Cover page
Cover page - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 22, 2022 | Jun. 30, 2021 | |
Document and Entity Information | |||
entity registrant name | Preferred Apartment Communities, Inc. | ||
entity CIK | 0001481832 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
document fiscal year focus | 2021 | ||
document fiscal period focus | FY | ||
amendment flag | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
entity common stock, shares outstanding | 55,734,724 | ||
Entity Public Float | $ 499,414,208 | ||
Entity File Number | 001-34995 | ||
Entity Tax Identification Number | 27-1712193 | ||
Entity Address, Address Line One | 3284 Northside Parkway NW, Suite 150 | ||
Entity Address, State or Province | GA | ||
Entity Address, City or Town | Atlanta | ||
Entity Address, Postal Zip Code | 30327 | ||
document type | 10-K | ||
document period end date | Dec. 31, 2021 | ||
City Area Code | (770) | ||
Local Phone Number | 818-4100 | ||
Title of 12(b) Security | Common Stock, par value $.01 per share | ||
Trading Symbol | APTS | ||
Security Exchange Name | NYSE | ||
Entity Interactive Data Current | Yes | ||
entity filer category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Incorporation, State or Country Code | MD | ||
Series A Preferred Stock [Member] | |||
Document and Entity Information | |||
Title of 12(g) Security | Series A Redeemable Preferred Stock, par value $0.01 per share | ||
Redeemable Preferred Stock | |||
Document and Entity Information | |||
Title of 12(g) Security | Series M Redeemable Preferred Stock, par value $0.01 per share | ||
Series B Preferred Stock | |||
Document and Entity Information | |||
Title of 12(g) Security | Series A1 Redeemable Preferred Stock, par value $0.01 per share | ||
Series C Preferred Stock | |||
Document and Entity Information | |||
Title of 12(g) Security | Series M1 Redeemable Preferred Stock, par value $0.01 per share |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Auditor [Line Items] | |
Auditor Firm ID | 238 |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Atlanta, Georgia |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Real estate | ||
Land | $ 551,378,000 | $ 605,282,000 |
Building and improvements | 2,671,535,000 | 3,034,727,000 |
Tenant Improvements | 119,331,000 | 184,288,000 |
Furniture, fixtures, and equipment | 359,743,000 | 306,725,000 |
Construction in progress | 5,151,000 | 12,269,000 |
Gross real estate | 3,707,138,000 | 4,143,291,000 |
Less: accumulated depreciation | (578,496,000) | (509,547,000) |
Net real estate | 3,128,642,000 | 3,633,744,000 |
Real estate loans | 196,420,000 | 279,895,000 |
Total real estate and real estate loan, net | 3,325,062,000 | 3,913,639,000 |
Cash and cash equivalents | 30,205,000 | 28,657,000 |
Restricted cash | 32,675,000 | 47,059,000 |
Note receivable | 18,710,000 | |
Due from Related Parties, Current | 9,011,000 | 10,874,000 |
Interest receivable | 17,038,000 | 22,528,000 |
Intangible Assets, Net (Excluding Goodwill) | 59,622,000 | 127,138,000 |
tenants capitalized lease inducements | 16,420,000 | 18,206,000 |
Investment in unconsolidated joint venture | 5,992,000 | 6,657,000 |
Other assets | 67,343,000 | 106,321,000 |
Assets | 3,563,368,000 | 4,281,079,000 |
Liabilities | ||
Mortgage notes payable | 2,343,364,000 | 2,594,464,000 |
Accounts payable and accrued expenses | 36,517,000 | 41,912,000 |
deferred liability to former manager | 24,037,000 | 23,335,000 |
Contingent liability due to Former Manager | 14,631,000 | 14,814,000 |
Line of Credit Facility, Amount Outstanding | 0 | 22,000,000 |
Interest Payable, Current | 7,086,000 | 7,877,000 |
Dividends payable | 19,912,000 | 20,137,000 |
Below Market Lease, Net | 34,585,000 | 51,934,000 |
Security deposits and prepaid rents | 25,679,000 | 29,425,000 |
Deferred income | 35,523,000 | 36,733,000 |
Total liabilities | 2,541,334,000 | 2,842,631,000 |
Stockholder's equity | ||
Common Stock, $0.01 par value per share; 400,066,666 shares authorized; 5,179,093 and 5,149,325 shares issued and outstanding at September 30, 2012 and December 31, 2011, respectively | 530,000 | 500,000 |
Additional paid in capital | 1,195,775,000 | 1,631,646,000 |
Accumulated deficit | (172,000,000) | (192,446,000) |
Total stockholders' equity | 1,024,321,000 | 1,439,719,000 |
Non-controlling interest | (2,287,000) | (1,271,000) |
Total equity | 1,022,034,000 | 1,438,448,000 |
Total liabilities and equity | 3,563,368,000 | 4,281,079,000 |
Series A Preferred Stock [Member] | ||
Stockholder's equity | ||
Series A Redeemable Preferred Stock, $0.01 par value per share; 150,000 shares authorized; 12,178 and 0 shares issued and outstanding at September 30, 2012 and December 31, 2011, respectively | 13,000 | 17,000 |
Series A1 Preferred Stock [Member] | ||
Stockholder's equity | ||
Series A Redeemable Preferred Stock, $0.01 par value per share; 150,000 shares authorized; 12,178 and 0 shares issued and outstanding at September 30, 2012 and December 31, 2011, respectively | 2,000 | 1,000 |
Series M Preferred Stock [Member] | ||
Stockholder's equity | ||
Series A Redeemable Preferred Stock, $0.01 par value per share; 150,000 shares authorized; 12,178 and 0 shares issued and outstanding at September 30, 2012 and December 31, 2011, respectively | 1,000 | 1,000 |
Series M1 Preferred Stock [Member] | ||
Stockholder's equity | ||
Series A Redeemable Preferred Stock, $0.01 par value per share; 150,000 shares authorized; 12,178 and 0 shares issued and outstanding at September 30, 2012 and December 31, 2011, respectively | $ 0 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Real Estate Related Loans, Deferred Fee Income and loan loss allowance | $ 9,850 | $ 10,261 |
Real Estate Related Loans, Deferred Fee Income And Loan Loss Allowance, Related Parties | 9,011 | 9,011 |
Finite-Lived Intangible Assets, Accumulated Amortization | 166,214 | 169,718 |
sales inducements accumulated amortization | 7,113 | 5,350 |
Below Market Lease, Accumulated Amortization | $ 36,314 | $ 34,006 |
Common Stock, par value per share | $ 0.01 | |
Common stock, shares outstanding | 52,974,760 | |
Series A Preferred Stock [Member] | ||
Series A Redeemable Preferred Stock, par value per share | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 3,050,000 | 3,050,000 |
Preferred stock, shares issued | 2,226,000 | 2,226,000 |
Shares outstanding, preferred stock | 1,321,000 | 1,735,000 |
Series A1 Preferred Stock [Member] | ||
Series A Redeemable Preferred Stock, par value per share | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 247,000 | 149,000 |
Shares outstanding, preferred stock | 246,000 | 149,000 |
Series M Preferred Stock [Member] | ||
Series A Redeemable Preferred Stock, par value per share | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, shares issued | 106,000 | 106,000 |
Shares outstanding, preferred stock | 84,000 | 89,000 |
Series M1 Preferred Stock [Member] | ||
Series A Redeemable Preferred Stock, par value per share | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 43,000 | 19,000 |
Shares outstanding, preferred stock | 41,000 | 19,000 |
Common Stock [Member] | ||
Common Stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 400,067,000 | 400,067,000 |
Common Stock, Shares, Issued | 52,975,000 | 49,994,000 |
Common stock, shares outstanding | 52,975,000 | 49,994,000 |
Mortgages [Member] | ||
Deferred loan costs, accumulated amortization | $ 39,288 | $ 46,241 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues: | |||
Rental revenues | $ 404,581,000 | $ 445,815,000 | $ 406,916,000 |
Interest income on loan and note receivable | 43,819,000 | 46,610,000 | 49,542,000 |
Revenue from Related Parties | 1,644,000 | 4,235,000 | 11,946,000 |
miscellaneous revenues | 1,098,000 | 4,525,000 | 2,023,000 |
Total revenues | 451,142,000 | 501,185,000 | 470,427,000 |
Operating expenses: | |||
Property operating and maintenance | 61,517,000 | 69,992,000 | 59,906,000 |
property salaries related party | 19,451,000 | 22,377,000 | 20,693,000 |
Property management fees | 3,463,000 | 4,989,000 | 13,981,000 |
Real estate taxes | 60,727,000 | 63,820,000 | 58,018,000 |
General and administrative | 29,144,000 | 28,534,000 | 4,525,000 |
Share-based Compensation | 3,289,000 | 1,644,000 | 1,223,000 |
Depreciation and amortization | 169,193,000 | 201,677,000 | 185,065,000 |
Management fees | 0 | 3,099,000 | 33,516,000 |
Loans and Leases Receivable, Allowance | 874,000 | 6,103,000 | 2,038,000 |
Allowance for Loan and Lease Losses, Loans Acquired | (874,000) | (6,103,000) | (2,038,000) |
Other Expenses | 970,000 | 180,116,000 | 2,988,000 |
Total operating expenses | 348,628,000 | 582,351,000 | 381,953,000 |
manager's fees deferred | 0 | (1,136,000) | (11,764,000) |
Operating Expenses | 348,628,000 | 581,215,000 | 370,189,000 |
Operating Income (Loss) | 122,958,000 | (56,888,000) | 101,805,000 |
Interest Expense | 102,414,000 | 118,558,000 | 111,964,000 |
Gain (Loss) on Extinguishment of Debt | 0 | 6,674,000 | 84,000 |
Gain (Loss) on Sales of Loans, Net | (12,000) | 517,000 | 954,000 |
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | 102,514,000 | (80,030,000) | 100,238,000 |
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | (665,000) | (314,000) | 0 |
Gains (Losses) on Sales of Investment Real Estate | 21,109,000 | 23,456,000 | 0 |
Gain (Loss) on Sales of Mortgage Backed Securities (MBS) | 0 | 0 | 1,567,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 20,532,000 | (181,603,000) | (7,458,000) |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 20,532,000 | (181,603,000) | (7,458,000) |
net loss attributable to non-controlling interests | (86,000) | 3,815,000 | 214,000 |
Net loss attributable to the Company | 20,446,000 | (177,788,000) | (7,244,000) |
Dividends to preferred stockholders | (153,418,000) | (160,908,000) | (113,772,000) |
NetIncomeAllocatedToUnvestedRestrictedShares | (514,000) | (205,000) | (17,000) |
Net Income (Loss) Available to Common Stockholders, Basic | $ (133,486,000) | $ (338,901,000) | $ (121,033,000) |
Earnings Per Share, Basic | $ (2.59) | $ (6.95) | $ (2.73) |
Dividends, Common Stock, Cash | $ 37,143,000 | $ 38,868,000 | $ 46,755,000 |
Common Stock, Dividends, Per Share, Declared | $ 0.7875 | $ 1.05 | $ 1.02 |
Weighted Average Number of Shares Outstanding, Diluted | 51,499,000 | 48,743,000 | 44,265,000 |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $ 0 | $ 0 | $ 1,831,000 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement Parentheticals [Abstract] | |||
property management fees paid to related party | $ 0 | $ 894 | $ 10,307 |
Related Party Transaction, Property, Salary, And Benefits, Reimbursement Fees | $ 0 | $ 1,430 | $ 18,054 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Total | Series A Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member]Series A Preferred Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Series A Preferred Stock [Member] | Accumulated Deficit [Member] | Accumulated Deficit [Member]Series A Preferred Stock [Member] | Total Stockholders' Equity [Member] | Total Stockholders' Equity [Member]Series A Preferred Stock [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member]Series A Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member]Series A Preferred Stock [Member] | Preferred Stock [Member]Capital Unit, Class A | ClassBUnits [Member] | ClassBUnits [Member]Common Stock [Member] | ClassBUnits [Member]Additional Paid-in Capital [Member] | ClassBUnits [Member]Accumulated Deficit [Member] | ClassBUnits [Member]Total Stockholders' Equity [Member] | ClassBUnits [Member]Noncontrolling Interest [Member] | ClassBUnits [Member]Preferred Stock [Member]Series A Preferred Stock [Member] | Class A Units | Class A UnitsCommon Stock [Member] | Class A UnitsAdditional Paid-in Capital [Member] | Class A UnitsAccumulated Deficit [Member] | Class A UnitsTotal Stockholders' Equity [Member] | Class A UnitsNoncontrolling Interest [Member] | Class A UnitsPreferred Stock [Member]Series A Preferred Stock [Member] |
Proceeds from Issuance of Preferred Stock and Preference Stock | $ (501,076,000) | $ 548,638,000 | $ 0 | $ 548,632,000 | $ 548,638,000 | $ 6,000 | |||||||||||||||||||||||
Balance at Dec. 31, 2018 | 1,609,385,000 | $ 418,000 | $ 1,607,712,000 | $ 0 | $ 1,608,146,000 | $ 1,239,000 | 16,000 | ||||||||||||||||||||||
Stock Redeemed or Called During Period, Value | (12,105,000) | 36,000 | (12,140,000) | 0 | (12,105,000) | 0 | (1,000) | ||||||||||||||||||||||
exercise of warrants | 11,495,000 | 9,000 | 11,486,000 | 0 | 11,495,000 | 0 | 0 | ||||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Units | 0 | 1,000 | 676,000 | 0 | 677,000 | (677,000) | 0 | ||||||||||||||||||||||
amortization of Class A Unit awards | $ 591,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 591,000 | $ 0 | ||||||||||||||||||||||
Syndication and offering costs | (60,165,000) | 0 | (60,165,000) | 0 | (60,165,000) | 0 | 0 | ||||||||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | 632,000 | 0 | 632,000 | 0 | 632,000 | 0 | 0 | ||||||||||||||||||||||
Dividends, Common Stock, Cash | (46,755,000) | 0 | (46,755,000) | 0 | (46,755,000) | 0 | $ 0 | ||||||||||||||||||||||
Balance at Dec. 31, 2019 | 1,934,116,000 | 464,000 | 1,938,057,000 | (7,244,000) | 1,931,298,000 | 2,818,000 | 21,000 | ||||||||||||||||||||||
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2019 | (7,414,000) | 0 | 0 | (7,414,000) | (7,414,000) | 0 | 0 | ||||||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (7,458,000) | 0 | 0 | (7,244,000) | (7,244,000) | (214,000) | 0 | ||||||||||||||||||||||
Contribution from non-controlling interests | 4,538,000 | 0 | 0 | 0 | 0 | 4,538,000 | 0 | ||||||||||||||||||||||
non-controlling interest equity adjustment | 0 | 0 | 1,751,000 | 0 | 1,751,000 | (1,751,000) | 0 | ||||||||||||||||||||||
Payments to Noncontrolling Interests | (908,000) | 0 | 0 | 0 | 0 | (908,000) | 0 | ||||||||||||||||||||||
Dividends, Preferred Stock | (113,772,000) | 0 | (113,772,000) | $ 0 | (113,772,000) | $ 0 | 0 | ||||||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | (206,381,000) | 227,630,000 | 0 | 227,627,000 | 0 | 227,630,000 | 3,000 | ||||||||||||||||||||||
Stock Redeemed or Called During Period, Value | (314,267,000) | 28,000 | (314,290,000) | 0 | (314,267,000) | 0 | (5,000) | ||||||||||||||||||||||
exercise of warrants | 8,000 | 0 | 8,000 | 0 | 8,000 | 0 | 0 | ||||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Units | 0 | 2,000 | 2,236,000 | 0 | 2,238,000 | (2,238,000) | 0 | ||||||||||||||||||||||
amortization of Class A Unit awards | $ 247,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 247,000 | $ 0 | ||||||||||||||||||||||
Syndication and offering costs | 25,935,000 | 0 | 25,935,000 | 0 | 25,935,000 | 0 | 0 | ||||||||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | 1,397,000 | 0 | 1,397,000 | 0 | 1,397,000 | 0 | 0 | ||||||||||||||||||||||
Dividends, Common Stock, Cash | (38,868,000) | 0 | (38,868,000) | 0 | (38,868,000) | 0 | 0 | ||||||||||||||||||||||
Balance at Dec. 31, 2020 | 1,438,448,000 | 500,000 | 1,631,646,000 | (192,446,000) | 1,439,719,000 | (1,271,000) | 19,000 | ||||||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (181,603,000) | 0 | 0 | (177,788,000) | (177,788,000) | (3,815,000) | 0 | ||||||||||||||||||||||
Contribution from non-controlling interests | 186,000 | 0 | 0 | 0 | 0 | 186,000 | 0 | ||||||||||||||||||||||
non-controlling interest equity adjustment | $ 0 | $ 0 | $ (2,286,000) | $ 0 | $ (2,286,000) | $ 2,286,000 | $ 0 | ||||||||||||||||||||||
minority interest decrease | 161,000 | 0 | 0 | 0 | 0 | 161,000 | 0 | ||||||||||||||||||||||
Payments to Noncontrolling Interests | (594,000) | 0 | 0 | 0 | 0 | (594,000) | $ 0 | ||||||||||||||||||||||
Dividends, Preferred Stock | (160,908,000) | 0 | (160,908,000) | 0 | (160,908,000) | 0 | 0 | ||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | 4,614,000 | 6,000 | 4,608,000 | 0 | 4,614,000 | 0 | 0 | ||||||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | (110,991,000) | 122,108,000 | 0 | 122,107,000 | 0 | 122,108,000 | 1,000 | ||||||||||||||||||||||
Stock Redeemed or Called During Period, Value | (380,071,000) | 0 | (380,067,000) | 0 | (380,071,000) | 0 | (4,000) | ||||||||||||||||||||||
exercise of warrants | 28,585,000 | 27,000 | 28,558,000 | 0 | 28,585,000 | 0 | 0 | ||||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Units | 0 | 2,000 | 1,666,000 | 0 | 1,668,000 | (1,668,000) | 0 | ||||||||||||||||||||||
Syndication and offering costs | (17,602,000) | 0 | (17,602,000) | 0 | (17,602,000) | 0 | 0 | ||||||||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | 3,167,000 | 0 | 3,167,000 | 0 | 3,167,000 | 0 | 0 | ||||||||||||||||||||||
Dividends, Common Stock, Cash | (37,143,000) | 0 | (37,143,000) | 0 | (37,143,000) | 0 | $ 0 | ||||||||||||||||||||||
Balance at Dec. 31, 2021 | 1,022,034,000 | 530,000 | 1,195,775,000 | (172,000,000) | 1,024,321,000 | (2,287,000) | 16,000 | ||||||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 20,532,000 | 0 | 0 | 20,446,000 | 20,446,000 | 86,000 | 0 | ||||||||||||||||||||||
non-controlling interest equity adjustment | 0 | 0 | (3,138,000) | 0 | (3,138,000) | 3,138,000 | 0 | ||||||||||||||||||||||
minority interest decrease | 2,215,000 | 0 | 0 | 0 | 0 | 2,215,000 | 0 | ||||||||||||||||||||||
Payments to Noncontrolling Interests | $ (357,000) | $ 0 | $ 0 | $ 0 | $ 0 | $ (357,000) | 0 | ||||||||||||||||||||||
Dividends, Preferred Stock | $ (153,418,000) | $ 0 | $ (153,418,000) | $ 0 | $ (153,418,000) | $ 0 | $ 0 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Common Stock, Dividends, Per Share, Declared | $ 0.7875 | $ 1.05 | $ 1.02 |
Series A Preferred Stock [Member] | |||
Preferred Stock, Dividends Per Share, Declared | 5 | 5 | 5 |
Series A1 And M1 Preferred Stock | |||
Preferred Stock, Dividends Per Share, Declared | 5 | ||
Minimum [Member] | Series M Preferred Stock [Member] | |||
Preferred Stock, Dividends Per Share, Declared | 4.79 | 4.79 | 4.79 |
Minimum [Member] | Series A1 And M1 Preferred Stock | |||
Preferred Stock, Dividends Per Share, Declared | 5.08 | ||
Maximum [Member] | Series M Preferred Stock [Member] | |||
Preferred Stock, Dividends Per Share, Declared | 6.25 | $ 6.25 | $ 6.25 |
Maximum [Member] | Series A1 And M1 Preferred Stock | |||
Preferred Stock, Dividends Per Share, Declared | $ 5.92 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities: | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 20,532,000 | $ (181,603,000) | $ (7,458,000) |
Reconciliation of net loss to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 169,193,000 | 201,677,000 | 185,065,000 |
Amortization of above and below Market Leases | (5,706,000) | (8,021,000) | (5,765,000) |
Deferred fee income amortization | (5,660,000) | (5,059,000) | (6,274,000) |
amortization of purchase option termination fee income | (9,712,000) | (6,536,000) | (9,111,000) |
Deferred Sales Inducement Cost, Amortization Expense | 5,914,000 | 4,267,000 | 3,220,000 |
Deferred loan cost amortization | 6,461,000 | 6,855,000 | 6,450,000 |
deferred interest income | (9,769,000) | (12,372,000) | (13,828,000) |
Share-based Compensation | 15,258,000 | 14,391,000 | 8,063,000 |
Gains (Losses) on Sales of Investment Real Estate | (21,109,000) | (23,456,000) | 0 |
Proceeds from Sale of Land Held-for-use | (12,000) | 517,000 | 2,521,000 |
Gain (Loss) From Unconsolidated Joint Ventures | 665,000 | 314,000 | 0 |
cash inflows purchase option terminations | 12,489,000 | 7,000,000 | 3,591,000 |
Gain (Loss) on Extinguishment of Debt | 0 | 6,674,000 | 84,000 |
Non-Cash Settlement Of Related Party Line Of Credit From Internalizations | 0 | 20,864,000 | 0 |
noncash loan interest income | 0 | 0 | (637,000) |
cash inflows mortgage interest from consolidated VIE | 0 | 0 | 18,750,000 |
mortgage interes cash outflows consolidated VIE | 0 | 0 | (18,750,000) |
Provision for Loan and Lease Losses | 672,000 | 6,103,000 | 2,038,000 |
Changes in operating assets and liabilities: | |||
(Increase) in tenant accounts receivable | (5,432,000) | (24,819,000) | (21,209,000) |
(Increase) decrease in other assets | 3,208,000 | 7,084,000 | 1,518,000 |
Increase (Decrease) in Deferred Liabilities | 0 | 22,851,000 | 0 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 0 | 15,000,000 | 0 |
Increase in accounts payable and accrued expenses | 5,026,000 | (2,805,000) | 2,405,000 |
Net cash provided by (used in) operating activities | 182,042,000 | 47,892,000 | 145,631,000 |
Investing activities: | |||
Investments in real estate loans | (66,562,000) | (58,519,000) | (97,636,000) |
Proceeds from Principal Repayments on Loans and Leases Held-for-investment | 140,094,000 | 115,726,000 | 54,384,000 |
Deferred real estate loan income | 1,863,000 | 15,249,000 | (2,602,000) |
Deferred acquisition fee on real estate loans | 0 | (5,078,000) | (5,219,000) |
Proceeds from Sale of Loans Receivable | 12,706,000 | 3,898,000 | 747,000 |
Mortgage principal received via consolidated VIE | 0 | 0 | 6,570,000 |
Payments to Acquire Mortgage-backed Securities (MBS), Available-for-sale | 0 | 0 | (30,841,000) |
Proceeds from Sale of Mortgage-backed Securities (MBS), Available-for-sale | 0 | 0 | 79,558,000 |
Payments to Acquire Real Estate | (335,252,000) | (322,027,000) | (619,236,000) |
Acquisition of properties, net | 354,241,000 | 516,264,000 | 643,000 |
Proceeds from Sale of Real Estate Held-for-investment | (2,742,000) | (50,000) | (100,000) |
proceeds from sale of interest in joint venture | (30,313,000) | (52,809,000) | (48,071,000) |
return of capital from joint venture | 0 | 19,221,000 | 0 |
Receipt of insurance proceeds for capital improvements | 0 | 12,250,000 | 0 |
Proceeds from Sale of Productive Assets | 0 | 0 | 746,000 |
Net cash (used in) investing activities | 74,035,000 | 244,125,000 | (661,057,000) |
Financing activities: | |||
Proceeds from mortgage notes payable | 309,839,000 | 469,184,000 | 405,430,000 |
Extinguishment of Debt, Amount | (113,083,000) | (438,308,000) | (176,903,000) |
Payments for mortgage loan costs | (5,859,000) | (12,140,000) | (8,705,000) |
Payment for Debt Extinguishment or Debt Prepayment Cost | 0 | (5,733,000) | 0 |
Payments to real estate loan participants | 0 | 0 | (5,223,000) |
Proceeds from non-revolving lines of credit | 293,000,000 | 442,000,000 | 265,200,000 |
Payments on revolving lines of credit | (315,000,000) | (420,000,000) | (322,200,000) |
Proceeds from Short-term Debt | 0 | ||
Repayments of Short-term Debt | (70,000,000) | 70,000,000 | |
Mortgage principal paid to other participants of consolidated VIEs | 0 | 0 | (6,570,000) |
Proceeds from Securities Purchased under Agreements to Resell | 0 | 0 | 4,857,000 |
Payments to Acquire Available-for-sale Securities | 0 | 0 | (4,857,000) |
Proceeds from Issuance of Preferred Stock and Preference Stock | 110,991,000 | 206,381,000 | 501,076,000 |
Proceeds from Issuance of Common Stock | 28,154,000 | 4,546,000 | 11,659,000 |
Preferred Stock, Redemption Amount | (379,997,000) | (314,154,000) | (12,124,000) |
Dividends declared and paid | (36,282,000) | (42,100,000) | (45,439,000) |
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | (154,904,000) | (161,746,000) | (111,738,000) |
Payments for deferred offering costs, net of non cash items | (3,557,000) | (11,509,000) | (4,013,000) |
Payments of Ordinary Dividends, Noncontrolling Interest | (2,215,000) | (161,000) | 0 |
Proceeds from Noncontrolling Interests | 0 | 186,000 | 4,539,000 |
Net Cash Provided by (Used in) Financing Activities | (268,913,000) | (353,554,000) | 564,989,000 |
Cash and Cash Equivalents, Period Increase (Decrease) | (12,836,000) | (61,537,000) | 49,563,000 |
Cash beginning of period | 75,716,000 | 137,253,000 | 87,690,000 |
Cash end of period | 62,880,000 | 75,716,000 | 137,253,000 |
Noncash Investing and Financing Items [Abstract] | |||
Cash paid for interest | 96,118,000 | 111,076,000 | 103,298,000 |
Accrued capital expenditures | 4,766,000 | 5,189,000 | 4,816,000 |
receivable for deferred offering costs | 3,643,000 | 2,724,000 | 261,000 |
Writeoff of fully amortized deferred loan costs | 4,068,000 | 2,828,000 | 1,919,000 |
Variable Interest Entity, Consolidated, Assets, Noncurrent, Pledged | 0 | 0 | 270,669,000 |
Variable Interest Entity, Consolidated, Liabilities, Noncurrent | 0 | 0 | 270,670,000 |
deconsolidation of VIE assets | 0 | 0 | 578,707,000 |
deconsolidation of VIE liabilities | 0 | 0 | 578,707,000 |
Accrued and payable deferred offering costs | 0 | 98,000 | 3,836,000 |
Reclass of offering costs from deferred asset to equity | 6,107,000 | 4,671,000 | 12,551,000 |
loan receivables converted to equity for property acquisition | 0 | 0 | 47,797,000 |
Share-based Compensation | 6,686,000 | 6,461,000 | 719,000 |
Loans Assumed | 0 | 0 | 41,550,000 |
mortgage debt refinanced | 78,181,000 | 86,669,000 | 65,607,000 |
Proceeds from Delayed Tax Exempt Exchange | 0 | 15,912,000 | 0 |
Noncash Extinguishment Of notes Receivable | 0 | 20,865,000 | 0 |
Non-Cash Contribution of Property into an Unconsolidated Joint Venture | 0 | 38,443,000 | 0 |
Noncash or Part Noncash Acquisition, Debt Assumed | 454,808,000 | 0 | 0 |
Common Stock [Member] | |||
Noncash Investing and Financing Items [Abstract] | |||
Dividends payable | 9,785,000 | 8,924,000 | 12,156,000 |
Series A Preferred Stock [Member] | |||
Financing activities: | |||
Proceeds from Issuance of Preferred Stock and Preference Stock | (122,108,000) | (227,630,000) | (548,638,000) |
Noncash Investing and Financing Items [Abstract] | |||
Dividends payable | 10,127,000 | 11,213,000 | 11,363,000 |
Parent [Member] | |||
Operating activities: | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 20,446,000 | (177,788,000) | (7,244,000) |
Parent [Member] | Series A Preferred Stock [Member] | |||
Financing activities: | |||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ (122,108,000) | $ (227,630,000) | $ (548,638,000) |
Real Estate Assets Contribution
Real Estate Assets Contributions to revenue and net income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Combination, Separately Recognized Transactions [Line Items] | |||
Revenues | $ 451,142 | $ 501,185 | $ 470,427 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 20,532 | $ (181,603) | $ (7,458) |
Business Combination Disclosure | Real Estate Assets The Company's real estate assets consisted of: As of: (unaudited) December 31, 2021 December 31, 2020 Residential properties: Properties (1) 41 (1, 2) 37 Units 12,052 11,143 New Market Properties: Properties 54 ( 2, 3) 54 Gross leasable area (square feet) (3) 6,210,778 6,208,278 Preferred Office Properties: (4) Properties 2 9 Rentable square feet 1,072,000 3,169,000 Land 1 2 Rentable square feet — 35,000 (1) The acquired second phases of certain communities are managed in combination with the initial phases, and so together are considered a single property. (2) One multifamily community and two grocery-anchored shopping centers are owned through consolidated joint ventures. One grocery-anchored shopping center is an investment in an unconsolidated joint venture. (3) The Company also owns approximately 47,600 square feet of gross leasable area of ground floor retail space which is embedded within the Lenox Portfolio and is not included in the totals above for New Market Properties. (4) Eight of our office properties and the real estate loan investment supporting the 8West office building were sold during the third and fourth quarters 2021. Impacts of COVID-19 Pandemic The COVID-19 pandemic that spread throughout the country during 2020 and 2021 impacted earnings for commercial real estate to some degree but has not had a profound widespread negative effect on the valuations of real estate assets. The Company is continuing to monitor the spread and impact of the variants of COVID-19 as well as vaccination rates in its markets. The Company does not consider this event to be a triggering event for purposes of impairment, since overall occupancy rates for the Company’s real estate assets have not materially declined and the Company has continued to collect substantially all rent due. Thus, there is no evidence of declining valuations or a triggering event. Residential properties acquired During the years ended December 31, 2021 and 2020, the Company completed the acquisition of the following multifamily communities: Acquisition date Property Location Units 2021: 6/30/2021 The Ellison Atlanta, Georgia 250 7/8/2021 Alleia at Presidio Ft. Worth, Texas 231 9/14/2021 The Anson Nashville, Tennessee 301 9/16/2021 The Kingson Fredericksburg, Virginia 240 9/17/2021 Chestnut Farm Charlotte, North Carolina 256 1,278 2020: 3/31/2020 Horizon at Wiregrass Tampa, Florida 392 4/30/2020 Parkside at the Beach Panama City Beach, Florida 288 11/2/2020 The Blake Orlando, Florida 281 12/15/2020 The Menlo Jacksonville, Florida 332 1,293 The aggregate purchase prices of the multifamily acquisitions were approximately $336.1 million and $276.9 million for the acquisitions completed during the years ended December 31, 2021 and 2020 respectively, exclusive of acquired escrows, security deposits, prepaids, capitalized acquisition costs and other miscellaneous assets and assumed li abilities. The Company allocated the purchase prices and capitalized acquisition costs to the acquired assets and liabilities based upon their fair values, as shown in the following table. The purchase price allocations were based upon the Company's best estimates of the fair values of the acquired assets and liabilities. Multifamily Communities acquired during the years ended December 31, (In thousands, except amortization period data) 2021 2020 Land $ 27,639 $ 28,074 Buildings and improvements 250,833 194,434 Furniture, fixtures and equipment 51,628 50,170 Lease intangibles 6,989 8,635 Prepaids & other assets 372 354 Accrued taxes (1,464) (437) Security deposits, prepaid rents, and other liabilities (831) (742) Net assets acquired $ 335,166 $ 280,488 Cash paid $ 89,335 $ 144,016 Mortgage debt, net 245,831 136,472 Total consideration $ 335,166 $ 280,488 Year ended December 31, 2021: Revenue $ 8,847 $ 25,162 Net income (loss) $ (5,387) $ (7,656) Year ended December 31, 2020: Revenue $ — $ 9,328 Net income (loss) $ — $ (6,244) Capitalized acquisition costs incurred by The Company $ 1,018 $ 4,370 Remaining amortization period of intangible assets and liabilities (months) 7.1 0 Multifamily communities sold On July 19, 2021, the Company closed on the sal e of its 369-unit multifamily community in Houston, Texas, or Vineyards, to an unrelated third party for a sales price of approximately $62.0 million, exclusive of closing costs and resulting in a gain of approximately $20.0 million, net of disposition costs that is included in the line entitled Gain on sale of real estate, net on the Company's Consolidated Statements of Operations for the year ended December 31, 2021. Vineyards contributed approximat ely $0.3 million of net loss to t he consolidated operating results of the Company for the year ended December 31, 2021. The carrying amounts of the significant assets and liabilities of the disposed property at the date of sale were: (In thousands) Vineyards Real estate assets: Land $ 5,456 Building and improvements 43,437 Furniture, fixtures and equipment 5,218 Accumulated depreciation (12,879) Total assets, net $ 41,232 Liabilities: Mortgage note payable $ 32,291 On November 12, 2020, the Company closed on the sal e of its 395-unit multifamily community in San Antonio, Texas, or Avenues at Creekside, to an unrelated third party for a sales price of approximately $62.7 million, exclusive of closing costs and resulting in a gain of approximately $17.3 million, net of disposition costs. Avenues at Creekside contributed approximately $0.3 million of net income to t he consolidated operating results of the Company for the year ended December 31, 2020. Student housing properties sold On November 3, 2020 the Company sold all eight of its student housing communities and one real estate loan investment to an unrelated third party for an aggregate purchase price of $478.7 million exclusive of closing costs and resulting in a gain of $2.9 million. The disposed assets collectively contributed approximately $5.3 million of net loss to the consolidated operating results of the Company for the year ended December 31, 2020. New Market Properties assets acquired The Company acquired no grocery-anchored shopping centers during 2021. During the year ended December 31, 2020, the Company completed the acquisition of the following grocery-anchored shopping centers: Acquisition date Property Location Gross leasable area (square feet) 1/29/2020 Wakefield Crossing Raleigh, North Carolina 75,927 3/19/2020 Midway Market Dallas, Texas 85,599 161,526 The aggregate purchase price of the New Market Properties acquisitions for the year ended December 31, 2020 was approximately $27.7 million, exclusive of acquired escrows, security deposits, prepaid assets, capitalized acquisition costs and other miscellaneous assets and assumed liabilities. The Company allocated the purchase prices to the acquired assets and liabilities based upon their fair values and was based upon the Company's best estimates of the fair values of the acquired assets and liabilities. The Company did not acquire any grocery-anchored shopping centers during 2021. Preferred Office Properties assets sold During the year ended December 31, 2021, the Company completed the disposition of the following office buildings: Date Property Location 7/29/2021 Galleria 75 Atlanta, Georgia 7/29/2021 150 Fayetteville Raleigh, North Carolina 7/29/2021 Capitol Towers Charlotte, North Carolina 7/29/2021 CAPTRUST Tower Raleigh, North Carolina 7/29/2021 Morrocroft Centre Charlotte, North Carolina 9/8/2021 Armour Yards Portfolio Atlanta, Georgia 11/12/2021 Brookwood Center Birmingham, Alabama The aggregate sales price of the disposed office properties was approximately $767.0 million and resulted in a gain on sale of approximately $0.4 million, net of disposition costs and is included in the line entitled Gain on sale of real estate, net on the Company's Consolidated Statements of Operations for the year ended December 31, 2021. The disposal group was a component of the Company's Preferred Office Properties segment and contributed approximately $3,000,000.0 million of net income to t he consolidated operating results of the Company for the year ended December 31, 2021. The carrying amounts of the significant assets and liabilities of the disposed properties at the dates of sale were: (In thousands) Preferred Office Properties' assets sold during the year ended December 31, 2021 Real estate assets: Land $ 75,829 Building and improvements 665,169 Furniture, fixtures and equipment 87 Lease intangibles 69,098 Accumulated depreciation (82,124) Total assets, net $ 728,059 Liabilities: Mortgage notes payable $ 465,886 The Company had no sales of Preferred Office Properties' assets during the year ended December 31, 2020. The Company recorded aggregate amortization and depreciation expense of: Years ended December 31, (In thousands) 2021 2020 2019 Depreciation: Buildings and improvements $ 99,115 $ 113,402 $ 99,137 Furniture, fixtures, and equipment 40,836 50,474 50,747 $ 139,951 $ 163,876 $ 149,884 Amortization: Acquired intangible assets $ 27,439 36,030 $ 34,057 Deferred leasing costs 1,635 1,576 933 Website development costs 168 195 191 Total depreciation and amortization $ 169,193 $ 201,677 $ 185,065 At December 31, 2021, the Company had recorded acquired gross intangible assets of $225.8 million, accumulated amortization of $166.2 million, gross intangible liabilities of $70.9 million and accumulated amortization of $36.3 million. Net intangible assets and liabilities as of December 31, 2021 will be amortized over the weighted average remaining amortization periods of approximately 6.4 and 8.1 years, respectively. Included in the Company's aggregate restricted cash of approximately $32.7 million at December 31, 2021 was approximately $10.8 million tha t was contractually restricted to fund capital expenditures and other property-level commitments such as tenant improvements and leasing commissions. Purchase Options In the course of extending real estate loan investments for property development, the Company will often receive an exclusive option to purchase the property once development and stabilization are complete. If the Company determines that it does not wish to acquire t he property, in certain cases it has t he right to sell its purchase option back to the borrower for a termination fee in the amount of the purchase option discount. These fees are treated as additional interest revenue and are amortized over the period ending with the earlier of (i) the sale of the underlying property and (ii) the maturity of the real estate loans. The Company recorded approximately $9.7 million, $6.5 million and $9.1 million of interest revenue from the amortization of these purchase option terminations for the years ended December 31, 2021, 2020 and 2019, respectively. Equity Method Investments On December 8, 2021, the Company entered into an equity commitment of $2.0 million to partially finance the development and construction of a grocery-anchored shopping center to be located in the Charleston, South Carolina MSA. The Company will earn a fixed return of 12% per annum over an anticipated investment life of between 24 and 36 months from the development project and the Company will have a five year right of first offer to purchase the interests of the other investors in the project. On July 15, 2020, the Company contributed its Neapolitan Way grocery-anchored shopping center that was previously wholly-owned and consolidated into a joint venture in exchange for approximately $19.2 million and 50% interest in the joint venture. The Company realized a gain on the transaction of approximately $3.3 million and now holds its remaining interest in the property via an unconsolidated joint venture and retain a 50% voting and financial interest. The following tables summarize the balance sheet and statements of operations data for the Neapolitan Way shopping center subsequent to its contribution into the joint venture as of and for the periods presented: December 31, (In thousands) 2021 2020 Total assets $ 36,687 $ 39,109 Total liabilities $ 24,703 $ 25,795 For the year ended December 31, 2021 2020 Rental and other property revenues $ 3,370 $ 1,423 Total operating expenses $ 3,776 $ 1,721 Interest expense $ 924 $ 330 Net income (loss) $ (1,330) $ (628) Net income (loss) attributable to the Company $ (665) $ (314) |
Quarterly Financial Data (Detai
Quarterly Financial Data (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Revenues | $ 451,142 | $ 501,185 | $ 470,427 |
Operating Income (Loss) | 122,958 | (56,888) | 101,805 |
Net Income (Loss) Attributable to Parent | 20,446 | (177,788) | (7,244) |
Net Income (Loss) Available to Common Stockholders, Basic | $ (133,486) | $ (338,901) | $ (121,033) |
Earnings Per Share, Basic | $ (2.59) | $ (6.95) | $ (2.73) |
Weighted Average Number of Shares Outstanding, Diluted | 51,499,000 | 48,743,000 | 44,265,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 20,532 | $ (181,603) | $ (7,458) |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2021 | |
Organization [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation Preferred Apartment Communities, Inc., or the Company, (NYSE: APTS) is a real estate investment trust ("REIT") engaged primarily in the ownership and operation of Class A multifamily properties, with select investments in grocery anchored shopping centers and Class A office buildings. Preferred Apartment Communities’ investment objective is to generate attractive, stable returns for stockholders by investing in income-producing properties and acquirin g or originating real estate loans. As of December 31, 2021, the Company owned or was invested in 109 properties in 13 states, predominantly in the Southeast region of the United States. Preferred Apartment Communities, Inc. has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, commencing with its tax year ended December 31, 2011. The Company was externally managed and advised by Preferred Apartment Advisors, LLC, or its Former Manager, a Delaware limited liability company and related party until January 31, 2020 (see Note 6). As of December 31, 2021, the Company had 52,974,760 shares of common stock, par value $0.01 per share, or Common Stock, issued and outstanding and was the approximate 99.1% owner of the Preferred Apartment Communities Operating Partnership, L.P., the Company's operating partnership, at that date. The number of partnership units not owned by the Company totaled 467,662 at December 31, 2021 and represented Class A OP Units of the Operating Partnership, or Class A OP Units. The Class A OP Units are convertible at any time at the option of the holder into the Operating Partnership's choice of either cash or Common Stock. In the case of cash, the value is determined based upon the trailing 20-day volume weighted average price of the Company's Common Stock. The Company controls the Operating Partnership through its sole general partner interest and conducts substantially all of its business through the Operating Partnership until January 31, 2020. Beginning February 1, 2020, the Company conducts substantially all of its business through PAC Operations, LLC, or Carveout, a wholly-owned subsidiary of the Operating Partnership. Carveout has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, commencing with its tax year ended December 31, 2020. The Company has determined the Operating Partnership is a variable interest entity, or VIE, of whic h the Company is the primary beneficiary. The Company is involved with other VIEs as discussed in Note 4. New Market Properties, LLC owns and conducts the business of our portfolio of grocery-anchored shopping centers. Preferred Office Properties, LLC owns and conducts the business of our portfolio of office buildings. Preferred Campus Communities, LLC owned and conducted the business of our portfolio of off-campus student housing communities until the sale of all our student housing communities on November 3, 2020. Each of these entities are or were indirect wholly-owned subsidiaries of the Operating Partnership. See Note 16 for details surrounding the pending acquisition of the Company by Blackstone Real Estate Income Trust, Inc. Basis of Presentation These consolidated financial statements include all of the accounts of the Company and the Operating Partnership presented in accordance with accounting principles generally accepted in the United States of America, or GAAP. All significant intercompany transactions have been eliminated in consolidation. Certain adjustments have been made consisting of normal recurring accruals, which, in the opinion of management, are necessary for a fair presentation of the Company's financial condition and results of operations. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Amounts are presented in thousands where indicated. Reclassification Adjustments The Company recorded certain reclassification adjustments on its Condensed Consolidated Statement of Operations for the years ended December 31, 2020 and 2019, to conform prior period presentation to the current presentation reflective of the internalized structure as shown in the table below. None of these reclassification adjustments were due to error or misstatement. For the twelve-month period ended December 31, 2019 (in thousands) As reported in Annual Report on Form 10-K at December 31, 2019 Reclassification adjustments As reported in Annual Report on Form 10-K at December 31, 2021 Rental revenues $ 395,121 $ 11,795 $ 406,916 Other property revenues $ 11,795 $ (11,795) $ — Operating expenses: Property operating and maintenance $ 52,911 $ 6,995 $ 59,906 Real estate taxes $ 50,298 $ (50,298) $ — Real estate taxes and insurance $ — $ 58,018 $ 58,018 General and administrative $ 8,541 $ (4,016) $ 4,525 Insurance, professional fees and other expenses $ 13,687 $ (13,687) $ — Management internalization expense $ — $ 2,988 $ 2,988 For the twelve-month period ended December 31, 2020 (in thousands) As reported in Annual Report on Form 10-K at December 31, 2020 Reclassification adjustments As reported in Annual Report on Form 10-K at December 31, 2021 Miscellaneous Revenues $ 5,537 $ (1,012) $ 4,525 Operating expenses: Property operating and maintenance $ 69,255 $ 737 $ 69,992 Real estate taxes and insurance $ 63,294 $ 526 $ 63,820 General and administrative $ 30,809 $ (2,275) $ 28,534 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Acquisitions and Impairments of Real Estate Assets When the Company acquires a property, it allocates the aggregate purchase price to tangible assets, consisting of land, building, site improvements and furniture, fixtures and equipment, and identifiable intangible assets, consisting of the value of in-place leases and above-market and below-market leases as described further below, using estimated fair values of each component at the time of purchase. The Company follows the guidance as outlined in ASC 805-10, Business Combinations, as amended by ASU 2017-01. As described below in the section entitled New Accounting Pronouncements, Accounting Standards Update 2017-01 was adopted by the Company effective January 1, 2017, which changed the definition of a business. Under this new guidance, most property acquisitions made by the Company will fall within the category of acquired assets rather than acquired businesses . This distinction will cause the Company to capitalize its costs for acquisitions (including, effective July 1, 2017, a 1% acquisition fee), al locate them to the fair value of acquired assets and liabilities and amortize these costs over the remaining useful lives of those assets and liabilities. Should the Company complete any acquisitions in the future which qualify as acquisitions of businesses, associated acquisition costs would be expensed as incurred. Tangible assets The fair values of land acquired is calculated under the highest and best use model, using formal appraisals and comparable land sales, among other inputs. Building value is determined by valuing the property on a “go-dark” basis as if it were vacant, and also using a replacement cost approach, which two results are then reconciled. Site improvements are valued using replacement cost. Management determines the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases, including leasing commissions and other related costs. The values of furniture, fixtures, and equipment are estimated by calculating their replacement cost and reducing that value by factors based upon estimates of their remaining useful lives. Identifiable intangible assets In-place leases Multifamily communities The fair value of in-place leases are estimated by calculating the estimated time to fill a hypothetically empty apartment complex to its stabilization level (estimated to be 93% occupancy) based on historical observed move-in rates for each property, and which approximate market rates. Carrying costs during these hypothetical expected lease-up periods are estimated, considering current market conditions and include real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates. The intangible assets are calculated by estimating the net cash flows of the in-place leases to be realized, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. The acquired in-place lease values are amortized over the average remaining non-cancelable term of the respective in-place leases in the depreciation and amortization line of the statements of operations. Grocery-anchored shopping centers and office properties The fair value of in-place leases represent the value of direct costs associated with leasing, including opportunity costs associated with lost rentals that are avoided by acquiring in-place leases. Direct costs associated with obtaining a new tenant include commissions, legal and marketing costs, incentives such as tenant improvement allowances and other direct costs. Such direct costs are estimated based on our consideration of current market costs to execute a similar lease. The value of opportunity costs is calculated using the estimated market lease rates and the estimated absorption period of the space. These direct costs and opportunity costs are included in the accompanying consolidated balance sheets as acquired intangible assets and are amortized over the remaining term of the respective leases in the depreciation and amortization line of the statements of operations. Above-market and below-market lease values Multifamily communities These values are usually not significant or are not applicable for these properties. Grocery-anchored shopping centers and office properties The values of above-market and below-market leases are developed by comparing the Company's estimate of the average market rents and expense reimbursements to the average contract rent at the property acquisition date. The amount by which contract rent and expense reimbursements exceed estimated market rent are summed for each individual lease and discounted for a singular aggregate above-market lease intangible asset for the property. The amount by which estimated market rent exceeds contract rent and expense reimbursements are summed for each individual lease and discounted for a singular aggregate below-market lease intangible liability. The above-market or below-market lease values are recorded as a reduction or increase, respectively, to rental revenue over the remaining noncancellable term of the respective leases, plus any below-market probable renewal options. Impairment Assessment The Company evaluates its tangible and identifiable intangible real estate assets for impairment when events such as declines in a property’s operating performance, deteriorating market conditions, or environmental or legal concerns bring recoverability of the carrying value of one or more assets into question. When qualitative factors indicate the possibility of impairment, the total undiscounted cash flows of the property, including proceeds from disposition, are compared to the net book value of the property. If this test indicates that impairment exists, an impairment loss is recorded in earnings equal to the shortage of the book value to fair value, calculated as the discounted net cash flows of the property. Real Estate Loan Investments The Company carries its investments in real estate loans at amortized cost with assessments made for expected loan loss allowances in the event recoverability of the principal amount becomes doubtful. The balances of real estate loans presented on the consolidated balance sheets consist of drawn amounts on the loans, net of unamortized deferred loan origination fees and current expected credit losses. Interest income on real estate loans and notes receivable is recognized on an accrual basis over the lives of the loans or notes. In the event that a loan or note is refinanced with the proceeds of another loan issued by the Company, any unamortized loan fee revenue from the first loan will be recognized as interest revenue at the date of refinancing. Loan origination fees applicable to real estate loans are amortized over the lives of the loans as adjustments to interest income using the effective interest rate method. When there is concern as to the ultimate collection of principal or interest, the Company either ceases the accrual of interest, or records allowances as necessary. Certain real estate loan assets include limited purchase options or additional amounts of accrued interest. Additional accrued interest becomes due in cash to the Company on the earliest to occur of: (i) the maturity of the loan, (ii) any uncured event of default as defined in the associated loan agreement, (iii) the sale of the project or the refinancing of the loan (other than a refinancing loan by the Company or one of its affiliates) and (iv) any other repayment of the loan. On January 1, 2020, the Company adopted ASU 2016-13, that replaced the incurred loss model with an expected loss model for instruments measured at amortized cost, and requires entities to record credit allowances for total expected future losses on financial assets at the outset of each loan. For each loan in which the Company is the lender, the amount of protection afforded to the Company is estimated to be the excess of the future estimated fair market value of the developed property over the developer’s related obligations (including the Company’s mezzanine or member loan(s)), other loans senior to the Company's, the expected future balance of accrued interest and any other obligations related to the project’s funding. The excess represents the amount of equity dollars in each real estate project plus profit expected to be realized by the developer on the project, both of which are in a subordinate position to the Company's real estate loan investments. This numeric result is expressed as a percentage of the developed property's future estimated fair market value (a "loss reserve ratio"), which is then pooled into ranges of loss percentages that was derived from company-specific loss experience. The product of this indicated loss reserve ratio and the expected fully-funded balance (inclusive of an expected future balance of accrued interest) is the initial total expected credit loss reserve. Over the life of the loan, the initial reserve is reevaluated for potential reduction at the achievement of certain milestones in construction and lease-up progress as the project approaches completion and the loan approaches maturity, given no unforeseen degradation in project performance or failure to adhere to the terms of the loan by the borrower/developer. Finally, the loss reserve may be further refined by the Company due to any subjective qualitative factors deemed pertinent and worthy of reflection. Reserves for current expected credit losses are written off when the instrument is deemed to be uncollectible. The Company implemented this new guidance by applying this model to its existing portfolio of real estate loan investments using the modified retrospective method and in doing so, recorded a cumulative effect adjustment to retained earnings on January 1, 2020. See note 4. The Company's real estate loan investments are collateralized by real estate development projects and secured further by guaranties of repayment from one or more of the borrowers. The Company's lines of credit receivable are typically only collateralized by personal guaranties, but occasionally may be cross-collateralized by interests in other real estate projects. As a result, the Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property, as well as the financial and operating capability of the borrower. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess (i) whether cash from operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan, and/or (iii) the property’s liquidation value. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the overall economic environment, real estate sector, and geographic submarket in which the borrower operates are considered. Such analyses are completed and reviewed by management, utilizing various data sources, including periodic financial data such as property operating statements, occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, capitalization and discount rates and site inspections, the results of which are included within the Company's expected loss model. See the Revenue Recognition section of this Note for other loan-related policy disclosures. Deferred Leasing Costs Costs incurred to obtain tenant leases are amortized using the straight-line method over the term of the related lease agreement. Such costs include lease incentives, leasing commissions and legal costs. If the lease is terminated early, the remaining unamortized deferred leasing cost is written off. Variable Interest Entities A variable interest entity, or “VIE” is an entity that lacks sufficient equity to finance its activities without additional subordinated financial support from other parties, or whose equity holders lack the characteristics of a controlling financial interest. A VIE is consolidated by its primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through the (a) power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (b) obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. The Company assesses whether it meets the power and benefits criteria and in performing this analysis, the Company considers both qualitative and quantitative factors, including the Company’s ability to control or significantly influence key decisions of the VIE and the obligation or likelihood for the Company to fund operating losses of the VIE. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, may involve significant judgment, including the determination of which activities most significantly affect the entities’ performance, and estimates about the current and future fair values and performance of assets held by the VIE. If the Company determines that it meets both the power and benefits criteria of the VIE, the Company is deemed to be the primary beneficiary of the VIE and the Company consolidates the entire VIE entity in its consolidated financial statements. Purchase Option Terminations The Company will occasionally receive a purchase option and/or a right of first offer on the underlying property in conjunction with extending a real estate loan investment to the developer of the property. The purchase option is in some instances at a discount to the to-be-agreed-upon market value of the property, once stabilized. If the Company elects not to exercise the purchase option and acquire the property, it may negotiate to sell the purchase option back to the developer and receive a termination fee in consideration. The amount of the termination fee is accounted for as additional interest on the real estate loan investment and is recognized as interest revenue utilizing the effective interest method over the period beginning from the date of election until the earlier of (i) the maturity of the real estate loan investment and (ii) the sale of the property. Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Restricted cash includes cash restricted by state law or contractual requirement and relates primarily to real estate tax and insurance escrows, capital improvement reserves and resident security deposits. Fair Value Measurements Certain assets and liabilities are required to be carried at fair value, or if they are deemed impaired, to be adjusted to reflect this condition. The Company follows the guidance provided by ASC 820, Fair Value Measurements and Disclosures , in accounting and reporting for real estate assets where appropriate, as well as debt instruments both held for investment and as liabilities. The standard requires disclosure of fair values calculated utilizing each of the following input type within the following hierarchy: • Level 1 – Quoted prices in active markets for identical assets or liabilities at the measurement date. • Level 2 – Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. • Level 3 – Unobservable inputs for the asset or liability. Deferred Loan Costs Deferred loan costs are amortized using the effective interest rate method, over the terms of the related indebtedness. Non-controlling Interest Non-controlling interest represents the equity interest of the Operating Partnership that is not owned by the Company, as well as the equity interests held by our joint venture partners. Non-controlling interest is adjusted for contributions, distributions and earnings or loss attributable to the non-controlling interest in the consolidated entity in accordance with the Agreement of Limited Partnership of the Operating Partnership, as amended, or in accordance with the respective joint venture agreement. Redeemable Preferred Stock Shares of the Series A Redeemable Preferred Stock, stated value $1,000 per share, or Series A Preferred Stock, Series A1 Redeemable Preferred Stock, stated value $1,000 per share, or Series A1 Preferred Stock, Series M Redeemable Preferred Stock, stated value $1,000 per share, or mShares, and Series M1 Redeemable Preferred Stock, stated value $1,000 per share, or Series M1 Preferred Stock (collectively, Preferred Stock), are redeemable at the option of the holder, subject to a declining redemption fee schedule. Voluntary redemptions by the holder are outside the control of the Company. However, the Company retains the right to fund any redemptions of any of its shares of Preferred Stock in either Common Stock or cash at its option. Therefore, the Company records all its Preferred Stock as components of permanent stockholders’ equity. In the event of a call by the Company of outstanding shares of its Preferred Stock, the Company records the difference between the consideration paid to the holder of the Preferred Stock and the carrying value of the shares on the Company's consolidated balance sheets as a deemed dividend that is subtracted from net income to arrive at income available to common stockholders in the calculation of earnings per share. Deferred Offering Costs Deferred offering costs represent direct costs incurred by the Company related to current equity offerings, excluding costs specifically identifiable to a closing, such as commissions, dealer-manager fees, and other registration fees. For issuances of equity that occur on one specific date, associated offering costs are reclassified as a reduction of proceeds raised on the date of issue. The Company's offerings of Preferred Stock generally close on a bimonthly basis in variable amounts. Deferred offering costs related to the Preferred Stock offerings are reclassified to the stockholders’ equity section of the consolidated balance sheet as a reduction of proceeds raised on a pro-rata basis equal to the ratio of total shares or value of shares issued to the maximum number of shares or the value of shares, as applicable, that are expected to be issued. Revenue Recognition Multifamily communities Rental revenue is recognized when earned from residents of the Company's multifamily communities, which is over the terms of the rental agreements, typically a duration of thirteen months or less. The Company evaluates the collectability of amounts due from residents and recognizes revenue from residents when collectability is deemed probable, in accordance with ASC 842-30-25-12. The Company evaluated the various ancillary revenues within its multifamily leases, including resident utility reimbursements. Having met the criteria that (i) the timing and pattern of transfer for the lease component and associated non-lease components are the same and (ii) that the lease component, if accounted for separately would be classified as an operating lease, the Company has elected the practical expedient under ASC 842, Leases, paragraph 10-15-42 A, to elect reporting the lease component and non-lease components as one single component within the rental and other property revenues line on the Consolidated Statements of Operations. Revenue from utility reimbursements are considered variable lease payments and are recognized in the period in which the related expenses are incurred. Grocery-anchored shopping centers and office properties Our retail leases have original lease terms which generally range from three ten . Our office building leases have original lease terms which generally range from five Base rental revenue from tenants' operating leases is a lease component revenue in the Company's grocery-anchored shopping centers and office properties and is recognized on a straight-line basis over the term of the lease. Revenue based on "percentage rent" provisions that provide for additional rents that become due upon achievement of specified sales revenue targets (as specified in each lease agreement) is recognized only after the tenant exceeds its specified sales revenue target. Revenue from reimbursements of the tenants' share of real estate taxes, insurance and common area maintenance, or CAM, costs represent non-lease component revenue. Having met the criteria that (i) the timing and pattern of transfer for the lease component and associated non-lease components are the same and (ii) that the lease component, if accounted for separately would be classified as an operating lease, the Company has elected the practical expedient under ASC 842, Leases, paragraph 10-15-42A, to elect reporting the lease component and non-lease components as one single component under Rental and other property revenues recognized in accordance with ASC 842. Reimbursement revenue and percentage rent were previously presented in the Company’s Other Property Revenues line item. For presentation purposes, the Company has reclassified its revenue from reimbursements into Rental and other property revenues for all periods presented, for comparability. Revenue from reimbursements are considered variable lease payments and are recognized in the period in which the related expenses are incurred. The Company does not record income and offsetting expense for certain variable costs paid directly to third parties by lessees on behalf of lessors. Non-lease components which do not qualify under the practical expedient primarily include lease termination income and other ancillary revenue (e.g. application fees, license fees, late fees and tenant billbacks). These items are recorded under Rental and other property revenues. Lease termination revenues are recognized ratably over the revised remaining lease term after giving effect to the termination notice or when tenant vacates and the Company has no further obligations under the lease. Rents and tenant reimbursements collected in advance are recorded as prepaid rent within other liabilities in the accompanying consolidated balance sheets. The Company evaluated the collectability of the tenant receivable related to rental and reimbursement billings due from tenants and straight-line rent receivables, which represent the cumulative amount of future adjustments necessary to present rental revenue on a straight-line basis, by taking into consideration the Company's historical write-off experience, tenant credit-worthiness, current economic trends, and remaining lease terms. The Company evaluates the collectability of these amounts and recognizes revenue related to tenants where collectability is deemed probable, in accordance with ASC 842-30-25-12. The Company previously recorded bad debt expense within the Property operating and maintenance expense line item, and upon adoption of ASC 842 on January 1, 2019, began recording amounts not deemed probable of collection as a reduction of rental revenues and other property revenues, as applicable. The Company may provide grocery-anchored shopping center and office building tenants an allowance for the construction of leasehold improvements. Leasehold improvements that are owned by the Company are capitalized and depreciated over the shorter of the useful life of the improvements or the remaining lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements, the allowance is considered to be a lease incentive and is recognized over the lease term as a reduction of rental revenue. Determination of the appropriate accounting for the payment of a tenant allowance is made on a lease-by-lease basis, considering the facts and circumstances of the individual tenant lease. When the Company is the owner of the leasehold improvements, recognition of rental revenue commences when the lessee is given possession of the leased space upon completion of tenant improvements. However, when the leasehold improvements are owned by the tenant, the lease inception date is the date the tenant obtains possession of the leased space for purposes of constructing its leasehold improvements. For our office properties, if the improvement is deemed to be a “landlord asset,” and the tenant funded the tenant improvements, the cost is amortized over the term of the underlying lease with a corresponding recognition of rental revenues. In order to qualify as a landlord asset, the specifics of the tenant’s assets are reviewed, including the Company's approval of the tenant’s detailed expenditures, whether such assets may be usable by other future tenants, whether the Company has consent to alter or remove the assets from the premises and generally remain the Company's property at the end of the lease. Gains on sales of real estate assets The Company recognizes gains on sales of real estate based on the difference between the consideration received and the carrying amount of the distinct asset, including the carrying amount of any liabilities relieved or assumed by the purchasing counterparty and net of disposition expenses. Lessee accounting The Company has evaluated its leases for which it is the lessee to determine the value of any right of use assets and related lease li abilities. The Company has one ground lease related to our grocery-anchored shopping center assets. Ground leases generally have extended terms (e.g. over twenty years with multiple renewal options) and generally have base rent with CPI-based increases. The Company evaluated its renewal option periods in quantifying its asset and liability related to the ground lease. In d etermining the value of its right of use asset and lease liability, the Company used discount rates comparable to recent loan rates obtained on comparative properties within its portfolio. The Company’s right of use asset and related lease liability in accordance with ASC 842-20-30 related to this ground lease are recorded within the Tenant Receivables and Other assets and the Security deposits and other liabilities line items of the balance sheet, respectively. The Company is also the lessee of its coporate office space, which contains rent increases over the remaining weighted average life of approximately 4.0 years. The Company is also the lessee of furniture and equipment leases such as office equipment, which generally are three Capitalization and Depreciation The Company capitalizes tenant improvements, replacements of furniture, fixtures and equipment, as well as carpet, appliances, air conditioning units, certain common area items and other assets. Significant repair and renovation costs that improve the usefulness or extend the useful life of the properties are also capitalized. These assets are then depreciated on a straight-line basis over their estimated useful lives, as follows: • Buildings: 30 - 50 years • Furniture, fixtures & equipment: 3 - 10 years • Improvements to buildings and land: 5 - 20 years • Tenant improvements: shorter of economic life or lease term Operating expenses related to unit turnover costs, such as carpet cleaning and minor repairs are expensed as incurred. Income Taxes The Company has elected to be taxed as a REIT under the Code. To continue to qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company's annual REIT taxable income to its stockholders (which is computed without regard to the dividends paid deduction and excluding net capital gain, which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes 90% of the Company's annual REIT taxable income to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could have a material adverse affect on the Company's net income and net cash available for distribution to stockholders. The Company intends to operate in such a manner as to maintain its qualification as a REIT. The Company recognizes a liability for uncertain tax positions. An uncertain tax position is defined as a position taken or expected to be taken in a tax return that is not based on clear and unambiguous tax law and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company measures the tax benefits recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The Company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes. Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income or loss available to common stockholders by the weighted average number of shares of Common Stock outstanding for the period. Net income or loss attributable to common stockholders is calculated by deducting dividends due to preferred stockholders, including deemed non-cash dividends emanating from beneficial conversion features within convertible preferred stock, as well as nonforfeitable dividends due to holders of unvested restricted stock, which are participating securities under the two-class method of calculating earnings per share. Diluted earnings (loss) per share is computed by dividing net income or net loss available to common stockholders by the weighted average number of shares of Common Stock outstanding adjusted for the effect of dilutive securities such as share grants or warrants. No adjustment is made for potential common stock equivalents that are anti-dilutive during the period. New Accounting Pronouncements Standard Description Date of Adoption Effect on the Consolidated Financial Statements Recently Issued Accounting Guidance Not Yet Adopted ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting The new standard enables affected entities to elect from a series of practical expedients designed to ease the transition from referenced base rates within contracts designated to be replaced by Reference Rate Reform. The amendments are effective March 12, 2020 through December 31, 2022. ASU 2020-04 will be applicable to the Company's variable-rate debt instruments for which the Company is the borrower, which bear interest at a spread over the 1-month London Interbank Offer Rate (1-month LIBOR). Among the practical expedients are the option to elect prospective adjustment of the effective interest rate, foregoing reassessment of any instruments under loan modification rules. The Company is monitoring developments pertaining to Reference Rate Reform and does not currently anticipate ASU 2020-04 to have a material effect on its results of operations. |
Real Estate Assets (Notes)
Real Estate Assets (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate Assets [Abstract] | |
Business Combination Disclosure | Real Estate Assets The Company's real estate assets consisted of: As of: (unaudited) December 31, 2021 December 31, 2020 Residential properties: Properties (1) 41 (1, 2) 37 Units 12,052 11,143 New Market Properties: Properties 54 ( 2, 3) 54 Gross leasable area (square feet) (3) 6,210,778 6,208,278 Preferred Office Properties: (4) Properties 2 9 Rentable square feet 1,072,000 3,169,000 Land 1 2 Rentable square feet — 35,000 (1) The acquired second phases of certain communities are managed in combination with the initial phases, and so together are considered a single property. (2) One multifamily community and two grocery-anchored shopping centers are owned through consolidated joint ventures. One grocery-anchored shopping center is an investment in an unconsolidated joint venture. (3) The Company also owns approximately 47,600 square feet of gross leasable area of ground floor retail space which is embedded within the Lenox Portfolio and is not included in the totals above for New Market Properties. (4) Eight of our office properties and the real estate loan investment supporting the 8West office building were sold during the third and fourth quarters 2021. Impacts of COVID-19 Pandemic The COVID-19 pandemic that spread throughout the country during 2020 and 2021 impacted earnings for commercial real estate to some degree but has not had a profound widespread negative effect on the valuations of real estate assets. The Company is continuing to monitor the spread and impact of the variants of COVID-19 as well as vaccination rates in its markets. The Company does not consider this event to be a triggering event for purposes of impairment, since overall occupancy rates for the Company’s real estate assets have not materially declined and the Company has continued to collect substantially all rent due. Thus, there is no evidence of declining valuations or a triggering event. Residential properties acquired During the years ended December 31, 2021 and 2020, the Company completed the acquisition of the following multifamily communities: Acquisition date Property Location Units 2021: 6/30/2021 The Ellison Atlanta, Georgia 250 7/8/2021 Alleia at Presidio Ft. Worth, Texas 231 9/14/2021 The Anson Nashville, Tennessee 301 9/16/2021 The Kingson Fredericksburg, Virginia 240 9/17/2021 Chestnut Farm Charlotte, North Carolina 256 1,278 2020: 3/31/2020 Horizon at Wiregrass Tampa, Florida 392 4/30/2020 Parkside at the Beach Panama City Beach, Florida 288 11/2/2020 The Blake Orlando, Florida 281 12/15/2020 The Menlo Jacksonville, Florida 332 1,293 The aggregate purchase prices of the multifamily acquisitions were approximately $336.1 million and $276.9 million for the acquisitions completed during the years ended December 31, 2021 and 2020 respectively, exclusive of acquired escrows, security deposits, prepaids, capitalized acquisition costs and other miscellaneous assets and assumed li abilities. The Company allocated the purchase prices and capitalized acquisition costs to the acquired assets and liabilities based upon their fair values, as shown in the following table. The purchase price allocations were based upon the Company's best estimates of the fair values of the acquired assets and liabilities. Multifamily Communities acquired during the years ended December 31, (In thousands, except amortization period data) 2021 2020 Land $ 27,639 $ 28,074 Buildings and improvements 250,833 194,434 Furniture, fixtures and equipment 51,628 50,170 Lease intangibles 6,989 8,635 Prepaids & other assets 372 354 Accrued taxes (1,464) (437) Security deposits, prepaid rents, and other liabilities (831) (742) Net assets acquired $ 335,166 $ 280,488 Cash paid $ 89,335 $ 144,016 Mortgage debt, net 245,831 136,472 Total consideration $ 335,166 $ 280,488 Year ended December 31, 2021: Revenue $ 8,847 $ 25,162 Net income (loss) $ (5,387) $ (7,656) Year ended December 31, 2020: Revenue $ — $ 9,328 Net income (loss) $ — $ (6,244) Capitalized acquisition costs incurred by The Company $ 1,018 $ 4,370 Remaining amortization period of intangible assets and liabilities (months) 7.1 0 Multifamily communities sold On July 19, 2021, the Company closed on the sal e of its 369-unit multifamily community in Houston, Texas, or Vineyards, to an unrelated third party for a sales price of approximately $62.0 million, exclusive of closing costs and resulting in a gain of approximately $20.0 million, net of disposition costs that is included in the line entitled Gain on sale of real estate, net on the Company's Consolidated Statements of Operations for the year ended December 31, 2021. Vineyards contributed approximat ely $0.3 million of net loss to t he consolidated operating results of the Company for the year ended December 31, 2021. The carrying amounts of the significant assets and liabilities of the disposed property at the date of sale were: (In thousands) Vineyards Real estate assets: Land $ 5,456 Building and improvements 43,437 Furniture, fixtures and equipment 5,218 Accumulated depreciation (12,879) Total assets, net $ 41,232 Liabilities: Mortgage note payable $ 32,291 On November 12, 2020, the Company closed on the sal e of its 395-unit multifamily community in San Antonio, Texas, or Avenues at Creekside, to an unrelated third party for a sales price of approximately $62.7 million, exclusive of closing costs and resulting in a gain of approximately $17.3 million, net of disposition costs. Avenues at Creekside contributed approximately $0.3 million of net income to t he consolidated operating results of the Company for the year ended December 31, 2020. Student housing properties sold On November 3, 2020 the Company sold all eight of its student housing communities and one real estate loan investment to an unrelated third party for an aggregate purchase price of $478.7 million exclusive of closing costs and resulting in a gain of $2.9 million. The disposed assets collectively contributed approximately $5.3 million of net loss to the consolidated operating results of the Company for the year ended December 31, 2020. New Market Properties assets acquired The Company acquired no grocery-anchored shopping centers during 2021. During the year ended December 31, 2020, the Company completed the acquisition of the following grocery-anchored shopping centers: Acquisition date Property Location Gross leasable area (square feet) 1/29/2020 Wakefield Crossing Raleigh, North Carolina 75,927 3/19/2020 Midway Market Dallas, Texas 85,599 161,526 The aggregate purchase price of the New Market Properties acquisitions for the year ended December 31, 2020 was approximately $27.7 million, exclusive of acquired escrows, security deposits, prepaid assets, capitalized acquisition costs and other miscellaneous assets and assumed liabilities. The Company allocated the purchase prices to the acquired assets and liabilities based upon their fair values and was based upon the Company's best estimates of the fair values of the acquired assets and liabilities. The Company did not acquire any grocery-anchored shopping centers during 2021. Preferred Office Properties assets sold During the year ended December 31, 2021, the Company completed the disposition of the following office buildings: Date Property Location 7/29/2021 Galleria 75 Atlanta, Georgia 7/29/2021 150 Fayetteville Raleigh, North Carolina 7/29/2021 Capitol Towers Charlotte, North Carolina 7/29/2021 CAPTRUST Tower Raleigh, North Carolina 7/29/2021 Morrocroft Centre Charlotte, North Carolina 9/8/2021 Armour Yards Portfolio Atlanta, Georgia 11/12/2021 Brookwood Center Birmingham, Alabama The aggregate sales price of the disposed office properties was approximately $767.0 million and resulted in a gain on sale of approximately $0.4 million, net of disposition costs and is included in the line entitled Gain on sale of real estate, net on the Company's Consolidated Statements of Operations for the year ended December 31, 2021. The disposal group was a component of the Company's Preferred Office Properties segment and contributed approximately $3,000,000.0 million of net income to t he consolidated operating results of the Company for the year ended December 31, 2021. The carrying amounts of the significant assets and liabilities of the disposed properties at the dates of sale were: (In thousands) Preferred Office Properties' assets sold during the year ended December 31, 2021 Real estate assets: Land $ 75,829 Building and improvements 665,169 Furniture, fixtures and equipment 87 Lease intangibles 69,098 Accumulated depreciation (82,124) Total assets, net $ 728,059 Liabilities: Mortgage notes payable $ 465,886 The Company had no sales of Preferred Office Properties' assets during the year ended December 31, 2020. The Company recorded aggregate amortization and depreciation expense of: Years ended December 31, (In thousands) 2021 2020 2019 Depreciation: Buildings and improvements $ 99,115 $ 113,402 $ 99,137 Furniture, fixtures, and equipment 40,836 50,474 50,747 $ 139,951 $ 163,876 $ 149,884 Amortization: Acquired intangible assets $ 27,439 36,030 $ 34,057 Deferred leasing costs 1,635 1,576 933 Website development costs 168 195 191 Total depreciation and amortization $ 169,193 $ 201,677 $ 185,065 At December 31, 2021, the Company had recorded acquired gross intangible assets of $225.8 million, accumulated amortization of $166.2 million, gross intangible liabilities of $70.9 million and accumulated amortization of $36.3 million. Net intangible assets and liabilities as of December 31, 2021 will be amortized over the weighted average remaining amortization periods of approximately 6.4 and 8.1 years, respectively. Included in the Company's aggregate restricted cash of approximately $32.7 million at December 31, 2021 was approximately $10.8 million tha t was contractually restricted to fund capital expenditures and other property-level commitments such as tenant improvements and leasing commissions. Purchase Options In the course of extending real estate loan investments for property development, the Company will often receive an exclusive option to purchase the property once development and stabilization are complete. If the Company determines that it does not wish to acquire t he property, in certain cases it has t he right to sell its purchase option back to the borrower for a termination fee in the amount of the purchase option discount. These fees are treated as additional interest revenue and are amortized over the period ending with the earlier of (i) the sale of the underlying property and (ii) the maturity of the real estate loans. The Company recorded approximately $9.7 million, $6.5 million and $9.1 million of interest revenue from the amortization of these purchase option terminations for the years ended December 31, 2021, 2020 and 2019, respectively. Equity Method Investments On December 8, 2021, the Company entered into an equity commitment of $2.0 million to partially finance the development and construction of a grocery-anchored shopping center to be located in the Charleston, South Carolina MSA. The Company will earn a fixed return of 12% per annum over an anticipated investment life of between 24 and 36 months from the development project and the Company will have a five year right of first offer to purchase the interests of the other investors in the project. On July 15, 2020, the Company contributed its Neapolitan Way grocery-anchored shopping center that was previously wholly-owned and consolidated into a joint venture in exchange for approximately $19.2 million and 50% interest in the joint venture. The Company realized a gain on the transaction of approximately $3.3 million and now holds its remaining interest in the property via an unconsolidated joint venture and retain a 50% voting and financial interest. The following tables summarize the balance sheet and statements of operations data for the Neapolitan Way shopping center subsequent to its contribution into the joint venture as of and for the periods presented: December 31, (In thousands) 2021 2020 Total assets $ 36,687 $ 39,109 Total liabilities $ 24,703 $ 25,795 For the year ended December 31, 2021 2020 Rental and other property revenues $ 3,370 $ 1,423 Total operating expenses $ 3,776 $ 1,721 Interest expense $ 924 $ 330 Net income (loss) $ (1,330) $ (628) Net income (loss) attributable to the Company $ (665) $ (314) |
Real Estate Loans, Notes Receiv
Real Estate Loans, Notes Receivable, and Lines of Credit | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Real Estate Loans, Notes Receivable, and Line of Credit | Real Estate Loans, Notes Receivable, and Lines of Credit Our portfolio of fixed rate, interest-only real estate loans, all of which supported multifamily community developments consisted of: December 31, 2021 December 31, 2020 Number of loans 11 20 Number of underlying properties in development 10 14 (In thousands) Drawn amount $ 206,270 $ 290,156 Deferred loan origination fees (1,755) (1,194) Allowances for expected credit losses (8,095) (9,067) Carrying value $ 196,420 $ 279,895 Unfunded loan commitments $ 61,952 $ 44,403 Weighted average current interest, per annum (paid monthly) 8.58 % 8.50 % Weighted average accrued interest, per annum 3.53 % 3.91 % (In thousands) Principal balance Deferred loan origination fees Allowances and CECL Reserves Carrying value Balances as of December 31, 2020 $ 290,156 $ (1,194) $ (9,067) $ 279,895 Loan fundings 68,943 — — 68,943 Loan repayments (140,094) — — (140,094) Loans and accrued interest settled through sale (12,735) — 202 (12,533) Loan origination fees collected — (2,381) — (2,381) Amortization of loan origination fees — 1,820 — 1,820 Reserve increases due to loan originations — — (1,471) (1,471) Net changes in reserves on existing loans or loans repaid — — 2,241 2,241 Balances as of December 31, 2021 $ 206,270 $ (1,755) $ (8,095) $ 196,420 Effective June 30, 2019, the Company amended and sold its senior construction loan on the 8West office development to a third party and collected a gross fee of $1.55 million from the buyer. On July 29, 2021, we sold our 8West real estate loan investment along with seven of our office properties for total consideration of $725 million. The Company originated the following real estate loan investments during the year ended December 31, 2021, all of which are supporting multifamily community projects: Project/Property Location Maturity date Optional extension date Total loan commitments ( in thousands ) Current / deferred interest % per annum Hudson at Metro West Orlando, FL 9/1/2024 3/1/2026 $ 16,791 8.5 / 4.5 Populus at Pooler Savannah, GA 5/27/2025 5/27/2026 15,907 8.5 / 4.25 Populus at Pooler Capital Savannah, GA 5/27/2025 5/27/2026 1,169 8.5 / 4.25 Oxford Club Drive Atlanta, GA 2/11/2025 2/11/2027 23,150 8.5 / 4.5 Menlo II Jacksonville, FL 4/14/2025 4/14/2027 16,610 8.5 / 3.5 Beaver Ruin Atlanta, GA 5/3/2025 11/3/2026 9,133 8.5 / 4.5 One Nexton Charleston, SC 12/16/2022 n/a 6,265 11.0 / - $ 89,025 The Company's real estate loan investments are primarily collateralized by 100% of the membership interests of the underlying project entity, and, where considered necessary, by unconditional joint and several repayment guaranties and performance guaranties by the principal(s) of the borrowers. These guaranties generally remain in effect until the receipt of a final certificate of occupancy. All of the guaranties are subject to the rights held by the senior lender pursuant to a standard intercreditor agreement. Prepayment of the real estate loans are permitted in whole, but not in part, without the Company's consent. The Company established total expected credit losses against its existing portfolio of real estate loan investments on January 1, 2020. In doing so, it recorded a cumulative effect reduction adjustment to retained earnings of approximately $7.4 million. For the year ended December 31, 20 21, the Company recorded an aggregate net decrease in its provision for expected credit losses of approximately $1.0 million, primarily related to the repayment or sale of multiple loans, partially offset by the origination of seven new loans. The Company's total allowance for expected credit losses for the years ended December 31, 2021 and December 31, 2020 were as follows: For the year ended December 31, (In thousands) 2021 2020 Allowances recorded for interest receivable: Haven Campus Communities, LLC line of credit $ 1,644 $ 1,649 Starkville real estate loan — 652 Net increases (decreases) in current expected loss reserves on existing loans (770) 3,802 Total allowance for expected credit losses $ 874 $ 6,103 The COVID-19 pandemic has, and will continue to have, impacts upon the development activity underlying our real estate loan investments, including the availability of labor, the supply and availability of construction materials and the ability to achieve leased stabilization. The Company's Berryessa real estate loan investment carried a 4.0% final reserve ratio at December 31, 2021. The project experienced a temporary construction delay due to effects of the COVID-19 pandemic but has received its final certificates of occupancy in 2020 and was 93% leased at December 31, 2021. The Company assesses its real estate loan investment portfolio for impacts from COVID-19 at each quarter end. The Company can make no assurances that economic or industry conditions or other circumstances will not lead to increases in allowances for credit losses. Management monitors the credit quality of the obligors under each of the Company's real estate loans by tracking the timeliness of scheduled interest and principal payments relative to the due dates as specified in the loan documents, as well as draw requests on the loans relative to the project budgets. In addition, management monitors the actual progress of development and construction relative to the construction plan, as well as local, regional and national economic conditions that may bear on our current and target markets. The Company's Starkville loan had been in default since August 20, 2019 under the terms of the underlying mezzanine loan agreement. The Company recorded a loan loss reserve related to this loan totaling $1.4 million, reducing its net investment in the Starkville loan from $7.3 million, including accrued interest of $1.2 million, to a carrying amount of $5.9 million as of December 31, 2019 and an additional $2.1 million on January 1, 2020 with the Company's adoption of ASU 2016-13. This loan was included in the sale of the Company's eight student properties that closed on November 3, 2020. As described in note 2, the Company assesses the credit quality of its real estate loan investments by a calculated loss reserve ratio, which is an internally-developed credit quality indicator. Loss reserve ratios reflect the amount of protection afforded by the amount of equity and debt financing subordinate to the Company's position in the project; higher reserve ratios reflect a lower amount of invested dollars junior to the Company's position. The following table presents the Company's aggregation of loan amounts (including unpaid interest) by final reserve ratio as of December 31, 2021: Final reserve ratio Number of loans Total receivables by project, net of reserves (in thousands) < 1.00% 1 $ 10,951 1.00% - 1.99% 9 60,209 2.00% - 2.99% — — 3.00% - 3.99% 1 144,248 4.00% - 4.99% — — 5.00% + — — 11 $ 215,408 At December 31, 2021, the Company's portfolio of notes and lines of credit receivable consisted of: Borrower Date of loan Maturity date Total loan commitments Outstanding balance as of: Interest rate December 31, 2021 December 31, 2020 (in thousands) Haven Campus Communities, LLC (1,2) 6/11/2014 12/31/2018 $ 11,660 $ 9,011 $ 9,011 8 % Oxford Capital Partners, LLC (3,4) 10/5/2015 3/15/2022 1,250 — 1,256 10 % Oxford Capital Partners II, LLC (3,4) 3/30/2021 3/15/2022 5,300 — — 10 % Mulberry Development Group, LLC (5) 3/31/2016 6/30/2022 500 — 607 12 % Unamortized loan fees — — $ 18,710 $ 9,011 $ 10,874 (1) See related party disclosure in Note 6. (2) The amount payable under the note is collateralized by one of the principals of the borrower's 49.49% interest in an unrelated shopping center located in Atlanta, Georgia and a personal guaranty of repayment by the principals of the borrower. (3) The amounts payable under the terms of this revolving credit line, up to the lesser of 25% of the loan balance or $2.0 million, are collateralized by a personal guaranty of repayment by the principals of the borrower. (4) The overall decrease in the Oxford line of credit balance is a function of an approximate $5.0 million paydown on July 31, 2020, that was required as part of the line of credit agreement whenever there is a defined Capital Transaction, generally triggered by the sale of a development property. (5) The amounts payable under the terms of these revolving credit lines are collateralized by a personal guaranty of repayment by the principals of the borrower. On November 20, 2018, the borrower on the Haven Campus Communities, LLC line of credit defaulted on the loan, triggering the accrual of an additional 10% default interest rate, which is incremental to the original 8% current interest rate. The amount of default interest recorded from the default date through December 31, 2021 was approximatel y $2.9 million. Under the terms of the loan, amounts collected are applied first to any legal costs incurred by the Company to collect a mounts due on the loan; second, to pay any accrued default and current interest on the loan; and third, to repay the principal amount owed. Based on the negotiated agreement between the Company and the borrowers, on March 27, 2019, the Company received the membership interests of the Rush student housing project in exchange for the complete settlement of the related Rush loans, which include the Haven Campus Communities Charlotte Member, LLC line of credit, the Rush mezzanine loan and the Rush member loan. Additionally, under the same agreement, the Company received payouts and credits totaling approximately $3.75 million towards the Haven Campus Communities, LLC line of credit. These amounts were applied in accordance with the terms of the line of credit. The Company retains a pledge of a 49.49% interest in an unrelated shopping center located in Atlanta, Georgia as collateral on the Haven Campus Communities, LLC line of credit, as well as personal guaranties of repayment from the principals of the borrower. In January 2019, the Company filed a lawsuit to collect the amounts owed under the line of credit it provided to Haven Campus Communities, LLC. In September 2019, Haven Campus Communities, LLC answered the lawsuit and filed counterclaims against the Company and its affiliates. At this time, the case is in discovery, so the Company is unable to make any estimates on timing or amounts that may be collected by the Company on its Haven Campus Communities, LLC line of credit. Additionally, in November 2020, the Company filed two lawsuits to collect past due rent owed to the Former Manager of the Company, as sub-landlord pursuant to (i) an office sublease agreement dated May 1, 2017 by and between the Former Manager and Elevation Development Group, LLC and (ii) an office sublease agreement dated October 1, 2014 by and among the Former Manager, as sub-landlord, and Haven Campus Communities, LLC and Madison Retail, LLC as sub-tenants. The Company retains partial personal guaranties of repayment from the principals of Haven Campus Communities, LLC and Madison Retail, LLC. In December 2020, the defendants answered the lawsuit and filed counterclaims against the Company and its affiliates. At this time, the case is in discovery, so the Company is unable to make any estimates on timing or amounts that may be collected by the Company on its subleases. The Company recorded interest income and other revenue from these instruments as follows: Interest income (in thousands) Years ended December 31, 2021 2020 2019 Real estate loans: Current interest $ 23,248 $ 29,557 $ 34,906 Additional accrued interest 9,769 12,372 13,829 Loan origination fee amortization 1,819 1,214 1,545 Purchase option termination fee amortization 9,712 6,536 9,111 Default interest 913 1,126 1,315 Total real estate loan revenue 45,461 50,805 60,706 Bank and money market accounts 2 40 687 Agency mortgage-backed securities — — 95 Interest income on loans and notes receivable $ 45,463 $ 50,845 $ 61,488 The Company extends loans for purposes such as to partially finance the development of multifamily residential communities, to acquire land in anticipation of developing and constructing multifamily residential communities, and for other real estate or real estate related projects. Certain of these loans include characteristics such as exclusive options to purchase the project within a specific time window following project completion and stabilization, the sufficiency of the borrowers' investment at risk and the existence of payment and performance guaranties provided by the borrowers, any of which can cause the loans to create variable interests to the Company and require further evaluation as to whether the variable interest creates a VIE, which would necessitate consolidation of the project. The Company considers the facts and circumstances pertinent to each entity borrowing under the loan, including the relative amount of financing the Company is contributing to the overall project cost, decision making rights or control held by the Company, guarantees provided by third parties, and rights to expected residual gains or obligations to absorb expected residual losses that could be significant from the project. If the Company is deemed to be the primary beneficiary of a VIE, consolidation treatment would be required. The Company has no decision making authority or power to direct activity, except normal lender rights, which are subordinate to the rights of the senior lenders on the projects. The Company has concluded that it is not the primary beneficiary of the borrowing entities and therefore it has not consolidated these entities in its consolidated financial statements. The Company's maximum exposure to loss from these loans is their drawn amount as of December 31, 2021 of approximately $206.3 million. The maximum aggregate amount of loans to be funded as of December 31, 2021 was approximately $268.2 million, which includes approximately $62.0 million of loan committed amounts not yet funded. The Company has evaluated its real e state loans, where appropriate, for accounting treatment as loans versus real estate development projects, as required by ASC 310. The Company evaluates the expected residual profit it expects to collect under the terms of the loan versus the expected residual profit expected to be collected by the developer (in conjunction with any equity investors, if applicable), along with the "loan versus investment" characteristics as set forth by ASC 310-25. For each loan, the characteristics and the facts and circumstances indicate that loan accounting treatment is appropriate in cases where (i) the majority of the expected residual profit is expected to be due the developer and (ii) the majority of "loan versus investment" tests indicate that the instrument is a loan. The Company is also subject to a geographic concentration of risk that could be considered significant with regard to the Beaver Ruin, Solis Cumming Town Center, and Oxford Club Drive real estate loan investments, all of which are partially supporting various real estate projects in or near Atlanta, Georgia. The drawn amount and outstanding accrued interest for these loans as of December 31, 2021 totaled approximately $24.6 million (with a total commitment amount of approximately $53.0 million). The event of a total failure to perform by the borrowers and guarantors would subject the Company to a total possible loss of the drawn amount and all outstanding accrued interest. The Company is also subject to a geographic concentration of risk that could be considered significant with regard to the Vintage Horizon West, Hudson at Metro West, and Menlo II real estate loan investments, all of which are partially supporting various real estate projects in Florida. The drawn amount and outstanding accrued interest for these loans as of December 31, 2021 totaled approximately $29.5 million (with a total commitment amount of approximately $44.3 million). The event of a total failure to perform by the borrowers and guarantors would subject the Company to a total possible loss of the drawn amount and all outstanding accrued interest. Freddie Mac K Program investments On May 23, 2018, the Company purchased a subordinate tranche of Series 2018-ML04, a pool of 20 multifamily mortgages with a total pool size of approximately $276.3 million, from Freddie Mac. The purchase price of the subordinate tranche was approximately $4.7 million. On December 10, 2019, the Company sold its investment in Series 2018-ML04 for $6.2 million. On March 28, 2019, the Company purchased a subordinate tranche of Series 2019-ML05, a pool of 21 multifamily mortgages with a total pool size of approximately $295.7 million, from Freddie Mac. The Company's tranche of the 2019-ML05 pool paid monthly interest of approximately $103,000. The purchase price of the subordinate tranche was approximately $18.4 million. On December 17, 2019, the Company sold its investment in Series 2019-ML05 for $20.4 million. Agency Mortgage-Backed Securities investments |
Redeemable Preferred Stock
Redeemable Preferred Stock | 12 Months Ended |
Dec. 31, 2021 | |
Redeemable Stock, Preferred [Abstract] | |
