000) | 56,597,000 | $ 233,000 | $ 1,000 | $ 68,705,000 | 214,943,000 |
Balance (in shares) at Dec. 31, 2018 | 23,322,211 | 76,603 | 2,850,602 | |||||
Balance at Dec. 31, 2019 | 311,683,000 | (259,254,000) | 6,122,000 | 48,170,000 | $ 234,000 | $ 1,000 | $ 68,705,000 | 175,661,000 |
Balance (in shares) at Dec. 31, 2019 | 23,422,557 | 76,603 | 2,850,602 | |||||
Balance at Jun. 30, 2019 | 295,444,000 | (220,890,000) | (28,098,000) | 40,391,000 | $ 223,000 | $ 1,000 | $ 68,705,000 | 155,776,000 |
Balance (in shares) at Jun. 30, 2019 | 22,294,327 | 76,603 | 2,850,602 | |||||
Issuance of Class A common stock, net | 6,000 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | 6,000 |
Issuance of Class A common stock, net (in shares) | 525 | 0 | 0 | |||||
Issuance of Class A common stock due to Series B warrants exercise | 264,000 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | 264,000 |
Issuance of Class A common stock due to Series B warrants exercise (in shares) | 24,913 | 0 | 0 | |||||
Issuance of restricted Class A common stock | 147,000 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | 147,000 |
Issuance of restricted Class A common stock (in shares) | 0 | 0 | 0 | |||||
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation | 0 | 0 | 0 | 35,000 | $ 0 | $ 0 | $ 0 | 35,000 |
Vesting of LTIP Units for compensation | 0 | 0 | 0 | 1,341,000 | 0 | 0 | 0 | 1,341,000 |
Issuance of LTIP units for expense reimbursements | 0 | 0 | 0 | 528,000 | 0 | 0 | 0 | 528,000 |
Issuance of Series B warrants | 1,116,000 | 0 | 0 | 0 | 0 | 0 | 0 | 1,116,000 |
Common stock distributions declared | 0 | (3,648,000) | 0 | 0 | 0 | 0 | 0 | (3,648,000) |
Series A Preferred Stock distributions declared | 0 | (2,950,000) | 0 | 0 | 0 | 0 | 0 | (2,950,000) |
Series A Preferred Stock accretion | 0 | (231,000) | 0 | 0 | 0 | 0 | 0 | (231,000) |
Series B Preferred Stock distributions declared | 0 | (6,562,000) | 0 | 0 | 0 | 0 | 0 | (6,562,000) |
Series B Preferred Stock accretion | 0 | (2,397,000) | 0 | 0 | 0 | 0 | 0 | (2,397,000) |
Series C Preferred Stock distributions declared | 0 | (1,107,000) | 0 | 0 | 0 | 0 | 0 | (1,107,000) |
Series C Preferred Stock accretion | 0 | (89,000) | 0 | 0 | 0 | 0 | 0 | (89,000) |
Series D Preferred Stock distributions declared | 0 | (1,269,000) | 0 | 0 | 0 | 0 | 0 | (1,269,000) |
Distributions to Operating Partnership noncontrolling interests | 0 | 0 | 0 | (1,437,000) | 0 | 0 | 0 | (1,437,000) |
Distributions to partially owned noncontrolling interests | 0 | 0 | 0 | (2,732,000) | 0 | 0 | 0 | (2,732,000) |
Redemption of Series B Preferred Stock and conversion into Class A common stock | 797,000 | 0 | 0 | 0 | $ 1,000 | 0 | 0 | 798,000 |
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 62,295 | |||||||
Cash redemption of Series B Preferred Stock | 7,000 | 0 | 0 | 0 | $ 0 | 0 | 0 | 7,000 |
Series B warrant exercise, net | (50,000) | 0 | 0 | 0 | 0 | 0 | 0 | (50,000) |
Acquisition of noncontrolling interest | 972,000 | 0 | 0 | 0 | 0 | 0 | 0 | 972,000 |
Adjustment for noncontrolling interest ownership in Operating Partnership | 804,000 | 0 | 0 | (804,000) | 0 | 0 | 0 | 0 |
Net income (loss) | 0 | 0 | 31,764,000 | 6,411,000 | 0 | 0 | 0 | 38,175,000 |
Balance at Sep. 30, 2019 | 299,507,000 | (239,143,000) | 3,666,000 | 43,733,000 | $ 224,000 | $ 1,000 | $ 68,705,000 | 176,693,000 |
Balance (in shares) at Sep. 30, 2019 | 22,382,060 | 76,603 | 2,850,602 | |||||
Balance at Dec. 31, 2019 | 311,683,000 | (259,254,000) | 6,122,000 | 48,170,000 | $ 234,000 | $ 1,000 | $ 68,705,000 | 175,661,000 |
Balance (in shares) at Dec. 31, 2019 | 23,422,557 | 76,603 | 2,850,602 | |||||
Issuance of Class A common stock, net | 1,982,000 | 0 | 0 | 0 | $ 2,000 | $ 0 | $ 0 | 1,984,000 |
Issuance of Class A common stock, net (in shares) | 170,462 | 0 | 0 | |||||
Issuance of Class A common stock due to Series B warrants exercise | 121,000 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | 121,000 |
Issuance of Class A common stock due to Series B warrants exercise (in shares) | 11,172 | 0 | 0 | |||||
Company redemption of Series A Preferred Stock | 0 | (468,000) | 0 | 0 | $ 0 | $ 0 | $ 0 | (468,000) |
Issuance of Class A common stock for executive salaries | 147,000 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | 147,000 |
Issuance of Class A common stock for executive salaries (in shares) | 25,174 | 0 | 0 | |||||
Repurchase of Class A common stock | (12,353,000) | 0 | 0 | 0 | $ (11,000) | $ 0 | $ 0 | (12,364,000) |
Repurchase of Class A common stock (in shares) | (1,131,867) | 0 | 0 | |||||
Repurchase of Series A, Series C and/or Series D Preferred Stock | 511,000 | 0 | 0 | 0 | $ 0 | $ 0 | $ (1,838,000) | (1,327,000) |
Repurchase of Series A, Series C and/or Series D Preferred Stock (In shares) | 0 | 0 | (76,264) | |||||
Issuance of restricted Class A common stock, net of shares withheld for employee taxes | $ 350,000 | $ 0 | $ 0 | $ 0 | $ 1,000 | $ 0 | $ 0 | $ 351,000 |
Issuance of restricted Class A common stock, net of shares withheld for employee taxes (in shares) | 78,865 | 0 | 0 | |||||
Issuance of long-term incentive plan units ("LTIP Units") for executive bonuses | 0 | 0 | 0 | 2,034,000 | 0 | 0 | 0 | 2,034,000 |
Issuance of Long-Term Incentive Plan ("LTIP") units for director compensation | $ 0 | $ 0 | $ 0 | $ 343,000 | $ 0 | $ 0 | $ 0 | $ 343,000 |
Vesting of LTIP Units for compensation | 0 | 0 | 0 | 5,026,000 | 0 | 0 | 0 | 5,026,000 |
Issuance of LTIP Units for expense and capitalized cost reimbursements | 0 | 0 | 0 | 1,357,000 | 0 | 0 | 0 | 1,357,000 |
Issuance of LTIP Units for executive salaries | 0 | 0 | 0 | 325,000 | 0 | 0 | 0 | 325,000 |
Contributions from noncontrolling interests | 0 | 0 | 0 | 1,000,000 | 0 | 0 | 0 | 1,000,000 |
Common stock distributions declared | 0 | (11,944,000) | 0 | 0 | 0 | 0 | 0 | (11,944,000) |
Series A Preferred Stock distributions declared | 0 | (8,696,000) | 0 | 0 | 0 | 0 | 0 | (8,696,000) |
Series A Preferred Stock accretion | 0 | (744,000) | 0 | 0 | 0 | 0 | 0 | (744,000) |
Series B Preferred Stock distributions declared | 0 | (23,359,000) | 0 | 0 | 0 | 0 | 0 | (23,359,000) |
Series B Preferred Stock accretion | 0 | (9,166,000) | 0 | 0 | 0 | 0 | 0 | (9,166,000) |
Series C Preferred Stock distributions declared | 0 | (3,304,000) | 0 | 0 | 0 | 0 | 0 | (3,304,000) |
Series C Preferred Stock accretion | 0 | (274,000) | 0 | 0 | 0 | 0 | 0 | (274,000) |
Series D Preferred Stock distributions declared | 0 | (3,750,000) | 0 | 0 | 0 | 0 | 0 | (3,750,000) |
Series T Preferred Stock distributions declared | 0 | 3,678,000 | 0 | 0 | 0 | 0 | 0 | 3,678,000 |
Series T Preferred Stock accretion | 0 | 1,326,000 | 0 | 0 | 0 | 0 | 0 | 1,326,000 |
Distributions to Operating Partnership noncontrolling interests | 0 | 0 | 0 | (4,927,000) | 0 | 0 | 0 | (4,927,000) |
Distributions to partially owned noncontrolling interests | 0 | 0 | 0 | (4,120,000) | 0 | 0 | 0 | (4,120,000) |
Conversion of Operating Partnership Units ('OP Units") into Class A common stock | 131,000 | 0 | 0 | (132,000) | $ 1,000 | $ 0 | $ 0 | 0 |
Conversion of Operating Partnership Units ('OP Units") into Class A common stock (in shares) | 69,713 | 0 | 0 | |||||
Holder redemption of Series T Preferred Stock and conversion into Class A common stock | 78,000 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | 78,000 |
Holder redemption of Series T Preferred Stock and conversion into Class A common stock (in shares) | 12,633 | 0 | 0 | |||||
Holder redemption of Series B Preferred Stock and conversion into Class A common stock | 4,377,000 | 0 | 0 | 0 | $ 6,000 | $ 0 | $ 0 | 4,383,000 |
Holder redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 596,179 | 0 | 0 | |||||
Company redemption of Series B Preferred Stock and conversion into Class A common stock | 15,779,000 | 0 | 0 | 0 | $ 13,000 | $ 0 | $ 0 | 15,792,000 |
Company redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 1,334,501 | 0 | 0 | |||||
Cash redemption of Series B Preferred Stock | 8,000 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | 8,000 |
Series B warrant exercise, net | (21,000) | 0 | 0 | 0 | 0 | 0 | 0 | (21,000) |
Transfer of noncontrolling interest to controlling interest | 0 | 0 | 0 | (775,000) | 0 | 0 | 0 | (775,000) |
Acquisition of noncontrolling interest | (2,876,000) | 0 | 0 | 0 | 0 | 0 | 0 | (2,876,000) |
Adjustment for noncontrolling interest ownership in Operating Partnership | 3,147,000 | 0 | 0 | (3,147,000) | 0 | 0 | 0 | 0 |
Net income (loss) | 0 | 0 | 36,304,000 | (5,167,000) | 0 | 0 | 0 | 31,137,000 |
Balance at Sep. 30, 2020 | 323,064,000 | (325,963,000) | 42,426,000 | 39,987,000 | $ 246,000 | $ 1,000 | $ 66,867,000 | 146,628,000 |
Balance (in shares) at Sep. 30, 2020 | 24,589,389 | 76,603 | 2,774,338 | |||||
Balance at Jun. 30, 2020 | 321,973,000 | (302,485,000) | 40,030,000 | 46,075,000 | $ 246,000 | $ 1,000 | $ 66,867,000 | 172,707,000 |
Balance (in shares) at Jun. 30, 2020 | 24,605,585 | 76,603 | 2,774,338 | |||||
Issuance of Class A common stock, net | 10,000 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | 10,000 |
Issuance of Class A common stock, net (in shares) | 1,207 | 0 | 0 | |||||
Company redemption of Series A Preferred Stock | 0 | (468,000) | 0 | 0 | $ 0 | $ 0 | $ 0 | (468,000) |
Repurchase of Class A common stock | (756,000) | 0 | 0 | 0 | $ (1,000) | $ 0 | $ 0 | (757,000) |
Repurchase of Class A common stock (in shares) | (103,574) | 0 | 0 | |||||
Vesting of LTIP Units for compensation | 0 | 0 | 0 | 1,798,000 | $ 0 | $ 0 | $ 0 | 1,798,000 |
Vesting of restricted Class A common stock | 129,000 | 0 | 0 | 0 | 0 | 0 | 0 | 129,000 |
Issuance of LTIP Units for expense and capitalized cost reimbursements | 0 | 0 | 0 | 414,000 | 0 | 0 | 0 | 414,000 |
Issuance of LTIP Units for executive salaries | 0 | 0 | 0 | 163,000 | 0 | 0 | 0 | 163,000 |
Contributions from noncontrolling interests | 0 | 0 | 0 | 1,000,000 | 0 | 0 | 0 | 1,000,000 |
Common stock distributions declared | 0 | (4,024,000) | 0 | 0 | 0 | 0 | 0 | (4,024,000) |
Series A Preferred Stock distributions declared | 0 | (2,866,000) | 0 | 0 | 0 | 0 | 0 | (2,866,000) |
Series A Preferred Stock accretion | 0 | (243,000) | 0 | 0 | 0 | 0 | 0 | (243,000) |
Series B Preferred Stock distributions declared | 0 | (7,745,000) | 0 | 0 | 0 | 0 | 0 | (7,745,000) |
Series B Preferred Stock accretion | 0 | (2,939,000) | 0 | 0 | 0 | 0 | 0 | (2,939,000) |
Series C Preferred Stock distributions declared | 0 | (1,094,000) | 0 | 0 | 0 | 0 | 0 | (1,094,000) |
Series C Preferred Stock accretion | 0 | (94,000) | 0 | 0 | 0 | 0 | 0 | (94,000) |
Series D Preferred Stock distributions declared | 0 | (1,236,000) | 0 | 0 | 0 | 0 | 0 | (1,236,000) |
Series T Preferred Stock distributions declared | 0 | (2,062,000) | 0 | 0 | 0 | 0 | 0 | (2,062,000) |
Series T Preferred Stock accretion | 0 | (707,000) | 0 | 0 | 0 | 0 | 0 | (707,000) |
Distributions to Operating Partnership noncontrolling interests | 0 | 0 | 0 | (1,675,000) | 0 | 0 | 0 | (1,675,000) |
Distributions to partially owned noncontrolling interests | 0 | 0 | 0 | (294,000) | 0 | 0 | 0 | (294,000) |
Holder redemption of Series T Preferred Stock and conversion into Class A common stock | 42,000 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | 42,000 |
Holder redemption of Series T Preferred Stock and conversion into Class A common stock (in shares) | 5,134 | 0 | 0 | |||||
Holder redemption of Series B Preferred Stock and conversion into Class A common stock | 637,000 | 0 | 0 | 0 | $ 1,000 | $ 0 | $ 0 | 638,000 |
Holder redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 81,037 | 0 | 0 | |||||
Adjustment for noncontrolling interest ownership in Operating Partnership | 1,029,000 | 0 | 0 | (1,029,000) | $ 0 | $ 0 | $ 0 | 0 |
Net income (loss) | 0 | 0 | 2,396,000 | (6,465,000) | 0 | 0 | 0 | (4,069,000) |
Balance at Sep. 30, 2020 | $ 323,064,000 | $ (325,963,000) | $ 42,426,000 | $ 39,987,000 | $ 246,000 | $ 1,000 | $ 66,867,000 | $ 146,628,000 |
Balance (in shares) at Sep. 30, 2020 | 24,589,389 | 76,603 | 2,774,338 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Cash flows from operating activities | |||||
Net income | $ (4,069) | $ 38,175 | $ 31,137 | $ 31,878 | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||
Depreciation and amortization | 62,882 | 53,806 | |||
Amortization of fair value adjustments | (277) | (285) | |||
Preferred returns on unconsolidated real estate joint ventures | (2,963) | (2,316) | (8,213) | (7,097) | |
Gain on sale of real estate investments | 0 | (48,680) | (58,096) | (48,680) | |
Gain on sale of non-depreciable real estate investments | 0 | 0 | 0 | (679) | |
Fair value adjustment of interest rate caps | (75) | 2,501 | |||
Loss on extinguishment of debt | 13,985 | 6,924 | |||
Distributions of income and preferred returns from preferred equity investments and unconsolidated real estate joint ventures | 10,295 | 6,201 | |||
Share-based compensation attributable to equity incentive plan | 5,369 | 4,233 | |||
Share-based compensation attributable to executive salaries | 472 | 0 | |||
Share-based compensation attributable to restricted stock grants | 398 | 295 | |||
Share-based expense and capitalized cost reimbursements to BRE - LTIP Units | 1,357 | 1,327 | |||
Changes in operating assets and liabilities: | |||||
Due from affiliates, net | 2,466 | 771 | |||
Accounts receivable, prepaids and other assets | (11,964) | (2,568) | |||
Notes and accrued interest receivable | 68 | (80) | |||
Accounts payable and other accrued liabilities | 12,127 | 2,633 | |||
Net cash provided by operating activities | 61,931 | 51,180 | |||
Cash flows from investing activities: | |||||
Acquisitions of real estate investments | (144,703) | (306,115) | |||
Capital expenditures | (12,253) | (15,859) | |||
Investment in notes receivable | (37,936) | (16,097) | |||
Repayments on notes receivable | 29,000 | 0 | |||
Proceeds from sale of real estate investments | 158,448 | 313,785 | |||
Proceeds from sale and redemption of unconsolidated real estate joint ventures | 35,542 | 17,432 | |||
Purchase of interests from noncontrolling interests | (3,651) | (9,891) | |||
Investment in unconsolidated real estate joint venture interests | (18,330) | (33,796) | |||
Net cash provided by (used in) investing activities | 6,117 | (50,541) | |||
Cash flows from financing activities: | |||||
Distributions to common stockholders | (11,748) | (11,203) | |||
Distributions to noncontrolling interests | (8,462) | (7,459) | |||
Distributions to preferred stockholders | (42,144) | (32,522) | |||
Contributions from noncontrolling interests | 1,000 | 0 | |||
Borrowings on mortgages payable | 95,245 | 297,388 | |||
Repayments on mortgages payable including prepayment penalties | (137,263) | (254,684) | |||
Proceeds from credit facilities | 276,189 | 93,500 | |||
Repayments on credit facilities | (294,189) | (175,707) | |||
Payments of deferred financing fees | (3,253) | (2,598) | |||
Miscellaneous offering costs | 0 | (222) | |||
Net proceeds from issuance of Class A common stock | 1,984 | 21 | |||
Repurchase of Class A common stock | (12,364) | (13,404) | |||
Shares withheld for employee taxes upon vesting of awards | (47) | 0 | |||
Repurchase of Series A, Series C and/or Series D Preferred Stock | (6,103) | 0 | |||
Payments to redeem Operating Partnership Units | 0 | (25) | |||
Net cash provided by financing activities | 7,764 | 32,447 | |||
Net increase in cash, cash equivalents and restricted cash | 75,812 | 33,086 | |||
Cash, cash equivalents and restricted cash, beginning of year | 50,768 | 52,244 | $ 52,244 | ||
Cash, cash equivalents and restricted cash, end of period | $ 126,580 | $ 85,330 | 126,580 | 85,330 | $ 50,768 |
Supplemental disclosure of cash flow information | |||||
Cash paid for interest (net of interest capitalized) | 40,173 | 41,414 | |||
Supplemental disclosure of non-cash investing and financing activities | |||||
Distributions payable - declared and unpaid | 14,964 | 12,948 | |||
Mortgage assumed upon property acquisition | 30,997 | 0 | |||
Capital expenditures held in accounts payable and other accrued liabilities | (568) | (1,016) | |||
Series B Preferred Stock [Member] | |||||
Cash flows from financing activities: | |||||
Net proceeds from issuance of Redeemable Preferred Stock | 0 | 136,327 | |||
Retirement of Redeemable Preferred Stock | (290) | 0 | |||
Net proceeds from issuance of Warrants associated with the Series B Redeemable Preferred Stock | 0 | 2,981 | |||
Net proceeds from exercise of Warrants associated with the Series B Redeemable Preferred Stock | 115 | 261 | |||
Payments to redeem 6.0% Series B Redeemable Preferred Stock | (93) | (207) | |||
Series T Preferred Stock [Member] | |||||
Cash flows from financing activities: | |||||
Net proceeds from issuance of Redeemable Preferred Stock | 149,219 | 0 | |||
Retirement of Redeemable Preferred Stock | $ (32) | $ 0 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) | 9 Months Ended |
Sep. 30, 2020 | |
Series T Preferred Stock [Member] | |
Preferred Stock, Dividend Rate, Percentage | 6.15% |
6.0% Redeemable Preferred Stock | |
Preferred Stock, Dividend Rate, Percentage | 6.00% |
Organization and Nature of Busi
Organization and Nature of Business | 9 Months Ended |
Sep. 30, 2020 | |
Organization and Nature of Business | |
Organization and Nature of Business | Note 1 – Organization and Nature of Business Bluerock Residential Growth REIT, Inc. (the “Company”) was incorporated as a Maryland corporation on July 25, 2008. The Company’s objective is to maximize long-term stockholder value by acquiring and developing well-located institutional-quality apartment properties in knowledge economy growth markets across the United States. The Company seeks to maximize returns through investments where it believes it can drive substantial growth in its core funds from operations and net asset value primarily through its Value-Add and Invest-to-Own investment strategies. As of September 30, 2020, the Company held investments in fifty-seven real estate properties, consisting of thirty-five consolidated operating properties and twenty-two properties through preferred equity, mezzanine loan or ground lease investments. Of the property interests held through preferred equity, mezzanine loan or ground lease investments, five are under development, three are in lease-up and fourteen properties are stabilized. The fifty-seven properties contain an aggregate of 17,216 units, comprised of 11,844 consolidated operating units and 5,372 units through preferred equity, mezzanine loan or ground lease investments. As of September 30, 2020, the Company’s consolidated operating properties were approximately 95.1% occupied. The Company has elected to be treated, and currently qualifies, as a real estate investment trust (“REIT”) for federal income tax purposes. As a REIT, the Company generally is not subject to corporate-level income taxes. To maintain its REIT status, the Company is required, among other requirements, to distribute annually at least 90% of its “REIT taxable income,” as defined by the Internal Revenue Code of 1986, as amended (the “Code”), to the Company’s stockholders. If the Company fails to qualify as a REIT in any taxable year, it would be subject to federal income tax on its taxable income at regular corporate tax rates. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Basis of Presentation and Summary of Significant Accounting Policies | |
Basis of Presentation and Summary of Significant Accounting Policies | Note 2 – Basis of Presentation and Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The Company operates as an umbrella partnership REIT in which Bluerock Residential Holdings, L.P. (its “Operating Partnership”), or the Operating Partnership’s wholly-owned subsidiaries, owns substantially all the property interests acquired and investments made on the Company’s behalf. As of September 30, 2020, limited partners other than the Company owned approximately 29.45% of the common units of the Operating Partnership (18.06% is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 11.39% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”), including 5.60% which are not vested at September 30, 2020). Because the Company is the sole general partner of the Operating Partnership and has unilateral control over its management and major operating decisions (even if additional limited partners are admitted to the Operating Partnership), the accounts of the Operating Partnership are consolidated in its consolidated financial statements. The Company also consolidates entities in which it controls more than 50% of the voting equity and in which control does not rest with other investors. Investments in real estate joint ventures in which the Company has the ability to exercise significant influence, but does not have financial or operating control, are accounted for using the equity method of accounting. These entities are reflected on the Company’s consolidated financial statements as “Preferred equity investments and investments in unconsolidated real estate joint ventures.” All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. The Company will consider future investments for consolidation in accordance with the provisions required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810: Consolidation. Certain amounts in prior year financial statement presentation have been reclassified to conform to the current period presentation. Significant Risks and Uncertainties At the present time, one of the most significant risks and uncertainties is the potential adverse effect of the current pandemic of the novel coronavirus (“COVID-19”). The Company’s tenants may experience financial difficulty due to the loss of their jobs and some have requested rent deferral or rent abatement during this pandemic. Experts have predicted that the outbreak will trigger, or has already triggered, a period of global economic slowdown or a global recession. The COVID-19 pandemic could have material and adverse effects on the Company’s financial condition, results of operations and cash flows in the near term due to, but not limited to, the following: ● reduced economic activity may impact the employment of the Company’s tenants and their ability to pay their obligations to the Company, thus requesting modifications of such obligations, resulting in increases in uncollectible receivables and reductions in rental income; ● the negative financial impact of the pandemic could impact the Company’s future compliance with financial covenants of its credit facilities and other debt agreements; ● weaker economic conditions could require that the Company recognize impairment in value of its real estate assets due to a reduction in property income; ● the Company’s inability to maintain occupancy or leasing rates, or increase these rates at stabilizing development properties, including due to possible reduced foot traffic and lease applications from prospective tenants at the Company’s properties as a result of shelter-in-place orders and similar government guidelines; and ● concentration of the Company’s properties in markets that may be more severely affected by the COVID-19 pandemic due to its significant negative impact on certain key economic drivers in those markets, such as travel and entertainment. The extent to which the COVID-19 pandemic impacts the Company’s operations and those of its tenants will depend on future developments, which are uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. As of September 30, 2020, the Company collected 97% of rents from its multifamily properties, including payment plans of 1%, for the three months ended September 30, 2020. The Company provided rent deferral payment plans as a result of hardships these tenants are experiencing due to the COVID-19 impact. Although the Company expects to continue to receive tenant requests for rent deferrals in the coming months, the Company does not expect to waive its contractual rights under its lease agreements. Further, while occupancy remains strong at 95.1% and the Company has received full interest payments and preferred returns from its mezzanine loan and preferred investments as of September 30, 2020, in future periods, the Company may experience reduced levels of tenant retention, reduced foot traffic and lease applications from prospective tenants, and reduced or interrupted payments on its mezzanine loan and preferred investments as a result of the impact of COVID-19. Summary of Significant Accounting Policies Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures The Company first analyzes an investment to determine if it is a variable interest entity (“VIE”) in accordance with Topic ASC 810 and, if so, whether the Company is the primary beneficiary requiring consolidation. A VIE is an entity that has (i) insufficient equity to permit it to finance its activities without additional subordinated financial support or (ii) equity holders that lack the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary, which is the entity that has both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the entity that potentially could be significant to the entity. Variable interests in a VIE are contractual, ownership, or other financial interests in a VIE that change in value with changes in the fair value of the VIE’s net assets. The Company continuously re-assesses at each level of the investment whether the entity is (i) a VIE, and (ii) if the Company is the primary beneficiary of the VIE. If it was determined that an entity in which the Company holds an interest qualified as a VIE and the Company was the primary beneficiary, the entity would be consolidated. If, after consideration of the VIE accounting literature, the Company has determined that an entity is not a VIE, the Company assesses the need for consolidation under all other provisions of ASC 810. These provisions provide for consolidation of majority-owned entities through a majority voting interest held by the Company providing control. In assessing whether the Company is in control of and requiring consolidation of the limited liability company and partnership venture structures, the Company evaluates the respective rights and privileges afforded each member or partner (collectively referred to as “member”). The Company’s member would not be deemed to control the entity if any of the other members have either (i) substantive kickout rights providing the ability to dissolve (liquidate) the entity or otherwise remove the managing member or general partner without cause or (ii) has substantive participating rights in the entity. Substantive participating rights (whether granted by contract or law) provide for the ability to effectively participate in significant decisions of the entity that would be expected to be made in the ordinary course of business. If it has been determined that the Company does not have control but does have the ability to exercise significant influence over the entity, the Company accounts for these unconsolidated investments under the equity method of accounting. The equity method of accounting requires these investments to be initially recorded at cost and subsequently increased (decreased) for the Company’s share of net income (loss), including eliminations for the Company’s share of intercompany transactions, and increased (decreased) for contributions (distributions). The Company’s share of the results of operations of these investments is reflected in the Company’s earnings or losses. Financial Instrument Fair Value Disclosures As of September 30, 2020 and December 31, 2019, the carrying values of cash and cash equivalents, accounts receivable, due to and due from affiliates, accounts payable, accrued liabilities, and distributions payable approximate their fair value based on their highly-liquid nature and/or short-term maturities. The carrying values of notes receivable approximate fair value because stated interest rate terms are consistent with interest rate terms on new deals with similar leverage and risk profiles. Refer to Note 10 for further information regarding fair value measurements. Lessor Accounting The Company’s current portfolio is focused predominately on apartment properties whereby the Company generates rental revenue by leasing apartments to residents in its communities. As lease revenues for apartments fall under the scope of ASC Topic 842, such lease revenues are classified as operating leases with straight-line recognition over the terms of the relevant lease agreement and inclusion within rental revenue. Resident leases are generally for one-year or month-to-month terms and are renewable by mutual agreement between the Company and the resident. Non-lease components of the Company’s apartment leases are combined with the related lease component and accounted for as a single lease component under ASC Topic 842. The balances of net real estate investments and related depreciation on the Company’s consolidated financial statements relate to assets for which the Company is the lessor. Lessee Accounting The Company determines if an arrangement is a lease at inception. The Company is currently engaged in operating lease agreements that primarily relate to certain equipment leases. The Company determined that the lessee operating lease commitments have no material impact on its consolidated financial statements with the adoption of ASC Topic 842. The Company will continue to assess any modification of existing lease agreements and execution of any new lease agreements for the potential requirement of recording a right-of-use-asset or liability in the future. Interim Financial Information The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with GAAP for interim financial reporting, and the instructions to Form 10-Q and Article 10-1 of Regulation S-X. Accordingly, the financial statements for interim reporting do not include all the information and notes or disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for interim periods should not be considered indicative of the operating results for a full year. The balance sheet at December 31, 2019 has been derived from the audited financial statements at that date but does not include all the information and disclosures required by GAAP for complete financial statements. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in our audited consolidated financial statements for the year ended December 31, 2019 contained in the Annual Report on Form 10-K as filed with the Securities and Exchange Commission ("SEC") on February 24, 2020. Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Other than the adoption of new accounting pronouncements as described below, there have been no significant changes to the Company's accounting policies since it filed its audited consolidated financial statements in its Annual Report on Form 10-K for the year ended December 31, 2019. New Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update ("ASU”) No. 2016-13 "Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13"). ASU 2016-13 requires more timely recognition of credit losses associated with financial assets. While previous GAAP included multiple credit impairment objectives for instruments, the previous objectives generally delayed recognition of the full amount of credit losses until the loss was probable of occurring. The amendments in ASU 2016-13, whose scope is asset-based and not restricted to financial institutions, eliminate the probable initial recognition threshold in current GAAP and, instead, reflect an entity's current estimate of all expected credit losses. The amendments in ASU 2016-13 broaden the information that the Company must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss that will be more useful to users of the financial statements. In November 2018, the FASB issued ASU No. 2018-19 "Codification Improvements to Topic 326, Financial Instruments-Credit Losses" (“ASU 2018-19”). ASU 2018-19 clarifies that operating lease receivables are excluded from the scope of ASU 2016-13 and instead, impairment of operating lease receivables is to be accounted for under ASC Topic 842. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company adopted ASU 2016-13 as of January 1, 2020 and the adoption of the standard did not have a material impact on the Company’s consolidated financial statements. In April 2020, the FASB issued a Staff Question-and-Answer (“Q&A”) to clarify whether lease concessions related to the effects of COVID-19 require the application of the lease modification guidance under ASC Topic 842. The Q&A allows companies to not apply the lease modification guidance to rent concessions that result in deferred rent where the total cash flows required by the modified lease agreement are materially the same as the cash flows required under the original lease and the changes to the lease do not result in a substantial increase to the rights of the lessor or the obligations of the lessee. The Company adopted the guidance during the second quarter 2020 for eligible residential lease concessions. The lease concessions that met the criteria of the Q&A are treated as if they were part of the enforceable rights and obligations of the parties under the existing lease contract. The amount of rent concessions subject to the Q&A were not material and this adoption did not have a material impact on the Company's consolidated results of operations. In August 2020, the FASB issued ASU No. 2020-06 “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”). The guidance in ASU 2020-06 simplifies the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments in the ASU 2020-06 also simplify the guidance in ASC Subtopic 815-40, Derivatives and Hedging: Contracts in Entity’s Own Equity |
Sale of Real Estate Assets
Sale of Real Estate Assets | 9 Months Ended |
Sep. 30, 2020 | |
Sale of Real Estate Assets | |
Sale of Real Estate Assets | Note 3 – Sale of Real Estate Assets Sale of Helios On January 8, 2020, the underlying asset of an unconsolidated joint venture located in Atlanta, Georgia known as Helios was sold for approximately $65.6 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of existing mortgage indebtedness encumbering the property in the amount of $39.5 million and the payment of early extinguishment of debt costs, closing costs and fees, the Company’s pro rata share of the net proceeds was $22.7 million, which included payment for its original investment of $19.2 million and its additional investment of approximately $3.5 million. The Company also received a $0.3 million profit share distribution recorded as a gain on sale on the consolidated statements of operations. Sale of Whetstone Apartments On January 24, 2020, the Company, through a subsidiary of its Operating Partnership, closed on the sale of Whetstone Apartments located in Durham, North Carolina for approximately $46.5 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of existing mortgage indebtedness encumbering the property in the amount of $25.4 million and the payment of early extinguishment of debt costs, closing costs and fees, the Company’s net proceeds were $19.6 million, which included payment for its original investment of $12.9 million, its accrued preferred return of $2.7 million and its additional investment of approximately $4.0 million. Sale of Ashton Reserve On April 14, 2020, the Company closed on the sale of the Ashton Reserve properties, located in Charlotte, North Carolina, pursuant to the terms and conditions of two separate purchase and sales agreements. The properties were sold for approximately $84.6 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of the existing mortgage indebtedness encumbering the properties in the amount of $45.4 million, the payment of early extinguishment of debt costs of $7.1 million and payment of closing costs and fees of $0.8 million, the sale of the properties generated net proceeds of approximately $31.2 million and a gain on sale of approximately $26.5 million. Sale of Marquis at TPC On April 17, 2020, the Company closed on the sale of Marquis at TPC, located in San Antonio, Texas. The property was sold for $22.5 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of the existing mortgage indebtedness encumbering the property in the amount of $16.3 million, the sale of the property generated net proceeds of approximately $5.9 million and a gain on sale of approximately $3.2 million, of which the Company’s pro rata share of the proceeds was approximately $5.3 million and pro rata share of the gain was approximately $2.8 million. Sale of Enders Place at Baldwin Park On April 21, 2020, the Company closed on the sale of Enders Place at Baldwin Park, located in Orlando, Florida. The property was sold for approximately $53.2 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of the existing mortgage indebtedness encumbering the property in the amount of $23.2 million, the payment of early extinguishment of debt costs of $2.2 million and payment of closing costs and fees of $0.9 million, the sale of the property generated net proceeds of approximately $26.1 million and a gain on sale of approximately $28.2 million, of which the Company’s pro rata share of the proceeds was approximately $24.0 million and pro rata share of the gain was approximately $26.0 million. |
Investments in Real Estate
Investments in Real Estate | 9 Months Ended |
Sep. 30, 2020 | |
Investments in Real Estate | |
Investments in Real Estate | Note 4 – Investments in Real Estate As of September 30, 2020, the Company held investments in thirty-five consolidated operating properties and twenty-two development properties through preferred equity, mezzanine loan or ground lease investments. The following tables provide summary information regarding the Company’s consolidated operating properties and preferred equity, mezzanine loan and ground lease investments, which are either consolidated or accounted for under the equity method of accounting. Consolidated Operating Properties Number of Date Built / Ownership Multifamily Community Name Location Units Renovated (1) Interest ARIUM Glenridge Atlanta, GA 480 1990 90 % ARIUM Grandewood Orlando, FL 306 2005 100 % ARIUM Hunter’s Creek Orlando, FL 532 1999 100 % ARIUM Metrowest Orlando, FL 510 2001 100 % ARIUM Westside Atlanta, GA 336 2008 90 % Ashford Belmar Lakewood, CO 512 1988/1993 85 % Avenue 25 Phoenix, AZ 254 2013 100 % Cade Boca Raton Boca Raton, FL 90 2019 81 % Chattahoochee Ridge Atlanta, GA 358 1996 90 % Chevy Chase Austin, TX 320 1971 92 % Citrus Tower Orlando, FL 336 2006 97 % Denim Scottsdale, AZ 645 1979 100 % Element Las Vegas, NV 200 1995 100 % Falls at Forsyth Cumming, GA 356 2019 100 % Gulfshore Apartment Homes Naples, FL 368 2016 100 % James at South First Austin, TX 250 2016 90 % Marquis at The Cascades Tyler, TX 582 2009 90 % Navigator Villas Pasco, WA 176 2013 90 % Outlook at Greystone Birmingham, AL 300 2007 100 % Park & Kingston Charlotte, NC 168 2015 100 % Pine Lakes Preserve Port St. Lucie, FL 320 2003 100 % Plantation Park Lake Jackson, TX 238 2016 80 % Providence Trail Mount Juliet, TN 334 2007 100 % Roswell City Walk Roswell, GA 320 2015 98 % Sands Parc Daytona Beach, FL 264 2017 100 % The Brodie Austin, TX 324 2001 100 % The District at Scottsdale Scottsdale, AZ 332 2018 100 % The Links at Plum Creek Castle Rock, CO 264 2000 88 % The Mills Greenville, SC 304 2013 100 % The Preserve at Henderson Beach Destin, FL 340 2009 100 % The Reserve at Palmer Ranch Sarasota, FL 320 2016 100 % The Sanctuary Las Vegas, NV 320 1988 100 % Veranda at Centerfield Houston, TX 400 1999 93 % Villages of Cypress Creek Houston, TX 384 2001 80 % Wesley Village Charlotte, NC 301 2010 100 % Total 11,844 (1) Represents date of last significant renovation or year built if there were no renovations. Depreciation expense was $18.2 million and $15.7 million, and $54.4 million and $47.3 million for the three and nine months ended September 30, 2020 and 2019, respectively. Intangibles related to the Company’s consolidated investments in real estate consist of the value of in-place leases. Amortization expense related to the in-place leases was $1.0 million and $1.9 million, and $5.8 million and $3.8 million for the three and nine months ended September 30, 2020 and 2019, respectively. Preferred Equity, Mezzanine Loan and Ground Lease Investments Actual / Actual / Actual / Estimated Estimated Planned Initial Construction Multifamily Community Name Location Number of Units Occupancy Completion Lease-up Investments Motif Fort Lauderdale, FL 385 1Q 2020 2Q 2020 The Conley, formerly North Creek Apartments Leander, TX 259 2Q 2020 4Q 2020 Wayford at Concord, formerly Wayforth at Concord Concord, NC 150 1Q 2020 3Q 2021 Total lease-up units 794 Development Investments Riverside Apartments Austin, TX 222 1Q 2021 2Q 2021 Zoey Austin, TX 307 1Q 2022 2Q 2022 Reunion Apartments Orlando, FL 280 1Q 2022 3Q 2022 The Park at Chapel Hill Chapel Hill, NC 414 3Q 2021 4Q 2022 Avondale Hills Decatur, GA 240 1Q 2023 1Q 2023 Total development units 1,463 Multifamily Community Name Location Number of Units Operating Investments (1) Alexan CityCentre Houston, TX 340 Alexan Southside Place Houston, TX 270 Arlo Charlotte, NC 286 Belmont Crossing (2) Smyrna, GA 192 Domain at The One Forty Garland, TX 299 Georgetown Crossing (2) Savannah, GA 168 Mira Vista Austin, TX 200 Novel Perimeter Atlanta, GA 320 Park on the Square (2) Pensacola, FL 240 Sierra Terrace (2) Atlanta, GA 135 Sierra Village (2) Atlanta, GA 154 The Commons (2) Jacksonville, FL 328 Thornton Flats Austin, TX 104 Vickers Historic Roswell Roswell, GA 79 Total operating units 3,115 Total units 5,372 (1) Stabilized operating properties in which the Company has a preferred equity investment or equity interest. Refer to Note 7 for further information. (2) Belmont Crossing, Georgetown Crossing, Park on the Square, Sierra Terrace, Sierra Village, and The Commons are collectively known as the Strategic Portfolio. Refer to Note 7 for further information. |
Acquisition of Real Estate
Acquisition of Real Estate | 9 Months Ended |
Sep. 30, 2020 | |
Acquisition of Real Estate | |
Acquisition of Real Estate | Note 5 – Acquisition of Real Estate The following describes the Company’s significant acquisition activity and related new financing during the nine months ended September 30, 2020 (dollars in thousands): Ownership Purchase Property Location Date Interest Price Mortgage Avenue 25 Phoenix, AZ January 23, 2020 100 % $ 55,600 $ 36,566 (1) Falls at Forsyth Cumming, GA March 6, 2020 100 % 82,500 — (2) Chevy Chase Austin, TX August 11, 2020 92 % 34,500 24,400 (1) Mortgage balance includes a $29.7 million loan assumption and a $6.9 million supplemental loan secured by the Avenue 25 property. (2) The Company funded $79.9 million of the purchase price with proceeds from its Amended Senior Credit Facility secured by the Falls at Forsyth property. Refer to Note 8 for further information about the Company's Amended Senior Credit Facility. Purchase Price Allocation The real estate acquisitions above have been accounted for as asset acquisitions. The purchase prices were allocated to the acquired assets and assumed liabilities based on their estimated fair values at the dates of acquisition. The following table summarizes the assets acquired and liabilities assumed at the acquisition date for acquisitions made during the nine months ended September 30, 2020 (amounts in thousands): Purchase Price Allocation Land $ 18,046 Building 132,214 Building improvements 5,158 Land improvements 13,072 Furniture and fixtures 4,366 In-place leases 2,844 Total assets acquired $ 175,700 Mortgages assumed $ 29,705 Fair value adjustments 1,292 Total liabilities assumed $ 30,997 Acquisition of Additional Interest in The Brodie On April 24, 2020, the Company purchased the non-controlling partner’s interest in The Brodie for $3.5 million, increasing the Company's interest in the property from 93% to 100%. |
Notes and Interest Receivable d
Notes and Interest Receivable due from Related Parties | 9 Months Ended |
Sep. 30, 2020 | |
Notes and Interest Receivable due from Related Parties | |
Notes and Interest Receivable due from Related Parties | Note 6 – Notes and Interest Receivable Following is a summary of the notes and accrued interest receivable due from mezzanine loan investments as of September 30, 2020 and December 31, 2019 (amounts in thousands): September 30, December 31, Property 2020 2019 Arlo $ 30,242 $ 27,605 Domain at The One Forty 24,017 23,430 Motif 75,409 75,436 Novel Perimeter 22,980 20,867 Reunion Apartments 1,934 — The Park at Chapel Hill 36,413 34,819 Vickers Historic Roswell 11,654 11,624 Total $ 202,649 $ 193,781 Following is a summary of the interest income from mezzanine loan and ground lease investments for the three and nine months ended September 30, 2020 and 2019 (amounts in thousands): Three Months Ended Nine Months Ended September 30, September 30, Property 2020 2019 2020 2019 Arlo $ 1,110 $ 929 $ 3,197 $ 2,758 Cade Boca Raton — 504 — 1,408 Domain at The One Forty 330 849 977 2,406 Motif 2,427 2,427 7,123 7,199 Novel Perimeter 845 779 2,411 2,312 Reunion Apartments 15 — 15 — The Park at Chapel Hill 712 214 2,032 582 Vickers Historic Roswell 434 423 1,293 1,209 Zoey (1) 50 — 101 — Total $ 5,923 $ 6,125 $ 17,149 $ 17,874 (1) Refer to Note 14 for further information about the Zoey Ground Lease. The occupancy percentages of the Company’s mezzanine loan investment properties at September 30, 2020 and December 31, 2019 are as follows: September 30, December 31, Property 2020 2019 Arlo 93.4 % 82.2 % Domain at The One Forty 93.0 % 85.6 % Motif 43.4 % — (2) Novel Perimeter 90.0 % 79.4 % Reunion Apartments — (1) — The Park at Chapel Hill — (1) — (2) Vickers Historic Roswell 94.9 % 74.7 % (1) The development had not commenced lease-up as of September 30, 2020. (2) The development had not commenced lease-up as of December 31, 2019. Arlo Financing On March 30, 2020, the Company, increased its mezzanine loan commitment to BR Morehead JV Member, LLC to $32.0 million, of which $29.9 million had been funded as of September 30, 2020. The loan matures on the earliest to occur of: (i) July 1, 2025, (ii) the date of sale or transfer of property, or (iii) such earlier date, by declaration of acceleration or otherwise, on which the final payment of principal becomes due. The loan can be prepaid without penalty. On March 31, 2020, the Arlo property owner refinanced the construction loan and entered into a $43.0 million senior mortgage loan (“senior loan”) secured by the Arlo property and used the proceeds in part to pay off the outstanding principal balances, in full, of the previous construction loan of $33.6 million and mezzanine loan provided by an unaffiliated third party of $7.3 million. The Arlo property owner accounted for the refinancing as an extinguishment of debt. The senior loan matures on April 1, 2025 and bears interest at a floating basis of the greater of LIBOR plus 1.65% or 2.65%, with interest-only payments during the term of the senior loan. On or after April 1, 2022, the loan may be prepaid without prepayment fee or yield maintenance. Avondale Hills Mezzanine Financing On September 30, 2020, the Company entered into an agreement to provide a mezzanine loan in an amount up to $11.7 million, none of which had been funded as of September 30, 2020, to an unaffiliated third party which is developing a 240-unit Class A apartment community located in Decatur, Georgia known as Avondale Hills. The loan matures on October 5, 2023 and contains two one Motif Mezzanine Financing On March 31, 2020, the Company received a paydown of $8.0 million on the Motif Mezz Loan (formerly, the “Flagler Mezz Loan”), reducing the outstanding principal balance to $66.6 million. On May 8, 2020, at the borrower’s request, the Company amended the Motif Mezz Loan agreement to re-lend the $8.0 million to the Motif Mezz Loan borrower. The Company funded the full $8.0 million during the second quarter 2020 to the Motif Mezz Loan borrower, increasing the outstanding Motif Mezz Loan balance to $74.6 million as of September 30, 2020. Novel Perimeter Mezzanine Financing On May 5, 2020, the Company increased its mezzanine loan commitment to BR Perimeter JV Member, LLC to $23.8 million, of which $22.7 million had been funded as of September 30, 2020. In exchange for increasing its loan commitment, the Company received the right to exercise an option to purchase, at the greater of a 2.5 basis point discount to fair market value or 15% internal rate of return for Bluerock Special Opportunity + Income Fund III, LLC (“Fund III”), an affiliate of BRG Manager, LLC, the Company’s former Manager (the “former Manager”), up to a 100% common membership interest in BR Perimeter JV Member, LLC. Reunion Apartments Mezzanine Financing On July 1, 2020, the Company entered into an agreement to provide a mezzanine loan in an amount up to $10.0 million, of which $1.9 million had been funded as of September 30, 2020, to an unaffiliated third party which is developing a 280-unit Class A apartment community located in Orlando, Florida known as Reunion Apartments. The loan matures on December 30, 2023 and contains two one The Park at Chapel Hill Mezzanine Financing On March 31, 2020, the Company received a paydown of $21.0 million on the Chapel Hill Mezz Loan, reducing the outstanding principal balance to $8.5 million. On May 9, 2020, at the borrower’s request, the Company amended the Chapel Hill Mezz Loan agreement to permit the Chapel Hill Mezz Loan borrower to re-borrow $2.0 million. The Company funded the full $2.0 million during the second quarter 2020 to the Chapel Hill Mezz Loan borrower, increasing the outstanding Chapel Hill Mezz Loan balance to $10.5 million. The senior loan of $5.0 million provided by the Company remains outstanding in full. On August 18, 2020, the Company entered into an amended and restated mezzanine loan agreement (the "Amended Chapel Hill Mezz Loan") with the Chapel Hill Mezz Loan borrower. As part of the Amended Chapel Hill Mezz Loan, (i) the Company's maximum loan commitment was adjusted to $31.0 million, including all previously advanced amounts outstanding, from the previous commitment amount of $40.0 million, and (ii) the interest rate on the loan was increased to 11.75% per annum from the previous rate of 11% per annum, with 5.25% paid current and 6.5% accrued. As of September 30, 2020, all amounts had been funded under the Amended Chapel Hill Mezz Loan. As with the previous loan, the Amended Chapel Hill Mezz Loan matures on the earliest to occur of: (i) the latest to occur of (a) March 31, 2024 and (b) the applicable maturity date under any extension granted under any construction financing, or (ii) the date of sale or transfer of property, or (iii) such earlier date, by declaration of acceleration or otherwise, on which the final payment of principal becomes due. The Amended Chapel Hill Mezz Loan can be prepaid without penalty. |
Preferred Equity Investments an
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | 9 Months Ended |
Sep. 30, 2020 | |
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | Note 7 – Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures The carrying amount of the Company’s preferred equity investments and investments in unconsolidated real estate joint ventures as of September 30, 2020 and December 31, 2019 is summarized in the table below (amounts in thousands): September 30, December 31, Property 2020 2019 Alexan CityCentre $ 14,416 $ 12,788 Alexan Southside Place 25,717 24,866 Helios — 23,663 Leigh House — 80 Mira Vista 5,250 5,250 Riverside Apartments 13,679 12,342 Strategic Portfolio (1) 22,105 10,183 The Conley, formerly North Creek Apartments 15,735 14,964 Thornton Flats 4,600 4,600 Wayford at Concord, formerly Wayforth at Concord 6,500 4,683 Whetstone Apartments — 12,932 Other 96 93 Total $ 108,098 $ 126,444 (1) Belmont Crossing, Georgetown Crossing, Park on the Square, Sierra Terrace, Sierra Village, and The Commons are collectively known as the Strategic Portfolio. As of September 30, 2020, the Company, through wholly-owned subsidiaries of the Operating Partnership, had outstanding equity investments in thirteen joint ventures, each of which was created to develop a multifamily property. Eight of the thirteen equity investments, Alexan CityCentre, Alexan Southside Place, Mira Vista, Riverside Apartments, Strategic Portfolio, The Conley (formerly North Creek Apartments), Thornton Flats, and Wayford at Concord (formerly Wayforth at Concord), are preferred equity investments, generate a stated preferred return on outstanding capital contributions, and the Company is not allocated any of the income or loss in the joint ventures. The joint venture is the controlling member in an entity whose purpose is to develop or operate a multifamily property. Five of the thirteen equity investments, Arlo, Domain at The One Forty, Motif, Novel Perimeter and Vickers Historic Roswell, represent a remaining 0.5% common interest in joint ventures where, in some cases, the Company had previously redeemed its preferred equity investment in the joint ventures and provided a mezzanine loan. Refer to Note 6 for further information. The preferred returns on the Company’s unconsolidated real estate joint ventures for the three and nine months ended September 30, 2020 and 2019 are summarized below (amounts in thousands): Three Months Ended Nine Months Ended September 30, September 30, Property 2020 2019 2020 2019 Alexan CityCentre $ 631 $ 563 $ 1,838 $ 1,545 Alexan Southside Place 322 402 955 1,175 Helios (1) 26 339 (133) 1,005 Leigh House 2 73 2 1,155 Mira Vista 136 21 404 21 Riverside Apartments 434 258 1,263 562 Strategic Portfolio 593 — 1,434 — The Conley 499 392 1,460 902 Thornton Flats 104 6 311 6 Wayford at Concord 216 26 623 26 Whetstone Apartments — 236 56 700 Preferred returns on unconsolidated joint ventures $ 2,963 $ 2,316 $ 8,213 $ 7,097 (1) Of the net loss incurred at Helios for the nine months ended September 30, 2020, ($143) pertains to costs related to the sale of Helios. The occupancy percentages of the Company’s unconsolidated real estate joint ventures at September 30, 2020 and December 31, 2019 are as follows: September 30, December 31, Property 2020 2019 Alexan CityCentre 94.1 % 90.9 % Alexan Southside Place 95.2 % 95.2 % Mira Vista 95.5 % 93.5 % Riverside Apartments — (1) — (2) Strategic Portfolio Belmont Crossing 95.8 % 89.6 % Georgetown Crossing 89.3 % — Park on the Square 97.9 % — Sierra Terrace 91.1 % 97.0 % Sierra Village 87.7 % 86.4 % The Commons 93.9 % — The Conley 32.8 % — (2) Thornton Flats 94.2 % 90.4 % Wayford at Concord 56.7 % — (2) (1) The development had not commenced lease-up. (2) The development had not commenced lease-up at December 31, 2019. Summary combined financial information for the Company’s investments in unconsolidated real estate joint ventures as of September 30, 2020 and December 31, 2019 and for the three and nine months ended September 30, 2020 and 2019 is as follows (amounts in thousands): September 30, December 31, 2020 2019 Balance Sheets: Real estate, net of depreciation $ 725,723 $ 678,073 Other assets 36,841 51,212 Total assets $ 762,564 $ 729,285 Mortgages payable $ 617,228 $ 570,573 Other liabilities 35,825 36,129 Total liabilities $ 653,053 $ 606,702 Members’ equity 109,511 122,583 Total liabilities and members’ equity $ 762,564 $ 729,285 Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Operating Statement: Rental revenues $ 13,315 $ 9,470 $ 35,995 $ 26,194 Operating expenses (7,828) (5,534) (20,873) (16,165) Income before debt service and depreciation and amortization 5,487 3,936 15,122 10,029 Interest expense, net (7,572) (8,438) (22,234) (23,916) Depreciation and amortization (5,714) (3,916) (13,532) (12,049) Net operating loss (7,799) (8,418) (20,644) (25,936) Gain on sale (1) — 13,871 14,716 13,871 Net (loss) income $ (7,799) $ 5,453 $ (5,928) $ (12,065) (1) For the three and nine months ended September 30, 2019, represents the gain on sale of Leigh House. For the nine months ended September 30, 2020, represents the gain on sale of Helios and Whetstone, net. Alexan Southside Place Interests Alexan Southside Place is developed upon a tract of land ground leased from an unaffiliated third party by BR Bellaire BLVD, LLC (“BR Bellaire BLVD”) as tenant under an 85-year ground lease. BR Bellaire BLVD has a right-of-use asset and lease liability Strategic Portfolio Interests On March 20, 2020, the Company made an $8.0 million preferred equity investment in a joint venture (the “Strategic JV”) with an unaffiliated third party for the following two stabilized properties: Georgetown Crossing, located in Savannah, Georgia, and Park on the Square, located in Pensacola, Florida. On May 8, 2020, the Company made an additional $3.9 million preferred equity investment in the Strategic JV for The Commons, a stabilized property located in Jacksonville, Florida. These three properties, together with Belmont Crossing, Sierra Terrace and Sierra Village, are collectively known as the Strategic Portfolio. The Company will earn a 7.5% current return and a 3.0% accrued return on its total preferred equity investment in the Strategic JV, for a total preferred return of 10.5%. The Strategic JV is required to redeem the Company’s preferred membership interest plus any accrued but unpaid preferred return in each property on the earlier date which is: (i) the sale of the property, (ii) the refinancing of the loan related to the property, or (iii) the maturity date of the property loan. Whetstone Apartments Interests On January 22, 2020, through a subsidiary of its Operating Partnership, the Company entered into a membership interest purchase agreement to purchase 100% of the common membership interest in BR Whetstone Member, LLC from Fund III, an affiliate of the former Manager, for approximately $2.5 million. In conjunction with this transaction, BR Whetstone Member, LLC, along with BRG Avenue 25 TRS, LLC, a wholly-owned subsidiary of the Company’s Operating Partnership, entered into a membership purchase agreement to purchase the right to all the economic interest promote and the common membership interest of 7.5% held in the Whetstone Apartments joint venture from an unaffiliated member of the joint venture for approximately $1.9 million. The Whetstone Apartments investment was sold on January 24, 2020. Please refer to Note 3 for further information. |
