Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 09, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001649096 | |
Entity Registrant Name | Clipper Realty Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-38010 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 47-4579660 | |
Entity Address, Address Line One | 4611 12th Avenue, Suite 1L | |
Entity Address, City or Town | Brooklyn | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 11219 | |
City Area Code | 718 | |
Local Phone Number | 438-2804 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | CLPR | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 16,063,228 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Land and improvements | $ 540,859 | $ 540,859 |
Building and improvements | 644,520 | 630,662 |
Tenant improvements | 3,406 | 3,121 |
Furniture, fixtures and equipment | 12,418 | 12,217 |
Real estate under development | 45,968 | 36,118 |
Total investment in real estate | 1,247,171 | 1,222,977 |
Accumulated depreciation | (151,264) | (132,479) |
Investment in real estate, net | 1,095,907 | 1,090,498 |
Cash and cash equivalents | 59,130 | 72,058 |
Restricted cash | 29,104 | 16,974 |
Tenant and other receivables, net of allowance for doubtful accounts of $8,323 and $5,993, respectively | 7,893 | 7,002 |
Deferred rent | 2,579 | 2,454 |
Deferred costs and intangible assets, net | 7,261 | 7,720 |
Prepaid expenses and other assets | 9,742 | 11,160 |
TOTAL ASSETS | 1,211,616 | 1,207,866 |
LIABILITIES AND EQUITY | ||
Notes payable, net of unamortized loan costs of $12,103 and $10,262, respectively | 1,102,492 | 1,079,458 |
Accounts payable and accrued liabilities | 16,611 | 11,725 |
Security deposits | 6,855 | 6,983 |
Below-market leases, net | 61 | 157 |
Other liabilities | 5,889 | 5,429 |
TOTAL LIABILITIES | 1,131,908 | 1,103,752 |
Common stock, $0.01 par value; 500,000,000 shares authorized, 16,063,228 shares issued and outstanding | 160 | 160 |
Additional paid-in-capital | 87,898 | 87,347 |
Accumulated deficit | (57,847) | (48,045) |
Total stockholders’ equity | 30,211 | 39,462 |
Non-controlling interests | 49,497 | 64,652 |
TOTAL EQUITY | 79,708 | 104,114 |
TOTAL LIABILITIES AND EQUITY | $ 1,211,616 | $ 1,207,866 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Allowance for doubtful accounts | $ 8,323 | $ 5,993 |
Unamortized loan costs | $ 12,103,000 | $ 10,262,000 |
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) | 16,063,228 | 16,063,228 |
Common stock, shares outstanding (in shares) | 16,063,228 | 16,063,228 |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
REVENUES | ||||
TOTAL REVENUES | $ 30,631 | $ 30,040 | $ 91,953 | $ 92,513 |
OPERATING EXPENSES | ||||
Property operating expenses | 6,684 | 7,867 | 22,547 | 21,894 |
Real estate taxes and insurance | 7,853 | 7,463 | 22,528 | 21,105 |
General and administrative | 2,684 | 2,297 | 7,779 | 7,324 |
Transaction pursuit costs | 0 | 0 | 60 | 0 |
Depreciation and amortization | 6,452 | 5,934 | 18,968 | 17,364 |
TOTAL OPERATING EXPENSES | 23,673 | 23,561 | 71,882 | 67,687 |
Gain on termination of lease | 0 | 838 | 0 | 838 |
INCOME FROM OPERATIONS | 6,958 | 7,317 | 20,071 | 25,664 |
Interest expense, net | (10,375) | (10,207) | (30,958) | (29,974) |
Loss on extinguishment of debt | 0 | 0 | (3,034) | (4,228) |
Gain on involuntary conversion | 0 | 0 | 139 | 85 |
Net loss | (3,417) | (2,890) | (13,782) | (8,453) |
Net loss attributable to non-controlling interests | 2,122 | 1,723 | 8,558 | 5,040 |
Net loss attributable to common stockholders | $ (1,295) | $ (1,167) | $ (5,224) | $ (3,413) |
Basic and diluted net loss per share (in dollars per share) | $ (0.09) | $ (0.08) | $ (0.36) | $ (0.21) |