Preferred Stock [Text Block] | Redeemable Preferred Stock and Equity Offerings On February 14, 2020, the Company's offering of a maximum of 1,500,000 Units, with each Unit consisting of one share of Series A Redeemable Preferred Stock, par value $0.01 per share, and one Warrant to purchase up to 20 shares of Common Stock (the "$1.5 Billion Unit Offering") expir ed. See note 6 for discussion regarding a termination fee agreement with and payment to Preferred Capital Securities, LLC, or PCS, an affiliate of the Company, in conjunction with the Company's winding down of the $1.5 Billion Unit Offering. At December 31, 2021, the Company's active equity offerings consisted of: • an offering of up to 1,000,000 Shares of Series A1 Redeemable Preferred Stock ("Series A1 Preferred Stock"), Series M1 Redeemable Preferred Stock ("Series M1 Preferred Stock"), or a combination of both (collectively the "Series A1/M1 Offering"); and • an offering of up to $125 million of Common Stock from time to time in an "at the market" offering (the "2019 ATM Offering"). Certain offering costs are not related to specific closing transa ctions and are recognized as a reduction of stockholders' equity in the proportion of the number of instruments issued to the maximum number of shares of Preferred Stock anticipated to be issued. Any offering costs not yet reclassified as reductions of stockholders' equity are are reflected in the asset section of the consolidated balance sheets as deferred offering costs. Cumulative gross proceeds and offering costs for our equity offerings that were active during 2021 consisted of: Deferred Offering Costs (in thousands) Offering Total offering Gross proceeds as of December 31, 2021 Reclassified as reductions of stockholders' equity Recorded as deferred assets Total Specifically identifiable offering costs (1) Total offering costs Series A1/M1 Offering $ 1,000,000 $ 290,523 $ 6,358 $ 1,631 $ 7,989 $ 26,997 $ 34,986 2019 ATM Offering 125,000 33,199 531 777 1,308 521 1,829 Total $ 1,125,000 $ 323,722 $ 6,889 $ 2,408 $ 9,297 $ 27,518 $ 36,815 (1) These offering costs specifically identifiable to Unit offering closing transactions, such as commissions, dealer manager fees, and other registration fees, are reflected as a reduction of stockholders' equity at the time of closing. On November 24, 2020, the Company called 208,786 shares of its Series A Redeemable Preferred Stock and redeemed the shares for cash at the stated value of $1,000 per share. For the year ended December 31, 2021, the C ompany called a total of 320,746 shares of Series A Redeemable Preferred Stock for a total redemption cost of $320.7 million. See note 7. Series A1/M1 Preferred Stock Offering On September 27, 2019, the Company’s registration statement on Form S-3 (Registration No. 333-233576) (the “Series A1/M1 Registration Statement”) was declared effective by the SEC. Shares of Series A1 Preferred Stock and Series M1 Preferred Stock issued under the Series A1/M1 Registration Statement are each offered at a price of $1,000 per share, subject to adjustment under certain conditions. Each share of Series A1 Preferred Stock ranks senior to Common Stock with respect to dividend rights and carries a cumulative annual 6% dividend of the stated per share value of $1,000, payable monthly as declared by the Company’s board of directors. Dividends begin accruing on the date of issuance. The redemption schedule of the Series A1 Preferred Stock allows redemptions at the option of the holder from the date of issuance through the first year subject to a 13% redemption fee. After year one, the redemption fee decreases to 10%, after year two the redemption fee decreases to 5% and after year three there is no redemption fee. Any redeemed shares of Series A1 Preferred Stock are entitled to any accrued but unpaid dividends at the time of the redemption and any redemptions may be in cash or Common Stock, at the Company’s discretion. Each share of Series M1 Preferred Stock ranks senior to Common Stock with respect to dividend rights and carries a cumulative annual dividend beginning at 6.1% of the stated per share value of $1,000, payable monthly as declared by the Company’s board of directors. The annual dividend rate increases by 0.1% on each anniversary of the issuance date up to a maximum annual dividend rate of 7.1%. Dividends begin accruing on the date of issuance. The redemption schedule of the Series M1 Preferred Stock allows redemptions at the option of the holder from the date of issuance of the Series M1 Preferred Stock through the first year at the stated value per share minus dividends paid for the three most previous dividend declaration dates. After year one, the shares of Series M1 Preferred Stock may be redeemed at 100% of the stated value per share. Any redeemed shares of Series M1 Preferred Stock are entitled to any accrued but unpaid dividends at the time of redemption and any redemptions may be in cash or Common Stock, at the Company’s discretion. Both the Series A1 Preferred Stock and the Series M1 Preferred Stock are callable by the Company after the second anniversary of the date of original issuance at 100% of the stated value per share. Aggregate offering expenses of the Series A1/M1 Preferred Stock Offering, including selling commissions and dealer manager fees for the Series A1 Preferred Stock and only dealer manager fees for the Series M1 Preferred Stock, are capped at 12.0% of aggregate gross proceeds of the offering. The Company could reimburse its Former Manager up to 2.0% of the gross proceeds of such offerings for all organization and offering expenses that were incurred by the Former Manager through the date of the Internalization. However, upon approval by the conflicts committee of the board of directors, the Company could have reimbursed its Former Manager for any such organization and offering expenses incurred above the 2.0% amount as permitted by the Financial Industry Regulatory Authority, or FINRA. Dealer manager fees and sales commissions for the Series A1/M1 Preferred Stock Offering are not reimbursable. The shares are being offered by PCS on a "reasonable best efforts" basis. The Company intends to invest substantially all the net proceeds of the Series A1/M1 Registration Statement in connection with the acquisition of multifamily communities, other real estate-related investments and general working capital purposes. 2019 ATM Offering During the year ended December 31, 2021 , the Company issued and sold 2,658,889 shares of Common Stock under the 2019 ATM Offering, generating gross proceeds of approximately $28.6 million and, after deducting commissions and other costs, net proceeds of approximately $28.2 million. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Related Party Transactions On January 31, 2020, the Company internalized the functions performed by the Former Manager and Former Sub-Manager by acquiring the entities that owned the Former Manager and the Former Sub-Manager for an aggrega te purchase price of $154 million, plus up to $25 million of additional consideration to be paid within 36 months, due upon the earlier of (i) if, for the immediately preceding fiscal year beginning on January 1, funds from operations ("FFO") of the Company per weighted average basic share of the Company’s common stock and Class A Unit (as defined in the limited partnership agreement of PAC OP) outstanding for such fiscal year is determined to be greater than or equal to $1.55, (ii) on the thirty-six (36) month anniversary of the closing of the Internalization or (iii) a change of control of the Company. Pursuant to the Stock Purchase Agreement, the sellers sold all of the outstanding shares of capital stock of NELL Partners, Inc. ("NELL") and NMA Holdings, Inc. ("NMA") to PAC Operations, LLC ("PAC Sub") in exchange for an aggregate of approximately $111.1 million in cash paid at the closing which reflects the satisfaction of certain indebtedness of NELL, the estimated net working capital adjustment, and a hold back of $15 million for certa in specified matters (the "Specified Matters Holdback Amount"). The Specified Matters Holdback Amount is payable to the NELL sellers less certain losses following final resolution of any such specified matters. Daniel M. DuPree and Leonard A. Silverstein were executive directors of NELL Partners, Inc., which controlled the Former Manager through the date of the Internalization. Daniel M. DuPree was the Chief Executive Officer and Leonard A. Silverstein was the President and Chief Operating Officer of the Former Manager. Trusts established, or entities owned, by the family of John A. Williams, Daniel M. DuPree, the family of Leonard A. Silverstein, the Company’s former Vice Chairman of the Board, and former President and Chief Operating Officer, were the owners of NELL. Trusts established, or entities owned, by Joel T. Murphy, the Company’s Chief Executive Officer and a member of the Board, the family of Mr. Williams, Mr. DuPree and the family of Mr. Silverstein were the owners of the Former Sub-Manager. The Company's Haven Campus Communities LLC line of credit is supported in part by a guaranty of repayment and performance by John A. Williams, Jr., the son of the late John A. Williams, the Company's former Chief Executive Officer and Chairman of the Board. Because the terms of this loa n was negotiated and agreed upon while John A. Williams was the Chief Executive Officer of the Company, this instrument will continue to be reported as a related party transaction until the loan is repaid, including interest receivable of approximat ely $4.1 million that is included in the tenant receivables and other assets line of the consolidated balance sheet. The Company's Wiregrass and Wiregrass Capital real estate loan investments partially financed the development of a multifamily community in Tampa, Florida by the Altman Companies. Timothy A. Peterson is a member of management of the Altman Companies as well as Chairman of the Audit Committee of the Company's Board of Directors . The Wiregrass loans were settled in full in conjunction with the Company's acquisition of the underlying property o n March 31, 2020 as described in note 3, therefore qualify as related party transactions. The Management Agreement entitled the Former Manager to receive compensation for various services it performed related to acquiring assets and managing properties on the Company's behalf: (In thousands) Years ended December 31, Type of Compensation Basis of Compensation 2021 2020 2019 Acquisition fees 1.0% of the gross purchase price of real estate assets $ — $ 235 $ 7,203 Loan origination fees 1.0% of the maximum commitment of any real estate loan, note or line of credit receivable — — 783 Loan coordination fees 0.6% of any assumed, new or supplemental debt incurred in connection with an acquired property — 47 2,939 Asset management fees Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted — 1,349 15,596 Property management fees Monthly fee up to 4% of the monthly gross revenues of the properties managed — 890 10,274 General and administrative expense fees Monthly fee equal to 2% of the monthly gross revenues of the Company — 616 6,177 Construction management fees Quarterly fee for property renovation and takeover projects — 14 264 Disposition fees 1% of the sale price of a real estate asset — — 282 Contingent asset management fees / general and administrative fees Recognized upon disposition of the property when exceeding the 7% IRR hurdle — — 11 $ — $ 3,151 $ 43,529 The Former Manager waived some of the asset managemen t, property management, or general and administrative fees for properties owned by the Company. A cumulative total of approximately $25.6 million of combined asset management and general and administrative fees related to acquired properties had been waived by the Former Manager; at the date of the Internalization, all of the remaining contingent fees of $24.1 million were eliminated in conju nction with the Company's Internalization transaction. In addition to property management fees, the Company incurred the following reimbursable on-site personnel salary and related benefits expenses at the properties, which are listed on the Consolidated Statements of Operations: (In thousands) Years ended December 31, 2021 2020 2019 $ — $ 1,430 $ 18,054 The Former Manager utilized its own and its affiliates' personnel to accomplish certain tasks related to raising capital that would typically be performed by third parties, including, b ut not limited t o, legal and marketing functions. As permitted under the Management Agreement, the Former Manager was reimbursed $0, $40,451 and $512,324 for the years ended December 31, 2021, 2020 and 2019, respectively and Preferred Capital Securities, LLC, or PCS, was reimbursed $0, $0 and $1,367,798 for the years ended December 31, 2021, 2020 and 2019, respectively. These costs are recorded as deferred offering costs until such time as additional closings occur on the Series A1/M1 Preferred Stock Offering, $1.5 Billion Unit Offering, mShares Offering or the 2019 Shelf Offering, at which time they are reclassified on a pro-rata basis as a reduction of offering proceeds within Prior to the Internalization, the Company held a promissory note in the amount of approxima tely $650,000 due from Preferred Capital Marketing Services, LLC, or PCMS, which is a wholly-owned subsidiary of NELL Partners and a revolving line of credit with a maximum borrowing amount of $24.0 million to its Manager. Both of these |
Dividends
Dividends | 12 Months Ended |
Dec. 31, 2021 | |
Dividends [Abstract] | |
dividends and distributions [Text Block] | Dividends and Distributions The Company declares and pays monthly cash dividend distributions in the amount of $5.00 per share per month on its Series A Preferred Stock. Similarly, beginning in October 2019, the Company declares and pays monthly cash dividend distributions in the amount of $5.00 per share per month on its Series A1 Preferred Stock. For the Company's mShares Preferred Stock, dividends are paid on an escalating scale of $4.79 per month in the first year following share issuance, increasing each year to $6.25 per month in year eight and beyond. Similarly, beginning in October 2019, for the Company's Series M1 Preferred Stock, dividends are paid on an escalating scale of $5.08 per month in the first year following share issuance, increasing each year to $5.92 per month in year ten and beyond. All preferred stock dividends are prorated for partial months at issuance as necessary. Given the nature of the escalating dividends associated with the Company’s mShares Preferred Stock and Series M1 Preferred Stock, the Company accrues dividends at the effective dividend rate in accordance with GAAP. This results in the Company recording larger dividends declared to preferred stockholders in the Company’s Consolidated Statements of Operations than dividends required to be paid for the first four years after issuance with respect to the mShares and the first five years after issuance with respect to the Series M1 Preferred Stock. Similarly, this will result in the Company recording smaller dividends declared to preferred stockholders in the Company’s Consolidated Statements of Operations than dividends required to be paid for the fifth through the eighth year after issuance with respect to the mShares and the sixth through the tenth year after issuance with respect to the Series M1 Preferred Stock. Following the escalation period (year eight for the mShares Preferred Stock and year ten for the Series M1 Preferred Stock), the dividends declared to preferred stockholders in the Company’s Consolidated Statements of Operations will equal the dividend paid. The Company declared quarterly cash dividends on its Common Stock that totaled $0.7000, $0.7875 and $1.0475, per share for the years ended December 31, 2021, 2020, and 2019, respectively. The holders of Class A OP Units of the Operating Partnership are entitled to equivalent distributions as the dividends declared on the Common Stock. At December 31, 2021, the Company ha d 467,662 Cl ass A OP Units outstanding, which are exchangeable on a one-for-one basis for shares of Common Stock or the equivalent amount of cash. The Company's dividend and distribution activity consisted of: Dividends and distributions declared (In thousands) For the years ended December 31, 2021 2020 2019 Series A Preferred Stock $ 132,843 $ 149,943 $ 108,950 mShares 5,757 6,408 4,807 Series A1 Preferred Stock 12,978 4,069 15 Series M1 Preferred Stock 1,826 488 — PAC Operations REIT Preferred Stock 14 — — Common and Restricted Stock 37,143 38,868 46,755 Class A OP Units 357 593 908 Total $ 190,918 $ 200,369 $ 161,435 In conjun ction with the call of 208,786 shares of its Series A Redeemable Preferred Stock during the year ended December 31, 2020 and 320,746 shares during the year ended December 31, 2021, the Company recorded deemed dividends to these shareholders of approximately $20.9 million and $32.1 million, respectively, that is included in the dividends declared to preferred stockholders line on the Consolidated Statements of Operations. |
Equity Compensation
Equity Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Equity Compensation [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Equity Compensation Stock Incentive Plan On May 2, 2019, the Company’s board of directors adopted, and the Company’s stockholders approved, the Preferred Apartment Communities, Inc. 2019 Stock Incentive Plan, or the 2019 Plan, to incentivize, compensate and retain eligible officers, employees, consultants, and non-employee directors. The 2019 Plan increased the aggregate number of shares of Common Stock authorized for issuance under the 2011 Plan from 2,617,500 to 3,617,500. The 2019 Plan does not have a stated expiration date. In 2021, the Company's board of directors adopted, and the Company's stockholders approved, an amendment to the 2019 Plan to increase the number of shares that can be awarded by 1,900,000 shares. Equity compensation expense by award type for the Company was: Years ended December 31, Unamortized expense as of December 31, 2021 (In thousands) 2021 2020 2019 Class B Unit awards to employees: 2016 $ — $ — $ 2 $ — 2017 — 3 312 — 2018 — 244 277 — Restricted stock grants to Board members: 2018 — — 120 — 2019 — 140 281 — 2020 177 355 — — 2021 284 — — 234 Restricted stock grants for employees: 2020 939 522 — 2,241 2021 510 — — 2,067 Performance-based restricted stock units: 2020 499 230 — 991 2021 729 — — 2,233 Restricted stock units to employees: 2017 — — 69 — 2018 (2) 35 74 — 2019 60 57 88 — 2020 41 58 — 48 2021 52 — — 145 Total $ 3,289 $ 1,644 $ 1,223 $ 7,959 Performance-based Restricted Stock Unit Grants O n March 15, 2021 and July 31, 2020, the Company awarded performance-based restricted stock units (“PSUs”) to certain of its senior executives. Each PSU represents the right to receive one share of Common Stock upon satisfaction of both (i) the market condition, at which ti me the PSUs become earned PSUs, and (ii) the service requirement, beyond which point the PSUs become vested PSUs. The market condition requirement of the PSUs consists of a relative measure of total shareholder return (“TSR”) of the Company's Common Stock versus the average TSR of a select group of publicly-traded peer companies. TSR is calculated by dividing the sum of price appreciation and cumulative dividends over the performance period divided by the beginning value of the Common St ock at the performance period commencement date (July 1, 2020 for the 2020 awards and January 1, 2021 for the 2021 awards), where the determining values are derived by calculating the 20-day volume weighted average stock price preceding both the performance period commencement date and the performance period end date (June 30, 2023 for the 2020 awards and December 31, 2023 for t he 2021 awards). PSUs will become earned PSUs according to the percentile rank of the TSR of Company's Common Stock versus the peer group’s average TSR, as shown in the following table: Level Relative TSR performance (percentile rank versus peers) Earned PSUs (% of target) < Threshold <35 th Percentile 0% Threshold 35 th Percentile 50% Target 55 th Percentile 100% Maximum >=75 th Percentile 200% The number of PSUs that become earned PSUs can range between 0% and 200% of the original (target) number of PSUs awarded and actual percentile ranking results between the 35th and 75th percentile are to be interpolated between the percentage earned values shown. In order for earned PSUs to become vested PSUs, the participant must remain continuously employed by the Company or an affiliate company (i) from the grant date through the payout determination date (expected to be no more than 5 days following the performance period end date) for 50% of the PSU award and (ii) from the grant date through the first anniversary of the performance period end date for the remaining 50% of the PSU award. Since the PSUs vest in part based upon achievement of a market condition, they were valued utilizing a Monte-Carlo simulation, performed by an independent third party advisor, that excludes the value of Common Stock dividends since dividend equivalents accrue separately to the award holders. The underlying valuation assumptions and result for the Performance RSU award was: Grant date 3/15/2021 7/31/2020 Stock price on grant date $ 10.86 $ 7.23 Dividend yield 7.19 % 6.87 % Expected volatility 49.81 % 44.40 % Risk-free interest rate 0.29 % 0.11 % Target number of PSUs granted: First vesting tranche 103,511 136,462 Second vesting tranche 103,517 136,467 207,028 272,929 Calculated fair value per PSU $ 15.24 $ 6.76 Total fair value of PSUs $ 3,155,107 $ 1,845,000 The expected dividend yield assumptions were derived from the Company’s closing prices of the Common Stock and historical dividend amounts over the trailing five-year period from the grant date. The Company's own stock price history ove r the 2.80 year and 2.91 year perio ds trailing the grant dates was utilized as the expected volatility assumption for the 2021 and 2020 awards, respectively. The risk-free rate assumptions were obtained from the grant date yields on zero coupon U.S. Treasury STRIPS that have a term equal to the length of the remaining Performance Period and were calculated as the interpolated rate between the two-year and three-year yield percentages. A total of 12,639 and 18,491 PSUs from the 2021 and 2020 grants, respectively, were forfeited during the year ended December 31, 2021 . Restricted Stock Grants The following annual grants of restricted stock were made to members of the Company's independent directors, as payment of the annual retainer fees. The restricted stock grants for service years 2018 and 2019 vested on a pro-rata basis over the four consecutive 90-day periods following the date of grant. The restricted stock grants for service years 2020 and 2021 are scheduled to vest on the earlier of our next annual meeting of stockholders or the one Service year Shares Fair value per share Total compensation cost (in thousands) 2018 24,810 $14.51 $360 2019 26,446 $15.88 $420 2020 66,114 $8.05 $532 2021 46,782 $10.26 $480 On June 17, 2020, the Company granted Restricted Stock to certain of its executives and employees. The fair value per share of $8.05 was based upon the closing price of the Company's Common Stock on the business day preceding the grant date. A total of 137,741 shares representing a fair value of approximately $1.1 million will vest on the four four total of 22,210 shares of unvested restricted stock have been forfeited from the 2020 grant. On March 15, 2021, the Company granted restricted stock to certain of its executives and employees. The fair value per share of $10.69 was based upon the closing price of the Company's Common Stock on the grant date. A total of 261,226 shares representing a fair value of approximately $2.8 million are scheduled to vest on a pro-rata basis on each of the four succeeding anniversaries of the grant date. A total of 20,112 shares of unvested restricted stock have been forfeited from the 2021 grant. Class B OP Units As of December 31, 2021, cumulative activity of grants of Class B Units of the Operating Partnership, or Class B OP units, was: Grant date 1/2/2018 Units granted 256,087 Units forfeited: John A. Williams (1) (38,284) Voluntary forfeiture by senior executives (2) (128,258) Other (31,079) Total forfeitures (197,621) Units earned and converted into Class A Units — Class B Units outstanding at December 31, 2021 58,466 (1) Pro rata modification of award on April 16, 2018, the date of Mr. Williams' passing. (2) Additional Class B OP units granted to senior executives other than Mr. Williams were voluntarily forfeited at the end of 2018. The underlying valuation assumptions and results for the 2018 Class B OP Unit awards were: Grant date 1/2/2018 Stock price $ 20.19 Dividend yield 4.95 % Expected volatility 25.70 % Risk-free interest rate 2.71 % Number of Units granted: One year vesting period 171,988 Three year vesting period 84,099 256,087 Calculated fair value per Unit $ 16.66 Total fair value of Units $ 4,266,409 Target market threshold increase $ 5,660,580 The expected dividend yield assumptions were derived from the Company’s closing prices of the Common Stock on the grant dates and the projected future quarterly dividend payments per share of $0.25 for the 2018 awards. For the 2018 awards, the Company's own stock price history was utilized as the basis for deriving the expected volatility assumption. The risk-free rate assumptions were obtained from the Federal Reserve yield table and were calculated as the interpolated rate between the 20 and 30 year yield percentages on U. S. Treasury securities on the grant date. Since the Class B OP Units have no expiration date, a derived service period of one year was utilized, which equals the period of time from the grant date to the initial valuation date. Restricted Stock Units The Company has granted restricted stock units, or RSUs, to certain employees of affiliates of the Company, as shown in the following table: Grant date 3/15/2021 1/2/2020 1/2/2019 1/2/2018 Service period 2021-2024 2020-2022 2019-2021 2018-2020 RSU activity: Granted 20,600 21,400 27,760 20,720 Forfeited (2,200) (5,900) (8,861) (8,274) RSUs outstanding at December 31, 2021 18,400 15,500 18,899 12,446 RSUs unearned but vested — 5,188 12,683 12,446 RSUs unearned and not yet vested 18,400 10,312 6,216 — RSUs outstanding at December 31, 2021 18,400 15,500 18,899 12,446 Fair value per RSU $ 10.69 $ 9.47 $ 10.77 $ 16.66 Total fair value of RSU grant $ 220,214 $ 202,658 $ 298,975 $ 345,195 The RSUs vest in three equal consecutive one-year tranches from the date of grant. For ea ch grant prior to March 15, 2021, on the Initial Valuation Date, the market capitalization of the number of shares of Common Stock at the date of grant is compared to the market capitalization of the same number of shares of Common Stock at the Initial Valuation Date. If the market capitalization measure results in an increase which exceeds the target market threshold, the Vested RSUs become earned RSUs and are settled in shares of Common Stock on a one-to-one basis. Vested RSUs may become Earned RSUs on a pro-rata basis should the result of the market capitalization test be an increase of less than the target market threshold. Any Vested RSUs that do not become Earned RSUs on the Initial Valuation Date are subsequently remeasured on a quarterly basis until such time as all Vested RSUs become Earned RSUs or are forfeited due to termination of continuous service due to an event other than as a result of a qualified event, which is generally the death or disability of the holder. Continuous service through the final valuation date is required for the Vested RSUs to qualify to become fully Earned RSUs. RSUs issued on March 15, 2021 may become vested subject only to satisfaction of the service requirement. Because RSUs are valued using the identical market condition vesting requirement that determines the transition of the Vested Class B Units to Earned Class B Units, the same valuation assumptions per RSU were utilized to calculate the total fair values of the RSUs. The total fair value amounts pertaining to grants of RSUs, net of forfeitures, are amortized as compensation expense over the three |
Indebtedness
Indebtedness | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Indebtedness Mortgage Notes Payable Financing of real estate assets During the years ended December 31, 2021 and 2020, the Company partially financed existing and newly acquired real estate assets with mortgage debt as shown in the following table: Date Property Initial principal amount ( in thousands ) Fixed/Variable rate Rate Maturity date 2021: 4/15/2021 Midway Market $ 10,150 Fixed 3.06 % 5/1/2031 6/30/2021 The Ellison 47,991 Variable L + 150 3/31/2022 7/8/2021 Alleia at Presidio 35,700 Fixed 2.50 % 8/1/2026 9/14/2021 The Anson 56,440 Fixed 2.69 % 10/1/2031 9/16/2021 The Kingson 53,900 Fixed 2.35 % 10/1/2026 9/17/2021 Chestnut Farm 51,800 Variable L + 150 6/17/2022 9/24/2021 Citi Lakes B-Note 10,420 Fixed 3.85 % 8/1/2029 10/21/2021 Aldridge at Town Village B-Note 3,670 Fixed 3.46 % 11/1/2024 10/21/2021 Retreat at Greystone B-Note 7,274 Fixed 3.47 % 12/1/2024 11/2/2021 Woodstock Crossing 5,300 Fixed 2.89 % 12/1/2026 12/8/2021 Fairview Market 7,100 Fixed 2.87 % 12/15/2028 $ 289,745 2020: 1/22/2020 251 Armour Yards $ 3,522 Fixed 4.50 % 1/22/2025 1/29/2020 Wakefield Crossing 7,891 Fixed 3.66 % 2/1/2032 3/19/2020 Morrocroft Centre 70,000 Fixed 3.40 % 4/10/2033 4/23/2020 Horizon at Wiregrass 52,000 Fixed 2.90 % 5/1/2030 4/30/2020 Parkside at the Beach 45,037 Fixed 2.95 % 5/1/2030 11/2/2020 The Blake 44,435 Fixed 2.82 % 5/1/2030 12/15/2020 The Menlo 47,000 Fixed 2.68 % 1/1/2031 $ 269,885 Repayments and refinancings The following table summarizes our mortgage debt refinancing and repayment activity for the years ended December 31, 2021 and 2020: Date Property Previous balance (in millions) Previous interest rate / spread over 1 month LIBOR Loan refinancing or prepayment costs expensed (in thousands) New balance (in millions) New interest rate Total deferred loan costs subsequent to refinancing (in thousands) 2021: 2/28/2021 Village at Baldwin Park $ 69.4 3.59 % $ 6 $ 69.4 3.27% $ 923 7/19/2021 Vineyards 32.3 3.68 % 1 — — — 7/29/2021 Galleria 75 5.0 4.25 % 166 — — — 7/29/2021 150 Fayetteville 112.6 4.27 % — — — — 7/29/2021 Capitol Towers 121.5 4.60 % — — — — 7/29/2021 CAPTRUST 82.7 3.61 % — — — — 7/29/2021 Morrocroft Centre 70.0 3.40 % — — — — 8/18/2021 The Ellison 48.0 L + 150 96 48.0 2.52 % 400 8/30/2021 Woodstock Crossing 2.8 4.71 % — — — — 9/8/2021 Armour Yards 38.9 4.10 % 424 — — — 9/8/2021 251 Armour Yards 6.1 4.50 % — — — — 9/24/2021 Sorrel 30.2 3.44 % 232 47.7 2.54 % 1,787 11/1/2021 Champions Village 27.4 L + 300 — — — — 11/12/2021 Brookwood Center 29.2 4.71 % — — — — $ 676.1 $ 925 $ 165.1 $ 3,110 2020: 1/3/2020 Ursa $ 31.4 L + 300 $ — $ — — $ — 6/25/2020 CityPark View 19.8 3.27 % 1,314 29.0 2.75 % 314 6/29/2020 Aster at Lely Resort 30.7 3.84 % 293 50.4 2.95 % 2,777 6/29/2020 Avenues at Northpointe 26.0 3.16 % 166 33.5 2.79 % 1,247 6/30/2020 Avenues at Cypress 20.5 3.43 % 1,607 28.4 2.96 % 336 6/30/2020 Venue at Lakewood Ranch 27.8 3.55 % 2,457 36.6 2.99 % 384 6/30/2020 Crosstown Walk 29.9 3.90 % 248 46.5 2.92 % 2,841 6/30/2020 Summit Crossing II 13.1 4.49 % 779 20.7 L + 278 136 7/10/2020 Citrus Village 28.5 3.65 % 704 40.9 2.95 % 522 7/31/2020 Village at Baldwin Park 70.1 4.16 % 16 70.1 3.59 % 864 11/3/2020 SoL 35.2 4.71 % — — — — 11/3/2020 Stadium Village 44.5 3.80 % — — — — 11/3/2020 Knightshade 47.1 4.09 % — — — — 11/3/2020 North by Northwest 30.5 4.02 % 2,168 — — — 11/3/2020 The Tradition 30.0 L + 375 300 — — — 11/3/2020 The Bloc 29.0 L + 355 73 — — — 11/12/2020 Avenues at Creekside 38.1 L + 160 381 — — — $ 552.2 $ 10,506 $ 356.1 $ 9,421 The following table summarizes our mortgage notes payable at December 31, 2021: Fixed rate mortgage debt: Principal balances due (in thousands) Weighted-average interest rate Weighted average remaining life (years) Residential properties $ 1,553,245 3.39 % 8.1 New Market Properties 572,651 3.96 % 6.4 Preferred Office Properties 164,506 4.35 % 16.1 Total fixed rate mortgage debt $ 2,290,402 3.60 % 8.3 Variable rate mortgage debt: Residential properties $ 72,500 1.98 % 2.8 New Market Properties 19,750 2.16 % 4.6 Total variable rate mortgage debt $ 92,250 2.02 % 3.2 Total mortgage debt: Residential properties $ 1,625,745 3.32 % 7.9 New Market Properties 592,401 3.90 % 6.3 Preferred Office Properties 164,506 4.35 % 16.1 Total principal amount 2,382,652 3.54 % 8.1 Deferred loan costs (35,400) Mark to market loan adjustment (3,888) Mortgage notes payable, net $ 2,343,364 The mortgage note secured by our Independence Square property is a seven year term with an anticipated repayment date of September 1, 2022. If the Company elects not to pay its principal balance at the anticipated repayment date, the term will be extended for an additional five years, maturing on September 1, 2027. The interest rate from September 1, 2022 to September 1, 2027 will be the greater of (i) the Initial Interest Rate of 3.93% plus 200 basis points or (ii) the yield on the seven year U.S. treasury security rate plus approximately 400 basis points. As of December 31, 2021, the weighted-average remaining life of deferred loan costs related to the Company's mortgage indebtedness was approximately 8.7 years. Our mortgage notes have maturity dates between June 17, 2022 and June 1, 2054. Credit Facility The Company has a credit facility, or Credit Facility, with KeyBank National Association, or KeyBank, which defines a revolving line of credit, or Revolving Line of Credit, which is used to fund investments, capital expenditures, dividends (with consent of KeyBank), working capital and other general corporate purposes on an as-needed basis. On March 23, 2018, the maximum borrowing capacity on the Revolving Line of Credit was increased to $200 million pursuant to an accordion feature. The accordion feature permits the maximum borrowing capacity to be expanded or contracted without amending any further terms of the instrument. On December 12, 2018, the Fourth Amended and Restated Credit Agreement, or the Amended and Restated Credit Agreeme nt, wa s amended to extend the maturity to December 12, 2021, with an option to extend the maturity date to December 12, 2022, subject to certain conditions described therein. The Revolving Line of Credit accrues interest at a variable rate of one month LIBOR plus an applicable margin of 2.50% to 3.50% p er annum, depending upon the Company’s leverage ratio. The weighted average interest rate for the Revolving Line of Credit wa s 3.62% for the year ended December 31, 2021. The Amended and Restated Credit Agreement also reduced the commitment fee on the ave rage daily unused portion of the Revolving Line of Credit to 0.25% or 0.30% per annum, depending upon the Company’s outstanding Credit Facility balance. On December 20, 2019, the Compa ny entered into a $70.0 million interim term loan with KeyBank, or the 2019 Term Loan, to partially finance the acquisition of Morrocroft Centre, an office building located in Charlotte, North Carolina. The 2019 Term Loan accrued interest at a rate of LIBOR plus 1.7% per annum. The 2019 Term Loan was repaid in conjunction with the closing of permanent mortgage financing for Morrocroft Centre on March 19, 2020. The Fourth Amended and Restated Credit Agreement, as amended on May 4, 2021, contains certain affirmative and negative covenants, including negative covenants that limit or restrict secured and unsecured indebtedness, mergers and fundamental changes, investments and acquisitions, liens and encumbrances, dividends, transactions with affiliates, burdensome agreements, changes in fiscal year and other matters customarily restricted in such agreements. The amount of dividends that may be paid out by the Company is restricted to a maximum of 100% of AFFO for the trailing four quarters without the lender's consent; solely for purposes of this covenant, AFFO is calculated as earnings before interest, taxes, depreciation and amortization expense, plus reserves for capital expenditures, less normally recurring capital expenditures, less consolidated interest expense. As of December 31, 2021, the Company was in compliance with all covenants rel ated to the Revolving Line of Credit, as shown in the following table: Covenant (1) Requirement Result Net worth Minimum $1.3 billion (2) $1.7 billion (2) Debt yield Minimum 8.75% (3) 9.8% Payout ratio Maximum 100% (4) 90.6% Total leverage ratio Maximum 65% 58.0% Debt service coverage ratio Minimum 1.50x (5) 2.10x (1) All covenants are as defined in the credit agreement for the Revolving Line of Credit. (2) The minimum net worth covenant decreased t o a minimum of $1.3 billion on July 29, 2021 with the office properties closing. (3) The minimum debt yield covenant increases to a minimum of 9.0% on May 5, 2023. (4) Calculated on a trailing four-quarter basis. For the period ended December 31, 2021 , the maximum dividends and distributions allowed under this covenant was approximately $175.9 million. (5) Minimum of 1.50x if AFFO payout ratio is less than or equal to 95% and 1.70x if greater than 95%. Loan fees and closing costs for the establishment and subsequent amendments of the Credit Facility are amortized utilizing the straight line method over the life of the Credit Fac ility. At December 31, 2021, unamortized loan fees and closing costs for the Credit Facility were approximately $1.8 million, which will be amortized over a remaining loan life of approximately 2.4 years. Loan fees and closing costs for the mortgage debt on the Company's properties are amortized utilizing the effective interest rate method over the lives of the loans. Acquisition Facility On February 28, 2017, the Company entered into a credit agreement, or Acquisition Credit Agreement, with Freddie Mac through KeyBank to obtain an acquisition revolving credit facility, or Acquisition Facility, with a maximum borrowing capacity of $200 million. The purpose of the Acquisition Facility is to finance acquisitions. On March 25, 2019, the maximum borrowing capacity was decreased to $90 million by agreement between the Company and KeyBank. The Acquisition Facility accrues interest at a variable rate of one month LIBOR plus a margin of between 1.75% per annum and 2.20% per annum, depending on the type of assets acquired and the resulting property debt service coverage ratio. The Acquisition Facility has a maturity date of March 1, 2022 and has two one-year extension options, subject to certain conditions described therein. Interest Expense Interest expense, including amortization of deferred loan costs was: Years ended December 31, (In thousands) 2021 2020 2019 Residential properties $ 55,346 $ 60,676 $ 62,455 New Market Properties 25,654 26,379 24,566 Preferred Office Properties 18,987 26,939 22,869 Interest paid to real estate loan participants — — 110 Total 99,987 113,994 110,000 Credit Facility and Acquisition Facility 2,427 4,564 1,964 Interest Expense $ 102,414 $ 118,558 $ 111,964 Future Principal Payments The Company’s estimated future principal payments due on its debt instruments as of December 31, 2021 were: Period Future principal payments (in thousands) 2022 $ 116,739 2023 81,850 2024 300,323 2025 56,875 2026 337,740 Thereafter 1,489,125 Total $ 2,382,652 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Income Tax Disclosure [Text Block] | Income TaxesThe Company elected to be taxed as a REIT effective with its tax year ended December 31, 2011, and therefore, the Company will not be subject to federal and state income taxes, so long as it distributes 90% of the Company's annual REIT taxable income (which does not equal net income as calculated in accordance with GAAP and is determined without regard for the deduction for dividends paid and excluding net capital gains) to its stockholders. For the Company's tax years prior to its REIT election year, its operations resulted in a tax loss. As of December 31, 2010, the Company had deferred federal and state tax assets totaling approximately $298,100, none of which were based upon tax positions deemed to be uncertain. These deferred tax assets will most likely not be used since the Company elected REIT status; therefore, management has determined that a 100% valuation allowance is appropriate as of December 31, 2021 and December 31, 2020. The income tax characterization of the Company's dividend distributions were as follows: 2021 2020 2019 Preferred Stock: Ordinary income 11.9 % 16.9 % 44.7 % Return of capital 85.1 % 78.8 % 53.1 % Capital gains 3.0 % 4.3 % 2.2 % Common Stock: Ordinary income — % — % — % Return of capital 100.0 % 100.0 % 100.0 % Capital gains — % — % — % |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies On January 31, 2020, the Company assumed its Former Manager's eleven-year office lease as amended, which began on October 9, 2014. As of December 31, 2021, the amount of rent due from the Company was $11.7 million over the remaining term of the lease. At December 31, 2021 the Company had unfunded commitments on its real estate loan portfolio of approximately $62.0 million. At December 31, 2021, the Company had unfunded contractual commitments for tenant, leasing, and capital improvements of approximately $19.1 million. The Company is otherwise currently subject to neither any known materia l commitments or contingencies from its business operations, nor any material known or threatened litigation. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Operating Leases | Operating Leases Company as Lessor For the years ended December 31, 2021, 2020 and 2019, the Company recognized rental property revenues of $394.0 million, $435.4 million and $395.1 million respectively, of which $42.7 million, $42.0 million and $40.1 million, respectively, represented variable rental revenue. The Company's future minimum rental revenues were: For the year ending December 31: Future Minimum Rents as of December 31, 2021 (In thousands) New Market Properties Preferred Office Properties Total 2022 $ 74,105 $ 21,273 $ 95,378 2023 66,206 21,544 87,750 2024 55,384 25,931 81,315 2025 43,289 26,210 69,499 2026 31,593 26,190 57,783 Thereafter 91,229 120,499 211,728 Total $ 361,806 $ 241,647 $ 603,453 Company as Lessee The Company has one grou nd lease for which the Company has evaluated its renewal option periods in quantifying its related lessee asset and liability. In determining the value of its right of use asset and lease liability, the Company used discount rates comparable to recent loan rates obtained on comparative properties within its portfolio. The Company is also, as of January 31, 2020 following the Internalization, the lessee of office space for its property support center which expires in May 2026, and of furniture and office equipment, which leases generally are three The Company recorded lease expense as follows: (Dollars in thousands) For the year ended December 31, 2021 Weighted average remaining lease term (years) Weighted average discount rate Lease expense Cash paid Office space $ 2,913 $ 2,930 4.0 3.0 % Ground leases 23 15 43.0 4.5 % Office equipment 125 125 2.7 3.0 % Total $ 3,061 $ 3,070 The Company's tenants often have the option to extend the lease within a specified amount of time, typically for an additional term of between five Future minimum rent expense for office space, ground lease and office equipment were: For the year ending December 31: Future Minimum Rents as of December 31, 2021 (In thousands) Office space Ground lease Office equipment Total 2022 $ 2,855 $ 15 $ 58 $ 2,928 2023 2,497 15 39 2,551 2024 3,139 15 19 3,173 2025 2,808 17 12 2,837 2026 355 17 — 372 Thereafter — 921 — 921 Total $ 11,654 $ 1,000 $ 128 $ 12,782 The Company’s grocery-anchored shopping centers are geographically concentrated within the Su nbelt and Mid-Atlantic region of the United States. The Company’s retail tenant bas e primarily consists of national and regional supermarkets, consumer services, healthcare providers, and restaurants. Our grocery anchor tenants comprise approximately 44.0% of our gross leasable area. Our credit risk, therefore, is concentrated in the retail/grocery real estate sector. Amounts required as security deposits vary depending upon the terms of the respective leases and the creditworthiness of the tenant, with the exception of our grocer anchor tenants, who generally are not required to provide security deposits. Exposure to credit risk is limited to the extent that tenant receivables exceed security deposits. Security deposits related to tenant leases are included in security deposits and other liabilities in the accompanying consolidated balance sheets. As of December 31, 2021, the Company’s approximately 1.1 million square foot office portfolio was 95% leased to a predominantly investment grade credit (or investment grade equivalent) tenant roster. For non-credi t tenants, our leases typically require a security deposit or letter of credit, which limits worst case collecti |
Operating Leases | Operating Leases Company as Lessor For the years ended December 31, 2021, 2020 and 2019, the Company recognized rental property revenues of $394.0 million, $435.4 million and $395.1 million respectively, of which $42.7 million, $42.0 million and $40.1 million, respectively, represented variable rental revenue. The Company's future minimum rental revenues were: For the year ending December 31: Future Minimum Rents as of December 31, 2021 (In thousands) New Market Properties Preferred Office Properties Total 2022 $ 74,105 $ 21,273 $ 95,378 2023 66,206 21,544 87,750 2024 55,384 25,931 81,315 2025 43,289 26,210 69,499 2026 31,593 26,190 57,783 Thereafter 91,229 120,499 211,728 Total $ 361,806 $ 241,647 $ 603,453 Company as Lessee The Company has one grou nd lease for which the Company has evaluated its renewal option periods in quantifying its related lessee asset and liability. In determining the value of its right of use asset and lease liability, the Company used discount rates comparable to recent loan rates obtained on comparative properties within its portfolio. The Company is also, as of January 31, 2020 following the Internalization, the lessee of office space for its property support center which expires in May 2026, and of furniture and office equipment, which leases generally are three The Company recorded lease expense as follows: (Dollars in thousands) For the year ended December 31, 2021 Weighted average remaining lease term (years) Weighted average discount rate Lease expense Cash paid Office space $ 2,913 $ 2,930 4.0 3.0 % Ground leases 23 15 43.0 4.5 % Office equipment 125 125 2.7 3.0 % Total $ 3,061 $ 3,070 The Company's tenants often have the option to extend the lease within a specified amount of time, typically for an additional term of between five Future minimum rent expense for office space, ground lease and office equipment were: For the year ending December 31: Future Minimum Rents as of December 31, 2021 (In thousands) Office space Ground lease Office equipment Total 2022 $ 2,855 $ 15 $ 58 $ 2,928 2023 2,497 15 39 2,551 2024 3,139 15 19 3,173 2025 2,808 17 12 2,837 2026 355 17 — 372 Thereafter — 921 — 921 Total $ 11,654 $ 1,000 $ 128 $ 12,782 The Company’s grocery-anchored shopping centers are geographically concentrated within the Su nbelt and Mid-Atlantic region of the United States. The Company’s retail tenant bas e primarily consists of national and regional supermarkets, consumer services, healthcare providers, and restaurants. Our grocery anchor tenants comprise approximately 44.0% of our gross leasable area. Our credit risk, therefore, is concentrated in the retail/grocery real estate sector. Amounts required as security deposits vary depending upon the terms of the respective leases and the creditworthiness of the tenant, with the exception of our grocer anchor tenants, who generally are not required to provide security deposits. Exposure to credit risk is limited to the extent that tenant receivables exceed security deposits. Security deposits related to tenant leases are included in security deposits and other liabilities in the accompanying consolidated balance sheets. As of December 31, 2021, the Company’s approximately 1.1 million square foot office portfolio was 95% leased to a predominantly investment grade credit (or investment grade equivalent) tenant roster. For non-credi t tenants, our leases typically require a security deposit or letter of credit, which limits worst case collecti |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Information [Abstract] | |
Segment Information | Segment Information The Company's Chief Operating Decision Maker, or CODM, evaluates the performance of the Company's business operations and allocates financial and other resources by assessing the financial results and outlook for future performance across four distinct segments: multifamily communities, real estate related financing, New Market Properties and Preferred Office Properties. Multifamily Communities - consists of the Company's portfolio of residential multifamily communities. Prior to the sale of the Company's student housing communities on November 3, 2020, this reportable segment's results also included those assets and was referred to as Residential Properties. Financing - consists of the Company's portfolio of real estate loans, bridge loans, and other instruments deployed by the Company to partially finance the development, construction, and prestabilization carrying costs of new multifamily communities and other real estate and real estate related assets. Excluded from the financing segment are consolidated assets of VIEs and financial results of the Company's Dawson Marketplace grocery-anchored shopping center real estate loan, which are included in the New Market Properties segment. New Market Properties - consists of the Company's portfolio of grocery-anchored shopping centers, which are owned by New Market Properties, LLC, a wholly-owned subsidiary of the Company, as well as the financial results from the Company's grocery-anchored shopping center real estate loans. Preferred Office Properties - consists of the Company's portfolio of office buildings, which are owned by Preferred Office Properties, LLC, a wholly-owned subsidiary of the Company. The CODM monitors net operating income (“NOI”) on a segment and a consolidated basis as a key performance measure for its operating segments. NOI is a non-GAAP measure that is defined as rental and other property revenue from real estate assets plus interest income from its loan portfolio less total property operating and maintenance expenses, property management fees, real estate taxes, property insurance, and general and administrative expenses. The CODM uses NOI as a measure of operating performance because it provides a measure of the core operations, rather than factoring in depreciation and amortization, financing costs, acquisition expenses, and other expenses generally incurred at the corporate level. The following tables present the Company's assets, revenues, and NOI results by reportable segment, as well as a reconciliation from NOI to net income (loss). The assets attributable to 'Other' primarily consist of deferred offering costs recorded but not yet reclassified as reductions of stockholders' equity and cash balances at the Company and Operating Partnership levels. (In thousands) December 31, 2021 December 31, 2020 Assets: Multifamily Communities $ 1,958,592 $ 1,745,020 Financing 226,734 321,026 New Market Properties 1,032,658 1,072,090 Preferred Office Properties 327,548 1,121,992 Other 17,836 20,951 Consolidated assets $ 3,563,368 $ 4,281,079 Total capitalized expenditures (inclusive of additions to construction in progress, but exclusive of the purchase price of acquisitions) for the years ended December 31, 2021, 2020 and 2019 were as follows: Years ended December 31, (In thousands) 2021 2020 2019 Capitalized expenditures: Residential properties $ 14,296 $ 14,311 $ 14,511 New Market Properties 8,286 9,494 8,913 Preferred Office Properties 5,072 25,621 19,761 Total $ 27,654 $ 49,426 $ 43,185 Second-generation capital expenditures exclude those expenditures made in our office building portfolio (i) to lease space to "first generation" tenants (i.e. leasing capital for existing vacancies and known move-outs at the time of acquisition), (ii) to bring recently acquired properties up to our Class A ownership standards (and which amounts were underwritten into the total investment at the time of acquisition), (iii) for property redevelopments and repositionings (iv) to newly leased space which had been vacant for more than one year and (v) for building improvements that are recoverable from future operating cost savings. Total revenues by reportable segment of the Company were: Years ended December 31, (In thousands) 2021 2020 2019 Revenues Rental and other property revenues: Residential properties $ 217,013 $ 234,038 $ 220,872 New Market Properties 108,102 107,525 96,389 Preferred Office Properties (1) 80,447 108,826 93,416 Total rental and other property revenues 405,562 450,389 410,677 Financing revenues 45,496 50,723 59,750 Miscellaneous revenues 84 73 — Consolidated revenues $ 451,142 $ 501,185 470,427 (1) Included in rental revenues for our Preferred Office Properties segment is the amortization of deferred revenue for tenant-funded leasehold improvements from tenants in our Three Ravinia and Westridge office buildings. The remaining unamortized balance of approximately $32.2 million is included in the deferred revenues line on the consolidated balance sheets at December 31, 2021. These total costs will be amortized over the lesser of the useful lives of the improvements or the individual lease terms. The Company recorded non-cash revenue of approximately $3.8 million, $3.8 million and $3.8 million for the years ended December 31, 2021, 2020, and 2019 respectively. The chief operating decision maker utilizes segment net operating income, or Segment NOI, in evaluating the performance of its operating segments. Segment NOI represents total property revenues less total property operating expenses, excluding depreciation and amortization, for all properties held during the period. Segment NOI for the Company's financing segment consists of interest revenues from the Company's real estate loan investments and notes and lines of credit receivable, as well as revenues from terminated property purchase options. Management believes that Segment NOI is a helpful tool in evaluating the operating performance of the segments because it measures the core operations of property performance by excluding corporate level expenses and other items not directly related to property operating performance. Segment NOI for each reportable segment for the years ended December 31, 2021, 2020 and 2019 were as follows: Years ended December 31, (In thousands) 2021 2020 2019 Segment net operating income (Segment NOI) Residential Properties $ 127,273 $ 132,858 $ 122,753 New Market Properties 75,326 77,091 68,815 Preferred Office Properties 57,822 79,296 66,510 Financing 45,479 50,689 59,750 Miscellaneous revenues 84 73 — Consolidated segment net operating income 305,984 340,007 317,828 Interest expense: Residential Properties 55,346 60,676 62,455 New Market Properties 25,654 26,379 24,566 Preferred Office Properties 18,987 26,939 22,869 Financing 2,427 4,564 2,074 Depreciation and amortization: Residential Properties 89,355 101,823 99,384 New Market Properties 45,753 51,813 44,786 Preferred Office Properties 33,864 47,829 40,888 Corporate entities 221 212 7 Management fees, net of forfeitures — 1,963 21,752 Management Internalization 970 180,116 2,987 Allowance for expected credit losses 874 6,103 2,038 Equity compensation to directors and executives 3,289 1,644 1,223 Gain (loss) on sale of real estate loan investment and land 12 (517) (954) Gains on sales of real estate and mortgage-backed securities, net (21,109) (23,456) (1,567) Gain on non-cash net assets of consolidated VIEs — — (1,831) Loss from unconsolidated joint venture 665 314 — Loss on extinguishment of debt — 6,674 84 General and administrative 29,144 28,534 4,525 Net income (loss) $ 20,532 $ (181,603) $ (7,458) |
Income (Loss) Per Share
Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Loss per share [Abstract] | |
Income (Loss) Per Share | Income (Loss) Per Share The following is a reconciliation of weighted average basic and diluted shares outstanding used in the calculation of income (loss) per share of Common Stock: Years ended December 31, (In thousands, except per-share figures) 2021 2020 2019 Numerator: Operating income (loss) before gains on sales of real estate and unconsolidated joint venture $ 102,514 $ (80,030) $ 100,238 Loss from unconsolidated joint ventures (665) (314) — Gains on sales of real estate and mortgage-backed securities, net 21,109 23,456 1,567 Operating (loss) income 122,958 (56,888) 101,805 Interest expense 102,414 118,558 111,964 Change in fair value of net assets of consolidated VIEs from mortgage-backed pools — — 1,831 Loss on extinguishments of debt — (6,674) (84) Gain (loss) on sale of real estate loan investment and land, net (12) 517 954 Net (loss) income 20,532 (181,603) (7,458) Net loss (income) attributable to non-controlling interests (A) (86) 3,815 214 Net (loss) income attributable to The Company 20,446 (177,788) (7,244) Dividends declared to preferred stockholders (B) (153,418) (160,908) (113,772) Dividends to holders of unvested restricted stock (C) (514) (205) (17) Net loss attributable to common stockholders $ (133,486) $ (338,901) $ (121,033) Denominator: Weighted average number of shares of Common Stock - basic 51,499 48,743 44,265 Effect of dilutive securities: (D) — — — Weighted average number of shares of Common Stock - basic and diluted 51,499 48,743 44,265 Net loss per share of Common Stock attributable to common stockholders, basic and diluted $ (2.59) $ (6.95) $ (2.73) (A) The Company's outstanding Class A Units of the Operating Partnership (468, 649 and 856 Units at December 31, 2021, 2020 and 2019, respectively) contain rights to distributions in the same amount per unit as for dividends declared on the Company's Common Stock. The impact of the Class A Unit distributions on earnings per share has been calculated using the two-class method whereby earnings are allocated to the Class A Units based on dividends declared and the Class A Units' participation rights in undistributed earnings. (B) The Company’s shares of Series A Preferred Stock outstanding accrue dividends at an annual rate of 6% of the stated value of $1,000 per share, payable monthly. The Company had 1,321, 1,735 and 2,028 outstanding shares of Series A Preferred Stock at December 31, 2021, 2020 and 2019, respectively and 246, 149 and 5 outstanding shares of Series A1 Preferred Stock at December 31, 2021, 2020 and 2019, respectively. The Company's shares of Series M preferred stock, or mShares, accrue dividends at an escalating rate of 5.75% in year one to 7.50% in year eight and thereafter. The Company had 84, 89 and 103 mShares outstanding at December 31, 2021, 2020 and 2019, respectively. The Company's shares of Series M1 preferred stock accrue dividends at an escalating rate of 6.1% in year one to 7.1% in year ten and thereafter. The Company had 41, 19 and 0 shares of Series M1 preferred stock outstanding at December 31, 2021, 2020 and 2019, respectively. (C) The Company's outstanding unvested restricted share awards (664, 548 and 13 shares of Common Stock at December 31, 2021, 2020 and 2019, respectively) contain non-forfeitable rights to distributio ns or distribution equivalents. The impact of the unvested restricted share awards on earnings per share has been calculated using the t wo-class method whereby earnings are allocated to the unvested restricted share awards based on dividends declared and the unvested restricted shares' participation rights in undistributed earnings. Given the Company's unvested restricted share awards are defined as participating securities, the dividends declared for that period are adjusted in determining the calculation of loss per share of Common Stock. (D) Potential dilution from (i) warrants outstanding from issuances of Units from our Series A Preferred Stock offerings that are potentially exercisable into 19,510 shares of Common Stock; (ii) 58 Class B Units; (iii) 664 shares of unvested restricted common stock; (iv) 65 outstanding Restricted Stock Units; and 449 performance-based restricted stock units are excluded from the diluted shares calculations because the effect was antidilutive. Class A Units were excluded from the denominator because earnings were allocated to non-controlling interests in the calculation of the numerator. |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Fair Values of Financial Instruments [Abstract] | |