Revolving credit facilities
Revolving credit facilities | 9 Months Ended |
Sep. 30, 2020 | |
Revolving credit facilities | |
Revolving credit facilities | Note 8 – Revolving credit facilities The outstanding balances on the revolving credit facilities as of September 30, 2020 and December 31, 2019 are as follows (amounts in thousands): September 30, December 31, Revolving Credit Facilities 2020 2019 Amended Senior Credit Facility $ — $ 18,000 Second Amended Junior Credit Facility — — Total $ — $ 18,000 Amended Senior Credit Facility On March 6, 2020, the Company, through its Operating Partnership, entered into an amended and restated, in its entirety, Senior Credit Facility (the “Amended Senior Credit Facility”). The Amended Senior Credit Facility provides for a revolving loan with an initial commitment amount of $100 million, which commitment contains an accordion feature to a maximum total commitment of up to $350 million. Borrowings under the Amended Senior Credit Facility bear interest, at the Company’s option, at LIBOR plus 1.30% to 1.65% or the base rate plus 0.30% to 0.65% , depending on the Company’s leverage ratio. The Company pays an unused fee at an annual rate of 0.15% to 0.20% of the unused portion of the Amended Senior Credit Facility, depending on the borrowings outstanding. The Amended Senior Credit Facility matures on March 6, 2023 and contains two one-year extension options, subject to certain conditions. The Amended Senior Credit Facility contains certain financial and operating covenants, including a maximum leverage ratio, minimum liquidity, minimum debt service coverage ratio and minimum tangible net worth. At September 30, 2020, the Company was in compliance with all covenants under the Amended Senior Credit Facility. The Company has guaranteed the obligations under the Amended Senior Credit Facility and has pledged certain assets as collateral. The Amended Senior Credit Facility provides the Company with the ability to issue up to $50 million in letters of credit. While the issuance of letters of credit does not increase the Company’s borrowings outstanding under the Amended Senior Credit Facility, it does reduce the availability of borrowings. At September 30, 2020, the Company had one outstanding letter of credit of $0.8 million. Second Amended Junior Credit Facility On November 6, 2019, the Company, through a subsidiary of its Operating Partnership, entered into a second amended and restated, in its entirety, Junior Credit Facility (the “Second Amended Junior Credit Facility”). The Second Amended Junior Credit Facility provides for a revolving loan with a maximum commitment amount of $72.5 million. Borrowings under the Second Amended Junior Credit Facility bear interest, at the Company’s option, at LIBOR plus 2.75% to 3.25% or the base rate plus 1.75% to 2.25% , depending on the Company’s leverage ratio. The Company pays an unused fee at an annual rate of 0.35% to 0.40% of the unused portion of the Second Amended Junior Credit Facility, depending on the borrowings outstanding. The Second Amended Junior Credit Facility matures on December 21, 2021 and contains certain financial and operating covenants, including a maximum leverage ratio, minimum liquidity, minimum debt service coverage ratio, minimum debt yield, minimum tangible net worth and minimum equity raise and collateral values. At September 30, 2020, the Company was in compliance with all covenants under the Second Amended Junior Credit Facility. The Company has guaranteed the obligations under the Second Amended Junior Credit Facility and has pledged certain assets as collateral. The availability of borrowings under the revolving credit facilities at September 30, 2020 is based on the collateral and compliance with various ratios related to those assets and was approximately $153.6 million. |
Mortgages Payable
Mortgages Payable | 9 Months Ended |
Sep. 30, 2020 | |
Mortgages Payable | |
Mortgages Payable | Note 9 – Mortgages Payable The following table summarizes certain information as of September 30, 2020 and December 31, 2019, with respect to the Company’s senior mortgage indebtedness (amounts in thousands): Outstanding Principal As of September 30, 2020 September 30, December 31, Interest-only Property 2020 2019 Interest Rate through date Maturity Date Fixed Rate: ARIUM Grandewood (1) $ 19,664 $ 19,713 4.35 % (2) July 1, 2025 ARIUM Hunter’s Creek 71,207 72,183 3.65 % (2) November 1, 2024 ARIUM Metrowest 64,559 64,559 4.43 % May 2021 May 1, 2025 ARIUM Westside 52,150 52,150 3.68 % August 2021 August 1, 2023 Ashford Belmar 100,675 100,675 4.53 % December 2022 December 1, 2025 Ashton Reserve I — 30,329 Avenue 25 (3) 36,566 — 4.18 % July 2022 July 1,2027 Chattahoochee Ridge 45,338 45,338 3.25 % December 2022 December 5,2024 Citrus Tower 40,807 41,325 4.07 % (2) October 1, 2024 Denim 91,634 91,634 3.32 % August 2024 August 1, 2029 Element 29,260 29,260 3.63 % July 2022 July 1,2026 Enders Place at Baldwin Park — 23,337 Gulfshore Apartment Homes 46,345 46,345 3.26 % September 2022 September 1, 2029 James on South First 25,787 26,111 4.35 % (2) January 1, 2024 Navigator Villas (4) 20,515 20,515 4.56 % June 2021 June 1, 2028 Outlook at Greystone 22,105 22,105 4.30 % June 2021 June 1, 2025 Park & Kingston 19,600 19,600 3.32 % November 2024 November 1, 2026 Pine Lakes Preserve — 26,950 Plantation Park 26,625 26,625 4.64 % July 2024 July 1, 2028 Providence Trail 47,950 47,950 3.54 % July 2021 July 1, 2026 Roswell City Walk 50,285 51,000 3.63 % (2) December 1, 2026 The Brodie 33,717 34,198 3.71 % (2) December 1, 2023 The Links at Plum Creek 39,740 40,000 4.31 % (2) October 1, 2025 The Mills 25,408 25,797 4.21 % (2) January 1, 2025 The Preserve at Henderson Beach 48,490 48,490 3.26 % September 2028 September 1, 2029 The Reserve at Palmer Ranch 41,141 41,348 4.41 % (2) May 1, 2025 The Sanctuary 33,707 33,707 3.31 % Interest-only August 1, 2029 Villages of Cypress Creek — 26,200 Wesley Village 39,609 40,111 4.25 % (2) April 1, 2024 Total Fixed Rate $ 1,072,884 $ 1,147,555 Floating Rate (5) : ARIUM Glenridge $ 49,500 $ 49,500 1.49 % September 2021 September 1, 2025 ARIUM Grandewood (1) 19,615 19,672 1.56 % (2) July 1, 2025 Ashton Reserve II — 15,213 Cade Boca Raton 23,500 23,500 2.50 % June 2022 January 1, 2025 Chevy Chase 24,400 — 2.48 % September 2022 September 1, 2027 Fannie Facility Advance 13,936 — 2.76 % June 2022 June 1, 2027 Marquis at The Cascades I 31,822 32,284 1.77 % (2) June 1, 2024 (6) Marquis at The Cascades II 22,209 22,531 1.77 % (2) June 1, 2024 (6) Marquis at TPC — 16,468 Pine Lakes Preserve 42,728 — 3.14 % July 2025 July 1, 2030 The District at Scottsdale (7) 76,065 82,200 1.85 % (2) June 11, 2021 (8) Veranda at Centerfield 26,100 26,100 1.41 % July 2021 July 26, 2023 (9) Villages of Cypress Creek 33,520 — 2.71 % July 2022 July 1, 2027 Total Floating Rate $ 363,395 $ 287,468 Total Mortgages Payable $ 1,436,279 $ 1,435,023 Fair value adjustments 2,265 1,815 Deferred financing costs, net (11,002) (11,581) Total $ 1,427,542 $ 1,425,257 (1) ARIUM Grandewood has a fixed rate loan and a floating rate loan. (2) The loan requires monthly payments of principal and interest. (3) The principal balance includes a $29.7 million loan at a fixed rate of 4.02% and a $ 6.9 million supplemental loan at a fixed rate of 4.86% . (4) The principal balance includes a $14.8 million loan at a fixed rate of 4.31% and a $5.7 million supplemental loan at a fixed rate of 5.23% . (5) Other than The District at Scottsdale, all the Company’s floating rate loans bear interest at one-month LIBOR + margin. In September 2020, one-month LIBOR in effect was 0.16% . LIBOR rate is subject to a rate cap. Refer to Note 11 for further information. (6) The loan can be extended, subject to certain conditions, in connection with an election to convert to a fixed interest rate loan. (7) The loan bears interest at a floating rate of one or three-month LIBOR + margin at the Company's discretion. The loan is not subject to a rate cap. (8) The loan has two (2) three-month extension options subject to certain conditions. (9) The loan has two (2) one-year extension options subject to certain conditions. Deferred financing costs Costs incurred in obtaining long-term financing are amortized on a straight-line basis to interest expense over the terms of the related financing agreements, as applicable, which approximates the effective interest method. Loss on Extinguishment of Debt and Modification Costs Upon repayment of or in conjunction with a material change (i.e. a 10% or greater difference in the cash flows between instruments) in the terms of an underlying debt agreement, the Company writes-off any unamortized deferred financing costs and fair market value adjustments related to the original debt that was extinguished. Prepayment penalties incurred on the early repayment of debt and costs incurred in a debt modification that are not capitalized are also included in loss on extinguishment of debt and debt modification costs on the consolidated statements of operations. Refinancing of Villages of Cypress Creek On June 2, 2020, the Company, through an indirect subsidiary, entered into a $33.5 million floating rate loan, which is secured by Villages of Cypress Creek, and paid off the previous fixed rate loan of $26.2 million. The Company accounted for the refinancing as an extinguishment of debt and recorded a loss on extinguishment of debt of $0.9 million. Refinancing of Pine Lakes Preserve On June 24, 2020, the Company, through an indirect subsidiary, entered into a $42.7 million floating rate loan, which is secured by Pine Lakes Preserve, and paid off the previous fixed rate loan of $27.0 million. The Company accounted for the refinancing as an extinguishment of debt and recorded a loss on extinguishment of debt of $3.6 million. Modification of The District at Scottsdale loan On June 30, 2020, the Company, through an indirect subsidiary, exercised the loan extension option and entered into an amended loan agreement for The District at Scottsdale. As part of the amended loan agreement, the Company made a principal payment of $6.0 million and paid an extension fee of $0.2 million. Terms of the amended loan agreement include, but are not limited to (i) extension of the loan maturity date to June 11, 2021, (ii) the addition of two (2) three-month extension options, and (iii) the requirement of the Company to remit mandatory prepayments in an amount equal to excess cash flow from the preceding month. The prepayments commenced in July 2020 and are to be remitted monthly thereafter until the loan is paid in full. The Company accounted for the loan amendment as a loan modification. Master Credit Facility with Fannie Mae On April 30, 2018, the Company, through certain subsidiaries of the Operating Partnership, entered into a Master Credit Facility Agreement (the “Fannie Facility”), which was issued through Fannie Mae’s Multifamily Delegated Underwriting and Servicing Program. The Fannie Facility includes certain restrictive covenants, including indebtedness, liens, investments, mergers and asset sales, and distributions. The Fannie Facility also contains events of default, including payment defaults, covenant defaults, bankruptcy events, and change of control events. Each note under the Fannie Facility is cross-defaulted and cross-collateralized and the Company has guaranteed the obligations under the Fannie Facility. As of September 30, 2020, the mortgage loans secured by ARIUM Grandewood, ARIUM Metrowest and Outlook at Greystone were issued under the Fannie Facility. On May 27, 2020, the Company, through certain subsidiaries of the Operating Partnership, entered into a $13.9 million floating rate advance (the “Fannie Facility Advance”) originated under the Fannie Facility and collateralized by the properties issued under the Fannie Facility. The Fannie Facility Advance matures on June 1, 2027 and bears interest at LIBOR plus 2.60%, subject to an interest rate cap, with interest-only payments through June 2022 and then monthly payments based on thirty-year amortization. The Fannie Facility Advance may be prepaid without prepayment or yield maintenance beginning March 1, 2027. The Company may request future fixed rate advances or floating rate advances under the Fannie Facility either by borrowing against the value of the mortgaged properties (based on the valuation methodology established in the Fannie Facility) or adding eligible properties to the collateral pool, subject to customary conditions, including satisfaction of minimum debt service coverage and maximum loan-to-value tests. The proceeds of any future advances made under the Fannie Facility may be used, among other things, for general operating purposes and the acquisition and refinancing of additional properties to be identified in the future. Debt maturities As of September 30, 2020, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): Year Total 2020 (October 1–December 31) $ 2,094 2021 (1) 86,579 2022 15,467 2023 127,745 2024 276,177 Thereafter 928,217 $ 1,436,279 Add: Unamortized fair value debt adjustment 2,265 Subtract: Deferred financing costs, net (11,002) Total $ 1,427,542 (1) $76.1 million represents a loan in connection with The District at Scottsdale. The loan has a June 2021 maturity date and contains two (2) three-month extension options, subject to certain conditions. The net book value of real estate assets providing collateral for these above borrowings, including the Amended Senior Credit Facility, Second Amended Junior Credit Facility and Fannie Facility, was $1,983.1 million as of September 30, 2020. The mortgage loans encumbering the Company’s properties are generally nonrecourse, subject to certain exceptions for which the Company would be liable for any resulting losses incurred by the lender. These exceptions vary from loan to loan but generally include fraud or a material misrepresentation, misstatement or omission by the borrower, intentional or grossly negligent conduct by the borrower that harms the property or results in a loss to the lender, filing of a bankruptcy petition by the borrower, either directly or indirectly, and certain environmental liabilities. In addition, upon the occurrence of certain events, such as fraud or filing of a bankruptcy petition by the borrower, the Company or our joint ventures would be liable for the entire outstanding balance of the loan, all interest accrued thereon and certain other costs, including penalties and expenses. The mortgage loans generally have a period where a prepayment fee or yield maintenance would be required. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value of Financial Instruments | |
Fair Value of Financial Instruments | Note 10 – Fair Value of Financial Instruments Fair Value Measurements For financial assets and liabilities recorded at fair value on a recurring or non-recurring basis, fair value is the price the Company would expect to receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date under current market conditions. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction. In determining fair value, observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions; preference is given to observable inputs. In accordance with accounting principles generally accepted in the Unites States of America ("GAAP") and as defined in ASC Topic 820 "Fair Value Measurement", these two types of inputs create the following fair value hierarchy: ● ● ● If the inputs used to measure the fair value fall within different levels of the hierarchy, the fair value is determined based upon the lowest level input that is significant to the fair value measurement. Whenever possible, the Company uses quoted market prices to determine fair value. In the absence of quoted market prices, the Company uses independent sources and data to determine fair value. Financial Instrument Fair Value Disclosures As of September 30, 2020 and December 31, 2019, the carrying values of cash and cash equivalents, accounts receivable, due to and due from affiliates, accounts payable, accrued liabilities, and distributions payable approximate their fair value based on their highly-liquid nature and/or short-term maturities. The carrying values of notes receivable approximate fair value because stated interest rate terms are consistent with interest rate terms on new deals with similar leverage and risk profiles. The fair values of notes receivable are classified in Level 3 of the fair value hierarchy due to the significant unobservable inputs that are utilized in their respective valuations. Derivative Financial Instruments The estimated fair values of derivative financial instruments are valued using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and volatility. The fair value of interest rate caps is determined using the market-standard methodology of discounting the future expected cash receipts which would occur if floating interest rates rise above the strike rate of the caps. The floating interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The inputs used in the valuation of interest rate caps fall within Level 2 of the fair value hierarchy. As of September 30, 2020 and December 31, 2019, based on the discounted amount of future cash flows using rates currently available to the Company for similar liabilities, the fair value of the Company’s mortgages payable is estimated at $1,497.2 million and $1,436.2 million, respectively, compared to the carrying amounts, before adjustments for deferred financing costs, net, of $1,438.5 million and $1,436.8 million, respectively. The fair value of mortgages payable is estimated based on the Company’s current interest rates (Level 3 inputs of the fair value hierarchy) for similar types of borrowing arrangements. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Financial Instruments | |
Derivative Financial Instruments | Note 11 – Derivative Financial Instruments Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash payments principally related to the Company’s borrowings. The Company’s objectives in using interest rate derivative financial instruments are to add stability to interest expense and to manage the Company’s exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate caps as part of its interest rate risk management strategy. Interest rate caps involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The Company has not designated any of the interest rate derivatives as hedges. Although these derivative financial instruments were not designated or did not qualify for hedge accounting, the Company believes the derivative financial instruments are effective economic hedges against increases in interest rates. The Company does not use derivative financial instruments for trading or speculative purposes. As of September 30, 2020, the Company had interest rate caps which effectively limit the Company’s exposure to interest rate risk by providing a ceiling on the underlying floating interest rate for $287.3 million of the Company’s floating rate mortgage debt. The Company also has an interest rate cap of $50.0 million covering its credit facilities which had no borrowings outstanding as of September 30, 2020. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of September 30, 2020 and December 31, 2019 (amounts in thousands): Derivatives not designated as hedging Fair values of derivative instruments under ASC 815 ‑ 20 Balance Sheet Location instruments September 30, December 31, 2020 2019 Interest rate caps Accounts receivable, prepaids and other assets $ 16 $ 22 The table below presents the effect of Company’s derivative financial instruments as well as their classification on the consolidated statements of operations for the three and nine months ended September 30, 2020 and 2019 (amounts in thousands): The Effect of Derivative Derivatives not designated as hedging Location of Gain or (Loss) Instruments on the Statements of instruments under ASC 815 ‑ 20 Recognized in Income Operations Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Interest rate caps Interest Expense $ (106) $ (136) $ (75) $ (2,501) |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions | |
Related Party Transactions | Note 12 – Related Party Transactions Administrative Services Agreement In October 2017, the Company entered into an Administrative Services Agreement (the “Administrative Services Agreement”) with Bluerock Real Estate, LLC and its affiliate, Bluerock Real Estate Holdings, LLC (together “BRE”). Pursuant to the Administrative Services Agreement, BRE provides the Company with certain human resources, investor relations, marketing, legal and other administrative services (the “Services”). The Services are provided on an at-cost basis, generally allocated based on the use of such Services for the benefit of the Company’s business, and are invoiced on a quarterly basis. In addition, the Administrative Services Agreement permits certain employees of the Company to provide or cause to be provided services to BRE, on an at-cost basis, generally allocated based on the use of such services for the benefit of the business of BRE, and otherwise subject to the terms of the Services provided by BRE to the Company under the Administrative Services Agreement. Payment by the Company of invoices and other amounts payable under the Administrative Services Agreement will be made in cash or, in the sole discretion of the Company’s board of directors (the “Board”), generally in the form of fully-vested LTIP Units. On August 4, 2020, the Company delivered written notice to BRE of the Company's intention to renew the Administrative Services Agreement for an additional one-year term, to expire on October 31, 2021 unless the Company renews. The Administrative Services Agreement will automatically terminate (i) upon termination by the Company of all Services, or (ii) in the event of non-renewal by the Company. Pursuant to the Administrative Services Agreement, BRE is responsible for the payment of all employee benefits and any other direct and indirect compensation for the employees of BRE (or their affiliates or permitted subcontractors) assigned to perform the Services, as well as such employees’ worker’s compensation insurance, employment taxes, and other applicable employer liabilities relating to such employees. The Company and BRE entered into a Leasehold Cost-Sharing Agreement (the “Leasehold Cost-Sharing Agreement”) with respect to the lease for their New York headquarters (the”NY Lease”) to provide for the allocation and sharing between BRE and the Company of the costs thereunder, including costs associated with tenant improvements. The NY Lease permits the Company and certain of its respective subsidiaries and/or affiliates to share occupancy of the New York headquarters with BRE. Under the NY Lease, the Company, through its Operating Partnership, issued a $750,000 letter of credit under the Amended Senior Credit Facility as a security deposit, and BRE is obligated under the Leasehold Cost-Sharing Agreement to indemnify and hold the Company harmless from loss if there is a claim under such letter of credit. Payment by the Company of any amounts payable under the Leasehold Cost-Sharing Agreement to BRE will be made in cash or, in the sole discretion of the Board, generally in the form of fully-vested LTIP Units. Recorded as part of general and administrative expenses, operating expenses paid by BRE on behalf of the Company of $0.7 million and $1.2 million, and $2.1 million and $2.8 million were expensed during the three and nine months ended September 30, 2020 and 2019, respectively. Operating expense reimbursements of $0.4 million for the second quarter 2020 were paid to BRE through the issuance of 55,675 LTIP Units on August 11, 2020. Pursuant to the terms of the Administrative Services Agreement, the Company paid operating expenses on behalf of BRE of $0.4 million and $0.4 million, and $1.5 million and $1.2 million for the three and nine months ended September 30, 2020 and 2019, respectively. Operating expense reimbursements for the second quarter 2020 were paid to the Company in cash during the third quarter. Pursuant to the terms of the Administrative Services Agreement and the Leasehold Cost-Sharing Agreement, summarized below are the net related party amounts payable to BRE as of September 30, 2020 and December 31, 2019 (amounts in thousands): September 30, December 31, 2020 2019 Amounts Payable to BRE under the Administrative Services Agreement, net Operating and direct expense reimbursements $ 330 $ 281 Offering expense reimbursements 81 183 Total expense reimbursement amounts payable to BRE, net $ 411 $ 464 Amounts Payable to BRE under the Leasehold Cost-Sharing Agreement Operating and direct expense reimbursements $ 191 $ 186 Capital improvement cost reimbursements — 40 Total expense and cost reimbursement amounts payable to BRE $ 191 $ 226 Total $ 602 $ 690 As of September 30, 2020 and December 31, 2019, the Company had zero and $0.1 million, respectively, in payables due to related parties other than BRE. As of September 30, 2020 and December 31, 2019, the Company had $0.3 million and $3.0 million, respectively, in receivables due from related parties other than BRE, primarily for accrued preferred returns on unconsolidated real estate investments for the most recent month. Selling Commissions and Dealer Manager Fees In conjunction with the offering of the Series T Preferred Stock and the previous offering of the Series B Preferred Stock, the Company engaged a related party as dealer manager, and pays up to 10% of the gross offering proceeds from the offering as selling commissions and dealer manager fees. The dealer manager re-allows the substantial majority of the selling commissions and dealer manager fees to participating broker-dealers and incurs costs in excess of the 10%, which costs are borne by the dealer manager without reimbursement by the Company. For the nine months ended September 30, 2020, the Company has incurred $11.6 million in selling commissions and discounts and $5.0 million in dealer manager fees and discounts related to its Series T Preferred Offering. For the nine months ended September 30, 2019, the Company had incurred $11.0 million in selling commissions and discounts and $4.7 million in dealer manager fees and discounts related to its previous Series B Preferred Offering. In addition, BRE was reimbursed for offering costs of $0.7 million in conjunction with the Series T Preferred Offering during the nine months ended September 30, 2020 and reimbursed $0.8 million in conjunction with the previous Series B Preferred Offering during the nine months ended September 30, 2019. The selling commissions, dealer manager fees, discounts and reimbursements for offering costs were recorded as a reduction to the proceeds of the offering. Notes and Interest Receivable The Company provides mezzanine loans, in some cases, to related parties in conjunction with the developments of multifamily communities. Please refer to Notes 6 and 7 and the Company’s Form 10-K for the year ended December 31, 2019 for further information. Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures The Company invests, in some cases, with related parties in various joint ventures in which the Company owns either preferred or common interests. Please refer to Note 7 and the Company’s Form 10-K for the year ended December 31, 2019 for further information. |