Residential Rental [Member] | ||||
REVENUES | ||||
TOTAL REVENUES | $ 21,341 | $ 21,948 | $ 64,518 | $ 69,345 |
Commercial Real Estate [Member] | ||||
REVENUES | ||||
TOTAL REVENUES | $ 9,290 | $ 8,092 | $ 27,435 | $ 23,168 |
Consolidated Statements of Chan
Consolidated Statements of Changes in 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, 2019 | 17,814,672 | |||||
Balance at Dec. 31, 2019 | $ 178 | $ 93,431 | $ (36,375) | $ 57,234 | $ 84,549 | $ 141,783 |
Amortization of LTIP grants | 158 | 158 | ||||
Dividends and distributions | (1,692) | (1,692) | (4,276) | |||
Dividends and distributions | (2,584) | |||||
Net loss | (152) | (152) | (225) | (377) | ||
Reallocation of noncontrolling interests | 30 | 30 | (30) | |||
Balance at Mar. 31, 2020 | $ 178 | 93,461 | (38,219) | 55,420 | 81,868 | 137,288 |
Balance (in shares) at Mar. 31, 2020 | 17,814,672 | |||||
Balance (in shares) at Dec. 31, 2019 | 17,814,672 | |||||
Balance at Dec. 31, 2019 | $ 178 | 93,431 | (36,375) | 57,234 | 84,549 | 141,783 |
Net loss | (8,453) | |||||
Balance at Sep. 30, 2020 | $ 178 | 93,612 | (44,865) | 48,925 | 72,461 | 121,386 |
Balance (in shares) at Sep. 30, 2020 | 17,768,814 | |||||
Balance (in shares) at Dec. 31, 2019 | 17,814,672 | |||||
Balance at Dec. 31, 2019 | $ 178 | 93,431 | (36,375) | 57,234 | 84,549 | 141,783 |
Balance at Dec. 31, 2020 | $ 160 | 87,347 | (48,045) | 39,462 | 64,652 | $ 104,114 |
Repurchase of common stock (in shares) | (1,751,444) | |||||
Repurchase of common stock | $ (10,000) | |||||
Balance (in shares) at Dec. 31, 2020 | 16,063,228 | |||||
Balance (in shares) at Mar. 31, 2020 | 17,814,672 | |||||
Balance at Mar. 31, 2020 | $ 178 | 93,461 | (38,219) | 55,420 | 81,868 | 137,288 |
Amortization of LTIP grants | 535 | 535 | ||||
Dividends and distributions | (1,692) | (1,692) | (4,319) | |||
Dividends and distributions | (2,627) | |||||
Net loss | (2,094) | (2,094) | (3,092) | (5,186) | ||
Reallocation of noncontrolling interests | 165 | 165 | (165) | |||
Balance at Jun. 30, 2020 | $ 178 | 93,626 | (42,005) | 51,799 | 76,519 | 128,318 |
Balance (in shares) at Jun. 30, 2020 | 17,814,672 | |||||
Amortization of LTIP grants | 556 | 556 | ||||
Dividends and distributions | (1,693) | (1,693) | (4,327) | |||
Dividends and distributions | (2,634) | |||||
Net loss | (1,167) | (1,167) | (1,723) | (2,890) | ||
Reallocation of noncontrolling interests | 257 | 257 | (257) | |||
Balance at Sep. 30, 2020 | $ 178 | 93,612 | (44,865) | 48,925 | 72,461 | $ 121,386 |
Repurchase of common stock (in shares) | (45,858) | (45,858) | ||||
Repurchase of common stock | (271) | (271) | $ (271) | |||
Balance (in shares) at Sep. 30, 2020 | 17,768,814 | |||||
Balance (in shares) at Dec. 31, 2020 | 16,063,228 | |||||
Balance at Dec. 31, 2020 | $ 160 | 87,347 | (48,045) | 39,462 | 64,652 | 104,114 |
Amortization of LTIP grants | 486 | 486 | ||||
Dividends and distributions | (1,526) | (1,526) | (4,191) | |||
Dividends and distributions | (2,665) | |||||
Net loss | (2,704) | (2,704) | (4,430) | (7,134) | ||
Reallocation of noncontrolling interests | 122 | 122 | (122) | |||
Balance at Mar. 31, 2021 | $ 160 | 87,469 | (52,275) | 35,354 | 57,921 | 93,275 |
Balance (in shares) at Mar. 31, 2021 | 16,063,228 | |||||
Balance (in shares) at Dec. 31, 2020 | 16,063,228 | |||||
Balance at Dec. 31, 2020 | $ 160 | 87,347 | (48,045) | 39,462 | 64,652 | 104,114 |
Net loss | (13,782) | |||||
Balance at Sep. 30, 2021 | $ 160 | 87,898 | (57,847) | 30,211 | 49,497 | 79,708 |
Balance (in shares) at Sep. 30, 2021 | 16,063,228 | |||||
Balance (in shares) at Mar. 31, 2021 | 16,063,228 | |||||
Balance at Mar. 31, 2021 | $ 160 | 87,469 | (52,275) | 35,354 | 57,921 | 93,275 |
Amortization of LTIP grants | 795 | 795 | ||||
