Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 12, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | IRT | ||
Entity Registrant Name | INDEPENDENCE REALTY TRUST, INC. | ||
Entity Central Index Key | 0001466085 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 101,856,947 | ||
Entity Public Float | $ 1,084,726,741 | ||
Entity File Number | 001-36041 | ||
Entity Tax Identification Number | 26-4567130 | ||
Entity Address, Address Line One | 1835 Market Street | ||
Entity Address, Address Line Two | Suite 2601 | ||
Entity Address, City or Town | Philadelphia | ||
Entity Address, State or Province | PA | ||
Entity Address, Postal Zip Code | 19103 | ||
City Area Code | 267 | ||
Local Phone Number | 270-4800 | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common stock | ||
Security Exchange Name | NYSE | ||
Entity Incorporation, State or Country Code | MD | ||
Document Transition Report | false | ||
Document Annual Report | true | ||
ICFR Auditor Attestation Flag | true | ||
Documents Incorporated by Reference | Portions of the proxy statement for registrant’s 2021 Annual Meeting of Stockholders are incorporated by reference in Part III of this Form 10-K. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Investments in real estate: | ||
Investments in real estate, at cost | $ 1,916,770 | $ 1,796,365 |
Accumulated depreciation | (208,618) | (158,435) |
Investments in real estate, net | 1,708,152 | 1,637,930 |
Cash and cash equivalents | 8,751 | 9,888 |
Restricted cash | 4,864 | 4,545 |
Other assets | 12,338 | 10,380 |
Derivative assets | 953 | |
Intangible assets, net of accumulated amortization of $0 and $540, respectively | 792 | 410 |
Total Assets | 1,734,897 | 1,664,106 |
LIABILITIES AND EQUITY: | ||
Indebtedness, net of unamortized deferred financing costs of $4,208 and $5,606, respectively | 945,686 | 985,572 |
Accounts payable and accrued expenses | 25,416 | 25,399 |
Accrued interest payable | 1,976 | 2,196 |
Dividends payable | 12,257 | 16,491 |
Derivative liabilities | 29,842 | 7,769 |
Other liabilities | 6,949 | 6,922 |
Total Liabilities | 1,022,126 | 1,044,349 |
Stockholders’ equity: | ||
Preferred stock, $0.01 par value; 50,000,000 shares authorized, 0 and 0 shares issued and outstanding, respectively | ||
Common stock, $0.01 par value; 300,000,000 shares authorized, 101,803,762 and 91,070,637 shares issued and outstanding, including 339,468 and 326,541 unvested restricted common share awards, respectively | 1,018 | 911 |
Additional paid-in capital | 919,615 | 765,992 |
Accumulated other comprehensive income (loss) | (33,822) | (12,099) |
Retained earnings (accumulated deficit) | (178,751) | (141,525) |
Total stockholders’ equity | 708,060 | 613,279 |
Noncontrolling interests | 4,711 | 6,478 |
Total Equity | 712,771 | 619,757 |
Total Liabilities and Equity | $ 1,734,897 | $ 1,664,106 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Intangible assets, accumulated amortization | $ 0 | $ 540 |
Indebtedness, unamortized deferred financing costs | $ 4,208 | $ 5,606 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 101,803,762 | 91,070,637 |
Common stock, shares outstanding | 101,803,762 | 91,070,637 |
Unvested restricted common share awards | 339,468 | 326,541 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
REVENUE: | |||
Rental and other property revenue | $ 211,167 | $ 202,620 | $ 190,712 |
Other revenue | 739 | 603 | 520 |
Total revenue | 211,906 | 203,223 | 191,232 |
EXPENSES: | |||
Property operating expenses | 82,978 | $ 79,568 | $ 76,363 |
Type of Cost, Good or Service [Extensible List] | us-gaap:AssetManagement1Member | us-gaap:AssetManagement1Member | |
Property management expenses | 8,494 | $ 7,726 | $ 6,963 |
General and administrative expenses | 15,095 | 12,745 | 10,817 |
Depreciation and amortization expense | 60,687 | 52,815 | 45,221 |
Abandoned deal costs | 130 | ||
Casualty losses | 711 | 0 | 46 |
Total expenses | 168,095 | 152,854 | 139,410 |
Interest expense | (36,488) | (39,226) | (36,006) |
Other income | 144 | ||
Gain on sale (loss on impairment) of real estate assets, net | 7,554 | 35,211 | 10,650 |
Net income: | 14,877 | 46,354 | 26,610 |
Income allocated to noncontrolling interest | (109) | (458) | (322) |
Net income allocable to common shares | $ 14,768 | $ 45,896 | $ 26,288 |
Earnings per share: | |||
Basic | $ 0.16 | $ 0.51 | $ 0.30 |
Diluted | $ 0.16 | $ 0.51 | $ 0.30 |
Weighted-average shares: | |||
Basic | 93,660,086 | 89,799,238 | 87,086,585 |
Diluted | 94,688,440 | 90,417,486 | 87,376,991 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 14,877 | $ 46,354 | $ 26,610 |
Other comprehensive income (loss): | |||
Change in fair value of interest rate hedges | (16,472) | (15,571) | (1,382) |
Realized gains (losses) on interest rate hedges reclassified to earnings | (5,352) | 1,139 | (1,372) |
Total other comprehensive income (loss) | (21,824) | (14,432) | (2,754) |
Comprehensive income (loss) before allocation to noncontrolling interests | (6,947) | 31,922 | 23,856 |
Allocation to noncontrolling interests | (8) | (141) | (178) |
Comprehensive income (loss) | $ (6,955) | $ 31,781 | $ 23,678 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Common Shares | Additional Paid In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings (Accumulated Deficit) | Total Stockholders' Equity | Noncontrolling Interests |
Beginning Balance at Dec. 31, 2017 | $ 646,119 | $ 846 | $ 703,849 | $ 4,626 | $ (85,221) | $ 624,100 | $ 22,019 |
Beginning Balance (in Shares) at Dec. 31, 2017 | 84,708,551 | ||||||
Net income | 26,610 | 26,288 | 26,288 | 322 | |||
Common dividends declared | (63,409) | (63,409) | (63,409) | ||||
Other comprehensive income | (2,754) | (2,610) | (2,610) | (144) | |||
Stock compensation | 2,560 | $ 2 | 2,558 | 2,560 | |||
Stock compensation (in Shares) | 188,196 | ||||||
Repurchase of shares related to equity award tax withholding | (354) | (354) | (354) | ||||
Repurchase of shares related to equity award tax withholding (in shares) | (38,712) | ||||||
Conversion of noncontrolling interest to common shares | $ 21 | 14,485 | 14,506 | (14,506) | |||
Conversion of noncontrolling interest to common shares (in Shares) | 2,130,244 | ||||||
Issuance of common shares, net | 21,914 | $ 23 | 21,891 | 21,914 | |||
Issuance of common shares, net (in Shares) | 2,196,164 | ||||||
Distribution to noncontrolling interest declared | (641) | (641) | |||||
Ending Balance at Dec. 31, 2018 | 630,045 | $ 892 | 742,429 | 2,016 | (122,342) | 622,995 | 7,050 |
Ending Balance (in shares) at Dec. 31, 2018 | 89,184,443 | ||||||
Net income | 46,354 | 45,896 | 45,896 | 458 | |||
Common dividends declared | (65,079) | (65,079) | (65,079) | ||||
Other comprehensive income | (14,432) | (14,115) | (14,115) | (317) | |||
Stock compensation | 3,166 | $ 1 | 3,165 | 3,166 | |||
Stock compensation (in Shares) | 209,215 | ||||||
Repurchase of shares related to equity award tax withholding | (642) | (642) | (642) | ||||
Repurchase of shares related to equity award tax withholding (in shares) | (49,928) | ||||||
Conversion of noncontrolling interest to common shares | 78 | 78 | (78) | ||||
Conversion of noncontrolling interest to common shares (in Shares) | 9,616 | ||||||
Issuance of common shares, net | 20,980 | $ 18 | 20,962 | 20,980 | |||
Issuance of common shares, net (in Shares) | 1,717,291 | ||||||
Distribution to noncontrolling interest declared | (635) | (635) | |||||
Ending Balance at Dec. 31, 2019 | $ 619,757 | $ 911 | 765,992 | (12,099) | (141,525) | 613,279 | 6,478 |
Ending Balance (in shares) at Dec. 31, 2019 | 91,070,637 | 91,070,637 | |||||
Beginning Balance (in Shares) at Dec. 31, 2019 | 0 | ||||||
Net income | $ 14,877 | 14,768 | 14,768 | 109 | |||
Common dividends declared | (51,994) | (51,994) | (51,994) | ||||
Other comprehensive income | (21,824) | (21,723) | (21,723) | (101) | |||
Stock compensation | 5,635 | $ 2 | 5,633 | 5,635 | |||
Stock compensation (in Shares) | 237,683 | ||||||
Repurchase of shares related to equity award tax withholding | (1,490) | $ (1) | (1,489) | (1,490) | |||
Repurchase of shares related to equity award tax withholding (in shares) | (51,532) | ||||||
Conversion of noncontrolling interest to common shares | $ 1 | 1,371 | 1,372 | (1,372) | |||
Conversion of noncontrolling interest to common shares (in Shares) | 196,974 | ||||||
Issuance of common shares, net | 148,213 | $ 105 | 148,108 | 148,213 | |||
Issuance of common shares, net (in Shares) | 10,350,000 | ||||||
Distribution to noncontrolling interest declared | (403) | (403) | |||||
Ending Balance at Dec. 31, 2020 | $ 712,771 | $ 1,018 | $ 919,615 | $ (33,822) | $ (178,751) | $ 708,060 | $ 4,711 |
Ending Balance (in shares) at Dec. 31, 2020 | 101,803,762 | 101,803,762 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Stockholders Equity [Abstract] | |||
Common dividends declared per share | $ 0.54 | $ 0.72 | $ 0.72 |
Distribution to noncontrolling interest declared per share | $ 0.54 | $ 0.72 | $ 0.72 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Cash flows from operating activities: | |||
Net income | $ 14,877 | $ 46,354 | $ 26,610 |
Adjustments to reconcile net income to cash flow from operating activities: | |||
Depreciation and amortization | 60,687 | 52,815 | 45,221 |
Amortization of deferred financing costs, net | 1,448 | 1,423 | 1,430 |
Stock compensation expense | 5,564 | 3,116 | 2,524 |
(Gain on sale) loss on impairment of real estate assets, net | (7,554) | (35,211) | (10,650) |
Amortization related to derivative instruments | 1,200 | 690 | (40) |
Casualty losses | 711 | 0 | 46 |
Changes in assets and liabilities: | |||
Other assets | (2,428) | 1,344 | (514) |
Accounts payable and accrued expenses | 754 | 3,490 | 3,284 |
Accrued interest payable | (182) | 1,542 | 469 |
Other liabilities | (118) | (562) | 196 |
Net cash provided by operating activities | 74,959 | 75,001 | 68,530 |
Cash flows from investing activities: | |||
Acquisition of real estate properties | (145,278) | (128,908) | (215,833) |
Disposition of real estate properties | 58,137 | 68,137 | 26,802 |
Capital expenditures | (37,399) | (45,625) | (40,426) |
Cash flow (used in) investing activities | (124,540) | (106,396) | (229,457) |
Cash flows from financing activities: | |||
Proceeds from issuance of common stock | 148,213 | 20,981 | 21,914 |
Proceeds from unsecured credit facility and term loan | 195,501 | 234,059 | 400,000 |
Unsecured credit facility repayments | (197,000) | (153,500) | (198,262) |
Mortgage principal repayments | (39,785) | (4,284) | (3,191) |
Payments for deferred financing costs | (50) | (1,446) | (890) |
Distributions on common stock | (56,146) | (64,745) | (52,476) |
Distributions to noncontrolling interests | (480) | (640) | (658) |
Payment for interest rate collars | (3,730) | ||
Repurchase of shares related to equity award tax withholding | (1,490) | (642) | (354) |
Net cash provided by financing activities | 48,763 | 29,783 | 162,353 |
Net change in cash and cash equivalents, and restricted cash | (818) | (1,612) | 1,426 |
Cash and cash equivalents, and restricted cash, beginning of period | 14,433 | 16,045 | 14,619 |
Cash and cash equivalents, and restricted cash, end of the period | 13,615 | 14,433 | 16,045 |
Reconciliation of cash, cash equivalents, and restricted cash to the Consolidated Balance Sheet | |||
Cash and cash equivalents | 8,751 | 9,888 | 9,316 |
Restricted cash | 4,864 | 4,545 | 6,729 |
Cash and cash equivalents, and restricted cash, end of the period | 13,615 | 14,433 | 16,045 |
Supplemental cash flow information: | |||
Cash paid for interest | 34,105 | 37,531 | 36,002 |
Supplemental disclosure of noncash investing and financing activities: | |||
Decrease in noncontrolling interest from conversion of common limited partnership units to shares of common stock | 1,372 | 78 | 14,506 |
Distributions declared but not paid | 12,257 | 16,491 | 16,162 |
Mortgage debt assumed | 54,756 | ||
Initial measurement of operating lease right of use assets | 169 | 2,812 | |
Initial measurement of operating lease liabilities | 169 | 3,176 | |
Debt extinguishment costs included in net gains (losses) on sale of assets | 7,417 | 911 | |
Capital expenditure accrual | $ 413 | $ 804 | $ 1,750 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Organization | NOTE 1: Organization Independence Realty Trust, Inc. (“IRT”), is a self-administered and self-managed Maryland real estate investment trust (“REIT”) which was formed on March 26, 2009. Our primary purposes are to acquire, own, operate, improve and manage multifamily apartment communities in non-gateway markets. As of December 31, 2020, we owned and operated 56 (unaudited) multifamily apartment properties, totaling 15,667 (unaudited) units across non-gateway U.S markets, including Atlanta, Dallas, Louisville, Memphis, Raleigh, and Tampa. We own substantially all of our assets and conduct our operations through Independence Realty Operating Partnership, LP (“IROP”), of which we are the sole general partner. As used herein, the terms “we,” “our” and “us” refer to IRT and, as required by context, IROP and their subsidiaries. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2: Summary of Significant Accounting Policies a. Basis of Presentation The consolidated financial statements have been prepared by management in accordance with generally accepted accounting principles in the United States (“GAAP”). In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our consolidated financial position and consolidated results of operations and cash flows are included. b. Principles of Consolidation The consolidated financial statements reflect our accounts and the accounts of IROP and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Pursuant to FASB Accounting Standards Codification Topic 810, “Consolidation”, IROP is considered a variable interest entity of which we are the primary beneficiary. As our significant asset is our investment in IROP, substantially all of our assets and liabilities represent the assets and liabilities of IROP. c. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. d. Cash and Cash Equivalents Cash and cash equivalents include cash held in banks and highly liquid investments with original maturities of three months or less when purchased. Cash, including amounts restricted, may at times exceed the Federal Deposit Insurance Corporation deposit insurance limit of $250 per institution. We mitigate credit risk by placing cash and cash equivalents with major financial institutions. To date, we have not experienced any losses on cash and cash equivalents. e. Restricted Cash Restricted cash includes escrows of our funds held by lenders to fund certain expenditures or to be released at our discretion upon the occurrence of certain pre-specified events. As of December 31, 2020 and 2019, we had $4,864 and $4,545, respectively, of restricted cash. f. Investments in Real Estate Investments in real estate are recorded at cost less accumulated depreciation. Costs, including internal costs, that both add value and appreciably extend the useful life of an asset are capitalized. Expenditures for repairs and maintenance are expensed as incurred. Investments in real estate are classified as held for sale in the period in which certain criteria are met including when the sale of the asset is probable and actions required to complete the plan of sale indicate that it is unlikely that significant changes to the plan of sale will be made or the plan of sale will be withdrawn. Allocation of Purchase Price of Acquired Assets In accordance with FASB ASC Topic 805, the properties we acquire are generally accounted for as asset acquisitions. Under asset acquisition accounting, the costs to acquire real estate, including transaction costs related to the acquisition, are accumulated and then allocated to the individual assets and liabilities acquired based upon their relative fair value. Transaction costs and fees incurred related to the financing of an acquisition are capitalized and amortized over the life of the related financing. We estimate the fair value of acquired tangible assets (consisting of land, building and improvements), identified intangible assets (consisting of in-place leases), and assumed debt at the date of acquisition, based on the evaluation of information and estimates available at that date. The aggregate value of in-place leases is determined by evaluating various factors, including the terms of the leases that are in place and assumed lease-up periods. During the year ended December 31, 2020 and 2019, we acquired in-place leases with a value of $1,013 and $1,265, respectively, related to our acquisitions that are discussed further in Note 3: Investments in Real Estate. The value assigned to these intangible assets is amortized over the assumed lease up period, typically six months. For the years ended December 31, 2020, 2019 and 2018 we recorded $631, $1,599 and $3,433 of amortization expense for intangible assets, respectively. For the years ended December 31, 2020, 2019, and 2018 we wrote-off fully amortized intangible assets of $1,171, $1,846, and $4,153, respectively. Based on the intangible assets identified above, we expect to record amortization expense of intangible assets of $781 for 2020. Impairment of Long-Lived Assets Management evaluates the recoverability of its investment in real estate assets, including related identifiable intangible assets, in accordance with FASB ASC Topic 360, “Property, Plant and Equipment”. This statement requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that recoverability of the assets is not assured. Management reviews its long-lived assets on an ongoing basis and evaluates the recoverability of the carrying value when there is an indicator of impairment. An impairment charge is recorded when it is determined that the carrying value of the asset exceeds the fair value. The estimated cash flows used for the impairment analysis and the determination of estimated fair value are based on our plans for the respective assets and our views of market and economic conditions. The estimates consider matters such as current and historical rental rates, occupancies for the respective and/or comparable properties, and recent sales data for comparable properties. Changes in estimated future cash flows due to changes in our plans or views of market and economic conditions could result in recognition of impairment losses, which, under the applicable accounting guidance, could be substantial. Depreciation Depreciation expense for real estate assets is computed using a straight-line method based on a life of 40 years for buildings and improvements and five to ten years for furniture, fixtures, and equipment. For the years ended December 31, 2020, 2019 and 2018, we recorded $60,056, $51,216 and $41,788 of depreciation expense, respectively. For the years ended December 31, 2020 and 2019, we wrote-off fully depreciated fixed assets of $3,921 and $940, respectively. Occasionally, we incur losses at our communities from wind storms, floods, fires and similar hazards. Sometimes, a portion of these losses are not fully covered by our insurance policies due to deductibles. In these cases, we estimate the carrying value of the damaged property and record a casualty loss for the difference between the estimated carrying value and the insurance proceeds. During the year ended December 31, 2020, 2019 and 2018, we incurred $711, $0, and $46 of casualty losses. g. Revenue and Expenses Rental and Other Property Revenue We apply FASB ASC Topic 842, “Leases” with respect to our accounting for rental income. We primarily lease apartment units under operating leases generally with terms of one year or less. Rental payments are generally due monthly and rental revenues are recognized on an accrual basis when earned. We have elected to account for lease (i.e. fixed payments including base rent) and non-lease components (i.e. tenant reimbursements and certain other service fees) as a single combined operating lease component since (1) the timing and pattern of transfer of the lease and non-lease components is the same, (2) the lease component is the predominant element, and (3) the combined single lease component would be classified as an operating lease. The table below presents our revenues disaggregated by revenue source. For the year ended December 31, 2020 2019 2018 Rental revenue (1) $ 203,512 $ 195,120 $ 184,330 Other property revenue (2) 7,655 7,500 6,382 Other revenue 739 603 520 Total revenue $ 211,906 $ 203,223 $ 191,232 (1) Amounts include all revenue streams derived from lease and non-lease components accounted for under FASB ASC Topic 842. (2) Amounts include revenue related to activities that are not considered components of a lease, including application fees and administrative fees, as well as revenue not related to leasing activities, including vendor revenue sharing. All amounts are accounted for under FASB ASC Topic 606. Our portfolio of properties consists primarily of apartment communities geographically concentrated in the Southeastern United States. North Carolina, Georgia, Tennessee, Florida, Kentucky, Ohio, and Texas comprised 16.88%, 14.08%, 10.73%, 10.46%, 9.30%, 9.24%, and 7.07%, respectively, of our rental revenue for the year ended December 31, 2020. We have no single customer that accounts for 10% or more of revenue. W e make ongoing estimates of the collectability of our Due to the COVID-19 pandemic, some residents have experienced difficulty making rent payments and our rent receivables have increased compared to historical levels. This caused us to further evaluate collectability and we recorded a $927 provision for bad debts during the year ended December 31, 2020 to appropriately reflect management’s estimate for uncollectible accounts. The provision for bad debts was recorded as a reduction to rental and other property revenue in our consolidated statements of operations. The total adjustment to rental and other property income for the years ended December 31, 2020 and 2019 were $1,842 and $1,142, respectively. To support our residents who were economically impacted and unable to pay their rent in full, we offered residents deferred rent payment plans whereby the resident could defer between 25% and 75% of their monthly rent for between one and three months. Residents were required to provide evidence of financial hardship and commit to a full 12-month lease term, which provided a longer period over which the deferred rent could be repaid. We accounted for the deferred payment plans as if no change had been made to the original lease agreement and continued to recognize rental income while increasing lease receivables from residents. During the year ended December 31, 2020, we entered into 276 deferred payment plans under which residents deferred a total of $515 in rental payments. As of December 31, 2020, deferred rent receivable from residents totaled $175. For the years ended December 31, 2020, 2019, and 2018, we recognized revenues of $208, $156, and $195, respectively, related to recoveries of lost rental revenue due to natural disasters and other insurable events from our insurance providers. Advertising Expenses For the years ended December 31, 2020, 2019 and 2018, we incurred $2,338, $2,350, and $2,172 of advertising expenses, respectively. h. Fair Value of Financial Instruments In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity for disclosure purposes. Assets and liabilities recorded at fair value in our consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined in FASB ASC Topic 820, “Fair Value Measurements and Disclosures” and directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, are as follows: • Level 1 : Valuations are based on unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. The types of assets carried at Level 1 fair value generally are equity securities listed in active markets. As such, valuations of these investments do not entail a significant degree of judgment. • Level 2 : Valuations are based on quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or for which all significant inputs are observable, either directly or indirectly. • Level 3 : Inputs are unobservable for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors, including, for example, the type of investment, whether the investment is new, whether the investment is traded on an active exchange or in the secondary market, and the current market condition. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by us in determining fair value is greatest for instruments categorized in Level 3. Fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, our own assumptions are set to reflect those that management believes market participants would use in pricing the asset or liability at the measurement date. We use prices and inputs that management believes are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be transferred from Level 1 to Level 2 or Level 2 to Level 3. Fair value for certain of our Level 3 financial instruments is derived using internal valuation models. These internal valuation models include discounted cash flow analyses developed by management using current interest rates, estimates of the term of the particular instrument, specific issuer information and other market data for securities without an active market. In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, the impact of our own credit spreads is also considered when measuring the fair value of financial assets or liabilities. Where appropriate, valuation adjustments are made to account for various factors, including bid-ask spreads, credit quality and market liquidity. These adjustments are applied on a consistent basis and are based on observable inputs where available. Management’s estimate of fair value requires significant management judgment and is subject to a high degree of variability based upon market conditions, the availability of specific issuer information and management’s assumptions. FASB ASC Topic 825, “Financial Instruments” requires disclosure of the fair value of financial instruments for which it is practicable to estimate that value. Given that cash and cash equivalents and restricted cash are short term in nature with limited fair value volatility, the carrying amount is deemed to be a reasonable approximation of fair value and the fair value input is classified as a Level 1 fair value measuremen t. The fair value input for derivatives is classified as a Level 2 fair value measurement within the fair value hierarchy. The fair value inputs for our unsecured credit facility and our term loans are classified as Level 2 fair value measurements within the fair value hierarchy. The fair value of mortgage indebtedness is based on a discounted cash flows valuation technique. As this technique utilizes current credit spreads, which are generally unobservable, this is classified as a Level 3 fair value measurement within the fair value hierarchy. We determine appropriate credit spreads based on the type of debt and its maturity. The following table summarizes the carrying amount and the fair value of our financial instruments as of the periods indicated: As of December 31, 2020 As of December 31, 2019 Financial Instrument Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets Cash and cash equivalents $ 8,751 $ 8,751 $ 9,888 $ 9,888 Restricted cash 4,864 4,864 4,545 4,545 Derivative assets — — 953 953 Liabilities Debt: Unsecured credit facility 183,110 184,802 183,966 186,302 Term loans 298,759 300,000 298,418 300,000 Mortgages 463,817 479,929 503,188 505,510 Derivative liabilities 29,842 29,842 7,769 7,769 i. Deferred Financing Costs Costs incurred in connection with debt financing are deferred and classified within indebtedness and charged to interest expense over the terms of the related debt agreements, under the effective interest method. j. Income Taxes We have elected to be taxed as a REIT. Accordingly, we recorded no income tax expense for the years ended December 31, 2020, 2019 and 2018. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our ordinary taxable income to stockholders. As a REIT, we generally are not subject to federal income tax on taxable income that we distribute to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service grants us relief under certain statutory provisions. Such an event could materially adversely affect our net income and net cash available for distribution to stockholders; however, we believe that we are organized and operate in such a manner as to qualify and maintain treatment as a REIT and intend to operate in such a manner so that we will remain qualified as a REIT for federal income tax purposes. For the year ended December 31, 20 20 , 20 % of divide nds were characterized as capital gain distribution s , 37 % were characterized as ordinary income and 43 % were characterized as return of capital. For the year ended December 31, 2019, 69 % of dividends were characterized as capital gain distributions, 16 % were characterized as ordinary income and 15 % were characterized as return of capital. For the year ended December 31, 201 8 , 37 % of divide nds were characterized as capital gain distribution s , % were characterized as ordinary income and 24 % were characterized as return of capital. k. Share-Based Compensation We account for stock-based compensation in accordance with FASB ASC Topic 718, “Compensation - Stock Compensation”. Any stock-based compensation awards granted are measured based on the grant-date fair value of the award and compensation expense for the entire award is recognized on a straight-line basis over the requisite service period, which is the vesting period, for the entire award. l. Noncontrolling Interest Our noncontrolling interest represents limited partnership units of our operating partnership that were issued in connection with certain property acquisitions. We record limited partnership units issued in an acquisition at their fair value on the closing date of the acquisition. The holders of the limited partnership units have the right to redeem their limited partnership units for either shares of our common stock or for cash at our discretion. As the settlement of a redemption is in our sole discretion, we present noncontrolling interest in our consolidated balance sheet within equity but separate from stockholders’ equity. Any noncontrolling interests that fail to qualify as permanent equity will be presented as temporary equity and be carried at the greater of historical cost or their redemption value. m. Derivative Instruments We may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with our borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with our operating and financial structure, as well as, to hedge specific anticipated transactions. While these instruments may impact our periodic cash flows, they benefit us by minimizing the risks and/or costs previously described. The counterparties to these contractual arrangements are major financial institutions with which we and our affiliates may also have other financial relationships. In the event of nonperformance by the counterparties, we are potentially exposed to credit loss. However, because of the high credit ratings of the counterparties, we do not anticipate that any of the counterparties will fail to meet their obligations. In accordance with FASB ASC Topic 815, “Derivatives and Hedging”, we measure each derivative instrument (including certain derivative instruments embedded in other contracts) at fair value and record such amounts in our consolidated balance sheet as either an asset or liability. For derivatives designated as cash flow hedges, the changes in the fair value of the effective portions of the derivative are reported in other comprehensive income (loss) and changes in the ineffective portions of cash flow hedges, if any, are recognized in earnings. For derivatives not designated as hedges, the changes in fair value of the derivative instrument are recognized in earnings. Any derivatives that we designate in hedge relationships are done so at inception. At inception, we determine whether or not the derivative is highly effective in offsetting changes in the designated interest rate risk associated with the identified indebtedness using regression analysis. At each reporting period, we update our regression analysis and use the hypothetical derivative method to measure any ineffectiveness. n. Office Leases We apply FASB ASC Topic 842, “Leases”, which requires a lessee to recognize a right-of-use asset and a lease liability on the balance sheet at the lease commencement date for all leases, except those leases with terms of less than a year. We lease corporate office space under leases with terms of up to 10 years and that may include extension options, but that do not include any residual value guarantees or restrictive covenants. As of December 31, 2020, we had $2,649 of operating lease right-of-use assets and $3,002 of operating lease liabilities related to our corporate office leases. As of December 31, 2019, we had $2,812 of operating lease right-of-use assets and $3,176 of operating lease liabilities related to our corporate office leases. The operating lease right-of-use assets are presented within other assets and the operating lease liabilities are presented within other liabilities in our consolidated balance sheet. We recorded $616 and $589, respectively, of total operating lease expense for years ended December 31, 2020 and 2019, which is recorded within property management expense and general and administrative expenses in our consolidated statements of operations. o. Recent Accounting Pronouncements Below is a brief description of recent accounting pronouncements that could have a material effect on our financial statements. Adopted Within these Financial Statements In March 2020, the FASB issued an accounting standard classified under FASB ASC Topic 848, “Reference Rate Reform.” The amendments in this update contain practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASC 848 is optional and may be elected over time as reference rate reform activities occur. Beginning in the first quarter of 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We will continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. |
Investments in Real Estate
Investments in Real Estate | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Investments in Real Estate | NOTE 3: Investments in Real Estate As of December 31, 2020, our investments in real estate consisted of 56 apartment properties (unaudited). The table below summarizes our investments in real estate: 2020 2019 Depreciable (In years) Land $ 251,365 $ 234,050 - Building 1,527,535 1,453,052 40 Furniture, fixtures and equipment 137,870 109,263 5-10 Total investments in real estate $ 1,916,770 $ 1,796,365 Accumulated depreciation (208,618 ) (158,435 ) Investments in real estate, net $ 1,708,152 $ 1,637,930 Acquisitions The below table summarizes the acquisitions for the year ended December 31, 2020: Property Name Date of Purchase Market Units (unaudited) Purchase Price Adley at Craig Ranch 02/11/2020 Dallas, TX 251 $ 51,204 Legacy at Jones Farm 12/01/2020 Huntsville, AL 421 $ 94,027 Total 672 $ 145,231 The following table summarizes the aggregate fair value of the assets and liabilities associated with the properties acquired during the year ended December 31, 2020, on the date of acquisition. Description Fair Value of Asset Acquired During the Year Ended December Assets acquired: Investments in real estate (a) $ 145,340 Other assets 89 Intangible assets 1,013 Total assets acquired $ 146,442 Liabilities assumed: Accounts payable and accrued expenses 261 Other liabilities 382 Total liabilities assumed $ 643 Estimated fair value of net assets acquired $ 145,799 (a) Includes $84 of property related acquisition costs capitalized during the year ended December 31, 2020. The below table summarizes the acquisitions for the year ended December 31, 2019: Property Name Date of Purchase Market Units (unaudited) Purchase Price North Park 04/30/2019 Atlanta, GA 224 $ 28,000 Rocky Creek 07/11/2019 Tampa, FL 264 48,000 Thornhill 10/01/2019 Raleigh, NC 318 52,925 Total 806 $ 128,925 Dispositions The below table summarizes the dispositions for the year ended December 31, 2020: Property Name Date of Sale Sale Price Gain (impairment loss) on sale Trails at Signal Mountain 10/27/2020 $ 20,000 $ 6,237 Live Oak Trace (1) 11/10/2020 25,400 (1,931 ) Lakeshore on the Hill 11/23/2020 14,330 3,537 Total $ 59,730 $ 7,843 (1) Includes a $1,840 impairment charge recorded in the three months ended September 30, 2020. The below table summarizes the dispositions for the year ended December 31, 2019: Property Name Date of Sale Sale Price Gain on sale (1) Reserve at Eagle Ridge 04/30/2019 $ 42,000 $ 12,294 Little Rock, AR Portfolio 07/18/2019 56,500 2,220 Iron Rock 12/17/2019 56,000 20,683 Total $ 154,500 $ 35,197 (1) The gain for these properties is net of $7,417 of defeasance and debt prepayment costs. The below table summarizes the dispositions for the year ended December 31, 2018: Property Name Date of Sale Sale Price Gain on sale (1) Aventine Greenville 12/20/2018 $ 52,500 $ 6,119 Arbors at the Reservoir 12/27/2018 24,800 4,445 Total $ 77,300 $ 10,564 (1) The gain for these properties is net of $911 of debt prepayment costs. |
Indebtedness
Indebtedness | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Indebtedness | NOTE 4: Indebtedness The following tables contains summary information concerning our indebtedness as of December 31, 2020: Debt: Outstanding Unamortized Debt Issuance Costs Carrying Type Weighted Average Rate Weighted Average Maturity (in Unsecured credit facility (1) $ 184,802 $ (1,692 ) $ 183,110 Floating 1.6% 2.4 Unsecured term loans 300,000 (1,241 ) 298,759 Floating 1.5% 3.3 Mortgages 465,092 (1,275 ) 463,817 Fixed 3.9% 3.2 Total Debt $ 949,894 $ (4,208 ) $ 945,686 2.7% 3.1 (1) The unsecured credit facility total capacity is $350,000, of which $184,802 was outstanding as of December 31, 2020. Original maturities on or before December 31, Debt: 2021 2022 2023 2024 2025 Thereafter Unsecured credit facility $ - $ - $ 184,802 $ - $ - $ - Unsecured term loans - - - 300,000 - - Mortgages 48,484 66,478 107,636 36,913 162,562 43,019 Total $ 48,484 $ 66,478 $ 292,438 $ 336,913 $ 162,562 $ 43,019 As of December 31, 2020 we were in compliance with all financial covenants contained in our indebtedness. The following tables contains summary information concerning our indebtedness as of December 31, 2019: Debt: Outstanding Principal Unamortized Debt Issuance Costs Carrying Amount Type Weighted Average Rate Weighted Average Maturity (in years) Unsecured credit facility (1) $ 186,302 $ (2,336 ) $ 183,966 Floating 3.2% 3.4 Unsecured term loans 300,000 (1,582 ) 298,418 Floating 3.1% 4.3 Mortgages 504,876 (1,688 ) 503,188 Fixed 3.9% 4.0 Total Debt $ 991,178 $ (5,606 ) $ 985,572 3.5% 4.0 (1) The secured credit facility total capacity was $350,000, of which $186,302 was outstanding as of December 31, 2019. Unsecured Credit Facility and Revolving Line of Credit On May 9, 2019, we entered into a new $350,000 unsecured credit facility that consists entirely of a revolving line of credit (the “Unsecured Credit Facility”), refinancing and terminating a previous unsecured credit facility. We have the right to increase the aggregate amount of the Unsecured Credit Facility to up to $600,000. The maturity date on borrowings outstanding under the Unsecured Credit Facility is May 9, 2023, subject to our option to extend the revolving commitment for two additional 6-month periods under certain circumstances, including the payment of an extension fee. We may prepay the Unsecured Credit Facility, in whole or in part, at any time without a prepayment fee or penalty. At our option, borrowings under the Unsecured Credit Facility will bear interest at a rate equal to either (i) the 1-month LIBOR rate plus a margin of 125 to 200 basis points, or (ii) a base rate plus a margin of 25 to 100 basis points. The applicable margin is determined based upon our total consolidated leverage ratio, as defined in the debt agreement. We recognized the refinance as a modification of our prior unsecured credit facility and incurred deferred financing costs of $1,129 associated with this transaction. In addition to certain negative covenants, our Unsecured Credit Facility has financial covenants that require us to (i) maintain a consolidated leverage ratio below thresholds described in the debt agreement, (ii) maintain a minimum consolidated fixed charge coverage ratio, and (iii) maintain a minimum consolidated tangible net worth. Additionally, the covenants (i) limit (a) the amount of distributions that IRT can make to a percentage of Funds from Operations (as such term is described in the debt agreement), and (b) the amount of unhedged variable rate indebtedness that may be incurred by us, and (ii) requires us to maintain a pool of unencumbered properties with a total value of at least $100,000. Term Loans On November 20, 2017, we entered into an agreement for a $100,000 unsecured term loan that matures on November 20, 2024. We incurred upfront deferred costs of $917 associated with this facility. In November 2019, the unsecured term loan was amended, which reduced the interest spread. We incurred $257 of upfront deferred costs associated with the amendment. The interest rate on the unsecured term loan is LIBOR plus a spread of 1.20% – 1.90% based on our consolidated leverage ratio. On October 30, 2018, we entered into an agreement for a $200,000 unsecured term loan that matures on January 17, 2024. We incurred upfront deferred costs of $821 associated with this facility. The interest rate on the unsecured term loan is LIBOR plus a spread of 1.20% – 1.90% based on our consolidated leverage ratio. At closing, we drew $150,000 under the loan. The remaining $50,000 was drawn in February 2019. We applied proceeds of both draws to reduce outstanding borrowings under our Unsecured Credit Facility. Mortgages On July 9, 2020, we drew down on our Unsecured Credit Facility to prepay and extinguish a property mortgage and make partial paydowns on certain other property mortgages totaling $32,117. The property mortgages had a weighted-average interest rate of 3.9% compared to the 1.6% interest rate on our unsecured credit facility as of June 30, 2020. During the year ended December 31, 2019, in connection with three property dispositions, we extinguished property mortgages totaling $76,512. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | NOTE 5: Derivative Financial Instruments The following table summarizes the aggregate notional amount and estimated net fair value of our derivative instruments as of December 31, 2020 and 2019: As of December 31, 2020 As of December 31, 2019 Notional Fair Value of Assets Fair Value of Liabilities Notional Fair Value of Assets Fair Value of Liabilities Cash flow hedges: Interest rate swap $ 150,000 $ — 694 $ 150,000 $ 953 $ — Interest rate collars 250,000 — 13,331 250,000 — 4,330 Forward interest rate swaps — — 15,817 — — 3,439 Total $ 400,000 $ — 29,842 $ 400,000 $ 953 $ 7,769 Interest rate swap On June 24, 2016, we entered into an interest rate swap contract with a notional value of $150,000, a strike rate of 1.145% and a maturity date of June 17, 2021. We designated this interest rate swap as a cash flow hedge at inception and determined that the hedge is highly effective in offsetting interest rate fluctuations associated with the identified indebtedness. We did not recognize any ineffectiveness associated with this cash flow hedge through April 2017. On April 17, 2017, in conjunction with the refinancing of our credit facility, we restructured our existing interest rate swap to remove the LIBOR floor. This resulted in a decrease in the strike rate to 1.1325%. The notional value and maturity date remained the same. We designated the restructured interest rate swap as a cash flow hedge at inception and determined that the hedge is highly effective in offsetting interest rate fluctuations associated with the identified indebtedness. Upon our early adoption of accounting standard updates to ASC Topic 815, “Derivatives and Hedging,” ineffectiveness is no longer measured or reported. Interest rate collar On October 17, 2018, we purchased an interest rate collar with an initial notional value of $100,000, a 2.50% cap and 2.25% floor, and a maturity date of January 17, 2024. The notional value was adjusted to $150,000 in November 2018. We designated this interest rate collar as a cash flow hedge at inception and determined that the hedge is highly effective in offsetting interest rate fluctuations associated with the identified indebtedness. We concluded that this hedging relationship was and will continue to be highly effective using the hypothetical derivative method. On November 17, 2017, we purchased an interest rate collar with a notional value of $100,000, a 2.00% cap and 1.25% floor, and a maturity date of November 17, 2024. We designated $50,000 of the interest rate collar as a cash flow hedge at inception and determined that the hedge is highly effective in offsetting interest rate fluctuations associated with the identified indebtedness. We concluded that this hedging relationship was and will continue to be highly effective using the hypothetical derivative method. The other $50,000 notional value interest rate collar was accounted for as a freestanding derivative from inception. On January 4, 2018, we designated this other $50,000 notional value interest rate collar as a cash flow hedge and determined that the hedge is highly effective in offsetting interest rate fluctuations associated with the identified indebtedness. We concluded that this hedging relationship was and will continue to be highly effective using the hypothetical derivative method. Forward interest rate swaps On March 2, 2020, we entered into a forward-starting interest rate swap with a notional value of $150,000 and a strike rate of 0.985%. This forward interest rate swap has an effective date of May 17, 2022 and a maturity date of May 17, 2027. We designated this forward interest rate swap as a cash flow hedge at inception and determined that the hedge is highly effective in offsetting interest rate fluctuations associated with the identified indebtedness. On May 9, 2019, we entered into a forward-starting interest rate swap contract with a notional value of $150,000 and a strike rate of 2.176%. The forward interest rate swap has an effective date of June 17, 2021 and a maturity date of June 17, 2026. We designated this forward interest rate swap as a cash flow hedge at inception and determined that the hedge is highly effective in offsetting interest rate fluctuations associated with the identified indebtedness. Effective interest rate swaps and collars are reported in accumulated other comprehensive income (loss) and the fair value of these hedge agreements is included in other assets or other liabilities. For interest rate swaps and collars that are considered effective hedges, we reclassified realized gains (losses) of ($5,352), $1,139 and $1,372 to earnings within interest expense for the years ended December 31, 2020, 2019 and 2018, respectively. For interest rate swaps that are considered effective hedges, we expect ($7,934) to be reclassified out of accumulated other comprehensive income (loss) to earnings over the next 12 months. |
Stockholder Equity and Noncontr
Stockholder Equity and Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Stockholder Equity and Noncontrolling Interest | NOTE 6: Stockholder Equity and Noncontrolling Interest Stockholder Equity On February 20, 2020, we entered into an underwriting agreement with KeyBanc Capital Markets Inc. and BMO Capital Markets Corp., as representatives of the several underwriters named therein (collectively, the “Underwriters”), BMO Capital Markets Corp. (the “Forward Seller”), and Bank of Montreal (the “Forward Counterparty”) relating to the offering of an aggregate of 10,350,000 shares of our common stock at a price to the Underwriters of $14.688 per share, consisting of 10,350,000 shares of our common stock offered by the Forward Seller in connection with the forward sale agreements described below (including 1,350,000 shares of our common stock offered pursuant to the Underwriters’ option to purchase additional shares of our common stock, which was exercised in full). We completed the offering on February 24, 2020. We did not initially receive any proceeds from the sale of our common stock by the Forward Seller In connection with the offering, we also entered into two forward sale agreements, the first forward sale agreement (the “Initial Forward Sale Agreement”), dated February 20, 2020, with the Forward Seller and Forward Counterparty, and the second forward sale agreement (the “Additional Forward Sale Agreement”, together with the Initial Forward Sale Agreement, the “Forward Sale Agreements”), dated February 20, 2020, with the Forward Seller and the Forward Counterparty. In connection with the Forward Sale Agreements, the Forward Seller or its affiliate borrowed from third parties and sold to the Underwriters an aggregate of 10,350,000 shares of our common stock that was sold in the offering. On March 31, 2020, we physically settled $50,000 under the Forward Sale Agreements by issuing 3,406,000 shares of our common stock. On December 28, 2020, we settled $98,775 by issuing the remaining 6,944,000 shares of our common stock. On November 13, 2020, we entered into an equity distribution agreement pursuant to which we may from time to time offer and sell shares of our common stock having an aggregate offering price of up to $150,000 (the “ATM Program”) in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended. Under the ATM Program, we may also enter into one or more forward sale transactions for the sale of shares of our common stock on a forward basis. On November 13, 2020, we entered into a forward sale transaction under the ATM Program for the forward sale of 900,000 shares of our common stock that have not yet been settled. Subject to our right to elect net share settlement, we expect to physically settle the forward sale transaction by the maturity date ( December 21, 2021 ) set forth in the forward sale transaction placement notice. Assuming the forward sales transaction is physically settled in full utilizing the initial forward sale price of $ 14.00 per share, net of sales commissions, we expect to receive net proceeds of approximately $ 12,400 , subject to adjustment in accordance with the forward sale transaction. We evaluated the accounting for forward sale agreements under FASB ASC Topic 480 “Distinguishing Liabilities from Equity” and FASB ASC Topic 815 “Derivatives and Hedging”. As the Forward Sale Agreements are considered indexed to our own equity and since they meet the equity classification conditions in ASC 815, the Forward Sale Agreements have been classified as equity. Our board of directors declared the following dividends in 2020: Quarter Declaration Date Record Date Payment Date Dividend Declared Per Share First quarter 2020 March 16, 2020 April 2,2020 April 24, 2020 $ 0.18 Second quarter 2020 June 15, 2020 July 2, 2020 July 24, 2020 $ 0.12 Third quarter 2020 September 15, 2020 October 2, 2020 October 23, 2020 $ 0.12 Fourth quarter 2020 December 14, 2020 December 30, 2020 January 22, 2021 $ 0.12 Our board of directors declared the following dividends in 2019: Quarter Declaration Date Record Date Payment Date Dividend Declared Per Share First quarter 2019 March 18, 2019 March 29 2019 April 25, 2019 $ 0.18 Second quarter 2019 June 17, 2019 June 28, 2019 July 25, 2019 $ 0.18 Third quarter 2019 September 12, 2019 September 27, 2019 October 25, 2019 $ 0.18 Fourth quarter 2019 December 16, 2019 December 26, 2019 January 24, 2020 $ 0.18 Noncontrolling Interest During 2020, holders of IROP units exchanged 196,974 units for 196,974 shares of our common stock. As of December 31, 2020, 674,517 IROP units held by unaffiliated third parties remain outstanding as of December 31, 2020. During 2019, holders of IROP units exchanged 9,616 units for 9,616 shares of our common stock. As of December 31, 2019, 871,491 IROP units held by unaffiliated third parties remain outstanding as of December 31, 2019. Our board of directors declared the following distributions on our operating partnership’s LP units during 2020: Quarter Declaration Date Record Date Payment Date Dividend Declared Per Share First quarter 2020 March 16, 2020 April 2, 2020 April 24, 2020 $ 0.18 Second quarter 2020 June 15, 2020 July 2, 2020 July 24, 2020 $ 0.12 Third quarter 2020 September 15, 2020 October 2, 2020 October 23, 2020 $ 0.12 Fourth quarter 2020 December 14, 2020 December 30, 2020 January 22, 2021 $ 0.12 Our board of directors declared the following distributions on our operating partnership’s LP units during 2019: Quarter Declaration Date Record Date Payment Date Dividend Declared Per Share First quarter 2019 March 18, 2019 March 29 2019 April 25, 2019 $ 0.18 Second quarter 2019 June 17, 2019 June 28, 2019 July 25, 2019 $ 0.18 Third quarter 2019 September 12, 2019 September 27, 2019 October 25, 2019 $ 0.18 Fourth quarter 2019 December 16, 2019 December 26, 2019 January 24, 2020 $ 0.18 |
Equity Compensation Plans
Equity Compensation Plans | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity Compensation Plans | NOTE 7: Equity Compensation Plans In May 2016, our stockholders approved and our board of directors adopted an amended and restated Long Term Incentive Plan (the “Incentive Plan”), which provides for the grants of awards to our directors, officers, employees, and consultants. The Incentive Plan authorizes the grant of restricted or unrestricted shares of our common stock, performance share units (“PSUs”), non-qualified and incentive stock options, restricted stock units (“RSUs”), stock appreciation rights (“SARs”), dividend equivalents and other stock- or cash-based awards. In conjunction with the amendment, the number of shares of common stock issuable under the Incentive Plan was increased to 4,300,000 shares and the term of the Incentive Plan was extended to May 12, 2026. Under the Incentive Plan, we have granted restricted shares, RSUs, SARs, and PSUs. For the years ended December 31, 2020, 2019 and 2018 we recognized $5,635, $3,166 and $2,524 of stock compensation expense, respectively. In 2020, our PSU and RSU award agreements were revised to provide for accelerated vesting upon retirement, as defined in the award agreements. Due to this revision, the stock compensation expense associated with any such award granted to a retirement eligible employee is recognized in full on the date of grant. During the year ended December 31, 2020, $1,667 of stock compensation was recognized with respect to awards granted to retirement eligible employees. The restricted shares and RSUs granted under the Incentive Plan generally vest over a two, three, or four year period. In addition, we have granted unrestricted shares to our directors. These awards generally vested immediately. A summary of restricted common share award and RSU activity is presented below. 2020 2019 2018 Number of Shares Weighted Average Grant Date Fair Value Per Share Number of Shares Weighted Average Grant Date Fair Value Per Share Number of Shares Weighted Average Grant Date Fair Value Per Share Balance, January 1, 326,541 $ 9.54 303,819 $ 8.22 295,847 $ 7.84 Granted 282,735 12.85 213,744 10.39 233,706 8.64 Vested (164,026 ) 9.32 (174,367 ) 9.27 (175,555 ) 7.99 Forfeited (38,401 ) 12.20 (16,655 ) 9.75 (50,179 ) 8.45 Balance, December 31, (1) 406,849 $ 11.68 326,541 $ 9.54 303,819 $ 8.22 (1) The outstanding award balance above included 67,381, 0, and 0 RSUs as of December 31, 2020, 2019, and 2018, respectively Subsequent to December 31, 2020, 86,591 restricted stock awards and RSUs valued at a weighted-average price of $14.17, or $1,227 in the aggregate were awarded to employees. These awards vest over a two or three-year As of December 31, 2020, the unearned compensation cost relating to unvested restricted common share awards and RSUs was $2,437, which will be recognized over a weighted-average period of 1.8 years. The estimated fair value of restricted common share awards, and RSUs, vested during 2020, 2019, and 2018 was $2,076, $1,836, and $1,539, respectively. The PSUs granted under the Incentive Plan have a three-year 2020 2019 2018 Number of Shares Weighted Average Grant Date Fair Value Per Share Number of Shares Weighted Average Grant Date Fair Value Per Share Number of Shares Weighted Average Grant Date Fair Value Per Share Balance, January 1, 717,677 $ 7.52 453,748 $ 7.04 150,980 $ 7.12 Granted (1) 202,145 11.77 263,929 8.35 302,768 7.00 Change in awards based on performance (2) 75,488 $ 7.12 — 0.00 — 0.00 Vested (113,234 ) 7.12 — 0.00 — 0.00 Balance, December 31, 882,076 $ 8.21 717,677 $ 7.52 453,748 $ 7.04 (1) PSUs granted reflects the number of awards assuming target performance. The actual number of awards earned is based on actual performance during the three-year (2) Represents the change in the numbers of PSUs earned based on performance achievement for the performance period. Our assumptions used in computing the fair value of the PSUs at the dates of their respective awards, using the Monte Carlo method, were as follows: For the year ended December 31, 2020 2019 2018 Dividend yield 6.1% 7.6% 8.2% Volatility (a) 22.0% 21.0% 28.0% Expected term 2.8 years 2.8 years 2.9 years (a) This represents the volatility assumption used for IRT. The volatility assumptions used for our peer group and the NAREIT Mortgage Index ranged from 15% to 41%. The Company estimates future expenses associated with PSUs outstanding at December 31, 2020 to be $2,131, which will be recognized over a weighted-average period of 2.3 years. The estimated fair value of PSUs vested during 2020, 2019, and 2018 was $1,862, $0, and $0. A summary of the SARs activity of the Incentive Plan is presented below. 2020 2019 2018 SARs Weighted Average Exercise Price SARs Weighted Average Exercise Price SARs Weighted Average Exercise Price Outstanding, January 1, 9,000 $ 9.35 195,000 $ 9.35 250,000 $ 9.28 Granted — — — — — — Expired (9,000 ) 9.35 — — — — Exercised — — (186,000 ) 9.35 (55,000 ) 9.02 Forfeited — — — — — — Outstanding, December 31, — $ 9.35 9,000 $ 9.35 195,000 $ 9.35 SARs exercisable at December 31, — 9,000 195,000 |
Related Party Transactions and
Related Party Transactions and Arrangements | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions and Arrangements | NOTE 8: Related Party Transactions and Arrangements Property Management Fees Earned from our Former External Advisor On December 20, 2016, in connection with our management internalization, we acquired property management agreements with respect to each of our properties from our former property manager, which was affiliated with our former external advisor. Subsequent to this transaction, we earned $0, $0, and $63 of property management fees from our former external advisor for the years ended December 31, 2020, 2019, and 2018, respectively. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | NOTE 9: Earnings (Loss) Per Share The following table presents a reconciliation of basic and diluted earnings (loss) per share for the years ended December 31, 2020, 2019 and 2018: For the Years Ended December 31, 2020 2019 2018 Net Income (loss) $ 14,877 $ 46,354 $ 26,610 (Income) loss allocated to non-controlling interests (109 ) (458 ) (322 ) Net Income (loss) allocable to common shares 14,768 45,896 26,288 Weighted-average shares outstanding—Basic 93,660,086 89,799,238 87,086,585 Dilutive securities 1,028,354 618,248 290,406 Weighted-average shares outstanding—Diluted 94,688,440 90,417,486 87,376,991 Earnings per share—Basic $ 0.16 $ 0.51 $ 0.30 Earnings per share—Diluted $ 0.16 $ 0.51 $ 0.30 Certain IROP units and shares deliverable under the forward sale agreements totaling 1,574,517, 871,491, and 881,107 for the years ended December 31, 2020, 2019 and 2018, respectively, were excluded from the earnings per share computation because their effect would have been anti-dilutive. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | NOTE 10: Quarterly Financial Data (Unaudited) The following table summarizes our quarterly financial data which, in the opinion of management, reflects all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of our results of operations: For the Three-Month Periods Ended March 31 June 30 September 30 December 31 2020 Total revenue $ 51,350 $ 52,268 $ 54,200 $ 54,088 Net income (loss) (374 ) 799 1,092 13,360 Net income (loss) allocable to common shares (372 ) 789 1,090 13,261 Total earnings per share—Basic (1) $ 0.00 $ 0.01 $ 0.01 $ 0.14 Total earnings per share—Diluted (1) $ 0.00 $ 0.01 $ 0.01 $ 0.14 2019 Total revenue $ 49,540 $ 50,956 $ 51,299 $ 51,428 Net income (loss) 2,566 14,856 4,912 24,020 Net income (loss) allocable to common shares 2,540 14,709 4,863 23,784 Total earnings per share—Basic (1) $ 0.03 $ 0.16 $ 0.05 $ 0.26 Total earnings per share—Diluted (1) $ 0.03 $ 0.16 $ 0.05 $ 0.26 (1) The summation of quarterly per share amounts may not equal the full year amounts due to rounding. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | NOTE 11: Segment Reporting We have identified one operating segment and have determined that we have one reportable segment. As a group, our executive officers act as the Chief Operating Decision Maker (“CODM”). The CODM reviews operating results to make decisions about all investments and resources and to assess performance for the entire company. Our portfolio consists of one reportable segment, investments in real estate through the mechanism of ownership. The CODM manages and reviews our operations as one unit. Resources are allocated without regard to the underlying structure of any investment, but rather after evaluating such economic characteristics as returns on investment, leverage ratios, current portfolio mix, degrees of risk, income tax consequences and opportunities for growth. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 12: Commitments and Contingencies Risks and Uncertainties Currently, one of the most significant risks and uncertainties is the duration and scope of the current global COVID-19 pandemic, which has disrupted businesses and slowed economic activity. We have been impacted by the COVID-19 pandemic and, in response, we have made operational and policy changes to: (1) comply with governmental mandates on a jurisdiction by jurisdiction basis; (2) protect our employees, residents, and prospective residents; and (3) minimize the adverse financial impact to us. The extent to which COVID-19 continues to impact our business, operations and financial results will depend on numerous evolving factors, many of which are not within management’s control, and that we are unable to predict at this time, including but not limited to: (1) the duration and scope of the pandemic; (2) the pandemic’s impact on current and future economic activity; and (3) the actions of governments, businesses and individuals in response to the COVID-19 pandemic. Litigation We are subject to various legal proceedings and claims that arise in the ordinary course of our business operations. Matters which arise out of allegations of bodily injury, property damage, and employment practices are generally covered by insurance. While the resolution of these matters cannot be predicted with certainty, we currently believe the final outcome of such matters will not have a material adverse effect on our financial position, results of operations or cash flows . Other Matters To the extent that a natural disaster or similar event occurs with more than a remote risk of having a material impact on the consolidated financial statements, we will disclose the estimated range of possible outcomes, and, if an outcome is probable, accrue an appropriate liability. Lease Obligations We lease office space in Philadelphia, PA and Chicago, IL. As of December 31, 2020, the annual minimum rent due pursuant to these leases for each of the next five years and thereafter is estimated to be $511, $375, $382, $388, $394, and $1,996 respectively. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | Independence Realty Trust Schedule III - Real Estate and Accumulated Depreciation As of December 31, 2020 (Dollars in thousands) Cost of Gross Carrying Accumulated Encumbrances Property Initial Cost Improvements, Amount Depreciation- (Unpaid Year of Name Location Land Building Land Building Land Building Building Principal) Acquisition Crestmont Marietta, GA $ 3,254 $ 13,017 $ - $ 6,006 $ 3,254 $ 19,023 $ (6,863 ) $ (5,996 ) 2011 Runaway Bay Indianapolis, IN 3,079 12,318 - 1,434 3,079 13,752 (3,115 ) (8,745 ) 2012 Windrush Edmond, OK 1,677 7,464 - 1,011 1,677 8,475 (1,673 ) - 2014 Heritage Park Oklahoma, OK 4,234 12,232 - 3,365 4,234 15,597 (3,447 ) - 2014 Raindance Oklahoma, OK 3,503 10,051 - 2,344 3,503 12,395 (2,690 ) - 2014 Augusta Oklahoma, OK 1,296 9,930 - 1,468 1,296 11,398 (2,191 ) - 2014 Invitational Oklahoma, OK 1,924 16,852 - 2,127 1,924 18,979 (3,630 ) - 2014 Kings Landing Creve Coeur, MO 2,513 29,873 - 1,278 2,513 31,151 (5,632 ) (19,862 ) 2014 Walnut Hill Cordova, TN 2,230 25,251 - 2,307 2,230 27,558 (4,684 ) (18,650 ) 2014 Lenox Place Raleigh, NC 3,480 20,482 - 1,212 3,480 21,694 (3,746 ) (15,991 ) 2014 Stonebridge Crossing Memphis, TN 3,100 26,223 - 7,852 3,100 34,075 (6,662 ) (19,370 ) 2014 Bennington Pond Groveport, OH 2,400 14,828 - 1,421 2,400 16,249 (2,923 ) (11,375 ) 2014 Prospect Park Louisville, KY 2,837 11,193 - 1,001 2,837 12,194 (2,035 ) (9,075 ) 2014 Brookside Louisville, KY 3,947 16,503 - 876 3,947 17,379 (2,980 ) (13,229 ) 2014 Jamestown Louisville, KY 7,034 27,730 - 10,775 7,034 38,505 (8,467 ) (22,496 ) 2014 Oxmoor Louisville, KY 7,411 47,095 - 9,898 7,411 56,993 (10,262 ) (35,213 ) 2014 Meadows Louisville, KY 6,857 30,030 - 2,669 6,857 32,699 (5,578 ) (23,838 ) 2014 Bayview Club Indianapolis, IN 2,525 22,506 - 1,733 2,525 24,239 (3,888 ) - 2015 Arbors River Oaks Memphis, TN 2,100 19,045 - 3,721 2,100 22,766 (3,797 ) - 2015 Aston Wake Forest, NC 3,450 34,333 - 963 3,450 35,296 (4,860 ) (24,561 ) 2015 Avenues at Craig Ranch McKinney, TX 5,500 42,054 - 1,313 5,500 43,367 (5,948 ) (30,309 ) 2015 Bridge Pointe Huntsville, AL 1,500 14,306 - 780 1,500 15,086 (2,225 ) - 2015 Creekstone at RTP Durham, NC 5,376 32,727 - 861 5,376 33,588 (4,630 ) (21,234 ) 2015 Fountains Southend Charlotte, NC 4,368 37,254 - 682 4,368 37,936 (5,123 ) (22,134 ) 2015 Fox Trails Plano, TX 5,700 21,944 - 2,988 5,700 24,932 (3,926 ) - 2015 Millenia 700 Orlando, FL 5,500 41,752 - 1,860 5,500 43,612 (6,148 ) - 2015 Miller Creek at German Town Memphis, TN 3,300 53,504 - 919 3,300 54,423 (7,321 ) - 2015 Pointe at Canyon Ridge Atlanta, GA 11,100 36,995 - 8,480 11,100 45,475 (8,252 ) - 2015 St James at Goose Creek Goose Creek, SC 3,780 27,695 - 923 3,780 28,618 (4,054 ) - 2015 Talison Row at Daniel Island Daniel Island, SC 5,480 41,409 - 899 5,480 42,308 (5,796 ) (30,971 ) 2015 Vue at Knoll Trail Dallas, TX 3,100 6,077 - 665 3,100 6,742 (1,016 ) - 2015 Waterstone at Brier Creek Raleigh, NC 4,200 34,651 - 733 4,200 35,384 (4,811 ) (11,850 ) 2015 Waterstone Big Creek Alpharetta, GA 7,600 61,971 - 740 7,600 62,711 (8,395 ) (48,285 ) 2015 Westmont Commons Asheville, NC 2,750 25,225 - 975 2,750 26,200 (3,728 ) - 2015 Lakes at Northdale Tampa, FL 3,898 25,543 - 1,378 3,898 26,921 (2,891 ) - 2017 Haverford Place Lexington, KY 3,927 10,100 - 1,703 3,927 11,803 (1,575 ) - 2017 Village at Auburn Hills Durham, NC 5,621 36,923 - 7,645 5,621 44,568 (6,077 ) - 2017 Cherry Grove North Myrtle Beach, SC 550 15,369 - 1,523 550 16,892 (1,711 ) - 2017 Commons at Canal Winchester Canal Winchester, OH 3,400 20,703 - 3,441 3,400 24,144 (2,581 ) - 2017 Schirm Farms Canal Winchester, OH 3,960 19,488 - 2,886 3,960 22,374 (2,464 ) - 2017 Riverchase Indianapolis, IN 1,460 17,250 - 1,014 1,460 18,264 (1,704 ) - 2017 Tides at Calabash Wilmington, NC 1,880 12,214 - 536 1,880 12,750 (1,117 ) - 2017 Brunswick Point Wilmington, NC 2,150 28,214 - 2,146 2,150 30,360 (2,810 ) (18,522 ) 2017 Creekside Corners Lithonia, GA 6,140 37,285 - 5,987 6,140 43,272 (4,408 ) (22,796 ) 2018 Hartshire Lakes Bargersville, IN 3,070 24,210 - 1,236 3,070 25,446 (2,127 ) (15,532 ) 2018 The Chelsea Columbus, OH 2,739 33,698 - 661 2,739 34,359 (2,630 ) - 2018 Avalon Oaks Columbus, OH 4,189 18,301 - 3,096 4,189 21,397 (1,780 ) - 2018 Vantage on Hillsborough Tampa, FL 10,671 31,953 967 7,853 11,638 39,806 (3,374 ) - 2018 Collier Park Grove City, OH 2,325 18,688 - 757 2,325 19,445 (1,311 ) - 2018 Waterford Landing McDonough, GA 2,867 27,477 - 2,551 2,867 30,028 (1,888 ) (15,058 ) 2018 Lucerne Brandon, FL 3,114 43,540 - 3,589 3,114 47,129 (3,006 ) - 2018 North Park Stockbridge, GA 2,848 24,933 - 1,613 2,848 26,546 (1,231 ) - 2019 Rocky Creek Tampa, FL 15,669 31,979 - 989 15,669 32,968 (1,229 ) - 2019 Thornhill Raleigh, NC 12,282 40,207 - 947 12,282 41,154 (1,239 ) - 2019 The Adley McKinney, TX 4,673 46,389 - 39 4,673 46,428 (969 ) - 2020 Legacy at Jones Farm Huntsville, AL 14,860 78,552 - - 14,860 78,552 - - 2020 Total Investment in Real Estate $ 250,398 $ 1,527,536 $ 967 $ 137,869 $ 251,365 $ 1,665,405 $ (208,618 ) $ (465,092 ) Investments in Real Estate December 31, December 31, December 31, Balance, beginning of period $ 1,796,365 $ 1,745,640 $ 1,504,156 Additions during period: Acquisitions 145,340 127,908 270,220 Improvements to land and building 35,783 45,623 41,587 Deductions during period: Dispositions of real estate (56,797 ) (121,865 ) (69,915 ) Asset write-offs (3,921 ) (941 ) (408 ) Balance, end of period: $ 1,916,770 $ 1,796,365 $ 1,745,640 For the year ended Accumulated Depreciation December 31, December 31, December 31, Balance, beginning of period $ 158,435 $ 120,202 $ 84,097 Depreciation expense 59,717 50,955 41,652 Dispositions of real estate (5,613 ) (11,781 ) (5,139 ) Asset write-off (3,921 ) (941 ) (408 ) Balance, end of period: $ 208,618 $ 158,435 $ 120,202 (a) Includes properties classified as held for sale as of December 31, 2018. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | a. Basis of Presentation The consolidated financial statements have been prepared by management in accordance with generally accepted accounting principles in the United States (“GAAP”). In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our consolidated financial position and consolidated results of operations and cash flows are included. |
Principles of Consolidation | b. Principles of Consolidation The consolidated financial statements reflect our accounts and the accounts of IROP and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Pursuant to FASB Accounting Standards Codification Topic 810, “Consolidation”, IROP is considered a variable interest entity of which we are the primary beneficiary. As our significant asset is our investment in IROP, substantially all of our assets and liabilities represent the assets and liabilities of IROP. |
Use of Estimates | c. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. |
Cash and Cash Equivalents | d. Cash and Cash Equivalents Cash and cash equivalents include cash held in banks and highly liquid investments with original maturities of three months or less when purchased. Cash, including amounts restricted, may at times exceed the Federal Deposit Insurance Corporation deposit insurance limit of $250 per institution. We mitigate credit risk by placing cash and cash equivalents with major financial institutions. To date, we have not experienced any losses on cash and cash equivalents. |
Restricted Cash | e. Restricted Cash Restricted cash includes escrows of our funds held by lenders to fund certain expenditures or to be released at our discretion upon the occurrence of certain pre-specified events. As of December 31, 2020 and 2019, we had $4,864 and $4,545, respectively, of restricted cash. |
Investments in Real Estate | f. Investments in Real Estate Investments in real estate are recorded at cost less accumulated depreciation. Costs, including internal costs, that both add value and appreciably extend the useful life of an asset are capitalized. Expenditures for repairs and maintenance are expensed as incurred. Investments in real estate are classified as held for sale in the period in which certain criteria are met including when the sale of the asset is probable and actions required to complete the plan of sale indicate that it is unlikely that significant changes to the plan of sale will be made or the plan of sale will be withdrawn. Allocation of Purchase Price of Acquired Assets In accordance with FASB ASC Topic 805, the properties we acquire are generally accounted for as asset acquisitions. Under asset acquisition accounting, the costs to acquire real estate, including transaction costs related to the acquisition, are accumulated and then allocated to the individual assets and liabilities acquired based upon their relative fair value. Transaction costs and fees incurred related to the financing of an acquisition are capitalized and amortized over the life of the related financing. We estimate the fair value of acquired tangible assets (consisting of land, building and improvements), identified intangible assets (consisting of in-place leases), and assumed debt at the date of acquisition, based on the evaluation of information and estimates available at that date. The aggregate value of in-place leases is determined by evaluating various factors, including the terms of the leases that are in place and assumed lease-up periods. During the year ended December 31, 2020 and 2019, we acquired in-place leases with a value of $1,013 and $1,265, respectively, related to our acquisitions that are discussed further in Note 3: Investments in Real Estate. The value assigned to these intangible assets is amortized over the assumed lease up period, typically six months. For the years ended December 31, 2020, 2019 and 2018 we recorded $631, $1,599 and $3,433 of amortization expense for intangible assets, respectively. For the years ended December 31, 2020, 2019, and 2018 we wrote-off fully amortized intangible assets of $1,171, $1,846, and $4,153, respectively. Based on the intangible assets identified above, we expect to record amortization expense of intangible assets of $781 for 2020. Impairment of Long-Lived Assets Management evaluates the recoverability of its investment in real estate assets, including related identifiable intangible assets, in accordance with FASB ASC Topic 360, “Property, Plant and Equipment”. This statement requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that recoverability of the assets is not assured. Management reviews its long-lived assets on an ongoing basis and evaluates the recoverability of the carrying value when there is an indicator of impairment. An impairment charge is recorded when it is determined that the carrying value of the asset exceeds the fair value. The estimated cash flows used for the impairment analysis and the determination of estimated fair value are based on our plans for the respective assets and our views of market and economic conditions. The estimates consider matters such as current and historical rental rates, occupancies for the respective and/or comparable properties, and recent sales data for comparable properties. Changes in estimated future cash flows due to changes in our plans or views of market and economic conditions could result in recognition of impairment losses, which, under the applicable accounting guidance, could be substantial. Depreciation Depreciation expense for real estate assets is computed using a straight-line method based on a life of 40 years for buildings and improvements and five to ten years for furniture, fixtures, and equipment. For the years ended December 31, 2020, 2019 and 2018, we recorded $60,056, $51,216 and $41,788 of depreciation expense, respectively. For the years ended December 31, 2020 and 2019, we wrote-off fully depreciated fixed assets of $3,921 and $940, respectively. Occasionally, we incur losses at our communities from wind storms, floods, fires and similar hazards. Sometimes, a portion of these losses are not fully covered by our insurance policies due to deductibles. In these cases, we estimate the carrying value of the damaged property and record a casualty loss for the difference between the estimated carrying value and the insurance proceeds. During the year ended December 31, 2020, 2019 and 2018, we incurred $711, $0, and $46 of casualty losses. |
Revenue and Expenses | g. Revenue and Expenses Rental and Other Property Revenue We apply FASB ASC Topic 842, “Leases” with respect to our accounting for rental income. We primarily lease apartment units under operating leases generally with terms of one year or less. Rental payments are generally due monthly and rental revenues are recognized on an accrual basis when earned. We have elected to account for lease (i.e. fixed payments including base rent) and non-lease components (i.e. tenant reimbursements and certain other service fees) as a single combined operating lease component since (1) the timing and pattern of transfer of the lease and non-lease components is the same, (2) the lease component is the predominant element, and (3) the combined single lease component would be classified as an operating lease. The table below presents our revenues disaggregated by revenue source. For the year ended December 31, 2020 2019 2018 Rental revenue (1) $ 203,512 $ 195,120 $ 184,330 Other property revenue (2) 7,655 7,500 6,382 Other revenue 739 603 520 Total revenue $ 211,906 $ 203,223 $ 191,232 (1) Amounts include all revenue streams derived from lease and non-lease components accounted for under FASB ASC Topic 842. (2) Amounts include revenue related to activities that are not considered components of a lease, including application fees and administrative fees, as well as revenue not related to leasing activities, including vendor revenue sharing. All amounts are accounted for under FASB ASC Topic 606. Our portfolio of properties consists primarily of apartment communities geographically concentrated in the Southeastern United States. North Carolina, Georgia, Tennessee, Florida, Kentucky, Ohio, and Texas comprised 16.88%, 14.08%, 10.73%, 10.46%, 9.30%, 9.24%, and 7.07%, respectively, of our rental revenue for the year ended December 31, 2020. We have no single customer that accounts for 10% or more of revenue. W e make ongoing estimates of the collectability of our Due to the COVID-19 pandemic, some residents have experienced difficulty making rent payments and our rent receivables have increased compared to historical levels. This caused us to further evaluate collectability and we recorded a $927 provision for bad debts during the year ended December 31, 2020 to appropriately reflect management’s estimate for uncollectible accounts. The provision for bad debts was recorded as a reduction to rental and other property revenue in our consolidated statements of operations. The total adjustment to rental and other property income for the years ended December 31, 2020 and 2019 were $1,842 and $1,142, respectively. To support our residents who were economically impacted and unable to pay their rent in full, we offered residents deferred rent payment plans whereby the resident could defer between 25% and 75% of their monthly rent for between one and three months. Residents were required to provide evidence of financial hardship and commit to a full 12-month lease term, which provided a longer period over which the deferred rent could be repaid. We accounted for the deferred payment plans as if no change had been made to the original lease agreement and continued to recognize rental income while increasing lease receivables from residents. During the year ended December 31, 2020, we entered into 276 deferred payment plans under which residents deferred a total of $515 in rental payments. As of December 31, 2020, deferred rent receivable from residents totaled $175. For the years ended December 31, 2020, 2019, and 2018, we recognized revenues of $208, $156, and $195, respectively, related to recoveries of lost rental revenue due to natural disasters and other insurable events from our insurance providers. Advertising Expenses For the years ended December 31, 2020, 2019 and 2018, we incurred $2,338, $2,350, and $2,172 of advertising expenses, respectively. |
Fair Value of Financial Instruments | h. Fair Value of Financial Instruments In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity for disclosure purposes. Assets and liabilities recorded at fair value in our consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined in FASB ASC Topic 820, “Fair Value Measurements and Disclosures” and directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, are as follows: • Level 1 : Valuations are based on unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. The types of assets carried at Level 1 fair value generally are equity securities listed in active markets. As such, valuations of these investments do not entail a significant degree of judgment. • Level 2 : Valuations are based on quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or for which all significant inputs are observable, either directly or indirectly. • Level 3 : Inputs are unobservable for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors, including, for example, the type of investment, whether the investment is new, whether the investment is traded on an active exchange or in the secondary market, and the current market condition. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by us in determining fair value is greatest for instruments categorized in Level 3. Fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, our own assumptions are set to reflect those that management believes market participants would use in pricing the asset or liability at the measurement date. We use prices and inputs that management believes are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be transferred from Level 1 to Level 2 or Level 2 to Level 3. Fair value for certain of our Level 3 financial instruments is derived using internal valuation models. These internal valuation models include discounted cash flow analyses developed by management using current interest rates, estimates of the term of the particular instrument, specific issuer information and other market data for securities without an active market. In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, the impact of our own credit spreads is also considered when measuring the fair value of financial assets or liabilities. Where appropriate, valuation adjustments are made to account for various factors, including bid-ask spreads, credit quality and market liquidity. These adjustments are applied on a consistent basis and are based on observable inputs where available. Management’s estimate of fair value requires significant management judgment and is subject to a high degree of variability based upon market conditions, the availability of specific issuer information and management’s assumptions. FASB ASC Topic 825, “Financial Instruments” requires disclosure of the fair value of financial instruments for which it is practicable to estimate that value. Given that cash and cash equivalents and restricted cash are short term in nature with limited fair value volatility, the carrying amount is deemed to be a reasonable approximation of fair value and the fair value input is classified as a Level 1 fair value measuremen t. The fair value input for derivatives is classified as a Level 2 fair value measurement within the fair value hierarchy. The fair value inputs for our unsecured credit facility and our term loans are classified as Level 2 fair value measurements within the fair value hierarchy. The fair value of mortgage indebtedness is based on a discounted cash flows valuation technique. As this technique utilizes current credit spreads, which are generally unobservable, this is classified as a Level 3 fair value measurement within the fair value hierarchy. We determine appropriate credit spreads based on the type of debt and its maturity. The following table summarizes the carrying amount and the fair value of our financial instruments as of the periods indicated: As of December 31, 2020 As of December 31, 2019 Financial Instrument Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets Cash and cash equivalents $ 8,751 $ 8,751 $ 9,888 $ 9,888 Restricted cash 4,864 4,864 4,545 4,545 Derivative assets — — 953 953 Liabilities Debt: Unsecured credit facility 183,110 184,802 183,966 186,302 Term loans 298,759 300,000 298,418 300,000 Mortgages 463,817 479,929 503,188 505,510 Derivative liabilities 29,842 29,842 7,769 7,769 |
Deferred Financing Costs | i. Deferred Financing Costs Costs incurred in connection with debt financing are deferred and classified within indebtedness and charged to interest expense over the terms of the related debt agreements, under the effective interest method. |
Income Taxes | j. Income Taxes We have elected to be taxed as a REIT. Accordingly, we recorded no income tax expense for the years ended December 31, 2020, 2019 and 2018. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our ordinary taxable income to stockholders. As a REIT, we generally are not subject to federal income tax on taxable income that we distribute to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service grants us relief under certain statutory provisions. Such an event could materially adversely affect our net income and net cash available for distribution to stockholders; however, we believe that we are organized and operate in such a manner as to qualify and maintain treatment as a REIT and intend to operate in such a manner so that we will remain qualified as a REIT for federal income tax purposes. For the year ended December 31, 20 20 , 20 % of divide nds were characterized as capital gain distribution s , 37 % were characterized as ordinary income and 43 % were characterized as return of capital. For the year ended December 31, 2019, 69 % of dividends were characterized as capital gain distributions, 16 % were characterized as ordinary income and 15 % were characterized as return of capital. For the year ended December 31, 201 8 , 37 % of divide nds were characterized as capital gain distribution s , % were characterized as ordinary income and 24 % were characterized as return of capital. |