Stockholders' Equity and Redeem
Stockholders' Equity and Redeemable Preferred Stock | 9 Months Ended |
Sep. 30, 2020 | |
Stockholders' Equity and Redeemable Preferred Stock | |
Stockholders' Equity and Redeemable Preferred Stock | Note 13 – Stockholders’ Equity and Redeemable Preferred Stock Net (Loss) Income Per Common Share Basic net (loss) income per common share is computed by dividing net (loss) income attributable to common stockholders, less dividends on restricted stock and LTIP Units expected to vest, by the weighted average number of common shares outstanding for the period. Diluted net (loss) income per common share is computed by dividing net (loss) income attributable to common stockholders by the sum of the weighted average number of common shares outstanding and any potential dilutive shares for the period. Net (loss) income attributable to common stockholders is computed by adjusting net (loss) income for the non-forfeitable dividends paid on restricted stock and non-vested LTIP Units. The Company considers the requirements of the two-class method when preparing earnings per share. The Company has two classes of common stock outstanding: Class A common stock, $0.01 par value per share, and Class C common stock, $0.01 par value per share. Earnings per share is not affected by the two-class method because the Company’s Class A and C common stock participate in dividends on a one-for-one basis. The following table reconciles the components of basic and diluted net (loss) income per common share (amounts in thousands, except share and per share amounts): Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Net (loss) income attributable to common stockholders $ (17,058) $ 17,160 $ (18,461) $ (5,924) Dividends on restricted stock and LTIP Units expected to vest (342) (250) (1,008) (735) Basic net (loss) income attributable to common stockholders $ (17,400) $ 16,910 $ (19,469) $ (6,659) Weighted average common shares outstanding (1) 24,566,196 22,320,710 24,321,282 22,622,040 Potential dilutive shares (2) — 348,478 — — Weighted average common shares outstanding and potential dilutive shares (1) 24,566,196 22,669,188 24,321,282 22,622,040 Net (loss) income per common share, basic $ (0.71) $ 0.76 $ (0.80) $ (0.29) Net (loss) income per common share, diluted $ (0.71) $ 0.75 $ (0.80) $ (0.29) The effect of the conversion of OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A common stock on a one-for-one basis. The income allocable to such OP Units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these OP Units would have no net impact on the determination of diluted earnings per share. (1) Amounts relate to shares of the Company’s Class A and Class C common stock outstanding. (2) For the three and nine months ended September 30, 2020, potential vesting of restricted stock to employees for 67,036 shares and 57,102 shares of Class A common stock, respectively, are excluded from the diluted shares calculation as the effect is antidilutive. For the three months ended September 30, 2019, the following are included in the diluted shares calculation: a) warrants outstanding from issuances in conjunction with the Company's Series B Preferred Stock offerings that are potentially exercisable for 320,037 shares of Class A common stock, and b) potential vesting of restricted stock to employees for 28,441 shares of Class A common stock. For the nine months ended September 30, 2019, the following are excluded from the diluted shares calculation as the effect is antidilutive: a) warrants outstanding from issuances in conjunction with the Company's Series B Preferred Stock offerings that are potentially exercisable for 113,985 shares of Class A common stock, and b) potential vesting of restricted stock to employees for 17,954 shares of Class A common stock. Series B Redeemable Preferred Stock Offering On December 20, 2019, the Company made the final issuance of Series B Preferred Stock pursuant to the Series B Preferred Offering, and on February 11, 2020, the Board formally approved the termination of the Series B Preferred Offering. As of December 31, 2019, the Company sold 549,154 shares of Series B Preferred Stock and 549,154 Warrants to purchase 10,983,080 shares of Class A common stock for net proceeds of approximately $494.2 million after commissions, dealer manager fees and discounts. During the nine months ended September 30, 2020, the Company, at the request of holders, redeemed 4,383 Series B Preferred shares through the issuance of 596,179 Class A common shares and redeemed 101 Series B Preferred shares for $0.09 million in cash. In November 2019, the Company began initiating redemptions of Series B Preferred Stock, and during the first quarter 2020, redemptions initiated by the Company resulted in 15,807 shares of Series B Preferred Stock redeemed through the issuance of 1,334,501 Class A common shares. The Company has not initiated redemptions of its Series B Preferred Stock after the first quarter 2020. As of September 30, 2020, the Company had 536,127 outstanding warrants from the Series B Preferred Offering. The Warrants are exercisable by the holder at an exercise price of 120% of the market price per share of Class A Common Stock on the date of issuance of such Warrant, with a minimum exercise price of $10.00 per share. The market price per share of our Class A common stock was determined using the volume weighted average price per share of our Class A common stock for the 20 trading days prior to the date of issuance of such Warrant, subject to the minimum exercise price of $10.00 per share (subject to adjustment). One Warrant is exercisable by the holder to purchase 20 shares of Class A common stock. The warrants are exercisable one year following the date of issuance and expire four years following the date of issuance. As of September 30, 2020, a total of 3,748 Warrants had been exercised into 48,663 shares of Class A Common stock. The outstanding Warrants have exercise prices ranging from $10.00 to $15.99 per share. Series T Redeemable Preferred Stock Offering During the nine months ended September 30, 2020, the Company issued 6,657,190 shares of Series T Preferred Stock under a continuous registered offering with net proceeds of approximately $149.8 million after commissions, dealer manager fees and discounts of approximately $16.6 million. During the life of the Series T Preferred Stock Offering, the Company has issued a total of 6,674,590 shares of Series T Preferred Stock for net proceeds of approximately $150.2 million after commissions, dealer manager fees and discounts. During the nine months ended September 30, 2020, the Company, at the request of holders, redeemed 3,112 Series T Preferred shares through the issuance of 12,633 Class A common shares and redeemed 20 Series T Preferred shares in cash. The Company has a dividend reinvestment plan that allows for participating stockholders to have their Series T Preferred Stock dividend distributions automatically reinvested in additional shares of Series T Preferred Stock at a price of $25.00 per share. The Company plans to issue shares of Series T Preferred Stock to cover shares required for investment. At-the-Market Offerings In September 2019, the Company and its Operating Partnership entered into an At Market Issuance Sales Agreement with respect to the offering and sale of up to $100,000,000 in shares of Class A common stock in “at the market offerings” as defined in Rule 415 under the Securities Act, including without limitation sales made directly on or through the NYSE American, or on any other existing trading market for Class A common stock or through a market maker (the “Class A Common Stock ATM Offering”). During the first quarter 2020, the Company issued 166,873 shares through the Class A Common Stock ATM Offering at a weighted average price of $12.10 per share with net proceeds of $2.0 million. The Company has not issued any shares through the Class A Common Stock ATM Offering after the first quarter 2020. During the life of the Class A Common Stock ATM Offering, the Company has issued a total of 621,110 shares at a weighted average price of $12.01 per share with net proceeds of $7.3 million. Stock Repurchase Plans In December 2019, the Board authorized stock repurchase plans for the repurchase of up to an aggregate of $50 million of the Company’s outstanding shares of Class A common stock. On May 9, 2020, the Board authorized the modification of the stock repurchase plans to provide for the repurchase, from time to time, of up to an aggregate of $50.0 million in shares of its Class A common stock, 8.250% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share (“Series A Preferred Stock”), 7.625% Series C Cumulative Redeemable Preferred Stock, $0.01 par value per share (“Series C Preferred Stock”), and/or 7.125% Series D Cumulative Preferred Stock, $0.01 par value per share (“Series D Preferred Stock”). The repurchase plans will be conducted in accordance with Rules 10b5-1 and 10b-18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The repurchase plans will terminate upon the earliest to occur of certain specified events as set forth therein. The extent to which the Company repurchases shares of its Class A common stock, Series A Preferred Stock, Series C Preferred Stock, and/or Series D Preferred Stock under the repurchase plans, and the timing of any such repurchases, will depend on a variety of factors including general business and market conditions and other corporate considerations. Stock repurchases under the repurchase plans may be made in the open market or through privately negotiated transactions, subject to certain price limitations and other conditions established under the plans. Open market repurchases will be structured to occur in conformity with the method, timing, price and volume requirements of Rule 10b-18 of the Exchange Act. During the third quarter 2020, the Company repurchased 103,574 shares of Class A common stock under the repurchase plans. During the nine months ended September 30, 2020, the Company repurchased shares under the repurchase plans as follows: 1,131,867 shares of Class A common stock, 163,068 shares of Series A Preferred Stock, 27,905 shares of Series C Preferred Stock and 76,264 shares of Series D Preferred Stock for a total purchase price of approximately $18.5 million. During the life of the repurchase plans, the total purchase price of shares repurchased by the Company is approximately $19.1 million, and as of September 30, 2020, the value of shares that may yet be purchased under the repurchase plans is $30.9 million. Partial Redemption of 8.250% Series A Cumulative Redeemable Preferred Stock On September 21, 2020, the Company issued a notice of partial redemption to announce its election to redeem, in cash, 1,393,294 shares of its Series A Preferred Stock on October 21, 2020 at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to, and including, the date of redemption. The Company had previously announced that it would pay a cash dividend on the Series A Preferred Stock on October 5, 2020 for the period from July 1, 2020 to September 30, 2020 to each holder of record on September 25, 2020, which dividend payment will be separate and distinct from the payment of the total redemption price. As the notice of partial redemption created an unconditional obligation of the Company to redeem the 1,393,294 shares of Series A Preferred Stock, these shares became mandatorily redeemable and required reclassification from mezzanine equity to a liability on the Company's consolidated balance sheet as of September 30, 2020. Operating Partnership and Long-Term Incentive Plan Units As of September 30, 2020, limited partners other than the Company owned approximately 29.45% of the common units of the Operating Partnership (6,314,754 OP Units, or 18.06%, is held by OP Unit holders, and 3,983,578 LTIP Units, or 11.39%, is held by LTIP Unit holders, including 5.60% which are not vested at September 30, 2020). Subject to certain restrictions set forth in the Operating Partnership’s Partnership Agreement, OP Units are exchangeable for Class A common stock on a one-for-one basis, or, at the Company’s election, redeemable for cash. LTIP Units may be convertible into OP Units under certain conditions and then may be settled in shares of the Company’s Class A common stock, or, at the Company’s election, cash. Equity Incentive Plans LTIP Unit Grants On January 1, 2020, the Company granted certain equity grants of LTIP Units to various executive officers under the Incentive Plans pursuant to the executive officers’ employment or service agreements as time-based LTIP Units and performance-based LTIP Units. All such LTIP Unit grants require continuous employment for vesting. The time-based LTIP Units were comprised of an aggregate of 247,138 LTIP Units that vest over approximately three years. The performance-based LTIP Units were comprised of an aggregate of 494,279 LTIP Units, which are subject to a three-year performance period and will thereafter vest upon successful achievement of performance-based conditions. In addition, on January 1, 2020, the Company granted 7,126 LTIP Units under the Incentive Plans to each independent member of the Board in payment of the equity portion of their respective annual retainers. Such LTIP Units were fully vested upon issuance and the Company recognized expense of $0.3 million immediately based on the fair value at the date of grant. On April 15, 2020, the Company granted an aggregate of 348,117 LTIP Units to various executive officers under the Incentive Plans pursuant to the executive officers’ employment or service agreements in lieu of cash payment of annual incentive bonuses for the fiscal year ended December 31, 2019. Such LTIP Units will vest on the first anniversary of the date of grant. In addition, on April 15, 2020, the Company granted 46,075 LTIP Units to an employee under the Incentive Plans. Such LTIP Units will vest in three On May 22, 2020 and August 11, 2020, the Company granted an aggregate of 27,111 LTIP Units and 21,889 LTIP Units, respectively, to two executive officers under the Incentive Plans in lieu of cash payment of an agreed upon portion of each such executive officer’s base salary, with the remaining portion payable in cash, for the second and third quarter 2020, respectively. Such LTIP Units will vest on the first anniversary of the date of grant. On September 8, 2020, the Company's stockholders approved the amendment and restatement of each of the Third Amended 2014 Individuals Plan (the "Fourth Amended 2014 Individuals Plan") and the Third Amended 2014 Entities Plan (the "Fourth Amended 2014 Entities Plan", and together with the Fourth Amended 2014 Individuals Plan, the "Fourth Amended 2014 Incentive Plans"). The Fourth Amended 2014 Incentive Plans allow for the issuance of up to 3,000,000 additional shares of Class A common stock, and thus provide for the issuance of an aggregate of up to 6,800,000 shares of Class A common stock. The Fourth Amended 2014 Incentive Plans provide for the grant of options to purchase shares of the Company's common stock, stock awards, stock appreciation rights, performance units, incentive awards and other equity-based awards. The Company recognizes compensation expense ratably over the requisite service periods for time-based LTIP Units based on the fair value at the date of grant; thus, the Company recognized compensation expense of approximately $1.0 million and $0.9 million, and $2.9 million and $2.7 million, during the three and nine months ended September 30, 2020 and 2019, respectively. The Company recognizes compensation expense based on the fair value at the date of grant and the probability of achievement of performance criteria over the performance period for performance-based LTIP Units; thus, the Company recognized approximately $0.8 million and $0.4 million, and $2.1 million and $1.2 million, during the three and nine months ended September 30, 2020 and 2019, respectively. As of September 30, 2020, there was $8.8 million of total unrecognized compensation cost related to unvested LTIP Units granted under the Incentive Plans. The remaining cost is expected to be recognized over a period of 2.0 years. Restricted Stock Grants On April 1, 2019 and 2020, the Company provided restricted stock grants (“RSGs”) to employees under the Incentive Plans. Such RSGs will vest in three On April 15, 2020, the Company granted an aggregate of 25,174 shares of Class A common stock to two executive officers in lieu of cash payment of an agreed upon portion of each such executive officer’s base salary, with the remaining portion having been paid in cash, for the period from January 1, 2020 through March 31, 2020. Such shares of Class A common stock will vest on the first anniversary of the date of grant. Distributions Payable to stockholders Declaration Date of record as of Amount Date Paid or Payable Class A Common Stock December 6, 2019 December 24, 2019 $ 0.162500 January 3, 2020 March 13, 2020 March 25, 2020 $ 0.162500 April 3, 2020 May 9, 2020 June 25, 2020 $ 0.162500 July 2, 2020 September 11, 2020 September 25, 2020 $ 0.162500 October 5, 2020 Class C Common Stock December 6, 2019 December 24, 2019 $ 0.162500 January 3, 2020 March 13, 2020 March 25, 2020 $ 0.162500 April 3, 2020 May 9, 2020 June 25, 2020 $ 0.162500 July 2, 2020 September 11, 2020 September 25, 2020 $ 0.162500 October 5, 2020 Series A Preferred Stock December 6, 2019 December 24, 2019 $ 0.515625 January 3, 2020 March 13, 2020 March 25, 2020 $ 0.515625 April 3, 2020 May 9, 2020 June 25, 2020 $ 0.515625 July 2, 2020 September 11, 2020 September 25, 2020 $ 0.515625 October 5, 2020 Series B Preferred Stock October 31, 2019 December 24, 2019 $ 5.00 January 3, 2020 January 13, 2020 January 24, 2020 $ 5.00 February 5, 2020 January 13, 2020 February 25, 2020 $ 5.00 March 5, 2020 January 13, 2020 March 25, 2020 $ 5.00 April 3, 2020 April 14, 2020 April 24, 2020 $ 5.00 May 5, 2020 May 9, 2020 May 22, 2020 $ 5.00 June 5, 2020 May 9, 2020 June 25, 2020 $ 5.00 July 2, 2020 July 10, 2020 July 24, 2020 $ 5.00 August 5, 2020 July 10, 2020 August 25, 2020 $ 5.00 September 4, 2020 July 10, 2020 September 25, 2020 $ 5.00 October 5, 2020 Series C Preferred Stock December 6, 2019 December 24, 2019 $ 0.4765625 January 3, 2020 March 13, 2020 March 25, 2020 $ 0.4765625 April 3, 2020 May 9, 2020 June 25, 2020 $ 0.4765625 July 2, 2020 September 11, 2020 September 25, 2020 $ 0.4765625 October 5, 2020 Series D Preferred Stock December 6, 2019 December 24, 2019 $ 0.4453125 January 3, 2020 March 13, 2020 March 25, 2020 $ 0.4453125 April 3, 2020 May 9, 2020 June 25, 2020 $ 0.4453125 July 2, 2020 September 11, 2020 September 25, 2020 $ 0.4453125 October 5, 2020 Series T Preferred Stock (1) December 20, 2019 December 24, 2019 $ 0.128125 January 3, 2020 January 13, 2020 January 24, 2020 $ 0.128125 February 5, 2020 January 13, 2020 February 25, 2020 $ 0.128125 March 5, 2020 January 13, 2020 March 25, 2020 $ 0.128125 April 3, 2020 April 14, 2020 April 24, 2020 $ 0.128125 May 5, 2020 May 9, 2020 May 22, 2020 $ 0.128125 June 5, 2020 May 9, 2020 June 25, 2020 $ 0.128125 July 2, 2020 July 10, 2020 July 24, 2020 $ 0.128125 August 5, 2020 July 10, 2020 August 25, 2020 $ 0.128125 September 4, 2020 July 10, 2020 September 25, 2020 $ 0.128125 October 5, 2020 (1) Shares of newly issued Series T Preferred Stock that are held only a portion of the applicable monthly dividend period will receive a prorated dividend based on the actual number of days in the applicable dividend period during which each such share of Series T Preferred Stock was outstanding. A portion of each dividend may constitute a return of capital for tax purposes. There is no assurance that the Company will continue to declare dividends or at this rate. Holders of OP Units and LTIP Units are entitled to receive "distribution equivalents" at the same time as dividends are paid to holders of the Company's Class A common stock. The Company has a dividend reinvestment plan that allows for participating stockholders to have their Class A common stock dividend distributions automatically invested in additional Class A common shares based on the average price of the Class A common shares on the investment date. The Company plans to issue Class A common shares to cover shares required for investment. Distributions declared and paid for the nine months ended September 30, 2020 were as follows (amounts in thousands): Distributions 2020 Declared Paid First Quarter Class A Common Stock $ 3,901 $ 3,816 Class C Common Stock 12 12 Series A Preferred Stock 2,950 2,950 Series B Preferred Stock 7,848 7,867 Series C Preferred Stock 1,107 1,107 Series D Preferred Stock 1,269 1,269 Series T Preferred Stock 373 130 OP Units 1,037 1,037 LTIP Units 554 347 Total first quarter 2020 $ 19,051 $ 18,535 Second Quarter Class A Common Stock $ 3,995 $ 3,902 Class C Common Stock 12 12 Series A Preferred Stock 2,880 2,950 Series B Preferred Stock 7,766 7,779 Series C Preferred Stock 1,103 1,107 Series D Preferred Stock 1,245 1,269 Series T Preferred Stock 1,243 1,000 OP Units 1,026 1,038 LTIP Units 635 407 Total second quarter 2020 $ 19,905 $ 19,464 Third Quarter Class A Common Stock $ 4,012 $ 3,994 Class C Common Stock 12 12 Series A Preferred Stock 2,866 2,880 Series B Preferred Stock 7,745 7,751 Series C Preferred Stock 1,094 1,102 Series D Preferred Stock 1,236 1,245 Series T Preferred Stock 2,062 1,738 OP Units 1,026 1,027 LTIP Units 649 487 Total third quarter 2020 $ 20,702 $ 20,236 Total $ 59,658 $ 58,235 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies | |
Commitments and Contingencies | Note 14 – Commitments and Contingencies On March 4, 2020, the Company acquired land for $3.1 million and simultaneously structured and entered into a ground lease (the “Zoey Ground Lease”) as part of the ground lease tenant’s development of a multi-family property in Austin, Texas. The Company committed to provide the ground lease tenant a $20.4 million leasehold improvement allowance with funding subject to certain conditions. As of September 30, 2020, the project is under development and $3.6 million of the leasehold improvement allowance had been funded. The Company is subject to various legal actions and claims arising in the ordinary course of business. Although the outcome of any legal matter cannot be predicted with certainty, management does not believe that any of these legal proceedings or matters will have a material adverse effect on the consolidated financial position or results of operations or liquidity of the Company. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events | |
