Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 01, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | Clipper Realty Inc. | |
Entity Central Index Key | 0001649096 | |
Trading Symbol | clpr | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 17,814,672 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Title of 12(b) Security | Common stock |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Land and improvements | $ 497,343 | $ 497,343 |
Building and improvements | 489,383 | 479,360 |
Tenant improvements | 3,051 | 3,051 |
Furniture, fixtures and equipment | 11,364 | 10,978 |
Real estate under development | 139,061 | 125,467 |
Total investment in real estate | 1,140,202 | 1,116,199 |
Accumulated depreciation | (99,217) | (90,462) |
Investment in real estate, net | 1,040,985 | 1,025,737 |
Cash and cash equivalents | 56,349 | 37,028 |
Restricted cash | 16,455 | 8,836 |
Tenant and other receivables, net of allowance for doubtful accounts of $2,930 and $2,624, respectively | 3,358 | 3,580 |
Deferred rent | 1,669 | 2,485 |
Deferred costs and intangible assets, net | 9,373 | 9,964 |
Prepaid expenses and other assets | 13,193 | 13,378 |
TOTAL ASSETS | 1,141,382 | 1,101,008 |
LIABILITIES AND EQUITY | ||
Notes payable, net of unamortized loan costs of $10,862 and $12,049, respectively | 963,335 | 913,564 |
Accounts payable and accrued liabilities | 12,711 | 12,550 |
Security deposits | 7,035 | 6,637 |
Below-market leases, net | 2,034 | 2,923 |
Other liabilities | 3,751 | 3,849 |
TOTAL LIABILITIES | 988,866 | 939,523 |
Equity: | ||
Preferred stock, $0.01 par value; 100,000 shares authorized (including 140 shares of 12.5% Series A cumulative non-voting preferred stock), zero shares issued and outstanding | ||
Common stock, $0.01 par value; 500,000,000 shares authorized, 17,814,672 and 17,812,755 shares issued and outstanding, respectively | 178 | 178 |
Additional paid-in-capital | 93,235 | 92,945 |
Accumulated deficit | (31,847) | (27,941) |
Total stockholders’ equity | 61,566 | 65,182 |
Non-controlling interests | 90,950 | 96,303 |
TOTAL EQUITY | 152,516 | 161,485 |
TOTAL LIABILITIES AND EQUITY | $ 1,141,382 | $ 1,101,008 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Allowance for doubtful accounts | $ 2,930 | $ 2,624 |
Unamortized loan costs | $ 10,862 | $ 12,049 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Preferred stock, shares authorized (in shares) | 100,000 | 100,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 17,814,672 | 17,812,755 |
Common stock, shares outstanding (in shares) | 17,814,672 | 17,812,755 |
Series A Cumulative Non-Voting Preferred Stock [Member] | ||
Preferred stock, shares authorized (in shares) | 140 | 140 |
Preferred stock, dividend rate, percentage | 12.50% | 12.50% |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
REVENUES | ||||
TOTAL REVENUES | $ 28,446 | $ 27,300 | $ 56,098 | $ 54,168 |
OPERATING EXPENSES | ||||
Property operating expenses | 6,747 | 6,581 | 14,310 | 13,837 |
Real estate taxes and insurance | 5,707 | 5,362 | 11,438 | 10,710 |
General and administrative | 2,579 | 2,606 | 4,247 | 5,744 |
Depreciation and amortization | 4,590 | 4,435 | 9,139 | 9,031 |
TOTAL OPERATING EXPENSES | 19,623 | 18,984 | 39,134 | 39,322 |
INCOME FROM OPERATIONS | 8,823 | 8,316 | 16,964 | 14,846 |
Interest expense, net | (8,210) | (8,008) | (16,484) | (16,551) |
Loss on extinguishment of debt | (1,771) | (1,771) | (6,981) | |
Net (loss) income | (1,158) | 308 | (1,291) | (8,686) |
Net loss (income) attributable to non-controlling interests | 691 | (184) | 770 | 5,180 |
Net (loss) income attributable to common stockholders | $ (467) | $ 124 | $ (521) | $ (3,506) |
Basic and diluted net loss per share (in dollars per share) | $ (0.03) | $ 0 | $ (0.04) | $ (0.20) |
Residential Rental [Member] | ||||
REVENUES | ||||
TOTAL REVENUES | $ 21,146 | $ 20,096 | $ 41,918 | $ 39,775 |
Commercial Real Estate [Member] | ||||
REVENUES | ||||
TOTAL REVENUES | $ 7,300 | $ 7,204 | $ 14,180 | $ 14,393 |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 17,812,755 | |||||
Balance at Dec. 31, 2017 | $ 178 | $ 92,273 | $ (17,539) | $ 74,912 | $ 110,679 | $ 185,591 |
Amortization of LTIP grants | 568 | 568 | ||||
Dividends and distributions | (1,692) | (1,692) | (4,254) | |||
Dividends and distributions | (2,562) | |||||
Net (loss) income | (3,630) | (3,630) | (5,364) | (8,994) | ||
Reallocation of noncontrolling interests | 208 | 208 | (208) | |||
Issuance of common stock | (6) | (6) | (6) | |||
Balance (in shares) at Mar. 31, 2018 | 17,812,755 | |||||
Balance at Mar. 31, 2018 | $ 178 | 92,475 | (22,861) | 69,792 | 103,113 | 172,905 |
Balance (in shares) at Dec. 31, 2017 | 17,812,755 | |||||
Balance at Dec. 31, 2017 | $ 178 | 92,273 | (17,539) | 74,912 | 110,679 | 185,591 |
Net (loss) income | (8,686) | |||||
Balance (in shares) at Jun. 30, 2018 | 17,812,755 | |||||
Balance at Jun. 30, 2018 | $ 178 | 92,726 | (24,429) | 68,475 | 101,167 | 169,642 |
Balance (in shares) at Mar. 31, 2018 | 17,812,755 | |||||
Balance at Mar. 31, 2018 | $ 178 | 92,475 | (22,861) | 69,792 | 103,113 | 172,905 |
Amortization of LTIP grants | 691 | 691 | ||||
Dividends and distributions | (1,692) | (1,692) | (4,261) | |||
Dividends and distributions | (2,569) | |||||
Net (loss) income | 124 | 124 | 184 | 308 | ||
Reallocation of noncontrolling interests | 252 | 252 | (252) | |||
Issuance of common stock | (1) | (1) | (1) | |||
Balance (in shares) at Jun. 30, 2018 | 17,812,755 | |||||
Balance at Jun. 30, 2018 | $ 178 | 92,726 | (24,429) | 68,475 | 101,167 | 169,642 |
Balance (in shares) at Dec. 31, 2018 | 17,812,755 | |||||
Balance at Dec. 31, 2018 | $ 178 | 92,945 | (27,941) | 65,182 | 96,303 | 161,485 |
Amortization of LTIP grants | 156 | 156 | ||||
Dividends and distributions | (1,692) | (1,692) | (4,261) | |||
Dividends and distributions | (2,569) | |||||
Net (loss) income | (54) | (54) | (79) | (133) | ||
Reallocation of noncontrolling interests | 35 | 35 | (35) | |||
Balance (in shares) at Mar. 31, 2019 | 17,812,755 | |||||
Balance at Mar. 31, 2019 | $ 178 | 92,980 | (29,687) | 63,471 | 93,776 | 157,247 |
Balance (in shares) at Dec. 31, 2018 | 17,812,755 | |||||
Balance at Dec. 31, 2018 | $ 178 | 92,945 | (27,941) | 65,182 | 96,303 | 161,485 |
Net (loss) income | (1,291) | |||||
Balance (in shares) at Jun. 30, 2019 | 17,814,672 | |||||
Balance at Jun. 30, 2019 | $ 178 | 93,235 | (31,847) | 61,566 | 90,950 | 152,516 |
Balance (in shares) at Mar. 31, 2019 | 17,812,755 | |||||
Balance at Mar. 31, 2019 | $ 178 | 92,980 | (29,687) | 63,471 | 93,776 | 157,247 |
Amortization of LTIP grants | 704 | 704 | ||||
Dividends and distributions | (1,693) | (1,693) | (4,277) | |||
Dividends and distributions | (2,584) | |||||
Net (loss) income | (467) | (467) | (691) | (1,158) | ||
Reallocation of noncontrolling interests | 255 | 255 | (255) | |||
Issuance of common stock (in shares) | 1,917 | |||||
Issuance of common stock | 25 | 25 | 25 | |||
Redemption of LTIP grants | (25) | (25) | (25) | |||
Balance (in shares) at Jun. 30, 2019 | 17,814,672 | |||||
Balance at Jun. 30, 2019 | $ 178 | $ 93,235 | $ (31,847) | $ 61,566 | $ 90,950 | $ 152,516 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net (loss) income | $ (1,291) | $ (8,686) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation | 8,755 | 8,167 |
Amortization of deferred financing costs | 928 | 752 |
Amortization of deferred costs and intangible assets | 623 | 1,100 |
Amortization of above- and below-market leases | (830) | (959) |
Loss on extinguishment of debt | 1,771 | 6,981 |
Deferred rent | 816 | 513 |
Stock-based compensation | 860 | 1,259 |
Change in fair value of interest rate caps | (237) | |
Changes in operating assets and liabilities: | ||
Tenant and other receivables | 222 | 3,886 |
Prepaid expenses, other assets and deferred costs | 70 | (886) |
Accounts payable and accrued liabilities | (1,781) | 719 |
Security deposits | 398 | 632 |
Other liabilities | (98) | 464 |
Net cash provided by operating activities | 10,443 | 13,705 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to land, buildings, and improvements | (21,383) | (19,246) |
Proceeds from sale of interest rate caps | 385 | |
Net cash used in investing activities | (21,383) | (18,861) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds and costs from sale of common stock | (7) | |
Payments of mortgage notes | (76,416) | (579,989) |
Proceeds from mortgage notes | 125,000 | 608,585 |
Dividends and distributions | (8,538) | (8,515) |
Loan issuance and extinguishment costs | (2,166) | (8,338) |
Net cash provided by financing activities | 37,880 | 11,736 |
Net increase in cash and cash equivalents and restricted cash | 26,940 | 6,580 |
Cash and cash equivalents and restricted cash - beginning of period | 45,864 | 21,670 |
Cash and cash equivalents and restricted cash - end of period | 72,804 | 28,250 |
Cash and cash equivalents - beginning of period | 37,028 | 7,940 |
Restricted cash - beginning of period | 8,836 | 13,730 |
Cash and cash equivalents - end of period | 56,349 | 15,794 |
Restricted cash - end of period | 16,455 | 12,456 |
Supplemental cash flow information: | ||
Cash paid for interest, net of capitalized interest of $3,761 and $2,541 in 2019 and 2018, respectively | 17,193 | 15,744 |
Non-cash interest capitalized to real estate under development | 678 | 579 |
Additions to investment in real estate included in accounts payable and accrued liabilities | $ 7,940 | $ 2,686 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Capitalized interest | $ 3,761 | $ 2,541 |