Fair Value Disclosures [Text Block] | Fair Values of Financial Instruments Fair value is defined as the price at which an asset or liability is exchanged between market participants in an orderly transaction at the reporting date. The Company’s cash equivalents, notes receivable, accounts receivable and payables and accrued expenses all approximate fair value due to their short term nature. The following tables provide estimated fair values of the Company’s financial instruments. The carrying values of the Company's real estate loans include accrued interest receivable from additional interest and are presented net of deferred loan fee revenue, where applicable. As of December 31, 2021 Carrying value Fair value measurements (In thousands) Fair Value Level 1 Level 2 Level 3 Financial Assets: Real estate loans $ 213,458 $ 219,923 $ — $ — $ 219,923 Notes receivable and line of credit receivable 9,011 9,011 — — 9,011 $ 222,469 $ 228,934 $ — $ — $ 228,934 Financial Liabilities: Mortgage notes payable $ 2,382,652 2,414,774 $ — $ — $ 2,414,774 Revolving credit facility — — — — — $ 2,382,652 $ 2,414,774 $ — $ — $ 2,414,774 As of December 31, 2020 Carrying value Fair value measurements (In thousands) Fair Value Level 1 Level 2 Level 3 Financial Assets: Real estate loans $ 302,423 $ 315,074 $ — $ — $ 315,074 Notes receivable and line of credit receivable 10,874 10,874 — — 10,874 $ 313,297 $ 325,948 $ — $ — $ 325,948 Financial Liabilities: Mortgage notes payable $ 2,640,705 $ 2,666,471 $ — $ — $ 2,666,471 Revolving line of credit 22,000 22,000 — — 22,000 $ 2,662,705 $ 2,688,471 $ — $ — $ 2,688,471 The fair value of the real estate loans within the level 3 hierarchy are comprised of estimates of the fair value of the notes, which were developed utilizing a discounted cash flow model over the remaining terms of the notes until their maturity dates and utilizing discount rates believed to approximate the market risk factor for notes of similar type and duration. The fair values also contain a separately-calculated estimate of any applicable additional interest payment due the Company at the maturity date |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events Between January 1, 2022 and February 10, 2022, the Company issued 3,167 shares of Series M1 Preferred Stock and collected net proceeds of approximately $3.1 million after commissions and fees. During the same period, the Company redeemed 9,453 shares of Series A Preferred Stock, 204 mShares, 212 shares of Series A1 Preferred Stock, and 267 shares of Series M1 Preferred Stock. On February 10, 2022, we amended our real estate loan investment supporting The Platform, a 551-unit multifamily community located in San Jose, California. The maturity date of the instrument was extended to August 13, 2022 and a second extension option of December 31, 2022 was added. The all-in interest rate was reduced to 9.5% per annum beginning on the original maturity date of February 13, 2022 and it increases in steps each three-month period up to 11.0% per annum. As of January 31, 2022, the property's physical occupancy was 91.1%. On February 11, 2022, the Company closed on a real estate loan investment of up to $16.7 million, in support of a 286-unit multifamily community located in the Orlando, Florida MSA. On February 15, 2022, we refinanced our Chestnut Farm multifamily community with permanent mortgage financing in the amount of approximately $52.3 million, that bears interest at a rate of 3.25% and matures on March 1, 2032. On February 16, 2022, the Company entered into the Merger Agreement, pursuant to which, following the Mergers, if closed, we will become a wholly owned subsidiary of Parent, which is affiliated with BREIT. If the Mergers are completed, each share of our Common Stock issued and outstanding immediately prior to closing will be automatically canceled and converted into the right to receive $25.00 in cash, and the Company will cease to be a publicly traded company on the New York Stock Exchange. The transaction has been unanimously approved by the Board of Directors and is expected to close in the second quarter of 2022, although there is no guarantee that it will occur by that date, or at all, and the transaction is subject to approval by stockholders and other customary closing conditions. On February 24, 2022, the Company's board of directors declared a quarterly dividend on its Common Stock of $0.175 per share, payable on April 15, 2022 to stockholders of record on March 15, 2022. On February 25, 2022, the Company closed on the acquisition of Lirio at Rafina, a 280-unit multifamily community located in the Orlando, Florida MSA. On February 28, 2022, the Company closed on a real estate loan investment of up to $17.2 million, in support of a 242-unit multifamily community located in the Naples, Florida MSA. Between January 1, 2022 and February 25, 2022, the Company issued no shares of Common Stock under the 2019 ATM Offering. Between January 1, 2022 and February 22, 2022, we issued 3,358,780 shares of Common Stock from exercises of our outstanding Warrants. |
Schedule III
Schedule III | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure | Schedule III Preferred Apartment Communities, Inc. Real Estate Investments and Accumulated Depreciation December 31, 2021 (Dollars in thousands) Initial Costs Gross Amount Carried at Close of Period Properties Related Encumbrances Land Building and Improvements Costs Capitalized Land Building and Improvements Total (1) Accumulated Depreciation Year Constructed/Renovated Date Acquired Depreciable Lives (Years) Multifamily Communities Alabama Birmingham Retreat at Greystone $40,057 $4,077 $44,462 $1,479 $4,077 $45,941 $50,018 $(12,179) 2015 3/24/2017 5 - 49 Vestavia Reserve 35,860 4,140 54,206 1,294 4,140 55,500 59,640 (9,246) 2016 11/9/2018 5 - 48 Florida Jacksonville Lux at Sorrel 29,239 5,332 42,531 1,082 5,332 43,613 48,945 (9,426) 2017 1/9/2018 5 - 49 Sorrel 47,551 4,412 42,217 1,512 4,412 43,729 48,141 (10,450) 2015 8/24/2016 5 - 48 The Menlo 47,000 7,670 64,983 220 7,670 65,203 72,873 (3,431) 2020 12/15/2020 5 - 50 Melbourne Artisan at Viera 38,355 4,839 58,791 599 4,839 59,390 64,229 (7,074) 2018 8/8/2019 5 - 50 Naples Aster at Lely Resort 50,400 7,675 43,794 1,904 7,675 45,698 53,373 (12,588) 2015 6/24/2015 5 - 40 Orlando 525 Avalon Park 61,933 7,410 82,349 4,543 7,410 86,892 94,302 (19,061) 2008 5/31/2016 5 - 45 Citi Lakes 49,926 5,558 56,828 1,665 5,558 58,493 64,051 (15,257) 2014 9/3/2015 5 - 40 The Blake 44,435 7,459 53,223 278 7,459 53,501 60,960 (3,149) 2019 11/2/2020 5 - 50 Village at Baldwin Park 68,535 17,403 90,464 9,156 17,403 99,620 117,023 (21,501) 2008 1/5/2016 5 - 37 Panama City Parkside at the Beach 45,037 6,103 53,689 627 6,103 54,316 60,419 (5,035) 2019 04/30/20 5 - 50 Sarasota Luxe at Lakewood Ranch 36,147 4,852 51,033 1,037 4,852 52,070 56,922 (10,628) 2016 07/26/17 5 - 48 Venue at Lakewood Ranch 36,555 3,791 42,950 1,344 3,791 44,294 48,085 (11,766) 2015 05/21/15 5 - 40 Tampa Citrus Village 40,900 4,809 40,481 2,071 4,809 42,552 47,361 (8,968) 2011 03/03/17 5 - 44 Crosstown Walk 46,500 5,178 39,332 1,838 5,178 41,170 46,348 (9,626) 2014 01/15/16 5 - 49 Five Oaks at Westchase 30,167 4,425 48,113 463 4,425 48,576 53,001 (5,222) 2019 9/18/19 5 - 50 Horizon Wiregrass Ranch 50,237 6,842 72,708 419 6,842 73,127 79,969 (6,620) 2018 3/31/20 5 - 47 Lodge at Hidden River 39,469 5,600 52,930 641 5,600 53,571 59,171 (8,777) 2017 9/27/2018 5 - 48 Overlook at Crosstown Walk 20,607 3,309 28,014 456 3,309 28,470 31,779 (6,445) 2016 11/21/2017 5 - 48 (Dollars in thousands) Initial Costs Gross Amount Carried at Close of Period Properties Related Encumbrances Land Building and Improvements Costs Capitalized Land Building and Improvements Total (1) Accumulated Depreciation Year Constructed/Renovated Date Acquired Depreciable Lives (Years) Georgia Atlanta Aldridge at Town Village 38,846 7,122 45,418 681 7,122 46,099 53,221 (12,510) 2016 9/29/2017 5 - 49 Green Park 37,014 7,478 49,211 614 7,478 49,825 57,303 (12,102) 2017 2/28/2018 5 - 48 Overton Rise 36,749 8,511 50,996 1,588 8,511 52,584 61,095 (11,092) 2015 2/1/2016 5 - 49 Reserve at Summit Crossing 18,487 4,375 25,939 504 4,375 26,443 30,818 (6,278) 2016 9/29/2017 5 - 48 Summit Crossing 36,174 3,450 27,705 3,194 3,450 30,899 34,349 (11,820) 2007 4/21/2011 5 - 40 Summit Crossing II 20,700 3,220 15,852 553 3,220 16,405 19,625 (4,996) 2013 12/31/2013 5 - 40 The Ellison 48,000 6,943 59,354 24 6,943 59,378 66,321 (1,373) 2021 6/30/2021 5 - 50 Kansas Kansas City Adara Overland Park 29,397 2,854 42,030 819 2,854 42,849 45,703 (12,566) 2016 9/27/2017 5 - 49 Kentucky Lousiville Claiborne Crossing 25,045 2,147 37,579 1,639 2,147 39,218 41,365 (10,538) 2014 4/26/2017 5 - 47 North Carolina Charlotte Chestnut Farm 51,800 4,335 67,504 219 4,335 67,723 72,058 (882) 2021 9/17/2021 5 - 50 CityPark View 29,000 3,559 28,360 1,394 3,559 29,754 33,313 (8,303) 2014 6/30/2015 5 - 40 CityPark View South 22,970 5,816 27,528 747 5,816 28,275 34,091 (5,322) 2017 11/15/2018 5 - 49 Pennsylvania Pittsburgh City Vista 32,170 4,082 41,486 827 4,082 42,313 46,395 (10,156) 2014 7/1/2016 5 - 49 Tennessee Nashville Lenox Village Town Center 37,492 4,612 39,911 2,133 4,355 42,301 46,656 (9,710) 2009 12/21/2015 5 - 40 Regent at Lenox — 301 3,493 81 301 3,574 3,875 (817) 2009 12/21/2015 5 - 40 Retreat at Lenox 16,370 2,965 24,211 562 2,860 24,878 27,738 (6,396) 2015 12/21/2015 5 - 40 The Anson 56,440 4,521 69,580 265 4,521 69,845 74,366 (892) 2020 9/14/2021 5 - 50 Texas Fort Worth Alleia at Presidio 35,700 4,333 44,645 86 4,333 44,731 49,064 (1,099) 2020 7/8/2021 5 - 50 Houston Avenues at Cypress 28,366 3,242 30,093 1,380 3,242 31,473 34,715 (9,740) 2014 2/13/2015 5 - 40 Avenues at Northpointe 33,546 3,921 37,203 1,370 3,921 38,573 42,494 (11,736) 2013 2/13/2015 5 - 40 Stone Creek 19,090 2,211 22,916 521 2,211 23,437 25,648 (5,733) 2009 11/12/2015 5 - 40 (Dollars in thousands) Initial Costs Gross Amount Carried at Close of Period Properties Related Encumbrances Land Building and Improvements Costs Capitalized Land Building and Improvements Total (1) Accumulated Depreciation Year Constructed/Renovated Date Acquired Depreciable Lives (Years) Virginia Fredericksburg The Kingson 53,697 7,507 61,381 57 7,507 61,438 68,945 (890) 2020 9/16/2021 5 - 50 Richmond Colony at Centerpointe 30,744 7,259 38,199 1,388 7,259 39,587 46,846 (9,372) 2016 12/20/2017 5 - 48 Williamsburg Founder's Village 29,038 5,315 38,761 1,281 5,315 40,042 45,357 (8,534) 2014 3/31/2017 5 - 47 Total Multifamily $1,625,745 $230,963 $1,992,453 $54,555 $230,601 $2,047,370 $2,277,971 $(369,306) Grocery-anchored retail Alabama Birmingham Southgate Village $6,830 $2,262 $10,290 $541 $2,262 $10,831 $13,093 $(2,279) 1988 4/29/2016 5 - 35 Florida Miami Shoppes of Parkland 15,111 10,779 16,543 631 10,779 17,174 27,953 (4,432) 2000 8/8/2016 5 - 35 Naples Crossroads Market 17,111 7,044 22,627 540 7,044 23,167 30,211 (2,914) 1993 12/5/2017 5 - 40 Orlando Berry Town Center 11,554 3,062 13,628 275 3,062 13,903 16,965 (1,452) 2003 11/14/2019 5 - 30 Conway Plaza 9,193 4,202 9,782 1,642 4,202 11,424 15,626 (2,124) 1966 6/29/2018 5 - 30 Deltona Landings 5,986 2,256 8,344 559 2,256 8,903 11,159 (2,474) 1999 9/30/2014 5 - 30 University Palms 11,626 4,854 16,706 920 4,854 17,626 22,480 (3,360) 1993 8/8/2016 5 - 37 Tampa-St Petersburg Barclay Crossing 5,933 2,856 7,572 331 2,856 7,903 10,759 (2,170) 1998 9/30/2014 5 - 30 Disston Plaza 17,238 5,579 22,048 82 5,579 22,130 27,709 (2,322) 1954 6/12/2019 5 - 35 West Palm Beach Polo Grounds Mall 12,735 9,057 10,907 393 9,057 11,300 20,357 (1,669) 1966 6/12/2019 5 - 30 Georgia Atlanta Castleberry Southard 10,500 3,024 14,142 232 3,024 14,374 17,398 (2,449) 2006 4/21/2017 5 - 39 Cherokee Plaza 23,660 8,392 32,249 570 8,392 32,819 41,211 (5,380) 1958 8/8/2016 5 - 35 Governors Towne Square 10,404 2,766 13,027 171 2,766 13,198 15,964 (1,778) 2004 4/27/2018 5 - 40 Lakeland Plaza 25,771 7,079 33,087 823 7,079 33,910 40,989 (7,534) 1990 7/15/2016 5 - 35 Powder Springs 7,540 1,832 8,246 678 1,832 8,924 10,756 (2,570) 1999 9/30/2014 5 - 30 Rockbridge Village 13,011 3,141 15,944 615 3,141 16,559 19,700 (2,306) 2005 6/6/2017 5 - 40 Roswell Wieuca — 12,006 18,485 258 12,006 18,743 30,749 (2,375) 2007 11/30/2017 5 - 40 (Dollars in thousands) Related Encumbrances Initial Costs Gross Amount Carried at Close of Period Accumulated Depreciation Year Constructed/Renovated Date Acquired Depreciable Lives (Years) Properties Land Building and Improvements Costs Capitalized Land Building and Improvements Total (1) Royal Lakes Marketplace 9,108 4,874 10,439 289 4,665 10,937 15,602 (2,846) 2008 9/4/2015 5 - 30 Sandy Plains Exchange 8,121 4,788 9,309 500 4,788 9,809 14,597 (2,209) 1997 8/8/2016 5 - 32 Summit Point 10,728 7,064 11,430 538 7,064 11,968 19,032 (3,203) 2004 10/30/2015 5 - 30 Thompson Bridge Commons 10,857 1,478 16,047 48 1,478 16,095 17,573 (2,734) 2001 8/8/2016 5 - 40 Wade Green Village 7,315 1,840 8,410 745 1,840 9,155 10,995 (2,366) 1993 2/29/2016 5 - 35 Woodmont Village 7,862 2,713 10,030 375 2,713 10,405 13,118 (2,050) 2002 9/8/2017 5 - 30 Woodstock Crossing 5,300 1,751 3,800 659 1,751 4,459 6,210 (1,573) 1994 2/12/2014 5 - 30 Augusta East Gate Shopping Center 4,952 1,653 7,391 132 1,653 7,523 9,176 (1,758) 1995 4/29/2016 5 - 30 Fury's Ferry 5,720 2,084 8,107 355 2,084 8,462 10,546 (1,825) 1996 4/29/2016 5 - 35 Columbus Parkway Centre 4,312 2,071 4,516 568 2,071 5,084 7,155 (1,447) 1999 9/30/2014 5 - 30 Maryland Washington, DC Free State Shopping Center 44,673 21,443 44,831 186 21,443 45,017 66,460 (5,217) 1970 5/28/2019 5 - 35 North Carolina Charlotte Brawley Commons 17,056 8,786 18,716 338 8,786 19,054 27,840 (3,224) 1997 7/6/2018 5 - 40 West Town Market 8,008 1,937 12,298 48 1,937 12,346 14,283 (1,886) 2004 9/22/2017 5 - 37 Raleigh Heritage Station 8,036 1,684 9,883 1,633 1,684 11,516 13,200 (2,531) 2004 8/8/2016 5 - 40 Maynard Crossing 16,439 6,304 22,566 906 6,304 23,472 29,776 (4,717) 1996 8/25/2017 5 - 30 Wakefield Crossing 7,525 1,997 9,252 10 1,997 9,262 11,259 (910) 2001 1/29/2020 5 - 30 Wilmington Hanover Center 30,402 16,634 40,393 953 16,634 41,346 57,980 (4,403) 1954 12/19/2019 5 - 30 South Carolina Charleston Sweetgrass Corner — 3,076 12,670 303 3,076 12,973 16,049 (3,571) 1999 9/30/2014 5 - 30 Columbia Irmo Station 9,467 3,602 11,859 1,377 3,602 13,236 16,838 (2,401) 1980 7/26/2017 5 - 33 Rosewood Shopping Center 3,842 1,671 5,347 163 1,671 5,510 7,181 (1,058) 2002 4/29/2016 5 - 40 Greenville Spartanburg Anderson Central 10,940 5,059 13,278 591 5,059 13,869 18,928 (4,066) 1999 4/29/2016 5 - 30 Fairview Market 7,100 1,353 5,179 1,553 1,353 6,732 8,085 (1,507) 1998 4/29/2016 5 - 30 Tennessee Chattanooga The Overlook at Hamilton Place 18,648 6,787 25,244 1,766 6,787 27,010 33,797 (6,322) 1992 12/22/2015 5 - 30 (Dollars in thousands) Initial Costs Gross Amount Carried at Close of Period Properties Related Encumbrances Land Building and Improvements Costs Capitalized Land Building and Improvements Total (1) Accumulated Depreciation Year Constructed/Renovated Date Acquired Depreciable Lives (Years) Nashville Greensboro Village 7,820 3,134 10,771 426 3,134 11,197 14,331 (1,973) 2005 4/27/2018 5 - 40 Parkway Town Centre 7,657 3,054 6,694 620 3,054 7,314 10,368 (2,028) 2005 9/5/2014 5 - 40 Salem Cove 8,696 2,427 10,272 252 2,427 10,524 12,951 (2,439) 2010 10/6/2014 5 - 40 Spring Hill Plaza 7,751 4,376 8,104 745 4,376 8,849 13,225 (2,773) 2005 9/5/2014 5 - 40 The Market at Victory Village 8,582 2,271 12,275 236 2,271 12,511 14,782 (2,574) 2007 5/16/2016 5 - 40 Texas Dallas Independence Square 10,902 4,115 13,690 2,065 4,115 15,755 19,870 (4,383) 1977 7/1/2015 5 - 30 Midway Market 9,991 7,331 5,110 103 7,331 5,213 12,544 (650) 2002 3/19/2020 5 - 30 Houston Champions Village — 12,813 33,399 4,424 12,813 37,823 50,636 (8,763) 1973 10/18/2016 5 - 40 Kingwood Glen — 5,021 12,930 1,379 4,762 14,568 19,330 (3,879) 1998 9/30/2014 5 - 30 San Antonio Oak Park Village 8,292 5,745 10,779 143 5,745 10,922 16,667 (2,125) 1970 8/8/2016 5 - 40 Virginia Charlottesville Hollymead Town Center 25,491 7,503 33,009 517 7,503 33,526 41,029 (3,419) 2005 12/21/2018 5 - 40 Richmond Gayton Crossing 16,855 9,109 17,791 2,888 9,109 20,679 29,788 (2,513) 1983 1/17/2019 5 - 30 Virginia Beach Fairfield Shopping Center 19,750 12,728 14,526 1,288 12,728 15,814 28,542 (2,890) 1985 8/16/2019 5 - 30 Total Retail $592,401 $280,467 $783,972 $38,383 $279,999 $822,823 $1,102,822 $(153,821) Office buildings Georgia Atlanta Three Ravinia $115,500 $9,785 $154,023 $66,498 $11,083 $219,223 $230,306 $(43,225) 1991 12/30/2016 7 - 39 North Carolina Charlotte 4th & Brevard — 13,917 101 — 13,917 101 $14,018 (78) n/a 3/16/2020 7 Texas San Antonio Westridge 49,006 15,778 58,496 5,637 15,778 64,133 $79,911 (11,261) 2016 11/13/2017 13 - 50 Total Office $164,506 $39,480 $212,620 $72,135 $40,778 $283,457 $324,235 $(54,564) Corporate Entities — — — — — 2,110 2,110 (805) Total $2,382,652 $550,910 $2,989,045 $165,073 $551,378 $3,155,760 $3,707,138 $(578,496) (1) The aggregate cost for federal income tax purposes to the Company was approximately $4.2 billion at December 31, 2021. (2) The costs capitalized subsequent to acquisition amount includes approximately $6.9 million of assets in 2017 which were written off due to damages from Hurricane Harvey. (In thousands) For the years ended December 31, Real estate investments 2021 2020 2019 Balance at the beginning of the year $ 4,143,291 $ 4,394,529 $ 3,672,715 Acquisitions 330,104 310,329 679,423 Improvements 29,742 50,616 42,887 Write-off of assets no longer in service (3,491) (1,208) (261) Disposal of assets (792,658) (612,622) (549) Gross corporate entity assets 150 1,647 314 Balance at the end of the year $ 3,707,138 $ 4,143,291 $ 4,394,529 Accumulated depreciation Balance at the beginning of the year $ (509,547) $ (421,551) $ (272,042) Depreciation (a) (139,546) (163,463) (149,884) Write-off of assets no longer in service 3,491 1,208 261 Disposal of assets 67,524 74,656 114 Accumulated depreciation corporate entity assets (418) (397) — Balance at the end of the year $ (578,496) $ (509,547) $ (421,551) (a) Represents depreciation expense of real estate assets. Amounts include corporate entity assets following the Internalization transaction and exclude amortization of lease intangible assets for all periods. |
Schedule IV
Schedule IV | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate | Schedule IV Preferred Apartment Communities, Inc. Mortgage Loans on Real Estate December 31, 2021 Description Property Name Location (MSA) Interest Rate Maturity Date Periodic Payment Terms Prior Liens Face Amount of Mortgages (in thousands) Carrying Amount of Mortgages (in thousands) Principal Amount of Mortgages Subject to Delinquent Principal or Interest Real Estate Construction Loan on Residential Properties: The Platform San Jose, CA 11.5% 8/13/2022 (1) 8.5 / 3.0 — $ 137,616 $ 136,061 $ — Vintage Horizon West Orlando, FL 14.0% 10/11/2022 (2) 8.5 / 5.5 — 10,900 9,828 — One Nexton Charleston, SC 11.0% 12/16/2022 (6) 11.00 / 0.00 — 6,265 6,265 — Vintage Jones Franklin Raleigh, NC 14.0% 11/14/2023 (2) 8.5 / 5.5 — 10,000 8,989 — The Hudson Orlando, FL 13.0% 9/1/2024 (4) 8.5 / 4.5 — 16,791 13,873 — Solis Cumming Town Center Atlanta, GA 14.0% 9/3/2024 (2) 8.5 / 5.5 — 20,681 18,153 — Club Drive Atlanta, GA 13.0% 2/11/2025 (4) 8.5 / 4.5 — 23,150 5,551 — The Menlo II Jacksonville, FL 12.0% 4/14/2025 (3) 8.5 / 3.5 — 16,610 4,500 — Beaver Ruin Atlanta, GA 13.0% 5/3/2025 (4) 8.5 / 4.5 — 9,133 — — Populus at Pooler Savannah, GA 12.75% 5/27/2025 (5) 8.5 / 4.25 — 15,907 2,104 — Populus at Pooler Capital Savannah, GA 12.75% 5/27/2025 (5) 8.5 / 4.25 — 1,169 946 — Total — 268,222 206,270 — Unamortized loan origination fees — — (1,755) — Allowances for expected credit losses — — (8,095) — Carrying amount $ — $ 268,222 $ 196,420 $ — (1) Fixed rate, interest only, 8.5% payable monthly and 3.0% accrued (2) Fixed rate, interest only, 8.5% payable monthly and 5.5% accrued (3) Fixed rate, interest only, 8.5% payable monthly and 3.5% accrued (4) Fixed rate, interest only, 8.5% payable monthly and 4.5% accrued (5) Fixed rate, interest only, 8.5% payable monthly and 4.25% accrued (6) Fixed rate, interest only, 11% payable monthly until June 16, 2022, and then 13% payable monthly until December 16, 2022 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Significant Accounting Policies [Abstract] | |
Revenue Recognition Leases, Operating [Policy Text Block] | Revenue Recognition Multifamily communities Rental revenue is recognized when earned from residents of the Company's multifamily communities, which is over the terms of the rental agreements, typically a duration of thirteen months or less. The Company evaluates the collectability of amounts due from residents and recognizes revenue from residents when collectability is deemed probable, in accordance with ASC 842-30-25-12. The Company evaluated the various ancillary revenues within its multifamily leases, including resident utility reimbursements. Having met the criteria that (i) the timing and pattern of transfer for the lease component and associated non-lease components are the same and (ii) that the lease component, if accounted for separately would be classified as an operating lease, the Company has elected the practical expedient under ASC 842, Leases, paragraph 10-15-42 A, to elect reporting the lease component and non-lease components as one single component within the rental and other property revenues line on the Consolidated Statements of Operations. Revenue from utility reimbursements are considered variable lease payments and are recognized in the period in which the related expenses are incurred. Grocery-anchored shopping centers and office properties Our retail leases have original lease terms which generally range from three ten . Our office building leases have original lease terms which generally range from five Base rental revenue from tenants' operating leases is a lease component revenue in the Company's grocery-anchored shopping centers and office properties and is recognized on a straight-line basis over the term of the lease. Revenue based on "percentage rent" provisions that provide for additional rents that become due upon achievement of specified sales revenue targets (as specified in each lease agreement) is recognized only after the tenant exceeds its specified sales revenue target. Revenue from reimbursements of the tenants' share of real estate taxes, insurance and common area maintenance, or CAM, costs represent non-lease component revenue. Having met the criteria that (i) the timing and pattern of transfer for the lease component and associated non-lease components are the same and (ii) that the lease component, if accounted for separately would be classified as an operating lease, the Company has elected the practical expedient under ASC 842, Leases, paragraph 10-15-42A, to elect reporting the lease component and non-lease components as one single component under Rental and other property revenues recognized in accordance with ASC 842. Reimbursement revenue and percentage rent were previously presented in the Company’s Other Property Revenues line item. For presentation purposes, the Company has reclassified its revenue from reimbursements into Rental and other property revenues for all periods presented, for comparability. Revenue from reimbursements are considered variable lease payments and are recognized in the period in which the related expenses are incurred. The Company does not record income and offsetting expense for certain variable costs paid directly to third parties by lessees on behalf of lessors. Non-lease components which do not qualify under the practical expedient primarily include lease termination income and other ancillary revenue (e.g. application fees, license fees, late fees and tenant billbacks). These items are recorded under Rental and other property revenues. Lease termination revenues are recognized ratably over the revised remaining lease term after giving effect to the termination notice or when tenant vacates and the Company has no further obligations under the lease. Rents and tenant reimbursements collected in advance are recorded as prepaid rent within other liabilities in the accompanying consolidated balance sheets. The Company evaluated the collectability of the tenant receivable related to rental and reimbursement billings due from tenants and straight-line rent receivables, which represent the cumulative amount of future adjustments necessary to present rental revenue on a straight-line basis, by taking into consideration the Company's historical write-off experience, tenant credit-worthiness, current economic trends, and remaining lease terms. The Company evaluates the collectability of these amounts and recognizes revenue related to tenants where collectability is deemed probable, in accordance with ASC 842-30-25-12. The Company previously recorded bad debt expense within the Property operating and maintenance expense line item, and upon adoption of ASC 842 on January 1, 2019, began recording amounts not deemed probable of collection as a reduction of rental revenues and other property revenues, as applicable. The Company may provide grocery-anchored shopping center and office building tenants an allowance for the construction of leasehold improvements. Leasehold improvements that are owned by the Company are capitalized and depreciated over the shorter of the useful life of the improvements or the remaining lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements, the allowance is considered to be a lease incentive and is recognized over the lease term as a reduction of rental revenue. Determination of the appropriate accounting for the payment of a tenant allowance is made on a lease-by-lease basis, considering the facts and circumstances of the individual tenant lease. When the Company is the owner of the leasehold improvements, recognition of rental revenue commences when the lessee is given possession of the leased space upon completion of tenant improvements. However, when the leasehold improvements are owned by the tenant, the lease inception date is the date the tenant obtains possession of the leased space for purposes of constructing its leasehold improvements. For our office properties, if the improvement is deemed to be a “landlord asset,” and the tenant funded the tenant improvements, the cost is amortized over the term of the underlying lease with a corresponding recognition of rental revenues. In order to qualify as a landlord asset, the specifics of the tenant’s assets are reviewed, including the Company's approval of the tenant’s detailed expenditures, whether such assets may be usable by other future tenants, whether the Company has consent to alter or remove the assets from the premises and generally remain the Company's property at the end of the lease. Gains on sales of real estate assets The Company recognizes gains on sales of real estate based on the difference between the consideration received and the carrying amount of the distinct asset, including the carrying amount of any liabilities relieved or assumed by the purchasing counterparty and net of disposition expenses. Lessee accounting The Company has evaluated its leases for which it is the lessee to determine the value of any right of use assets and related lease li abilities. The Company has one ground lease related to our grocery-anchored shopping center assets. Ground leases generally have extended terms (e.g. over twenty years with multiple renewal options) and generally have base rent with CPI-based increases. The Company evaluated its renewal option periods in quantifying its asset and liability related to the ground lease. In d etermining the value of its right of use asset and lease liability, the Company used discount rates comparable to recent loan rates obtained on comparative properties within its portfolio. The Company’s right of use asset and related lease liability in accordance with ASC 842-20-30 related to this ground lease are recorded within the Tenant Receivables and Other assets and the Security deposits and other liabilities line items of the balance sheet, respectively. The Company is also the lessee of its coporate office space, which contains rent increases over the remaining weighted average life of approximately 4.0 years. The Company is also the lessee of furniture and equipment leases such as office equipment, which generally are three |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Acquisitions and Impairments of Real Estate Assets When the Company acquires a property, it allocates the aggregate purchase price to tangible assets, consisting of land, building, site improvements and furniture, fixtures and equipment, and identifiable intangible assets, consisting of the value of in-place leases and above-market and below-market leases as described further below, using estimated fair values of each component at the time of purchase. The Company follows the guidance as outlined in ASC 805-10, Business Combinations, as amended by ASU 2017-01. As described below in the section entitled New Accounting Pronouncements, Accounting Standards Update 2017-01 was adopted by the Company effective January 1, 2017, which changed the definition of a business. Under this new guidance, most property acquisitions made by the Company will fall within the category of acquired assets rather than acquired businesses . This distinction will cause the Company to capitalize its costs for acquisitions (including, effective July 1, 2017, a 1% acquisition fee), al locate them to the fair value of acquired assets and liabilities and amortize these costs over the remaining useful lives of those assets and liabilities. Should the Company complete any acquisitions in the future which qualify as acquisitions of businesses, associated acquisition costs would be expensed as incurred. Tangible assets The fair values of land acquired is calculated under the highest and best use model, using formal appraisals and comparable land sales, among other inputs. Building value is determined by valuing the property on a “go-dark” basis as if it were vacant, and also using a replacement cost approach, which two results are then reconciled. Site improvements are valued using replacement cost. Management determines the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases, including leasing commissions and other related costs. The values of furniture, fixtures, and equipment are estimated by calculating their replacement cost and reducing that value by factors based upon estimates of their remaining useful lives. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements Standard Description Date of Adoption Effect on the Consolidated Financial Statements Recently Issued Accounting Guidance Not Yet Adopted ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting The new standard enables affected entities to elect from a series of practical expedients designed to ease the transition from referenced base rates within contracts designated to be replaced by Reference Rate Reform. The amendments are effective March 12, 2020 through December 31, 2022. ASU 2020-04 will be applicable to the Company's variable-rate debt instruments for which the Company is the borrower, which bear interest at a spread over the 1-month London Interbank Offer Rate (1-month LIBOR). Among the practical expedients are the option to elect prospective adjustment of the effective interest rate, foregoing reassessment of any instruments under loan modification rules. The Company is monitoring developments pertaining to Reference Rate Reform and does not currently anticipate ASU 2020-04 to have a material effect on its results of operations. |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Identifiable intangible assets In-place leases Multifamily communities The fair value of in-place leases are estimated by calculating the estimated time to fill a hypothetically empty apartment complex to its stabilization level (estimated to be 93% occupancy) based on historical observed move-in rates for each property, and which approximate market rates. Carrying costs during these hypothetical expected lease-up periods are estimated, considering current market conditions and include real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates. The intangible assets are calculated by estimating the net cash flows of the in-place leases to be realized, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. The acquired in-place lease values are amortized over the average remaining non-cancelable term of the respective in-place leases in the depreciation and amortization line of the statements of operations. Grocery-anchored shopping centers and office properties The fair value of in-place leases represent the value of direct costs associated with leasing, including opportunity costs associated with lost rentals that are avoided by acquiring in-place leases. Direct costs associated with obtaining a new tenant include commissions, legal and marketing costs, incentives such as tenant improvement allowances and other direct costs. Such direct costs are estimated based on our consideration of current market costs to execute a similar lease. The value of opportunity costs is calculated using the estimated market lease rates and the estimated absorption period of the space. These direct costs and opportunity costs are included in the accompanying consolidated balance sheets as acquired intangible assets and are amortized over the remaining term of the respective leases in the depreciation and amortization line of the statements of operations. Above-market and below-market lease values Multifamily communities These values are usually not significant or are not applicable for these properties. Grocery-anchored shopping centers and office properties The values of above-market and below-market leases are developed by comparing the Company's estimate of the average market rents and expense reimbursements to the average contract rent at the property acquisition date. The amount by which contract rent and expense reimbursements exceed estimated market rent are summed for each individual lease and discounted for a singular aggregate above-market lease intangible asset for the property. The amount by which estimated market rent exceeds contract rent and expense reimbursements are summed for each individual lease and discounted for a singular aggregate below-market lease intangible liability. The above-market or below-market lease values are recorded as a reduction or increase, respectively, to rental revenue over the remaining noncancellable term of the respective leases, plus any below-market probable renewal options. Impairment Assessment The Company evaluates its tangible and identifiable intangible real estate assets for impairment when events such as declines in a property’s operating performance, deteriorating market conditions, or environmental or legal concerns bring recoverability of the carrying value of one or more assets into question. When qualitative factors indicate the possibility of impairment, the total undiscounted cash flows of the property, including proceeds from disposition, are compared to the net book value of the property. If this test indicates that impairment exists, an impairment loss is recorded in earnings equal to the shortage of the book value to fair value, calculated as the discounted net cash flows of the property. Real Estate Loan Investments The Company carries its investments in real estate loans at amortized cost with assessments made for expected loan loss allowances in the event recoverability of the principal amount becomes doubtful. The balances of real estate loans presented on the consolidated balance sheets consist of drawn amounts on the loans, net of unamortized deferred loan origination fees and current expected credit losses. Interest income on real estate loans and notes receivable is recognized on an accrual basis over the lives of the loans or notes. In the event that a loan or note is refinanced with the proceeds of another loan issued by the Company, any unamortized loan fee revenue from the first loan will be recognized as interest revenue at the date of refinancing. Loan origination fees applicable to real estate loans are amortized over the lives of the loans as adjustments to interest income using the effective interest rate method. When there is concern as to the ultimate collection of principal or interest, the Company either ceases the accrual of interest, or records allowances as necessary. Certain real estate loan assets include limited purchase options or additional amounts of accrued interest. Additional accrued interest becomes due in cash to the Company on the earliest to occur of: (i) the maturity of the loan, (ii) any uncured event of default as defined in the associated loan agreement, (iii) the sale of the project or the refinancing of the loan (other than a refinancing loan by the Company or one of its affiliates) and (iv) any other repayment of the loan. On January 1, 2020, the Company adopted ASU 2016-13, that replaced the incurred loss model with an expected loss model for instruments measured at amortized cost, and requires entities to record credit allowances for total expected future losses on financial assets at the outset of each loan. For each loan in which the Company is the lender, the amount of protection afforded to the Company is estimated to be the excess of the future estimated fair market value of the developed property over the developer’s related obligations (including the Company’s mezzanine or member loan(s)), other loans senior to the Company's, the expected future balance of accrued interest and any other obligations related to the project’s funding. The excess represents the amount of equity dollars in each real estate project plus profit expected to be realized by the developer on the project, both of which are in a subordinate position to the Company's real estate loan investments. This numeric result is expressed as a percentage of the developed property's future estimated fair market value (a "loss reserve ratio"), which is then pooled into ranges of loss percentages that was derived from company-specific loss experience. The product of this indicated loss reserve ratio and the expected fully-funded balance (inclusive of an expected future balance of accrued interest) is the initial total expected credit loss reserve. Over the life of the loan, the initial reserve is reevaluated for potential reduction at the achievement of certain milestones in construction and lease-up progress as the project approaches completion and the loan approaches maturity, given no unforeseen degradation in project performance or failure to adhere to the terms of the loan by the borrower/developer. Finally, the loss reserve may be further refined by the Company due to any subjective qualitative factors deemed pertinent and worthy of reflection. Reserves for current expected credit losses are written off when the instrument is deemed to be uncollectible. The Company implemented this new guidance by applying this model to its existing portfolio of real estate loan investments using the modified retrospective method and in doing so, recorded a cumulative effect adjustment to retained earnings on January 1, 2020. See note 4. The Company's real estate loan investments are collateralized by real estate development projects and secured further by guaranties of repayment from one or more of the borrowers. The Company's lines of credit receivable are typically only collateralized by personal guaranties, but occasionally may be cross-collateralized by interests in other real estate projects. As a result, the Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property, as well as the financial and operating capability of the borrower. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess (i) whether cash from operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan, and/or (iii) the property’s liquidation value. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the overall economic environment, real estate sector, and geographic submarket in which the borrower operates are considered. Such analyses are completed and reviewed by management, utilizing various data sources, including periodic financial data such as property operating statements, occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, capitalization and discount rates and site inspections, the results of which are included within the Company's expected loss model. See the Revenue Recognition section of this Note for other loan-related policy disclosures. |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Variable Interest EntitiesA variable interest entity, or “VIE” is an entity that lacks sufficient equity to finance its activities without additional subordinated financial support from other parties, or whose equity holders lack the characteristics of a controlling financial interest. A VIE is consolidated by its primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through the (a) power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (b) obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. The Company assesses whether it meets the power and benefits criteria and in performing this analysis, the Company considers both qualitative and quantitative factors, including the Company’s ability to control or significantly influence key decisions of the VIE and the obligation or likelihood for the Company to fund operating losses of the VIE. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, may involve significant judgment, including the determination of which activities most significantly affect the entities’ performance, and estimates about the current and future fair values and performance of assets held by the VIE. If the Company determines that it meets both the power and benefits criteria of the VIE, the Company is deemed to be the primary beneficiary of the VIE and the Company consolidates the entire VIE entity in its consolidated financial statements. |
Loans and Leases Receivable, Nonmortgage Loan, Valuation, Policy [Policy Text Block] | Purchase Option Terminations The Company will occasionally receive a purchase option and/or a right of first offer on the underlying property in conjunction with extending a real estate loan investment to the developer of the property. The purchase option is in some instances at a discount to the to-be-agreed-upon market value of the property, once stabilized. If the Company elects not to exercise the purchase option and acquire the property, it may negotiate to sell the purchase option back to the developer and receive a termination fee in consideration. The amount of the termination fee is accounted for as additional interest on the real estate loan investment and is recognized as interest revenue utilizing the effective interest method over the period beginning from the date of election until the earlier of (i) the maturity of the real estate loan investment and (ii) the sale of the property. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements Certain assets and liabilities are required to be carried at fair value, or if they are deemed impaired, to be adjusted to reflect this condition. The Company follows the guidance provided by ASC 820, Fair Value Measurements and Disclosures , in accounting and reporting for real estate assets where appropriate, as well as debt instruments both held for investment and as liabilities. The standard requires disclosure of fair values calculated utilizing each of the following input type within the following hierarchy: • Level 1 – Quoted prices in active markets for identical assets or liabilities at the measurement date. • Level 2 – Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. • Level 3 – Unobservable inputs for the asset or liability. |
Cash and Cash Equivalents, Policy | Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Restricted cash includes cash restricted by state law or contractual requirement and relates primarily to real estate tax and insurance escrows, capital improvement reserves and resident security deposits. |
Real Estate Assets (Tables)
Real Estate Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Acquisition | |
schedule of depreciation and amortization expense [Table Text Block] | The Company recorded aggregate amortization and depreciation expense of: Years ended December 31, (In thousands) 2021 2020 2019 Depreciation: Buildings and improvements $ 99,115 $ 113,402 $ 99,137 Furniture, fixtures, and equipment 40,836 50,474 50,747 $ 139,951 $ 163,876 $ 149,884 Amortization: Acquired intangible assets $ 27,439 36,030 $ 34,057 Deferred leasing costs 1,635 1,576 933 Website development costs 168 195 191 Total depreciation and amortization $ 169,193 $ 201,677 $ 185,065 |
real estate owned [Table Text Block] | The Company's real estate assets consisted of: As of: (unaudited) December 31, 2021 December 31, 2020 Residential properties: Properties (1) 41 (1, 2) 37 Units 12,052 11,143 New Market Properties: Properties 54 ( 2, 3) 54 Gross leasable area (square feet) (3) 6,210,778 6,208,278 Preferred Office Properties: (4) Properties 2 9 Rentable square feet 1,072,000 3,169,000 Land 1 2 Rentable square feet — 35,000 (1) The acquired second phases of certain communities are managed in combination with the initial phases, and so together are considered a single property. (2) One multifamily community and two grocery-anchored shopping centers are owned through consolidated joint ventures. One grocery-anchored shopping center is an investment in an unconsolidated joint venture. (3) The Company also owns approximately 47,600 square feet of gross leasable area of ground floor retail space which is embedded within the Lenox Portfolio and is not included in the totals above for New Market Properties. (4) Eight of our office properties and the real estate loan investment supporting the 8West office building were sold during the third and fourth quarters 2021. |
Table of Properties Acquired | The Company acquired no grocery-anchored shopping centers during 2021. During the year ended December 31, 2020, the Company completed the acquisition of the following grocery-anchored shopping centers: Acquisition date Property Location Gross leasable area (square feet) 1/29/2020 Wakefield Crossing Raleigh, North Carolina 75,927 3/19/2020 Midway Market Dallas, Texas 85,599 161,526 |
Schedule of Business Acquisitions, by Acquisition | Multifamily Communities acquired during the years ended December 31, (In thousands, except amortization period data) 2021 2020 Land $ 27,639 $ 28,074 Buildings and improvements 250,833 194,434 Furniture, fixtures and equipment 51,628 50,170 Lease intangibles 6,989 8,635 Prepaids & other assets 372 354 Accrued taxes (1,464) (437) Security deposits, prepaid rents, and other liabilities (831) (742) Net assets acquired $ 335,166 $ 280,488 Cash paid $ 89,335 $ 144,016 Mortgage debt, net 245,831 136,472 Total consideration $ 335,166 $ 280,488 Year ended December 31, 2021: Revenue $ 8,847 $ 25,162 Net income (loss) $ (5,387) $ (7,656) Year ended December 31, 2020: Revenue $ — $ 9,328 Net income (loss) $ — $ (6,244) Capitalized acquisition costs incurred by The Company $ 1,018 $ 4,370 Remaining amortization period of intangible assets and liabilities (months) 7.1 0 |
Disposal Groups, Including Discontinued Operations | The carrying amounts of the significant assets and liabilities of the disposed property at the date of sale were: (In thousands) Vineyards Real estate assets: Land $ 5,456 Building and improvements 43,437 Furniture, fixtures and equipment 5,218 Accumulated depreciation (12,879) Total assets, net $ 41,232 Liabilities: Mortgage note payable $ 32,291 |
Equity Method Investments | The following tables summarize the balance sheet and statements of operations data for the Neapolitan Way shopping center subsequent to its contribution into the joint venture as of and for the periods presented: December 31, (In thousands) 2021 2020 Total assets $ 36,687 $ 39,109 Total liabilities $ 24,703 $ 25,795 For the year ended December 31, 2021 2020 Rental and other property revenues $ 3,370 $ 1,423 Total operating expenses $ 3,776 $ 1,721 Interest expense $ 924 $ 330 Net income (loss) $ (1,330) $ (628) Net income (loss) attributable to the Company $ (665) $ (314) |
Preferred Office Properties [Member] | |
Business Acquisition | |
Table of Properties Acquired | Preferred Office Properties assets sold During the year ended December 31, 2021, the Company completed the disposition of the following office buildings: Date Property Location 7/29/2021 Galleria 75 Atlanta, Georgia 7/29/2021 150 Fayetteville Raleigh, North Carolina 7/29/2021 Capitol Towers Charlotte, North Carolina 7/29/2021 CAPTRUST Tower Raleigh, North Carolina 7/29/2021 Morrocroft Centre Charlotte, North Carolina 9/8/2021 Armour Yards Portfolio Atlanta, Georgia 11/12/2021 Brookwood Center Birmingham, Alabama The aggregate sales price of the disposed office properties was approximately $767.0 million and resulted in a gain on sale of approximately $0.4 million, net of disposition costs and is included in the line entitled Gain on sale of real estate, net on the Company's Consolidated Statements of Operations for the year ended December 31, 2021. The disposal group was a component of the Company's Preferred Office Properties segment and contributed approximately $3,000,000.0 million of net income to t he consolidated operating results of the Company for the year ended December 31, 2021. The carrying amounts of the significant assets and liabilities of the disposed properties at the dates of sale were: (In thousands) Preferred Office Properties' assets sold during the year ended December 31, 2021 Real estate assets: Land $ 75,829 Building and improvements 665,169 Furniture, fixtures and equipment 87 Lease intangibles 69,098 Accumulated depreciation (82,124) Total assets, net $ 728,059 Liabilities: Mortgage notes payable $ 465,886 The Company had no sales of Preferred Office Properties' assets during the year ended December 31, 2020. |
Real Estate Loans, Notes Rece_2
Real Estate Loans, Notes Receivable, and Lines of Credit (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2021 December 31, 2020 Number of loans 11 20 Number of underlying properties in development 10 14 (In thousands) Drawn amount $ 206,270 $ 290,156 Deferred loan origination fees (1,755) (1,194) Allowances for expected credit losses (8,095) (9,067) Carrying value $ 196,420 $ 279,895 Unfunded loan commitments $ 61,952 $ 44,403 Weighted average current interest, per annum (paid monthly) 8.58 % 8.50 % Weighted average accrued interest, per annum 3.53 % 3.91 % (In thousands) Principal balance Deferred loan origination fees Allowances and CECL Reserves Carrying value Balances as of December 31, 2020 $ 290,156 $ (1,194) $ (9,067) $ 279,895 Loan fundings 68,943 — — 68,943 Loan repayments (140,094) — — (140,094) Loans and accrued interest settled through sale (12,735) — 202 (12,533) Loan origination fees collected — (2,381) — (2,381) Amortization of loan origination fees — 1,820 — 1,820 Reserve increases due to loan originations — — (1,471) (1,471) Net changes in reserves on existing loans or loans repaid — — 2,241 2,241 Balances as of December 31, 2021 $ 206,270 $ (1,755) $ (8,095) $ 196,420 |
Financing Receivable Credit Quality Indicators [Table Text Block] | The following table presents the Company's aggregation of loan amounts (including unpaid interest) by final reserve ratio as of December 31, 2021: Final reserve ratio Number of loans Total receivables by project, net of reserves (in thousands) < 1.00% 1 $ 10,951 1.00% - 1.99% 9 60,209 2.00% - 2.99% — — 3.00% - 3.99% 1 144,248 4.00% - 4.99% — — 5.00% + — — 11 $ 215,408 |
Notes receivable [Table Text Block] | At December 31, 2021, the Company's portfolio of notes and lines of credit receivable consisted of: Borrower Date of loan Maturity date Total loan commitments Outstanding balance as of: Interest rate December 31, 2021 December 31, 2020 (in thousands) Haven Campus Communities, LLC (1,2) 6/11/2014 12/31/2018 $ 11,660 $ 9,011 $ 9,011 8 % Oxford Capital Partners, LLC (3,4) 10/5/2015 3/15/2022 1,250 — 1,256 10 % Oxford Capital Partners II, LLC (3,4) 3/30/2021 3/15/2022 5,300 — — 10 % Mulberry Development Group, LLC (5) 3/31/2016 6/30/2022 500 — 607 12 % Unamortized loan fees — — $ 18,710 $ 9,011 $ 10,874 (1) See related party disclosure in Note 6. (2) The amount payable under the note is collateralized by one of the principals of the borrower's 49.49% interest in an unrelated shopping center located in Atlanta, Georgia and a personal guaranty of repayment by the principals of the borrower. (3) The amounts payable under the terms of this revolving credit line, up to the lesser of 25% of the loan balance or $2.0 million, are collateralized by a personal guaranty of repayment by the principals of the borrower. (4) The overall decrease in the Oxford line of credit balance is a function of an approximate $5.0 million paydown on July 31, 2020, that was required as part of the line of credit agreement whenever there is a defined Capital Transaction, generally triggered by the sale of a development property. (5) The amounts payable under the terms of these revolving credit lines are collateralized by a personal guaranty of repayment by the principals of the borrower. |
interest income [Table Text Block] | The Company recorded interest income and other revenue from these instruments as follows: Interest income (in thousands) Years ended December 31, 2021 2020 2019 Real estate loans: Current interest $ 23,248 $ 29,557 $ 34,906 Additional accrued interest 9,769 12,372 13,829 Loan origination fee amortization 1,819 1,214 1,545 Purchase option termination fee amortization 9,712 6,536 9,111 Default interest 913 1,126 1,315 Total real estate loan revenue 45,461 50,805 60,706 Bank and money market accounts 2 40 687 Agency mortgage-backed securities — — 95 Interest income on loans and notes receivable $ 45,463 $ 50,845 $ 61,488 |
Redeemable Preferred Stock (Tab