Subsequent Events | Note 15 – Subsequent Events Declaration of Dividends Payable to stockholders Declaration Date of record as of Amount Paid / Payable Date Series B Preferred Stock October 9, 2020 October 23, 2020 $ 5.00 November 5, 2020 October 9, 2020 November 25, 2020 $ 5.00 December 4, 2020 October 9, 2020 December 24, 2020 $ 5.00 January 5, 2021 Series T Preferred Stock (1) October 9, 2020 October 23, 2020 $ 0.128125 November 5, 2020 October 9, 2020 November 25, 2020 $ 0.128125 December 4, 2020 October 9, 2020 December 24, 2020 $ 0.128125 January 5, 2021 (1) Shares of newly issued Series T Preferred Stock that are held only a portion of the applicable monthly dividend period will receive a prorated dividend based on the actual number of days in the applicable dividend period during which each such share of Series T Preferred Stock was outstanding. Distributions Paid The following distributions were declared and/or paid to the Company’s stockholders, as well as holders of OP and LTIP Units, subsequent to September 30, 2020 (amounts in thousands): Distributions Total Shares Declaration Date Record Date Date Paid per Share Distribution Class A Common Stock September 11, 2020 September 25, 2020 October 5, 2020 $ 0.162500 $ 4,012 Class C Common Stock September 11, 2020 September 25, 2020 October 5, 2020 0.162500 12 Series A Preferred Stock September 11, 2020 September 25, 2020 October 5, 2020 0.515625 2,866 Series B Preferred Stock July 10, 2020 September 25, 2020 October 5, 2020 5.000000 2,581 Series C Preferred Stock September 11, 2020 September 25, 2020 October 5, 2020 0.4765625 1,094 Series D Preferred Stock September 11, 2020 September 25, 2020 October 5, 2020 0.4453125 1,236 Series T Preferred Stock July 10, 2020 September 25, 2020 October 5, 2020 0.128125 810 OP Units September 11, 2020 September 25, 2020 October 5, 2020 0.162500 1,026 LTIP Units September 11, 2020 September 25, 2020 October 5, 2020 0.162500 500 Series B Preferred Stock October 9, 2020 October 23, 2020 November 5, 2020 5.000000 2,577 Series T Preferred Stock October 9, 2020 October 23, 2020 November 5, 2020 0.128125 930 Total $ 17,644 Water's Edge Interests On October 1, 2020, the Company made a $3.3 million preferred equity investment in the Strategic JV with an unaffiliated party for Water's Edge, a stabilized property located in Pensacola, Florida and the seventh property in the Strategic Portfolio. The Company will earn a 7.5% current return and a 3.0% accrued return for a total preferred return of 10.5%. The Strategic JV is required to redeem the Company's preferred membership interest plus any accrued but unpaid preferred return on the earlier date which is: (i) the sale of the property, (ii) the refinancing of the loan related to the property, or (iii) the maturity date of the property loan. Partial Redemption of 8.250% Series A Cumulative Redeemable Preferred Stock On October 21, 2020, the Company redeemed 1,393,294 shares of its Series A Preferred Stock, representing approximately 25% of the total outstanding shares of Series A Preferred Stock. The shares were redeemed at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to, and including, the date of redemption in an amount equal to $0.120313 per share, for a total payment of $25.120313 per share, in cash. Sale of Cade Boca Raton On October 26, 2020, the Company closed on the sale of Cade Boca Raton, located in Boca Raton, Florida. The property was sold for approximately $37.8 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of the existing mortgage indebtedness encumbering the property in the amount of $23.5 million, the payment of early extinguishment of debt costs of $0.2 million and payment of closing costs and fees of $0.6 million, the sale of the property generated net proceeds of approximately $13.0 million, of which the Company’s pro rata share of the proceeds was approximately $10.2 million. Stock Repurchase Plans On October 29, 2020, the Board authorized new stock repurchase plans for the repurchase, from time to time, of up to an aggregate of $75 million in shares of the Company’s Class A common stock, Series A Preferred Stock, Series C Preferred Stock and/or Series D Preferred Stock to be conducted in accordance with the Rules 10b5-1 and 10b-18 of the Exchange Act. The repurchase plans will become effective upon the occurrence of, and will terminate upon the earliest to occur of, certain specified events as set forth therein. The extent to which the Company repurchases shares of its Class A common stock, Series A Preferred Stock, Series C Preferred Stock, and/or Series D Preferred Stock under the repurchase plans, and the timing of any such purchases, depends on a variety of factors including general business and market conditions and other corporate considerations. Repurchases under the repurchase plans may be made in the open market or through privately negotiated transactions, subject to certain price limitations and other conditions established thereunder. Open market repurchases will be structured to occur within the method, timing, price and volume requirements of Rule 10b-18 of the Exchange Act. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Basis of Presentation and Summary of Significant Accounting Policies | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The Company operates as an umbrella partnership REIT in which Bluerock Residential Holdings, L.P. (its “Operating Partnership”), or the Operating Partnership’s wholly-owned subsidiaries, owns substantially all the property interests acquired and investments made on the Company’s behalf. As of September 30, 2020, limited partners other than the Company owned approximately 29.45% of the common units of the Operating Partnership (18.06% is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 11.39% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”), including 5.60% which are not vested at September 30, 2020). Because the Company is the sole general partner of the Operating Partnership and has unilateral control over its management and major operating decisions (even if additional limited partners are admitted to the Operating Partnership), the accounts of the Operating Partnership are consolidated in its consolidated financial statements. The Company also consolidates entities in which it controls more than 50% of the voting equity and in which control does not rest with other investors. Investments in real estate joint ventures in which the Company has the ability to exercise significant influence, but does not have financial or operating control, are accounted for using the equity method of accounting. These entities are reflected on the Company’s consolidated financial statements as “Preferred equity investments and investments in unconsolidated real estate joint ventures.” All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. The Company will consider future investments for consolidation in accordance with the provisions required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810: Consolidation. Certain amounts in prior year financial statement presentation have been reclassified to conform to the current period presentation. |
Significant Risks and Uncertainties | Significant Risks and Uncertainties At the present time, one of the most significant risks and uncertainties is the potential adverse effect of the current pandemic of the novel coronavirus (“COVID-19”). The Company’s tenants may experience financial difficulty due to the loss of their jobs and some have requested rent deferral or rent abatement during this pandemic. Experts have predicted that the outbreak will trigger, or has already triggered, a period of global economic slowdown or a global recession. The COVID-19 pandemic could have material and adverse effects on the Company’s financial condition, results of operations and cash flows in the near term due to, but not limited to, the following: ● reduced economic activity may impact the employment of the Company’s tenants and their ability to pay their obligations to the Company, thus requesting modifications of such obligations, resulting in increases in uncollectible receivables and reductions in rental income; ● the negative financial impact of the pandemic could impact the Company’s future compliance with financial covenants of its credit facilities and other debt agreements; ● weaker economic conditions could require that the Company recognize impairment in value of its real estate assets due to a reduction in property income; ● the Company’s inability to maintain occupancy or leasing rates, or increase these rates at stabilizing development properties, including due to possible reduced foot traffic and lease applications from prospective tenants at the Company’s properties as a result of shelter-in-place orders and similar government guidelines; and ● concentration of the Company’s properties in markets that may be more severely affected by the COVID-19 pandemic due to its significant negative impact on certain key economic drivers in those markets, such as travel and entertainment. The extent to which the COVID-19 pandemic impacts the Company’s operations and those of its tenants will depend on future developments, which are uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. As of September 30, 2020, the Company collected 97% of rents from its multifamily properties, including payment plans of 1%, for the three months ended September 30, 2020. The Company provided rent deferral payment plans as a result of hardships these tenants are experiencing due to the COVID-19 impact. Although the Company expects to continue to receive tenant requests for rent deferrals in the coming months, the Company does not expect to waive its contractual rights under its lease agreements. Further, while occupancy remains strong at 95.1% and the Company has received full interest payments and preferred returns from its mezzanine loan and preferred investments as of September 30, 2020, in future periods, the Company may experience reduced levels of tenant retention, reduced foot traffic and lease applications from prospective tenants, and reduced or interrupted payments on its mezzanine loan and preferred investments as a result of the impact of COVID-19. |
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures The Company first analyzes an investment to determine if it is a variable interest entity (“VIE”) in accordance with Topic ASC 810 and, if so, whether the Company is the primary beneficiary requiring consolidation. A VIE is an entity that has (i) insufficient equity to permit it to finance its activities without additional subordinated financial support or (ii) equity holders that lack the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary, which is the entity that has both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the entity that potentially could be significant to the entity. Variable interests in a VIE are contractual, ownership, or other financial interests in a VIE that change in value with changes in the fair value of the VIE’s net assets. The Company continuously re-assesses at each level of the investment whether the entity is (i) a VIE, and (ii) if the Company is the primary beneficiary of the VIE. If it was determined that an entity in which the Company holds an interest qualified as a VIE and the Company was the primary beneficiary, the entity would be consolidated. If, after consideration of the VIE accounting literature, the Company has determined that an entity is not a VIE, the Company assesses the need for consolidation under all other provisions of ASC 810. These provisions provide for consolidation of majority-owned entities through a majority voting interest held by the Company providing control. In assessing whether the Company is in control of and requiring consolidation of the limited liability company and partnership venture structures, the Company evaluates the respective rights and privileges afforded each member or partner (collectively referred to as “member”). The Company’s member would not be deemed to control the entity if any of the other members have either (i) substantive kickout rights providing the ability to dissolve (liquidate) the entity or otherwise remove the managing member or general partner without cause or (ii) has substantive participating rights in the entity. Substantive participating rights (whether granted by contract or law) provide for the ability to effectively participate in significant decisions of the entity that would be expected to be made in the ordinary course of business. If it has been determined that the Company does not have control but does have the ability to exercise significant influence over the entity, the Company accounts for these unconsolidated investments under the equity method of accounting. The equity method of accounting requires these investments to be initially recorded at cost and subsequently increased (decreased) for the Company’s share of net income (loss), including eliminations for the Company’s share of intercompany transactions, and increased (decreased) for contributions (distributions). The Company’s share of the results of operations of these investments is reflected in the Company’s earnings or losses. |
Financial Instrument Fair Value Disclosures | Financial Instrument Fair Value Disclosures As of September 30, 2020 and December 31, 2019, the carrying values of cash and cash equivalents, accounts receivable, due to and due from affiliates, accounts payable, accrued liabilities, and distributions payable approximate their fair value based on their highly-liquid nature and/or short-term maturities. The carrying values of notes receivable approximate fair value because stated interest rate terms are consistent with interest rate terms on new deals with similar leverage and risk profiles. Refer to Note 10 for further information regarding fair value measurements. |
Interim Financial Information | Interim Financial Information The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with GAAP for interim financial reporting, and the instructions to Form 10-Q and Article 10-1 of Regulation S-X. Accordingly, the financial statements for interim reporting do not include all the information and notes or disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for interim periods should not be considered indicative of the operating results for a full year. The balance sheet at December 31, 2019 has been derived from the audited financial statements at that date but does not include all the information and disclosures required by GAAP for complete financial statements. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in our audited consolidated financial statements for the year ended December 31, 2019 contained in the Annual Report on Form 10-K as filed with the Securities and Exchange Commission ("SEC") on February 24, 2020. |
Lessor Accounting | Lessor Accounting The Company’s current portfolio is focused predominately on apartment properties whereby the Company generates rental revenue by leasing apartments to residents in its communities. As lease revenues for apartments fall under the scope of ASC Topic 842, such lease revenues are classified as operating leases with straight-line recognition over the terms of the relevant lease agreement and inclusion within rental revenue. Resident leases are generally for one-year or month-to-month terms and are renewable by mutual agreement between the Company and the resident. Non-lease components of the Company’s apartment leases are combined with the related lease component and accounted for as a single lease component under ASC Topic 842. The balances of net real estate investments and related depreciation on the Company’s consolidated financial statements relate to assets for which the Company is the lessor. |
Lessee Accounting | Lessee Accounting The Company determines if an arrangement is a lease at inception. The Company is currently engaged in operating lease agreements that primarily relate to certain equipment leases. The Company determined that the lessee operating lease commitments have no material impact on its consolidated financial statements with the adoption of ASC Topic 842. The Company will continue to assess any modification of existing lease agreements and execution of any new lease agreements for the potential requirement of recording a right-of-use-asset or liability in the future. |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Other than the adoption of new accounting pronouncements as described below, there have been no significant changes to the Company's accounting policies since it filed its audited consolidated financial statements in its Annual Report on Form 10-K for the year ended December 31, 2019. |
New Accounting Pronouncements | New Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update ("ASU”) No. 2016-13 "Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13"). ASU 2016-13 requires more timely recognition of credit losses associated with financial assets. While previous GAAP included multiple credit impairment objectives for instruments, the previous objectives generally delayed recognition of the full amount of credit losses until the loss was probable of occurring. The amendments in ASU 2016-13, whose scope is asset-based and not restricted to financial institutions, eliminate the probable initial recognition threshold in current GAAP and, instead, reflect an entity's current estimate of all expected credit losses. The amendments in ASU 2016-13 broaden the information that the Company must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss that will be more useful to users of the financial statements. In November 2018, the FASB issued ASU No. 2018-19 "Codification Improvements to Topic 326, Financial Instruments-Credit Losses" (“ASU 2018-19”). ASU 2018-19 clarifies that operating lease receivables are excluded from the scope of ASU 2016-13 and instead, impairment of operating lease receivables is to be accounted for under ASC Topic 842. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company adopted ASU 2016-13 as of January 1, 2020 and the adoption of the standard did not have a material impact on the Company’s consolidated financial statements. In April 2020, the FASB issued a Staff Question-and-Answer (“Q&A”) to clarify whether lease concessions related to the effects of COVID-19 require the application of the lease modification guidance under ASC Topic 842. The Q&A allows companies to not apply the lease modification guidance to rent concessions that result in deferred rent where the total cash flows required by the modified lease agreement are materially the same as the cash flows required under the original lease and the changes to the lease do not result in a substantial increase to the rights of the lessor or the obligations of the lessee. The Company adopted the guidance during the second quarter 2020 for eligible residential lease concessions. The lease concessions that met the criteria of the Q&A are treated as if they were part of the enforceable rights and obligations of the parties under the existing lease contract. The amount of rent concessions subject to the Q&A were not material and this adoption did not have a material impact on the Company's consolidated results of operations. In August 2020, the FASB issued ASU No. 2020-06 “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”). The guidance in ASU 2020-06 simplifies the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments in the ASU 2020-06 also simplify the guidance in ASC Subtopic 815-40, Derivatives and Hedging: Contracts in Entity’s Own Equity |
Investments in Real Estate (Tab
Investments in Real Estate (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Investments in Real Estate | |
Schedule Of Equity Method Investments And Consolidation Accounting Investments | Consolidated Operating Properties Number of Date Built / Ownership Multifamily Community Name Location Units Renovated (1) Interest ARIUM Glenridge Atlanta, GA 480 1990 90 % ARIUM Grandewood Orlando, FL 306 2005 100 % ARIUM Hunter’s Creek Orlando, FL 532 1999 100 % ARIUM Metrowest Orlando, FL 510 2001 100 % ARIUM Westside Atlanta, GA 336 2008 90 % Ashford Belmar Lakewood, CO 512 1988/1993 85 % Avenue 25 Phoenix, AZ 254 2013 100 % Cade Boca Raton Boca Raton, FL 90 2019 81 % Chattahoochee Ridge Atlanta, GA 358 1996 90 % Chevy Chase Austin, TX 320 1971 92 % Citrus Tower Orlando, FL 336 2006 97 % Denim Scottsdale, AZ 645 1979 100 % Element Las Vegas, NV 200 1995 100 % Falls at Forsyth Cumming, GA 356 2019 100 % Gulfshore Apartment Homes Naples, FL 368 2016 100 % James at South First Austin, TX 250 2016 90 % Marquis at The Cascades Tyler, TX 582 2009 90 % Navigator Villas Pasco, WA 176 2013 90 % Outlook at Greystone Birmingham, AL 300 2007 100 % Park & Kingston Charlotte, NC 168 2015 100 % Pine Lakes Preserve Port St. Lucie, FL 320 2003 100 % Plantation Park Lake Jackson, TX 238 2016 80 % Providence Trail Mount Juliet, TN 334 2007 100 % Roswell City Walk Roswell, GA 320 2015 98 % Sands Parc Daytona Beach, FL 264 2017 100 % The Brodie Austin, TX 324 2001 100 % The District at Scottsdale Scottsdale, AZ 332 2018 100 % The Links at Plum Creek Castle Rock, CO 264 2000 88 % The Mills Greenville, SC 304 2013 100 % The Preserve at Henderson Beach Destin, FL 340 2009 100 % The Reserve at Palmer Ranch Sarasota, FL 320 2016 100 % The Sanctuary Las Vegas, NV 320 1988 100 % Veranda at Centerfield Houston, TX 400 1999 93 % Villages of Cypress Creek Houston, TX 384 2001 80 % Wesley Village Charlotte, NC 301 2010 100 % Total 11,844 (1) Represents date of last significant renovation or year built if there were no renovations. |
Schedule Of Development Properties In Real Estate | Preferred Equity, Mezzanine Loan and Ground Lease Investments Actual / Actual / Actual / Estimated Estimated Planned Initial Construction Multifamily Community Name Location Number of Units Occupancy Completion Lease-up Investments Motif Fort Lauderdale, FL 385 1Q 2020 2Q 2020 The Conley, formerly North Creek Apartments Leander, TX 259 2Q 2020 4Q 2020 Wayford at Concord, formerly Wayforth at Concord Concord, NC 150 1Q 2020 3Q 2021 Total lease-up units 794 Development Investments Riverside Apartments Austin, TX 222 1Q 2021 2Q 2021 Zoey Austin, TX 307 1Q 2022 2Q 2022 Reunion Apartments Orlando, FL 280 1Q 2022 3Q 2022 The Park at Chapel Hill Chapel Hill, NC 414 3Q 2021 4Q 2022 Avondale Hills Decatur, GA 240 1Q 2023 1Q 2023 Total development units 1,463 Multifamily Community Name Location Number of Units Operating Investments (1) Alexan CityCentre Houston, TX 340 Alexan Southside Place Houston, TX 270 Arlo Charlotte, NC 286 Belmont Crossing (2) Smyrna, GA 192 Domain at The One Forty Garland, TX 299 Georgetown Crossing (2) Savannah, GA 168 Mira Vista Austin, TX 200 Novel Perimeter Atlanta, GA 320 Park on the Square (2) Pensacola, FL 240 Sierra Terrace (2) Atlanta, GA 135 Sierra Village (2) Atlanta, GA 154 The Commons (2) Jacksonville, FL 328 Thornton Flats Austin, TX 104 Vickers Historic Roswell Roswell, GA 79 Total operating units 3,115 Total units 5,372 (1) Stabilized operating properties in which the Company has a preferred equity investment or equity interest. Refer to Note 7 for further information. (2) Belmont Crossing, Georgetown Crossing, Park on the Square, Sierra Terrace, Sierra Village, and The Commons are collectively known as the Strategic Portfolio. Refer to Note 7 for further information. |
Acquisition of Real Estate (Tab
Acquisition of Real Estate (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Acquisition of Real Estate | |
Schedule of acquisition activity and related new financing of real estate Properties | The following describes the Company’s significant acquisition activity and related new financing during the nine months ended September 30, 2020 (dollars in thousands): Ownership Purchase Property Location Date Interest Price Mortgage Avenue 25 Phoenix, AZ January 23, 2020 100 % $ 55,600 $ 36,566 (1) Falls at Forsyth Cumming, GA March 6, 2020 100 % 82,500 — (2) Chevy Chase Austin, TX August 11, 2020 92 % 34,500 24,400 |
Schedule of Real Estate Properties | The following table summarizes the assets acquired and liabilities assumed at the acquisition date for acquisitions made during the nine months ended September 30, 2020 (amounts in thousands): Purchase Price Allocation Land $ 18,046 Building 132,214 Building improvements 5,158 Land improvements 13,072 Furniture and fixtures 4,366 In-place leases 2,844 Total assets acquired $ 175,700 Mortgages assumed $ 29,705 Fair value adjustments 1,292 Total liabilities assumed $ 30,997 |
Notes and Interest Receivable_2
Notes and Interest Receivable due from Related Parties (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes and Interest Receivable due from Related Parties | |
Summary of the notes and accrued interest receivable due from related parties | Following is a summary of the notes and accrued interest receivable due from mezzanine loan investments as of September 30, 2020 and December 31, 2019 (amounts in thousands): September 30, December 31, Property 2020 2019 Arlo $ 30,242 $ 27,605 Domain at The One Forty 24,017 23,430 Motif 75,409 75,436 Novel Perimeter 22,980 20,867 Reunion Apartments 1,934 — The Park at Chapel Hill 36,413 34,819 Vickers Historic Roswell 11,654 11,624 Total $ 202,649 $ 193,781 |
Summary of the interest income from related parties and ground leases | Following is a summary of the interest income from mezzanine loan and ground lease investments for the three and nine months ended September 30, 2020 and 2019 (amounts in thousands): Three Months Ended Nine Months Ended September 30, September 30, Property 2020 2019 2020 2019 Arlo $ 1,110 $ 929 $ 3,197 $ 2,758 Cade Boca Raton — 504 — 1,408 Domain at The One Forty 330 849 977 2,406 Motif 2,427 2,427 7,123 7,199 Novel Perimeter 845 779 2,411 2,312 Reunion Apartments 15 — 15 — The Park at Chapel Hill 712 214 2,032 582 Vickers Historic Roswell 434 423 1,293 1,209 Zoey (1) 50 — 101 — Total $ 5,923 $ 6,125 $ 17,149 $ 17,874 (1) Refer to Note 14 for further information about the Zoey Ground Lease. |
Schedule of occupancy percentages of the Company's related parties | The occupancy percentages of the Company’s mezzanine loan investment properties at September 30, 2020 and December 31, 2019 are as follows: September 30, December 31, Property 2020 2019 Arlo 93.4 % 82.2 % Domain at The One Forty 93.0 % 85.6 % Motif 43.4 % — (2) Novel Perimeter 90.0 % 79.4 % Reunion Apartments — (1) — The Park at Chapel Hill — (1) — (2) Vickers Historic Roswell 94.9 % 74.7 % (1) The development had not commenced lease-up as of September 30, 2020. (2) The development had not commenced lease-up as of December 31, 2019. |
Preferred Equity Investments _2
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |
Schedule of Equity Method Investments | The carrying amount of the Company’s preferred equity investments and investments in unconsolidated real estate joint ventures as of September 30, 2020 and December 31, 2019 is summarized in the table below (amounts in thousands): September 30, December 31, Property 2020 2019 Alexan CityCentre $ 14,416 $ 12,788 Alexan Southside Place 25,717 24,866 Helios — 23,663 Leigh House — 80 Mira Vista 5,250 5,250 Riverside Apartments 13,679 12,342 Strategic Portfolio (1) 22,105 10,183 The Conley, formerly North Creek Apartments 15,735 14,964 Thornton Flats 4,600 4,600 Wayford at Concord, formerly Wayforth at Concord 6,500 4,683 Whetstone Apartments — 12,932 Other 96 93 Total $ 108,098 $ 126,444 (1) Belmont Crossing, Georgetown Crossing, Park on the Square, Sierra Terrace, Sierra Village, and The Commons are collectively known as the Strategic Portfolio. |
Schedule of preferred returns on the company | The preferred returns on the Company’s unconsolidated real estate joint ventures for the three and nine months ended September 30, 2020 and 2019 are summarized below (amounts in thousands): Three Months Ended Nine Months Ended September 30, September 30, Property 2020 2019 2020 2019 Alexan CityCentre $ 631 $ 563 $ 1,838 $ 1,545 Alexan Southside Place 322 402 955 1,175 Helios (1) 26 339 (133) 1,005 Leigh House 2 73 2 1,155 Mira Vista 136 21 404 21 Riverside Apartments 434 258 1,263 562 Strategic Portfolio 593 — 1,434 — The Conley 499 392 1,460 902 Thornton Flats 104 6 311 6 Wayford at Concord 216 26 623 26 Whetstone Apartments — 236 56 700 Preferred returns on unconsolidated joint ventures $ 2,963 $ 2,316 $ 8,213 $ 7,097 (1) Of the net loss incurred at Helios for the nine months ended September 30, 2020, ($143) pertains to costs related to the sale of Helios. |
Schedule Of Occupancy Percentages Of The Companys Unconsolidated Real Estate Joint Ventures | The occupancy percentages of the Company’s unconsolidated real estate joint ventures at September 30, 2020 and December 31, 2019 are as follows: September 30, December 31, Property 2020 2019 Alexan CityCentre 94.1 % 90.9 % Alexan Southside Place 95.2 % 95.2 % Mira Vista 95.5 % 93.5 % Riverside Apartments — (1) — (2) Strategic Portfolio Belmont Crossing 95.8 % 89.6 % Georgetown Crossing 89.3 % — Park on the Square 97.9 % — Sierra Terrace 91.1 % 97.0 % Sierra Village 87.7 % 86.4 % The Commons 93.9 % — The Conley 32.8 % — (2) Thornton Flats 94.2 % 90.4 % Wayford at Concord 56.7 % — (2) (1) The development had not commenced lease-up. (2) The development had not commenced lease-up at December 31, 2019. |
Schedule of combined financial information for the company's investments in unconsolidated real estate joint ventures | Summary combined financial information for the Company’s investments in unconsolidated real estate joint ventures as of September 30, 2020 and December 31, 2019 and for the three and nine months ended September 30, 2020 and 2019 is as follows (amounts in thousands): September 30, December 31, 2020 2019 Balance Sheets: Real estate, net of depreciation $ 725,723 $ 678,073 Other assets 36,841 51,212 Total assets $ 762,564 $ 729,285 Mortgages payable $ 617,228 $ 570,573 Other liabilities 35,825 36,129 Total liabilities $ 653,053 $ 606,702 Members’ equity 109,511 122,583 Total liabilities and members’ equity $ 762,564 $ 729,285 Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Operating Statement: Rental revenues $ 13,315 $ 9,470 $ 35,995 $ 26,194 Operating expenses (7,828) (5,534) (20,873) (16,165) Income before debt service and depreciation and amortization 5,487 3,936 15,122 10,029 Interest expense, net (7,572) (8,438) (22,234) (23,916) Depreciation and amortization (5,714) (3,916) (13,532) (12,049) Net operating loss (7,799) (8,418) (20,644) (25,936) Gain on sale (1) — 13,871 14,716 13,871 Net (loss) income $ (7,799) $ 5,453 $ (5,928) $ (12,065) |
Revolving credit facilities (Ta
Revolving credit facilities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revolving credit facilities | |
Schedule of Line of Credit Facilities | The outstanding balances on the revolving credit facilities as of September 30, 2020 and December 31, 2019 are as follows (amounts in thousands): September 30, December 31, Revolving Credit Facilities 2020 2019 Amended Senior Credit Facility $ — $ 18,000 Second Amended Junior Credit Facility — — Total $ — $ 18,000 |