Note 1 - Organization
Note 1 - Organization | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. The Company was organized in the state of Maryland on July 7, 2015. August 3, 2015, one one On June 27, 2016, 1955 On February 9, 2017, 6,390,149 March 10, 2017) $13.50 $78.7 On May 9, 2017, 107 161 $87.5 On October 27, 2017, 82 10 65th $79.0 As of June 30, 2019, • Tribeca House in Manhattan, comprising two one 21 one 12 483,000 77,000 • Flatbush Gardens in Brooklyn, a 59 2,496 • 141 15 216,000 • 250 12 370,000 • Aspen in Manhattan, a 7 166,000 21,000 • 107 11 102,000 • 10 65 th 6 76,000 The operations of Clipper Realty Inc. and its consolidated subsidiaries are carried on primarily through the Operating Partnership. The Company has elected to be taxed as a Real Estate Investment Trust (“REIT”) under Sections 856 860 At June 30, 2019, 40.4% The Company determined that the Operating Partnership and the LLCs are variable interest entities (“VIEs”) and that the Company was the primary beneficiary. The assets and liabilities of these VIEs represented substantially all of the Company’s assets and liabilities. |
Note 2 - Issuance of Common Sto
Note 2 - Issuance of Common Stock | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Sale of Common Stock and Formation Transactions [Text Block] | 2. On April 9, 2019, 1,917 one one one not |
Note 3 - Significant Accounting
Note 3 - Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 3. Segments At June 30, 2019, two may Basis of Consolidation The accompanying consolidated financial statements of the Company are prepared in accordance with GAAP. The effect of all intercompany balances has been eliminated. The consolidated financial statements include the accounts of all entities in which the Company has a controlling interest. The ownership interests of other investors in these entities are recorded as non-controlling interests. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of commitments and contingencies at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from these estimates. Investment in Real Estate Real estate assets held for investment are carried at historical cost and consist of land, buildings and improvements, furniture, fixtures and equipment. Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as betterment or the life of the related asset will be substantially extended beyond the original life expectancy. In accordance with ASU 2017 01, not • Substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets; or • The integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., revenue generated before and after the transaction). An acquired process is considered substantive if: • The process includes an organized workforce (or includes an acquired contract that provides access to an organized workforce) that is skilled, knowledgeable and experienced in performing the process; • The process cannot be replaced without significant cost, effort or delay; or • The process is considered unique or scarce. Generally, the Company expects that acquisitions of real estate or in-substance real estate will not not Upon acquisition of real estate, the Company assesses the fair values of acquired tangible and intangible assets including land, buildings, tenant improvements, above-market and below-market leases, in-place leases and any other identified intangible assets and assumed liabilities. The Company allocates the purchase price to the assets acquired and liabilities assumed based on their fair values. In estimating fair value of tangible and intangible assets acquired, the Company assesses and considers fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates, estimates of replacement costs, net of depreciation, and available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company records acquired above-market and below-market lease values initially based on the present value, using a discount rate which reflects the risks associated with the leases acquired based on the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed renewal options for the below-market leases. Other intangible assets acquired include amounts for in-place lease values and tenant relationship values (if any) that are based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the respective tenant. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not not June 30, 2019. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the assets less estimated cost to sell is less than the carrying value of the assets. Properties classified as real estate held-for-sale generally represent properties that are actively marketed or contracted for sale with closing expected to occur within the next twelve not If a tenant vacates its space prior to the contractual termination of the lease and no Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows: Building and improvements (years) 10 – 44 Tenant improvements Shorter of useful life or lease term Furniture, fixtures and equipment (years) 3 – 15 The capitalized above-market lease values are amortized as a reduction to base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. The value of in-place leases is amortized to expense over the remaining initial terms of the respective leases. Cash and Cash Equivalents Cash and cash equivalents are defined as cash on hand and in banks, plus all short-term investments with a maturity of three may No Restricted Cash Restricted cash generally consists of escrows for future real estate taxes and insurance expenditures, repairs and capital improvements and security deposits. Tenant and Other Receivables and Allowance for Doubtful Accounts Tenant and other receivables are comprised of amounts due for monthly rents and other charges. The Company periodically performs a detailed review of amounts due from tenants to determine if accounts receivable balances are uncollectible based on factors affecting the collectability of those balances. If a tenant fails to make contractual payments beyond any allowance, the Company may Deferred Costs Deferred lease costs consist of fees incurred to initiate and renew operating leases. Lease costs are being amortized using the straight-line method over the terms of the respective leases. Deferred financing costs represent commitment fees, legal and other third not Comprehensive (Loss) Income Comprehensive (loss) income is comprised of net (loss) income adjusted for changes in unrealized gains and losses, reported in equity, for financial instruments required to be reported at fair value under GAAP. For the three six June 30, 2019 2018, not not Revenue Recognition Rental revenue for commercial leases is recognized on a straight-line basis over the terms of the respective leases. Rental income attributable to residential leases and parking is recognized as earned, which is not one Reimbursements for operating expenses due from tenants pursuant to their lease agreements are recognized as revenue in the period the applicable expenses are incurred. These costs generally include real estate taxes, utilities, insurance, common area maintenance costs and other recoverable costs. Stock-based Compensation The Company accounts for stock-based compensation pursuant to Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) Topic 718, In March 2019, 152,734 $13.35 May 2019, 5,800 $12.92 June 30, 2019, June 30, 2020; June 30, 2019. At June 30, 2019 December 31, 2018, 881,065 724,448 $12.70 $12.56 June 30, 2019, December 31, 2018, $2.1 $0.8 June 30, 2019, 1.3 Income Taxes The Company elected to be taxed and to operate in a manner that will allow it to qualify as a REIT under the Code. To qualify as a REIT, the Company is required to distribute dividends equal to at least 90% not may not four no In accordance with FASB ASC Topic 740, not three The Tax Cuts and Jobs Act was enacted in December 2017 2018. not Fair Value Measurements Refer to Note 8, Derivative Financial Instruments FASB derivative and hedging guidance establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. As required by FASB guidance, the Company records all derivatives on the consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecast transactions, are considered cash flow hedges. For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. The Company assesses the effectiveness of each hedging relationship by comparing the changes in the fair value or cash flows of the derivative hedging instrument with the changes in the fair value or cash flows of the designated hedged item or transaction. For derivatives not June 30, 2019, no (Loss) Income Per Share Basic and diluted (loss) income per share is computed by dividing net (loss) income attributable to common stockholders by the weighted average common shares outstanding. As of June 30, 2019 2018, two not June 30, 2019 2018. The effect of the conversion of the 26,317 not The following table sets forth the computation of basic and diluted net (loss) income per share for the periods indicated (unaudited): Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2019 2018 2019 2018 Numerator Net (loss) income attributable to common stockholders $ (467 ) $ 124 $ (521 ) $ (3,506 ) Less: income attributable to participating securities (83 ) (69 ) (152 ) (131 ) Subtotal $ (550 ) $ 55 $ (673 ) $ (3,637 ) Denominator Weighted average common shares outstanding 17,815 17,813 17,814 17,813 Basic and diluted net loss per share attributable to common stockholders $ (0.03 ) $ 0.00 $ (0.04 ) $ (0.20 ) Recently Issued Pronouncements In March 2019, 2019 01, 842 three 842 1 2 3 In December 2018, 2018 20, “ 842 2016 02 not not not third In May 2014, 2014 09, 2014 09 2014 09 five may December 15, 2018, December 15, 2019. 