Redeemable Preferred Stock (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of Stockholders Equity [Table Text Block] | Cumulative gross proceeds and offering costs for our equity offerings that were active during 2021 consisted of: Deferred Offering Costs (in thousands) Offering Total offering Gross proceeds as of December 31, 2021 Reclassified as reductions of stockholders' equity Recorded as deferred assets Total Specifically identifiable offering costs (1) Total offering costs Series A1/M1 Offering $ 1,000,000 $ 290,523 $ 6,358 $ 1,631 $ 7,989 $ 26,997 $ 34,986 2019 ATM Offering 125,000 33,199 531 777 1,308 521 1,829 Total $ 1,125,000 $ 323,722 $ 6,889 $ 2,408 $ 9,297 $ 27,518 $ 36,815 (1) These offering costs specifically identifiable to Unit offering closing transactions, such as commissions, dealer manager fees, and |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | The Management Agreement entitled the Former Manager to receive compensation for various services it performed related to acquiring assets and managing properties on the Company's behalf: (In thousands) Years ended December 31, Type of Compensation Basis of Compensation 2021 2020 2019 Acquisition fees 1.0% of the gross purchase price of real estate assets $ — $ 235 $ 7,203 Loan origination fees 1.0% of the maximum commitment of any real estate loan, note or line of credit receivable — — 783 Loan coordination fees 0.6% of any assumed, new or supplemental debt incurred in connection with an acquired property — 47 2,939 Asset management fees Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted — 1,349 15,596 Property management fees Monthly fee up to 4% of the monthly gross revenues of the properties managed — 890 10,274 General and administrative expense fees Monthly fee equal to 2% of the monthly gross revenues of the Company — 616 6,177 Construction management fees Quarterly fee for property renovation and takeover projects — 14 264 Disposition fees 1% of the sale price of a real estate asset — — 282 Contingent asset management fees / general and administrative fees Recognized upon disposition of the property when exceeding the 7% IRR hurdle — — 11 $ — $ 3,151 $ 43,529 In addition to property management fees, the Company incurred the following reimbursable on-site personnel salary and related benefits expenses at the properties, which are listed on the Consolidated Statements of Operations: (In thousands) Years ended December 31, 2021 2020 2019 $ — $ 1,430 $ 18,054 |
Equity Compensation (Tables)
Equity Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity Compensation [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Restricted Stock Grants The following annual grants of restricted stock were made to members of the Company's independent directors, as payment of the annual retainer fees. The restricted stock grants for service years 2018 and 2019 vested on a pro-rata basis over the four consecutive 90-day periods following the date of grant. The restricted stock grants for service years 2020 and 2021 are scheduled to vest on the earlier of our next annual meeting of stockholders or the one Service year Shares Fair value per share Total compensation cost (in thousands) 2018 24,810 $14.51 $360 2019 26,446 $15.88 $420 2020 66,114 $8.05 $532 2021 46,782 $10.26 $480 On June 17, 2020, the Company granted Restricted Stock to certain of its executives and employees. The fair value per share of $8.05 was based upon the closing price of the Company's Common Stock on the business day preceding the grant date. A total of 137,741 shares representing a fair value of approximately $1.1 million will vest on the four four total of 22,210 shares of unvested restricted stock have been forfeited from the 2020 grant. On March 15, 2021, the Company granted restricted stock to certain of its executives and employees. The fair value per share of $10.69 was based upon the closing price of the Company's Common Stock on the grant date. A total of 261,226 shares representing a fair value of approximately $2.8 million are scheduled to vest on a pro-rata basis on each of the four succeeding anniversaries of the grant date. A total of 20,112 shares of unvested restricted stock have been forfeited from the 2021 grant. Class B OP Units As of December 31, 2021, cumulative activity of grants of Class B Units of the Operating Partnership, or Class B OP units, was: Grant date 1/2/2018 Units granted 256,087 Units forfeited: John A. Williams (1) (38,284) Voluntary forfeiture by senior executives (2) (128,258) Other (31,079) Total forfeitures (197,621) Units earned and converted into Class A Units — Class B Units outstanding at December 31, 2021 58,466 (1) Pro rata modification of award on April 16, 2018, the date of Mr. Williams' passing. (2) Additional Class B OP units granted to senior executives other than Mr. Williams were voluntarily forfeited at the end of 2018. The Company has granted restricted stock units, or RSUs, to certain employees of affiliates of the Company, as shown in the following table: Grant date 3/15/2021 1/2/2020 1/2/2019 1/2/2018 Service period 2021-2024 2020-2022 2019-2021 2018-2020 RSU activity: Granted 20,600 21,400 27,760 20,720 Forfeited (2,200) (5,900) (8,861) (8,274) RSUs outstanding at December 31, 2021 18,400 15,500 18,899 12,446 RSUs unearned but vested — 5,188 12,683 12,446 RSUs unearned and not yet vested 18,400 10,312 6,216 — RSUs outstanding at December 31, 2021 18,400 15,500 18,899 12,446 Fair value per RSU $ 10.69 $ 9.47 $ 10.77 $ 16.66 Total fair value of RSU grant $ 220,214 $ 202,658 $ 298,975 $ 345,195 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The underlying valuation assumptions and result for the Performance RSU award was: Grant date 3/15/2021 7/31/2020 Stock price on grant date $ 10.86 $ 7.23 Dividend yield 7.19 % 6.87 % Expected volatility 49.81 % 44.40 % Risk-free interest rate 0.29 % 0.11 % Target number of PSUs granted: First vesting tranche 103,511 136,462 Second vesting tranche 103,517 136,467 207,028 272,929 Calculated fair value per PSU $ 15.24 $ 6.76 Total fair value of PSUs $ 3,155,107 $ 1,845,000 The underlying valuation assumptions and results for the 2018 Class B OP Unit awards were: Grant date 1/2/2018 Stock price $ 20.19 Dividend yield 4.95 % Expected volatility 25.70 % Risk-free interest rate 2.71 % Number of Units granted: One year vesting period 171,988 Three year vesting period 84,099 256,087 Calculated fair value per Unit $ 16.66 Total fair value of Units $ 4,266,409 Target market threshold increase $ 5,660,580 The expected dividend yield assumptions were derived from the Company’s closing prices of the Common Stock on the grant dates and the projected future quarterly dividend payments per share of $0.25 for the 2018 awards. For the 2018 awards, the Company's own stock price history was utilized as the basis for deriving the expected volatility assumption. The risk-free rate assumptions were obtained from the Federal Reserve yield table and were calculated as the interpolated rate between the 20 and 30 year yield percentages on U. S. Treasury securities on the grant date. Since the Class B OP Units have no expiration date, a derived service period of one year was utilized, which equals the period of time from the grant date to the initial valuation date. Restricted Stock Units The Company has granted restricted stock units, or RSUs, to certain employees of affiliates of the Company, as shown in the following table: Grant date 3/15/2021 1/2/2020 1/2/2019 1/2/2018 Service period 2021-2024 2020-2022 2019-2021 2018-2020 RSU activity: Granted 20,600 21,400 27,760 20,720 Forfeited (2,200) (5,900) (8,861) (8,274) RSUs outstanding at December 31, 2021 18,400 15,500 18,899 12,446 RSUs unearned but vested — 5,188 12,683 12,446 RSUs unearned and not yet vested 18,400 10,312 6,216 — RSUs outstanding at December 31, 2021 18,400 15,500 18,899 12,446 Fair value per RSU $ 10.69 $ 9.47 $ 10.77 $ 16.66 Total fair value of RSU grant $ 220,214 $ 202,658 $ 298,975 $ 345,195 The RSUs vest in three equal consecutive one-year tranches from the date of grant. For ea ch grant prior to March 15, 2021, on the Initial Valuation Date, the market capitalization of the number of shares of Common Stock at the date of grant is compared to the market capitalization of the same number of shares of Common Stock at the Initial Valuation Date. If the market capitalization measure results in an increase which exceeds the target market threshold, the Vested RSUs become earned RSUs and are settled in shares of Common Stock on a one-to-one basis. Vested RSUs may become Earned RSUs on a pro-rata basis should the result of the market capitalization test be an increase of less than the target market threshold. Any Vested RSUs that do not become Earned RSUs on the Initial Valuation Date are subsequently remeasured on a quarterly basis until such time as all Vested RSUs become Earned RSUs or are forfeited due to termination of continuous service due to an event other than as a result of a qualified event, which is generally the death or disability of the holder. Continuous service through the final valuation date is required for the Vested RSUs to qualify to become fully Earned RSUs. RSUs issued on March 15, 2021 may become vested subject only to satisfaction of the service requirement. Because RSUs are valued using the identical market condition vesting requirement that determines the transition of the Vested Class B Units to Earned Class B Units, the same valuation assumptions per RSU were utilized to calculate the total fair values of the RSUs. The total fair value amounts pertaining to grants of RSUs, net of forfeitures, are amortized as compensation expense over the three |
equity compensation expense [Table Text Block] | quity compensation expense by award type for the Company was: Years ended December 31, Unamortized expense as of December 31, 2021 (In thousands) 2021 2020 2019 Class B Unit awards to employees: 2016 $ — $ — $ 2 $ — 2017 — 3 312 — 2018 — 244 277 — Restricted stock grants to Board members: 2018 — — 120 — 2019 — 140 281 — 2020 177 355 — — 2021 284 — — 234 Restricted stock grants for employees: 2020 939 522 — 2,241 2021 510 — — 2,067 Performance-based restricted stock units: 2020 499 230 — 991 2021 729 — — 2,233 Restricted stock units to employees: 2017 — — 69 — 2018 (2) 35 74 — 2019 60 57 88 — 2020 41 58 — 48 2021 52 — — 145 Total $ 3,289 $ 1,644 $ 1,223 $ 7,959 |
ClassBUnitGrantsvaluationassumptions [Table Text Block] | The underlying valuation assumptions and results for the 2018 Class B OP Unit awards were: Grant date 1/2/2018 Stock price $ 20.19 Dividend yield 4.95 % Expected volatility 25.70 % Risk-free interest rate 2.71 % Number of Units granted: One year vesting period 171,988 Three year vesting period 84,099 256,087 Calculated fair value per Unit $ 16.66 Total fair value of Units $ 4,266,409 Target market threshold increase $ 5,660,580 |
Performance Shares Schedule Of Percentile Rank | Level Relative TSR performance (percentile rank versus peers) Earned PSUs (% of target) < Threshold <35 th Percentile 0% Threshold 35 th Percentile 50% Target 55 th Percentile 100% Maximum >=75 th Percentile 200% |
Indebtedness (Tables)
Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | During the years ended December 31, 2021 and 2020, the Company partially financed existing and newly acquired real estate assets with mortgage debt as shown in the following table: Date Property Initial principal amount ( in thousands ) Fixed/Variable rate Rate Maturity date 2021: 4/15/2021 Midway Market $ 10,150 Fixed 3.06 % 5/1/2031 6/30/2021 The Ellison 47,991 Variable L + 150 3/31/2022 7/8/2021 Alleia at Presidio 35,700 Fixed 2.50 % 8/1/2026 9/14/2021 The Anson 56,440 Fixed 2.69 % 10/1/2031 9/16/2021 The Kingson 53,900 Fixed 2.35 % 10/1/2026 9/17/2021 Chestnut Farm 51,800 Variable L + 150 6/17/2022 9/24/2021 Citi Lakes B-Note 10,420 Fixed 3.85 % 8/1/2029 10/21/2021 Aldridge at Town Village B-Note 3,670 Fixed 3.46 % 11/1/2024 10/21/2021 Retreat at Greystone B-Note 7,274 Fixed 3.47 % 12/1/2024 11/2/2021 Woodstock Crossing 5,300 Fixed 2.89 % 12/1/2026 12/8/2021 Fairview Market 7,100 Fixed 2.87 % 12/15/2028 $ 289,745 2020: 1/22/2020 251 Armour Yards $ 3,522 Fixed 4.50 % 1/22/2025 1/29/2020 Wakefield Crossing 7,891 Fixed 3.66 % 2/1/2032 3/19/2020 Morrocroft Centre 70,000 Fixed 3.40 % 4/10/2033 4/23/2020 Horizon at Wiregrass 52,000 Fixed 2.90 % 5/1/2030 4/30/2020 Parkside at the Beach 45,037 Fixed 2.95 % 5/1/2030 11/2/2020 The Blake 44,435 Fixed 2.82 % 5/1/2030 12/15/2020 The Menlo 47,000 Fixed 2.68 % 1/1/2031 $ 269,885 The following table summarizes our mortgage debt refinancing and repayment activity for the years ended December 31, 2021 and 2020: Date Property Previous balance (in millions) Previous interest rate / spread over 1 month LIBOR Loan refinancing or prepayment costs expensed (in thousands) New balance (in millions) New interest rate Total deferred loan costs subsequent to refinancing (in thousands) 2021: 2/28/2021 Village at Baldwin Park $ 69.4 3.59 % $ 6 $ 69.4 3.27% $ 923 7/19/2021 Vineyards 32.3 3.68 % 1 — — — 7/29/2021 Galleria 75 5.0 4.25 % 166 — — — 7/29/2021 150 Fayetteville 112.6 4.27 % — — — — 7/29/2021 Capitol Towers 121.5 4.60 % — — — — 7/29/2021 CAPTRUST 82.7 3.61 % — — — — 7/29/2021 Morrocroft Centre 70.0 3.40 % — — — — 8/18/2021 The Ellison 48.0 L + 150 96 48.0 2.52 % 400 8/30/2021 Woodstock Crossing 2.8 4.71 % — — — — 9/8/2021 Armour Yards 38.9 4.10 % 424 — — — 9/8/2021 251 Armour Yards 6.1 4.50 % — — — — 9/24/2021 Sorrel 30.2 3.44 % 232 47.7 2.54 % 1,787 11/1/2021 Champions Village 27.4 L + 300 — — — — 11/12/2021 Brookwood Center 29.2 4.71 % — — — — $ 676.1 $ 925 $ 165.1 $ 3,110 2020: 1/3/2020 Ursa $ 31.4 L + 300 $ — $ — — $ — 6/25/2020 CityPark View 19.8 3.27 % 1,314 29.0 2.75 % 314 6/29/2020 Aster at Lely Resort 30.7 3.84 % 293 50.4 2.95 % 2,777 6/29/2020 Avenues at Northpointe 26.0 3.16 % 166 33.5 2.79 % 1,247 6/30/2020 Avenues at Cypress 20.5 3.43 % 1,607 28.4 2.96 % 336 6/30/2020 Venue at Lakewood Ranch 27.8 3.55 % 2,457 36.6 2.99 % 384 6/30/2020 Crosstown Walk 29.9 3.90 % 248 46.5 2.92 % 2,841 6/30/2020 Summit Crossing II 13.1 4.49 % 779 20.7 L + 278 136 7/10/2020 Citrus Village 28.5 3.65 % 704 40.9 2.95 % 522 7/31/2020 Village at Baldwin Park 70.1 4.16 % 16 70.1 3.59 % 864 11/3/2020 SoL 35.2 4.71 % — — — — 11/3/2020 Stadium Village 44.5 3.80 % — — — — 11/3/2020 Knightshade 47.1 4.09 % — — — — 11/3/2020 North by Northwest 30.5 4.02 % 2,168 — — — 11/3/2020 The Tradition 30.0 L + 375 300 — — — 11/3/2020 The Bloc 29.0 L + 355 73 — — — 11/12/2020 Avenues at Creekside 38.1 L + 160 381 — — — $ 552.2 $ 10,506 $ 356.1 $ 9,421 The following table summarizes our mortgage notes payable at December 31, 2021: Fixed rate mortgage debt: Principal balances due (in thousands) Weighted-average interest rate Weighted average remaining life (years) Residential properties $ 1,553,245 3.39 % 8.1 New Market Properties 572,651 3.96 % 6.4 Preferred Office Properties 164,506 4.35 % 16.1 Total fixed rate mortgage debt $ 2,290,402 3.60 % 8.3 Variable rate mortgage debt: Residential properties $ 72,500 1.98 % 2.8 New Market Properties 19,750 2.16 % 4.6 Total variable rate mortgage debt $ 92,250 2.02 % 3.2 Total mortgage debt: Residential properties $ 1,625,745 3.32 % 7.9 New Market Properties 592,401 3.90 % 6.3 Preferred Office Properties 164,506 4.35 % 16.1 Total principal amount 2,382,652 3.54 % 8.1 Deferred loan costs (35,400) Mark to market loan adjustment (3,888) Mortgage notes payable, net $ 2,343,364 |
debt covenant [Table Text Block] | As of December 31, 2021, the Company was in compliance with all covenants rel ated to the Revolving Line of Credit, as shown in the following table: Covenant (1) Requirement Result Net worth Minimum $1.3 billion (2) $1.7 billion (2) Debt yield Minimum 8.75% (3) 9.8% Payout ratio Maximum 100% (4) 90.6% Total leverage ratio Maximum 65% 58.0% Debt service coverage ratio Minimum 1.50x (5) 2.10x (1) All covenants are as defined in the credit agreement for the Revolving Line of Credit. (2) The minimum net worth covenant decreased t o a minimum of $1.3 billion on July 29, 2021 with the office properties closing. (3) The minimum debt yield covenant increases to a minimum of 9.0% on May 5, 2023. (4) Calculated on a trailing four-quarter basis. For the period ended December 31, 2021 , the maximum dividends and distributions allowed under this covenant was approximately $175.9 million. (5) Minimum of 1.50x if AFFO payout ratio is less than or equal to 95% and 1.70x if greater than 95%. |
Schedule of Debt [Table Text Block] | Interest expense, including amortization of deferred loan costs was: Years ended December 31, (In thousands) 2021 2020 2019 Residential properties $ 55,346 $ 60,676 $ 62,455 New Market Properties 25,654 26,379 24,566 Preferred Office Properties 18,987 26,939 22,869 Interest paid to real estate loan participants — — 110 Total 99,987 113,994 110,000 Credit Facility and Acquisition Facility 2,427 4,564 1,964 Interest Expense $ 102,414 $ 118,558 $ 111,964 |
Schedule of Maturities of Long-term Debt [Table Text Block] | The Company’s estimated future principal payments due on its debt instruments as of December 31, 2021 were: Period Future principal payments (in thousands) 2022 $ 116,739 2023 81,850 2024 300,323 2025 56,875 2026 337,740 Thereafter 1,489,125 Total $ 2,382,652 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Schedule Of Income Tax Characterization | The income tax characterization of the Company's dividend distributions were as follows: 2021 2020 2019 Preferred Stock: Ordinary income 11.9 % 16.9 % 44.7 % Return of capital 85.1 % 78.8 % 53.1 % Capital gains 3.0 % 4.3 % 2.2 % Common Stock: Ordinary income — % — % — % Return of capital 100.0 % 100.0 % 100.0 % Capital gains — % — % — % |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lessor, Operating Lease, Payments to be Received, Maturity | The Company's future minimum rental revenues were: For the year ending December 31: Future Minimum Rents as of December 31, 2021 (In thousands) New Market Properties Preferred Office Properties Total 2022 $ 74,105 $ 21,273 $ 95,378 2023 66,206 21,544 87,750 2024 55,384 25,931 81,315 2025 43,289 26,210 69,499 2026 31,593 26,190 57,783 Thereafter 91,229 120,499 211,728 Total $ 361,806 $ 241,647 $ 603,453 |
Lease, Cost | The Company recorded lease expense as follows: (Dollars in thousands) For the year ended December 31, 2021 Weighted average remaining lease term (years) Weighted average discount rate Lease expense Cash paid Office space $ 2,913 $ 2,930 4.0 3.0 % Ground leases 23 15 43.0 4.5 % Office equipment 125 125 2.7 3.0 % Total $ 3,061 $ 3,070 |
Lessee, Operating Lease, Liability, Maturity | Future minimum rent expense for office space, ground lease and office equipment were: For the year ending December 31: Future Minimum Rents as of December 31, 2021 (In thousands) Office space Ground lease Office equipment Total 2022 $ 2,855 $ 15 $ 58 $ 2,928 2023 2,497 15 39 2,551 2024 3,139 15 19 3,173 2025 2,808 17 12 2,837 2026 355 17 — 372 Thereafter — 921 — 921 Total $ 11,654 $ 1,000 $ 128 $ 12,782 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Information [Abstract] | |
segment assets [Table Text Block] | The following tables present the Company's assets, revenues, and NOI results by reportable segment, as well as a reconciliation from NOI to net income (loss). The assets attributable to 'Other' primarily consist of deferred offering costs recorded but not yet reclassified as reductions of stockholders' equity and cash balances at the Company and Operating Partnership levels. (In thousands) December 31, 2021 December 31, 2020 Assets: Multifamily Communities $ 1,958,592 $ 1,745,020 Financing 226,734 321,026 New Market Properties 1,032,658 1,072,090 Preferred Office Properties 327,548 1,121,992 Other 17,836 20,951 Consolidated assets $ 3,563,368 $ 4,281,079 Total capitalized expenditures (inclusive of additions to construction in progress, but exclusive of the purchase price of acquisitions) for the years ended December 31, 2021, 2020 and 2019 were as follows: Years ended December 31, (In thousands) 2021 2020 2019 Capitalized expenditures: Residential properties $ 14,296 $ 14,311 $ 14,511 New Market Properties 8,286 9,494 8,913 Preferred Office Properties 5,072 25,621 19,761 Total $ 27,654 $ 49,426 $ 43,185 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Total revenues by reportable segment of the Company were: Years ended December 31, (In thousands) 2021 2020 2019 Revenues Rental and other property revenues: Residential properties $ 217,013 $ 234,038 $ 220,872 New Market Properties 108,102 107,525 96,389 Preferred Office Properties (1) 80,447 108,826 93,416 Total rental and other property revenues 405,562 450,389 410,677 Financing revenues 45,496 50,723 59,750 Miscellaneous revenues 84 73 — Consolidated revenues $ 451,142 $ 501,185 470,427 (1) Included in rental revenues for our Preferred Office Properties segment is the amortization of deferred revenue for tenant-funded leasehold improvements from tenants in our Three Ravinia and Westridge office buildings. The remaining unamortized balance of approximately $32.2 million is included in the deferred revenues line on the consolidated balance sheets at December 31, 2021. These total costs will be amortized over the lesser of the useful lives of the improvements or the individual lease terms. The Company recorded non-cash revenue of approximately $3.8 million, $3.8 million and $3.8 million for the years ended December 31, 2021, 2020, and 2019 respectively. |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Segment NOI for each reportable segment for the years ended December 31, 2021, 2020 and 2019 were as follows: Years ended December 31, (In thousands) 2021 2020 2019 Segment net operating income (Segment NOI) Residential Properties $ 127,273 $ 132,858 $ 122,753 New Market Properties 75,326 77,091 68,815 Preferred Office Properties 57,822 79,296 66,510 Financing 45,479 50,689 59,750 Miscellaneous revenues 84 73 — Consolidated segment net operating income 305,984 340,007 317,828 Interest expense: Residential Properties 55,346 60,676 62,455 New Market Properties 25,654 26,379 24,566 Preferred Office Properties 18,987 26,939 22,869 Financing 2,427 4,564 2,074 Depreciation and amortization: Residential Properties 89,355 101,823 99,384 New Market Properties 45,753 51,813 44,786 Preferred Office Properties 33,864 47,829 40,888 Corporate entities 221 212 7 Management fees, net of forfeitures — 1,963 21,752 Management Internalization 970 180,116 2,987 Allowance for expected credit losses 874 6,103 2,038 Equity compensation to directors and executives 3,289 1,644 1,223 Gain (loss) on sale of real estate loan investment and land 12 (517) (954) Gains on sales of real estate and mortgage-backed securities, net (21,109) (23,456) (1,567) Gain on non-cash net assets of consolidated VIEs — — (1,831) Loss from unconsolidated joint venture 665 314 — Loss on extinguishment of debt — 6,674 84 General and administrative 29,144 28,534 4,525 Net income (loss) $ 20,532 $ (181,603) $ (7,458) |
Income (Loss) Per Share (Tables
Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Loss per share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following is a reconciliation of weighted average basic and diluted shares outstanding used in the calculation of income (loss) per share of Common Stock: Years ended December 31, (In thousands, except per-share figures) 2021 2020 2019 Numerator: Operating income (loss) before gains on sales of real estate and unconsolidated joint venture $ 102,514 $ (80,030) $ 100,238 Loss from unconsolidated joint ventures (665) (314) — Gains on sales of real estate and mortgage-backed securities, net 21,109 23,456 1,567 Operating (loss) income 122,958 (56,888) 101,805 Interest expense 102,414 118,558 111,964 Change in fair value of net assets of consolidated VIEs from mortgage-backed pools — — 1,831 Loss on extinguishments of debt — (6,674) (84) Gain (loss) on sale of real estate loan investment and land, net (12) 517 954 Net (loss) income 20,532 (181,603) (7,458) Net loss (income) attributable to non-controlling interests (A) (86) 3,815 214 Net (loss) income attributable to The Company 20,446 (177,788) (7,244) Dividends declared to preferred stockholders (B) (153,418) (160,908) (113,772) Dividends to holders of unvested restricted stock (C) (514) (205) (17) Net loss attributable to common stockholders $ (133,486) $ (338,901) $ (121,033) Denominator: Weighted average number of shares of Common Stock - basic 51,499 48,743 44,265 Effect of dilutive securities: (D) — — — Weighted average number of shares of Common Stock - basic and diluted 51,499 48,743 44,265 Net loss per share of Common Stock attributable to common stockholders, basic and diluted $ (2.59) $ (6.95) $ (2.73) (A) The Company's outstanding Class A Units of the Operating Partnership (468, 649 and 856 Units at December 31, 2021, 2020 and 2019, respectively) contain rights to distributions in the same amount per unit as for dividends declared on the Company's Common Stock. The impact of the Class A Unit distributions on earnings per share has been calculated using the two-class method whereby earnings are allocated to the Class A Units based on dividends declared and the Class A Units' participation rights in undistributed earnings. (B) The Company’s shares of Series A Preferred Stock outstanding accrue dividends at an annual rate of 6% of the stated value of $1,000 per share, payable monthly. The Company had 1,321, 1,735 and 2,028 outstanding shares of Series A Preferred Stock at December 31, 2021, 2020 and 2019, respectively and 246, 149 and 5 outstanding shares of Series A1 Preferred Stock at December 31, 2021, 2020 and 2019, respectively. The Company's shares of Series M preferred stock, or mShares, accrue dividends at an escalating rate of 5.75% in year one to 7.50% in year eight and thereafter. The Company had 84, 89 and 103 mShares outstanding at December 31, 2021, 2020 and 2019, respectively. The Company's shares of Series M1 preferred stock accrue dividends at an escalating rate of 6.1% in year one to 7.1% in year ten and thereafter. The Company had 41, 19 and 0 shares of Series M1 preferred stock outstanding at December 31, 2021, 2020 and 2019, respectively. (C) The Company's outstanding unvested restricted share awards (664, 548 and 13 shares of Common Stock at December 31, 2021, 2020 and 2019, respectively) contain non-forfeitable rights to distributio ns or distribution equivalents. The impact of the unvested restricted share awards on earnings per share has been calculated using the t wo-class method whereby earnings are allocated to the unvested restricted share awards based on dividends declared and the unvested restricted shares' participation rights in undistributed earnings. Given the Company's unvested restricted share awards are defined as participating securities, the dividends declared for that period are adjusted in determining the calculation of loss per share of Common Stock. (D) Potential dilution from (i) warrants outstanding from issuances of Units from our Series A Preferred Stock offerings that are potentially exercisable into 19,510 shares of Common Stock; (ii) 58 Class B Units; (iii) 664 shares of unvested restricted common stock; (iv) 65 outstanding Restricted Stock Units; and 449 performance-based restricted stock units are excluded from the diluted shares calculations because the effect was antidilutive. Class A Units were excluded from the denominator because earnings were allocated to non-controlling interests in the calculation of the numerator. |
Fair Values of Financial Inst_2
Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Values of Financial Instruments [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | The following tables provide estimated fair values of the Company’s financial instruments. The carrying values of the Company's real estate loans include accrued interest receivable from additional interest and are presented net of deferred loan fee revenue, where applicable. As of December 31, 2021 Carrying value Fair value measurements (In thousands) Fair Value Level 1 Level 2 Level 3 Financial Assets: Real estate loans $ 213,458 $ 219,923 $ — $ — $ 219,923 Notes receivable and line of credit receivable 9,011 9,011 — — 9,011 $ 222,469 $ 228,934 $ — $ — $ 228,934 Financial Liabilities: Mortgage notes payable $ 2,382,652 2,414,774 $ — $ — $ 2,414,774 Revolving credit facility — — — — — $ 2,382,652 $ 2,414,774 $ — $ — $ 2,414,774 As of December 31, 2020 Carrying value Fair value measurements (In thousands) Fair Value Level 1 Level 2 Level 3 Financial Assets: Real estate loans $ 302,423 $ 315,074 $ — $ — $ 315,074 Notes receivable and line of credit receivable 10,874 10,874 — — 10,874 $ 313,297 $ 325,948 $ — $ — $ 325,948 Financial Liabilities: Mortgage notes payable $ 2,640,705 $ 2,666,471 $ — $ — $ 2,666,471 Revolving line of credit 22,000 22,000 — — 22,000 $ 2,662,705 $ 2,688,471 $ — $ — $ 2,688,471 |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Details) | Dec. 31, 2021$ / shares | Dec. 31, 2021shares | Dec. 31, 2021lease | Dec. 31, 2021 | Dec. 31, 2021number_of_properties | Dec. 31, 2020 | Dec. 31, 2020number_of_properties |
Organization [Abstract] | |||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | ||||||
Common Stock, Shares, Outstanding | 52,974,760 | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 99.10% | ||||||
minority interest partnership units outstanding | 467,662 | ||||||
daycountvolweightedavgcalcformarketvalue | 20 | ||||||
Number of Real Estate Properties | 109 | 10 | 1 | 14 | 2 | ||
Number of States in which Entity Operates | lease | 13 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 12 Months Ended | |||
Dec. 31, 2021USD ($)lease$ / shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Real Estate Properties [Line Items] | ||||
Number of Properties Subject to Ground Leases | lease | 1 | |||
Acquisition Fee, Percent | 1.00% | |||
stabilized occupancy level | 93.00% | |||
preferred stock stated value per share | $ / shares | $ 1,000 | |||
Financing Receivable, Allowance for Credit Losses | $ 1,022,034,000 | $ 1,438,448,000 | $ 1,934,116,000 | $ 1,609,385,000 |
Accumulated Deficit [Member] | ||||
Real Estate Properties [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses | $ (172,000,000) | (192,446,000) | (7,244,000) | $ 0 |
Accounting Standards Update 2016-13 [Member] | ||||
Real Estate Properties [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses | (7,414,000) | |||
Accounting Standards Update 2016-13 [Member] | Accumulated Deficit [Member] | ||||
Real Estate Properties [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses | $ (7,414,000) | |||
Restatement Adjustment | Accounting Standards Update 2016-13 [Member] | Accumulated Deficit [Member] | ||||
Real Estate Properties [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses | $ (7,400,000) | |||
Building [Member] | Maximum [Member] | ||||
Real Estate Properties [Line Items] | ||||
Lessee, Operating Lease, Term of Contract | 15 years | |||
Base Rental Rate Escalation | 3.00% | |||
Property, Plant and Equipment, Useful Life | 50 years | |||
Building [Member] | Minimum [Member] | ||||
Real Estate Properties [Line Items] | ||||
Lessee, Operating Lease, Term of Contract | 5 years | |||
Base Rental Rate Escalation | 2.00% | |||
Property, Plant and Equipment, Useful Life | 30 years | |||
Furniture and Fixtures [Member] | Maximum [Member] | ||||
Real Estate Properties [Line Items] | ||||
Lessee, Operating Lease, Term of Contract | 5 years | |||
Property, Plant and Equipment, Useful Life | 10 years | |||
Furniture and Fixtures [Member] | Minimum [Member] | ||||
Real Estate Properties [Line Items] | ||||
Lessee, Operating Lease, Term of Contract | 3 years | |||
Property, Plant and Equipment, Useful Life | 3 years | |||
Land, Buildings and Improvements [Member] | Maximum [Member] | ||||
Real Estate Properties [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 20 years | |||
Land, Buildings and Improvements [Member] | Minimum [Member] | ||||
Real Estate Properties [Line Items] | ||||
Lessee, Operating Lease, Term of Contract | 20 years | |||
Property, Plant and Equipment, Useful Life | 5 years | |||
Spaces Under 5,000 Square Feet [Member] | Maximum [Member] | ||||
Real Estate Properties [Line Items] | ||||
Lease Term | 7 years | |||
Spaces Under 5,000 Square Feet [Member] | Minimum [Member] | ||||
Real Estate Properties [Line Items] | ||||
Lease Term | 3 years | |||
Spaces Over 10,000 Square Feet [Member] | Maximum [Member] | ||||
Real Estate Properties [Line Items] | ||||
Lease Term | 20 years | |||
Spaces Over 10,000 Square Feet [Member] | Minimum [Member] | ||||
Real Estate Properties [Line Items] | ||||
Lease Term | 10 years |
Real Estate Assets - Narrative
Real Estate Assets - Narrative (Details) | 12 Months Ended | |||||||||||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2021ft² | Dec. 31, 2021lease | Dec. 31, 2021 | Dec. 31, 2021number_of_properties | Dec. 31, 2021unit | Dec. 31, 2020ft² | Dec. 31, 2020 | Dec. 31, 2020number_of_properties | Dec. 31, 2020unit | |
Business Acquisition | ||||||||||||
Intangible Assets, Gross (Excluding Goodwill) | $ 225,800,000 | |||||||||||
Number of Real Estate Properties | 109 | 10 | 1 | 14 | 2 | |||||||
Number of units in real estate property | unit | 1,278 | 1,293 | ||||||||||
Revenues | $ 451,142,000 | 501,185,000 | $ 470,427,000 | |||||||||
Net Income contributed to consolidated results | 20,532,000 | (181,603,000) | (7,458,000) | |||||||||
Gains (Losses) on Sales of Investment Real Estate | 21,109,000 | 23,456,000 | 0 | |||||||||
Finite-Lived Intangible Assets, Accumulated Amortization | 166,214,000 | 169,718,000 | ||||||||||
Finite-Lived Intangible Liabilities | 70,900,000 | |||||||||||
finite lived intangible liabilities accumulated amortization | 36,300,000 | |||||||||||
amortization of purchase option termination fee income | 9,712,000 | 6,536,000 | $ 9,111,000 | |||||||||
Restricted cash, capital expenditures and property improvements | 10,800,000 | |||||||||||
Multifamily Acquisitions [Member] | ||||||||||||
Business Acquisition | ||||||||||||
Net assets acquired | 336,100,000 | 276,900,000 | ||||||||||
Business Combination, Consideration Transferred | $ 335,166,000 | $ 280,488,000 | ||||||||||
New Market Properties [Member] | ||||||||||||
Business Acquisition | ||||||||||||
Number of Real Estate Properties | 54 | 54 | ||||||||||
Area of Real Estate Property | ft² | 6,210,778 | 6,208,278 |
Real Estate Assets - Table of P
Real Estate Assets - Table of Properties Acquired (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)ft²unitnumber_of_propertieslease | Dec. 31, 2020USD ($)ft²unitlease | Dec. 31, 2019USD ($) | |
Business Acquisition | |||
Number of units in real estate property | unit | 1,278 | 1,293 | |
Restricted Cash and Cash Equivalents | $ 32,675,000 | $ 47,059,000 | |
Gains (Losses) on Sales of Investment Real Estate | 21,109,000 | 23,456,000 | $ 0 |
Gain (Loss) on Disposition of Other Assets | $ 20 | ||
Student Housing Properties [Member] | |||
Business Acquisition | |||
Proceeds from Sales of Business, Affiliate and Productive Assets | 478,700,000 | ||
Gains (Losses) on Sales of Investment Real Estate | 2,900,000 | ||
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | $ 5,300,000 | ||
Lenox Portfolio [Member] | |||
Business Acquisition | |||
Net Rentable Area | ft² | 47,600 | ||
Horizon At Wiregrass | |||
Business Acquisition | |||
Number of units in real estate property | unit | 392 | ||
Parkside At The Beach [Member] | |||
Business Acquisition | |||
Number of units in real estate property | unit | 288 | ||
The Blake [Member] | |||
Business Acquisition | |||
Number of units in real estate property | unit | 281 | ||
The Menlo [Member] | |||
Business Acquisition | |||
Number of units in real estate property | unit | 332 | ||
Wakefield Crossing [Member] | |||
Business Acquisition | |||
Area of Real Estate Property | ft² | 75,927 | ||
Midway Market [Member] | |||
Business Acquisition | |||
Area of Real Estate Property | ft² | 85,599 | ||
ellison | |||
Business Acquisition | |||
Number of units in real estate property | unit | 250 | ||
alleia | |||
Business Acquisition | |||
Number of units in real estate property | unit | 231 | ||
The Anson [Member] | |||
Business Acquisition | |||
Number of units in real estate property | unit | 301 | ||
kingson | |||
Business Acquisition | |||
Number of units in real estate property | unit | 240 | ||
Solis Chestnut Farm [Member] | |||
Business Acquisition | |||
Number of units in real estate property | unit | 256 | ||
Avenues At Creekside [Member] | |||
Business Acquisition | |||
Number of units in real estate property | lease | 395 | ||
Proceeds from Sales of Business, Affiliate and Productive Assets | $ 62,700,000 | ||
Gains (Losses) on Sales of Investment Real Estate | 17,300,000 | ||
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | $ 300,000 | ||
Vineyards Apartments [Member] | |||
Business Acquisition | |||
Number of units in real estate property | lease | 369 | ||
Proceeds from Sales of Business, Affiliate and Productive Assets | $ 62 | ||
Office Building [Member] | |||
Business Acquisition | |||
Number Of Properties Owned Through Consolidated Joint Ventures | number_of_properties | 2 | ||
Grocery Anchored Shopping Center | |||
Business Acquisition | |||
Number Of Properties Owned Through UnConsolidated Joint Ventures | number_of_properties | 1 | ||
Number Of Properties Owned Through Consolidated Joint Ventures | number_of_properties | 2 | ||
Multifamily Community | |||
Business Acquisition | |||
Number Of Properties Owned Through Consolidated Joint Ventures | number_of_properties | 1 | ||
Vineyards Apartments [Member] | |||
Business Acquisition | |||
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | $ 300,000 | ||
New Market Properties [Member] | |||
Business Acquisition | |||
Area of Real Estate Property | ft² | 6,210,778 | 6,208,278 | |
New Market Properties [Member] | 2020 Acquired Properties | |||
Business Acquisition | |||
Area of Real Estate Property | ft² | 161,526 |
Real Estate Assets - Purchase P
Real Estate Assets - Purchase Price Allocation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition | |||
Land | $ 551,378,000 | $ 605,282,000 | |
Less: accumulated depreciation | (578,496,000) | (509,547,000) | |
Building and improvements | 2,671,535,000 | 3,034,727,000 | |
Furniture, fixtures, and equipment | 359,743,000 | 306,725,000 | |
Construction in progress | 5,151,000 | 12,269,000 | |
Real Estate Investment Property, at Cost | 3,707,138,000 | 4,143,291,000 | |
Tenant Improvements | 119,331,000 | 184,288,000 | |
Revenues | 451,142,000 | 501,185,000 | $ 470,427,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 20,532,000 | (181,603,000) | $ (7,458,000) |
Multifamily Acquisitions [Member] | |||
Business Acquisition | |||
Land | 27,639,000 | 28,074,000 | |
Building and improvements | 250,833,000 | 194,434,000 | |
Furniture, fixtures, and equipment | 51,628,000 | 50,170,000 | |
business combinations, accrued property tax liability | (1,464,000) | (437,000) | |
Business Combination, Consideration Transferred | 335,166,000 | 280,488,000 | |
Payments to Acquire Businesses, Gross | 89,335,000 | 144,016,000 | |
Other liabilities | (831,000) | (742,000) | |
capitalized acquisition costs asset acquisition | $ 1,018,000 | $ 4,370,000 | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 7 years 1 month 6 days | 0 years | |
Amortization | $ 6,989,000 | $ 8,635,000 | |
business combination prepaids and other assets acquired | 372,000 | 354,000 | |
business combination debt financing | 245,831,000 | 136,472,000 | |
Multifamily Acquisitions 2021 | |||
Business Acquisition | |||
Revenues | 8,847,000 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (5,387,000) | ||
Multifamily Acquisitions 2020 | |||
Business Acquisition | |||
Revenues | 25,162,000 | 9,328,000 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (7,656,000) | $ (6,244,000) |
Real Estate Assets - Depreciati
Real Estate Assets - Depreciation and Amortization (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition | |||
Intangible Assets, Gross (Excluding Goodwill) | $ 225,800,000 | ||
finite lived intangible liabilities accumulated amortization | $ 36,300,000 | ||
Depreciation: | |||
Depreciation | 139,951,000 | 163,876,000 | $ 149,884,000 |
Amortization: | |||
Depreciation and amortization | 169,193,000 | 201,677,000 | 185,065,000 |
Below Market Lease, Accumulated Amortization | 36,314,000 | 34,006,000 | |
Furniture and Fixtures [Member] | |||
Depreciation: | |||
Depreciation | 40,836,000 | 50,474,000 | 50,747,000 |
Building and Building Improvements [Member] | |||
Depreciation: | |||
Depreciation | 99,115,000 | 113,402,000 | 99,137,000 |
Finite-Lived Intangible Assets [Member] | |||
Amortization: | |||
Amortization of Intangible Assets | 27,439,000 | 36,030,000 | 34,057,000 |
Lease Agreements [Member] | |||
Amortization: | |||
Amortization of Deferred Leasing Fees | 1,635,000 | 1,576,000 | 933,000 |
Website Development [Member] | |||
Amortization: | |||
amortization website development costs | $ 168,000 | $ 195,000 | $ 191,000 |
Maximum [Member] | |||
Business Acquisition | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years 1 month 6 days | ||
Minimum [Member] | |||
Business Acquisition | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years 4 months 24 days |
Real Estate Assets Real estate
Real Estate Assets Real estate assets owned (Details) | Dec. 31, 2021ft² | Dec. 31, 2021lease | Dec. 31, 2021 | Dec. 31, 2021number_of_properties | Dec. 31, 2021unit | Dec. 31, 2020ft² | Dec. 31, 2020 | Dec. 31, 2020number_of_properties | Dec. 31, 2020unit |
Business Combination Segment Allocation [Line Items] | |||||||||
Number of Real Estate Properties | 109 | 10 | 1 | 14 | 2 | ||||
Number of units in real estate property | unit | 1,278 | 1,293 | |||||||
Area of Real Estate Property, Excluded from Floor Retail Space | 0 | 35,000 | |||||||
Residential Properties | |||||||||
Business Combination Segment Allocation [Line Items] | |||||||||
Number of Real Estate Properties | 41 | 37 | |||||||
Number of units in real estate property | 12,052 | 11,143 | |||||||
New Market Properties [Member] | |||||||||
Business Combination Segment Allocation [Line Items] | |||||||||
Number of Real Estate Properties | 54 | 54 | |||||||
Area of Real Estate Property | 6,210,778 | 6,208,278 | |||||||
Preferred Office Properties [Member] | |||||||||
Business Combination Segment Allocation [Line Items] | |||||||||
Number of Real Estate Properties | 2 | 9 | |||||||
Area of Real Estate Property, Excluded from Floor Retail Space | 1,072,000 | 3,169,000 | |||||||
Lenox Portfolio [Member] | |||||||||
Business Combination Segment Allocation [Line Items] | |||||||||
Net Rentable Area | 47,600 |
Real Estate Assets Real estat_2
Real Estate Assets Real estate sold (Details) | 12 Months Ended | |||
Dec. 31, 2021USD ($)unitlease | Dec. 31, 2020USD ($)leaseunit | Dec. 31, 2019USD ($) | Nov. 03, 2020USD ($) | |
Property, Plant and Equipment [Line Items] | ||||
Number of units in real estate property | unit | 1,278 | 1,293 | ||
Land | $ 551,378,000 | $ 605,282,000 | ||
Investment Building and Building Improvements | 2,671,535,000 | 3,034,727,000 | ||
Furniture, fixtures, and equipment | 359,743,000 | 306,725,000 | ||
Real Estate Investment Property, Accumulated Depreciation | (578,496,000) | (509,547,000) | ||
Assets | 3,563,368,000 | 4,281,079,000 | ||
Liabilities | 2,541,334,000 | 2,842,631,000 | ||
Gains (Losses) on Sales of Investment Real Estate | 21,109,000 | 23,456,000 | $ 0 | |
Gain (Loss) on Disposition of Other Assets | $ 20 | |||
Business Combination Disclosure | Real Estate Assets The Company's real estate assets consisted of: As of: (unaudited) December 31, 2021 December 31, 2020 Residential properties: Properties (1) 41 (1, 2) 37 Units 12,052 11,143 New Market Properties: Properties 54 ( 2, 3) 54 Gross leasable area (square feet) (3) 6,210,778 6,208,278 Preferred Office Properties: (4) Properties 2 9 Rentable square feet 1,072,000 3,169,000 Land 1 2 Rentable square feet — 35,000 (1) The acquired second phases of certain communities are managed in combination with the initial phases, and so together are considered a single property. (2) One multifamily community and two grocery-anchored shopping centers are owned through consolidated joint ventures. One grocery-anchored shopping center is an investment in an unconsolidated joint venture. (3) The Company also owns approximately 47,600 square feet of gross leasable area of ground floor retail space which is embedded within the Lenox Portfolio and is not included in the totals above for New Market Properties. (4) Eight of our office properties and the real estate loan investment supporting the 8West office building were sold during the third and fourth quarters 2021. Impacts of COVID-19 Pandemic The COVID-19 pandemic that spread throughout the country during 2020 and 2021 impacted earnings for commercial real estate to some degree but has not had a profound widespread negative effect on the valuations of real estate assets. The Company is continuing to monitor the spread and impact of the variants of COVID-19 as well as vaccination rates in its markets. The Company does not consider this event to be a triggering event for purposes of impairment, since overall occupancy rates for the Company’s real estate assets have not materially declined and the Company has continued to collect substantially all rent due. Thus, there is no evidence of declining valuations or a triggering event. Residential properties acquired During the years ended December 31, 2021 and 2020, the Company completed the acquisition of the following multifamily communities: Acquisition date Property Location Units 2021: 6/30/2021 The Ellison Atlanta, Georgia 250 7/8/2021 Alleia at Presidio Ft. Worth, Texas 231 9/14/2021 The Anson Nashville, Tennessee 301 9/16/2021 The Kingson Fredericksburg, Virginia 240 9/17/2021 Chestnut Farm Charlotte, North Carolina 256 1,278 2020: 3/31/2020 Horizon at Wiregrass Tampa, Florida 392 4/30/2020 Parkside at the Beach Panama City Beach, Florida 288 11/2/2020 The Blake Orlando, Florida 281 12/15/2020 The Menlo Jacksonville, Florida 332 1,293 The aggregate purchase prices of the multifamily acquisitions were approximately $336.1 million and $276.9 million for the acquisitions completed during the years ended December 31, 2021 and 2020 respectively, exclusive of acquired escrows, security deposits, prepaids, capitalized acquisition costs and other miscellaneous assets and assumed li abilities. The Company allocated the purchase prices and capitalized acquisition costs to the acquired assets and liabilities based upon their fair values, as shown in the following table. The purchase price allocations were based upon the Company's best estimates of the fair values of the acquired assets and liabilities. Multifamily Communities acquired during the years ended December 31, (In thousands, except amortization period data) 2021 2020 Land $ 27,639 $ 28,074 Buildings and improvements 250,833 194,434 Furniture, fixtures and equipment 51,628 50,170 Lease intangibles 6,989 8,635 Prepaids & other assets 372 354 Accrued taxes (1,464) (437) Security deposits, prepaid rents, and other liabilities (831) (742) Net assets acquired $ 335,166 $ 280,488 Cash paid $ 89,335 $ 144,016 Mortgage debt, net 245,831 136,472 Total consideration $ 335,166 $ 280,488 Year ended December 31, 2021: Revenue $ 8,847 $ 25,162 Net income (loss) $ (5,387) $ (7,656) Year ended December 31, 2020: Revenue $ — $ 9,328 Net income (loss) $ — $ (6,244) Capitalized acquisition costs incurred by The Company $ 1,018 $ 4,370 Remaining amortization period of intangible assets and liabilities (months) 7.1 0 Multifamily communities sold On July 19, 2021, the Company closed on the sal e of its 369-unit multifamily community in Houston, Texas, or Vineyards, to an unrelated third party for a sales price of approximately $62.0 million, exclusive of closing costs and resulting in a gain of approximately $20.0 million, net of disposition costs that is included in the line entitled Gain on sale of real estate, net on the Company's Consolidated Statements of Operations for the year ended December 31, 2021. Vineyards contributed approximat ely $0.3 million of net loss to t he consolidated operating results of the Company for the year ended December 31, 2021. The carrying amounts of the significant assets and liabilities of the disposed property at the date of sale were: (In thousands) Vineyards Real estate assets: Land $ 5,456 Building and improvements 43,437 Furniture, fixtures and equipment 5,218 Accumulated depreciation (12,879) Total assets, net $ 41,232 Liabilities: Mortgage note payable $ 32,291 On November 12, 2020, the Company closed on the sal e of its 395-unit multifamily community in San Antonio, Texas, or Avenues at Creekside, to an unrelated third party for a sales price of approximately $62.7 million, exclusive of closing costs and resulting in a gain of approximately $17.3 million, net of disposition costs. Avenues at Creekside contributed approximately $0.3 million of net income to t he consolidated operating results of the Company for the year ended December 31, 2020. Student housing properties sold On November 3, 2020 the Company sold all eight of its student housing communities and one real estate loan investment to an unrelated third party for an aggregate purchase price of $478.7 million exclusive of closing costs and resulting in a gain of $2.9 million. The disposed assets collectively contributed approximately $5.3 million of net loss to the consolidated operating results of the Company for the year ended December 31, 2020. New Market Properties assets acquired The Company acquired no grocery-anchored shopping centers during 2021. During the year ended December 31, 2020, the Company completed the acquisition of the following grocery-anchored shopping centers: Acquisition date Property Location Gross leasable area (square feet) 1/29/2020 Wakefield Crossing Raleigh, North Carolina 75,927 3/19/2020 Midway Market Dallas, Texas 85,599 161,526 The aggregate purchase price of the New Market Properties acquisitions for the year ended December 31, 2020 was approximately $27.7 million, exclusive of acquired escrows, security deposits, prepaid assets, capitalized acquisition costs and other miscellaneous assets and assumed liabilities. The Company allocated the purchase prices to the acquired assets and liabilities based upon their fair values and was based upon the Company's best estimates of the fair values of the acquired assets and liabilities. The Company did not acquire any grocery-anchored shopping centers during 2021. Preferred Office Properties assets sold During the year ended December 31, 2021, the Company completed the disposition of the following office buildings: Date Property Location 7/29/2021 Galleria 75 Atlanta, Georgia 7/29/2021 150 Fayetteville Raleigh, North Carolina 7/29/2021 Capitol Towers Charlotte, North Carolina 7/29/2021 CAPTRUST Tower Raleigh, North Carolina 7/29/2021 Morrocroft Centre Charlotte, North Carolina 9/8/2021 Armour Yards Portfolio Atlanta, Georgia 11/12/2021 Brookwood Center Birmingham, Alabama The aggregate sales price of the disposed office properties was approximately $767.0 million and resulted in a gain on sale of approximately $0.4 million, net of disposition costs and is included in the line entitled Gain on sale of real estate, net on the Company's Consolidated Statements of Operations for the year ended December 31, 2021. The disposal group was a component of the Company's Preferred Office Properties segment and contributed approximately $3,000,000.0 million of net income to t he consolidated operating results of the Company for the year ended December 31, 2021. The carrying amounts of the significant assets and liabilities of the disposed properties at the dates of sale were: (In thousands) Preferred Office Properties' assets sold during the year ended December 31, 2021 Real estate assets: Land $ 75,829 Building and improvements 665,169 Furniture, fixtures and equipment 87 Lease intangibles 69,098 Accumulated depreciation (82,124) Total assets, net $ 728,059 Liabilities: Mortgage notes payable $ 465,886 The Company had no sales of Preferred Office Properties' assets during the year ended December 31, 2020. The Company recorded aggregate amortization and depreciation expense of: Years ended December 31, (In thousands) 2021 2020 2019 Depreciation: Buildings and improvements $ 99,115 $ 113,402 $ 99,137 Furniture, fixtures, and equipment 40,836 50,474 50,747 $ 139,951 $ 163,876 $ 149,884 Amortization: Acquired intangible assets $ 27,439 36,030 $ 34,057 Deferred leasing costs 1,635 1,576 933 Website development costs 168 195 191 Total depreciation and amortization $ 169,193 $ 201,677 $ 185,065 At December 31, 2021, the Company had recorded acquired gross intangible assets of $225.8 million, accumulated amortization of $166.2 million, gross intangible liabilities of $70.9 million and accumulated amortization of $36.3 million. Net intangible assets and liabilities as of December 31, 2021 will be amortized over the weighted average remaining amortization periods of approximately 6.4 and 8.1 years, respectively. Included in the Company's aggregate restricted cash of approximately $32.7 million at December 31, 2021 was approximately $10.8 million tha t was contractually restricted to fund capital expenditures and other property-level commitments such as tenant improvements and leasing commissions. Purchase Options In the course of extending real estate loan investments for property development, the Company will often receive an exclusive option to purchase the property once development and stabilization are complete. If the Company determines that it does not wish to acquire t he property, in certain cases it has t he right to sell its purchase option back to the borrower for a termination fee in the amount of the purchase option discount. These fees are treated as additional interest revenue and are amortized over the period ending with the earlier of (i) the sale of the underlying property and (ii) the maturity of the real estate loans. The Company recorded approximately $9.7 million, $6.5 million and $9.1 million of interest revenue from the amortization of these purchase option terminations for the years ended December 31, 2021, 2020 and 2019, respectively. Equity Method Investments On December 8, 2021, the Company entered into an equity commitment of $2.0 million to partially finance the development and construction of a grocery-anchored shopping center to be located in the Charleston, South Carolina MSA. The Company will earn a fixed return of 12% per annum over an anticipated investment life of between 24 and 36 months from the development project and the Company will have a five year right of first offer to purchase the interests of the other investors in the project. On July 15, 2020, the Company contributed its Neapolitan Way grocery-anchored shopping center that was previously wholly-owned and consolidated into a joint venture in exchange for approximately $19.2 million and 50% interest in the joint venture. The Company realized a gain on the transaction of approximately $3.3 million and now holds its remaining interest in the property via an unconsolidated joint venture and retain a 50% voting and financial interest. The following tables summarize the balance sheet and statements of operations data for the Neapolitan Way shopping center subsequent to its contribution into the joint venture as of and for the periods presented: December 31, (In thousands) 2021 2020 Total assets $ 36,687 $ 39,109 Total liabilities $ 24,703 $ 25,795 For the year ended December 31, 2021 2020 Rental and other property revenues $ 3,370 $ 1,423 Total operating expenses $ 3,776 $ 1,721 Interest expense $ 924 $ 330 Net income (loss) $ (1,330) $ (628) Net income (loss) attributable to the Company $ (665) $ (314) | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment | $ 728,059,000 | |||