Dividends and distributions | (1,526) | (1,526) | (4,191) | |||
Dividends and distributions | (2,665) | |||||
Net loss | (1,225) | (1,225) | (2,006) | (3,231) | ||
Reallocation of noncontrolling interests | 238 | 238 | (238) | |||
Balance at Jun. 30, 2021 | $ 160 | 87,707 | (55,026) | 32,841 | 53,807 | 86,648 |
Balance (in shares) at Jun. 30, 2021 | 16,063,228 | |||||
Amortization of LTIP grants | 665 | 665 | ||||
Dividends and distributions | (1,526) | (1,526) | (4,188) | |||
Dividends and distributions | (2,662) | |||||
Net loss | (1,295) | (1,295) | (2,122) | (3,417) | ||
Reallocation of noncontrolling interests | 191 | 191 | (191) | |||
Balance at Sep. 30, 2021 | $ 160 | $ 87,898 | $ (57,847) | $ 30,211 | $ 49,497 | $ 79,708 |
Balance (in shares) at Sep. 30, 2021 | 16,063,228 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (13,782) | $ (8,453) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation | 18,798 | 16,939 |
Amortization of deferred financing costs | 934 | 910 |
Amortization of deferred costs and intangible assets | 531 | 785 |
Amortization of above- and below-market leases | (96) | (358) |
Loss on modification/extinguishment of debt | 3,034 | 4,228 |
Gain on involuntary conversion | (139) | (85) |
Gain on termination of lease | 0 | (838) |
Deferred rent | (125) | (686) |
Stock-based compensation | 1,946 | 1,249 |
Bad debt expense | 2,278 | 1,558 |
Transaction pursuit costs | 60 | 0 |
Changes in operating assets and liabilities: | ||
Tenant and other receivables | (3,169) | (5,429) |
Prepaid expenses, other assets and deferred costs | 1,286 | 2,341 |
Accounts payable and accrued liabilities | 1,601 | (1,299) |
Security deposits | (128) | (491) |
Other liabilities | 460 | (125) |
Net cash provided by operating activities | 13,489 | 10,246 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to land, buildings, and improvements | (20,803) | (24,885) |
Insurance proceeds from involuntary conversion | 150 | 111 |
Purchase of interest rate cap | 0 | (14) |
Net cash used in investing activities | (20,653) | (24,788) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Repurchase of common stock | 0 | (240) |
Payments of mortgage notes | (96,889) | (248,706) |
Proceeds from mortgage notes | 121,764 | 329,671 |
Dividends and distributions | (12,570) | (12,922) |
Loan issuance and extinguishment costs | (5,939) | (5,220) |
Net cash provided by financing activities | 6,366 | 62,583 |
Net (decrease) increase in cash and cash equivalents and restricted cash | (798) | 48,041 |
Cash and cash equivalents and restricted cash - beginning of period | 89,032 | 56,932 |
Cash and cash equivalents and restricted cash - end of period | 88,234 | 104,973 |
Cash and cash equivalents - beginning of period | 72,058 | 42,500 |
Restricted cash - beginning of period | 16,974 | 14,432 |
Cash and cash equivalents - end of period | 59,130 | 82,856 |
Restricted cash - end of period | 29,104 | 22,117 |
Supplemental cash flow information: | ||
Cash paid for interest, net of capitalized interest of $1,257 and $1,065 in 2021 and 2020, respectively | 30,262 | 29,576 |
Non-cash interest capitalized to real estate under development | 130 | 813 |
Additions to investment in real estate included in accounts payable and accrued liabilities | $ 7,474 | $ 3,887 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Capitalized interest | $ 1,257 | $ 1,065 |
Note 1 - Organization
Note 1 - Organization | 9 Months Ended |
Sep. 30, 2021 | |