Share-Based Compensation | k. Share-Based Compensation We account for stock-based compensation in accordance with FASB ASC Topic 718, “Compensation - Stock Compensation”. Any stock-based compensation awards granted are measured based on the grant-date fair value of the award and compensation expense for the entire award is recognized on a straight-line basis over the requisite service period, which is the vesting period, for the entire award. |
Noncontrolling Interest | l. Noncontrolling Interest Our noncontrolling interest represents limited partnership units of our operating partnership that were issued in connection with certain property acquisitions. We record limited partnership units issued in an acquisition at their fair value on the closing date of the acquisition. The holders of the limited partnership units have the right to redeem their limited partnership units for either shares of our common stock or for cash at our discretion. As the settlement of a redemption is in our sole discretion, we present noncontrolling interest in our consolidated balance sheet within equity but separate from stockholders’ equity. Any noncontrolling interests that fail to qualify as permanent equity will be presented as temporary equity and be carried at the greater of historical cost or their redemption value. |
Derivative Instruments | m. Derivative Instruments We may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with our borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with our operating and financial structure, as well as, to hedge specific anticipated transactions. While these instruments may impact our periodic cash flows, they benefit us by minimizing the risks and/or costs previously described. The counterparties to these contractual arrangements are major financial institutions with which we and our affiliates may also have other financial relationships. In the event of nonperformance by the counterparties, we are potentially exposed to credit loss. However, because of the high credit ratings of the counterparties, we do not anticipate that any of the counterparties will fail to meet their obligations. In accordance with FASB ASC Topic 815, “Derivatives and Hedging”, we measure each derivative instrument (including certain derivative instruments embedded in other contracts) at fair value and record such amounts in our consolidated balance sheet as either an asset or liability. For derivatives designated as cash flow hedges, the changes in the fair value of the effective portions of the derivative are reported in other comprehensive income (loss) and changes in the ineffective portions of cash flow hedges, if any, are recognized in earnings. For derivatives not designated as hedges, the changes in fair value of the derivative instrument are recognized in earnings. Any derivatives that we designate in hedge relationships are done so at inception. At inception, we determine whether or not the derivative is highly effective in offsetting changes in the designated interest rate risk associated with the identified indebtedness using regression analysis. At each reporting period, we update our regression analysis and use the hypothetical derivative method to measure any ineffectiveness. |
Office Leases | n. Office Leases We apply FASB ASC Topic 842, “Leases”, which requires a lessee to recognize a right-of-use asset and a lease liability on the balance sheet at the lease commencement date for all leases, except those leases with terms of less than a year. We lease corporate office space under leases with terms of up to 10 years and that may include extension options, but that do not include any residual value guarantees or restrictive covenants. As of December 31, 2020, we had $2,649 of operating lease right-of-use assets and $3,002 of operating lease liabilities related to our corporate office leases. As of December 31, 2019, we had $2,812 of operating lease right-of-use assets and $3,176 of operating lease liabilities related to our corporate office leases. The operating lease right-of-use assets are presented within other assets and the operating lease liabilities are presented within other liabilities in our consolidated balance sheet. We recorded $616 and $589, respectively, of total operating lease expense for years ended December 31, 2020 and 2019, which is recorded within property management expense and general and administrative expenses in our consolidated statements of operations. |
Recent Accounting Pronouncements | o. Recent Accounting Pronouncements Below is a brief description of recent accounting pronouncements that could have a material effect on our financial statements. Adopted Within these Financial Statements In March 2020, the FASB issued an accounting standard classified under FASB ASC Topic 848, “Reference Rate Reform.” The amendments in this update contain practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASC 848 is optional and may be elected over time as reference rate reform activities occur. Beginning in the first quarter of 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We will continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Disaggregated Revenue by Source | The table below presents our revenues disaggregated by revenue source. For the year ended December 31, 2020 2019 2018 Rental revenue (1) $ 203,512 $ 195,120 $ 184,330 Other property revenue (2) 7,655 7,500 6,382 Other revenue 739 603 520 Total revenue $ 211,906 $ 203,223 $ 191,232 (1) Amounts include all revenue streams derived from lease and non-lease components accounted for under FASB ASC Topic 842. (2) Amounts include revenue related to activities that are not considered components of a lease, including application fees and administrative fees, as well as revenue not related to leasing activities, including vendor revenue sharing. All amounts are accounted for under FASB ASC Topic 606. |
Schedule of Carrying Amount and Fair Value of Financial Instrument | The fair value of mortgage indebtedness is based on a discounted cash flows valuation technique. As this technique utilizes current credit spreads, which are generally unobservable, this is classified as a Level 3 fair value measurement within the fair value hierarchy. We determine appropriate credit spreads based on the type of debt and its maturity. The following table summarizes the carrying amount and the fair value of our financial instruments as of the periods indicated: As of December 31, 2020 As of December 31, 2019 Financial Instrument Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets Cash and cash equivalents $ 8,751 $ 8,751 $ 9,888 $ 9,888 Restricted cash 4,864 4,864 4,545 4,545 Derivative assets — — 953 953 Liabilities Debt: Unsecured credit facility 183,110 184,802 183,966 186,302 Term loans 298,759 300,000 298,418 300,000 Mortgages 463,817 479,929 503,188 505,510 Derivative liabilities 29,842 29,842 7,769 7,769 |
Investments in Real Estate (Tab
Investments in Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Summary of Investments in Real Estate | The table below summarizes our investments in real estate: 2020 2019 Depreciable (In years) Land $ 251,365 $ 234,050 - Building 1,527,535 1,453,052 40 Furniture, fixtures and equipment 137,870 109,263 5-10 Total investments in real estate $ 1,916,770 $ 1,796,365 Accumulated depreciation (208,618 ) (158,435 ) Investments in real estate, net $ 1,708,152 $ 1,637,930 |
Summary of Acquisitions | Acquisitions The below table summarizes the acquisitions for the year ended December 31, 2020: Property Name Date of Purchase Market Units (unaudited) Purchase Price Adley at Craig Ranch 02/11/2020 Dallas, TX 251 $ 51,204 Legacy at Jones Farm 12/01/2020 Huntsville, AL 421 $ 94,027 Total 672 $ 145,231 The below table summarizes the acquisitions for the year ended December 31, 2019: Property Name Date of Purchase Market Units (unaudited) Purchase Price North Park 04/30/2019 Atlanta, GA 224 $ 28,000 Rocky Creek 07/11/2019 Tampa, FL 264 48,000 Thornhill 10/01/2019 Raleigh, NC 318 52,925 Total 806 $ 128,925 |
Summary of Fair Value of Assets and Liabilities | The following table summarizes the aggregate fair value of the assets and liabilities associated with the properties acquired during the year ended December 31, 2020, on the date of acquisition. Description Fair Value of Asset Acquired During the Year Ended December Assets acquired: Investments in real estate (a) $ 145,340 Other assets 89 Intangible assets 1,013 Total assets acquired $ 146,442 Liabilities assumed: Accounts payable and accrued expenses 261 Other liabilities 382 Total liabilities assumed $ 643 Estimated fair value of net assets acquired $ 145,799 (a) Includes $84 of property related acquisition costs capitalized during the year ended December 31, 2020. |
Summary of Disposition of Property | Dispositions The below table summarizes the dispositions for the year ended December 31, 2020: Property Name Date of Sale Sale Price Gain (impairment loss) on sale Trails at Signal Mountain 10/27/2020 $ 20,000 $ 6,237 Live Oak Trace (1) 11/10/2020 25,400 (1,931 ) Lakeshore on the Hill 11/23/2020 14,330 3,537 Total $ 59,730 $ 7,843 (1) Includes a $1,840 impairment charge recorded in the three months ended September 30, 2020. The below table summarizes the dispositions for the year ended December 31, 2019: Property Name Date of Sale Sale Price Gain on sale (1) Reserve at Eagle Ridge 04/30/2019 $ 42,000 $ 12,294 Little Rock, AR Portfolio 07/18/2019 56,500 2,220 Iron Rock 12/17/2019 56,000 20,683 Total $ 154,500 $ 35,197 (1) The gain for these properties is net of $7,417 of defeasance and debt prepayment costs. The below table summarizes the dispositions for the year ended December 31, 2018: Property Name Date of Sale Sale Price Gain on sale (1) Aventine Greenville 12/20/2018 $ 52,500 $ 6,119 Arbors at the Reservoir 12/27/2018 24,800 4,445 Total $ 77,300 $ 10,564 (1) The gain for these properties is net of $911 of debt prepayment costs. |
Indebtedness (Tables)
Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Summary Information Concerning Indebtedness | The following tables contains summary information concerning our indebtedness as of December 31, 2020: Debt: Outstanding Unamortized Debt Issuance Costs Carrying Type Weighted Average Rate Weighted Average Maturity (in Unsecured credit facility (1) $ 184,802 $ (1,692 ) $ 183,110 Floating 1.6% 2.4 Unsecured term loans 300,000 (1,241 ) 298,759 Floating 1.5% 3.3 Mortgages 465,092 (1,275 ) 463,817 Fixed 3.9% 3.2 Total Debt $ 949,894 $ (4,208 ) $ 945,686 2.7% 3.1 (1) The unsecured credit facility total capacity is $350,000, of which $184,802 was outstanding as of December 31, 2020. Original maturities on or before December 31, Debt: 2021 2022 2023 2024 2025 Thereafter Unsecured credit facility $ - $ - $ 184,802 $ - $ - $ - Unsecured term loans - - - 300,000 - - Mortgages 48,484 66,478 107,636 36,913 162,562 43,019 Total $ 48,484 $ 66,478 $ 292,438 $ 336,913 $ 162,562 $ 43,019 As of December 31, 2020 we were in compliance with all financial covenants contained in our indebtedness. The following tables contains summary information concerning our indebtedness as of December 31, 2019: Debt: Outstanding Principal Unamortized Debt Issuance Costs Carrying Amount Type Weighted Average Rate Weighted Average Maturity (in years) Unsecured credit facility (1) $ 186,302 $ (2,336 ) $ 183,966 Floating 3.2% 3.4 Unsecured term loans 300,000 (1,582 ) 298,418 Floating 3.1% 4.3 Mortgages 504,876 (1,688 ) 503,188 Fixed 3.9% 4.0 Total Debt $ 991,178 $ (5,606 ) $ 985,572 3.5% 4.0 (1) The secured credit facility total capacity was $350,000, of which $186,302 was outstanding as of December 31, 2019. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Aggregate Amount and Estimated Net Fair Value of Our Derivative Instruments | The following table summarizes the aggregate notional amount and estimated net fair value of our derivative instruments as of December 31, 2020 and 2019: As of December 31, 2020 As of December 31, 2019 Notional Fair Value of Assets Fair Value of Liabilities Notional Fair Value of Assets Fair Value of Liabilities Cash flow hedges: Interest rate swap $ 150,000 $ — 694 $ 150,000 $ 953 $ — Interest rate collars 250,000 — 13,331 250,000 — 4,330 Forward interest rate swaps — — 15,817 — — 3,439 Total $ 400,000 $ — 29,842 $ 400,000 $ 953 $ 7,769 |
Stockholder Equity and Noncon_2
Stockholder Equity and Noncontrolling Interest (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Dividends Declared | Our board of directors declared the following dividends in 2020: Quarter Declaration Date Record Date Payment Date Dividend Declared Per Share First quarter 2020 March 16, 2020 April 2,2020 April 24, 2020 $ 0.18 Second quarter 2020 June 15, 2020 July 2, 2020 July 24, 2020 $ 0.12 Third quarter 2020 September 15, 2020 October 2, 2020 October 23, 2020 $ 0.12 Fourth quarter 2020 December 14, 2020 December 30, 2020 January 22, 2021 $ 0.12 Our board of directors declared the following dividends in 2019: Quarter Declaration Date Record Date Payment Date Dividend Declared Per Share First quarter 2019 March 18, 2019 March 29 2019 April 25, 2019 $ 0.18 Second quarter 2019 June 17, 2019 June 28, 2019 July 25, 2019 $ 0.18 Third quarter 2019 September 12, 2019 September 27, 2019 October 25, 2019 $ 0.18 Fourth quarter 2019 December 16, 2019 December 26, 2019 January 24, 2020 $ 0.18 Our board of directors declared the following distributions on our operating partnership’s LP units during 2020: Quarter Declaration Date Record Date Payment Date Dividend Declared Per Share First quarter 2020 March 16, 2020 April 2, 2020 April 24, 2020 $ 0.18 Second quarter 2020 June 15, 2020 July 2, 2020 July 24, 2020 $ 0.12 Third quarter 2020 September 15, 2020 October 2, 2020 October 23, 2020 $ 0.12 Fourth quarter 2020 December 14, 2020 December 30, 2020 January 22, 2021 $ 0.12 Our board of directors declared the following distributions on our operating partnership’s LP units during 2019: Quarter Declaration Date Record Date Payment Date Dividend Declared Per Share First quarter 2019 March 18, 2019 March 29 2019 April 25, 2019 $ 0.18 Second quarter 2019 June 17, 2019 June 28, 2019 July 25, 2019 $ 0.18 Third quarter 2019 September 12, 2019 September 27, 2019 October 25, 2019 $ 0.18 Fourth quarter 2019 December 16, 2019 December 26, 2019 January 24, 2020 $ 0.18 |
Equity Compensation Plans (Tabl
Equity Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Restricted Common Share Awards and RSU of Incentive Plan | The restricted shares and RSUs granted under the Incentive Plan generally vest over a two, three, or four year period. In addition, we have granted unrestricted shares to our directors. These awards generally vested immediately. A summary of restricted common share award and RSU activity is presented below. 2020 2019 2018 Number of Shares Weighted Average Grant Date Fair Value Per Share Number of Shares Weighted Average Grant Date Fair Value Per Share Number of Shares Weighted Average Grant Date Fair Value Per Share Balance, January 1, 326,541 $ 9.54 303,819 $ 8.22 295,847 $ 7.84 Granted 282,735 12.85 213,744 10.39 233,706 8.64 Vested (164,026 ) 9.32 (174,367 ) 9.27 (175,555 ) 7.99 Forfeited (38,401 ) 12.20 (16,655 ) 9.75 (50,179 ) 8.45 Balance, December 31, (1) 406,849 $ 11.68 326,541 $ 9.54 303,819 $ 8.22 (1) The outstanding award balance above included 67,381, 0, and 0 RSUs as of December 31, 2020, 2019, and 2018, respectively |
Summary of PSU Activity of the Incentive Plan | 2020 2019 2018 Number of Shares Weighted Average Grant Date Fair Value Per Share Number of Shares Weighted Average Grant Date Fair Value Per Share Number of Shares Weighted Average Grant Date Fair Value Per Share Balance, January 1, 717,677 $ 7.52 453,748 $ 7.04 150,980 $ 7.12 Granted (1) 202,145 11.77 263,929 8.35 302,768 7.00 Change in awards based on performance (2) 75,488 $ 7.12 — 0.00 — 0.00 Vested (113,234 ) 7.12 — 0.00 — 0.00 Balance, December 31, 882,076 $ 8.21 717,677 $ 7.52 453,748 $ 7.04 (1) PSUs granted reflects the number of awards assuming target performance. The actual number of awards earned is based on actual performance during the three-year (2) Represents the change in the numbers of PSUs earned based on performance achievement for the performance period. |
Summary of SARs Activity of the Incentive Plan | A summary of the SARs activity of the Incentive Plan is presented below. 2020 2019 2018 SARs Weighted Average Exercise Price SARs Weighted Average Exercise Price SARs Weighted Average Exercise Price Outstanding, January 1, 9,000 $ 9.35 195,000 $ 9.35 250,000 $ 9.28 Granted — — — — — — Expired (9,000 ) 9.35 — — — — Exercised — — (186,000 ) 9.35 (55,000 ) 9.02 Forfeited — — — — — — Outstanding, December 31, — $ 9.35 9,000 $ 9.35 195,000 $ 9.35 SARs exercisable at December 31, — 9,000 195,000 |
Performance Share Units | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Schedule of Assumptions Used in Computing the Fair Value | Our assumptions used in computing the fair value of the PSUs at the dates of their respective awards, using the Monte Carlo method, were as follows: For the year ended December 31, 2020 2019 2018 Dividend yield 6.1% 7.6% 8.2% Volatility (a) 22.0% 21.0% 28.0% Expected term 2.8 years 2.8 years 2.9 years (a) This represents the volatility assumption used for IRT. The volatility assumptions used for our peer group and the NAREIT Mortgage Index ranged from 15% to 41%. |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Reconciliation of Basic and Diluted Earnings (Loss) Per Share | The following table presents a reconciliation of basic and diluted earnings (loss) per share for the years ended December 31, 2020, 2019 and 2018: For the Years Ended December 31, 2020 2019 2018 Net Income (loss) $ 14,877 $ 46,354 $ 26,610 (Income) loss allocated to non-controlling interests (109 ) (458 ) (322 ) Net Income (loss) allocable to common shares 14,768 45,896 26,288 Weighted-average shares outstanding—Basic 93,660,086 89,799,238 87,086,585 Dilutive securities 1,028,354 618,248 290,406 Weighted-average shares outstanding—Diluted 94,688,440 90,417,486 87,376,991 Earnings per share—Basic $ 0.16 $ 0.51 $ 0.30 Earnings per share—Diluted $ 0.16 $ 0.51 $ 0.30 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | The following table summarizes our quarterly financial data which, in the opinion of management, reflects all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of our results of operations: For the Three-Month Periods Ended March 31 June 30 September 30 December 31 2020 Total revenue $ 51,350 $ 52,268 $ 54,200 $ 54,088 Net income (loss) (374 ) 799 1,092 13,360 Net income (loss) allocable to common shares (372 ) 789 1,090 13,261 Total earnings per share—Basic (1) $ 0.00 $ 0.01 $ 0.01 $ 0.14 Total earnings per share—Diluted (1) $ 0.00 $ 0.01 $ 0.01 $ 0.14 2019 Total revenue $ 49,540 $ 50,956 $ 51,299 $ 51,428 Net income (loss) 2,566 14,856 4,912 24,020 Net income (loss) allocable to common shares 2,540 14,709 4,863 23,784 Total earnings per share—Basic (1) $ 0.03 $ 0.16 $ 0.05 $ 0.26 Total earnings per share—Diluted (1) $ 0.03 $ 0.16 $ 0.05 $ 0.26 (1) The summation of quarterly per share amounts may not equal the full year amounts due to rounding. |
Organization - Additional Infor
Organization - Additional Information (Detail) | Dec. 31, 2020Property |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of multifamily properties owned | 56 |
Number of units located with multifamily properties | 15,667 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2020USD ($)DeferredPaymentPlan | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Significant Accounting Policies [Line Items] | |||
Federal Deposit Insurance Corporation deposit insurance limit per institution | $ 250,000 | ||
Restricted cash | $ 4,864,000 | $ 4,545,000 | |
Acquisition of above-market in-place leases, amortization period | 6 months | ||
Amortization expense for intangible assets | $ 631,000 | 1,599,000 | $ 3,433,000 |
Write-off of fully amortized intangible assets | 1,171,000 | 1,846,000 | 4,153,000 |
Amortization expense for intangible assets expected for 2020 | 781,000 | ||
Depreciation expense | 60,056,000 | 51,216,000 | 41,788,000 |
Write-off of fully depreciated fixed assets | 3,921,000 | 940,000 | |
Casualty losses | 711,000 | 0 | 46,000 |
Bad debt expense | $ 1,842,000 | 1,142,000 | 644,000 |
Number of deferred payment plans | DeferredPaymentPlan | 276 | ||
Rent deferment | $ 515,000 | ||
Deferred rent receivable from residents | 175,000 | ||
Advertising expenses | 2,338,000 | 2,350,000 | 2,172,000 |
Income tax expense | $ 0 | $ 0 | $ 0 |
Percentage of minimum taxable income distributable to stockholders | 90.00% | ||
Subsequent disqualification period if failed to qualify as REIT | 4 years | ||
Dividends characterized as capital gain distributions | 20.00% | 69.00% | 37.00% |
Dividends characterized as ordinary income percentage | 37.00% | 16.00% | 39.00% |
Dividends characterized as return of capital | 43.00% | 15.00% | 24.00% |
Topic 842 | |||
Significant Accounting Policies [Line Items] | |||
Right-of-use assets | $ 2,649,000 | $ 2,812,000 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssets | us-gaap:OtherAssets | |
Lease liability | $ 3,002,000 | $ 3,176,000 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities | |
Total operating lease expense | $ 616,000 | $ 589,000 | |