Disposal Group, Including Discontinued Operation, Liabilities | 465,886,000 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Vineyards Apartments [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Land | $ 5,456,000 | |||
Investment Building and Building Improvements | 43,437,000 | |||
Furniture, fixtures, and equipment | 5,218,000 | |||
Real Estate Investment Property, Accumulated Depreciation | (12,879,000) | |||
Assets | 41,232,000 | |||
Long-term Debt, Gross | 32,291,000 | |||
Land | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment | 75,829,000 | |||
Building and Building Improvements [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment | 665,169,000 | |||
Furniture, Fixtures And Equipment | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment | 87,000 | |||
Other Intangible Assets | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment | 69,098,000 | |||
writeoff of accumulated depreciation | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment | $ (82,124,000) | |||
Vineyards Apartments [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | 300,000 | |||
Multifamily Acquisitions [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Land | 27,639,000 | 28,074,000 | ||
Investment Building and Building Improvements | 250,833,000 | 194,434,000 | ||
Furniture, fixtures, and equipment | 51,628,000 | 50,170,000 | ||
business combination purchase price | 336,100,000 | 276,900,000 | ||
Business Combination, Consideration Transferred | $ 335,166,000 | 280,488,000 | ||
Vineyards Apartments [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of units in real estate property | lease | 369 | |||
Proceeds from Sales of Business, Affiliate and Productive Assets | $ 62 | |||
Avenues At Creekside [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Gains (Losses) on Sales of Investment Real Estate | $ 17,300,000 | |||
Number of units in real estate property | lease | 395 | |||
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | $ 300,000 | |||
Proceeds from Sales of Business, Affiliate and Productive Assets | 62,700,000 | |||
Student Housing Properties [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Gains (Losses) on Sales of Investment Real Estate | 2,900,000 | |||
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | 5,300,000 | |||
Proceeds from Sales of Business, Affiliate and Productive Assets | $ 478,700,000 | |||
Preferred Office Properties [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Gains (Losses) on Sales of Investment Real Estate | 400,000 | |||
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | 3,000,000 | |||
Proceeds from Sales of Business, Affiliate and Productive Assets | $ 767 |
Real Estate Assets Real estat_3
Real Estate Assets Real estate assets correction (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Investment Building and Building Improvements | $ 2,671,535 | $ 3,034,727 |
Tenant Improvements | $ 119,331 | $ 184,288 |
Real Estate Assets purchase opt
Real Estate Assets purchase options (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
amortization of purchase option termination fee income | $ 9,712 | $ 6,536 | $ 9,111 |
Real Estate Assets amortization
Real Estate Assets amortization (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Liabilities | $ 70,900,000 | ||
Revenues | 451,142,000 | $ 501,185,000 | $ 470,427,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 20,532,000 | (181,603,000) | (7,458,000) |
Amortization of Deferred Charges | $ 9,700,000 | $ 6,500,000 | $ 9,100,000 |
Real Estate Assets - Joint Vent
Real Estate Assets - Joint Venture Investment (Details) - USD ($) | Jul. 15, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Business Combination Segment Allocation [Line Items] | ||||
Assets | $ 3,563,368,000 | $ 4,281,079,000 | ||
Liabilities | 2,541,334,000 | 2,842,631,000 | ||
Rental revenues | 404,581,000 | 445,815,000 | $ 406,916,000 | |
Costs and Expenses | 348,628,000 | 582,351,000 | 381,953,000 | |
Interest Expense | 102,414,000 | 118,558,000 | 111,964,000 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 20,532,000 | (181,603,000) | (7,458,000) | |
Net Income (Loss) Attributable to Parent | 20,446,000 | (177,788,000) | $ (7,244,000) | |
Corporate Joint Venture | ||||
Business Combination Segment Allocation [Line Items] | ||||
Payments to acquire joint ventures | $ 19,200,000 | |||
Ownership Interest In Joint Ventures | 50.00% | |||
Gain Loss From Transactions With Joint Ventures | $ 3,300,000 | |||
Ownership In Joint Ventures, Voting And Financial Interest | 50.00% | |||
Assets | 36,687 | 39,109 | ||
Liabilities | 24,703 | 25,795 | ||
Rental revenues | 3,370,000 | 1,423,000 | ||
Costs and Expenses | 3,776,000 | 1,721,000 | ||
Interest Expense | 924,000 | 330,000 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (1,330,000) | (628,000) | ||
Net Income (Loss) Attributable to Parent | $ (665,000) | $ (314,000) |
Real Estate Loans, Notes Rece_3
Real Estate Loans, Notes Receivable, and Lines of Credit Real Estate Loans (Details) | 12 Months Ended | ||||||||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021lease | Dec. 31, 2021number_of_properties | Dec. 31, 2021loan | Dec. 31, 2020USD ($) | Dec. 31, 2020number_of_properties | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||
number of loans receivable | 11 | 20 | |||||||
Number of Real Estate Properties | 10 | 14 | 109 | 1 | 2 | ||||
Carrying Amount of Mortgages (in thousands) | $ 196,420,000 | ||||||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 206,300,000 | ||||||||
variable interest entity loans amount to be funded | 268,200,000 | ||||||||
interest revenue current pay | $ 23,248,000 | $ 29,557,000 | $ 34,906,000 | ||||||
Loans and Leases Receivable, Deferred Income | 0 | $ 0 | |||||||
Loans Receivable, Gross, Commercial, Real Estate | 206,270,000 | 290,156,000 | |||||||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | (1,755,000) | (1,194,000) | |||||||
Loans and Leases Receivable, Allowance | (8,095,000) | (9,067,000) | |||||||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 196,420,000 | 279,895,000 | |||||||
Loans and Leases Receivable, Impaired, Commitment to Lend | 44,403,000 | ||||||||
real estate loans amount funded | 68,943,000 | ||||||||
Real Estate Loan Repayments | (140,094,000) | ||||||||
Loans Settled, Net | (12,533,000) | ||||||||
Loans And Leases Receivable, Allowance, Accrued And Settled Through Sale | 202,000 | ||||||||
Loans Settled With Acquisition | (12,735,000) | ||||||||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | (1,471,000) | ||||||||
Loans And Leases Receivable, Credit Loss Expense On Existing Or Repaid Loans | 2,241,000 | ||||||||
real estate loan origination fees collected | (2,381,000) | ||||||||
real estate loan fees amortized | $ 1,820,000 | ||||||||
Current interest rate | 8.58% | 8.50% | |||||||
Deferred interest rate | 3.53% | 3.91% | |||||||
Interest receivable | 17,038,000 | $ 22,528,000 | |||||||
Real Estate Loan Investment, Number Of Loans | loan | 11 | ||||||||
Real Estate Loan Investment | 215,408,000 | ||||||||
Real Estate Loan Investment Reserve Ratio 000 | |||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||
Real Estate Loan Investment, Number Of Loans | loan | 1 | ||||||||
Real Estate Loan Investment | 10,951,000 | ||||||||
Real Estate Loan Investment Reserve Ratio 050 | |||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||
Real Estate Loan Investment, Number Of Loans | loan | 9 | ||||||||
Real Estate Loan Investment | 60,209,000 | ||||||||
Real Estate Loan Investment Reserve Ratio 100 | |||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||
Real Estate Loan Investment, Number Of Loans | loan | 0 | ||||||||
Real Estate Loan Investment | 0 | ||||||||
Real Estate Loan Investment Reserve Ratio 300 | |||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||
Real Estate Loan Investment, Number Of Loans | loan | 1 | ||||||||
Real Estate Loan Investment | 144,248,000 | ||||||||
Real Estate Loan Investment Reserve Ratio 400 | |||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||
Real Estate Loan Investment, Number Of Loans | loan | 0 | ||||||||
Real Estate Loan Investment | 0 | ||||||||
Real Estate Loan Investment Reserve Ratio 500 | |||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||
Real Estate Loan Investment, Number Of Loans | loan | 0 | ||||||||
Real Estate Loan Investment | $ 0 | ||||||||
Preferred Office Properties [Member] | |||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||
Number of Real Estate Properties | 2 | 9 |
Real Estate Loans, Notes Rece_4
Real Estate Loans, Notes Receivable, and Lines of Credit - Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total allowance for expected credit losses | $ 874 | $ 6,103 |
Haven Campus Communities, Line Of Credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net increases (decreases) in current expected loss reserves on existing loans | 1,644 | 1,649 |
Starkville Real Estate Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net increases (decreases) in current expected loss reserves on existing loans | 0 | 652 |
Existing Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net increases (decreases) in current expected loss reserves on existing loans | $ (770) | $ 3,802 |
Real Estate Loans, Notes Rece_5
Real Estate Loans, Notes Receivable, and Lines of Credit Notes and lines of credit (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | $ 18,710,000 | |
Loans and Leases Receivable, Net Amount | 9,011,000 | $ 10,874,000 |
Loans and Leases Receivable, Deferred Income | 0 | 0 |
HCC [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Note Receivable And Line Of Credit Receivable | 11,660,000 | |
Loans and Leases Receivable, Net Amount | $ 9,011,000 | 9,011,000 |
interest rate note receivable | 8.00% | |
Oxford Capital Partners LLC [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Note Receivable And Line Of Credit Receivable | $ 1,250,000 | |
Loans and Leases Receivable, Net Amount | $ 0 | 1,256,000 |
interest rate note receivable | 10.00% | |
Mulberry Development Group LLC [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Note Receivable And Line Of Credit Receivable | $ 500,000 | |
Loans and Leases Receivable, Net Amount | $ 0 | 607,000 |
interest rate note receivable | 12.00% | |
Oxford Capital Partners II LLC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Note Receivable And Line Of Credit Receivable | $ 5,300,000 | |
Loans and Leases Receivable, Net Amount | $ 0 | $ 0 |
interest rate note receivable | 10.00% |
Real Estate Loans, Notes Rece_6
Real Estate Loans, Notes Receivable, and Lines of Credit Interest income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Receivables [Abstract] | |||
interest revenue current pay | $ 23,248 | $ 29,557 | $ 34,906 |
Accrued exit fee revenue | 9,769 | 12,372 | 13,829 |
Deferred Revenue, Revenue Recognized | 1,819 | 1,214 | 1,545 |
amortization of purchase option termination fee income | 9,712 | 6,536 | 9,111 |
Debt Instrument, Debt Default Interest, Amount | 913 | 1,126 | 1,315 |
Net loan fee revenue | 45,461 | 50,805 | 60,706 |
Interest Income, Money Market Deposits | 2 | 40 | 687 |
Interest Income, Securities, Mortgage Backed | 0 | 0 | 95 |
Interest income on loans and notes receivable | $ 45,463 | $ 50,845 | $ 61,488 |
Real Estate Loans, Notes Rece_7
Real Estate Loans, Notes Receivable, and Lines of Credit Real Estate Loans Narrative (Details) | Jul. 29, 2021USD ($) | Mar. 28, 2019USD ($) | Dec. 20, 2018USD ($) | Mar. 23, 2018USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Nov. 20, 2018 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Proceeds from Sale of Mortgage Loans Held-for-sale | $ 41,100,000 | |||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Gross | $ 206,270,000 | |||||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 206,300,000 | |||||||
variable interest entity loans amount to be funded | 268,200,000 | |||||||
real estate loan balances unfunded | 62,000,000 | |||||||
Carrying Amount of Mortgages (in thousands) | $ 196,420,000 | |||||||
Proceeds from Sale and Collection of Mortgage Notes Receivable | $ 41,200,000 | |||||||
Final Reserve Ratio | 0.040 | |||||||
Other Commitment | $ 89,025,000 | |||||||
8 West [Member] | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
fee on sale of loan | 1,550,000 | |||||||
Proceeds from Sale of Real Estate | $ 725,000,000 | |||||||
hudson metro west | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Other Commitment | 16,791,000 | |||||||
populus at pooler | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Other Commitment | 15,907,000 | |||||||
populus at pooler capital | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Other Commitment | 1,169,000 | |||||||
oxford club drive | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Other Commitment | 23,150,000 | |||||||
menlo II | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Other Commitment | 16,610,000 | |||||||
beaver ruin | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Other Commitment | 9,133,000 | |||||||
One Nexton | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Other Commitment | 6,265,000 | |||||||
Mortgage Backed Securities, Other [Member] | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Monthly Interest Expense | $ 103,000 | |||||||
Payments to Acquire Investments | $ 18,400,000 | $ 4,700,000 | ||||||
Starkville Loan [Member] | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Gross | 7,300,000 | |||||||
Carrying Amount of Mortgages (in thousands) | 5,900,000 | |||||||
Accrued Interest Receivable | 1,200,000 | |||||||
Allowance for Loan and Lease Losses, Real Estate | $ 1,400,000 | |||||||
Starkville Loan [Member] | Accounting Standards Update 2016-13 [Member] | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Allowance for Loan and Lease Losses, Real Estate | $ 2,100,000 | $ 2,100,000 | ||||||
Haven Campus Communities, LLC [Member] | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Default interest rate | 10.00% | |||||||
interest rate note receivable | 8.00% | |||||||
Haven Campus Communities, LLC [Member] | Shopping Center In Atlanta, GA | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 49.49% | |||||||
Proceeds from collection of financing receivable | $ 3,750,000 | |||||||
Geographic Concentration Risk [Member] | Oxford [Member] | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
amount drawn under loan agreement | $ 24,600,000 | |||||||
loan commitment amount | $ 53,000,000 |
Real Estate Loans, Notes Rece_8
Real Estate Loans, Notes Receivable, and Lines of Credit phantom facts (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
loan commitment guaranty limit amount | $ 2,000,000 | |
loan commitment guaranty percent | 25.00% | |
Borrowers Interest Rate | 49.00% | |
Oxford Capital Partners LLC [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Financing Receivable, Paydown | $ 5,000,000 |
Real Estate Loans, Notes Rece_9
Real Estate Loans, Notes Receivable, and Lines of Credit CMBS (Details) $ in Thousands | Mar. 28, 2019USD ($) | Mar. 23, 2018USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Proceeds from Sale of Mortgage-backed Securities (MBS), Available-for-sale | $ 0 | $ 0 | $ 79,558 | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 206,300 | ||||
Mortgage Backed Securities, Other [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Proceeds from Sale of Mortgage-backed Securities (MBS), Available-for-sale | $ 20,400 | $ 6,200 | |||
number of loans in CMBS trust | 21 | 20 | |||
total maturity amount of CMBS pool | $ 295,700 | $ 276,300 |
Redeemable Preferred Stock (Det
Redeemable Preferred Stock (Details) | Nov. 24, 2020$ / sharesshares | Feb. 14, 2020USD ($)warrant$ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / shares |
Class of Stock [Line Items] | |||||
gross potential offering proceeds | $ 1,125,000,000 | ||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.7875 | $ 1.05 | $ 1.02 | ||
Proceeds from Other Equity | $ 323,722,000 | ||||
daycountvolweightedavgcalcformarketvalue | 20 | ||||
aggregate offering costs | $ 36,815,000 | ||||
prorataamountofferingcostsreclassed | 6,889,000 | ||||
deferred offering costs not yet reclassified | $ 2,408,000 | ||||
maximum shares available to be issued | shares | 1,500,000 | ||||
shares common stock from warrant exercises | shares | 20 | 20 | |||
Deferred offering costs | $ 9,297,000 | ||||
specifically identifiable offering costs | 27,518,000 | ||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | ||||
Dividends, Common Stock, Cash | $ 37,143,000 | $ 38,868,000 | $ 46,755,000 | ||
Redemption Percent | 100.00% | ||||
Gross Proceeds Reimbursement Percent | 2.00% | ||||
Consideration received on transaction | $ 1,500,000,000 | ||||
Number Of Warrants For Each Equity Offering Unit | warrant | 1 | ||||
A1M1 Offering [Member] | |||||
Class of Stock [Line Items] | |||||
Shares Issued, Price Per Share | $ / shares | $ 1,000 | ||||
Series A Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | ||||
preferred stock | shares | 2,226,000 | 2,226,000 | |||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | |||
Preferred Stock, Value, Issued | $ 13,000 | $ 17,000 | |||
Shares called during the period | shares | 208,786 | ||||
Redemption price per share (usd per share) | $ / shares | $ 1,000 | ||||
Number Of Equity Instruments Called By Equity Offering Unit | shares | 1 | ||||
A1 Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Shares Issued, Price Per Share | $ / shares | $ 1,000 | ||||
Redemption Fee Percent | 13.00% | ||||
Redemption Fee Percent, After Year One | 10.00% | ||||
Redemption Fee Percent, After Year Two | 5.00% | ||||
Preferred Share Dividend Percent | 6.00% | ||||
Redemption Percent | 100.00% | ||||
M1 Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred Share Dividend Percent | 6.10% | ||||
Dividend Rate, Annual Increase | 0.10% | ||||
M1 Preferred Stock [Member] | Maximum [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred Share Dividend Percent | 7.10% | ||||
Dealer Manager Fees, Percent | 12.00% | ||||
2019 Shelf Offering [Member] [Domain] | |||||
Class of Stock [Line Items] | |||||
gross potential offering proceeds | $ 125,000,000 | ||||
Proceeds from Other Equity | 33,199,000 | ||||
aggregate offering costs | 1,829,000 | ||||
prorataamountofferingcostsreclassed | 531,000 | ||||
deferred offering costs not yet reclassified | 777,000 | ||||
Deferred offering costs | 1,308,000 | ||||
specifically identifiable offering costs | 521,000 | ||||
2019 ATM Offering [Member] [Domain] | |||||
Class of Stock [Line Items] | |||||
Consideration received on transaction | 125,000,000 | ||||
A1M1 Offering [Domain] | |||||
Class of Stock [Line Items] | |||||
gross potential offering proceeds | 1,000,000,000 | ||||
Proceeds from Other Equity | 290,523,000 | ||||
aggregate offering costs | 34,986,000 | ||||
prorataamountofferingcostsreclassed | 6,358,000 | ||||
deferred offering costs not yet reclassified | $ 1,631,000 | ||||
maximum shares available to be issued | shares | 1,000,000 | ||||
Deferred offering costs | $ 7,989,000 | ||||
specifically identifiable offering costs | $ 26,997,000 | ||||
$1.5 billion unit [Domain] | |||||
Class of Stock [Line Items] | |||||
maximum shares available to be issued | shares | 1,500,000,000 |
Related Party Transactions (Det
Related Party Transactions (Details) | Jan. 31, 2020USD ($)$ / shares | Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021 | Dec. 31, 2021lease | Dec. 31, 2021number_of_properties | Dec. 31, 2020 | Dec. 31, 2020number_of_properties | Feb. 14, 2020shares |
Related Party Transaction [Line Items] | |||||||||||
Payments Of Deferred Offering Costs | $ 3,100,000 | $ 3,600,000 | |||||||||
Management fees | 0 | 3,099,000 | $ 33,516,000 | ||||||||
loan coordination fee percentage | 1.60% | ||||||||||
loan coordination fees | 0 | 47,000 | 2,939,000 | ||||||||
Cost of Reimbursable Expense | 0 | ||||||||||
property salaries related party net | 1,430,000 | 18,054,000 | |||||||||
capital marketing and professional | $ 0 | 40,451 | 512,324 | ||||||||
maximum shares available to be issued | shares | 1,500,000 | ||||||||||
Common Stock, Shares, Outstanding | shares | 52,974,760 | ||||||||||
Construction Management Fee | $ 0 | 14,000 | 264,000 | ||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 0 | 3,151,000 | 43,529,000 | ||||||||
Property management fees | 0 | 894,000 | 10,307,000 | ||||||||
AcquisitionFeesRelatedPartyCosts | 0 | 235,000 | 7,203,000 | ||||||||
loan origination fees | 0 | 0 | 783,000 | ||||||||
Number of Real Estate Properties | 10 | 109 | 1 | 14 | 2 | ||||||
manager's fees deferred | 25,600,000 | ||||||||||
Financing Receivable, Gross | $ 18,710,000 | ||||||||||
Loans and Leases Receivable, Net Amount | 10,874,000 | 9,011,000 | |||||||||
disposition fee to manager | 0 | 0 | 282,000 | ||||||||
percent of asset value for loan coordination fee | 63.00% | ||||||||||
Contingent Asset Management Fees | 0 | 0 | 11,000 | ||||||||
Interest receivable | 22,528,000 | 17,038,000 | |||||||||
Remaining contingent fees | 24,100,000 | ||||||||||
AssetmanagementFees [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Management fees | 0 | 1,349,000 | 15,596,000 | ||||||||
Propertymanagementfees [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Property management fees | 0 | 890,000 | 10,274,000 | ||||||||
General and Administrative Expense [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 0 | 616,000 | 6,177,000 | ||||||||
preferred capital securities [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
marketing and legal cost reimbursements | $ 0 | $ 0 | $ 1,367,798 | ||||||||
Former Manager And Sub Manager | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Transaction costs | $ 154,000,000 | ||||||||||
Contingent consideration | $ 25,000,000 | ||||||||||
Share Price | $ / shares | $ 1.55 | ||||||||||
Contingent consideration, payment period | 36 months | ||||||||||
Holdback amount | $ 15,000,000 | ||||||||||
PCMS [Member] | PCMS [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Loans and Leases Receivable, Net Amount | 650,000 | ||||||||||
PAA [Member] | Revolving Credit Facility [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 24,000,000 | ||||||||||
PAC Carveout, LLC | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Consideration per transaction | $ 111,100,000 | ||||||||||
$1.5 billion unit [Domain] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
maximum shares available to be issued | shares | 1,500,000,000 |
Dividends (Details)
Dividends (Details) | Nov. 24, 2020shares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Dividends Payable [Line Items] | ||||
minority interest partnership units outstanding | shares | 467,662 | |||
Dividends, Preferred Stock, Cash | $ | $ 190,918,000 | $ 200,369,000 | $ 161,435,000 | |
Conversion ratio | 1 | |||
Series A Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $ 5 | |||
Dividends, Preferred Stock, Cash | $ | $ 132,843,000 | 149,943,000 | 108,950,000 | |
Shares called during the period | shares | 208,786 | |||
M 1 Shares [Member] | ||||
Dividends Payable [Line Items] | ||||
Dividends, Preferred Stock, Cash | $ | $ 1,826,000 | $ 488,000 | $ 0 | |
Minimum [Member] | M Shares [Member] | ||||
Dividends Payable [Line Items] | ||||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $ 4.79 | |||
Minimum [Member] | M 1 Shares [Member] | ||||
Dividends Payable [Line Items] | ||||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | 5.08 | |||
Maximum [Member] | M Shares [Member] | ||||
Dividends Payable [Line Items] | ||||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | 6.25 | |||
Maximum [Member] | M 1 Shares [Member] | ||||
Dividends Payable [Line Items] | ||||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $ 5.92 |
Dividends Series A Preferred Di
Dividends Series A Preferred Dividends (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Dividends Payable [Line Items] | |||
Dividends, Preferred Stock, Cash | $ 190,918,000 | $ 200,369,000 | $ 161,435,000 |
Distribution Made to Limited Partner, Cash Distributions Declared | 357,000 | 593,000 | 908,000 |
dividends common stock declared | 37,143,000 | 38,868,000 | 46,755,000 |
Series A Preferred Stock [Member] | |||
Dividends Payable [Line Items] | |||
Dividends, Preferred Stock, Cash | 132,843,000 | 149,943,000 | 108,950,000 |
Series M Preferred Stock [Member] | |||
Dividends Payable [Line Items] | |||
Dividends, Preferred Stock, Cash | 5,757,000 | 6,408,000 | 4,807,000 |
Series A1 Preferred Stock [Member] | |||
Dividends Payable [Line Items] | |||
Dividends, Preferred Stock, Cash | 12,978,000 | 4,069,000 | 15,000 |
M 1 Shares [Member] | |||
Dividends Payable [Line Items] | |||
Dividends, Preferred Stock, Cash | 1,826,000 | 488,000 | 0 |
PAC OP REIT | |||
Dividends Payable [Line Items] | |||
Dividends, Preferred Stock, Cash | $ 14,000 | $ 0 | $ 0 |
Equity Compensation (Details)
Equity Compensation (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 03, 2017 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,617,500 | 2,617,500 | ||
Share-based Compensation | $ 3,289,000 | $ 1,644,000 | $ 1,223,000 | |
market vesting condition capital increase threshhold | $ 5,660,580 | |||
ClassBUnits [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Stock price on grant date | $ 20.19 | |||
Dividend yield | 4.95% | |||
Expected volatility | 25.70% | |||
Risk-free interest rate | 2.71% | |||
Target number of PSUs granted: | 256,087 | |||
Calculated fair value per PSU | $ 4,266,409 |
Equity Compensation - Compensat
Equity Compensation - Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee compensation expense | $ 3,289 | $ 1,644 | $ 1,223 |
Unamortized expense as of December 31, 2021 | 7,959 | ||
ClassBUnits [Member] | 2016 Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee compensation expense | 0 | 0 | 2 |
Unamortized expense as of December 31, 2021 | 0 | ||
ClassBUnits [Member] | 2017 Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee compensation expense | 0 | 3 | 312 |
Unamortized expense as of December 31, 2021 | 0 | ||
ClassBUnits [Member] | 2018 Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee compensation expense | 0 | 244 | 277 |
Unamortized expense as of December 31, 2021 | 0 | ||
Restricted Stock [Member] | 2018 Award | Director | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee compensation expense | 0 | 0 | 120 |
Unamortized expense as of December 31, 2021 | 0 | ||
Restricted Stock [Member] | 2019 Award | Director | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee compensation expense | 0 | 140 | 281 |
Unamortized expense as of December 31, 2021 | 0 | ||
Restricted Stock [Member] | 2020 Award | Director | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee compensation expense | 177 | 355 | 0 |
Unamortized expense as of December 31, 2021 | 0 | ||
Restricted Stock [Member] | 2020 Award | Employee | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee compensation expense | 939 | 522 | 0 |
Unamortized expense as of December 31, 2021 | 2,241 | ||
Restricted Stock [Member] | 2021 Award | Director | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee compensation expense | 284 | 0 | 0 |
Unamortized expense as of December 31, 2021 | 234 | ||
Restricted Stock [Member] | 2021 Award | Employee | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee compensation expense | 510 | 0 | 0 |
Unamortized expense as of December 31, 2021 | 2,067 | ||
Restricted Stock Units (RSUs) [Member] | 2017 Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee compensation expense | 0 | 0 | 69 |
Unamortized expense as of December 31, 2021 | 0 | ||
Restricted Stock Units (RSUs) [Member] | 2018 Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee compensation expense | (2) | 35 | 74 |
Unamortized expense as of December 31, 2021 | 0 | ||
Restricted Stock Units (RSUs) [Member] | 2019 Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee compensation expense | 60 | 57 | 88 |
Unamortized expense as of December 31, 2021 | 0 | ||
Restricted Stock Units (RSUs) [Member] | 2020 Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee compensation expense | 41 | 58 | 0 |
Unamortized expense as of December 31, 2021 | 48 | ||
Restricted Stock Units (RSUs) [Member] | 2021 Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee compensation expense | 52 | 0 | 0 |
Unamortized expense as of December 31, 2021 | 145 | ||
Performance Shares | 2020 Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee compensation expense | 499 | 230 | 0 |
Unamortized expense as of December 31, 2021 | 991 | ||
Performance Shares | 2021 Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee compensation expense | 729 | $ 0 | $ 0 |
Unamortized expense as of December 31, 2021 | $ 2,233 |
Equity Compensation - Performan
Equity Compensation - Performance Shares (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Earned PSUs (% of target) | 0.00% | |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Earned PSUs (% of target) | 200.00% | |
Share-based Payment Arrangement, Tranche One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Earned PSUs (% of target) | 0.00% | |
35th Percentile | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Earned PSUs (% of target) | 50.00% | |
55th Percentile | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Earned PSUs (% of target) | 100.00% | |
>=75th Percentile | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Earned PSUs (% of target) | 200.00% | |
Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock price on grant date | $ 10.86 | $ 7.23 |
Dividend yield | 7.19% | 6.87% |
Expected volatility | 49.81% | 44.40% |
Risk-free interest rate | 0.29% | 0.11% |
Target number of PSUs granted: | 207,028 | 272,929 |
Calculated fair value per PSU | $ 15.24 | $ 6.76 |
Total fair value of PSUs | $ 3,155,107 | $ 1,845,000 |
Expected volatility | 2 years 10 months 28 days | |
Performance Shares | Share-based Payment Arrangement, Tranche One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Target number of PSUs granted: | 103,511 | 136,462 |
Performance Shares | 35th Percentile | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Target number of PSUs granted: | 103,517 | 136,467 |
Equity Compensation Restricted
Equity Compensation Restricted Stock (Details) - USD ($) | Jun. 17, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 03, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,617,500 | 2,617,500 | |||
Share-based Compensation | $ 3,289,000 | $ 1,644,000 | $ 1,223,000 | ||
ClassBUnits [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock price on grant date | $ 20.19 | ||||
Target number of PSUs granted: | 256,087 | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 8.05 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 664,000 | 548,000 | 13,000 | ||
Restricted Stock [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 4 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 137,741 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | $ 1,100,000 | ||||
Restricted Stock [Member] | 35th Percentile | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 4 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 344,356 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | $ 2,800,000 | ||||
2018 [Domain] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 24,810 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share | $ 14.51 | ||||
Stock Granted, Value, Share-based Compensation, Gross | $ 360,000 | ||||
2019 [Domain] [Domain] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 26,446 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share | $ 15.88 | ||||
Stock Granted, Value, Share-based Compensation, Gross | $ 420,000 | ||||
2017 Through 2019 | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 90 days | ||||
2020 Award | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 66,114 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share | $ 8.05 | ||||
Stock Granted, Value, Share-based Compensation, Gross | $ 532,000 | ||||
Vesting period | 1 year | ||||
2021 Award | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 46,782 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share | $ 10.26 | ||||
Stock Granted, Value, Share-based Compensation, Gross | $ 480,000 |
Equity Compensation Committee F
Equity Compensation Committee Fee Grants (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation | $ 3,289 | $ 1,644 | $ 1,223 |
ClassBUnits [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Target number of PSUs granted: | 256,087 |
Equity Compensation Class B Uni
Equity Compensation Class B Units (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 03, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.7875 | $ 1.05 | $ 1.02 | ||
Share-based Compensation | $ 3,289,000 | $ 1,644,000 | $ 1,223,000 | ||
market vesting condition capital increase threshhold | $ 5,660,580 | ||||
ClassBUnits [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock price on grant date | $ 20.19 | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.25 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 20 years | ||||
Target number of PSUs granted: | 256,087 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 30 years | ||||
Calculated fair value per PSU | $ 4,266,409 | ||||
Dividend yield | 4.95% | ||||
Expected volatility | 25.70% | ||||
Risk-free interest rate | 2.71% | ||||
100percentvestinglevel [Member] | ClassBUnits [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Calculated fair value per PSU | $ 16.66 | ||||
one year [Member] | ClassBUnits [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Target number of PSUs granted: | 171,988 | ||||
three year [Member] | ClassBUnits [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Target number of PSUs granted: | 84,099 | ||||
2018 Service Year [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
class B units issued during period | 256,087 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (197,621) | ||||
Partners' Capital Account, Units, Converted | 0 | ||||
class b units outstanding | 58,466 | ||||
Subsequent Event [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.175 | ||||
Executive Officer [Member] | 2018 Service Year [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (128,258) | ||||
Former CEO - John A. Williams [Member] | 2018 Service Year [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (38,284) | ||||
Other OP Unit Participants [Member] | 2018 Service Year [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (31,079) |
Equity Compensation Warrant (De
Equity Compensation Warrant (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.7875 | $ 1.05 | $ 1.02 |
Equity Compensation Equity comp
Equity Compensation Equity compensation expense by grant (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.7875 | $ 1.05 | $ 1.02 |
Share-based Compensation | $ 3,289 | $ 1,644 | $ 1,223 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 7,959 | ||
ClassBUnits [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.25 |
Equity Compensation Restricte_2
Equity Compensation Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 3 years |
2019 Service Year [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Stock Units outstanding | 18,899 |
RSUs unearned but vested | 12,683 |
RSUs unearned and not yet vested | 6,216 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instrument Other than Option, Nonvested, Intrinsic Value | $ / shares | $ 10.77 |
Target number of PSUs granted: | 27,760 |
Calculated fair value per PSU | $ / shares | $ 298,975 |
share based compensation awards forfeited | (8,861) |
2018 Service Year [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Stock Units outstanding | 12,446 |
RSUs unearned but vested | 12,446 |
RSUs unearned and not yet vested | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instrument Other than Option, Nonvested, Intrinsic Value | $ / shares | $ 16.66 |
Target number of PSUs granted: | 20,720 |
Calculated fair value per PSU | $ / shares | $ 345,195 |
share based compensation awards forfeited | (8,274) |
2021 Service Year | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Stock Units outstanding | 18,400 |
RSUs unearned but vested | 0 |
RSUs unearned and not yet vested | 18,400 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instrument Other than Option, Nonvested, Intrinsic Value | $ / shares | $ 10.69 |
Target number of PSUs granted: | 20,600 |
Calculated fair value per PSU | $ / shares | $ 220,214 |
share based compensation awards forfeited | (2,200) |
2020 Service Year | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Stock Units outstanding | 15,500 |
RSUs unearned but vested | 5,188 |
RSUs unearned and not yet vested | 10,312 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instrument Other than Option, Nonvested, Intrinsic Value | $ / shares | $ 9.47 |
Target number of PSUs granted: | 21,400 |
Calculated fair value per PSU | $ / shares | $ 202,658 |
share based compensation awards forfeited | (5,900) |
Indebtedness - Schedule of Mort
Indebtedness - Schedule of Mortgage Loan Acquisitions (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 206,270,000 | $ 290,156,000 |
Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 289,745,000 | 269,885,000 |
251 Armour Yards | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 3,522,000 | |
Interest Rate | 4.50% | |
Wakefield Crossing [Member] | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 7,891,000 | |
Interest Rate | 3.66% | |
Morrocroft Centre [Member] | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 70,000,000 | |
Interest Rate | 3.40% | |
Horizon At Wiregrass | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 52,000,000 | |
Interest Rate | 2.90% | |
Parkside At The Beach [Member] | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 45,037,000 | |
Interest Rate | 2.95% | |
The Blake [Member] | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 44,435,000 | |
Interest Rate | 2.82% | |
The Menlo [Member] | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 47,000,000 | |
Interest Rate | 2.68% | |
Midway Market [Member] | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 10,150,000 | |
ellison | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 47,991,000 | |
alleia | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 35,700,000 | |
The Anson [Member] | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 56,440,000 | |
kingson | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 53,900,000 | |
Solis Chestnut Farm [Member] | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 51,800,000 | |
Citi Lakes [Member] | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 10,420,000 | |
Aldridge at Town Village [Member] | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 3,670,000 | |
retreat at greystone [Member] | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 7,274,000 | |
woodstock retail [Member] | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 5,300,000 | |
fairview [Member] | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | $ 7,100,000 |
Indebtedness - Schedule of Debt
Indebtedness - Schedule of Debt Refinancing and Repayment Activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Long-term Debt | $ 676,100,000 | ||
Write off of Deferred Debt Issuance Cost | 925,000 | ||
Long Term Debt, Refinanced | 165,100,000 | ||
Debt Issuance Costs, Gross | $ 3,110,000 | ||
Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 552,200,000 | ||
Write off of Deferred Debt Issuance Cost | 10,506,000 | ||
Long Term Debt, Refinanced | 356,100,000 | ||
Debt Issuance Costs, Gross | 9,421,000 | ||
Ursa [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 31,400,000 | ||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||
Write off of Deferred Debt Issuance Cost | $ 0 | ||
Long Term Debt, Refinanced | 0 | ||
Debt Issuance Costs, Gross | 0 | ||
CityPark View | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 19,800,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.27% | ||
Write off of Deferred Debt Issuance Cost | $ 1,314,000 | ||
Long Term Debt, Refinanced | 29,000,000 | ||
Debt Issuance Costs, Gross | $ 314,000 | ||
refinanced interest rate | 2.75% | ||
Lely [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 30,700,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.84% | ||
Write off of Deferred Debt Issuance Cost | $ 293,000 | ||
Long Term Debt, Refinanced | 50,400,000 | ||
Debt Issuance Costs, Gross | $ 2,777,000 | ||
refinanced interest rate | 2.95% | ||
Northpointe [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 26,000,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.16% | ||
Write off of Deferred Debt Issuance Cost | $ 166,000 | ||
Long Term Debt, Refinanced | 33,500,000 | ||
Debt Issuance Costs, Gross | $ 1,247,000 | ||
refinanced interest rate | 2.79% | ||
Cypress [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 20,500,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.43% | ||
Write off of Deferred Debt Issuance Cost | $ 1,607,000 | ||
Long Term Debt, Refinanced | 28,400,000 | ||
Debt Issuance Costs, Gross | $ 336,000 | ||
refinanced interest rate | 2.96% | ||
Lakewood Ranch [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 27,800,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.55% | ||
Write off of Deferred Debt Issuance Cost | $ 2,457,000 | ||
Long Term Debt, Refinanced | 36,600,000 | ||
Debt Issuance Costs, Gross | $ 384,000 | ||
refinanced interest rate | 2.99% | ||
Crosstown Walk [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 29,900,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.90% | ||
Write off of Deferred Debt Issuance Cost | $ 248,000 | ||
Long Term Debt, Refinanced | 46,500,000 | ||
Debt Issuance Costs, Gross | $ 2,841,000 | ||
refinanced interest rate | 2.92% | ||
Summit Crossing II [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 13,100,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.49% | ||
Debt Instrument, Basis Spread on Variable Rate | 2.78% | ||
Write off of Deferred Debt Issuance Cost | $ 779,000 | ||
Long Term Debt, Refinanced | 20,700,000 | ||
Debt Issuance Costs, Gross | 136,000 | ||
Citrus Village [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 28,500,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.65% | ||
Write off of Deferred Debt Issuance Cost | $ 704,000 | ||
Long Term Debt, Refinanced | 40,900,000 | ||
Debt Issuance Costs, Gross | $ 522,000 | ||
refinanced interest rate | 2.95% | ||
Village At Baldwin Park [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 69,400,000 | $ 70,100,000 | |
Debt Instrument, Interest Rate, Effective Percentage | 3.59% | 4.16% | |
Write off of Deferred Debt Issuance Cost | $ 6,000 | $ 16,000 | |
Long Term Debt, Refinanced | 69,400,000 | 70,100,000 | |
Debt Issuance Costs, Gross | $ 923,000 | $ 864,000 | |
refinanced interest rate | 327.00% | 3.59% | |
SoL [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 35,200,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.71% | ||
Write off of Deferred Debt Issuance Cost | $ 0 | ||
Long Term Debt, Refinanced | 0 | ||
Debt Issuance Costs, Gross | 0 | ||
Stadium Village [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 44,500,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.80% | ||
Write off of Deferred Debt Issuance Cost | $ 0 | ||
Long Term Debt, Refinanced | 0 | ||
Debt Issuance Costs, Gross | 0 | ||
Knightshade [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 47,100,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.09% | ||
Write off of Deferred Debt Issuance Cost | $ 0 | ||
Long Term Debt, Refinanced | 0 | ||
Debt Issuance Costs, Gross | 0 | ||
North By Northwest [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 30,500,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.02% | ||
Write off of Deferred Debt Issuance Cost | $ 2,168,000 | ||
Long Term Debt, Refinanced | 0 | ||
Debt Issuance Costs, Gross | 0 | ||
The Tradition [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 30,000,000 | ||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | ||
Write off of Deferred Debt Issuance Cost | $ 300,000 | ||
Long Term Debt, Refinanced | 0 | ||
Debt Issuance Costs, Gross | 0 | ||
The Bloc [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 29,000,000 | ||
Debt Instrument, Basis Spread on Variable Rate | 3.55% | ||
Write off of Deferred Debt Issuance Cost | $ 73,000 | ||
Long Term Debt, Refinanced | 0 | ||
Debt Issuance Costs, Gross | 0 | ||
Avenues At Creekside [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 38,100,000 | ||
Debt Instrument, Basis Spread on Variable Rate | 1.60% | ||
Write off of Deferred Debt Issuance Cost | $ 381,000 | ||
Long Term Debt, Refinanced | 0 | ||
Debt Issuance Costs, Gross | $ 0 | ||
Rush [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | ||
Citi Lakes [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.17% | ||
Royal Lakes [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||
Cherokee Plaza [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||
Vineyards Apartments [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 32,300,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.68% | ||
Write off of Deferred Debt Issuance Cost | $ 1,000 | ||
Long Term Debt, Refinanced | 0 | ||
Debt Issuance Costs, Gross | 0 | ||
Galleria 75 [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 5,000,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.25% | ||
Write off of Deferred Debt Issuance Cost | $ 166,000 | ||
Long Term Debt, Refinanced | 0 | ||
Debt Issuance Costs, Gross | 0 | ||
150 Fayetteville [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 112,600,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.27% | ||
Write off of Deferred Debt Issuance Cost | $ 0 | ||
Long Term Debt, Refinanced | 0 | ||
Debt Issuance Costs, Gross | 0 | ||
Capitol Towers [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 121,500,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.60% | ||
Write off of Deferred Debt Issuance Cost | $ 0 | ||
Long Term Debt, Refinanced | 0 | ||
Debt Issuance Costs, Gross | 0 | ||
CAPTRUST Tower [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 82,700,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.61% | ||
Write off of Deferred Debt Issuance Cost | $ 0 | ||
Long Term Debt, Refinanced | 0 | ||
Debt Issuance Costs, Gross | 0 | ||
Morrocroft Centre [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 70,000,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.40% | ||
Write off of Deferred Debt Issuance Cost | $ 0 | ||
Long Term Debt, Refinanced | 0 | ||
Debt Issuance Costs, Gross | 0 | ||
ellison | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | 48,000,000 | ||
Write off of Deferred Debt Issuance Cost | 96,000 | ||
Long Term Debt, Refinanced | 48,000,000 | ||
Debt Issuance Costs, Gross | $ 400,000 | ||
refinanced interest rate | 2.52% | ||
Armour Yards [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 38,900,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.10% | ||
Write off of Deferred Debt Issuance Cost | $ 424,000 | ||
Long Term Debt, Refinanced | 0 | ||
Debt Issuance Costs, Gross | 0 | ||
251 Armour Yards | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 6,100,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.50% | ||
Write off of Deferred Debt Issuance Cost | $ 0 | ||
Long Term Debt, Refinanced | 0 | ||
Debt Issuance Costs, Gross | 0 | ||
Sorrel [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 30,200,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.44% | ||
Write off of Deferred Debt Issuance Cost | $ 232,000 | ||
Long Term Debt, Refinanced | 47,700,000 | ||
Debt Issuance Costs, Gross | $ 1,787,000 | ||
refinanced interest rate | 2.54% | ||
Champions Village [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 27,400,000 | ||
Write off of Deferred Debt Issuance Cost | 0 | ||
Long Term Debt, Refinanced | 0 | ||
Debt Issuance Costs, Gross | 0 | ||
brookwood center | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 29,200,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.71% | ||
Write off of Deferred Debt Issuance Cost | $ 0 | ||
Long Term Debt, Refinanced | 0 | ||
Debt Issuance Costs, Gross | 0 | ||
woodstock retail [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 2,800,000 | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.71% | ||
Write off of Deferred Debt Issuance Cost | $ 0 | ||
Long Term Debt, Refinanced | 0 | ||
Debt Issuance Costs, Gross | $ 0 | ||
refinanced interest rate | 0.00% |
Indebtedness - Summary of Mortg
Indebtedness - Summary of Mortgage Notes Payable (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Debt Instrument [Line Items] | |
Secured Debt | $ 2,382,652 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.54% |
average maturity mortgage debt | 8 years 1 month 6 days |
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Accumulated Amortization Adjustment | $ (35,400) |
Mark-to-Market debt | (3,888) |
Long-term Debt | 2,343,364 |
Fixed Income Interest Rate [Member] | |
Debt Instrument [Line Items] | |
Secured Debt | $ 2,290,402 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.60% |
average maturity mortgage debt | 8 years 3 months 18 days |
Variable Income Interest Rate [Member] | |
Debt Instrument [Line Items] | |
Secured Debt | $ 92,250 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 2.02% |
average maturity mortgage debt | 3 years 2 months 12 days |
Residential Properties | |
Debt Instrument [Line Items] | |
Secured Debt | $ 1,625,745 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.32% |
average maturity mortgage debt | 7 years 10 months 24 days |
Residential Properties | Fixed Income Interest Rate [Member] | |
Debt Instrument [Line Items] | |
Secured Debt | $ 1,553,245 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.39% |
average maturity mortgage debt | 8 years 1 month 6 days |
Residential Properties | Variable Income Interest Rate [Member] | |
Debt Instrument [Line Items] | |
Secured Debt | $ 72,500 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 1.98% |
average maturity mortgage debt | 2 years 9 months 18 days |
New Market Properties [Member] | |
Debt Instrument [Line Items] | |
Secured Debt | $ 592,401 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.90% |
average maturity mortgage debt | 6 years 3 months 18 days |
New Market Properties [Member] | Fixed Income Interest Rate [Member] | |
Debt Instrument [Line Items] | |
Secured Debt | $ 572,651 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.96% |
average maturity mortgage debt | 6 years 4 months 24 days |
New Market Properties [Member] | Variable Income Interest Rate [Member] | |
Debt Instrument [Line Items] | |
Secured Debt | $ 19,750 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 2.16% |
average maturity mortgage debt | 4 years 7 months 6 days |
Preferred Office Properties [Member] | |
Debt Instrument [Line Items] | |
Secured Debt | $ 164,506 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.35% |
average maturity mortgage debt | 16 years 1 month 6 days |
Preferred Office Properties [Member] | Fixed Income Interest Rate [Member] | |
Debt Instrument [Line Items] | |
Secured Debt | $ 164,506 |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.35% |
average maturity mortgage debt | 16 years 1 month 6 days |
Indebtedness - Mortgage Notes P
Indebtedness - Mortgage Notes Payable, Narrative (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Instrument [Line Items] | |
Indebtedness Weighted Average Remaining Maturity | 8 years 8 months 12 days |
Independence Square [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Term | 7 years |
Initial Interest Rate | 3.93% |
Spread over Initial Interest Rate option 1 | 200 |
Spread over Initial Interest Rate option 2 | 400 |
Indebtedness - Credit Facility
Indebtedness - Credit Facility (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2017 | |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | |
Indebtedness Weighted Average Remaining Maturity | 8 years 8 months 12 days | |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 3.62% | |
Unamortized Debt Issuance Expense | $ 1,800,000 | |
Indebtedness Weighted Average Remaining Maturity | 2 years 4 months 24 days | |
Minimum [Member] | Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Loans Receivable, Basis Spread on Variable Rate | 2.50% | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |
Maximum [Member] | Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Loans Receivable, Basis Spread on Variable Rate | 3.50% | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.30% |
Indebtedness - Debt Covenants (
Indebtedness - Debt Covenants (Details) - Revolving Credit Facility [Member] $ in Billions | Dec. 31, 2021USD ($) |
Debt Instrument [Line Items] | |
Minimum Net Worth Required for Compliance | $ 1.7 |
debt yield | 9.80% |
payout ratio | 90.60% |
Total leverage ratio | 58.00% |
Debt Instrument, Debt Covenant, Debt Service Coverage Ratio | 1.87 |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Minimum Net Worth Required for Compliance | $ 1.5 |
debt yield | 850.00% |
Debt Instrument, Debt Covenant, Debt Service Coverage Ratio | 1.5 |
Maximum [Member] | |
Debt Instrument [Line Items] | |
payout ratio | 9500.00% |
Total leverage ratio | 6500.00% |
Indebtedness - Acquisition Faci
Indebtedness - Acquisition Facility (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)extensionOption | Mar. 25, 2019USD ($) | Dec. 31, 2017USD ($) | |
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | ||
Indebtedness Weighted Average Remaining Maturity | 8 years 8 months 12 days | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized Debt Issuance Expense | $ 1,800,000 | ||
Indebtedness Weighted Average Remaining Maturity | 2 years 4 months 24 days | ||
acquisition facility [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Number Of Renewal Options | extensionOption | 2 | ||