840, 5% 2018 January 1, 2019, not For the approximate 5% three six June 30, 2019 2018: Three Months Ended June 30, 2019 Amount of Rental Income Revenue Stream Applicable Standard Residential Commercial Total % of Rental Income Leasing Leases $ 20,722 $ 6,399 $ 27,121 95.4 % Operating expense recoveries Revenue Recognition 116 745 861 3.0 % Other Revenue Recognition 308 156 464 1.6 % Total revenues $ 21,146 $ 7,300 $ 28,446 100.0 % Three Months Ended June 30, 2018 Amount of Rental Income Revenue Stream Applicable Standard Residential Commercial Total % of Rental Income Leasing Leases $ 19,671 $ 6,283 $ 25,954 95.0 % Operating expense recoveries Revenue Recognition 114 746 860 3.2 % Other Revenue Recognition 311 175 486 1.8 % Total revenues $ 20,096 $ 7,204 $ 27,300 100.0 % Six Months Ended June 30, 2019 Amount of Rental Income Revenue Stream Applicable Standard Residential Commercial Total % of Rental Income Leasing Leases $ 41,072 $ 12,339 $ 53,411 95.2 % Operating expense recoveries Revenue Recognition 236 1,540 1,776 3.2 % Other Revenue Recognition 610 301 911 1.6 % Total revenues $ 41,918 $ 14,180 $ 56,098 100.0 % Six Months Ended June 30, 2018 Amount of Rental Income Revenue Stream Applicable Standard Residential Commercial Total % of Rental Income Leasing Leases $ 38,968 $ 12,554 $ 51,522 95.1 % Operating expense recoveries Revenue Recognition 236 1,481 1,717 3.2 % Other Revenue Recognition 571 358 929 1.7 % Total revenues $ 39,775 $ 14,393 $ 54,168 100.0 % In February 2016, 2016 02, . 2016 02 two July 2018, 2018 10, 842, 2016 02, 842 July 2018, 2018 11, 842 December 15, 2019, January 1, 2020 2016 02 not In August 2018, 2018 13, 820. December 15, 2019 In August 2018, November 5, 2018. In July 2018, 2018 09, 470 50 480 10 718 740 805 740 815 10 820 10 In June 2018, 2018 07, 718 718 718 not 606, December 15, 2019, December 15, 2020. not 606. not not In February 2017, 2017 05, 610 20 2017 05 2017 05 December 15, 2018, December 15, 2019. January 1, 2019. not In November 2016, 2016 18 230 not December 15, 2018, December 15, 2019. January 1, 2019. In August 2016, 2016 15, 230 eight December 15, 2018, December 15, 2019. January 1, 2019. |
Note 4 - Deferred Costs and Int
Note 4 - Deferred Costs and Intangible Assets | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Deferred Costs and Intangible Assets Disclosure [Text Block] | 4. Deferred costs and intangible assets consist of the following: June 30, December 31, (unaudited) Deferred costs $ 347 $ 286 Above-market leases 480 480 Lease origination costs 3,122 3,110 In-place leases 7,347 8,078 Real estate tax abatements 9,143 12,571 Total deferred costs and intangible assets 20,439 24,525 Less accumulated amortization (11,066 ) (14,561 ) Total deferred costs and intangible assets, net $ 9,373 $ 9,964 Amortization of lease origination costs and in-place lease intangible assets was $196 $311 three June 30, 2019 2018, $384 $864 six June 30, 2019 2018, $749 six June 30, 2019. $120 $118 three June 30, 2019 2018, $239 $236 six June 30, 2019 2018, $3,428 six June 30, 2019. $29 $58 three June 30, 2019 2018, $59 $117 six June 30, 2019 2018, Deferred costs and intangible assets as of June 30, 2019, 2019 (Remainder) $ 527 2020 801 2021 775 2022 743 2023 597 Thereafter 5,930 Total $ 9,373 |
Note 5 - Below-market Lease Int
Note 5 - Below-market Lease Intangibles | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Below Market Lease Intangibles Disclosure [Text Block] | 5. The Company’s below-market lease intangibles liabilities are as follows: June 30, December 31, (unaudited) Below-market leases $ 23,178 $ 23,178 Less accumulated amortization (21,144 ) (20,255 ) Below-market leases, net $ 2,034 $ 2,923 Rental income included amortization of below-market leases of $435 $538 three June 30, 2019 2018, $889 $1,076 six June 30, 2019 2018, Below-market leases as of June 30, 2019, 2019 (Remainder) $ 409 2020 517 2021 493 2022 423 2023 192 Thereafter — Total $ 2,034 |
Note 6 - Notes Payable
Note 6 - Notes Payable | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 6. The mortgages, loans and mezzanine notes payable collateralized by the properties, or the Company’s interest in the entities that own the properties and assignment of leases, are as follows: Property Maturity Interest Rate June 30, December 31, (unaudited) Flatbush Gardens, Brooklyn, NY (a) 3/1/2028 3.50% $ 246,000 $ 246,000 250 Livingston Street, Brooklyn, NY (b) 12/9/2020 LIBOR + 2.15% — 75,000 250 Livingston Street, Brooklyn, NY (b) 6/6/2029 3.63% 125,000 — 141 Livingston Street, Brooklyn, NY (c) 6/1/2028 3.875% 76,582 77,333 Tribeca House, Manhattan, NY (d) 3/6/2028 4.506% 360,000 360,000 Aspen, Manhattan, NY (e) 7/1/2028 3.68% 67,534 68,199 107 Columbia Heights, Brooklyn, NY (f) 5/9/2020 LIBOR + 3.85% 64,731 64,731 10 West 65 th 11/1/2027 3.375% 34,350 34,350 Total debt $ 974,197 $ 925,613 Unamortized debt issuance costs (10,862 ) (12,049 ) Total debt, net of unamortized debt issuance costs $ 963,335 $ 913,564 (a) The $246,000 February 21, 2018, March 1, 2028, 3.5% first five 2.75%, August 2020, 30 not (b) On May 31, 2019, 250 2020, $125,000 first June 6, 2029, 3.63% not three (c) The $79,500 June 1, 2028, 3.875%. June 2017, $374 30 (d) The $360,000 February 21, 2018, March 6, 2028, 4.506% not December 6, 2027. (e) The $70,000 July 1, 2028, 3.68%. July 2017, $321 30 (f) On May 9, 2017, $59,000 107 $14,700 $5,731 June 30, 2019. May 9, 2020, two one one 3.85% 6.2% June 30, 2019). (g) On October 27, 2017, $34,350 10 65 th November 1, 2027, 3.375% first five 2.75%, October 2019, 30 The following table summarizes principal payment requirements under terms of notes payable as of June 30, 2019 ( 2019 (Remainder) $ 1,546 2020 69,919 2021 8,553 2022 8,866 2023 9,191 Thereafter 876,122 Total $ 974,197 The Company recognized a loss on extinguishment of debt of $1,771 three June 30, 2019, 250 $6,981 six June 30, 2018, |
Note 7 - Rental Income Under Op
Note 7 - Rental Income Under Operating Leases | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Lessor, Operating Leases [Text Block] | 7. The Company’s commercial properties are leased to commercial tenants under operating leases with fixed terms of varying lengths. As of June 30, 2019, five 2019 (Remainder) $ 11,008 2020 23,901 2021 19,636 2022 19,361 2023 17,579 Thereafter 35,766 Total $ 127,251 The Company has commercial leases with the City of New York that comprised approximately 19% three June 30, 2019 2018, 19% six June 30, 2019 2018. |
Note 8 - Fair Value of Financia
Note 8 - Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 8. GAAP requires the measurement of certain financial instruments at fair value on a recurring basis. In addition, GAAP requires the measure of other financial instruments and balances at fair value on a non-recurring basis (e.g., carrying value of impaired real estate and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three one three • Level 1: • Level 2: not • Level 3: no When available, the Company utilizes quoted market prices from an independent third 1 2. not not third may third not Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not The financial assets and liabilities in the consolidated balance sheets include cash and cash equivalents, restricted cash, receivables, interest rate caps, accounts payable and accrued liabilities, security deposits and notes payable. The carrying amount of cash and cash equivalents, restricted cash, receivables, accounts payable and accrued liabilities, and security deposits reported in the consolidated balance sheets approximates fair value due to the short-term nature of these instruments. The fair value of notes payable, which are classified as Level 2, The carrying amount and estimated fair value of the notes payable are as follows: June 30, December 31, (unaudited) Carrying amount (excluding unamortized debt issuance costs) $ 974,197 $ 925,613 Estimated fair value $ 1,019,601 $ 927,561 The Company purchased interest rate caps in connection with the Tribeca House loans obtained on November 9, 2016, 107 250 December 6, 2018. April 27, 2018, $385. 2, The estimated fair values of the interest rate caps are as follows: Notional Amount Related Maturity Date Strike Rate Estimated Fair Value at Estimated Fair Value at December 31, 2018 (unaudited) $ 73,700 107 Columbia Heights May 9, 2020 3.0 % $ — $ 24 $ 75,000 250 Livingston Street December 15, 2020 4.0 % — — Total fair value of derivative instruments included in prepaid expenses and other assets $ — $ 24 These interest rate caps were not 250 107 250 $0 10 three June 30, 2019 2018, $0 237 six June 30, 2019 2018, 107 $2 $6 three June 30, 2019 2018, $24 63 six June 30, 2019 2018, The above disclosures regarding fair value of financial instruments are based on pertinent information available as of June 30, 2019, December 31, 2018, not not may |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9. Legal On July 3, 2017, 41 50 53 421 July 18, 2017, January 18, 2018, April 24, 2018. June 25, 2019, 421 not may 41 may July 25, 2019, not In addition to the above, the Company is subject to certain legal proceedings and claims arising in connection with its business, including a claim under the Americans with Disabilities Act of 1990 141 not Commitments The Company is obligated to provide parking availability through August 2020 250 $205 Concentrations The Company’s properties are located in the Boroughs of Manhattan and Brooklyn in New York City, which exposes the Company to greater economic risks than if it owned a more geographically dispersed portfolio. The breakdown between commercial and residential revenue is as follows (unaudited): Commercial Residential Total Three months ended June 30, 2019 26 % 74 % 100 % Three months ended June 30, 2018 26 % 74 % 100 % Six months ended June 30, 2019 25 % 75 % 100 % Six months ended June 30, 2018 27 % 73 % 100 % |