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. September 30, 2021, • Tribeca House in Manhattan, comprising two one one • Flatbush Gardens in Brooklyn, a 59-building residential housing complex with 2,494 rentable units; • 141 • 250 • Aspen in Manhattan, a 7-story building containing residential and retail space with approximately 166,000 square feet of residential rental GLA and approximately 21,000 square feet of retail rental GLA; • Clover House in Brooklyn, a 11-story residential building with approximately 102,000 square feet of residential rental GLA; • 10 65 th • 1010 During 2019, three nine September 30, 2021, three nine September 30, 2020, 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 September 30, 2021, 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 - Repurchase of Common S
Note 2 - Repurchase of Common Stock | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Sale of Common Stock and Formation Transactions [Text Block] | 2. In August 2020, not three September 30, 2020, November 24, 2020, December 31, 2020, |
Note 3 - Significant Accounting
Note 3 - Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 3. Segments At September 30, 2021, two s chief operating decision maker 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 betterments 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 relative 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 September 30, 2021. 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 (in years) 10 – 44 Tenant improvements Shorter of useful life or lease term Furniture, fixtures and equipment (in 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, capital improvements, loan reserves 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 less allowance for doubtful accounts. The Company periodically performs a detailed review of amounts due from tenants to determine if accounts receivable balances are impaired 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 Income (Loss) Comprehensive income (loss) is comprised of net income (loss) 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 nine September 30, 2021 2020, not not Revenue Recognition Rental revenue for commercial leases is recognized on a straight-line basis over the terms of the respective leases. Deferred rents receivable represents the amount by which straight-line rental revenue exceeds rents currently billed in accordance with lease agreements. 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 and are recorded as part of commercial rental income in the condensed consolidated statements of operations. Stock-based Compensation The Company accounts for stock-based compensation pursuant to Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718, In March 2021, In May 2021, As of September 30, 2021 December 31, 2020, September 30, 2021, December 31, 2020, September 30, 2021, one Transaction Pursuit Costs Transaction pursuit costs primarily reflect costs incurred for abandoned acquisition, disposition or other transaction pursuits. 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% of the REIT taxable income (computed without regard to the dividends paid deduction and net capital gains) to its stockholders, and meet the various other requirements imposed by the Code relating to matters such as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided the Company qualifies for taxation as a REIT, it is generally not may not four no On March 27, 2020, 19 2019 2020 not In accordance with FASB ASC Topic 740, not three 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 (loss) (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 September 30, 2021, no Loss Per Share Basic and diluted net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average common shares outstanding. As of September 30, 2021 2020, two not September 30, 2021 2020. The effect of the conversion of the 26,317 Class B LLC units outstanding is not The following table sets forth