Debt Instrument, Renewal Term | 1 year | ||
Minimum [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Loans Receivable, Basis Spread on Variable Rate | 2.50% | ||
Maximum [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Loans Receivable, Basis Spread on Variable Rate | 3.50% | ||
February 2017 facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | $ 90,000,000 | |
February 2017 facility [Member] | Minimum [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Loans Receivable, Basis Spread on Variable Rate | 1.75% | ||
February 2017 facility [Member] | Maximum [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Loans Receivable, Basis Spread on Variable Rate | 2.20% |
Indebtedness - Schedule of Inte
Indebtedness - Schedule of Interest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Interest Expense, Long-term Debt | $ 99,987 | $ 113,994 | $ 110,000 |
interest expense to loan participant | 0 | 0 | 110 |
interest expense credit facility | 2,427 | 4,564 | 1,964 |
Interest Expense | 102,414 | 118,558 | 111,964 |
Residential Properties | |||
Debt Instrument [Line Items] | |||
Interest Expense, Long-term Debt | 55,346 | 60,676 | 62,455 |
Interest Expense | 55,346 | 60,676 | 62,455 |
New Market Properties [Member] | |||
Debt Instrument [Line Items] | |||
Interest Expense, Long-term Debt | 25,654 | 26,379 | 24,566 |
Interest Expense | 25,654 | 26,379 | 24,566 |
Preferred Office Properties [Member] | |||
Debt Instrument [Line Items] | |||
Interest Expense, Long-term Debt | 18,987 | 26,939 | 22,869 |
Interest Expense | $ 18,987 | $ 26,939 | $ 22,869 |
Indebtedness - Future Principal
Indebtedness - Future Principal Payments (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
Long-term Debt, Current Maturities | $ 116,739 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 81,850 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 300,323 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 56,875 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 337,740 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 1,489,125 |
future principal amounts due long term debt total | $ 2,382,652 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2010 | |
Operating Loss Carryforwards [Line Items] | ||||
Deferred Tax Assets, Net of Valuation Allowance | $ 298,100 | |||
DeferredTaxAssetsValuationAllowancePercentage | 100.00% | 100.00% | ||
Ordinary Income [Member] | Preferred Stock [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income Tax Characterization | 11.90% | 16.90% | 44.70% | |
Ordinary Income [Member] | Common Stock [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income Tax Characterization | 0.00% | 0.00% | 0.00% | |
Return Of Capital [Member] | Preferred Stock [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income Tax Characterization | 85.10% | 78.80% | 53.10% | |
Return Of Capital [Member] | Common Stock [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income Tax Characterization | 100.00% | 100.00% | 100.00% | |
Capital Gains [Member] | Preferred Stock [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income Tax Characterization | 3.00% | 4.30% | 2.20% | |
Capital Gains [Member] | Common Stock [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income Tax Characterization | 0.00% | 0.00% | 0.00% |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Jan. 31, 2020 |
Loss Contingencies [Line Items] | ||
Financing Receivable, Originated in Current Fiscal Year | $ 61,952 | |
Former Manager Office Lease | ||
Loss Contingencies [Line Items] | ||
Lessee, Operating Lease, Term of Contract | 11 years |
Operating Leases - Narrative (D
Operating Leases - Narrative (Details) ft² in Millions | Dec. 31, 2021ft² |
gross leasable area percent leased | 95.00% |
office space leasable square feet | 1.1 |
Minimum [Member] | |
Lessee, Operating Lease, Renewal Term | 5 years |
Maximum [Member] | |
Lessee, Operating Lease, Renewal Term | 10 years |
Office Equipment | Minimum [Member] | |
Lessee, Operating Lease, Term of Contract | 3 years |
Office Equipment | Maximum [Member] | |
Lessee, Operating Lease, Term of Contract | 5 years |
Other Property [Member] | |
gross leasable area percent leased | 44.00% |
Operating Leases - Schedule of
Operating Leases - Schedule of Future Minimum Rental Revenues (Details) | Dec. 31, 2020USD ($) |
Operating Leases, Future Minimum Payments Receivable, Current | $ 95,378,000 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 87,750,000 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 81,315,000 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 69,499,000 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 57,783,000 |
Operating Leases, Future Minimum Payments Receivable, Thereafter | 211,728,000 |
Operating Leases, Future Minimum Payments Receivable | 603,453,000 |
New Market Properties [Member] | |
Operating Leases, Future Minimum Payments Receivable, Current | 74,105,000 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 66,206,000 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 55,384,000 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 43,289,000 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 31,593,000 |
Operating Leases, Future Minimum Payments Receivable, Thereafter | 91,229,000 |
Operating Leases, Future Minimum Payments Receivable | 361,806,000 |
Office Building [Member] | |
Operating Leases, Future Minimum Payments Receivable, Current | 21,273,000 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 21,544,000 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 25,931,000 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 26,210,000 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 26,190,000 |
Operating Leases, Future Minimum Payments Receivable, Thereafter | 120,499,000 |
Operating Leases, Future Minimum Payments Receivable | $ 241,647,000 |
Operating Leases - Lease Cost (
Operating Leases - Lease Cost (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Lessee, Lease, Description [Line Items] | |
Operating Lease, Cost | $ 3,061 |
Operating Lease, Payments | 3,070 |
Office Space | |
Lessee, Lease, Description [Line Items] | |
Operating Lease, Cost | 2,913 |
Operating Lease, Payments | $ 2,930 |
Operating Lease, Weighted Average Remaining Lease Term | 4 years |
Operating Lease, Weighted Average Discount Rate, Percent | 3.00% |
Ground Leases | |
Lessee, Lease, Description [Line Items] | |
Operating Lease, Cost | $ 23 |
Operating Lease, Payments | $ 15 |
Operating Lease, Weighted Average Remaining Lease Term | 43 years |
Operating Lease, Weighted Average Discount Rate, Percent | 4.50% |
Office Equipment | |
Lessee, Lease, Description [Line Items] | |
Operating Lease, Cost | $ 125 |
Operating Lease, Payments | $ 125 |
Operating Lease, Weighted Average Remaining Lease Term | 2 years 8 months 12 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.00% |
Operating Leases - Future Minim
Operating Leases - Future Minimum Rents (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 2,928 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 2,551 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 3,173 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 2,837 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 372 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 921 |
Lessee, Operating Lease, Liability, Payments, Due | 12,782 |
Office Space | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 2,855 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 2,497 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 3,139 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 2,808 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 355 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 0 |
Lessee, Operating Lease, Liability, Payments, Due | 11,654 |
Ground Leases | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 15 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 15 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 15 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 17 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 17 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 921 |
Lessee, Operating Lease, Liability, Payments, Due | 1,000 |
Office Equipment | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 58 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 39 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 19 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 12 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 0 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 0 |
Lessee, Operating Lease, Liability, Payments, Due | $ 128 |
Segment Information (Details)
Segment Information (Details) | 12 Months Ended | |||
Dec. 31, 2021USD ($)segment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jan. 01, 2019USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of Operating Segments | segment | 4 | |||
Assets | $ 3,563,368,000 | $ 4,281,079,000 | ||
capitalized expenditures for long lived assets | 27,654,000 | 49,426,000 | $ 43,185,000 | |
Operating Leases, Income Statement, Lease Revenue | 404,581,000 | 445,815,000 | 406,916,000 | |
adjusted funds from operations | 305,984,000 | 340,007,000 | 317,828,000 | |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 20,532,000 | (181,603,000) | (7,458,000) | |
Interest Expense | 102,414,000 | 118,558,000 | 111,964,000 | |
Depreciation | 139,951,000 | 163,876,000 | 149,884,000 | |
Share-based Compensation | (3,289,000) | (1,644,000) | (1,223,000) | |
Gain (Loss) on Condemnation | 12,000 | (517,000) | (954,000) | |
Gains (Losses) on Sales of Investment Real Estate | (21,109,000) | (23,456,000) | (1,567,000) | |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | (1,831,000) | |
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | 665,000 | 314,000 | 0 | |
Gain (Loss) on Extinguishment of Debt | 0 | 6,674,000 | 84,000 | |
Management fees net of deferrals | 0 | 1,963,000 | 21,752,000 | |
noncash loan interest income | 970,000 | 180,116,000 | 2,987,000 | |
Allowance for Loan and Lease Losses, Loans Acquired | 874,000 | 6,103,000 | 2,038,000 | |
rental and other property revenues | 405,562,000 | 450,389,000 | 410,677,000 | |
interest revenues loans and notes | 45,496,000 | 50,723,000 | 59,750,000 | |
miscellaneous revenues | 84,000 | 73,000 | 0 | |
Revenues | 451,142,000 | 501,185,000 | 470,427,000 | |
Contract with Customer, Liability, Revenue Recognized | 5,660,000 | 5,059,000 | 6,274,000 | |
Residential Properties | ||||
Segment Reporting Information [Line Items] | ||||
capitalized expenditures for long lived assets | 14,296,000 | 14,311,000 | 14,511,000 | |
adjusted funds from operations | 127,273,000 | 132,858,000 | 122,753,000 | |
Interest Expense | 55,346,000 | 60,676,000 | 62,455,000 | |
Multifamily Communities | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 1,958,592,000 | 1,745,020,000 | ||
Operating Leases, Income Statement, Lease Revenue | 217,013,000 | 234,038,000 | 220,872,000 | |
Depreciation | 89,355,000 | 101,823,000 | 99,384,000 | |
financingsegment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 226,734,000 | 321,026,000 | ||
adjusted funds from operations | 45,479,000 | 50,689,000 | 59,750,000 | |
Interest Expense | 2,427,000 | 4,564,000 | 2,074,000 | |
New Market Properties [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 1,032,658,000 | 1,072,090,000 | ||
capitalized expenditures for long lived assets | 8,286,000 | 9,494,000 | 8,913,000 | |
Operating Leases, Income Statement, Lease Revenue | 108,102,000 | 107,525,000 | 96,389,000 | |
adjusted funds from operations | 75,326,000 | 77,091,000 | 68,815,000 | |
Interest Expense | 25,654,000 | 26,379,000 | 24,566,000 | |
Depreciation | 45,753,000 | 51,813,000 | 44,786,000 | |
All Other Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 17,836,000 | 20,951,000 | ||
adjusted funds from operations | 29,144,000 | 28,534,000 | 4,525,000 | |
Preferred Office Properties [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 327,548,000 | 1,121,992,000 | ||
capitalized expenditures for long lived assets | 5,072,000 | 25,621,000 | 19,761,000 | |
Operating Leases, Income Statement, Lease Revenue | 80,447,000 | 108,826,000 | 93,416,000 | |
adjusted funds from operations | 57,822,000 | 79,296,000 | 66,510,000 | |
Interest Expense | 18,987,000 | 26,939,000 | 22,869,000 | |
Depreciation | 33,864,000 | 47,829,000 | 40,888,000 | |
Contract with Customer, Liability | $ 36,000,000 | |||
Contract with Customer, Liability, Revenue Recognized | 3,800,000 | 2,800,000 | 2,700,000 | |
Miscellaneous | ||||
Segment Reporting Information [Line Items] | ||||
adjusted funds from operations | 84,000 | 73,000 | 0 | |
corporate entities | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation | $ 221,000 | $ 212,000 | $ 7,000 |
Income (Loss) Per Share (Detail
Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | $ (665) | $ (314) | $ 0 |
Gains (Losses) on Sales of Investment Real Estate | 21,109 | 23,456 | 0 |
Operating Income (Loss) | 122,958 | (56,888) | 101,805 |
Interest Expense | 102,414 | 118,558 | 111,964 |
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 0 | 1,831 |
Gain (Loss) on Extinguishment of Debt | 0 | (6,674) | (84) |
Gain (Loss) on Sales of Loans, Net | (12) | 517 | 954 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 20,532 | (181,603) | (7,458) |
net loss attributable to non-controlling interests | (86) | 3,815 | 214 |
Net Income (Loss) Attributable to Parent | 20,446 | (177,788) | (7,244) |
Dividends to preferred stockholders | (153,418) | (160,908) | (113,772) |
NetIncomeAllocatedToUnvestedRestrictedShares | (514) | (205) | (17) |
Net Income (Loss) Available to Common Stockholders, Basic | $ (133,486) | $ (338,901) | $ (121,033) |
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | 0 | 0 | 0 |
Weighted Average Number of Shares Outstanding, Diluted | 51,499,000 | 48,743,000 | 44,265,000 |
Earnings Per Share, Basic | $ (2.59) | $ (6.95) | $ (2.73) |
Common Unit, Outstanding | 468,000 | 649,000 | 856,000 |
preferred stock stated value per share | $ 1,000 | ||
Common Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 19,510,000 | ||
ClassBUnits [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 58,000 | ||
Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 664,000 | ||
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 65,000 | ||
Performance Shares | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 449 | ||
Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 664,000 | 548,000 | 13,000 |
Series A Preferred Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Preferred Stock, Dividend Rate, Percentage | 6.00% | ||
preferred stock stated value per share | $ 1,000 | ||
Preferred Stock, Shares Outstanding | 1,321,000 | 1,735,000 | 2,028,000 |
Series A1 Preferred Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Preferred Stock, Shares Outstanding | 246,000 | 149,000 | 5,000 |
Series M Preferred Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Preferred Stock, Shares Outstanding | 84,000 | 89,000 | 103,000 |
Series M Preferred Stock [Member] | Minimum [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Preferred Stock, Dividend Rate, Percentage | 5.75% | ||
Series M Preferred Stock [Member] | Maximum [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Preferred Stock, Dividend Rate, Percentage | 7.50% | ||
Series M1 Preferred Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Preferred Stock, Shares Outstanding | 41,000 | 19,000 | 0 |
Series M1 Preferred Stock [Member] | Minimum [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Preferred Stock, Dividend Rate, Percentage | 6.10% | ||
Series M1 Preferred Stock [Member] | Maximum [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Preferred Stock, Dividend Rate, Percentage | 7.10% |
Fair Values of Financial Inst_3
Fair Values of Financial Instruments (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Line of Credit | $ 0 | $ 22,000,000 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Real Estate Loans | 213,458,000 | 302,423,000 |
Note Receivable And Line Of Credit Receivable | 9,011,000 | 10,874,000 |
Assets, Fair Value Disclosure | 222,469,000 | 313,297,000 |
Mortgage Loan Payable | 2,382,652,000 | 2,640,705,000 |
Long-term Line of Credit | 0 | 22,000,000 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 2,382,652,000 | 2,662,705,000 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Real Estate Loans | 219,923,000 | 315,074,000 |
Note Receivable And Line Of Credit Receivable | 9,011,000 | 10,874,000 |
Assets, Fair Value Disclosure | 228,934,000 | 325,948,000 |
Mortgage Loan Payable | 2,414,774,000 | 2,666,471,000 |
Long-term Line of Credit | 0 | 22,000,000 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 2,414,774,000 | 2,688,471,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Real Estate Loans | 0 | 0 |
Note Receivable And Line Of Credit Receivable | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Mortgage Loan Payable | 0 | 0 |
Long-term Line of Credit | 0 | 0 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Real Estate Loans | 0 | 0 |
Note Receivable And Line Of Credit Receivable | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Mortgage Loan Payable | 0 | 0 |
Long-term Line of Credit | 0 | 0 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Real Estate Loans | 219,923,000 | 315,074,000 |
Note Receivable And Line Of Credit Receivable | 9,011,000 | 10,874,000 |
Assets, Fair Value Disclosure | 228,934,000 | 325,948,000 |
Mortgage Loan Payable | 2,414,774,000 | 2,666,471,000 |
Long-term Line of Credit | 0 | 22,000,000 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 2,414,774,000 | $ 2,688,471,000 |
Subsequent Events (Details)
Subsequent Events (Details) | Nov. 24, 2020shares | Dec. 31, 2022USD ($)lease$ / sharesshares | Dec. 31, 2021USD ($)unit$ / shares | Dec. 31, 2020USD ($)unit$ / shares | Dec. 31, 2019USD ($)$ / shares |
Subsequent Event [Line Items] | |||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ | $ 110,991,000 | $ 206,381,000 | $ 501,076,000 | ||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.7875 | $ 1.05 | $ 1.02 | ||
Number of units in real estate property | unit | 1,278 | 1,293 | |||
Real Estate Loan Investment | $ | $ 215,408,000 | ||||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.175 | ||||
Subsequent Event [Member] | the platform | |||||
Subsequent Event [Line Items] | |||||
Number of units in real estate property | lease | 551 | ||||
Investment Interest Rate | 11.00% | 9.50% | |||
occupancy rate | 91.10% | ||||
Subsequent Event [Member] | Prado | |||||
Subsequent Event [Line Items] | |||||
Number of units in real estate property | lease | 286 | ||||
Real Estate Loan Investment | $ | $ 16,700,000 | ||||
Subsequent Event [Member] | santa barbara | |||||
Subsequent Event [Line Items] | |||||
Number of units in real estate property | lease | 242 | ||||
Real Estate Loan Investment | $ | $ 17,200,000 | ||||
Subsequent Event [Member] | lirio | |||||
Subsequent Event [Line Items] | |||||
Number of units in real estate property | lease | 280,000,000 | ||||
Series A1 Preferred Stock [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Shares called during the period | shares | 212 | ||||
Series M1 Preferred Stock [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | shares | 3,167 | ||||
Shares called during the period | shares | 267 | ||||
Proceeds from Issuance of Redeemable Preferred Stock | $ | $ 3,100,000 | ||||
Series A Preferred Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ | $ (122,108,000) | $ (227,630,000) | $ (548,638,000) | ||
Shares called during the period | shares | 208,786 | ||||
Series A Preferred Stock [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Shares called during the period | shares | 9,453 | ||||
Series M Preferred Stock [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Shares called during the period | shares | 204 |
Schedule III (Details)
Schedule III (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | $ 3,707,138,000 | $ 4,143,291,000 | $ 4,394,529,000 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (578,496,000) | (509,547,000) | (421,551,000) |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Federal Income Tax Basis | $ 4,000,000,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve, Basis | 6.9 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | $ 4,143,291,000 | 4,394,529,000 | 3,672,715,000 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Acquisition Through Foreclosure | 330,104,000 | 310,329,000 | 679,423,000 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Improvements | 29,742,000 | 50,616,000 | 42,887,000 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve, Amount | (3,491,000) | (1,208,000) | (261,000) |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Other Deduction | (792,658,000) | (612,622,000) | (549,000) |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 3,707,138,000 | 4,143,291,000 | 4,394,529,000 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (509,547,000) | (421,551,000) | (272,042,000) |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Depreciation Expense | (139,546,000) | (163,463,000) | (149,884,000) |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Other Deduction | 3,491,000 | 1,208,000 | 261,000 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Investment in Real Estate Sold | 67,524,000 | 74,656,000 | 114,000 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (578,496,000) | $ (509,547,000) | $ (421,551,000) |
Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 1,625,745,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 230,963,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 1,992,453,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 54,555,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 230,601,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 2,047,370,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 2,277,971,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (369,306,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 2,277,971,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (369,306,000) | ||
Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 592,401,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 280,467,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 783,972,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 38,383,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 279,999,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 822,823,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 1,102,822,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (153,821,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 1,102,822,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (153,821,000) | ||
Summit Crossing [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 36,174,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,450,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 27,705,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 3,194,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,450,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 30,899,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 34,349,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (11,820,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 34,349,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (11,820,000) | ||
Cypress [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 28,366,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,242,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 30,093,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,380,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,242,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 31,473,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 34,715,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (9,740,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 34,715,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (9,740,000) | ||
Northpointe [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 33,546,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,921,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 37,203,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,370,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,921,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 38,573,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 42,494,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (11,736,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 42,494,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (11,736,000) | ||
Lakewood Ranch [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 36,555,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,791,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 42,950,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,344,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,791,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 44,294,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 48,085,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (11,766,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 48,085,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (11,766,000) | ||
Lely [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 50,400,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,675,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 43,794,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,904,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 7,675,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 45,698,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 53,373,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (12,588,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 53,373,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (12,588,000) | ||
citypark view II [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 22,970,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,816,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 27,528,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 747,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 5,816,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 28,275,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 34,091,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (5,322,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 34,091,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (5,322,000) | ||
Citi Lakes [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 49,926,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,558,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 56,828,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,665,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 5,558,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 58,493,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 64,051,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (15,257,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 64,051,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (15,257,000) | ||
Stone Creek [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 19,090,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,211,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 22,916,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 521,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,211,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 23,437,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 25,648,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (5,733,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 25,648,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (5,733,000) | ||
Regent at Lenox [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 301,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 3,493,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 81,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 301,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 3,574,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 3,875,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (817,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 3,875,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (817,000) | ||
Retreat at Lenox [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 16,370,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,965,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 24,211,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 562,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,860,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 24,878,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 27,738,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (6,396,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 27,738,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (6,396,000) | ||
Lenox Village [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 37,492,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,612,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 39,911,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 2,133,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,355,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 42,301,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 46,656,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (9,710,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 46,656,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (9,710,000) | ||
Crosstown Walk [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 46,500,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,178,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 39,332,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,838,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 5,178,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 41,170,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 46,348,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (9,626,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 46,348,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (9,626,000) | ||
overton rise [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 36,749,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 8,511,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 50,996,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,588,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 8,511,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 52,584,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 61,095,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (11,092,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 61,095,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (11,092,000) | ||
Avalon Park [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 61,933,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,410,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 82,349,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 4,543,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 7,410,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 86,892,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 94,302,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (19,061,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 94,302,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (19,061,000) | ||
City Vista [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 32,170,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,082,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 41,486,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 827,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,082,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 42,313,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 46,395,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (10,156,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 46,395,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (10,156,000) | ||
Sorrel [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 47,551,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,412,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 42,217,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,512,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,412,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 43,729,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 48,141,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (10,450,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 48,141,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (10,450,000) | ||
Citrus Village [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 40,900,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,809,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 40,481,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 2,071,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,809,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 42,552,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 47,361,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (8,968,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 47,361,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (8,968,000) | ||
retreat at greystone [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 40,057,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,077,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 44,462,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,479,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,077,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 45,941,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 50,018,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (12,179,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 50,018,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (12,179,000) | ||
founders village [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 29,038,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,315,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 38,761,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,281,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 5,315,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 40,042,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 45,357,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (8,534,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 45,357,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (8,534,000) | ||
Claiborne Crossing [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 25,045,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,147,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 37,579,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,639,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,147,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 39,218,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 41,365,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (10,538,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 41,365,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (10,538,000) | ||
Luxe at Lakewood Ranch [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 36,147,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,852,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 51,033,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,037,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,852,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 52,070,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 56,922,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (10,628,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 56,922,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (10,628,000) | ||
adara [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 29,397,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,854,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 42,030,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 819,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,854,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 42,849,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 45,703,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (12,566,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 45,703,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (12,566,000) | ||
reserve at Summit Crossing [Member] [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 18,487,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,375,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 25,939,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 504,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,375,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 26,443,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 30,818,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (6,278,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 30,818,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (6,278,000) | ||
Aldridge at Town Village [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 38,846,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,122,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 45,418,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 681,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 7,122,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 46,099,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 53,221,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (12,510,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 53,221,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (12,510,000) | ||
Overlook at Crosstown Walk [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 20,607,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,309,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 28,014,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 456,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,309,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 28,470,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 31,779,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (6,445,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 31,779,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (6,445,000) | ||
Colony at centerpointe [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 30,744,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,259,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 38,199,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,388,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 7,259,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 39,587,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 46,846,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (9,372,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 46,846,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (9,372,000) | ||
Lux at Sorrel [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 29,239,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,332,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 42,531,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,082,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 5,332,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 43,613,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 48,945,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (9,426,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 48,945,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (9,426,000) | ||
Green Park [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 37,014,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,478,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 49,211,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 614,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 7,478,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 49,825,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 57,303,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (12,102,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 57,303,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (12,102,000) | ||
hidden river [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 39,469,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,600,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 52,930,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 641,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 5,600,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 53,571,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 59,171,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (8,777,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 59,171,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (8,777,000) | ||
Vestavia Reserve [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 35,860,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,140,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 54,206,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,294,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,140,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 55,500,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 59,640,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (9,246,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 59,640,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (9,246,000) | ||
Artisan at Viera [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 38,355,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,839,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 58,791,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 599,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,839,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 59,390,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 64,229,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (7,074,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 64,229,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (7,074,000) | ||
Five Oaks At Westchase [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 30,167,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,425,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 48,113,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 463,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,425,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 48,576,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 53,001,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (5,222,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 53,001,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (5,222,000) | ||
Horizon At Wiregrass | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 50,237,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 6,842,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 72,708,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 419,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 6,842,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 73,127,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 79,969,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (6,620,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 79,969,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (6,620,000) | ||
Parkside At The Beach [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 45,037,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 6,103,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 53,689,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 627,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 6,103,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 54,316,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 60,419,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (5,035,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 60,419,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (5,035,000) | ||
The Blake [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 44,435,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,459,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 53,223,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 278,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 7,459,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 53,501,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 60,960,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (3,149,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 60,960,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (3,149,000) | ||
The Menlo [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 47,000,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,670,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 64,983,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 220,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 7,670,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 65,203,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 72,873,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (3,431,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 72,873,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (3,431,000) | ||
woodstock retail [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 5,300,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,751,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 3,800,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 659,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 1,751,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 4,459,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 6,210,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,573,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 6,210,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,573,000) | ||
Spring Hill Plaza [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 7,751,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,376,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 8,104,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 745,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,376,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 8,849,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 13,225,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,773,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 13,225,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,773,000) | ||
Parkway Town Centre [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 7,657,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,054,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 6,694,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 620,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,054,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 7,314,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 10,368,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,028,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 10,368,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,028,000) | ||
Barclay Crossing [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 5,933,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,856,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 7,572,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 331,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,856,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 7,903,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 10,759,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,170,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 10,759,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,170,000) | ||
Deltona Landing [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 5,986,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,256,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 8,344,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 559,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,256,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 8,903,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 11,159,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,474,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 11,159,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,474,000) | ||
Kingwood Glen [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,021,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 12,930,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,379,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,762,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 14,568,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 19,330,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (3,879,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 19,330,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (3,879,000) | ||
Parkway Centre [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 4,312,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,071,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 4,516,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 568,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,071,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 5,084,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 7,155,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,447,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 7,155,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,447,000) | ||
Powder Springs [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 7,540,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,832,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 8,246,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 678,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 1,832,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 8,924,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 10,756,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,570,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 10,756,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,570,000) | ||
Sweetgrass Corner [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,076,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 12,670,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 303,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,076,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 12,973,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 16,049,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (3,571,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 16,049,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (3,571,000) | ||
salem cove [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 8,696,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,427,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 10,272,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 252,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,427,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 10,524,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 12,951,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,439,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 12,951,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,439,000) | ||
Independence Square [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 10,902,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,115,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 13,690,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 2,065,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,115,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 15,755,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 19,870,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (4,383,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 19,870,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (4,383,000) | ||
Royal Lakes [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 9,108,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,874,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 10,439,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 289,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,665,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 10,937,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 15,602,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,846,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 15,602,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,846,000) | ||
Summit Point [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 10,728,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,064,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 11,430,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 538,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 7,064,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 11,968,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 19,032,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (3,203,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 19,032,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (3,203,000) | ||
Overlook at Hamilton Place [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 18,648,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 6,787,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 25,244,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,766,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 6,787,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 27,010,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 33,797,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (6,322,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 33,797,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (6,322,000) | ||
wade green [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 7,315,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,840,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 8,410,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 745,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 1,840,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 9,155,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 10,995,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,366,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 10,995,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,366,000) | ||
anderson central [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 10,940,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,059,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 13,278,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 591,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 5,059,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 13,869,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 18,928,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (4,066,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 18,928,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (4,066,000) | ||