Natural Disasters and Other Insurable Events | |||
Significant Accounting Policies [Line Items] | |||
Rent revenue recognized | 208,000 | 156,000 | $ 195,000 |
COVID-19 | |||
Significant Accounting Policies [Line Items] | |||
Bad debt expense | $ 927,000 | ||
North Carolina | |||
Significant Accounting Policies [Line Items] | |||
Percentage of rental revenue | 16.88% | ||
Tennessee | |||
Significant Accounting Policies [Line Items] | |||
Percentage of rental revenue | 10.73% | ||
Georgia | |||
Significant Accounting Policies [Line Items] | |||
Percentage of rental revenue | 14.08% | ||
Florida | |||
Significant Accounting Policies [Line Items] | |||
Percentage of rental revenue | 10.46% | ||
Kentucky | |||
Significant Accounting Policies [Line Items] | |||
Percentage of rental revenue | 9.30% | ||
Ohio | |||
Significant Accounting Policies [Line Items] | |||
Percentage of rental revenue | 9.24% | ||
Texas | |||
Significant Accounting Policies [Line Items] | |||
Percentage of rental revenue | 7.07% | ||
Building and Building Improvements | |||
Significant Accounting Policies [Line Items] | |||
Depreciable Lives | 40 years | ||
Leases Acquired In Place | |||
Significant Accounting Policies [Line Items] | |||
Acquisition of above-market in-place leases | $ 1,013,000 | $ 1,265,000 | |
Minimum | |||
Significant Accounting Policies [Line Items] | |||
Percentage of rent deferment on monthly rent | 25.00% | ||
Deferred rent payment term | 1 month | ||
Minimum | Furniture, Fixtures and Equipment | |||
Significant Accounting Policies [Line Items] | |||
Depreciable Lives | 5 years | ||
Maximum | |||
Significant Accounting Policies [Line Items] | |||
Cash and cash equivalents original maturity period | 3 months | ||
Percentage of rent deferment on monthly rent | 75.00% | ||
Deferred rent payment term | 3 months | ||
Maximum | Topic 842 | |||
Significant Accounting Policies [Line Items] | |||
Operating lease term | 10 years | ||
Maximum | Furniture, Fixtures and Equipment | |||
Significant Accounting Policies [Line Items] | |||
Depreciable Lives | 10 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Disaggregated Revenue by Source (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Accounting Policies [Abstract] | ||||||||||||
Rental revenue | [1] | $ 203,512 | $ 195,120 | $ 184,330 | ||||||||
Other property revenue | [2] | 7,655 | 7,500 | 6,382 | ||||||||
Other revenue | 739 | 603 | 520 | |||||||||
Total revenue | $ 54,088 | $ 54,200 | $ 52,268 | $ 51,350 | $ 51,428 | $ 51,299 | $ 50,956 | $ 49,540 | $ 211,906 | $ 203,223 | $ 191,232 | |
[1] | Amounts include all revenue streams derived from lease and non-lease components accounted for under FASB ASC Topic 842. | |||||||||||
[2] | Amounts include revenue related to activities that are not considered components of a lease, including application fees and administrative fees, as well as revenue not related to leasing activities, including vendor revenue sharing. All amounts are accounted for under FASB ASC Topic 606. |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Carrying Amount and Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Assets | |||||
Cash and cash equivalents, Carrying Amount | $ 8,751 | $ 9,888 | $ 9,316 | ||
Restricted cash, Carrying Amount | 4,864 | 4,545 | |||
Derivative assets, Carrying Amount | 953 | ||||
Cash and cash equivalents, Estimated Fair Value | 8,751 | 9,888 | |||
Restricted cash, Estimated Fair Value | 4,864 | 4,545 | |||
Derivative assets, Estimated Fair Value | 953 | ||||
Liabilities | |||||
Indebtedness, net of unamortized discount and deferred financing costs, Carrying Amount | 945,686 | 985,572 | |||
Derivative liabilities, carrying Amount | 29,842 | 7,769 | |||
Derivative liabilities, Estimated Fair Value | 29,842 | 7,769 | |||
Unsecured Credit Facility | |||||
Liabilities | |||||
Indebtedness, net of unamortized discount and deferred financing costs, Carrying Amount | 183,110 | [1] | 183,966 | [2] | |
Indebtedness, net of unamortized discount and deferred financing costs, Estimated Fair Value | 184,802 | 186,302 | |||
Term Loan | |||||
Liabilities | |||||
Indebtedness, net of unamortized discount and deferred financing costs, Carrying Amount | 298,759 | 298,418 | |||
Indebtedness, net of unamortized discount and deferred financing costs, Estimated Fair Value | 300,000 | 300,000 | |||
Mortgages | |||||
Liabilities | |||||
Indebtedness, net of unamortized discount and deferred financing costs, Carrying Amount | 463,817 | 503,188 | |||
Indebtedness, net of unamortized discount and deferred financing costs, Estimated Fair Value | $ 479,929 | $ 505,510 | |||
[1] | The unsecured credit facility total capacity is $350,000, of which $184,802 was outstanding as of December 31, 2020. | ||||
[2] | The secured credit facility total capacity was $350,000, of which $186,302 was outstanding as of December 31, 2019. |
Investments in Real Estate - Ad
Investments in Real Estate - Additional Information (Detail) | Dec. 31, 2020Property |
Real Estate Properties Base Purchase Price [Abstract] | |
Number of multifamily properties owned | 56 |
Investments in Real Estate - Su
Investments in Real Estate - Summary of Investments in Real Estate (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Real Estate Properties [Line Items] | ||
Land | $ 251,365 | $ 234,050 |
Building | 1,527,535 | 1,453,052 |
Furniture, fixtures and equipment | 137,870 | 109,263 |
Total investments in real estate | 1,916,770 | 1,796,365 |
Accumulated depreciation | (208,618) | (158,435) |
Investments in real estate, net | $ 1,708,152 | $ 1,637,930 |
Building | ||
Real Estate Properties [Line Items] | ||
Depreciable Lives | 40 years | |
Furniture, fixtures and equipment | Minimum | ||
Real Estate Properties [Line Items] | ||
Depreciable Lives | 5 years | |
Furniture, fixtures and equipment | Maximum | ||
Real Estate Properties [Line Items] | ||
Depreciable Lives | 10 years |
Investments in Real Estate - _2
Investments in Real Estate - Summary of Acquisitions (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)Property | Dec. 31, 2019USD ($)Property | |
Business Acquisition [Line Items] | ||
Units (unaudited) | Property | 672 | 806 |
Purchase Price | $ | $ 145,231 | $ 128,925 |
Adley at Craig Ranch | ||
Business Acquisition [Line Items] | ||
Date of Purchase | Feb. 11, 2020 | |
Units (unaudited) | Property | 251 | |
Purchase Price | $ | $ 51,204 | |
Legacy at Jones Farm | ||
Business Acquisition [Line Items] | ||
Date of Purchase | Dec. 1, 2020 | |
Units (unaudited) | Property | 421 | |
Purchase Price | $ | $ 94,027 | |
North Park | Atlanta, GA | ||
Business Acquisition [Line Items] | ||
Date of Purchase | Apr. 30, 2019 | |
Units (unaudited) | Property | 224 | |
Purchase Price | $ | $ 28,000 | |
Rocky Creek | Florida | ||
Business Acquisition [Line Items] | ||
Date of Purchase | Jul. 11, 2019 | |
Units (unaudited) | Property | 264 | |
Purchase Price | $ | $ 48,000 | |
Thornhill | North Carolina | ||
Business Acquisition [Line Items] | ||
Date of Purchase | Oct. 1, 2019 | |
Units (unaudited) | Property | 318 | |
Purchase Price | $ | $ 52,925 |
Investments in Real Estate - _3
Investments in Real Estate - Summary of Aggregate Fair Value of Assets and Liabilities (Detail) $ in Thousands | Dec. 31, 2020USD ($) | |
Assets acquired: | ||
Investments in real estate | $ 145,340 | [1] |
Other assets | 89 | |
Intangible assets | 1,013 | |
Total assets acquired | 146,442 | |
Liabilities assumed: | ||
Accounts payable and accrued expenses | 261 | |
Other liabilities | 382 | |
Total liabilities assumed | 643 | |
Estimated fair value of net assets acquired | $ 145,799 | |
[1] | Includes $84 of property related acquisition costs capitalized during the year ended December 31, 2020. |
Investments in Real Estate - _4
Investments in Real Estate - Summary of Aggregate Fair Value of Assets and Liabilities (Parenthetical) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Business Combinations [Abstract] | |
Acquisition costs related to property | $ 84 |
Investments in Real Estate - _5
Investments in Real Estate - Summary of Disposition of Property's (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Real Estate Properties [Line Items] | ||||||
Sale Price | $ 59,730 | $ 154,500 | $ 77,300 | |||
Gain (impairment loss) on sale | $ 7,843 | $ 35,197 | [1] | $ 10,564 | [2] | |
Aventine Greenville | ||||||
Real Estate Properties [Line Items] | ||||||
Date of Sale | Dec. 20, 2018 | |||||
Sale Price | $ 52,500 | |||||
Gain (impairment loss) on sale | [2] | $ 6,119 | ||||
Arbors At The Reservoir | ||||||
Real Estate Properties [Line Items] | ||||||
Date of Sale | Dec. 27, 2018 | |||||
Sale Price | $ 24,800 | |||||
Gain (impairment loss) on sale | [2] | $ 4,445 | ||||
Trails At Signal Mountain | ||||||
Real Estate Properties [Line Items] | ||||||
Date of Sale | Oct. 27, 2020 | |||||
Sale Price | $ 20,000 | |||||
Gain (impairment loss) on sale | $ 6,237 | |||||
Live Oak Trace | ||||||
Real Estate Properties [Line Items] | ||||||
Date of Sale | [3] | Nov. 10, 2020 | ||||
Sale Price | [3] | $ 25,400 | ||||
Gain (impairment loss) on sale | [3] | $ (1,931) | ||||
Lakeshore on the Hill | ||||||
Real Estate Properties [Line Items] | ||||||
Date of Sale | Nov. 23, 2020 | |||||
Sale Price | $ 14,330 | |||||
Gain (impairment loss) on sale | $ 3,537 | |||||
Reserve At Eagle Ridge [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Date of Sale | Apr. 30, 2019 | |||||
Sale Price | $ 42,000 | |||||
Gain (impairment loss) on sale | [1] | $ 12,294 | ||||
Little Rock, AR Portfolio [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Date of Sale | Jul. 18, 2019 | |||||
Sale Price | $ 56,500 | |||||
Gain (impairment loss) on sale | [1] | $ 2,220 | ||||
Iron Rock [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Date of Sale | Dec. 17, 2019 | |||||
Sale Price | $ 56,000 | |||||
Gain (impairment loss) on sale | [1] | $ 20,683 | ||||
[1] | The gain for these properties is net of $7,417 of defeasance and debt prepayment costs | |||||
[2] | The gain for these properties is net of $911 of debt prepayment costs. | |||||
[3] | Includes a $1,840 impairment charge recorded in the three months ended September 30, 2020. |
Investments in Real Estate - _6
Investments in Real Estate - Summary of Disposition of Property's (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Real Estate Properties [Line Items] | |||
Gain related to property includes defeasance costs | $ 7,417 | $ 911 | |
Live Oak Trace | |||
Real Estate Properties [Line Items] | |||
Impairment charge | $ 1,840 |
Indebtedness - Summary Informat
Indebtedness - Summary Information Concerning Indebtedness (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | May 09, 2019 | |||
Debt Instrument [Line Items] | ||||||
Outstanding Principal | $ 949,894 | $ 991,178 | ||||
Unamortized Debt Issuance Costs | (4,208) | (5,606) | ||||
Carrying Amount | $ 945,686 | $ 985,572 | ||||
Weighted Average Rate | 2.70% | 3.50% | ||||
Weighted Average | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Maturity (in years) | 3 years 1 month 6 days | 4 years | ||||
Unsecured Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Outstanding Principal | $ 184,802 | [1] | $ 186,302 | [2] | ||
Unamortized Debt Issuance Costs | (1,692) | [1] | (2,336) | [2] | $ (1,129) | |
Carrying Amount | $ 183,110 | [1] | $ 183,966 | [2] | ||
Type | Floating | [1] | Floating | [2] | ||
Weighted Average Rate | 1.60% | [1] | 3.20% | [2] | 1.60% | |
Unsecured Credit Facility | Weighted Average | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Maturity (in years) | 2 years 4 months 24 days | [1] | 3 years 4 months 24 days | [2] | ||
Unsecured Term Loans | ||||||
Debt Instrument [Line Items] | ||||||
Outstanding Principal | $ 300,000 | $ 300,000 | ||||
Unamortized Debt Issuance Costs | (1,241) | (1,582) | ||||
Carrying Amount | $ 298,759 | $ 298,418 | ||||
Type | Floating | Floating | ||||
Weighted Average Rate | 1.50% | 3.10% | ||||
Unsecured Term Loans | Weighted Average | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Maturity (in years) | 3 years 3 months 18 days | 4 years 3 months 18 days | ||||
Mortgages | ||||||
Debt Instrument [Line Items] | ||||||
Outstanding Principal | $ 465,092 | $ 504,876 | ||||
Unamortized Debt Issuance Costs | (1,275) | (1,688) | ||||
Carrying Amount | $ 463,817 | $ 503,188 | ||||
Type | Fixed | Fixed | ||||
Weighted Average Rate | 3.90% | 3.90% | 3.90% | |||
Mortgages | Weighted Average | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Maturity (in years) | 3 years 2 months 12 days | 4 years | ||||
[1] | The unsecured credit facility total capacity is $350,000, of which $184,802 was outstanding as of December 31, 2020. | |||||
[2] | The secured credit facility total capacity was $350,000, of which $186,302 was outstanding as of December 31, 2019. |
Indebtedness - Summary Inform_2
Indebtedness - Summary Information Concerning Indebtedness (Parenthetical) (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | ||
Debt Instrument [Line Items] | ||||
Outstanding Principal | $ 949,894,000 | $ 991,178,000 | ||
Unsecured Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Credit facility borrowing capacity | 350,000,000 | |||
Outstanding Principal | $ 184,802,000 | [1] | 186,302,000 | [2] |
Secured Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Credit facility borrowing capacity | 350,000,000 | |||
Outstanding Principal | $ 186,302,000 | |||
[1] | The unsecured credit facility total capacity is $350,000, of which $184,802 was outstanding as of December 31, 2020. | |||
[2] | The secured credit facility total capacity was $350,000, of which $186,302 was outstanding as of December 31, 2019. |
Indebtedness - Maturity of Inde
Indebtedness - Maturity of Indebtedness (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | |
2021 | $ 48,484 |
2022 | 66,478 |
2023 | 292,438 |
2024 | 336,913 |
2025 | 162,562 |
Thereafter | 43,019 |
Unsecured Credit Facility | |
Debt Instrument [Line Items] | |
2023 | 184,802 |
Unsecured Term Loans | |
Debt Instrument [Line Items] | |
2024 | 300,000 |
Mortgages | |
Debt Instrument [Line Items] | |
2021 | 48,484 |
2022 | 66,478 |
2023 | 107,636 |
2024 | 36,913 |
2025 | 162,562 |
Thereafter | $ 43,019 |
Indebtedness - Additional Infor
Indebtedness - Additional Information (Detail) | Jul. 09, 2020USD ($) | May 09, 2019USD ($) | Oct. 30, 2018USD ($) | Nov. 20, 2017USD ($) | Feb. 28, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)Property | Jun. 30, 2020 | Nov. 30, 2019USD ($) | ||
Debt Instrument [Line Items] | |||||||||||
Deferred financing costs | $ 4,208,000 | $ 5,606,000 | |||||||||
Weighted average interest rate | 2.70% | 3.50% | |||||||||
Mortgages | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Deferred financing costs | $ 1,275,000 | $ 1,688,000 | |||||||||
Weighted average interest rate | 3.90% | 3.90% | 3.90% | ||||||||
Mortgages-Fixed Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Mortgage loan related to property disposition | $ 76,512,000 | ||||||||||
Number Of Property Dispositions | Property | 3 | ||||||||||
Unsecured Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Credit facility, revolving line of credit | $ 350,000,000 | ||||||||||
Credit facility borrowing capacity | $ 350,000,000 | ||||||||||
Maturity date | May 9, 2023 | ||||||||||
Unsecured revolving line of credit, option to extend additional period | 6 months | ||||||||||
Maturity term description | option to extend the revolving commitment for two additional 6-month periods under certain circumstances, including the payment of an extension fee | ||||||||||
Deferred financing costs | $ 1,129,000 | $ 1,692,000 | [1] | $ 2,336,000 | [2] | ||||||
Mortgage loan related to property disposition | $ 32,117,000 | ||||||||||
Weighted average interest rate | 1.60% | [1] | 3.20% | [2] | 1.60% | ||||||
Unsecured Credit Facility | Key Bank Senior Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Pool of unencumbered properties occupancy level | $ 100,000,000 | ||||||||||
Unsecured Credit Facility | Minimum | 1-month LIBOR Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt interest rate | 1.25% | ||||||||||
Unsecured Credit Facility | Minimum | Base Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt interest rate | 2.50% | ||||||||||
Unsecured Credit Facility | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Credit facility borrowing capacity | $ 600,000,000 | ||||||||||
Unsecured Credit Facility | Maximum | 1-month LIBOR Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt interest rate | 2.00% | ||||||||||
Unsecured Credit Facility | Maximum | Base Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt interest rate | 1.00% | ||||||||||
Unsecured Term Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Credit facility borrowing capacity | $ 100,000,000 | ||||||||||
Deferred financing costs | $ 917,000 | $ 257,000 | |||||||||
Unsecured Term Loan | Minimum | LIBOR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt interest rate | 1.20% | ||||||||||
Unsecured Term Loan | Maximum | LIBOR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt interest rate | 1.90% | ||||||||||
Unsecured Term Loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Credit facility borrowing capacity | $ 200,000,000 | ||||||||||
Maturity date | Jan. 17, 2024 | ||||||||||
Deferred financing costs | $ 1,241,000 | $ 1,582,000 | |||||||||
Deferred financing costs | $ 821,000 | ||||||||||
Proceeds from credit facility | $ 150,000,000 | $ 50,000,000 | |||||||||
Weighted average interest rate | 1.50% | 3.10% | |||||||||
Unsecured Term Loans | Minimum | LIBOR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt interest rate | 1.20% | ||||||||||
Unsecured Term Loans | Maximum | LIBOR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt interest rate | 1.90% | ||||||||||
[1] | The unsecured credit facility total capacity is $350,000, of which $184,802 was outstanding as of December 31, 2020. | ||||||||||
[2] | The secured credit facility total capacity was $350,000, of which $186,302 was outstanding as of December 31, 2019. |
Derivative Financial Instrume_3
Derivative Financial Instruments - Summary of Aggregate Amount and Estimated Net Fair Value of Derivative Instruments (Detail) - USD ($) | Dec. 31, 2020 | Mar. 02, 2020 | Dec. 31, 2019 | May 09, 2019 | Nov. 30, 2018 | Oct. 17, 2018 | Nov. 17, 2017 | Jun. 24, 2016 |
Interest Rate Swap | ||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||
Notional | $ 150,000,000 | |||||||
Cash Flow Hedge | ||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||
Notional | $ 400,000,000 | $ 400,000,000 | ||||||
Fair Value of Assets | 953,000 | |||||||
Fair Value of Liabilities | 29,842,000 | 7,769,000 | ||||||
Cash Flow Hedge | Interest Rate Swap | ||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||
Notional | 150,000,000 | 150,000,000 | ||||||
Fair Value of Assets | 953,000 | |||||||
Fair Value of Liabilities | 694,000 | |||||||
Cash Flow Hedge | Interest Rate Collar | ||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||
Notional | 250,000,000 | 250,000,000 | $ 150,000,000 | $ 100,000,000 | $ 100,000,000 | |||
Fair Value of Liabilities | 13,331,000 | 4,330,000 | ||||||
Cash Flow Hedge | Forward Interest Rate Swaps | ||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||
Notional | $ 150,000,000 | $ 150,000,000 | ||||||
Fair Value of Liabilities | $ 15,817,000 | $ 3,439,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Additional Information (Detail) - USD ($) | Mar. 02, 2020 | May 09, 2019 | Oct. 17, 2018 | Nov. 17, 2017 | Jun. 24, 2016 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 30, 2018 | Jan. 04, 2018 | Apr. 17, 2017 |
Derivative Instruments Gain Loss [Line Items] | |||||||||||
Derivative, strike rate for the interest rate swap contract | 1.145% | 1.1325% | |||||||||
Realized gains (losses) on interest rate hedges reclassified to earnings | $ (5,352,000) | $ 1,139,000 | $ 1,372,000 | ||||||||
Cash Flow Hedge | |||||||||||
Derivative Instruments Gain Loss [Line Items] | |||||||||||
Derivative, notional amount | 400,000,000 | 400,000,000 | |||||||||
Derivative, strike rate for the forward interest rate swap contract | 0.985% | 2.176% | |||||||||
Interest Rate Swap | |||||||||||
Derivative Instruments Gain Loss [Line Items] | |||||||||||
Derivative, notional amount | $ 150,000,000 | ||||||||||
Derivative, maturity date | Jun. 17, 2021 | ||||||||||
Recognition of hedge ineffectiveness | 0 | ||||||||||
Interest Rate Swap | Cash Flow Hedge | |||||||||||
Derivative Instruments Gain Loss [Line Items] | |||||||||||
Derivative, notional amount | 150,000,000 | 150,000,000 | |||||||||
Interest Rate Collar | Cash Flow Hedge | |||||||||||
Derivative Instruments Gain Loss [Line Items] | |||||||||||
Derivative, notional amount | $ 100,000,000 | $ 100,000,000 | 250,000,000 | $ 250,000,000 | $ 150,000,000 | ||||||
Derivative, maturity date | Jan. 17, 2024 | Nov. 17, 2024 | |||||||||
Interest rate cap strike rate | 2.50% | 2.00% | |||||||||
Floor interest rate | 2.25% | 1.25% | |||||||||
Interest Rate Collar | Cash Flow Hedge | Designated | |||||||||||
Derivative Instruments Gain Loss [Line Items] | |||||||||||
Derivative, notional amount | $ 50,000,000 | ||||||||||
Interest Rate Collar | Cash Flow Hedge | |||||||||||
Derivative Instruments Gain Loss [Line Items] | |||||||||||
Derivative, notional amount | $ 50,000,000 | ||||||||||
Interest Rate Collar | Cash Flow Hedge | Designated | |||||||||||
Derivative Instruments Gain Loss [Line Items] | |||||||||||
Derivative, notional amount | $ 50,000,000 | ||||||||||
Forward Interest Rate Swap | Cash Flow Hedge | |||||||||||
Derivative Instruments Gain Loss [Line Items] | |||||||||||