Mortgages Payable (Tables)
Mortgages Payable (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Mortgages Payable | |
Schedule of senior mortgage indebtedness | The following table summarizes certain information as of September 30, 2020 and December 31, 2019, with respect to the Company’s senior mortgage indebtedness (amounts in thousands): Outstanding Principal As of September 30, 2020 September 30, December 31, Interest-only Property 2020 2019 Interest Rate through date Maturity Date Fixed Rate: ARIUM Grandewood (1) $ 19,664 $ 19,713 4.35 % (2) July 1, 2025 ARIUM Hunter’s Creek 71,207 72,183 3.65 % (2) November 1, 2024 ARIUM Metrowest 64,559 64,559 4.43 % May 2021 May 1, 2025 ARIUM Westside 52,150 52,150 3.68 % August 2021 August 1, 2023 Ashford Belmar 100,675 100,675 4.53 % December 2022 December 1, 2025 Ashton Reserve I — 30,329 Avenue 25 (3) 36,566 — 4.18 % July 2022 July 1,2027 Chattahoochee Ridge 45,338 45,338 3.25 % December 2022 December 5,2024 Citrus Tower 40,807 41,325 4.07 % (2) October 1, 2024 Denim 91,634 91,634 3.32 % August 2024 August 1, 2029 Element 29,260 29,260 3.63 % July 2022 July 1,2026 Enders Place at Baldwin Park — 23,337 Gulfshore Apartment Homes 46,345 46,345 3.26 % September 2022 September 1, 2029 James on South First 25,787 26,111 4.35 % (2) January 1, 2024 Navigator Villas (4) 20,515 20,515 4.56 % June 2021 June 1, 2028 Outlook at Greystone 22,105 22,105 4.30 % June 2021 June 1, 2025 Park & Kingston 19,600 19,600 3.32 % November 2024 November 1, 2026 Pine Lakes Preserve — 26,950 Plantation Park 26,625 26,625 4.64 % July 2024 July 1, 2028 Providence Trail 47,950 47,950 3.54 % July 2021 July 1, 2026 Roswell City Walk 50,285 51,000 3.63 % (2) December 1, 2026 The Brodie 33,717 34,198 3.71 % (2) December 1, 2023 The Links at Plum Creek 39,740 40,000 4.31 % (2) October 1, 2025 The Mills 25,408 25,797 4.21 % (2) January 1, 2025 The Preserve at Henderson Beach 48,490 48,490 3.26 % September 2028 September 1, 2029 The Reserve at Palmer Ranch 41,141 41,348 4.41 % (2) May 1, 2025 The Sanctuary 33,707 33,707 3.31 % Interest-only August 1, 2029 Villages of Cypress Creek — 26,200 Wesley Village 39,609 40,111 4.25 % (2) April 1, 2024 Total Fixed Rate $ 1,072,884 $ 1,147,555 Floating Rate (5) : ARIUM Glenridge $ 49,500 $ 49,500 1.49 % September 2021 September 1, 2025 ARIUM Grandewood (1) 19,615 19,672 1.56 % (2) July 1, 2025 Ashton Reserve II — 15,213 Cade Boca Raton 23,500 23,500 2.50 % June 2022 January 1, 2025 Chevy Chase 24,400 — 2.48 % September 2022 September 1, 2027 Fannie Facility Advance 13,936 — 2.76 % June 2022 June 1, 2027 Marquis at The Cascades I 31,822 32,284 1.77 % (2) June 1, 2024 (6) Marquis at The Cascades II 22,209 22,531 1.77 % (2) June 1, 2024 (6) Marquis at TPC — 16,468 Pine Lakes Preserve 42,728 — 3.14 % July 2025 July 1, 2030 The District at Scottsdale (7) 76,065 82,200 1.85 % (2) June 11, 2021 (8) Veranda at Centerfield 26,100 26,100 1.41 % July 2021 July 26, 2023 (9) Villages of Cypress Creek 33,520 — 2.71 % July 2022 July 1, 2027 Total Floating Rate $ 363,395 $ 287,468 Total Mortgages Payable $ 1,436,279 $ 1,435,023 Fair value adjustments 2,265 1,815 Deferred financing costs, net (11,002) (11,581) Total $ 1,427,542 $ 1,425,257 (1) ARIUM Grandewood has a fixed rate loan and a floating rate loan. (2) The loan requires monthly payments of principal and interest. (3) The principal balance includes a $29.7 million loan at a fixed rate of 4.02% and a $ 6.9 million supplemental loan at a fixed rate of 4.86% . (4) The principal balance includes a $14.8 million loan at a fixed rate of 4.31% and a $5.7 million supplemental loan at a fixed rate of 5.23% . (5) Other than The District at Scottsdale, all the Company’s floating rate loans bear interest at one-month LIBOR + margin. In September 2020, one-month LIBOR in effect was 0.16% . LIBOR rate is subject to a rate cap. Refer to Note 11 for further information. (6) The loan can be extended, subject to certain conditions, in connection with an election to convert to a fixed interest rate loan. (7) The loan bears interest at a floating rate of one or three-month LIBOR + margin at the Company's discretion. The loan is not subject to a rate cap. (8) The loan has two (2) three-month extension options subject to certain conditions. (9) The loan has two (2) one-year extension options subject to certain conditions. |
Schedule of contractual principal payments | As of September 30, 2020, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): Year Total 2020 (October 1–December 31) $ 2,094 2021 (1) 86,579 2022 15,467 2023 127,745 2024 276,177 Thereafter 928,217 $ 1,436,279 Add: Unamortized fair value debt adjustment 2,265 Subtract: Deferred financing costs, net (11,002) Total $ 1,427,542 (1) $76.1 million represents a loan in connection with The District at Scottsdale. The loan has a June 2021 maturity date and contains two (2) three-month extension options, subject to certain conditions. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Financial Instruments | |
Schedule of the fair value of the Company's derivative financial instruments | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of September 30, 2020 and December 31, 2019 (amounts in thousands): Derivatives not designated as hedging Fair values of derivative instruments under ASC 815 ‑ 20 Balance Sheet Location instruments September 30, December 31, 2020 2019 Interest rate caps Accounts receivable, prepaids and other assets $ 16 $ 22 The table below presents the effect of Company’s derivative financial instruments as well as their classification on the consolidated statements of operations for the three and nine months ended September 30, 2020 and 2019 (amounts in thousands): The Effect of Derivative Derivatives not designated as hedging Location of Gain or (Loss) Instruments on the Statements of instruments under ASC 815 ‑ 20 Recognized in Income Operations Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Interest rate caps Interest Expense $ (106) $ (136) $ (75) $ (2,501) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions | |
Summary of related party amounts payable to BRE | September 30, December 31, 2020 2019 Amounts Payable to BRE under the Administrative Services Agreement, net Operating and direct expense reimbursements $ 330 $ 281 Offering expense reimbursements 81 183 Total expense reimbursement amounts payable to BRE, net $ 411 $ 464 Amounts Payable to BRE under the Leasehold Cost-Sharing Agreement Operating and direct expense reimbursements $ 191 $ 186 Capital improvement cost reimbursements — 40 Total expense and cost reimbursement amounts payable to BRE $ 191 $ 226 Total $ 602 $ 690 |
Stockholders' Equity and Rede_2
Stockholders' Equity and Redeemable Preferred Stock (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Stockholders' Equity and Redeemable Preferred Stock | |
Schedule of reconciliation of components of basic and diluted net loss per common share | Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Net (loss) income attributable to common stockholders $ (17,058) $ 17,160 $ (18,461) $ (5,924) Dividends on restricted stock and LTIP Units expected to vest (342) (250) (1,008) (735) Basic net (loss) income attributable to common stockholders $ (17,400) $ 16,910 $ (19,469) $ (6,659) Weighted average common shares outstanding (1) 24,566,196 22,320,710 24,321,282 22,622,040 Potential dilutive shares (2) — 348,478 — — Weighted average common shares outstanding and potential dilutive shares (1) 24,566,196 22,669,188 24,321,282 22,622,040 Net (loss) income per common share, basic $ (0.71) $ 0.76 $ (0.80) $ (0.29) Net (loss) income per common share, diluted $ (0.71) $ 0.75 $ (0.80) $ (0.29) The effect of the conversion of OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A common stock on a one-for-one basis. The income allocable to such OP Units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these OP Units would have no net impact on the determination of diluted earnings per share. (1) Amounts relate to shares of the Company’s Class A and Class C common stock outstanding. (2) For the three and nine months ended September 30, 2020, potential vesting of restricted stock to employees for 67,036 shares and 57,102 shares of Class A common stock, respectively, are excluded from the diluted shares calculation as the effect is antidilutive. For the three months ended September 30, 2019, the following are included in the diluted shares calculation: a) warrants outstanding from issuances in conjunction with the Company's Series B Preferred Stock offerings that are potentially exercisable for 320,037 shares of Class A common stock, and b) potential vesting of restricted stock to employees for 28,441 shares of Class A common stock. For the nine months ended September 30, 2019, the following are excluded from the diluted shares calculation as the effect is antidilutive: a) warrants outstanding from issuances in conjunction with the Company's Series B Preferred Stock offerings that are potentially exercisable for 113,985 shares of Class A common stock, and b) potential vesting of restricted stock to employees for 17,954 shares of Class A common stock. |
Schedule of distributions | Payable to stockholders Declaration Date of record as of Amount Date Paid or Payable Class A Common Stock December 6, 2019 December 24, 2019 $ 0.162500 January 3, 2020 March 13, 2020 March 25, 2020 $ 0.162500 April 3, 2020 May 9, 2020 June 25, 2020 $ 0.162500 July 2, 2020 September 11, 2020 September 25, 2020 $ 0.162500 October 5, 2020 Class C Common Stock December 6, 2019 December 24, 2019 $ 0.162500 January 3, 2020 March 13, 2020 March 25, 2020 $ 0.162500 April 3, 2020 May 9, 2020 June 25, 2020 $ 0.162500 July 2, 2020 September 11, 2020 September 25, 2020 $ 0.162500 October 5, 2020 Series A Preferred Stock December 6, 2019 December 24, 2019 $ 0.515625 January 3, 2020 March 13, 2020 March 25, 2020 $ 0.515625 April 3, 2020 May 9, 2020 June 25, 2020 $ 0.515625 July 2, 2020 September 11, 2020 September 25, 2020 $ 0.515625 October 5, 2020 Series B Preferred Stock October 31, 2019 December 24, 2019 $ 5.00 January 3, 2020 January 13, 2020 January 24, 2020 $ 5.00 February 5, 2020 January 13, 2020 February 25, 2020 $ 5.00 March 5, 2020 January 13, 2020 March 25, 2020 $ 5.00 April 3, 2020 April 14, 2020 April 24, 2020 $ 5.00 May 5, 2020 May 9, 2020 May 22, 2020 $ 5.00 June 5, 2020 May 9, 2020 June 25, 2020 $ 5.00 July 2, 2020 July 10, 2020 July 24, 2020 $ 5.00 August 5, 2020 July 10, 2020 August 25, 2020 $ 5.00 September 4, 2020 July 10, 2020 September 25, 2020 $ 5.00 October 5, 2020 Series C Preferred Stock December 6, 2019 December 24, 2019 $ 0.4765625 January 3, 2020 March 13, 2020 March 25, 2020 $ 0.4765625 April 3, 2020 May 9, 2020 June 25, 2020 $ 0.4765625 July 2, 2020 September 11, 2020 September 25, 2020 $ 0.4765625 October 5, 2020 Series D Preferred Stock December 6, 2019 December 24, 2019 $ 0.4453125 January 3, 2020 March 13, 2020 March 25, 2020 $ 0.4453125 April 3, 2020 May 9, 2020 June 25, 2020 $ 0.4453125 July 2, 2020 September 11, 2020 September 25, 2020 $ 0.4453125 October 5, 2020 Series T Preferred Stock (1) December 20, 2019 December 24, 2019 $ 0.128125 January 3, 2020 January 13, 2020 January 24, 2020 $ 0.128125 February 5, 2020 January 13, 2020 February 25, 2020 $ 0.128125 March 5, 2020 January 13, 2020 March 25, 2020 $ 0.128125 April 3, 2020 April 14, 2020 April 24, 2020 $ 0.128125 May 5, 2020 May 9, 2020 May 22, 2020 $ 0.128125 June 5, 2020 May 9, 2020 June 25, 2020 $ 0.128125 July 2, 2020 July 10, 2020 July 24, 2020 $ 0.128125 August 5, 2020 July 10, 2020 August 25, 2020 $ 0.128125 September 4, 2020 July 10, 2020 September 25, 2020 $ 0.128125 October 5, 2020 (1) Shares of newly issued Series T Preferred Stock that are held only a portion of the applicable monthly dividend period will receive a prorated dividend based on the actual number of days in the applicable dividend period during which each such share of Series T Preferred Stock was outstanding. |
Summary of distributions declared and paid | Distributions 2020 Declared Paid First Quarter Class A Common Stock $ 3,901 $ 3,816 Class C Common Stock 12 12 Series A Preferred Stock 2,950 2,950 Series B Preferred Stock 7,848 7,867 Series C Preferred Stock 1,107 1,107 Series D Preferred Stock 1,269 1,269 Series T Preferred Stock 373 130 OP Units 1,037 1,037 LTIP Units 554 347 Total first quarter 2020 $ 19,051 $ 18,535 Second Quarter Class A Common Stock $ 3,995 $ 3,902 Class C Common Stock 12 12 Series A Preferred Stock 2,880 2,950 Series B Preferred Stock 7,766 7,779 Series C Preferred Stock 1,103 1,107 Series D Preferred Stock 1,245 1,269 Series T Preferred Stock 1,243 1,000 OP Units 1,026 1,038 LTIP Units 635 407 Total second quarter 2020 $ 19,905 $ 19,464 Third Quarter Class A Common Stock $ 4,012 $ 3,994 Class C Common Stock 12 12 Series A Preferred Stock 2,866 2,880 Series B Preferred Stock 7,745 7,751 Series C Preferred Stock 1,094 1,102 Series D Preferred Stock 1,236 1,245 Series T Preferred Stock 2,062 1,738 OP Units 1,026 1,027 LTIP Units 649 487 Total third quarter 2020 $ 20,702 $ 20,236 Total $ 59,658 $ 58,235 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events | |
Schedule of Declaration of Dividends | Declaration of Dividends Payable to stockholders Declaration Date of record as of Amount Paid / Payable Date Series B Preferred Stock October 9, 2020 October 23, 2020 $ 5.00 November 5, 2020 October 9, 2020 November 25, 2020 $ 5.00 December 4, 2020 October 9, 2020 December 24, 2020 $ 5.00 January 5, 2021 Series T Preferred Stock (1) October 9, 2020 October 23, 2020 $ 0.128125 November 5, 2020 October 9, 2020 November 25, 2020 $ 0.128125 December 4, 2020 October 9, 2020 December 24, 2020 $ 0.128125 January 5, 2021 (1) Shares of newly issued Series T Preferred Stock that are held only a portion of the applicable monthly dividend period will receive a prorated dividend based on the actual number of days in the applicable dividend period during which each such share of Series T Preferred Stock was outstanding. |
Schedule of Distributions Paid | The following distributions were declared and/or paid to the Company’s stockholders, as well as holders of OP and LTIP Units, subsequent to September 30, 2020 (amounts in thousands): Distributions Total Shares Declaration Date Record Date Date Paid per Share Distribution Class A Common Stock September 11, 2020 September 25, 2020 October 5, 2020 $ 0.162500 $ 4,012 Class C Common Stock September 11, 2020 September 25, 2020 October 5, 2020 0.162500 12 Series A Preferred Stock September 11, 2020 September 25, 2020 October 5, 2020 0.515625 2,866 Series B Preferred Stock July 10, 2020 September 25, 2020 October 5, 2020 5.000000 2,581 Series C Preferred Stock September 11, 2020 September 25, 2020 October 5, 2020 0.4765625 1,094 Series D Preferred Stock September 11, 2020 September 25, 2020 October 5, 2020 0.4453125 1,236 Series T Preferred Stock July 10, 2020 September 25, 2020 October 5, 2020 0.128125 810 OP Units September 11, 2020 September 25, 2020 October 5, 2020 0.162500 1,026 LTIP Units September 11, 2020 September 25, 2020 October 5, 2020 0.162500 500 Series B Preferred Stock October 9, 2020 October 23, 2020 November 5, 2020 5.000000 2,577 Series T Preferred Stock October 9, 2020 October 23, 2020 November 5, 2020 0.128125 930 Total $ 17,644 |
Organization and Nature of Bu_2
Organization and Nature of Business (Details) | 9 Months Ended |
Sep. 30, 2020 | |
Organization and Nature of Business [Line Items] | |
Percent of Real Estate Properties Occupied | 95.10% |
Number of Units in Real Estate Property | 17,216 |
Annual Distribution Percentage Rate | 90.00% |
Operating Units [Member] | |
Organization and Nature of Business [Line Items] | |
Number of Units in Real Estate Property | 11,844 |
Under Development [Member] | |
Organization and Nature of Business [Line Items] | |
Number of Units in Real Estate Property | 5,372 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Details) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Line Items] | |
Percentage of Voting Equity | 50.00% |
Percentage Of Unvested Incentive Plan In Operating Partnership | 5.60% |
Percentage of rent collected | 97.00% |
Percentage of tenants , on rent deferral payment plan | 1.00% |
Occupancy rate (as a percent) | 95.10% |
Ltip Unit [Member] | |
Accounting Policies [Line Items] | |
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 11.39% |
Op Unit [Member] | |
Accounting Policies [Line Items] | |
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 18.06% |
Op Ltip Unit [Member] | |
Accounting Policies [Line Items] | |
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 29.45% |
Sale of Real Estate Assets (Det
Sale of Real Estate Assets (Details) - USD ($) $ in Millions | Apr. 21, 2020 | Apr. 17, 2020 | Apr. 14, 2020 | Jan. 24, 2020 | Jan. 08, 2020 |
Helios [Member] | |||||
Proceeds from Sale of Real Estate Gross | $ 65.6 | ||||
Payments for Mortgage on Real Estate Sold | 39.5 | ||||
Payment for original investment | 19.2 | ||||
Payment for additional investment | 3.5 | ||||
Profit share distribution | 0.3 | ||||
Helios [Member] | Pro Rata [Member] | |||||
Proceeds from Sale of Real Estate | $ 22.7 | ||||
Whetstone Apartments [Member] | |||||
Proceeds from Sale of Real Estate Gross | $ 46.5 | ||||
Payments for Mortgage on Real Estate Sold | 25.4 | ||||
Proceeds from Sale of Real Estate | 19.6 | ||||
Payment for original investment | 12.9 | ||||
Payment for additional investment | 4 | ||||
Payment for accrued preferred return | $ 2.7 | ||||
Ashton Reserve [Member] | |||||
Proceeds from Sale of Real Estate Gross | $ 84.6 | ||||
Payments for Mortgage on Real Estate Sold | 45.4 | ||||
Proceeds from Sale of Real Estate | 31.2 | ||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 7.1 | ||||
Payments for closing costs and fees on real estate investments | 0.8 | ||||
Gain on sale of asset | $ 26.5 | ||||
Marquis at TPC [Member] | |||||
Proceeds from Sale of Real Estate Gross | $ 22.5 | ||||
Payments for Mortgage on Real Estate Sold | 16.3 | ||||
Proceeds from Sale of Real Estate | 5.9 | ||||
Gain on sale of asset | 3.2 | ||||
Marquis at TPC [Member] | Pro Rata [Member] | |||||
Proceeds from Sale of Real Estate | 5.3 | ||||
Gain on sale of asset | $ 2.8 | ||||
Enders Place at Baldwin Park [Member] | |||||
Proceeds from Sale of Real Estate Gross | $ 53.2 | ||||
Payments for Mortgage on Real Estate Sold | 23.2 | ||||
Proceeds from Sale of Real Estate | 26.1 | ||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 2.2 | ||||
Payments for closing costs and fees on real estate investments | 0.9 | ||||
Gain on sale of asset | 28.2 | ||||
Enders Place at Baldwin Park [Member] | Pro Rata [Member] | |||||
Proceeds from Sale of Real Estate | 24 | ||||
Gain on sale of asset | $ 26 |
Investments in Real Estate (Det
Investments in Real Estate (Details) | 9 Months Ended |
Sep. 30, 2020item | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of Units | 5,372 |
Total lease-up units | 794 |
Total operating units | 3,115 |
Total development units | 1,463 |
Alexan CityCentre [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Total operating units | 340 |
Alexan Southside Place [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Total operating units | 270 |
Belmont Crossing [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Total operating units | 192 |
Domain at The One Forty [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Total operating units | 299 |
Georgetown Crossing [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Total operating units | 168 |
Mira Vista [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Total operating units | 200 |
Park on the Square | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Total operating units | 240 |
Sierra Terrace [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Total operating units | 135 |
Sierra Village [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Total operating units | 154 |
The Commons [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Total operating units | 328 |
Thornton Flats [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Total operating units | 104 |
Vickers Historic Roswell [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Total operating units | 79 |
Arlo [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Total operating units | 286 |
Novel Perimeter, formerly Crescent Perimeter [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Total operating units | 320 |
Motif [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Total lease-up units | 385 |
North Creek Apartments [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Total lease-up units | 259 |
Riverside Apartments [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Total development units | 222 |
Wayforth at Concord [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Total lease-up units | 150 |
Zoey [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Total development units | 307 |
Reunion Apartments Member | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Total development units | 280 |
The Park at Chapel Hill [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Total development units | 414 |
Avondale Hills Member | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Total development units | 240 |
ARIUM Glenridge [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of Units | 480 |
Ownership interest (as a percent) | 90 |
ARIUM Grandewood [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of Units | 306 |
Ownership interest (as a percent) | 100 |
ARIUM Hunter's Creek [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of Units | 532 |
Ownership interest (as a percent) | 100 |
ARIUM Metrowest [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of Units | 510 |
Ownership interest (as a percent) | 100 |
ARIUM Westside [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of Units | 336 |
Ownership interest (as a percent) | 90 |
Ashford Belmar [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of Units | 512 |
Ownership interest (as a percent) | 85 |
Avenue 25 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of Units | 254 |
Ownership interest (as a percent) | 100 |
Cade Boca Raton [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of Units | 90 |
Ownership interest (as a percent) | 81 |
Chattahoochee Ridge [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of Units | 358 |
Ownership interest (as a percent) | 90 |
Chevy Chase | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of Units | 320 |
Ownership interest (as a percent) | 92 |
Citrus Tower [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of Units | 336 |
Ownership interest (as a percent) | 97 |
Denim [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of Units | 645 |
Ownership interest (as a percent) | 100 |
Element [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of Units | 200 |
Ownership interest (as a percent) | 100 |
Falls at Forsyth | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of Units | 356 |
Ownership interest (as a percent) | 100 |
Gulfshore Apartment Homes Naples, FL [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of Units | 368 |
Ownership interest (as a percent) | 100 |
James at South First [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of Units | 250 |
Ownership interest (as a percent) | 90 |
Marquis at The Cascades [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of Units | 582 |
Ownership interest (as a percent) | 90 |
Navigator Villas [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of Units | 176 |
Ownership interest (as a percent) | 90 |
Outlook at Greystone [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of Units | 300 |
Ownership interest (as a percent) | 100 |
Park & Kingston [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of Units | 168 |
Ownership interest (as a percent) | 100 |
Pine Lakes Preserve, Formerly Arium Pine Lakes [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of Units | 320 |
Ownership interest (as a percent) | 100 |
Plantation Park [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of Units | 238 |
Ownership interest (as a percent) | 80 |
Providence Trail [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of Units | 334 |
Ownership interest (as a percent) | 100 |
Roswell City Walk [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of Units | 320 |
Ownership interest (as a percent) | 98 |
Sands Parc [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of Units | 264 |
Ownership interest (as a percent) | 100 |
The Brodie [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of Units | 324 |
Ownership interest (as a percent) | 100 |
The District At Scottsdale [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of Units | 332 |
Ownership interest (as a percent) | 100 |
The Links at Plum Creek [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of Units | 264 |
Ownership interest (as a percent) | 88 |
The Mills [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of Units | 304 |
Ownership interest (as a percent) | 100 |
The Preserve at Henderson Beach [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of Units | 340 |
Ownership interest (as a percent) | 100 |
The Reserve at Palmer Ranch, Formerly Arium at Palmer Ranch [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of Units | 320 |
Ownership interest (as a percent) | 100 |
The Sanctuary [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of Units | 320 |
Ownership interest (as a percent) | 100 |
Veranda at Centerfield [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of Units | 400 |
Ownership interest (as a percent) | 93 |
Villages of Cypress Creek [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of Units | 384 |
Ownership interest (as a percent) | 80 |
Wesley Village [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of Units | 301 |
Ownership interest (as a percent) | 100 |
Average [Member] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Number of Units | 11,844 |
Investments in Real Estate - Ad
Investments in Real Estate - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Investments in Real Estate | ||||
Investments in real estate of depreciation expense | $ 18.2 | $ 15.7 | $ 54.4 | $ 47.3 |
Amortization of Deferred Leasing Fees | $ 1 | $ 1.9 | $ 5.8 | $ 3.8 |
Acquisition of Real Estate - Ac
Acquisition of Real Estate - Acquisition activity and related new financing (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Business Acquisition [Line Items] | |
Mortgages assumed | $ 29,705 |
Avenue 25 | |
Business Acquisition [Line Items] | |
Interest | 100.00% |
Amount | $ 55,600 |
Mortgage | 36,566 |
Mortgages assumed | 29,700 |
Supplemental loan | $ 6,900 |
Falls at Forsyth | |
Business Acquisition [Line Items] | |
Interest | 100.00% |
Amount | $ 82,500 |
Chevy Chase | |
Business Acquisition [Line Items] | |
Interest | 92.00% |
Amount | $ 34,500 |
Mortgage | $ 24,400 |
Acquisition of Real Estate - As
Acquisition of Real Estate - Assets acquired (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Preliminary Purchase Price Allocation | |
Land | $ 18,046 |
Building | 132,214 |
Building improvements | 5,158 |
Land improvements | 13,072 |
Furniture and fixtures | 4,366 |
In-place leases | 2,844 |
Total assets acquired | 175,700 |
Mortgages assumed | 29,705 |
Fair value adjustments | 1,292 |
Total liabilities assumed | $ 30,997 |
Acquisition of Real Estate - Ad
Acquisition of Real Estate - Additional Information (Details) - The Brodie [Member] $ in Millions | Apr. 24, 2020USD ($) | Apr. 23, 2020 |
Business Acquisition [Line Items] | ||
Payments to acquire non-controlling interest | $ 3.5 | |
Ownership interest (as a percent) | 100 | 93 |
Notes and Interest Receivable_3
Notes and Interest Receivable due from Related Parties - Summary of the notes and accrued interest receivable due from related parties (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Notes Receivable, Related Parties | $ 202,649 | $ 193,781 |