Note 10 - Related-party Transac
Note 10 - Related-party Transactions | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 10. The Company recorded office and overhead expenses pertaining to a related company in general and administrative expense of $84 $86 three June 30, 2019 2018, $171 $175 six June 30, 2019 2018, The Company paid legal and advisory fees to firms in which two $313 $0 three June 30, 2019 2018, $313 $1,880 six June 30, 2019 2018, |
Note 11 - Segment Reporting
Note 11 - Segment Reporting | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 11. The Company has classified its reporting segments into commercial and residential rental properties. The commercial reporting segment includes the 141 250 107 10 65 th 250 The Company’s income from operations by segment for the three six June 30, 2019 2018, Three months ended June 30, 2019 Commercial Residential Total Rental income $ 7,300 $ 21,146 $ 28,446 Total revenues 7,300 21,146 28,446 Property operating expenses 1,036 5,711 6,747 Real estate taxes and insurance 1,236 4,471 5,707 General and administrative 409 2,170 2,579 Depreciation and amortization 970 3,620 4,590 Total operating expenses 3,651 15,972 19,623 Income from operations $ 3,649 $ 5,174 $ 8,823 Three months ended June 30, 2018 Commercial Residential Total Rental income $ 7,204 $ 20,096 $ 27,300 Total revenues 7,204 20,096 27,300 Property operating expenses 1,040 5,541 6,581 Real estate taxes and insurance 1,111 4,251 5,362 General and administrative 218 2,388 2,606 Depreciation and amortization 896 3,539 4,435 Total operating expenses 3,265 15,719 18,984 Income from operations $ 3,939 $ 4,377 $ 8,316 Six months ended June 30, 2019 Commercial Residential Total Rental income $ 14,180 $ 41,918 $ 56,098 Total revenues 14,180 41,918 56,098 Property operating expenses 2,177 12,133 14,310 Real estate taxes and insurance 2,472 8,966 11,438 General and administrative 688 3,559 4,247 Depreciation and amortization 1,916 7,223 9,139 Total operating expenses 7,253 31,881 39,134 Income from operations $ 6,927 $ 10,037 $ 16,964 Six months ended June 30, 2018 Commercial Residential Total Rental income $ 14,393 $ 39,775 $ 54,168 Total revenues 14,393 39,775 54,168 Property operating expenses 2,250 11,587 13,837 Real estate taxes and insurance 2,217 8,493 10,710 General and administrative 536 5,208 5,744 Depreciation and amortization 1,771 7,260 9,031 Total operating expenses 6,774 32,548 39,322 Income from operations $ 7,619 $ 7,227 $ 14,846 The Company’s total assets by segment are as follows, as of: Commercial Residential Total June 30, 2019 (unaudited) $ 286,560 $ 854,822 $ 1,141,382 December 31, 2018 245,940 855,068 1,101,008 The Company’s interest expense by segment for the three six June 30, 2019 2018, Commercial Residential Total Three months ended June 30, 2019 $ 1,721 $ 6,489 $ 8,210 2018 1,707 6,301 8,008 Six months ended June 30, 2019 $ 3,455 $ 13,029 $ 16,484 2018 3,528 13,023 16,551 The Company’s capital expenditures by segment for the three six June 30, 2019 2018, Commercial Residential Total Three months ended June 30, 2019 $ 1,239 $ 11,549 $ 12,788 2018 809 9,132 9,941 Six months ended June 30, 2019 $ 2,147 $ 21,856 $ 24,003 2018 1,047 21,463 22,510 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | Segments At June 30, 2019, two may |
Consolidation, Policy [Policy Text Block] | Basis of Consolidation The accompanying consolidated financial statements of the Company are prepared in accordance with GAAP. The effect of all intercompany balances has been eliminated. The consolidated financial statements include the accounts of all entities in which the Company has a controlling interest. The ownership interests of other investors in these entities are recorded as non-controlling interests. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of commitments and contingencies at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from these estimates. |
Real Estate, Policy [Policy Text Block] | Investment in Real Estate Real estate assets held for investment are carried at historical cost and consist of land, buildings and improvements, furniture, fixtures and equipment. Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as betterment or the life of the related asset will be substantially extended beyond the original life expectancy. In accordance with ASU 2017 01, not • Substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets; or • The integrated set of assets and activities is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., revenue generated before and after the transaction). An acquired process is considered substantive if: • The process includes an organized workforce (or includes an acquired contract that provides access to an organized workforce) that is skilled, knowledgeable and experienced in performing the process; • The process cannot be replaced without significant cost, effort or delay; or • The process is considered unique or scarce. Generally, the Company expects that acquisitions of real estate or in-substance real estate will not not Upon acquisition of real estate, the Company assesses the fair values of acquired tangible and intangible assets including land, buildings, tenant improvements, above-market and below-market leases, in-place leases and any other identified intangible assets and assumed liabilities. The Company allocates the purchase price to the assets acquired and liabilities assumed based on their fair values. In estimating fair value of tangible and intangible assets acquired, the Company assesses and considers fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates, estimates of replacement costs, net of depreciation, and available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The Company records acquired above-market and below-market lease values initially based on the present value, using a discount rate which reflects the risks associated with the leases acquired based on the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed renewal options for the below-market leases. Other intangible assets acquired include amounts for in-place lease values and tenant relationship values (if any) that are based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the respective tenant. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not not June 30, 2019. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the assets less estimated cost to sell is less than the carrying value of the assets. Properties classified as real estate held-for-sale generally represent properties that are actively marketed or contracted for sale with closing expected to occur within the next twelve not If a tenant vacates its space prior to the contractual termination of the lease and no Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows: Building and improvements (years) 10 – 44 Tenant improvements Shorter of useful life or lease term Furniture, fixtures and equipment (years) 3 – 15 The capitalized above-market lease values are amortized as a reduction to base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. The value of in-place leases is amortized to expense over the remaining initial terms of the respective leases. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents are defined as cash on hand and in banks, plus all short-term investments with a maturity of three may No |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash Restricted cash generally consists of escrows for future real estate taxes and insurance expenditures, repairs and capital improvements and security deposits. |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Tenant and Other Receivables and Allowance for Doubtful Accounts Tenant and other receivables are comprised of amounts due for monthly rents and other charges. The Company periodically performs a detailed review of amounts due from tenants to determine if accounts receivable balances are uncollectible based on factors affecting the collectability of those balances. If a tenant fails to make contractual payments beyond any allowance, the Company may |
Deferred Charges, Policy [Policy Text Block] | Deferred Costs Deferred lease costs consist of fees incurred to initiate and renew operating leases. Lease costs are being amortized using the straight-line method over the terms of the respective leases. Deferred financing costs represent commitment fees, legal and other third not |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive (Loss) Income Comprehensive (loss) income is comprised of net (loss) income adjusted for changes in unrealized gains and losses, reported in equity, for financial instruments required to be reported at fair value under GAAP. For the three six June 30, 2019 2018, not not |