Derivative, notional amount | $ 150,000,000 | $ 150,000,000 | |||||||||
Derivative, maturity date | May 17, 2027 | Jun. 17, 2026 | |||||||||
Derivative, effective date | May 17, 2022 | Jun. 17, 2021 | |||||||||
Interest Rate Swaps and Collars | Cash Flow Hedge | |||||||||||
Derivative Instruments Gain Loss [Line Items] | |||||||||||
Amount expect to be reclassified out of accumulated other comprehensive income (loss) to earnings in future | $ (7,934,000) | ||||||||||
Estimated time for reclassification out of accumulated other comprehensive income (loss) to earnings | 12 months |
Stockholder Equity and Noncon_3
Stockholder Equity and Noncontrolling Interest - Additional Information (Detail) | Dec. 27, 2020USD ($)shares | Nov. 13, 2020USD ($)$ / sharesshares | Feb. 20, 2020Agreement$ / sharesshares | Mar. 31, 2020USD ($)shares | Dec. 31, 2020shares | Dec. 31, 2019shares | Dec. 31, 2018shares |
Class Of Stock [Line Items] | |||||||
At-the-market agreement to sell common shares, maximum offer price | $ | $ 150,000,000 | ||||||
Limited partnership interest received in exchange for issuance of common stock | 196,974 | 9,616 | |||||
OP Units outstanding | 674,517 | 871,491 | |||||
Common Shares | |||||||
Class Of Stock [Line Items] | |||||||
Common stock issued | 10,350,000 | 1,717,291 | 2,196,164 | ||||
Conversion of noncontrolling interest to common shares (in Shares) | 196,974 | 9,616 | 2,130,244 | ||||
Forward Sale Agreement | |||||||
Class Of Stock [Line Items] | |||||||
Common stock issued | 10,350,000 | ||||||
Number of agreements | Agreement | 2 | ||||||
Settlement value of shares | $ | $ 98,775,000 | $ 50,000,000 | |||||
Shares issued | 3,406,000 | ||||||
Settlement of remaining shares | 6,944,000 | ||||||
ATM Program | |||||||
Class Of Stock [Line Items] | |||||||
Expected settlement date of forward sales transaction | Dec. 21, 2021 | ||||||
ATM Program | Forward Sale Transaction | |||||||
Class Of Stock [Line Items] | |||||||
Share price | $ / shares | $ 14 | ||||||
Shares issued | 900,000 | ||||||
Proceeds from sale of stock upon settlement | $ | $ 12,400,000 | ||||||
Underwriting Agreement | BMO Capital Markets and Bank of Montreal | |||||||
Class Of Stock [Line Items] | |||||||
Common stock issued | 10,350,000 | ||||||
Share price | $ / shares | $ 14.688 | ||||||
Underwriter's option to purchase additional shares | 1,350,000 |
Dividends Declared (Detail)
Dividends Declared (Detail) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Dividends Payable [Line Items] | |||||||||||
Dividend Declared Per Share | $ 0.54 | $ 0.72 | $ 0.72 | ||||||||
Dividend Declared | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Declaration Date | Dec. 14, 2020 | Sep. 15, 2020 | Jun. 15, 2020 | Mar. 16, 2020 | Dec. 16, 2019 | Sep. 12, 2019 | Jun. 17, 2019 | Mar. 18, 2019 | |||
Record Date | Dec. 30, 2020 | Oct. 2, 2020 | Jul. 2, 2020 | Apr. 2, 2020 | Dec. 26, 2019 | Sep. 27, 2019 | Jun. 28, 2019 | Mar. 29, 2019 | |||
Payment Date | Jan. 22, 2021 | Oct. 23, 2020 | Jul. 24, 2020 | Apr. 24, 2020 | Jan. 24, 2020 | Oct. 25, 2019 | Jul. 25, 2019 | Apr. 25, 2019 | |||
Dividend Declared Per Share | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | |||
Dividend Declared | Noncontrolling Interests | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Declaration Date | Dec. 14, 2020 | Sep. 15, 2020 | Jun. 15, 2020 | Mar. 16, 2020 | Dec. 16, 2019 | Sep. 12, 2019 | Jun. 17, 2019 | Mar. 18, 2019 | |||
Record Date | Dec. 30, 2020 | Oct. 2, 2020 | Jul. 2, 2020 | Apr. 2, 2020 | Dec. 26, 2019 | Sep. 27, 2019 | Jun. 28, 2019 | Mar. 29, 2019 | |||
Payment Date | Jan. 22, 2021 | Oct. 23, 2020 | Jul. 24, 2020 | Apr. 24, 2020 | Jan. 24, 2020 | Oct. 25, 2019 | Jul. 25, 2019 | Apr. 25, 2019 | |||
Dividend Declared Per Share | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 |
Equity Compensation Plans - Add
Equity Compensation Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jan. 01, 2021 | May 31, 2016 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock, shares authorized | 4,300,000 | 300,000,000 | 300,000,000 | ||
Expiration date of Incentive Plan | May 12, 2026 | ||||
Stock compensation expense | $ 5,635 | $ 3,166 | $ 2,524 | ||
PSU vesting percentage upon satisfaction of performance criteria | 50.00% | ||||
PSU vesting percentage subject to continues service | 50.00% | ||||
Restricted Stock and RSUs | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares issued | 282,735 | 213,744 | 233,706 | ||
Weighted average fair value, granted | $ 12.85 | $ 10.39 | $ 8.64 | ||
Unearned compensation cost | $ 2,437 | ||||
Weighted average recognition period | 1 year 9 months 18 days | ||||
Estimated fair value of restricted common share awards vested | $ 2,076 | $ 1,836 | $ 1,539 | ||
Restricted Stock and RSUs | Subsequent Event | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares issued | 86,591 | ||||
Weighted average fair value, granted | $ 14.17 | ||||
Grant date fair value | $ 1,227 | ||||
Market Performance Condition | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of total shareholders return | 70.00% | ||||
Subjective Performance Condition | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of individual criteria | 30.00% | ||||
Performance Share Units | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock compensation expense | $ 2,131 | ||||
Shares issued | 202,145 | 263,929 | 302,768 | ||
Weighted average fair value, granted | $ 11.77 | $ 8.35 | $ 7 | ||
Weighted average recognition period | 2 years 3 months 18 days | ||||
Estimated fair value | $ 1,862 | $ 0 | $ 0 | ||
Minimum | Restricted Stock and RSUs | Subsequent Event | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Awards vesting period | 2 years | ||||
Maximum | Restricted Stock and RSUs | Subsequent Event | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Awards vesting period | 3 years | ||||
Long Term Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Awards performance period | 3 years | ||||
Long Term Incentive Plan | Minimum | Restricted Stock | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Awards vesting period | 2 years | ||||
Long Term Incentive Plan | Minimum | RSUs | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Awards vesting period | 3 years | ||||
Long Term Incentive Plan | Maximum | Restricted Stock | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Awards vesting period | 4 years | ||||
Long Term Incentive Plan | Maximum | RSUs | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Awards vesting period | 4 years | ||||
Employee | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock compensation expense | $ 1,667 |
Summary of Restricted Common Sh
Summary of Restricted Common Share Awards and RSU of Incentive Plan (Detail) - Restricted Stock and RSUs - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number of Shares | |||
Number of Shares, beginning balance | 326,541 | 303,819 | 295,847 |
Common Share awards, granted | 282,735 | 213,744 | 233,706 |
Common Share awards, vested | (164,026) | (174,367) | (175,555) |
Common Share awards, forfeited | (38,401) | (16,655) | (50,179) |
Number of Shares, ending balance | 406,849 | 326,541 | 303,819 |
Weighted Average Grant Date Fair Value Per Share | |||
Weighted average fair value, Balance at beginning of period | $ 9.54 | $ 8.22 | $ 7.84 |
Weighted average fair value, granted | 12.85 | 10.39 | 8.64 |
Weighted average fair value, vested | 9.32 | 9.27 | 7.99 |
Weighted average fair value, forfeited | 12.20 | 9.75 | 8.45 |
Weighted average fair value, Balance at end of period | $ 11.68 | $ 9.54 | $ 8.22 |
Summary of Restricted Common _2
Summary of Restricted Common Share Awards and RSU of Incentive Plan (Parenthetical) (Detail) - shares | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
RSUs | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares, outstanding | 67,381 | 0 | 0 |
Summary of PSU Activity of the
Summary of PSU Activity of the Incentive Plan (Detail) - Performance Share Units - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number of Shares | |||
Number of Shares, beginning balance | 717,677 | 453,748 | 150,980 |
Granted | 202,145 | 263,929 | 302,768 |
Change in awards based on performance | 75,488 | ||
Vested | (113,234) | ||
Number of Shares, ending balance | 882,076 | 717,677 | 453,748 |
Weighted Average Grant Date Fair Value Per Share | |||
Weighted average fair value, Balance at beginning of period | $ 7.52 | $ 7.04 | $ 7.12 |
Granted | 11.77 | 8.35 | 7 |
Change in awards based on performance | 7.12 | 0 | 0 |
Vested | 7.12 | 0 | 0 |
Weighted average fair value, Balance at end of period | $ 8.21 | $ 7.52 | $ 7.04 |
Summary of PSU Activity of th_2
Summary of PSU Activity of the Incentive Plan (Parenthetical) (Detail) - Performance Share Units | 12 Months Ended |
Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of shares granted based on target award performance period | 3 years |
Minimum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of shares granted based on target award percentage | 0.00% |
Maximum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of shares granted based on target award percentage | 150.00% |
Summary of Assumptions Used in
Summary of Assumptions Used in Computing fair value of the PSUs (Detail) - Performance Share Units | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Dividend yield | 6.10% | 7.60% | 8.20% |
Volatility | 22.00% | 21.00% | 28.00% |
Expected term | 2 years 9 months 18 days | 2 years 9 months 18 days | 2 years 10 months 24 days |
Summary of Assumptions Used i_2
Summary of Assumptions Used in Computing fair value of the PSUs (Parenthetical) (Detail) - Performance Share Units | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Volatility | 22.00% | 21.00% | 28.00% |
Minimum | Peer Group and NAREIT | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Volatility | 15.00% | ||
Maximum | Peer Group and NAREIT | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Volatility | 41.00% |
Summary of SARs Activity of the
Summary of SARs Activity of the Incentive Plan (Detail) - SARs - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number of Shares | |||
Number of Shares, beginning balance | 9,000 | 195,000 | 250,000 |
Expired | (9,000) | ||
Exercised | (186,000) | (55,000) | |
Number of Shares, ending balance | 9,000 | 195,000 | |
SARs exercisable | 9,000 | 195,000 | |
Weighted Average Exercise Price | |||
Weighted average fair value, Balance at beginning of period | $ 9.35 | $ 9.35 | $ 9.28 |
Expired | 9.35 | ||
Exercised | 9.35 | 9.02 | |
Weighted average fair value, Balance at end of period | $ 9.35 | $ 9.35 | $ 9.35 |
Related Party Transactions an_2
Related Party Transactions and Arrangements - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Former External Advisor | Management Expenses | |||
Related Party Transaction [Line Items] | |||
Asset management fees earned | $ 0 | $ 0 | $ 63 |
Earnings (Loss) Per Share - Rec
Earnings (Loss) Per Share - Reconciliation of Basic and Diluted Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||
Net income | $ 13,360 | $ 1,092 | $ 799 | $ (374) | $ 24,020 | $ 4,912 | $ 14,856 | $ 2,566 | $ 14,877 | $ 46,354 | $ 26,610 | ||||||||
(Income) loss allocated to non-controlling interests | (109) | (458) | (322) | ||||||||||||||||
Net income allocable to common shares | $ 13,261 | $ 1,090 | $ 789 | $ (372) | $ 23,784 | $ 4,863 | $ 14,709 | $ 2,540 | $ 14,768 | $ 45,896 | $ 26,288 | ||||||||
Weighted-average shares outstanding—Basic | 93,660,086 | 89,799,238 | 87,086,585 | ||||||||||||||||
Dilutive securities | 1,028,354 | 618,248 | 290,406 | ||||||||||||||||
Weighted-average shares outstanding—Diluted | 94,688,440 | 90,417,486 | 87,376,991 | ||||||||||||||||
Earnings per share—Basic | $ 0.14 | [1] | $ 0.01 | [1] | $ 0.01 | [1] | $ 0 | [1] | $ 0.26 | [1] | $ 0.05 | [1] | $ 0.16 | [1] | $ 0.03 | [1] | $ 0.16 | $ 0.51 | $ 0.30 |
Earnings per share—Diluted | $ 0.14 | [1] | $ 0.01 | [1] | $ 0.01 | [1] | $ 0 | [1] | $ 0.26 | [1] | $ 0.05 | [1] | $ 0.16 | [1] | $ 0.03 | [1] | $ 0.16 | $ 0.51 | $ 0.30 |
[1] | The summation of quarterly per share amounts may not equal the full year amounts due to rounding. |
Earnings (Loss) Per Share - Add
Earnings (Loss) Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 1,574,517 | 871,491 | 881,107 |
Quarterly Financial Data (Detai
Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||||||
Income Statement [Abstract] | |||||||||||||||||||
Total revenue | $ 54,088 | $ 54,200 | $ 52,268 | $ 51,350 | $ 51,428 | $ 51,299 | $ 50,956 | $ 49,540 | $ 211,906 | $ 203,223 | $ 191,232 | ||||||||
Net income (loss) | 13,360 | 1,092 | 799 | (374) | 24,020 | 4,912 | 14,856 | 2,566 | 14,877 | 46,354 | 26,610 | ||||||||
Net income (loss) allocable to common shares | $ 13,261 | $ 1,090 | $ 789 | $ (372) | $ 23,784 | $ 4,863 | $ 14,709 | $ 2,540 | $ 14,768 | $ 45,896 | $ 26,288 | ||||||||
Total earnings per share—Basic | $ 0.14 | [1] | $ 0.01 | [1] | $ 0.01 | [1] | $ 0 | [1] | $ 0.26 | [1] | $ 0.05 | [1] | $ 0.16 | [1] | $ 0.03 | [1] | $ 0.16 | $ 0.51 | $ 0.30 |
Total earnings per share—Diluted | $ 0.14 | [1] | $ 0.01 | [1] | $ 0.01 | [1] | $ 0 | [1] | $ 0.26 | [1] | $ 0.05 | [1] | $ 0.16 | [1] | $ 0.03 | [1] | $ 0.16 | $ 0.51 | $ 0.30 |
[1] | The summation of quarterly per share amounts may not equal the full year amounts due to rounding. |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |
Number of reportable segments | 1 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Estimated annual minimum rent due in next year | $ 511 |
Estimated annual minimum rent due in two years | 375 |
Estimated annual minimum rent due in three years | 382 |
Estimated annual minimum rent due in four years | 388 |
Estimated annual minimum rent due in five years | 394 |
Estimated annual minimum rent due thereafter | $ 1,996 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | [1] | ||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Balance, beginning of period | $ 1,796,365 | $ 1,745,640 | [1] | $ 1,504,156 | |
Additions during period: | |||||
Acquisitions | 145,340 | 127,908 | 270,220 | ||
Improvements to land and building | 35,783 | 45,623 | 41,587 | ||
Deductions during period: | |||||
Dispositions of real estate | (56,797) | (121,865) | (69,915) | ||
Asset write-offs | (3,921) | (941) | (408) | ||
Balance, end of period | 1,916,770 | 1,796,365 | 1,745,640 | ||
Balance, beginning of period | 158,435 | 120,202 | [1] | 84,097 | |
Depreciation expense | 59,717 | 50,955 | 41,652 | ||
Dispositions of real estate | (5,613) | (11,781) | (5,139) | ||
Asset write-off | (3,921) | (941) | (408) | ||
Balance, end of period | 208,618 | $ 158,435 | $ 120,202 | ||
Investment in Real Estate | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Initial Cost, Land | 250,398 | ||||
Initial Cost, Building | 1,527,536 | ||||
Cost of Improvements, Land | 967 | ||||
Cost of Improvements, Building | 137,869 | ||||
Gross Carrying Amount, Land | 251,365 | ||||
Accumulated Depreciation- Building | (208,618) | ||||
Encumbrances (Unpaid Principal) | (465,092) | ||||
Investment in Real Estate | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 1,665,405 | ||||
Investment in Real Estate | Crestmont Apartments | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Marietta, GA | ||||
Initial Cost, Land | $ 3,254 | ||||
Initial Cost, Building | 13,017 | ||||
Cost of Improvements, Building | 6,006 | ||||
Gross Carrying Amount, Land | 3,254 | ||||
Accumulated Depreciation- Building | (6,863) | ||||
Encumbrances (Unpaid Principal) | $ (5,996) | ||||
Year of Acquisition | 2011 | ||||
Investment in Real Estate | Crestmont Apartments | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 19,023 | ||||
Investment in Real Estate | Runaway Bay Apartments | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Indianapolis, IN | ||||
Initial Cost, Land | $ 3,079 | ||||
Initial Cost, Building | 12,318 | ||||
Cost of Improvements, Building | 1,434 | ||||
Gross Carrying Amount, Land | 3,079 | ||||
Accumulated Depreciation- Building | (3,115) | ||||
Encumbrances (Unpaid Principal) | $ (8,745) | ||||
Year of Acquisition | 2012 | ||||
Investment in Real Estate | Runaway Bay Apartments | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 13,752 | ||||
Investment in Real Estate | Windrush | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Edmond, OK | ||||
Initial Cost, Land | $ 1,677 | ||||
Initial Cost, Building | 7,464 | ||||
Cost of Improvements, Building | 1,011 | ||||
Gross Carrying Amount, Land | 1,677 | ||||
Accumulated Depreciation- Building | $ (1,673) | ||||
Year of Acquisition | 2014 | ||||
Investment in Real Estate | Windrush | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 8,475 | ||||
Investment in Real Estate | Heritage Park | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Oklahoma, OK | ||||
Initial Cost, Land | $ 4,234 | ||||
Initial Cost, Building | 12,232 | ||||
Cost of Improvements, Building | 3,365 | ||||
Gross Carrying Amount, Land | 4,234 | ||||
Accumulated Depreciation- Building | $ (3,447) | ||||
Year of Acquisition | 2014 | ||||
Investment in Real Estate | Heritage Park | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 15,597 | ||||
Investment in Real Estate | Raindance | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Oklahoma, OK | ||||
Initial Cost, Land | $ 3,503 | ||||
Initial Cost, Building | 10,051 | ||||
Cost of Improvements, Building | 2,344 | ||||
Gross Carrying Amount, Land | 3,503 | ||||
Accumulated Depreciation- Building | $ (2,690) | ||||
Year of Acquisition | 2014 | ||||
Investment in Real Estate | Raindance | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 12,395 | ||||
Investment in Real Estate | Augusta | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Oklahoma, OK | ||||
Initial Cost, Land | $ 1,296 | ||||
Initial Cost, Building | 9,930 | ||||
Cost of Improvements, Building | 1,468 | ||||
Gross Carrying Amount, Land | 1,296 | ||||
Accumulated Depreciation- Building | $ (2,191) | ||||
Year of Acquisition | 2014 | ||||
Investment in Real Estate | Augusta | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 11,398 | ||||
Investment in Real Estate | Invitational | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Oklahoma, OK | ||||
Initial Cost, Land | $ 1,924 | ||||
Initial Cost, Building | 16,852 | ||||
Cost of Improvements, Building | 2,127 | ||||
Gross Carrying Amount, Land | 1,924 | ||||
Accumulated Depreciation- Building | $ (3,630) | ||||
Year of Acquisition | 2014 | ||||
Investment in Real Estate | Invitational | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 18,979 | ||||
Investment in Real Estate | Kings Landing | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Creve Coeur, MO | ||||
Initial Cost, Land | $ 2,513 | ||||
Initial Cost, Building | 29,873 | ||||
Cost of Improvements, Building | 1,278 | ||||
Gross Carrying Amount, Land | 2,513 | ||||
Accumulated Depreciation- Building | (5,632) | ||||
Encumbrances (Unpaid Principal) | $ (19,862) | ||||
Year of Acquisition | 2014 | ||||
Investment in Real Estate | Kings Landing | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 31,151 | ||||
Investment in Real Estate | Walnut Hill | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Cordova, TN | ||||
Initial Cost, Land | $ 2,230 | ||||
Initial Cost, Building | 25,251 | ||||
Cost of Improvements, Building | 2,307 | ||||
Gross Carrying Amount, Land | 2,230 | ||||
Accumulated Depreciation- Building | (4,684) | ||||
Encumbrances (Unpaid Principal) | $ (18,650) | ||||
Year of Acquisition | 2014 | ||||
Investment in Real Estate | Walnut Hill | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 27,558 | ||||
Investment in Real Estate | Lenoxplace | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Raleigh, NC | ||||
Initial Cost, Land | $ 3,480 | ||||
Initial Cost, Building | 20,482 | ||||
Cost of Improvements, Building | 1,212 | ||||
Gross Carrying Amount, Land | 3,480 | ||||
Accumulated Depreciation- Building | (3,746) | ||||
Encumbrances (Unpaid Principal) | $ (15,991) | ||||
Year of Acquisition | 2014 | ||||
Investment in Real Estate | Lenoxplace | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 21,694 | ||||
Investment in Real Estate | Stonebridge Crossing | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Memphis, TN | ||||
Initial Cost, Land | $ 3,100 | ||||
Initial Cost, Building | 26,223 | ||||
Cost of Improvements, Building | 7,852 | ||||
Gross Carrying Amount, Land | 3,100 | ||||
Accumulated Depreciation- Building | (6,662) | ||||
Encumbrances (Unpaid Principal) | $ (19,370) | ||||
Year of Acquisition | 2014 | ||||
Investment in Real Estate | Stonebridge Crossing | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 34,075 | ||||
Investment in Real Estate | Bennington Pond | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Groveport, OH | ||||
Initial Cost, Land | $ 2,400 | ||||
Initial Cost, Building | 14,828 | ||||
Cost of Improvements, Building | 1,421 | ||||
Gross Carrying Amount, Land | 2,400 | ||||
Accumulated Depreciation- Building | (2,923) | ||||
Encumbrances (Unpaid Principal) | $ (11,375) | ||||
Year of Acquisition | 2014 | ||||
Investment in Real Estate | Bennington Pond | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 16,249 | ||||
Investment in Real Estate | Prospect Park | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Louisville, KY | ||||
Initial Cost, Land | $ 2,837 | ||||
Initial Cost, Building | 11,193 | ||||
Cost of Improvements, Building | 1,001 | ||||
Gross Carrying Amount, Land | 2,837 | ||||
Accumulated Depreciation- Building | (2,035) | ||||
Encumbrances (Unpaid Principal) | $ (9,075) | ||||
Year of Acquisition | 2014 | ||||