Arlo [Member] | ||
Notes Receivable, Related Parties | 30,242 | 27,605 |
Domain at The One Forty [Member] | ||
Notes Receivable, Related Parties | 24,017 | 23,430 |
Motif [Member] | ||
Notes Receivable, Related Parties | 75,409 | 75,436 |
Novel Perimeter, formerly Crescent Perimeter [Member] | ||
Notes Receivable, Related Parties | 22,980 | 20,867 |
Reunion Apartments Member | ||
Notes Receivable, Related Parties | 1,934 | |
The Park at Chapel Hill [Member] | ||
Notes Receivable, Related Parties | 36,413 | 34,819 |
Vickers Historic Roswell [Member] | ||
Notes Receivable, Related Parties | $ 11,654 | $ 11,624 |
Notes and Interest Receivable_4
Notes and Interest Receivable due from Related Parties - Summary of the interest income from related parties (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Interest Income, Related Party | $ 5,923 | $ 6,125 | $ 17,149 | $ 17,874 |
Arlo [Member] | ||||
Interest Income, Related Party | 1,110 | 929 | 3,197 | 2,758 |
Cade Boca Raton [Member] | ||||
Interest Income, Related Party | 504 | 1,408 | ||
Domain at The One Forty [Member] | ||||
Interest Income, Related Party | 330 | 849 | 977 | 2,406 |
Motif [Member] | ||||
Interest Income, Related Party | 2,427 | 2,427 | 7,123 | 7,199 |
Novel Perimeter, formerly Crescent Perimeter [Member] | ||||
Interest Income, Related Party | 845 | 779 | 2,411 | 2,312 |
Reunion Apartments Member | ||||
Interest Income, Related Party | 15 | 15 | ||
The Park at Chapel Hill [Member] | ||||
Interest Income, Related Party | 712 | 214 | 2,032 | 582 |
Vickers Historic Roswell [Member] | ||||
Interest Income, Related Party | 434 | $ 423 | 1,293 | $ 1,209 |
Zoey [Member] | ||||
Interest Income, Related Party | $ 50 | $ 101 |
Notes and Interest Receivable_5
Notes and Interest Receivable due from Related Parties - Schedule of occupancy percentages of the Company's related parties (Details) | Sep. 30, 2020 | Dec. 31, 2019 |
Arlo [Member] | ||
Development Leased | 93.40% | 82.20% |
Domain at The One Forty [Member] | ||
Development Leased | 93.00% | 85.60% |
Motif [Member] | ||
Development Leased | 43.40% | |
Novel Perimeter, formerly Crescent Perimeter [Member] | ||
Development Leased | 90.00% | 79.40% |
Vickers Historic Roswell [Member] | ||
Development Leased | 94.90% | 74.70% |
Notes and Interest Receivable_6
Notes and Interest Receivable due from Related Parties - Additional Information (Details) $ in Millions | Aug. 18, 2020USD ($) | Jul. 01, 2020USD ($)propertyitem | May 09, 2020USD ($) | May 08, 2020USD ($) | May 05, 2020USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2020USD ($)propertyitem | Mar. 30, 2020USD ($) |
The Park at Chapel Hill Financing [Member] | ||||||||
Paydown from related party | $ 21 | |||||||
Outstanding principal balance | 8.5 | $ 10.5 | ||||||
Loan Amount Borrowed To The Related Party | $ 2 | |||||||
Senior Loans [Member] | ||||||||
Outstanding principal balance | 5 | |||||||
Motif Mezzanine Financing [Member] | ||||||||
Outstanding principal balance | 74.6 | |||||||
Payment Relended To The Borrower | $ 8 | |||||||
Novel Perimeter, formerly Crescent Perimeter [Member] | ||||||||
Internal rate of return | 15.00% | |||||||
Percentage of Acquire Preferred Equity Interests | 100.00% | |||||||
Novel Perimeter, formerly Crescent Perimeter [Member] | BR Perimeter JV,LLC [Member] | ||||||||
Funded Amount | 22.7 | |||||||
Capital Commitment | $ 23.8 | |||||||
Novel Perimeter, formerly Crescent Perimeter [Member] | Minimum [Member] | ||||||||
Discount rate | 2.5 | |||||||
Motif Mezz Loan | ||||||||
Paydown from related party | 8 | |||||||
Outstanding principal balance | 66.6 | |||||||
BR Morehead JV , LLC [Member] | Mezzanine Type Loan Member | ||||||||
Due from Related Parties, Current | $ 32 | |||||||
Related party due, funded | 29.9 | |||||||
Arlo [Member] | Mezzanine Type Loan Member | ||||||||
Repayment of outstanding balances | 7.3 | |||||||
Arlo [Member] | Senior Loans [Member] | ||||||||
Face amount of loan | $ 43 | |||||||
Arlo [Member] | Senior Loans [Member] | Minimum [Member] | LIBOR | ||||||||
Spread on variable rate | 1.65% | |||||||
Arlo [Member] | Senior Loans [Member] | Maximum [Member] | LIBOR | ||||||||
Spread on variable rate | 2.65% | |||||||
Arlo [Member] | Construction Loan | ||||||||
Repayment of outstanding balances | $ 33.6 | |||||||
Avondale Hills Mezzanine Financing [Member] | ||||||||
Maximum amount that can be borrowed by the third party | $ 11.7 | |||||||
Number of apartment units | property | 240 | |||||||
Number of extension options | item | 2 | |||||||
Extension term | 1 year | |||||||
Loans Receivable, Interest Rate | 12.00% | |||||||
Reunion Apartments Mezzanine Financing | ||||||||
Maximum amount that can be borrowed by the third party | $ 10 | |||||||
Amount funded by the company | $ 1.9 | |||||||
Number of apartment units | property | 280 | |||||||
Number of extension options | item | 2 | |||||||
Extension term | 1 year | |||||||
Loans Receivable, Interest Rate | 12.00% | |||||||
Amended Chapel Hill Mezz Loan [Member] | ||||||||
Maximum amount that can be borrowed by the third party | $ 31 | |||||||
Loans Receivable, Interest Rate | 11.75% | |||||||
Interest paid (as a percent) | 5.25% | |||||||
Interest accrued (as a percent) | 6.50% | |||||||
The Park at Chapel Hill Financing [Member] | ||||||||
Maximum amount that can be borrowed by the third party | $ 40 | |||||||
Loans Receivable, Interest Rate | 11.00% |
Preferred Equity Investments _3
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Equity Method Investments | $ 108,098 | $ 126,444 |
Alexan CityCentre [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Equity Method Investments | 14,416 | 12,788 |
Alexan Southside Place [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Equity Method Investments | 25,717 | 24,866 |
Helios [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Equity Method Investments | 23,663 | |
Leigh House [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Equity Method Investments | 80 | |
Mira Vista [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Equity Method Investments | 5,250 | 5,250 |
Riverside Apartments [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Equity Method Investments | 13,679 | 12,342 |
Strategic Portfolio [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Equity Method Investments | 22,105 | 10,183 |
The Conley, formerly North Creek Apartments | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Equity Method Investments | 15,735 | 14,964 |
Thornton Flats [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Equity Method Investments | 4,600 | 4,600 |
Wayford at Concord, formerly Wayforth at Concord | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Equity Method Investments | 6,500 | 4,683 |
Whetstone Apartments [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Equity Method Investments | 12,932 | |
Other Property [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Equity Method Investments | $ 96 | $ 93 |
Preferred Equity Investments _4
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Preferred returns (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Preferred returns on unconsolidated joint ventures | $ 2,963 | $ 2,316 | $ 8,213 | $ 7,097 |
Alexan CityCentre [Member] | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Preferred returns on unconsolidated joint ventures | 631 | 563 | 1,838 | 1,545 |
Alexan Southside Place [Member] | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Preferred returns on unconsolidated joint ventures | 322 | 402 | 955 | 1,175 |
Helios [Member] | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Preferred returns on unconsolidated joint ventures | 26 | 339 | (133) | 1,005 |
Cost expense | (143) | |||
Leigh House [Member] | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Preferred returns on unconsolidated joint ventures | 2 | 73 | 2 | 1,155 |
Mira Vista [Member] | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Preferred returns on unconsolidated joint ventures | 136 | 21 | 404 | 21 |
Riverside Apartments [Member] | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Preferred returns on unconsolidated joint ventures | 434 | 258 | 1,263 | 562 |
Strategic Portfolio [Member] | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Preferred returns on unconsolidated joint ventures | 593 | 1,434 | ||
The Conley, formerly North Creek Apartments | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Preferred returns on unconsolidated joint ventures | 499 | 392 | 1,460 | 902 |
Thornton Flats [Member] | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Preferred returns on unconsolidated joint ventures | 104 | 6 | 311 | 6 |
Wayforth at Concord [Member] | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Preferred returns on unconsolidated joint ventures | $ 216 | 26 | 623 | 26 |
Whetstone Apartments [Member] | ||||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||||
Preferred returns on unconsolidated joint ventures | $ 236 | $ 56 | $ 700 |
Preferred Equity Investments _5
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Occupancy percentages (Details) | Sep. 30, 2020 | Dec. 31, 2019 |
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 95.10% | |
Alexan CityCentre [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 94.10% | 90.90% |
Alexan Southside Place [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 95.20% | 95.20% |
Mira Vista [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 95.50% | 93.50% |
Belmont Crossing [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 95.80% | 89.60% |
Georgetown Crossing [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 89.30% | |
Park on the Square | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 97.90% | |
Sierra Terrace [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 91.10% | 97.00% |
Sierra Village [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 87.70% | 86.40% |
The Commons [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 93.90% | |
The Conley, formerly North Creek Apartments | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 32.80% | |
Thornton Flats [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 94.20% | 90.40% |
Wayforth at Concord [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 56.70% |
Preferred Equity Investments _6
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Summary of combined financial information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Assets [Abstract] | |||||
Total Assets | $ 2,442,219 | $ 2,442,219 | $ 2,340,697 | ||
Liabilities [Abstract] | |||||
Total Liabilities | 1,516,201 | 1,516,201 | 1,486,575 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | |||||
Members' equity | 106,641 | 106,641 | 127,491 | ||
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | 2,442,219 | 2,442,219 | 2,340,697 | ||
Gross Profit [Abstract] | |||||
Rental revenues | 48,666 | $ 47,422 | 146,713 | $ 139,575 | |
Operating expenses | (48,161) | (44,809) | (142,874) | (129,277) | |
Depreciation and amortization | (19,216) | (17,643) | (60,206) | (51,097) | |
Net (loss) income | (4,069) | 38,175 | 31,137 | 31,878 | |
Unconsolidated Real Estate Joint Ventures | |||||
Assets [Abstract] | |||||
Real estate, net of depreciation | 725,723 | 725,723 | 678,073 | ||
Other assets | 36,841 | 36,841 | 51,212 | ||
Total Assets | 762,564 | 762,564 | 729,285 | ||
Liabilities [Abstract] | |||||
Mortgages payable | 617,228 | 617,228 | 570,573 | ||
Other liabilities | 35,825 | 35,825 | 36,129 | ||
Total Liabilities | 653,053 | 653,053 | 606,702 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | |||||
Members' equity | 109,511 | 109,511 | 122,583 | ||
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | 762,564 | 762,564 | $ 729,285 | ||
Gross Profit [Abstract] | |||||
Rental revenues | 13,315 | 9,470 | 35,995 | 26,194 | |
Operating expenses | (7,828) | (5,534) | (20,873) | (16,165) | |
Income before debt service and depreciation and amortization | 5,487 | 3,936 | 15,122 | 10,029 | |
Interest expense, net | (7,572) | (8,438) | (22,234) | (23,916) | |
Depreciation and amortization | (5,714) | (3,916) | (13,532) | (12,049) | |
Net operating loss | (7,799) | (8,418) | (20,644) | (25,936) | |
Gain on sale of Whetstone and Helios, net | 13,871 | 14,716 | 13,871 | ||
Net (loss) income | $ (7,799) | $ 5,453 | $ (5,928) | $ (12,065) |
Preferred Equity Investments _7
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Additional Information (Details) $ in Thousands | Mar. 20, 2020USD ($) | Jan. 22, 2020USD ($) | Sep. 30, 2020USD ($)item | Sep. 30, 2019USD ($) | May 08, 2020USD ($) | Dec. 31, 2019USD ($) |
Equity Method Investment And Joint Venture [Line Items] | ||||||
Number of joint ventures in which company has equity investment | item | 13 | |||||
Number of joint ventures which generate a stated preferred return on outstanding capital contributions | item | 8 | |||||
Number of equity investments representing 0.5% common interest in joint venture | item | 5 | |||||
Equity Method Investments | $ 108,098 | $ 126,444 | ||||
Due from Affiliates | 314 | $ 2,969 | ||||
Payments to Acquire Equity Method Investments | $ 18,330 | $ 33,796 | ||||
Common interest (as a percent) | 0.50% | |||||
Alexan Southside Place Interests / Refinance [Member] | ||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||
Ground Lease Term | 85 years | |||||
Operating Lease, Right-of-Use Asset | $ 17,100 | |||||
Operating Lease, Liability | $ 17,100 | |||||
Strategic Portfolio [Member] | ||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||
Additional capital contributions | $ 3,900 | |||||
Percentage of Acquire Preferred Equity Interests | 7.50% | |||||
Current return (as a percent) | 3.00% | |||||
Total preferred return (as a percent) | 10.50% | |||||
Equity Method Investments | $ 8,000 | |||||
Whetstone Interests [Member] | ||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||
Percentage of Acquire Preferred Equity Interests | 100.00% | |||||
Equity Method Investments | $ 2,500 | |||||
Investment in joint venture | $ 1,900 | |||||
Ownership Interest | 7.5 |
Revolving credit facilities (De
Revolving credit facilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Long-term Line of Credit | $ 18,000 | |
Amended Senior Credit Facility [Member] | ||
Long-term Line of Credit | $ 18,000 | |
Amended Senior Credit Facility [Member] | Falls at Forsyth | ||
Long-term Line of Credit | $ 79,900 |
Revolving credit facilities - A
Revolving credit facilities - Additional Information (Details) $ in Millions | Mar. 06, 2020USD ($)item | Nov. 06, 2019USD ($) | Sep. 30, 2020USD ($)item |
Extension term | 3 months | ||
Minimum [Member] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.35% | ||
Maximum [Member] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.40% | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 153.6 | ||
Amended Senior Credit Facility [Member] | |||
Number of extension options | item | 2 | ||
Extension term | 1 year | ||
Amount of letter of credit issuable, maximum | $ 50 | ||
Number of letters of credit outstanding | item | 1 | ||
Letters of credit outstanding amount | $ 0.8 | ||
Amended Senior Credit Facility [Member] | Minimum [Member] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% | ||
Amended Senior Credit Facility [Member] | Maximum [Member] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | ||
Amended Senior Credit Facility [Member] | LIBOR | Line of Credit [Member] | Minimum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.30% | ||
Amended Senior Credit Facility [Member] | LIBOR | Line of Credit [Member] | Maximum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.65% | ||
Amended Senior Credit Facility [Member] | Base Rate [Member] | Line of Credit [Member] | Minimum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.30% | ||
Amended Senior Credit Facility [Member] | Base Rate [Member] | Line of Credit [Member] | Maximum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.65% | ||
Amended Senior Credit Facility [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 100 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 350 | ||
Second Amended Junior Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 72.5 | ||
Second Amended Junior Credit Facility [Member] | LIBOR | Line of Credit [Member] | Minimum [Member] | |||
Debt Instrument, Description of Variable Rate Basis | 2.75% | ||
Second Amended Junior Credit Facility [Member] | LIBOR | Line of Credit [Member] | Maximum [Member] | |||
Debt Instrument, Description of Variable Rate Basis | 3.25% | ||
Second Amended Junior Credit Facility [Member] | Base Rate [Member] | Line of Credit [Member] | Minimum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||
Second Amended Junior Credit Facility [Member] | Base Rate [Member] | Line of Credit [Member] | Maximum [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.25% |
Mortgages Payable (Details)
Mortgages Payable (Details) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2020USD ($)item | May 27, 2020USD ($) | Dec. 31, 2019USD ($) | |
Line of Credit Facility [Line Items] | |||
Total | $ 1,427,542 | $ 1,425,257 | |
Extension term | 3 months | ||
Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 1,072,884 | 1,147,555 | |
Mortgages [Member] | |||
Line of Credit Facility [Line Items] | |||
Total | 1,436,279 | 1,435,023 | |
Fair value adjustments | 2,265 | 1,815 | |
Deferred financing costs, net | (11,002) | (11,581) | |
Mortgages [Member] | Floating Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | 363,395 | 287,468 | |
Fannie Facility Advance | Floating Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 13,900 | ||
ARIUM Grandewood [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 19,664 | 19,713 | |
Interest rate (as a percent) | 4.35% | ||
ARIUM Grandewood [Member] | Mortgages [Member] | Floating Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 19,615 | 19,672 | |
Interest rate (as a percent) | 1.56% | ||
ARIUM Hunters Creek [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 71,207 | 72,183 | |
Interest rate (as a percent) | 3.65% | ||
ARIUM Metrowest [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 64,559 | 64,559 | |
Interest rate (as a percent) | 4.43% | ||
ARIUM Westside [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 52,150 | 52,150 | |
Interest rate (as a percent) | 3.68% | ||
Ashford Belmar [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 100,675 | 100,675 | |
Interest rate (as a percent) | 4.53% | ||
Ashton Reserve I [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | 30,329 | ||
Avenue 25 | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 36,566 | ||
Interest rate (as a percent) | 4.18% | ||
Chattahoochee Ridge [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 45,338 | 45,338 | |
Interest rate (as a percent) | 3.25% | ||
Citrus Tower [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 40,807 | 41,325 | |
Interest rate (as a percent) | 4.07% | ||
Denim [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 91,634 | 91,634 | |
Interest rate (as a percent) | 3.32% | ||
Element [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 29,260 | 29,260 | |
Interest rate (as a percent) | 3.63% | ||
Enders Place at Baldwin Park [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | 23,337 | ||
Gulfshore Apartment Homes [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 46,345 | 46,345 | |
Interest rate (as a percent) | 3.26% | ||
James on South First [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 25,787 | 26,111 | |
Interest rate (as a percent) | 4.35% | ||
Navigator Villas [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 20,515 | 20,515 | |
Interest rate (as a percent) | 4.56% | ||
Outlook at Greystone [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 22,105 | 22,105 | |
Interest rate (as a percent) | 4.30% | ||
Park & Kingston [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 19,600 | 19,600 | |
Interest rate (as a percent) | 3.32% | ||
Pine Lakes Preserve [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | 26,950 | ||
Plantation Park [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 26,625 | 26,625 | |
Interest rate (as a percent) | 4.64% | ||
Providence Trail [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 47,950 | 47,950 | |
Interest rate (as a percent) | 3.54% | ||
Rosewell City Walk [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 50,285 | 51,000 | |
Interest rate (as a percent) | 3.63% | ||
The Brodie [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 33,717 | 34,198 | |
Interest rate (as a percent) | 3.71% | ||
The Links at Plum Creek [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 39,740 | 40,000 | |
Interest rate (as a percent) | 4.31% | ||
The Mills [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 25,408 | 25,797 | |
Interest rate (as a percent) | 4.21% | ||
The Preserve at Henderson Beach [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 48,490 | 48,490 | |
Interest rate (as a percent) | 3.26% | ||
The Reserve at Palmer Ranch [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 41,141 | 41,348 | |
Interest rate (as a percent) | 4.41% | ||
The Sanctuary [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 33,707 | 33,707 | |
Interest rate (as a percent) | 3.31% | ||
Villages of Cypress Creek [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | 26,200 | ||
Wesley Village [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 39,609 | 40,111 | |
Interest rate (as a percent) | 4.25% | ||
ARIUM Glenridge [Member] | Mortgages [Member] | Floating Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 49,500 | 49,500 | |
Interest rate (as a percent) | 1.49% | ||
Ashton Reserve II [Member] | Mortgages [Member] | Floating Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | 15,213 | ||
Cade Boca Raton [Member] | Mortgages [Member] | Floating Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 23,500 | 23,500 | |
Interest rate (as a percent) | 2.50% | ||
Chevy Chase | Mortgages [Member] | Floating Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 24,400 | ||
Interest rate (as a percent) | 2.48% | ||
Fannie Facility Advance | Mortgages [Member] | Floating Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 13,936 | ||
Interest rate (as a percent) | 2.76% | ||
Marquis at the Cascades I [Member] | Mortgages [Member] | Floating Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 31,822 | 32,284 | |
Interest rate (as a percent) | 1.77% | ||
Marquis at the Cascades II [Member] | Mortgages [Member] | Floating Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 22,209 | 22,531 | |
Interest rate (as a percent) | 1.77% | ||
Marquis at TPC [Member] | Mortgages [Member] | Floating Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | 16,468 | ||
Pine Lakes Preserve [Member] | Mortgages [Member] | Floating Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 42,728 | ||
Interest rate (as a percent) | 3.14% | ||
The District At Scottsdale [Member] | |||
Line of Credit Facility [Line Items] | |||
Number of extension options | item | 2 | ||
Extension term | 3 months | ||
The District At Scottsdale [Member] | Mortgages [Member] | Floating Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 76,065 | 82,200 | |
Interest rate (as a percent) | 1.85% | ||
Number of extension options | item | 2 | ||
Extension term | 3 months | ||
Veranda at Centerfield [Member] | |||
Line of Credit Facility [Line Items] | |||
Number of extension options | item | 2 | ||
Extension term | 1 year | ||
Veranda at Centerfield [Member] | Mortgages [Member] | Floating Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 26,100 | $ 26,100 | |
Interest rate (as a percent) | 1.41% | ||
Villages of Cypress Creek [Member} | Mortgages [Member] | Floating Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 33,520 | ||
Interest rate (as a percent) | 2.71% |
Mortgages Payable - Debt maturi
Mortgages Payable - Debt maturities (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Mortgages Payable [Abstract] | |
2020 (October 1-December 31) | $ 2,094 |
2021(1) | 86,579 |
2022 | 15,467 |
2023 | 127,745 |
2024 | 276,177 |
Thereafter | 928,217 |
Long-term Debt | 1,436,279 |
Add: Unamortized fair value debt adjustment | 2,265 |
Subtract: Deferred financing costs, net | (11,002) |
Total | $ 1,427,542 |
Mortgages Payable - Additional
Mortgages Payable - Additional Information (Details) $ in Thousands | Jun. 24, 2020USD ($) | Jun. 02, 2020USD ($) | May 27, 2020USD ($) | Mar. 06, 2020item | Sep. 30, 2020USD ($)item | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)item | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) |
Line of Credit Facility [Line Items] | |||||||||
Loan amount | $ 86,579 | $ 86,579 | |||||||
Real Estate Investments, Net | 1,977,102 | 1,977,102 | $ 1,947,320 | ||||||
Loss on extinguishment of debt | 0 | $ 6,924 | $ 13,985 | $ 6,924 | |||||
Extension term | 3 months | ||||||||
Amended Senior Credit Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Real Estate Investments, Net | 1,983,100 | $ 1,983,100 | |||||||
Number of extension options | item | 2 | ||||||||
Extension term | 1 year | ||||||||
Mortgages [Member] | Floating Interest Rate [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Total Outstanding Principal | 363,395 | 363,395 | 287,468 | ||||||
Fannie Facility Advance | Floating Interest Rate [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Total Outstanding Principal | $ 13,900 | ||||||||
Amortization period | 30 years | ||||||||
Fannie Facility Advance | LIBOR | Floating Interest Rate [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.60% | ||||||||
Avenue 25 | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Secured Long-term Debt, Noncurrent | 29,700 | $ 29,700 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 4.02% | ||||||||
Avenue 25 | Supplemental Loan [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Secured Long-term Debt, Noncurrent | 6,900 | $ 6,900 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 4.86% | ||||||||
Navigator Villas [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Secured Long-term Debt, Noncurrent | 14,800 | $ 14,800 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 4.31% | ||||||||
Navigator Villas [Member] | Supplemental Loan [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Secured Long-term Debt, Noncurrent | 5,700 | $ 5,700 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 5.23% | ||||||||
The District At Scottsdale [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Loan amount | $ 76,100 | $ 76,100 | |||||||
Number of extension options | item | 2 | 2 | |||||||
Extension term | 3 months | ||||||||
The District At Scottsdale [Member] | Mortgages [Member] | Floating Interest Rate [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Principal payment to be made | $ 6,000 | ||||||||
Extension fee | $ 200 | ||||||||
Number of extension options | item | 2 | 2 | |||||||
Extension term | 3 months | ||||||||
Total Outstanding Principal | $ 76,065 | $ 76,065 | $ 82,200 | ||||||
Other Than The District At Scottsdale [Member] | Mortgages [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Instrument Prepayment Fee Percentage | 0.16% | ||||||||
Villages of Cypress Creek [Member} | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Secured Long-term Debt, Noncurrent | $ 33,500 | ||||||||
Extinguishment of Debt, Amount | 26,200 | ||||||||
Loss on extinguishment of debt | $ 900 | ||||||||
Villages of Cypress Creek [Member} | Mortgages [Member] | Floating Interest Rate [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Total Outstanding Principal | $ 33,520 | $ 33,520 | |||||||
Pine Lakes Preserve [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Secured Long-term Debt, Noncurrent | $ 42,700 | ||||||||
Extinguishment of Debt, Amount | 27,000 | ||||||||