Revenue [Policy Text Block] | Revenue Recognition Rental revenue for commercial leases is recognized on a straight-line basis over the terms of the respective leases. Rental income attributable to residential leases and parking is recognized as earned, which is not one Reimbursements for operating expenses due from tenants pursuant to their lease agreements are recognized as revenue in the period the applicable expenses are incurred. These costs generally include real estate taxes, utilities, insurance, common area maintenance costs and other recoverable costs. |
Share-based Payment Arrangement [Policy Text Block] | Stock-based Compensation The Company accounts for stock-based compensation pursuant to Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) Topic 718, In March 2019, 152,734 $13.35 May 2019, 5,800 $12.92 June 30, 2019, June 30, 2020; June 30, 2019. At June 30, 2019 December 31, 2018, 881,065 724,448 $12.70 $12.56 June 30, 2019, December 31, 2018, $2.1 $0.8 June 30, 2019, 1.3 |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company elected to be taxed and to operate in a manner that will allow it to qualify as a REIT under the Code. To qualify as a REIT, the Company is required to distribute dividends equal to at least 90% not may not four no In accordance with FASB ASC Topic 740, not three The Tax Cuts and Jobs Act was enacted in December 2017 2018. not |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value Measurements Refer to Note 8, |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments FASB derivative and hedging guidance establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. As required by FASB guidance, the Company records all derivatives on the consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecast transactions, are considered cash flow hedges. For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. The Company assesses the effectiveness of each hedging relationship by comparing the changes in the fair value or cash flows of the derivative hedging instrument with the changes in the fair value or cash flows of the designated hedged item or transaction. For derivatives not June 30, 2019, no |
Earnings Per Share, Policy [Policy Text Block] | (Loss) Income Per Share Basic and diluted (loss) income per share is computed by dividing net (loss) income attributable to common stockholders by the weighted average common shares outstanding. As of June 30, 2019 2018, two not June 30, 2019 2018. The effect of the conversion of the 26,317 not The following table sets forth the computation of basic and diluted net (loss) income per share for the periods indicated (unaudited): Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2019 2018 2019 2018 Numerator Net (loss) income attributable to common stockholders $ (467 ) $ 124 $ (521 ) $ (3,506 ) Less: income attributable to participating securities (83 ) (69 ) (152 ) (131 ) Subtotal $ (550 ) $ 55 $ (673 ) $ (3,637 ) Denominator Weighted average common shares outstanding 17,815 17,813 17,814 17,813 Basic and diluted net loss per share attributable to common stockholders |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Pronouncements In March 2019, 2019 01, 842 three 842 1 2 3 In December 2018, 2018 20, “ 842 2016 02 not not not third In May 2014, 2014 09, 2014 09 2014 09 five may December 15, 2018, December 15, 2019. 840, 5% 2018 January 1, 2019, not For the approximate 5% three six June 30, 2019 2018: Three Months Ended June 30, 2019 Amount of Rental Income Revenue Stream Applicable Standard Residential Commercial Total % of Rental Income Leasing Leases $ 20,722 $ 6,399 $ 27,121 95.4 % Operating expense recoveries Revenue Recognition 116 745 861 3.0 % Other Revenue Recognition 308 156 464 1.6 % Total revenues $ 21,146 $ 7,300 $ 28,446 100.0 % Three Months Ended June 30, 2018 Amount of Rental Income Revenue Stream Applicable Standard Residential Commercial Total % of Rental Income Leasing Leases $ 19,671 $ 6,283 $ 25,954 95.0 % Operating expense recoveries Revenue Recognition 114 746 860 3.2 % Other Revenue Recognition 311 175 486 1.8 % Total revenues $ 20,096 $ 7,204 $ 27,300 100.0 % Six Months Ended June 30, 2019 Amount of Rental Income Revenue Stream Applicable Standard Residential Commercial Total % of Rental Income Leasing Leases $ 41,072 $ 12,339 $ 53,411 95.2 % Operating expense recoveries Revenue Recognition 236 1,540 1,776 3.2 % Other Revenue Recognition 610 301 911 1.6 % Total revenues $ 41,918 $ 14,180 $ 56,098 100.0 % Six Months Ended June 30, 2018 Amount of Rental Income Revenue Stream Applicable Standard Residential Commercial Total % of Rental Income Leasing Leases $ 38,968 $ 12,554 $ 51,522 95.1 % Operating expense recoveries Revenue Recognition 236 1,481 1,717 3.2 % Other Revenue Recognition 571 358 929 1.7 % Total revenues $ 39,775 $ 14,393 $ 54,168 100.0 % In February 2016, 2016 02, . 2016 02 two July 2018, 2018 10, 842, 2016 02, 842 July 2018, 2018 11, 842 December 15, 2019, January 1, 2020 2016 02 not In August 2018, 2018 13, 820. December 15, 2019 In August 2018, November 5, 2018. In July 2018, 2018 09, 470 50 480 10 718 740 805 740 815 10 820 10 In June 2018, 2018 07, 718 718 718 not 606, December 15, 2019, December 15, 2020. not 606. not not In February 2017, 2017 05, 610 20 2017 05 2017 05 December 15, 2018, December 15, 2019. January 1, 2019. not In November 2016, 2016 18 230 not December 15, 2018, December 15, 2019. January 1, 2019. In August 2016, 2016 15, 230 eight December 15, 2018, December 15, 2019. January 1, 2019. |
Note 3 - Significant Accounti_2
Note 3 - Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Property, Plant and Equipment, Useful Life [Table Text Block] | Building and improvements (years) 10 – 44 Tenant improvements Shorter of useful life or lease term Furniture, fixtures and equipment (years) 3 – 15 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2019 2018 2019 2018 Numerator Net (loss) income attributable to common stockholders $ (467 ) $ 124 $ (521 ) $ (3,506 ) Less: income attributable to participating securities (83 ) (69 ) (152 ) (131 ) Subtotal $ (550 ) $ 55 $ (673 ) $ (3,637 ) Denominator Weighted average common shares outstanding 17,815 17,813 17,814 17,813 Basic and diluted net loss per share attributable to common stockholders $ (0.03 ) $ 0.00 $ (0.04 ) $ (0.20 ) |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 30, 2019 Amount of Rental Income Revenue Stream Applicable Standard Residential Commercial Total % of Rental Income Leasing Leases $ 20,722 $ 6,399 $ 27,121 95.4 % Operating expense recoveries Revenue Recognition 116 745 861 3.0 % Other Revenue Recognition 308 156 464 1.6 % Total revenues $ 21,146 $ 7,300 $ 28,446 100.0 % Three Months Ended June 30, 2018 Amount of Rental Income Revenue Stream Applicable Standard Residential Commercial Total % of Rental Income Leasing Leases $ 19,671 $ 6,283 $ 25,954 95.0 % Operating expense recoveries Revenue Recognition 114 746 860 3.2 % Other Revenue Recognition 311 175 486 1.8 % Total revenues $ 20,096 $ 7,204 $ 27,300 100.0 % Six Months Ended June 30, 2019 Amount of Rental Income Revenue Stream Applicable Standard Residential Commercial Total % of Rental Income Leasing Leases $ 41,072 $ 12,339 $ 53,411 95.2 % Operating expense recoveries Revenue Recognition 236 1,540 1,776 3.2 % Other Revenue Recognition 610 301 911 1.6 % Total revenues $ 41,918 $ 14,180 $ 56,098 100.0 % Six Months Ended June 30, 2018 Amount of Rental Income Revenue Stream Applicable Standard Residential Commercial Total % of Rental Income Leasing Leases $ 38,968 $ 12,554 $ 51,522 95.1 % Operating expense recoveries Revenue Recognition 236 1,481 1,717 3.2 % Other Revenue Recognition 571 358 929 1.7 % Total revenues $ 39,775 $ 14,393 $ 54,168 100.0 % |
Note 4 - Deferred Costs and I_2
Note 4 - Deferred Costs and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Deferred Costs and Intangible Assets [Table Text Block] | June 30, December 31, (unaudited) Deferred costs $ 347 $ 286 Above-market leases 480 480 Lease origination costs 3,122 3,110 In-place leases 7,347 8,078 Real estate tax abatements 9,143 12,571 Total deferred costs and intangible assets 20,439 24,525 Less accumulated amortization (11,066 ) (14,561 ) Total deferred costs and intangible assets, net $ 9,373 $ 9,964 |
Schedule of Deferred Costs and Intangible Assets, Future Amortization Expense [Table Text Block] | 2019 (Remainder) $ 527 2020 801 2021 775 2022 743 2023 597 Thereafter 5,930 Total $ 9,373 |
Note 5 - Below-market Lease I_2
Note 5 - Below-market Lease Intangibles (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Below-Market Lease Intangibles Liabilities [Table Text Block] | June 30, December 31, (unaudited) Below-market leases $ 23,178 $ 23,178 Less accumulated amortization (21,144 ) (20,255 ) Below-market leases, net $ 2,034 $ 2,923 |
Below Market Lease, Future Amortization Income [Table Text Block] | 2019 (Remainder) $ 409 2020 517 2021 493 2022 423 2023 192 Thereafter — Total $ 2,034 |
Note 6 - Notes Payable (Tables)
Note 6 - Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Property Maturity Interest Rate June 30, December 31, (unaudited) Flatbush Gardens, Brooklyn, NY (a) 3/1/2028 3.50% $ 246,000 $ 246,000 250 Livingston Street, Brooklyn, NY (b) 12/9/2020 LIBOR + 2.15% — 75,000 250 Livingston Street, Brooklyn, NY (b) 6/6/2029 3.63% 125,000 — 141 Livingston Street, Brooklyn, NY (c) 6/1/2028 3.875% 76,582 77,333 Tribeca House, Manhattan, NY (d) 3/6/2028 4.506% 360,000 360,000 Aspen, Manhattan, NY (e) 7/1/2028 3.68% 67,534 68,199 107 Columbia Heights, Brooklyn, NY (f) 5/9/2020 LIBOR + 3.85% 64,731 64,731 10 West 65 th 11/1/2027 3.375% 34,350 34,350 Total debt $ 974,197 $ 925,613 Unamortized debt issuance costs (10,862 ) (12,049 ) Total debt, net of unamortized debt issuance costs $ 963,335 $ 913,564 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2019 (Remainder) $ 1,546 2020 69,919 2021 8,553 2022 8,866 2023 9,191 Thereafter 876,122 Total $ 974,197 |