Investment in Real Estate | Prospect Park | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 12,194 | ||||
Investment in Real Estate | Brookside | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Louisville, KY | ||||
Initial Cost, Land | $ 3,947 | ||||
Initial Cost, Building | 16,503 | ||||
Cost of Improvements, Building | 876 | ||||
Gross Carrying Amount, Land | 3,947 | ||||
Accumulated Depreciation- Building | (2,980) | ||||
Encumbrances (Unpaid Principal) | $ (13,229) | ||||
Year of Acquisition | 2014 | ||||
Investment in Real Estate | Brookside | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 17,379 | ||||
Investment in Real Estate | Jamestown | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Louisville, KY | ||||
Initial Cost, Land | $ 7,034 | ||||
Initial Cost, Building | 27,730 | ||||
Cost of Improvements, Building | 10,775 | ||||
Gross Carrying Amount, Land | 7,034 | ||||
Accumulated Depreciation- Building | (8,467) | ||||
Encumbrances (Unpaid Principal) | $ (22,496) | ||||
Year of Acquisition | 2014 | ||||
Investment in Real Estate | Jamestown | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 38,505 | ||||
Investment in Real Estate | Oxmoor | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Louisville, KY | ||||
Initial Cost, Land | $ 7,411 | ||||
Initial Cost, Building | 47,095 | ||||
Cost of Improvements, Building | 9,898 | ||||
Gross Carrying Amount, Land | 7,411 | ||||
Accumulated Depreciation- Building | (10,262) | ||||
Encumbrances (Unpaid Principal) | $ (35,213) | ||||
Year of Acquisition | 2014 | ||||
Investment in Real Estate | Oxmoor | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 56,993 | ||||
Investment in Real Estate | Meadows | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Louisville, KY | ||||
Initial Cost, Land | $ 6,857 | ||||
Initial Cost, Building | 30,030 | ||||
Cost of Improvements, Building | 2,669 | ||||
Gross Carrying Amount, Land | 6,857 | ||||
Accumulated Depreciation- Building | (5,578) | ||||
Encumbrances (Unpaid Principal) | $ (23,838) | ||||
Year of Acquisition | 2014 | ||||
Investment in Real Estate | Meadows | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 32,699 | ||||
Investment in Real Estate | Bayview Club | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Indianapolis, IN | ||||
Initial Cost, Land | $ 2,525 | ||||
Initial Cost, Building | 22,506 | ||||
Cost of Improvements, Building | 1,733 | ||||
Gross Carrying Amount, Land | 2,525 | ||||
Accumulated Depreciation- Building | $ (3,888) | ||||
Year of Acquisition | 2015 | ||||
Investment in Real Estate | Bayview Club | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 24,239 | ||||
Investment in Real Estate | Arbors River Oaks | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Memphis, TN | ||||
Initial Cost, Land | $ 2,100 | ||||
Initial Cost, Building | 19,045 | ||||
Cost of Improvements, Building | 3,721 | ||||
Gross Carrying Amount, Land | 2,100 | ||||
Accumulated Depreciation- Building | $ (3,797) | ||||
Year of Acquisition | 2015 | ||||
Investment in Real Estate | Arbors River Oaks | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 22,766 | ||||
Investment in Real Estate | Aston | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Wake Forest, NC | ||||
Initial Cost, Land | $ 3,450 | ||||
Initial Cost, Building | 34,333 | ||||
Cost of Improvements, Building | 963 | ||||
Gross Carrying Amount, Land | 3,450 | ||||
Accumulated Depreciation- Building | (4,860) | ||||
Encumbrances (Unpaid Principal) | $ (24,561) | ||||
Year of Acquisition | 2015 | ||||
Investment in Real Estate | Aston | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 35,296 | ||||
Investment in Real Estate | Avenues At Craig Ranch | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | McKinney, TX | ||||
Initial Cost, Land | $ 5,500 | ||||
Initial Cost, Building | 42,054 | ||||
Cost of Improvements, Building | 1,313 | ||||
Gross Carrying Amount, Land | 5,500 | ||||
Accumulated Depreciation- Building | (5,948) | ||||
Encumbrances (Unpaid Principal) | $ (30,309) | ||||
Year of Acquisition | 2015 | ||||
Investment in Real Estate | Avenues At Craig Ranch | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 43,367 | ||||
Investment in Real Estate | Bridge Pointe | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Huntsville, AL | ||||
Initial Cost, Land | $ 1,500 | ||||
Initial Cost, Building | 14,306 | ||||
Cost of Improvements, Building | 780 | ||||
Gross Carrying Amount, Land | 1,500 | ||||
Accumulated Depreciation- Building | $ (2,225) | ||||
Year of Acquisition | 2015 | ||||
Investment in Real Estate | Bridge Pointe | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 15,086 | ||||
Investment in Real Estate | Creekstone At R T P | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Durham, NC | ||||
Initial Cost, Land | $ 5,376 | ||||
Initial Cost, Building | 32,727 | ||||
Cost of Improvements, Building | 861 | ||||
Gross Carrying Amount, Land | 5,376 | ||||
Accumulated Depreciation- Building | (4,630) | ||||
Encumbrances (Unpaid Principal) | $ (21,234) | ||||
Year of Acquisition | 2015 | ||||
Investment in Real Estate | Creekstone At R T P | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 33,588 | ||||
Investment in Real Estate | Fountains Southend | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Charlotte, NC | ||||
Initial Cost, Land | $ 4,368 | ||||
Initial Cost, Building | 37,254 | ||||
Cost of Improvements, Building | 682 | ||||
Gross Carrying Amount, Land | 4,368 | ||||
Accumulated Depreciation- Building | (5,123) | ||||
Encumbrances (Unpaid Principal) | $ (22,134) | ||||
Year of Acquisition | 2015 | ||||
Investment in Real Estate | Fountains Southend | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 37,936 | ||||
Investment in Real Estate | Fox Trails | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Plano, TX | ||||
Initial Cost, Land | $ 5,700 | ||||
Initial Cost, Building | 21,944 | ||||
Cost of Improvements, Building | 2,988 | ||||
Gross Carrying Amount, Land | 5,700 | ||||
Accumulated Depreciation- Building | $ (3,926) | ||||
Year of Acquisition | 2015 | ||||
Investment in Real Estate | Fox Trails | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 24,932 | ||||
Investment in Real Estate | Millenia 700 | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Orlando, FL | ||||
Initial Cost, Land | $ 5,500 | ||||
Initial Cost, Building | 41,752 | ||||
Cost of Improvements, Building | 1,860 | ||||
Gross Carrying Amount, Land | 5,500 | ||||
Accumulated Depreciation- Building | $ (6,148) | ||||
Year of Acquisition | 2015 | ||||
Investment in Real Estate | Millenia 700 | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 43,612 | ||||
Investment in Real Estate | Miller Creek At German Town | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Memphis, TN | ||||
Initial Cost, Land | $ 3,300 | ||||
Initial Cost, Building | 53,504 | ||||
Cost of Improvements, Building | 919 | ||||
Gross Carrying Amount, Land | 3,300 | ||||
Accumulated Depreciation- Building | $ (7,321) | ||||
Year of Acquisition | 2015 | ||||
Investment in Real Estate | Miller Creek At German Town | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 54,423 | ||||
Investment in Real Estate | Pointe At Canyon Ridge | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Atlanta, GA | ||||
Initial Cost, Land | $ 11,100 | ||||
Initial Cost, Building | 36,995 | ||||
Cost of Improvements, Building | 8,480 | ||||
Gross Carrying Amount, Land | 11,100 | ||||
Accumulated Depreciation- Building | $ (8,252) | ||||
Year of Acquisition | 2015 | ||||
Investment in Real Estate | Pointe At Canyon Ridge | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 45,475 | ||||
Investment in Real Estate | St James At Goose Creek | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Goose Creek, SC | ||||
Initial Cost, Land | $ 3,780 | ||||
Initial Cost, Building | 27,695 | ||||
Cost of Improvements, Building | 923 | ||||
Gross Carrying Amount, Land | 3,780 | ||||
Accumulated Depreciation- Building | $ (4,054) | ||||
Year of Acquisition | 2015 | ||||
Investment in Real Estate | St James At Goose Creek | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 28,618 | ||||
Investment in Real Estate | Talison Row At Daniel Island | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Daniel Island, SC | ||||
Initial Cost, Land | $ 5,480 | ||||
Initial Cost, Building | 41,409 | ||||
Cost of Improvements, Building | 899 | ||||
Gross Carrying Amount, Land | 5,480 | ||||
Accumulated Depreciation- Building | (5,796) | ||||
Encumbrances (Unpaid Principal) | $ (30,971) | ||||
Year of Acquisition | 2015 | ||||
Investment in Real Estate | Talison Row At Daniel Island | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 42,308 | ||||
Investment in Real Estate | Village at Auburn Hills | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Durham, NC | ||||
Initial Cost, Land | $ 5,621 | ||||
Initial Cost, Building | 36,923 | ||||
Cost of Improvements, Building | 7,645 | ||||
Gross Carrying Amount, Land | 5,621 | ||||
Accumulated Depreciation- Building | $ (6,077) | ||||
Year of Acquisition | 2017 | ||||
Investment in Real Estate | Village at Auburn Hills | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 44,568 | ||||
Investment in Real Estate | Vue At Knoll Trail | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Dallas, TX | ||||
Initial Cost, Land | $ 3,100 | ||||
Initial Cost, Building | 6,077 | ||||
Cost of Improvements, Building | 665 | ||||
Gross Carrying Amount, Land | 3,100 | ||||
Accumulated Depreciation- Building | $ (1,016) | ||||
Year of Acquisition | 2015 | ||||
Investment in Real Estate | Vue At Knoll Trail | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 6,742 | ||||
Investment in Real Estate | Commons at Canal Winchester | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Canal Winchester, OH | ||||
Initial Cost, Land | $ 3,400 | ||||
Initial Cost, Building | 20,703 | ||||
Cost of Improvements, Building | 3,441 | ||||
Gross Carrying Amount, Land | 3,400 | ||||
Accumulated Depreciation- Building | $ (2,581) | ||||
Year of Acquisition | 2017 | ||||
Investment in Real Estate | Commons at Canal Winchester | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 24,144 | ||||
Investment in Real Estate | Waterstone at Brier Creek | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Raleigh, NC | ||||
Initial Cost, Land | $ 4,200 | ||||
Initial Cost, Building | 34,651 | ||||
Cost of Improvements, Building | 733 | ||||
Gross Carrying Amount, Land | 4,200 | ||||
Accumulated Depreciation- Building | (4,811) | ||||
Encumbrances (Unpaid Principal) | $ (11,850) | ||||
Year of Acquisition | 2015 | ||||
Investment in Real Estate | Waterstone at Brier Creek | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 35,384 | ||||
Investment in Real Estate | Waterstone Big Creek | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Alpharetta, GA | ||||
Initial Cost, Land | $ 7,600 | ||||
Initial Cost, Building | 61,971 | ||||
Cost of Improvements, Building | 740 | ||||
Gross Carrying Amount, Land | 7,600 | ||||
Accumulated Depreciation- Building | (8,395) | ||||
Encumbrances (Unpaid Principal) | $ (48,285) | ||||
Year of Acquisition | 2015 | ||||
Investment in Real Estate | Waterstone Big Creek | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 62,711 | ||||
Investment in Real Estate | Westmont Commons | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Asheville, NC | ||||
Initial Cost, Land | $ 2,750 | ||||
Initial Cost, Building | 25,225 | ||||
Cost of Improvements, Building | 975 | ||||
Gross Carrying Amount, Land | 2,750 | ||||
Accumulated Depreciation- Building | $ (3,728) | ||||
Year of Acquisition | 2015 | ||||
Investment in Real Estate | Westmont Commons | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 26,200 | ||||
Investment in Real Estate | Lakes at Northdale | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Tampa, FL | ||||
Initial Cost, Land | $ 3,898 | ||||
Initial Cost, Building | 25,543 | ||||
Cost of Improvements, Building | 1,378 | ||||
Gross Carrying Amount, Land | 3,898 | ||||
Accumulated Depreciation- Building | $ (2,891) | ||||
Year of Acquisition | 2017 | ||||
Investment in Real Estate | Lakes at Northdale | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 26,921 | ||||
Investment in Real Estate | Haverford Place | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Lexington, KY | ||||
Initial Cost, Land | $ 3,927 | ||||
Initial Cost, Building | 10,100 | ||||
Cost of Improvements, Building | 1,703 | ||||
Gross Carrying Amount, Land | 3,927 | ||||
Accumulated Depreciation- Building | $ (1,575) | ||||
Year of Acquisition | 2017 | ||||
Investment in Real Estate | Haverford Place | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 11,803 | ||||
Investment in Real Estate | Cherry Grove | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | North Myrtle Beach, SC | ||||
Initial Cost, Land | $ 550 | ||||
Initial Cost, Building | 15,369 | ||||
Cost of Improvements, Building | 1,523 | ||||
Gross Carrying Amount, Land | 550 | ||||
Accumulated Depreciation- Building | $ (1,711) | ||||
Year of Acquisition | 2017 | ||||
Investment in Real Estate | Cherry Grove | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 16,892 | ||||
Investment in Real Estate | Schirm Farms | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Canal Winchester, OH | ||||
Initial Cost, Land | $ 3,960 | ||||
Initial Cost, Building | 19,488 | ||||
Cost of Improvements, Building | 2,886 | ||||
Gross Carrying Amount, Land | 3,960 | ||||
Accumulated Depreciation- Building | $ (2,464) | ||||
Year of Acquisition | 2017 | ||||
Investment in Real Estate | Schirm Farms | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 22,374 | ||||
Investment in Real Estate | Vantage on Hillsborough | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Tampa, FL | ||||
Initial Cost, Land | $ 10,671 | ||||
Initial Cost, Building | 31,953 | ||||
Cost of Improvements, Land | 967 | ||||
Cost of Improvements, Building | 7,853 | ||||
Gross Carrying Amount, Land | 11,638 | ||||
Accumulated Depreciation- Building | $ (3,374) | ||||
Year of Acquisition | 2018 | ||||
Investment in Real Estate | Vantage on Hillsborough | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 39,806 | ||||
Investment in Real Estate | Riverchase | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Indianapolis, IN | ||||
Initial Cost, Land | $ 1,460 | ||||
Initial Cost, Building | 17,250 | ||||
Cost of Improvements, Building | 1,014 | ||||
Gross Carrying Amount, Land | 1,460 | ||||
Accumulated Depreciation- Building | $ (1,704) | ||||
Year of Acquisition | 2017 | ||||
Investment in Real Estate | Riverchase | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 18,264 | ||||
Investment in Real Estate | Tides at Calabash | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Wilmington, NC | ||||
Initial Cost, Land | $ 1,880 | ||||
Initial Cost, Building | 12,214 | ||||
Cost of Improvements, Building | 536 | ||||
Gross Carrying Amount, Land | 1,880 | ||||
Accumulated Depreciation- Building | $ (1,117) | ||||
Year of Acquisition | 2017 | ||||
Investment in Real Estate | Tides at Calabash | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 12,750 | ||||
Investment in Real Estate | Brunswick Point | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Wilmington, NC | ||||
Initial Cost, Land | $ 2,150 | ||||
Initial Cost, Building | 28,214 | ||||
Cost of Improvements, Building | 2,146 | ||||
Gross Carrying Amount, Land | 2,150 | ||||
Accumulated Depreciation- Building | (2,810) | ||||
Encumbrances (Unpaid Principal) | $ (18,522) | ||||
Year of Acquisition | 2017 | ||||
Investment in Real Estate | Brunswick Point | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 30,360 | ||||
Investment in Real Estate | Creekside Corners | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Lithonia, GA | ||||
Initial Cost, Land | $ 6,140 | ||||
Initial Cost, Building | 37,285 | ||||
Cost of Improvements, Building | 5,987 | ||||
Gross Carrying Amount, Land | 6,140 | ||||
Accumulated Depreciation- Building | (4,408) | ||||
Encumbrances (Unpaid Principal) | $ (22,796) | ||||
Year of Acquisition | 2018 | ||||
Investment in Real Estate | Creekside Corners | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 43,272 | ||||
Investment in Real Estate | Hartshire Lakes | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Bargersville, IN | ||||
Initial Cost, Land | $ 3,070 | ||||
Initial Cost, Building | 24,210 | ||||
Cost of Improvements, Building | 1,236 | ||||
Gross Carrying Amount, Land | 3,070 | ||||
Accumulated Depreciation- Building | (2,127) | ||||
Encumbrances (Unpaid Principal) | $ (15,532) | ||||
Year of Acquisition | 2018 | ||||
Investment in Real Estate | Hartshire Lakes | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 25,446 | ||||
Investment in Real Estate | The Chelsea | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Columbus, OH | ||||
Initial Cost, Land | $ 2,739 | ||||
Initial Cost, Building | 33,698 | ||||
Cost of Improvements, Building | 661 | ||||
Gross Carrying Amount, Land | 2,739 | ||||
Accumulated Depreciation- Building | $ (2,630) | ||||
Year of Acquisition | 2018 | ||||
Investment in Real Estate | The Chelsea | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 34,359 | ||||
Investment in Real Estate | Avalon Oaks | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Columbus, OH | ||||
Initial Cost, Land | $ 4,189 | ||||
Initial Cost, Building | 18,301 | ||||
Cost of Improvements, Building | 3,096 | ||||
Gross Carrying Amount, Land | 4,189 | ||||
Accumulated Depreciation- Building | $ (1,780) | ||||
Year of Acquisition | 2018 | ||||
Investment in Real Estate | Avalon Oaks | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 21,397 | ||||
Investment in Real Estate | Collier Park | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Grove City, OH | ||||
Initial Cost, Land | $ 2,325 | ||||
Initial Cost, Building | 18,688 | ||||
Cost of Improvements, Building | 757 | ||||
Gross Carrying Amount, Land | 2,325 | ||||
Accumulated Depreciation- Building | $ (1,311) | ||||
Year of Acquisition | 2018 | ||||
Investment in Real Estate | Collier Park | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 19,445 | ||||
Investment in Real Estate | Waterford Landing | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | McDonough, GA | ||||
Initial Cost, Land | $ 2,867 | ||||
Initial Cost, Building | 27,477 | ||||
Cost of Improvements, Building | 2,551 | ||||
Gross Carrying Amount, Land | 2,867 | ||||
Accumulated Depreciation- Building | (1,888) | ||||
Encumbrances (Unpaid Principal) | $ (15,058) | ||||
Year of Acquisition | 2018 | ||||
Investment in Real Estate | Waterford Landing | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 30,028 | ||||
Investment in Real Estate | Lucerne | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Brandon, FL | ||||
Initial Cost, Land | $ 3,114 | ||||
Initial Cost, Building | 43,540 | ||||
Cost of Improvements, Building | 3,589 | ||||
Gross Carrying Amount, Land | 3,114 | ||||
Accumulated Depreciation- Building | $ (3,006) | ||||
Year of Acquisition | 2018 | ||||
Investment in Real Estate | Lucerne | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 47,129 | ||||
Investment in Real Estate | The Adley | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | McKinney, TX | ||||
Initial Cost, Land | $ 4,673 | ||||
Initial Cost, Building | 46,389 | ||||
Cost of Improvements, Building | 39 | ||||
Gross Carrying Amount, Land | 4,673 | ||||
Accumulated Depreciation- Building | $ (969) | ||||
Year of Acquisition | 2020 | ||||
Investment in Real Estate | The Adley | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 46,428 | ||||
Investment in Real Estate | North Park | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Stockbridge, GA | ||||
Initial Cost, Land | $ 2,848 | ||||
Initial Cost, Building | 24,933 | ||||
Cost of Improvements, Building | 1,613 | ||||
Gross Carrying Amount, Land | 2,848 | ||||
Accumulated Depreciation- Building | $ (1,231) | ||||
Year of Acquisition | 2019 | ||||
Investment in Real Estate | North Park | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 26,546 | ||||
Investment in Real Estate | Rocky Creek | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Tampa, FL | ||||
Initial Cost, Land | $ 15,669 | ||||
Initial Cost, Building | 31,979 | ||||
Cost of Improvements, Building | 989 | ||||
Gross Carrying Amount, Land | 15,669 | ||||
Accumulated Depreciation- Building | $ (1,229) | ||||
Year of Acquisition | 2019 | ||||
Investment in Real Estate | Rocky Creek | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 32,968 | ||||
Investment in Real Estate | Thornhill | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Raleigh, NC | ||||
Initial Cost, Land | $ 12,282 | ||||
Initial Cost, Building | 40,207 | ||||
Cost of Improvements, Building | 947 | ||||
Gross Carrying Amount, Land | 12,282 | ||||
Accumulated Depreciation- Building | $ (1,239) | ||||
Year of Acquisition | 2019 | ||||
Investment in Real Estate | Thornhill | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 41,154 | ||||
Investment in Real Estate | Legacy at Jones Farm | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Huntsville, AL | ||||
Initial Cost, Land | $ 14,860 | ||||
Initial Cost, Building | 78,552 | ||||
Gross Carrying Amount, Land | $ 14,860 | ||||
Year of Acquisition | 2020 | ||||
Investment in Real Estate | Legacy at Jones Farm | Building | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Gross Carrying Amount, Building | $ 78,552 | ||||
[1] | Includes properties classified as held for sale as of December 31, 2018. |