East Gate retail [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 4,952,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,653,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 7,391,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 132,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 1,653,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 7,523,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 9,176,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,758,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 9,176,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,758,000) | ||
fairview [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 7,100,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,353,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 5,179,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,553,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 1,353,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 6,732,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 8,085,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,507,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 8,085,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,507,000) | ||
Furys ferry retail [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 5,720,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,084,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 8,107,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 355,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,084,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 8,462,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 10,546,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,825,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 10,546,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,825,000) | ||
Rosewood retail [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 3,842,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,671,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 5,347,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 163,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 1,671,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 5,510,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 7,181,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,058,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 7,181,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,058,000) | ||
Southgate retail [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 6,830,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,262,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 10,290,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 541,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,262,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 10,831,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 13,093,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,279,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 13,093,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,279,000) | ||
victory village [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 8,582,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,271,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 12,275,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 236,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,271,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 12,511,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 14,782,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,574,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 14,782,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,574,000) | ||
lakeland plaza [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 25,771,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,079,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 33,087,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 823,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 7,079,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 33,910,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 40,989,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (7,534,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 40,989,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (7,534,000) | ||
Cherokee Plaza [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 23,660,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 8,392,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 32,249,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 570,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 8,392,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 32,819,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 41,211,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (5,380,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 41,211,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (5,380,000) | ||
Heritage Station [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 8,036,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,684,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 9,883,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,633,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 1,684,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 11,516,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 13,200,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,531,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 13,200,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,531,000) | ||
Oak Park Village [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 8,292,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,745,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 10,779,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 143,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 5,745,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 10,922,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 16,667,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,125,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 16,667,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,125,000) | ||
Sandy Plains Exchange [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 8,121,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,788,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 9,309,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 500,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,788,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 9,809,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 14,597,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,209,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 14,597,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,209,000) | ||
Shoppes of Parkland [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 15,111,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 10,779,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 16,543,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 631,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 10,779,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 17,174,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 27,953,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (4,432,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 27,953,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (4,432,000) | ||
Thompson Bridge Commons [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 10,857,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,478,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 16,047,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 48,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 1,478,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 16,095,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 17,573,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,734,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 17,573,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,734,000) | ||
University Palms [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 11,626,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,854,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 16,706,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 920,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,854,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 17,626,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 22,480,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (3,360,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 22,480,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (3,360,000) | ||
Champions Village [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 12,813,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 33,399,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 4,424,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 12,813,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 37,823,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 50,636,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (8,763,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 50,636,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (8,763,000) | ||
Castleberry-Southard [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 10,500,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,024,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 14,142,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 232,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,024,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 14,374,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 17,398,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,449,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 17,398,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,449,000) | ||
Rockbridge Village [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 13,011,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,141,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 15,944,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 615,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,141,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 16,559,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 19,700,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,306,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 19,700,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,306,000) | ||
Irmo Station [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 9,467,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,602,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 11,859,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,377,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,602,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 13,236,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 16,838,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,401,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 16,838,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,401,000) | ||
Maynard Crossing [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 16,439,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 6,304,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 22,566,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 906,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 6,304,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 23,472,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 29,776,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (4,717,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 29,776,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (4,717,000) | ||
Woodmont Village [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 7,862,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,713,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 10,030,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 375,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,713,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 10,405,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 13,118,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,050,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 13,118,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,050,000) | ||
West Town Market [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 8,008,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,937,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 12,298,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 48,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 1,937,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 12,346,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 14,283,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,886,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 14,283,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,886,000) | ||
crossroads market [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 17,111,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,044,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 22,627,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 540,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 7,044,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 23,167,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 30,211,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,914,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 30,211,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,914,000) | ||
Roswell Wieuca Shopping Center [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 12,006,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 18,485,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 258,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 12,006,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 18,743,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 30,749,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,375,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 30,749,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,375,000) | ||
Greensboro Village [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 7,820,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,134,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 10,771,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 426,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,134,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 11,197,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 14,331,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,973,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 14,331,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,973,000) | ||
Governors Towne Square [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 10,404,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,766,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 13,027,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 171,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 2,766,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 13,198,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 15,964,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,778,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 15,964,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,778,000) | ||
conway plaza [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 9,193,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,202,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 9,782,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,642,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,202,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 11,424,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 15,626,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,124,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 15,626,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,124,000) | ||
Brawley Commons [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 17,056,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 8,786,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 18,716,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 338,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 8,786,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 19,054,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 27,840,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (3,224,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 27,840,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (3,224,000) | ||
Hollymead Town Center [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 25,491,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,503,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 33,009,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 517,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 7,503,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 33,526,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 41,029,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (3,419,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 41,029,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (3,419,000) | ||
Gayton Crossing [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 16,855,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 9,109,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 17,791,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 2,888,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 9,109,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 20,679,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 29,788,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,513,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 29,788,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,513,000) | ||
Free State Shopping Center [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 44,673,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 21,443,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 44,831,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 186,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 21,443,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 45,017,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 66,460,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (5,217,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 66,460,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (5,217,000) | ||
Polo Grounds Mall [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 12,735,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 9,057,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 10,907,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 393,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 9,057,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 11,300,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 20,357,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,669,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 20,357,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,669,000) | ||
disston plaza [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 17,238,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,579,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 22,048,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 82,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 5,579,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 22,130,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 27,709,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,322,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 27,709,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,322,000) | ||
Fairfield Shopping Center [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 19,750,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 12,728,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 14,526,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,288,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 12,728,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 15,814,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 28,542,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,890,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 28,542,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (2,890,000) | ||
Berry Town Center [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 11,554,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,062,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 13,628,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 275,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,062,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 13,903,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 16,965,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,452,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 16,965,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,452,000) | ||
Hanover Center [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 30,402,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 16,634,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 40,393,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 953,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 16,634,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 41,346,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 57,980,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (4,403,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 57,980,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (4,403,000) | ||
Wakefield Crossing [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 7,525,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,997,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 9,252,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 10,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 1,997,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 9,262,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 11,259,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (910,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 11,259,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (910,000) | ||
Midway Market [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 9,991,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,331,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 5,110,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 103,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 7,331,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 5,213,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 12,544,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (650,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 12,544,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (650,000) | ||
Three ravinia [Member] | Office Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 115,500,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 9,785,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 154,023,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 66,498,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 11,083,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 219,223,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 230,306,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (43,225,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 230,306,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (43,225,000) | ||
westridge [Member] | Office Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 49,006,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 15,778,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 58,496,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 5,637,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 15,778,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 64,133,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 79,911,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (11,261,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 79,911,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (11,261,000) | ||
4th And Brevard [Member] | Office Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 13,917,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 101,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 0 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 13,917,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 101,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 14,018,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ (78,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 7 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | $ 14,018,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (78,000) | ||
Village At Baldwin Park [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 68,535,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 17,403,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 90,464,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 9,156,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 17,403,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 99,620,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 117,023,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (21,501,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 117,023,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (21,501,000) | ||
Summit Crossing II [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 20,700,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,220,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 15,852,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 553,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,220,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 16,405,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 19,625,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (4,996,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 19,625,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (4,996,000) | ||
ellison | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 48,000,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 6,943,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 59,354,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 24,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 6,943,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 59,378,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 66,321,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,373,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 66,321,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,373,000) | ||
Solis Chestnut Farm [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 51,800,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,335,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 67,504,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 219,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,335,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 67,723,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 72,058,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (882,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 72,058,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (882,000) | ||
CityPark View | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 29,000,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,559,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 28,360,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 1,394,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 3,559,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 29,754,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 33,313,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (8,303,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 33,313,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (8,303,000) | ||
The Anson [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 56,440,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,521,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 69,580,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 265,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,521,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 69,845,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 74,366,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (892,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 74,366,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (892,000) | ||
alleia | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 35,700,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,333,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 44,645,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 86,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 4,333,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 44,731,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 49,064,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,099,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 49,064,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (1,099,000) | ||
kingson | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Amount of Encumbrances | 53,697,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,507,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Building and Improvements | 61,381,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost | 57,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Land, Amount | 7,507,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Building and Improvements, Amount | 61,438,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 68,945,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | (890,000) | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 68,945,000 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ (890,000) | ||
Minimum [Member] | Summit Crossing [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Summit II [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Vineyards Apartments [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Cypress [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Northpointe [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Lakewood Ranch [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Lely [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | citypark view II [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Citi Lakes [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Stone Creek [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Regent at Lenox [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Retreat at Lenox [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Lenox Village [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | baldwin park [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Crosstown Walk [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | overton rise [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Avalon Park [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | City Vista [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Sorrel [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Citrus Village [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | retreat at greystone [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | founders village [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Claiborne Crossing [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Luxe at Lakewood Ranch [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | adara [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | reserve at Summit Crossing [Member] [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Aldridge at Town Village [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Overlook at Crosstown Walk [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Colony at centerpointe [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Lux at Sorrel [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Green Park [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | hidden river [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Vestavia Reserve [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | City Park II [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Artisan at Viera [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Five Oaks At Westchase [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Horizon At Wiregrass | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Parkside At The Beach [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | The Blake [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | The Menlo [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | woodstock retail [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Spring Hill Plaza [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Parkway Town Centre [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Barclay Crossing [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Deltona Landing [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Kingwood Glen [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Parkway Centre [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Powder Springs [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Sweetgrass Corner [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | salem cove [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Independence Square [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Royal Lakes [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Summit Point [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Overlook at Hamilton Place [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | wade green [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | anderson central [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | East Gate retail [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | fairview [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Furys ferry retail [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Rosewood retail [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Southgate retail [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | victory village [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | lakeland plaza [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Cherokee Plaza [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Heritage Station [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Oak Park Village [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Sandy Plains Exchange [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Shoppes of Parkland [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Thompson Bridge Commons [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | University Palms [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Champions Village [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Castleberry-Southard [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Rockbridge Village [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Irmo Station [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Maynard Crossing [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Woodmont Village [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | West Town Market [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | crossroads market [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Roswell Wieuca Shopping Center [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Greensboro Village [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Governors Towne Square [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | conway plaza [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Brawley Commons [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Hollymead Town Center [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Gayton Crossing [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Free State Shopping Center [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Polo Grounds Mall [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | disston plaza [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Fairfield Shopping Center [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Berry Town Center [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Hanover Center [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Wakefield Crossing [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Midway Market [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | brookwood office [Member] | Office Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Galleria 75 [Member] | Office Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | Three ravinia [Member] | Office Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 7 years | ||
Minimum [Member] | westridge [Member] | Office Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 13 years | ||
Minimum [Member] | Armour Yards [Member] | Office Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 9 years | ||
Minimum [Member] | 150 Fayetteville [Member] | Office Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 8 years | ||
Minimum [Member] | Capitol Towers [Member] | Office Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 7 years | ||
Minimum [Member] | CAPTRUST Tower [Member] | Office Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Minimum [Member] | 251 Armour Drive [Member] | Office Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 12 years | ||
Minimum [Member] | Morrocroft Centre [Member] | Office Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Maximum [Member] | Summit Crossing [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||
Maximum [Member] | Summit II [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||
Maximum [Member] | Vineyards Apartments [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 35 years | ||
Maximum [Member] | Cypress [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||
Maximum [Member] | Northpointe [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||
Maximum [Member] | Lakewood Ranch [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||
Maximum [Member] | Lely [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||
Maximum [Member] | citypark view II [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||
Maximum [Member] | Citi Lakes [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||
Maximum [Member] | Stone Creek [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||
Maximum [Member] | Regent at Lenox [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||
Maximum [Member] | Retreat at Lenox [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||
Maximum [Member] | Lenox Village [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||
Maximum [Member] | baldwin park [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 37 years | ||
Maximum [Member] | Crosstown Walk [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 49 years | ||
Maximum [Member] | overton rise [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 49 years | ||
Maximum [Member] | Avalon Park [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 45 years | ||
Maximum [Member] | City Vista [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 49 years | ||
Maximum [Member] | Sorrel [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 48 years | ||
Maximum [Member] | Citrus Village [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 44 years | ||
Maximum [Member] | retreat at greystone [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 49 years | ||
Maximum [Member] | founders village [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 47 years | ||
Maximum [Member] | Claiborne Crossing [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 47 years | ||
Maximum [Member] | Luxe at Lakewood Ranch [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 48 years | ||
Maximum [Member] | adara [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 49 years | ||
Maximum [Member] | reserve at Summit Crossing [Member] [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 48 years | ||
Maximum [Member] | Aldridge at Town Village [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 49 years | ||
Maximum [Member] | Overlook at Crosstown Walk [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 48 years | ||
Maximum [Member] | Colony at centerpointe [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 48 years | ||
Maximum [Member] | Lux at Sorrel [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 49 years | ||
Maximum [Member] | Green Park [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 48 years | ||
Maximum [Member] | hidden river [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 48 years | ||
Maximum [Member] | Vestavia Reserve [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 48 years | ||
Maximum [Member] | City Park II [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 49 years | ||
Maximum [Member] | Artisan at Viera [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | ||
Maximum [Member] | Five Oaks At Westchase [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | ||
Maximum [Member] | Horizon At Wiregrass | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 47 years | ||
Maximum [Member] | Parkside At The Beach [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | ||
Maximum [Member] | The Blake [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | ||
Maximum [Member] | The Menlo [Member] | Apartment Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | ||
Maximum [Member] | woodstock retail [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | ||
Maximum [Member] | Spring Hill Plaza [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||
Maximum [Member] | Parkway Town Centre [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||
Maximum [Member] | Barclay Crossing [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | ||
Maximum [Member] | Deltona Landing [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | ||
Maximum [Member] | Kingwood Glen [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | ||
Maximum [Member] | Parkway Centre [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | ||
Maximum [Member] | Powder Springs [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | ||
Maximum [Member] | Sweetgrass Corner [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | ||
Maximum [Member] | salem cove [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||
Maximum [Member] | Independence Square [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | ||
Maximum [Member] | Royal Lakes [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | ||
Maximum [Member] | Summit Point [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | ||
Maximum [Member] | Overlook at Hamilton Place [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | ||
Maximum [Member] | wade green [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 35 years | ||
Maximum [Member] | anderson central [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | ||
Maximum [Member] | East Gate retail [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | ||
Maximum [Member] | fairview [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | ||
Maximum [Member] | Furys ferry retail [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 35 years | ||
Maximum [Member] | Rosewood retail [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||
Maximum [Member] | Southgate retail [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 35 years | ||
Maximum [Member] | victory village [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||
Maximum [Member] | lakeland plaza [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 35 years | ||
Maximum [Member] | Cherokee Plaza [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 35 years | ||
Maximum [Member] | Heritage Station [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||
Maximum [Member] | Oak Park Village [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||
Maximum [Member] | Sandy Plains Exchange [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 32 years | ||
Maximum [Member] | Shoppes of Parkland [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 35 years | ||
Maximum [Member] | Thompson Bridge Commons [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||
Maximum [Member] | University Palms [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 37 years | ||
Maximum [Member] | Champions Village [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||
Maximum [Member] | Castleberry-Southard [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 39 years | ||
Maximum [Member] | Rockbridge Village [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||
Maximum [Member] | Irmo Station [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 33 years | ||
Maximum [Member] | Maynard Crossing [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | ||
Maximum [Member] | Woodmont Village [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | ||
Maximum [Member] | West Town Market [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 37 years | ||
Maximum [Member] | crossroads market [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||
Maximum [Member] | Roswell Wieuca Shopping Center [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||
Maximum [Member] | Greensboro Village [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||
Maximum [Member] | Governors Towne Square [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||
Maximum [Member] | conway plaza [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | ||
Maximum [Member] | Brawley Commons [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||
Maximum [Member] | Hollymead Town Center [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||
Maximum [Member] | Gayton Crossing [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | ||
Maximum [Member] | Free State Shopping Center [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 35 years | ||
Maximum [Member] | Polo Grounds Mall [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | ||
Maximum [Member] | disston plaza [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 35 years | ||
Maximum [Member] | Fairfield Shopping Center [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | ||
Maximum [Member] | Berry Town Center [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | ||
Maximum [Member] | Hanover Center [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | ||
Maximum [Member] | Wakefield Crossing [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | ||
Maximum [Member] | Midway Market [Member] | Retail Site [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | ||
Maximum [Member] | brookwood office [Member] | Office Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | ||
Maximum [Member] | Galleria 75 [Member] | Office Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 25 years | ||
Maximum [Member] | Three ravinia [Member] | Office Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 39 years | ||
Maximum [Member] | westridge [Member] | Office Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | ||
Maximum [Member] | Armour Yards [Member] | Office Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | ||
Maximum [Member] | 150 Fayetteville [Member] | Office Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | ||
Maximum [Member] | Capitol Towers [Member] | Office Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | ||
Maximum [Member] | CAPTRUST Tower [Member] | Office Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years | ||
Maximum [Member] | 251 Armour Drive [Member] | Office Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 45 years | ||
Maximum [Member] | Morrocroft Centre [Member] | Office Building [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 50 years |
Schedule IV (Details)
Schedule IV (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Current interest rate | 8.58% | 8.50% |
Deferred interest rate | 3.53% | 3.91% |
Prior Liens | $ 0 | |
Face Amount of Mortgages (in thousands) | 268,222,000 | |
Carrying Amount of Mortgages (in thousands) | 196,420,000 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | 0 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Gross | 206,270,000 | |
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | (1,755,000) | $ (1,194,000) |
Loans and Leases Receivable, Allowance | $ (8,095,000) | $ (9,067,000) |
Periodic Payment Terms One | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Current interest rate | 850.00% | |
Deferred interest rate | 300.00% | |
Periodic Payment Terms Two | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Current interest rate | 800.00% | |
Deferred interest rate | 500.00% | |
Periodic Payment Terms Three | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Current interest rate | 850.00% | |
Deferred interest rate | 550.00% | |
Periodic Payment Terms Four | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Current interest rate | 850.00% | |
Deferred interest rate | 350.00% | |
Periodic Payment Terms Five | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Current interest rate | 850.00% | |
Deferred interest rate | 400.00% | |
Periodic Payment Terms Six | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Current interest rate | 850.00% | |
Deferred interest rate | 450.00% | |
Newbergh [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Current interest rate | 8.50% | |
Deferred interest rate | 5.50% | |
Newbergh Capital [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Current interest rate | 8.50% | |
Deferred interest rate | 5.50% | |
V And Three [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Current interest rate | 8.50% | |
Deferred interest rate | 5.00% | |
V And Three Capital [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Current interest rate | 8.50% | |
Deferred interest rate | 5.00% | |
Cameron Park [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Current interest rate | 8.50% | |
Deferred interest rate | 3.00% | |
Cameron Park Capital [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Current interest rate | 8.50% | |
Deferred interest rate | 3.00% | |
The Anson [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Current interest rate | 8.50% | |
Deferred interest rate | 4.50% | |
The Anson Capital [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Current interest rate | 8.50% | |
Deferred interest rate | 4.50% | |
Berryessa [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 11.50% | |
Current interest rate | 8.50% | |
Deferred interest rate | 3.00% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages (in thousands) | 137,616,000 | |
Carrying Amount of Mortgages (in thousands) | 136,061,000 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Southpoint [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Current interest rate | 8.50% | |
Deferred interest rate | 4.00% | |
Southpoint Capital [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Current interest rate | 8.50% | |
Deferred interest rate | 4.00% | |
Prior Liens | $ 0 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Vintage Destin [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Current interest rate | 8.50% | |
Deferred interest rate | 4.00% | |
Prior Liens | $ 0 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Hidden River II [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Current interest rate | 8.50% | |
Deferred interest rate | 3.50% | |
Prior Liens | $ 0 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Hidden River II Capital [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Current interest rate | 8.50% | |
Deferred interest rate | 3.50% | |
Prior Liens | $ 0 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Vintage Horizon West [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 14.00% | |
Current interest rate | 8.50% | |
Deferred interest rate | 5.50% | |
Face Amount of Mortgages (in thousands) | $ 10,900,000 | |
Carrying Amount of Mortgages (in thousands) | $ 9,828,000 | |
Kennesaw Crossing [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Current interest rate | 8.50% | |
Deferred interest rate | 5.50% | |
Carrying Amount of Mortgages (in thousands) | $ (8,095,000) | |
Vintage Jones Franklin [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 14.00% | |
Current interest rate | 8.50% | |
Deferred interest rate | 5.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages (in thousands) | 10,000,000 | |
Carrying Amount of Mortgages (in thousands) | 8,989,000 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Solis Cumming Town Center [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 14.00% | |
Current interest rate | 8.50% | |
Deferred interest rate | 5.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages (in thousands) | 20,681,000 | |
Carrying Amount of Mortgages (in thousands) | 18,153,000 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Solis Chestnut Farm [Member] | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Current interest rate | 8.50% | |
Deferred interest rate | 5.50% | |
8 West [Member] | Office Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Current interest rate | 8.50% | |
Deferred interest rate | 5.00% | |
One Nexton | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 11.00% | |
Face Amount of Mortgages (in thousands) | $ 6,265,000 | |
Carrying Amount of Mortgages (in thousands) | $ 6,265,000 | |
hudson metro west | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 13.00% | |
Face Amount of Mortgages (in thousands) | $ 16,791,000 | |
Carrying Amount of Mortgages (in thousands) | $ 13,873,000 | |
oxford club drive | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 13.00% | |
Face Amount of Mortgages (in thousands) | $ 23,150,000 | |
Carrying Amount of Mortgages (in thousands) | $ 5,551,000 | |
menlo II | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 12.00% | |
Face Amount of Mortgages (in thousands) | $ 16,610,000 | |
Carrying Amount of Mortgages (in thousands) | $ 4,500,000 | |
beaver ruin | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 13.00% | |
Face Amount of Mortgages (in thousands) | $ 9,133,000 | |
Carrying Amount of Mortgages (in thousands) | $ 0 | |
populus at pooler | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 12.75% | |
Face Amount of Mortgages (in thousands) | $ 15,907,000 | |
Carrying Amount of Mortgages (in thousands) | $ 2,104,000 | |
populus at pooler capital | Apartment Building [Member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 12.75% | |
Face Amount of Mortgages (in thousands) | $ 1,169,000 | |
Carrying Amount of Mortgages (in thousands) | $ 946,000 |