Note 7 - Rental Income Under _2
Note 7 - Rental Income Under Operating Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block] | 2019 (Remainder) $ 11,008 2020 23,901 2021 19,636 2022 19,361 2023 17,579 Thereafter 35,766 Total $ 127,251 |
Note 8 - Fair Value of Financ_2
Note 8 - Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | June 30, December 31, (unaudited) Carrying amount (excluding unamortized debt issuance costs) $ 974,197 $ 925,613 Estimated fair value $ 1,019,601 $ 927,561 |
Schedule of Derivative Instruments [Table Text Block] | Notional Amount Related Maturity Date Strike Rate Estimated Fair Value at Estimated Fair Value at December 31, 2018 (unaudited) $ 73,700 107 Columbia Heights May 9, 2020 3.0 % $ — $ 24 $ 75,000 250 Livingston Street December 15, 2020 4.0 % — — Total fair value of derivative instruments included in prepaid expenses and other assets $ — $ 24 |
Note 9 - Commitments and Cont_2
Note 9 - Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Commercial Residential Total Three months ended June 30, 2019 26 % 74 % 100 % Three months ended June 30, 2018 26 % 74 % 100 % Six months ended June 30, 2019 25 % 75 % 100 % Six months ended June 30, 2018 27 % 73 % 100 % |
Note 11 - Segment Reporting (Ta
Note 11 - Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended June 30, 2019 Commercial Residential Total Rental income $ 7,300 $ 21,146 $ 28,446 Total revenues 7,300 21,146 28,446 Property operating expenses 1,036 5,711 6,747 Real estate taxes and insurance 1,236 4,471 5,707 General and administrative 409 2,170 2,579 Depreciation and amortization 970 3,620 4,590 Total operating expenses 3,651 15,972 19,623 Income from operations $ 3,649 $ 5,174 $ 8,823 Three months ended June 30, 2018 Commercial Residential Total Rental income $ 7,204 $ 20,096 $ 27,300 Total revenues 7,204 20,096 27,300 Property operating expenses 1,040 5,541 6,581 Real estate taxes and insurance 1,111 4,251 5,362 General and administrative 218 2,388 2,606 Depreciation and amortization 896 3,539 4,435 Total operating expenses 3,265 15,719 18,984 Income from operations $ 3,939 $ 4,377 $ 8,316 Six months ended June 30, 2019 Commercial Residential Total Rental income $ 14,180 $ 41,918 $ 56,098 Total revenues 14,180 41,918 56,098 Property operating expenses 2,177 12,133 14,310 Real estate taxes and insurance 2,472 8,966 11,438 General and administrative 688 3,559 4,247 Depreciation and amortization 1,916 7,223 9,139 Total operating expenses 7,253 31,881 39,134 Income from operations $ 6,927 $ 10,037 $ 16,964 Six months ended June 30, 2018 Commercial Residential Total Rental income $ 14,393 $ 39,775 $ 54,168 Total revenues 14,393 39,775 54,168 Property operating expenses 2,250 11,587 13,837 Real estate taxes and insurance 2,217 8,493 10,710 General and administrative 536 5,208 5,744 Depreciation and amortization 1,771 7,260 9,031 Total operating expenses 6,774 32,548 39,322 Income from operations $ 7,619 $ 7,227 $ 14,846 Commercial Residential Total June 30, 2019 (unaudited) $ 286,560 $ 854,822 $ 1,141,382 December 31, 2018 245,940 855,068 1,101,008 Commercial Residential Total Three months ended June 30, 2019 $ 1,721 $ 6,489 $ 8,210 2018 1,707 6,301 8,008 Six months ended June 30, 2019 $ 3,455 $ 13,029 $ 16,484 2018 3,528 13,023 16,551 Commercial Residential Total Three months ended June 30, 2019 $ 1,239 $ 11,549 $ 12,788 2018 809 9,132 9,941 Six months ended June 30, 2019 $ 2,147 $ 21,856 $ 24,003 2018 1,047 21,463 22,510 |
Note 1 - Organization (Details
Note 1 - Organization (Details Textual) $ / shares in Units, $ in Millions | Oct. 27, 2017USD ($) | May 09, 2017USD ($) | Feb. 09, 2017USD ($)$ / sharesshares | Jun. 30, 2019ft²ashares | Aug. 03, 2015 |
Formation Transaction, Units Converted to Commons Shares, Ratio | 1 | ||||
Percentage of Aggregate Cash Distributions From, and Profits and Losses | 40.40% | ||||
Residential Rental [Member] | Residential Property At 10 West 65th Street [Member] | |||||
Number of Units | 82 | ||||
Business Combination, Consideration Transferred, Total | $ | $ 79 | ||||
107 Columbia Heights in Brooklyn, NY [Member] | |||||
Number of Stories | 11 | ||||
107 Columbia Heights in Brooklyn, NY [Member] | Apartment Building [Member] | |||||
Number of Units | 161 | ||||
Business Combination, Consideration Transferred, Total | $ | $ 87.5 | ||||
Gross Leasable Area | 102,000 | ||||
Tribeca House properties in Manhattan [Member] | |||||
Number of Buildings | 2 | ||||
Tribeca House properties in Manhattan [Member] | Residential Rental [Member] | |||||
Gross Leasable Area | 483,000 | ||||
Tribeca House properties in Manhattan [Member] | Rental Retail and Parking [Member] | |||||
Gross Leasable Area | 77,000 | ||||
Tribeca House properties in Manhattan, Building One [Member] | |||||
Number of Stories | 21 | ||||
Tribeca House properties in Manhattan, Building Two [Member] | |||||
Number of Stories | 12 | ||||
Flatbush Gardens in Brooklyn [Member] | Multifamily [Member] | |||||
Number of Buildings | 59 | ||||
Number of Rentable Units | 2,496 | ||||
141 Livingston Street in Brooklyn [Member] | Office Building [Member] | |||||
Number of Stories | 15 | ||||
Gross Leasable Area | 216,000 | ||||
250 Livingston Street in Brooklyn [Member] | Office and Residential Building [Member] | |||||
Number of Stories | 12 | ||||
Gross Leasable Area | a | 370,000 | ||||
Aspen [Member] | |||||
Number of Stories | 7 | ||||
Aspen [Member] | Residential Rental [Member] | |||||
Gross Leasable Area | 166,000 | ||||
Aspen [Member] | Retail Site [Member] | |||||
Gross Leasable Area | 21,000 | ||||
Property at 10 W 65th St. Manhattan, NY [Member] | Residential Rental [Member] | |||||
Number of Stories | 6 | ||||
Gross Leasable Area | 76,000 | ||||
Common Stock [Member] | |||||
Stock Issued During Period, Shares, New Issues | shares | 1,917 | ||||
IPO [Member] | Common Stock [Member] | |||||
Stock Issued During Period, Shares, New Issues | shares | 6,390,149 | ||||
Shares Issued, Price Per Share | $ / shares | $ 13.50 | ||||
Proceeds from Issuance Initial Public Offering | $ | $ 78.7 |
Note 2 - Issuance of Common S_2
Note 2 - Issuance of Common Stock (Details Textual) - Director [Member] $ in Thousands | Apr. 09, 2019USD ($)shares |
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture, Total | shares | 1,917 |
Proceeds from Issuance of Common Stock | $ | $ 0 |
Note 3 - Significant Accounti_3
Note 3 - Significant Accounting Policies (Details Textual) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019USD ($)$ / sharesshares | May 31, 2019$ / sharesshares | Mar. 31, 2019$ / sharesshares | Jun. 30, 2019USD ($)$ / sharesshares | Jun. 30, 2018shares | Dec. 31, 2018USD ($)$ / sharesshares | |
Number of Operating Segments | 2 | |||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ | $ 2,100 | $ 2,100 | $ 800 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 109 days | |||||
Income Tax Expense (Benefit), Total | $ | $ 0 | |||||
Derivative, Amount of Hedged Item | $ | $ 0 | $ 0 | ||||
Weighted Average Number Diluted Shares Outstanding Adjustment, Total | 0 | 0 | ||||
Percentage of Rental Revenue Subject to New Revenue Recognition Standard | 5.00% | 5.00% | ||||
Class B LLC Units [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 26,317 | |||||
LTIP Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 152,734 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 13.35 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 881,065 | 881,065 | 724,448 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 12.70 | $ 12.70 | $ 12.56 | |||
LTIP Units [Member] | Chief Financial Officer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 5,800 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 12.92 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 5,800 |
Note 3 - Significant Accounti_4
Note 3 - Significant Accounting Policies - Estimated Useful Lives of Assets (Details) | 6 Months Ended |
Jun. 30, 2019 | |
Building and Building Improvements [Member] | Minimum [Member] | |
Estimated useful life (Year) | 10 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Estimated useful life (Year) | 44 years |
Tenant Improvements [Member] | |
Estimated useful life | Shorter of useful life or lease term |
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | |
Estimated useful life (Year) | 3 years |
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | |
Estimated useful life (Year) | 15 years |
Note 3 - Significant Accounti_5
Note 3 - Significant Accounting Policies - Basic and Diluted Earnings (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net (loss) income attributable to common stockholders | $ (467) | $ 124 | $ (521) | $ (3,506) |
Less: income attributable to participating securities | (83) | (69) | (152) | (131) |
Subtotal | $ (550) | $ 55 | $ (673) | $ (3,637) |
Weighted average common shares outstanding (in shares) | 17,815 | 17,813 | 17,814 | 17,813 |
Basic and diluted net loss per share attributable to common stockholders (in dollars per share) | $ (0.03) | $ 0 | $ (0.04) | $ (0.20) |
Note 3 - Significant Accounti_6
Note 3 - Significant Accounting Policies - Disaggregated Revenue Streams (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