Loss on extinguishment of debt | $ 3,600 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value of Financial Instruments | ||
Long-term Debt, Fair Value | $ 1,497.2 | $ 1,436.2 |
Mortgage Payable At Carrying Value | $ 1,438.5 | $ 1,436.8 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Fair Value of company's derivative financial instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Fair value adjustment of interest rate Caps | $ (75) | $ 2,501 | |||
Interest Rate Cap [Member] | Interest Expense [Member] | |||||
Fair value adjustment of interest rate Caps | $ (106) | $ (136) | (75) | $ (2,501) | |
Accounts Receivable, Prepaids and Other Assets [Member] | Interest Rate Cap [Member] | |||||
Derivative, Fair Value, Net | $ 16 | $ 16 | $ 22 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Additional Information (Details) - Interest Rate Cap [Member] $ in Millions | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Amount Of Debt Covered By Derivatives | $ 287.3 |
Interest rate of covering credit facilities | $ 50 |
Related Party Transactions - Re
Related Party Transactions - Related party amounts payable to BRE (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Amounts Payable to BRE under the Administrative Services Agreement, net [Member] | BRE Entities [Member] | ||
Related Party Transactions | ||
Total related-party amounts payable | $ 411 | $ 464 |
Operating expense reimbursements and direct expense reimbursements [Member] | BRE Entities [Member] | ||
Related Party Transactions | ||
Total related-party amounts payable | 330 | 281 |
Offering expense reimbursements [Member] | BRE Entities [Member] | ||
Related Party Transactions | ||
Total related-party amounts payable | 81 | 183 |
Amounts Payable to BRE under the Leasehold Cost-Sharing Agreement [Member] | ||
Related Party Transactions | ||
Total related-party amounts payable | 602 | 690 |
Reimbursable Operating Expenses, Leasehold Cost-Sharing Agreement [Member] | BRE Entities [Member] | ||
Related Party Transactions | ||
Total related-party amounts payable | 191 | 186 |
Capital cost reimbursements [Member] | BRE Entities [Member] | ||
Related Party Transactions | ||
Total related-party amounts payable | 40 | |
Cost Reimbursement Payable [Member] | BRE Entities [Member] | ||
Related Party Transactions | ||
Total related-party amounts payable | $ 191 | $ 226 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | May 12, 2020 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 |
Related Party Transactions | |||||||
Reimbursement of Payroll Operating Costs | $ 400,000 | ||||||
Due to Affiliates Excluding Former Advisor | $ 0 | $ 0 | $ 100,000 | ||||
Due From Affiliates Excluding Former Advisor | 300,000 | 300,000 | $ 3,000,000 | ||||
Reimbursement of total expenses | 400,000 | $ 400,000 | $ 1,500,000 | $ 1,200,000 | |||
Issuance Of Preferred Stock Dealer Manager Fee Percentage | 10.00% | ||||||
Issuance of Preferred Stock, Commission Fee Percentage | 10.00% | ||||||
Commissions Payable to Broker-Dealers and Clearing Organizations | 11,600,000 | 11,000,000 | $ 11,600,000 | 11,000,000 | |||
Dealer manager fees and discounts | 5,000,000 | 4,700,000 | |||||
General and Administrative Expense [Member] | |||||||
Related Party Transactions | |||||||
Reimbursement of Payroll Operating Costs | 700,000 | $ 1,200,000 | 2,100,000 | 2,800,000 | |||
Long-term Incentive Plan Units One [Member] | |||||||
Related Party Transactions | |||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 55,675 | ||||||
Affiliated Entity [Member] | |||||||
Related Party Transactions | |||||||
Security Deposit Liability | $ 750,000 | 750,000 | |||||
Series B Preferred Stock [Member] | |||||||
Related Party Transactions | |||||||
Reimbursement Of Offering Costs | $ 700,000 | ||||||
Series T Preferred Stock [Member] | |||||||
Related Party Transactions | |||||||
Reimbursement Of Offering Costs | $ 800,000 |
Stockholders' Equity and Rede_3
Stockholders' Equity and Redeemable Preferred Stock - Reconciliation of components of basic and diluted net loss per common share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Stockholders' Equity and Redeemable Preferred Stock | ||||
Net (loss) income attributable to common stockholders | $ (17,058) | $ 17,160 | $ (18,461) | $ (5,924) |
Dividends on restricted stock and LTIP Units expected to vest | (342) | (250) | (1,008) | (735) |
Basic net (loss) income attributable to common stockholders | $ (17,400) | $ 16,910 | $ (19,469) | $ (6,659) |
Weighted average common shares outstanding | 24,566,196 | 22,320,710 | 24,321,282 | 22,622,040 |
Potential dilutive shares | 348,478 | |||
Weighted average common shares outstanding and potential dilutive shares | 24,566,196 | 22,669,188 | 24,321,282 | 22,622,040 |
Net (loss) income per common share, basic | $ (0.71) | $ 0.76 | $ (0.80) | $ (0.29) |
Net (loss) income per common share, diluted | $ (0.71) | $ 0.75 | $ (0.80) | $ (0.29) |
Stockholders' Equity and Rede_4
Stockholders' Equity and Redeemable Preferred Stock - Distributions (Details) | 9 Months Ended |
Sep. 30, 2020$ / shares | |
Class A Common Stock [Member] | |
Common stock, distribution amount | $ 0.162500 |
Common Class A One [Member] | |
Common stock, distribution amount | 0.162500 |
Common Class A two [Member] | |
Common stock, distribution amount | 0.162500 |
Common Class A Three [Member] | |
Common stock, distribution amount | 0.162500 |
Class C Common Stock [Member] | |
Common stock, distribution amount | 0.162500 |
Common Class C One [Member] | |
Common stock, distribution amount | 0.162500 |
Common Class C Two [Member] | |
Common stock, distribution amount | 0.162500 |
Common Class C Three [Member] | |
Common stock, distribution amount | 0.162500 |
Series A Preferred Stock [Member] | |
Common stock, distribution amount | 0.515625 |
Series Preferred Stock One [Member] | |
Preferred stock, distribution amount | 0.515625 |
Series A Preferred Stock Two [Member] | |
Preferred stock, distribution amount | 0.515625 |
Series A Preferred Stock three [Member] | |
Preferred stock, distribution amount | 0.515625 |
Series B Preferred Stock [Member] | |
Preferred stock, distribution amount | 5 |
Series B Preferred Stock One [Member] | |
Preferred stock, distribution amount | 5 |
Series B Preferred Stock Two [Member] | |
Preferred stock, distribution amount | 5 |
Series B Preferred Stock Three [Member] | |
Preferred stock, distribution amount | 5 |
Series B Preferred Stock Four [Member] | |
Preferred stock, distribution amount | 5 |
Series B Preferred Stock Five [Member] | |
Preferred stock, distribution amount | 5 |
Series B Preferred Stock Six [Member] | |
Preferred stock, distribution amount | 5 |
Series B Preferred Stock seven [Member] | |
Preferred stock, distribution amount | 5 |
Series B Preferred Stock eight [Member] | |
Preferred stock, distribution amount | 5 |
Series B Preferred Stock Nine [Member] | |
Preferred stock, distribution amount | 5 |
Series C Preferred Stock [Member] | |
Preferred stock, distribution amount | 0.4765625 |
Series C Preferred Stock One [Member] | |
Preferred stock, distribution amount | 0.4765625 |
Series C Preferred Stock Two [Member] | |
Preferred stock, distribution amount | 0.4765625 |
Series C Preferred Stock three [Member] | |
Preferred stock, distribution amount | 0.4765625 |
Series D Preferred Stock [Member] | |
Preferred stock, distribution amount | 0.4453125 |
Series D Preferred Stock One [Member] | |
Preferred stock, distribution amount | 0.4453125 |
Series D Preferred Stock Two [Member] | |
Preferred stock, distribution amount | 0.4453125 |
Series D Preferred Stock three [Member] | |
Preferred stock, distribution amount | 0.4453125 |
Series T Preferred Stock [Member] | |
Preferred stock, distribution amount | 0.128125 |
Series T Preferred Stock One [Member] | |
Preferred stock, distribution amount | 0.128125 |
Series T Preferred Stock Two [Member] | |
Preferred stock, distribution amount | 0.128125 |
Series T Preferred Stock Three [Member] | |
Preferred stock, distribution amount | 0.128125 |
Series T Preferred Stock Four [Member] | |
Preferred stock, distribution amount | 0.128125 |
Series T Preferred Stock Five [Member] | |
Preferred stock, distribution amount | 0.128125 |
Series T Preferred Stock Six [Member] | |
Preferred stock, distribution amount | 0.128125 |
Series T Preferred Stock Seven [Member] | |
Preferred stock, distribution amount | 0.128125 |
Series T Preferred Stock Eight [Member] | |
Preferred stock, distribution amount | 0.128125 |
Series T Preferred Stock Nine [Member] | |
Preferred stock, distribution amount | $ 0.128125 |
Stockholders' Equity and Rede_5
Stockholders' Equity and Redeemable Preferred Stock - Distributions declared and paid (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2020 | |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ||||
Distributions Declared | $ 20,702 | $ 19,905 | $ 19,051 | $ 59,658 |
Distributions Paid | 20,236 | 19,464 | 18,535 | $ 58,235 |
Class A Common Stock [Member] | ||||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ||||
Distributions Declared | 4,012 | 3,995 | 3,901 | |
Distributions Paid | 3,994 | 3,902 | 3,816 | |
Class C Common Stock [Member] | ||||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ||||
Distributions Declared | 12 | 12 | 12 | |
Distributions Paid | 12 | 12 | 12 | |
Series A Preferred Stock [Member] | ||||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ||||
Distributions Declared | 2,866 | 2,880 | 2,950 | |
Distributions Paid | 2,880 | 2,950 | 2,950 | |
Series B Preferred Stock [Member] | ||||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ||||
Distributions Declared | 7,745 | 7,766 | 7,848 | |
Distributions Paid | 7,751 | 7,779 | 7,867 | |
Series C Preferred Stock [Member] | ||||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ||||
Distributions Declared | 1,094 | 1,103 | 1,107 | |
Distributions Paid | 1,102 | 1,107 | 1,107 | |
Series D Preferred Stock [Member] | ||||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ||||
Distributions Declared | 1,236 | 1,245 | 1,269 | |
Distributions Paid | 1,245 | 1,269 | 1,269 | |
Series T Preferred Stock [Member] | ||||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ||||
Distributions Declared | 2,062 | 1,243 | 373 | |
Distributions Paid | 1,738 | 1,000 | 130 | |
Operating Partnership Units One [Member] | ||||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ||||
Distributions Declared | 1,026 | 1,026 | 1,037 | |
Distributions Paid | 1,027 | 1,038 | 1,037 | |
Long-term Incentive Plan Units One [Member] | ||||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ||||
Distributions Declared | 649 | 635 | 554 | |
Distributions Paid | $ 487 | $ 407 | $ 347 |
Stockholders' Equity and Rede_6
Stockholders' Equity and Redeemable Preferred Stock - Additional Information (Details) | Oct. 21, 2020$ / sharesshares | Sep. 21, 2020shares | May 22, 2020personshares | May 09, 2020USD ($)$ / shares | Apr. 15, 2020USD ($)personshares | Jan. 01, 2020USD ($)shares | Sep. 30, 2020USD ($)$ / sharesshares | Mar. 31, 2020USD ($)$ / sharesshares | Sep. 30, 2019USD ($)shares | Sep. 30, 2020USD ($)item$ / sharesshares | Sep. 30, 2019USD ($)shares | Sep. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Sep. 08, 2020shares |
Class of Stock [Line Items] | ||||||||||||||
Shares included in the diluted shares calculations | 348,478 | |||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 1,984,000 | $ 21,000 | ||||||||||||
Payments for Repurchase of Preferred Stock and Preference Stock | $ | $ 6,103,000 | 0 | ||||||||||||
Preferred Stock, Shares Issued | 0 | 0 | 0 | 0 | ||||||||||
Percentage Of Unvested Incentive Plan In Operating Partnership | 5.60% | 5.60% | 5.60% | |||||||||||
Stock Repurchased During Period, Value | $ | $ 757,000 | $ 12,364,000 | 13,404,000 | $ 19,100,000 | ||||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ | $ 30,900,000 | $ 30,900,000 | $ 30,900,000 | |||||||||||
Class A Common Stock [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Stock Repurchased During Period, Shares | 103,574 | 1,131,867 | ||||||||||||
Series A Preferred Stock [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Stock Repurchased During Period, Shares | 163,068 | |||||||||||||
Series C Preferred Stock [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Stock Repurchased During Period, Shares | 27,905 | |||||||||||||
Series D Preferred Stock [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Stock Repurchased During Period, Shares | 76,264 | |||||||||||||
Share Repurchase Plan [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Stock Repurchased During Period, Value | $ | $ 18,500,000 | |||||||||||||
OP Unit holders [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 18.06% | |||||||||||||
Partners' Capital Account, Units | 6,314,754 | 6,314,754 | 6,314,754 | |||||||||||
LTIP Unit holders [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 11.39% | |||||||||||||
Partners' Capital Account, Units | 3,983,578 | 3,983,578 | 3,983,578 | |||||||||||
Percentage Of Unvested Incentive Plan In Operating Partnership | 5.60% | 5.60% | 5.60% | |||||||||||
OP And LTIP Unit holders [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 29.45% | |||||||||||||
Stock Offering [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 101 | |||||||||||||
Restricted Stock [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Share-based Compensation | $ | $ 100,000 | $ 300,000 | $ 100,000 | 200,000 | ||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | 600,000 | $ 600,000 | $ 600,000 | |||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 1 month 6 days | |||||||||||||
Remaining compensation cost is expected to be recognized (in years) | 2 years 1 month 6 days | |||||||||||||
Long-term Incentive Plan Units One [Member] | Time-based LTIP Units [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Share-based Compensation | $ | 1,000,000 | 900,000 | $ 2,900,000 | 2,700,000 | ||||||||||
Long-term Incentive Plan Units One [Member] | Performance Based LTIP Units [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Share-based Compensation | $ | 800,000 | $ 400,000 | $ 2,100,000 | $ 1,200,000 | ||||||||||
Long-term Incentive Plan Units One [Member] | Share-based Compensation Award, Tranche One [Member] | Time-based LTIP Units [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 247,138 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||
Long-term Incentive Plan Units One [Member] | Share-based Compensation Award, Tranche One [Member] | Performance Based LTIP Units [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 494,279 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||
Restricted Stock [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||
Incentive Plans 2014 [Member] | Long-term Incentive Plan Units One [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 7,126 | |||||||||||||
Compensation cost recognized | $ | $ 300,000 | |||||||||||||
Incentive Plans 2014 [Member] | Long-term Incentive Plan Units One [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 27,111 | 348,117 | ||||||||||||
Incentive Plan [Member] | Long-term Incentive Plan Units One [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 27,111 | 46,075 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 8,800,000 | $ 8,800,000 | $ 8,800,000 | |||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | |||||||||||||
Remaining compensation cost is expected to be recognized (in years) | 2 years | |||||||||||||
Number of executive officers to whom common stock was issued in lieu of salaries | person | 2 | |||||||||||||
Class A Common Stock [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||
Stock Issued During Period, Shares, New Issues | 1,207 | 525 | 170,462 | 1,970 | ||||||||||
Proceeds from Issuance of Common Stock | $ | $ 7,300,000 | |||||||||||||
Stock Repurchased During Period, Shares | 103,574 | 1,131,867 | 1,255,445 | |||||||||||
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 1,334,501 | 62,295 | 193,837 | |||||||||||
Stock Issued During Period, Shares, Exercise Of Warrants | 48,663 | |||||||||||||
Preferred Stock, Value, Issued | $ | $ 100,000,000 | $ 100,000,000 | ||||||||||||
Common Stock, Shares, Issued | 24,589,389 | 24,589,389 | 24,589,389 | 23,422,557 | ||||||||||
Stock Repurchase Program, Authorized Amount | $ | $ 50,000,000 | |||||||||||||
Stock Repurchased During Period, Value | $ | $ 1,000 | $ 11,000 | $ 13,000 | |||||||||||
Shares Issued, Price Per Share | $ / shares | $ 12.01 | $ 12.01 | $ 12.01 | |||||||||||
Redemption of Series T Preferred Stock and conversion into Class A common stock (in shares) | 12,633 | |||||||||||||
Issuance of Class A common stock for executive salaries | $ | $ 25,174 | |||||||||||||
Number of executive officers to whom common stock was issued in lieu of salaries | person | 2 | |||||||||||||
Class A Common Stock [Member] | Maximum [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | 15.99 | $ 15.99 | 15.99 | |||||||||||
Class A Common Stock [Member] | Minimum [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 10 | $ 10 | 10 | |||||||||||
Class A Common Stock [Member] | Stock Offering [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 10,983,080 | |||||||||||||
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 596,179 | |||||||||||||
Class A Common Stock [Member] | Warrant [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Shares included in the diluted shares calculations | 320,037 | |||||||||||||
Shares excluded from the diluted shares calculations | 113,985 | |||||||||||||
Class A Common Stock [Member] | Restricted Stock [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Shares included in the diluted shares calculations | 28,441 | |||||||||||||
Shares excluded from the diluted shares calculations | 67,036 | 17,954 | 57,102 | |||||||||||
Fair value per RSG | $ / shares | $ 4.80 | $ 4.80 | 4.80 | $ 10.65 | ||||||||||
Total fair value | $ | $ 400,000 | $ 1,000,000 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 89,054 | 90,694 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased | $ / shares | $ 4.80 | $ 4.80 | $ 4.80 | $ 10.65 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ | $ 400,000 | $ 1,000,000 | ||||||||||||
Class A Common Stock [Member] | Fourth Amended 2014 Incentive Plans | Maximum [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Number of additional shares to be issued | 3,000,000 | |||||||||||||
Aggregate shares after issuance of additional shares | 6,800,000 | |||||||||||||
At The Market Offerings [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 2,000,000 | |||||||||||||
Common Stock, Shares, Issued | 621,110 | 166,873 | 621,110 | 621,110 | ||||||||||
Shares Issued, Price Per Share | $ / shares | $ 12.10 | |||||||||||||
Series B Preferred Stock [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Stock Issued During Period, Shares, New Issues | 549,154 | |||||||||||||
Class of Warrant or Right, Outstanding | 536,127 | 536,127 | 536,127 | |||||||||||
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 15,807 | 4,383 | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights, As Percentage Of Market Price Of Common Stock | 120.00% | 120.00% | 120.00% | |||||||||||
Class of Warrant or Right, Exercise of Warrants or Rights, Threshold Number Of Trading Days | item | 20 | |||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 20 | 20 | 20 | |||||||||||
Warrants and Rights Outstanding, Term | 1 year | 1 year | 1 year | |||||||||||
Warrants and Rights Outstanding, Expiration Term | 4 years | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised | 3,748 | |||||||||||||
Series B Preferred Stock [Member] | Minimum [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 10 | $ 10 | $ 10 | |||||||||||
Series B Preferred Stock [Member] | Stock Offering [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Class of Warrant or Right, Outstanding | 549,154 | |||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 494,200,000 | |||||||||||||
Payments for Repurchase of Preferred Stock and Preference Stock | $ | $ 90,000 | |||||||||||||
Series T Preferred Stock [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Stock Issued During Period, Shares, New Issues | 6,674,590 | |||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ | $ 150,200,000 | |||||||||||||
Preferred Stock, Dividend Rate, Percentage | 6.15% | |||||||||||||
Redemption of Series T Preferred Stock and conversion into Class A common stock (in shares) | 3,112 | |||||||||||||
Series T Preferred Stock [Member] | Stock Offering [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Stock Issued During Period, Shares, New Issues | 6,657,190 | |||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ | $ 149,800,000 | |||||||||||||
Preferred Stock Offering Commissions And Dealer Manager Fees | $ | $ 16,600,000 | |||||||||||||
Class C Common Stock [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||
Stock Issued During Period, Shares, New Issues | 0 | 0 | 0 | 0 | ||||||||||
Stock Repurchased During Period, Shares | 0 | 0 | 0 | |||||||||||
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 0 | |||||||||||||
Common Stock, Shares, Issued | 76,603 | 76,603 | 76,603 | 76,603 | ||||||||||
Stock Repurchased During Period, Value | $ | $ 0 | $ 0 | $ 0 | |||||||||||
Series T Redeemable Preferred Stock [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred Stock, Redemption Price Per Share | $ / shares | $ 25 | $ 25 | $ 25 | |||||||||||
Cumulative Redeemable Preferred Stock | Series A [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 8.25% | 8.25% | 8.25% | |||||||||||
Cumulative Redeemable Preferred Stock | Series C [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 7.625% | 7.625% | 7.625% | |||||||||||
Cumulative Redeemable Preferred Stock | Series D [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred Stock, Shares Issued | 2,774,338 | 2,774,338 | 2,774,338 | 2,850,602 | ||||||||||
Preferred Stock, Value, Issued | $ | $ 66,867,000 | $ 66,867,000 | $ 66,867,000 | $ 68,705,000 | ||||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 7.125 | |||||||||||||
Preferred Stock, Dividend Rate, Percentage | 7.125% | 7.125% | ||||||||||||
Preferred Stock [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred Stock, Value, Issued | $ | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||
Preferred Stock [Member] | Series A [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | 0.01 | |||||||||||||
Preferred Stock [Member] | Series C [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | 0.01 | |||||||||||||
Preferred Stock [Member] | Series D [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | |||||||||||||
Class A common stock, 8.250% Series A Cumulative Redeemable Preferred Stock, 7.625% Series C Cumulative Redeemable Preferred Stock and/or 7.125% Series D Cumulative Preferred Stock [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Stock Repurchase Program, Authorized Amount | $ | $ 50,000,000 | |||||||||||||
8.250% Series A Cumulative Redeemable Preferred Stock | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred Stock, Redemption Price Per Share | $ / shares | $ 25 | |||||||||||||
Shares reclassified from mezzanine equity to a liability as they became mandatorily redeemable | 1,393,294 | |||||||||||||
Preferred Stock, Dividend Rate, Percentage | 8.25% | |||||||||||||
Number of shares redeemed | 1,393,294 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Mar. 04, 2020 | Sep. 30, 2020 |
Commitments and Contingencies | ||
Payments to acquire land | $ 3.1 | |
Amount of leasehold improvement allowance committed to pay the tenant | $ 20.4 | |
Leasehold improvement allowance funded | $ 3.6 |
Subsequent Events - Distributio
Subsequent Events - Distribution paid (Details) - Subsequent event - USD ($) $ / shares in Units, $ in Thousands | Nov. 05, 2020 | Oct. 09, 2020 | Oct. 05, 2020 |
Subsequent Events | |||
Total Distribution | $ 17,644 | ||
Long-term Incentive Plan Units One [Member] | |||
Subsequent Events | |||
Distributions per Share/Units | $ 0.162500 | ||
Total Distribution | $ 500 | ||
Class A Common Stock [Member] | |||
Subsequent Events | |||
Distributions per Share/Units | $ 0.162500 | ||
Total Distribution | $ 4,012 | ||
Class C Common Stock [Member] | |||
Subsequent Events | |||
Distributions per Share/Units | $ 0.162500 | ||
Total Distribution | $ 12 | ||
Series A Preferred Stock [Member] | |||
Subsequent Events | |||
Distributions per Share/Units | $ 0.515625 | ||
Total Distribution | $ 2,866 | ||
Series B Preferred Stock [Member] | |||
Subsequent Events | |||
Distributions per Share/Units | $ 5 | $ 5 | |
Total Distribution | $ 2,577 | $ 2,581 | |
Series B Preferred Stock [Member] | Dividend Declared [Member] | November 5, 2020 | |||
Subsequent Events | |||
Declaration of Dividends, Amount | $ 5 | ||
Series B Preferred Stock [Member] | Dividend Declared [Member] | December 4, 2020 | |||
Subsequent Events | |||
Declaration of Dividends, Amount | 5 | ||
Series B Preferred Stock [Member] | Dividend Declared [Member] | January 5, 2021 | |||
Subsequent Events | |||
Declaration of Dividends, Amount | 5 | ||
Series C Preferred Stock [Member] | |||
Subsequent Events | |||
Distributions per Share/Units | $ 0.4765625 | ||
Total Distribution | $ 1,094 | ||
Series D Preferred Stock [Member] | |||
Subsequent Events | |||
Distributions per Share/Units | $ 0.4453125 | ||
Total Distribution | $ 1,236 | ||
Series T Preferred Stock [Member] | |||
Subsequent Events | |||
Distributions per Share/Units | $ 0.128125 | $ 0.128125 | |
Total Distribution | $ 930 | $ 810 | |
Series T Preferred Stock [Member] | Dividend Declared [Member] | November 5, 2020 | |||
Subsequent Events | |||
Declaration of Dividends, Amount | 0.128125 | ||
Series T Preferred Stock [Member] | Dividend Declared [Member] | December 4, 2020 | |||
Subsequent Events | |||
Declaration of Dividends, Amount | 0.128125 | ||
Series T Preferred Stock [Member] | Dividend Declared [Member] | January 5, 2021 | |||
Subsequent Events | |||
Declaration of Dividends, Amount | $ 0.128125 | ||
Operating Partnership Units One [Member] | |||
Subsequent Events | |||
Distributions per Share/Units | $ 0.162500 | ||
Total Distribution | $ 1,026 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | Oct. 26, 2020 | Oct. 21, 2020 | Oct. 01, 2020 | Sep. 21, 2020 | Oct. 29, 2020 |
8.250% Series A Cumulative Redeemable Preferred Stock | |||||
Subsequent Event [Line Items] | |||||
Preferred Stock, Dividend Rate, Percentage | 8.25% | ||||
Number of shares redeemed | 1,393,294 | ||||
Redemption price per share (in dollars per share) | $ 25 | ||||
Subsequent event | |||||
Subsequent Event [Line Items] | |||||
Stock repurchase plans authorized | $ 75 | ||||
Subsequent event | Cade Boca Raton [Member] | |||||
Subsequent Event [Line Items] | |||||
Proceeds from Sale of Real Estate, Gross | $ 37.8 | ||||
Payments for Mortgage on Real Estate Sold | 23.5 | ||||
Payment for early extinguishment of debt costs | 0.2 | ||||
Payments for closing costs and fees on real estate investments | 0.6 | ||||
Net proceeds from sale of real estate | 13 | ||||
Subsequent event | Cade Boca Raton [Member] | Pro Rata [Member] | |||||
Subsequent Event [Line Items] | |||||
Net proceeds from sale of real estate | $ 10.2 | ||||
Subsequent event | 8.250% Series A Cumulative Redeemable Preferred Stock | |||||
Subsequent Event [Line Items] | |||||
Preferred Stock, Dividend Rate, Percentage | 8.25% | ||||
Number of shares redeemed | 1,393,294 | ||||
Percentage the total outstanding shares redeemed | 25.00% | ||||
Redemption price per share (in dollars per share) | $ 25 | ||||
Accrued and unpaid dividends (in dollars per share) | 0.120313 | ||||
Total redemption payment (in dollars per share) | $ 25.120313 | ||||
Subsequent event | Water's Edge Interests | |||||
Subsequent Event [Line Items] | |||||
Amount invested | $ 3.3 | ||||
Current return (as a percent) | 7.50% | ||||
Accrued return (as a percent) | 3.00% | ||||
Total preferred return (as a percent) | 10.50% |