the computation of basic and diluted net loss per share for the periods indicated (unaudited): Three Months Ended Nine Months Ended (in thousands, except per share amounts) 2021 2020 2021 2020 Numerator Net loss attributable to common stockholders $ (1,295 ) $ (1,167 ) $ (5,224 ) $ (3,413 ) Less: income attributable to participating securities (161 ) (134 ) (491 ) (344 ) Subtotal $ (1,456 ) $ (1,301 ) $ (5,715 ) $ (3,757 ) Denominator Weighted-average common shares outstanding 16,063 17,811 16,063 17,814 Basic and diluted net loss per share attributable to common stockholders $ (0.09 ) $ (0.08 ) $ (0.36 ) $ (0.21 ) Recently Issued Pronouncements In April 2020, 19 not 19 nine September 30, 2021; not may In January 2021, 2021 01, 848 2021 01 848 2020 04 2021 01 848 2021 01 848 may not not 2021 01 In March 2020, 2020 04, 848 2020 04 2020 04 March 12, 2020, may December 31, 2022. 2020 04 In March 2019, 2019 01, 842 three 842 1 2 3 not 2019 01 In December 2018, 2018 20, 842 2016 02 not not not third not 2018 20 In February 2016, 2016 02, . 2016 02 two July 2018, 2018 10, 842, 2016 02, 842 July 2018, 2018 11, 842 December 15, 2021, January 1, 2022. 2016 02 not not not 2016 2 |
Note 4 - Deferred Costs and Int
Note 4 - Deferred Costs and Intangible Assets | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Deferred Costs and Intangible Assets Disclosure [Text Block] | 4. Deferred costs and intangible assets consist of the following: September 30, 2021 December 31, 2020 (unaudited) Deferred costs $ 348 $ 348 Lease origination costs 1,150 1,078 In-place leases 428 428 Real estate tax abatements 9,142 9,142 Total deferred costs and intangible assets 11,068 10,996 Less accumulated amortization (3,807 ) (3,276 ) Total deferred costs and intangible assets, net $ 7,261 $ 7,720 Amortization of deferred costs, lease origination costs and in-place lease intangible assets was $58 and $73 for the three September 30, 2021 2020, nine September 30, 2021 2020, nine September 30, 2021, three September 30, 2021 2020, nine September 30, 2021 2020, Deferred costs and intangible assets as of September 30, 2021, 2021 (Remainder) $ 177 2022 679 2023 569 2024 554 2025 543 Thereafter 4,739 Total $ 7,261 |
Note 5 - Below-market Leases, N
Note 5 - Below-market Leases, Net | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Below Market Lease Intangibles Disclosure [Text Block] | 5. The Company’s below-market lease intangibles liabilities are as follows: September 30, 2021 December 31, 2020 (unaudited) Below-market leases $ 297 $ 785 Less accumulated amortization (236 ) (628 ) Below-market leases, net $ 61 $ 157 Rental income included amortization of below-market leases of $33 and $130 for the three September 30, 2021 2020, nine September 30, 2021 2020, nine September 30, 2021. Below-market leases as of September 30, 2021, 2021 (Remainder) $ 8 2022 35 2023 18 Total $ 61 |
Note 6 - Notes Payable
Note 6 - Notes Payable | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021 December 31, 2020 Flatbush Gardens, Brooklyn, NY (a) 6/1/2032 3.125% $ 329,000 $ 329,000 250 Livingston Street, Brooklyn, NY (b) 6/6/2029 3.63% 125,000 125,000 141 Livingston Street, Brooklyn, NY (c) 6/1/2028 3.875% — 74,241 141 Livingston Street, Brooklyn, NY(c) 3/6/2031 3.21% 100,000 — Tribeca House, Manhattan, NY (d) 3/6/2028 4.506% 360,000 360,000 Aspen, Manhattan, NY (e) 7/1/2028 3.68% 64,413 65,485 Clover House, Brooklyn, NY (f) 12/1/2029 3.53% 82,000 82,000 10 West 65 th 11/1/2027 3.375% 33,098 33,619 1010 Pacific Street, Brooklyn, NY (h) 8/30/2021 LIBOR + 3.60% — 20,375 1010 Pacific Street, Brooklyn, NY (h) 9/1/2024 LIBOR + 3.60% 21,084 — Total debt $ 1,114,595 $ 1,089,720 Unamortized debt issuance costs (12,103 ) (10,262 ) Total debt, net of unamortized debt issuance costs $ 1,102,492 $ 1,079,458 (a) The $329,000 mortgage note agreement with New York Community Bank (“NYCB”), entered into on May 8, 2020, June 1, 2032, May 2027 May 2027, not (b) The $125,000 mortgage note agreement with Citi Real Estate Funding Inc., entered into on May 31, 2019, June 6, 2029, not three (c) On February 18, 2021, ten first March 6, 2031, not three (d) The $360,000 loan with Deutsche Bank, entered into on February 21, 2018, March 6, 2028, not December 6, 2027. (e) The $70,000 mortgage note agreement with Capital One Multifamily Finance LLC matures on July 1, 2028, July 2017, 30 (f) The $82,000 mortgage note agreement with MetLife Investment Management, entered into on November 8, 2019, December 1, 2029, January 1, 2024, September 2, 2029. (g) On October 27, 2017, 10 65 th November 1, 2027, October 2022 November 2019, 30 not (h) On December 24, 2019, 1010 June 30, 2021. June 24, 2021, one June 30, 2021). June 2021 August 30, 2021. On August 10, 2021, 1010 30 September 1, 2024 may September 1, 2026. may five The Company has provided a limited guaranty for the mortgage notes at several of its properties. The Company’s loan agreements contain customary representations, covenants and events of default. Certain loan agreements require the Company to comply with affirmative and negative covenants, including the maintenance of debt service coverage and debt yield ratios. If they are not may not The following table summarizes principal payment requirements under the terms of the mortgage notes as of September 30, 2021: 2021 (Remainder) $ 543 2022 2,215 2023 2,296 2024 23,459 2025 2,468 Thereafter 1,083,614 Total $ 1,114,595 The Company recognized a loss on extinguishment of debt of $3,034 during the nine September 30, 2021, 141 February 2021; nine September 30, 2020, May 2020. |
Note 7 - Rental Income Under Op
Note 7 - Rental Income Under Operating Leases | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021, five 2021 (Remainder) $ 7,452 2022 30,279 2023 29,042 2024 28,663 2025 22,976 Thereafter 11,638 Total $ 130,050 The Company has commercial leases with the City of New York that comprised approximately 25% and 22% of total revenues for the three September 30, 2021 2020, nine September 30, 2021 2020, |
Note 8 - Fair Value of Financia
Note 8 - Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
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, prepaid expenses, accounts payable and accrued liabilities, security deposits and notes payable. The carrying amount of cash and cash equivalents, restricted cash, receivables, prepaid expenses, 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: September 30, 2021 December 31, 2020 (unaudited) Carrying amount (excluding unamortized debt issuance costs) $ 1,114,595 $ 1,089,720 Estimated fair value $ 1,175,689 $ 1,204,201 The Company purchased interest rate caps in connection with the loans obtained for the Clover House acquisition, the 250 December 6, 2018, 1010 December 24, 2019. December 2020, 250 1010 2, These interest rate caps were not 250 May 2020, 1010 250 not three nine September 30, 2020. not three nine September 30, 2020. 