TOTAL REVENUES | $ 28,446 | $ 27,300 | $ 56,098 | $ 54,168 |
Percent of Rental Income | 100.00% | 100.00% | 100.00% | 100.00% |
Leases [Member] | ||||
TOTAL REVENUES | $ 27,121 | $ 25,954 | $ 53,411 | $ 51,522 |
Percent of Rental Income | 95.40% | 95.00% | 95.20% | 95.10% |
Other Expense Recoveries [Member] | ||||
TOTAL REVENUES | $ 861 | $ 860 | $ 1,776 | $ 1,717 |
Percent of Rental Income | 3.00% | 3.20% | 3.20% | 3.20% |
Other Revenue Stream [Member] | ||||
TOTAL REVENUES | $ 464 | $ 486 | $ 911 | $ 929 |
Percent of Rental Income | 1.60% | 1.80% | 1.60% | 1.70% |
Residential Segment [Member] | ||||
TOTAL REVENUES | $ 21,146 | $ 20,096 | $ 41,918 | $ 39,775 |
Residential Segment [Member] | Leases [Member] | ||||
TOTAL REVENUES | 20,722 | 19,671 | 41,072 | 38,968 |
Residential Segment [Member] | Other Expense Recoveries [Member] | ||||
TOTAL REVENUES | 116 | 114 | 236 | 236 |
Residential Segment [Member] | Other Revenue Stream [Member] | ||||
TOTAL REVENUES | 308 | 311 | 610 | 571 |
Commercial Segment [Member] | ||||
TOTAL REVENUES | 7,300 | 7,204 | 14,180 | 14,393 |
Commercial Segment [Member] | Leases [Member] | ||||
TOTAL REVENUES | 6,399 | 6,283 | 12,339 | 12,554 |
Commercial Segment [Member] | Other Expense Recoveries [Member] | ||||
TOTAL REVENUES | 745 | 746 | 1,540 | 1,481 |
Commercial Segment [Member] | Other Revenue Stream [Member] | ||||
TOTAL REVENUES | $ 156 | $ 175 | $ 301 | $ 358 |
Note 4 - Deferred Costs and I_3
Note 4 - Deferred Costs and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Amortization of Lease Origination Costs and In-place Lease Intangible Assets | $ 196 | $ 311 | $ 384 | $ 864 |
Write off of Fully Amortized Lease Origination Costs and In-place Leases | 749 | |||
Amortization of Real Estate Abatements | 120 | 118 | 239 | 236 |
Write off of Fully Amortized Real Estate Tax Abatements | 3,428 | |||
Above Market Leases [Member] | ||||
Amortization of Intangible Assets, Total | $ 29 | $ 58 | $ 59 | $ 117 |
Note 4 - Deferred Costs and I_4
Note 4 - Deferred Costs and Intangible Assets - Deferred Costs and Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Deferred costs | $ 347 | $ 286 |
Above-market leases | 480 | 480 |
Lease origination costs | 3,122 | 3,110 |
In-place leases | 7,347 | 8,078 |
Real estate tax abatements | 9,143 | 12,571 |
Total deferred costs and intangible assets | 20,439 | 24,525 |
Less accumulated amortization | (11,066) | (14,561) |
Total | $ 9,373 | $ 9,964 |
Note 4 - Deferred Costs and I_5
Note 4 - Deferred Costs and Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
2019 (Remainder) | $ 527 | |
2020 | 801 | |
2021 | 775 | |
2022 | 743 | |
2023 | 597 | |
Thereafter | 5,930 | |
Total | $ 9,373 | $ 9,964 |
Note 5 - Below-market Lease I_3
Note 5 - Below-market Lease Intangibles (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Amortization of Below Market Lease | $ 435 | $ 538 | $ 889 | $ 1,076 |
Note 5 - Below-market Lease I_4
Note 5 - Below-market Lease Intangibles - Below-market Lease Intangibles Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Below-market leases | $ 23,178 | $ 23,178 |
Less accumulated amortization | (21,144) | (20,255) |
Total | $ 2,034 | $ 2,923 |
Note 5 - Below-market Lease I_5
Note 5 - Below-market Lease Intangibles - Future Amortization Income (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
2019 (Remainder) | $ 409 | |
2020 | 517 | |
2021 | 493 | |
2022 | 423 | |
2023 | 192 | |
Thereafter | ||
Total | $ 2,034 | $ 2,923 |
Note 6 - Notes Payable (Details
Note 6 - Notes Payable (Details Textual) - USD ($) $ in Thousands | May 31, 2019 | Feb. 21, 2018 | May 09, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Nov. 01, 2027 | Jul. 31, 2028 | Jun. 30, 2028 | Dec. 31, 2018 | Oct. 27, 2017 | Jun. 27, 2016 | May 11, 2016 |
Long-term Debt, Gross | $ 974,197 | $ 974,197 | $ 974,197 | $ 925,613 | |||||||||||
Gain (Loss) on Extinguishment of Debt, Total | $ (1,771) | $ (1,771) | $ (6,981) | ||||||||||||
Secured First Mortgage Loan [Member] | New York Community Bank [Member] | |||||||||||||||
Long-term Debt, Gross | $ 246,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | ||||||||||||||
Debt Instrument, Interest Only Payments Period | 2 years 180 days | ||||||||||||||
Secured First Mortgage Loan [Member] | New York Community Bank [Member] | Prime Rate [Member] | |||||||||||||||
Derivative, Basis Spread on Variable Rate | 2.75% | ||||||||||||||
First Mortgage Loan With Interest-only Payments [Member] | Citi Real Estate Funding Inc. [Member] | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.63% | ||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 125,000 | ||||||||||||||
Debt Instrument, Prepayment Option, Number of Months Before Maturity | 90 days | ||||||||||||||
Mortgages 2 [Member] | New York Community Bank [Member] | 141 Livingston Street, Brooklyn [Member] | |||||||||||||||
Long-term Debt, Gross | $ 79,500 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.875% | ||||||||||||||
Mortgages 2 [Member] | New York Community Bank [Member] | 141 Livingston Street, Brooklyn [Member] | Forecast [Member] | |||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 374 | ||||||||||||||
Fixed Interest Rate Financing [Member] | |||||||||||||||
Long-term Debt, Gross | $ 360,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.506% | ||||||||||||||
Mortgages [Member] | New York Community Bank [Member] | Property at 10 W 65th St. Manhattan, NY [Member] | |||||||||||||||
Long-term Debt, Gross | $ 34,350 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.375% | ||||||||||||||
Mortgages [Member] | New York Community Bank [Member] | Prime Rate [Member] | Property at 10 W 65th St. Manhattan, NY [Member] | Forecast [Member] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||||||||||||
Mortgages [Member] | Capital One Multifamily Finance LLC [Member] | Aspen [Member] | |||||||||||||||
Long-term Debt, Gross | $ 70,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.68% | ||||||||||||||
Mortgages [Member] | Capital One Multifamily Finance LLC [Member] | Aspen [Member] | Forecast [Member] | |||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 321 | ||||||||||||||
Mortgages [Member] | Blackstone Real Estate Special Situations Advisors LLC [Member] | 107 Columbia Heights in Brooklyn, NY [Member] | |||||||||||||||
Long-term Debt, Gross | $ 59,000 | ||||||||||||||
Mortgages [Member] | Blackstone Real Estate Special Situations Advisors LLC [Member] | London Interbank Offered Rate (LIBOR) [Member] | 107 Columbia Heights in Brooklyn, NY [Member] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.85% | ||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.20% | 6.20% | 6.20% | ||||||||||||
Construction Loans [Member] | Blackstone Real Estate Special Situations Advisors LLC [Member] | 107 Columbia Heights in Brooklyn, NY [Member] | |||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 5,731 | ||||||||||||||
Debt Agreement Maximum Borrowing Capacity | $ 14,700 |
Note 6 - Notes Payable - Mortga
Note 6 - Notes Payable - Mortgages and Mezzanine Note Payable (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2018 | ||
Debt, gross | $ 974,197 | $ 925,613 | |
Unamortized debt issuance costs | (10,862) | (12,049) | |
Total debt, net of unamortized debt issuance costs | $ 963,335 | 913,564 | |
Mortgages and Mezzanine Notes 1[Member] | Flatbush Gardens, Brooklyn, NY [Member] | |||
Maturity date | [1] | Mar. 1, 2028 | |
Interest rate | [1] | 3.50% | |
Debt, gross | [1] | $ 246,000 | 246,000 |
Interest rate | [1] | 3.50% | |
Mortgages and Mezzanine Notes 1[Member] | 250 Livingston Street in Brooklyn [Member] | |||
Maturity date | [2] | Dec. 9, 2020 | |
Debt, gross | [2] | 75,000 | |
Mortgages and Mezzanine Notes 1[Member] | 250 Livingston Street in Brooklyn [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest rate | [2] | 2.15% | |
Mortgages and Mezzanine Notes 1[Member] | 141 Livingston Street, Brooklyn [Member] | |||
Maturity date | [3] | Jun. 1, 2028 | |
Interest rate | [3] | 3.875% | |
Debt, gross | [3] | $ 76,582 | 77,333 |
Interest rate | [3] | 3.875% | |
Mortgages and Mezzanine Notes 1[Member] | Tribeca House Properties [Member] | |||
Maturity date | [4] | Mar. 6, 2028 | |
Debt, gross | [4] | $ 360,000 | 360,000 |
Mortgages and Mezzanine Notes 1[Member] | Tribeca House Properties [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest rate | [4] | 4.506% | |
Interest rate | [4] | 4.506% | |
Mortgages and Mezzanine Notes 1[Member] | Aspen [Member] | |||
Maturity date | [5] | Jul. 1, 2028 | |
Interest rate | [5] | 3.68% | |
Debt, gross | [5] | $ 67,534 | 68,199 |
Interest rate | [5] | 3.68% | |
Mortgages and Mezzanine Notes 1[Member] | 107 Columbia Heights in Brooklyn, NY [Member] | |||
Maturity date | [6] | May 9, 2020 | |
Debt, gross | [6] | $ 64,731 | 64,731 |
Mortgages and Mezzanine Notes 1[Member] | 107 Columbia Heights in Brooklyn, NY [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest rate | [6] | 3.85% | |
Mortgages and Mezzanine Notes 1[Member] | Property at 10 W 65th St. Manhattan, NY [Member] | |||
Maturity date | [7] | Nov. 1, 2027 | |
Interest rate | [7] | 3.375% | |
Debt, gross | [7] | $ 34,350 | 34,350 |
Interest rate | [7] | 3.375% | |
Mortgages and Mezzanine Notes 2 [Member] | 250 Livingston Street in Brooklyn [Member] | |||
Maturity date | [2] | Jun. 6, 2029 | |
Interest rate | [2] | 3.63% | |
Debt, gross | [2] | $ 125,000 | |
Interest rate | [2] | 3.63% | |
Mortgages and Mezzanine Notes [Member] | |||
Unamortized debt issuance costs | $ (10,862) | $ (12,049) | |
[1] | The $246,000 mortgage note agreement with New York Community Bank ("NYCB"), entered into on February 21, 2018, matures on March 1, 2028, and bears interest at 3.5% for the first five years and thereafter at the prime rate plus 2.75%, with an option to fix the rate subject to the payment of a fee that fluctuates depending on the date the election is made. The note requires interest-only payments through August 2020, and monthly principal and interest payments thereafter based on a 30-year amortization schedule. The Company has the option to prepay all (but not less than all) of the unpaid balance of the note prior to the maturity date, subject to certain prepayment premiums, as defined. | ||
[2] | On May 31, 2019, the Company repaid the debt secured by the 250 Livingston Street property that was scheduled to mature in 2020, from the proceeds of a $125,000 first mortgage loan with Citi Real Estate Funding Inc. The loan matures on June 6, 2029, bears interest at 3.63% and requires interest-only payments for the entire term. The Company has the option to prepay all (but not less than all) of the unpaid balance of the note within three months of maturity, without a prepayment premium. | ||
[3] | The $79,500 mortgage note agreement with NYCB matures on June 1, 2028, and bears interest at 3.875%. The note required interest-only payments through June 2017, and monthly principal and interest payments of $374 thereafter based on a 30-year amortization schedule. | ||
[4] | The $360,000 loan with Deutsche Bank, entered into on February 21, 2018, matures on March 6, 2028, bears interest at 4.506% and requires interest-only payments for the entire term. The Company has the option to prepay all (but not less than all) of the unpaid balance of the loan prior to the maturity date, subject to a prepayment premium if it occurs prior to December 6, 2027. | ||
[5] | The $70,000 mortgage note agreement with Capital One Multifamily Finance LLC matures on July 1, 2028, and bears interest at 3.68%. The note required interest-only payments through July 2017, and monthly principal and interest payments of $321 thereafter based on a 30-year amortization schedule. The Company has the option to prepay the note prior to the maturity date, subject to a prepayment premium. | ||
[6] | On May 9, 2017, the Company entered into a $59,000 mortgage note agreement with a unit of Blackstone Mortgage Trust, Inc., related to the 107 Columbia Heights acquisition. The Company also entered into a construction loan secured by the building with the same lender that will provide up to $14,700 for eligible capital improvements and carrying costs, of which $5,731 was drawn as of June 30, 2019. The notes mature on May 9, 2020, are subject to two one-year extension options, require interest-only payments and bear interest at one-month LIBOR plus 3.85% (6.2% as of June 30, 2019). | ||
[7] | On October 27, 2017, the Company entered into a $34,350 mortgage note agreement with NYCB, related to the 10 West 65th Street acquisition. The note matures on November 1, 2027, and bears interest at 3.375% for the first five years and thereafter at the prime rate plus 2.75%, subject to an option to fix the rate. The note requires interest-only payments through October 2019, and monthly principal and interest payments thereafter based on a 30-year amortization schedule. |
Note 6 - Notes Payable - Summar
Note 6 - Notes Payable - Summary of Principal Payment Requirements (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
2019 (Remainder) | $ 1,546 | |
2020 | 69,919 | |
2021 | 8,553 | |
2022 | 8,866 | |
2023 | 9,191 | |
Thereafter | 876,122 | |
Total | $ 974,197 | $ 925,613 |
Note 7 - Rental Income Under _3
Note 7 - Rental Income Under Operating Leases (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Total Revenue [Member] | Customer Concentration Risk [Member] | City of New York [Member] | ||||
Concentration Risk, Percentage | 19.00% | 19.00% | 19.00% | 19.00% |
Note 7 - Rental Income Under _4
Note 7 - Rental Income Under Operating Leases - Minimum Future Cash Rents Receivable (Details) $ in Thousands | Jun. 30, 2019USD ($) |
2019 (Remainder) | $ 11,008 |
2020 | 23,901 |
2021 | 19,636 |
2022 | 19,361 |
2023 | 17,579 |
Thereafter | 35,766 |
Total | $ 127,251 |
Note 8 - Fair Value of Financ_3
Note 8 - Fair Value of Financial Instruments (Details Textual) - USD ($) | Apr. 27, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 |
Proceeds from Derivative Instrument, Investing Activities | $ 385,000 | ||||
Tribeca House Instrument [Member] | |||||
Proceeds from Derivative Instrument, Investing Activities | $ 385,000 | ||||
Interest Rate Cap 1 [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative, Gain (Loss) on Derivative, Net, Total | $ 0 | $ (10,000) | 0 | (237,000) | |
Interest Rate Cap 2 [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative, Gain (Loss) on Derivative, Net, Total | $ 2,000 | $ 6,000 | $ 24,000 | $ (63,000) |
Note 8 - Fair Value of Financ_4
Note 8 - Fair Value of Financial Instruments - Carrying Amount and Fair Value of Mortgage Notes Payable (Details) - Mortgages [Member] - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Reported Value Measurement [Member] | ||
Mortgage notes payable | $ 974,197 | $ 925,613 |
Estimate of Fair Value Measurement [Member] | ||
Mortgage notes payable | $ 1,019,601 | $ 927,561 |
Note 8 - Fair Value of Financ_5
Note 8 - Fair Value of Financial Instruments - Interest Rate Caps in Connection With Mortgage Loans (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Estimated fair market value | $ 24 | |
Interest Rate Cap 1 [Member] | ||
Notional amount | $ 73,700 | |
Maturity date | May 9, 2020 | |
Strike rate | 3.00% | |
Estimated fair market value | $ 24 | |
Interest Rate Cap 2 [Member] | ||
Notional amount | $ 75,000 | |
Maturity date | Dec. 15, 2020 | |
Strike rate | 4.00% |
Note 9 - Commitments and Cont_3
Note 9 - Commitments and Contingencies (Details Textual) $ in Thousands | Jun. 30, 2019USD ($) |
Obligated to Provide Parking [Member] | |
Other Commitment, Total | $ 205 |
Note 9 - Commitments and Cont_4
Note 9 - Commitments and Contingencies - Summary of Concentration Risk by Segment (Details) - Total Revenue [Member] - Geographic Concentration Risk [Member] - New York City [Member] | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Concentration risk | 100.00% | 100.00% | 100.00% | 100.00% |
Commercial Segment [Member] | ||||
Concentration risk | 26.00% | 26.00% | 25.00% | 27.00% |
Residential Segment [Member] | ||||
Concentration risk | 74.00% | 74.00% | 75.00% | 73.00% |
Note 10 - Related-party Trans_2
Note 10 - Related-party Transactions (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Firms in Which Two Directors Were Principals or Partners [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 313,000 | $ 0 | $ 313,000 | $ 1,880,000 |
General and Administrative Expense [Member] | Overhead Charged Related to Office Expenses [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 84,000 | $ 86,000 | $ 171,000 | $ 175,000 |
Note 11 - Segment Reporting - I
Note 11 - Segment Reporting - Income From Operations by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Total revenues | $ 28,446 | $ 27,300 | $ 56,098 | $ 54,168 | |
Property operating expenses | 6,747 | 6,581 | 14,310 | 13,837 | |
Real estate taxes and insurance | 5,707 | 5,362 | 11,438 | 10,710 | |
General and administrative | 2,579 | 2,606 | 4,247 | 5,744 | |
Depreciation and amortization | 4,590 | 4,435 | 9,139 | 9,031 | |
Total operating expenses | 19,623 | 18,984 | 39,134 | 39,322 | |
Income from operations | 8,823 | 8,316 | 16,964 | 14,846 | |
June 30, 2019 (unaudited) | 1,141,382 | 1,141,382 | $ 1,101,008 | ||
Interest expense | 8,210 | 8,008 | 16,484 | 16,551 | |
Capital expenditures | 12,788 | 9,941 | 24,003 | 22,510 | |
Rental Income [Member] | |||||
Total revenues | 28,446 | 27,300 | 56,098 | 54,168 | |
Commercial Segment [Member] | |||||
Total revenues | 7,300 | 7,204 | 14,180 | 14,393 | |
Property operating expenses | 1,036 | 1,040 | 2,177 | 2,250 | |
Real estate taxes and insurance | 1,236 | 1,111 | 2,472 | 2,217 | |
General and administrative | 409 | 218 | 688 | 536 | |
Depreciation and amortization | 970 | 896 | 1,916 | 1,771 | |
Total operating expenses | 3,651 | 3,265 | 7,253 | 6,774 | |
Income from operations | 3,649 | 3,939 | 6,927 | 7,619 | |
June 30, 2019 (unaudited) | 286,560 | 286,560 | 245,940 | ||
Interest expense | 1,721 | 1,707 | 3,455 | 3,528 | |
Capital expenditures | 1,239 | 809 | 2,147 | 1,047 | |
Commercial Segment [Member] | Rental Income [Member] | |||||
Total revenues | 7,300 | 7,204 | 14,180 | 14,393 | |
Residential Segment [Member] | |||||
Total revenues | 21,146 | 20,096 | 41,918 | 39,775 | |
Property operating expenses | 5,711 | 5,541 | 12,133 | 11,587 | |
Real estate taxes and insurance | 4,471 | 4,251 | 8,966 | 8,493 | |
General and administrative | 2,170 | 2,388 | 3,559 | 5,208 | |
Depreciation and amortization | 3,620 | 3,539 | 7,223 | 7,260 | |
Total operating expenses | 15,972 | 15,719 | 31,881 | 32,548 | |
Income from operations | 5,174 | 4,377 | 10,037 | 7,227 | |
June 30, 2019 (unaudited) | 854,822 | 854,822 | $ 855,068 | ||
Interest expense | 6,489 | 6,301 | 13,029 | 13,023 | |
Capital expenditures | 11,549 | 9,132 | 21,856 | 21,463 | |
Residential Segment [Member] | Rental Income [Member] | |||||
Total revenues | $ 21,146 | $ 20,096 | $ 41,918 | $ 39,775 |