1010 three nine September 30, 2020, The above disclosures regarding fair value of financial instruments are based on pertinent information available as of September 30, 2021, December 31, 2020, not may |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9. Legal On July 3, 2017, 41 50 53 Kuzmich 421 July 18, 2017, January 18, 2018, April 24, 2018. June 25, 2019, 421 not may 41 may July 25, 2019, September 12, 2019. October 24, 2019, January 13, 2020, August 13, 2019, October 23, 2019. October 17, 2019, August 13 January 7, 2020, May 2020 March 16, 2020, September 2020 July 13, 2020, October 2020 October 8, 2020. October 29, 2020, 1 four 2016 2 four not May 20, 2021, October 27, 2021. November 17, 2021, not not fourth 2021 On November 18, 2019, Kuzmich second 26 Crowe et al v 50 No. 161227/19 Kuzmich Crowe June 30, 2020; July 16, 2020, seven no August 5, 2020, On March 9, 2021, Kuzmich Crowe third Horn v 50 No. 152415/21 Kuzmich Crowe May 21, 2021. The Company cannot predict what the timing or ultimate resolution of these matters will be, and accordingly, at this time, the Company has not In addition to the above, the Company is subject to certain legal proceedings and claims arising in connection with its business. Management believes, based in part upon consultation with legal counsel, that the ultimate resolution of all such claims will not Commitments The Company is obligated to provide parking availability through August 2025 250 Contingencies The COVID- 19 19 19 September 30, 2021, 840. may may 19 19 The Company’s properties have remained open and operational throughout the pandemic. The Company is taking the necessary steps to keep employees and tenants safe in compliance with state and local orders, and continues to provide typical services to its residents. 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 September 30, 2021 30 % 70 % 100 % Three months ended September 30, 2020 27 % 73 % 100 % Nine months ended September 30, 2021 30 % 70 % 100 % Nine months ended September 30, 2020 25 % 75 % 100 % |
Note 10 - Related-party Transac
Note 10 - Related-party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
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 $66 and $66 for the three September 30, 2021 2020, nine September 30, 2021 2020, three September 30, 2021 2020, nine September 30, 2021 2020, The Company paid legal and advisory fees to firms in which two three September 30, 2021 2020, nine September 30, 2021 2020, |
Note 11 - Segment Reporting
Note 11 - Segment Reporting | 9 Months Ended |
Sep. 30, 2021 | |
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 10 65 th 1010 250 The Company’s income from operations by segment for the three nine September 30, 2021 2020, Three months ended September 30, 2021 Commercial Residential Total Rental income $ 9,290 $ 21,341 $ 30,631 Total revenues 9,290 21,341 30,631 Property operating expenses 1,183 5,501 6,684 Real estate taxes and insurance 1,999 5,854 7,853 General and administrative 507 2,177 2,684 Depreciation and amortization 1,294 5,158 6,452 Total operating expenses 4,983 18,690 23,673 Income from operations $ 4,307 $ 2,651 $ 6,958 Three months ended September 30, 2020 Commercial Residential Total Rental income $ 8,092 $ 21,948 $ 30,040 Total revenues 8,092 21,948 30,040 Property operating expenses 1,025 6,842 7,867 Real estate taxes and insurance 1,917 5,546 7,463 General and administrative 234 2,063 2,297 Depreciation and amortization 1,117 4,817 5,934 Total operating expenses 4,293 19,268 23,561 Gain on termination of lease 838 — 838 Income from operations $ 4,637 $ 2,680 $ 7,317 Nine months ended September 30, 2021 Commercial Residential Total Rental income $ 27,435 $ 64,518 $ 91,953 Total revenues 27,435 64,518 91,953 Property operating expenses 3,414 19,133 22,547 Real estate taxes and insurance 5,788 16,740 22,528 General and administrative 1,341 6,438 7,779 Transaction pursuit costs 60 — 60 Depreciation and amortization 3,811 15,157 18,968 Total operating expenses 14,414 57,468 71,882 Income from operations $ 13,021 $ 7,050 $ 20,071 Nine months ended September 30, 2020 Commercial Residential Total Rental income $ 23,168 $ 69,345 $ 92,513 Total revenues 23,168 69,345 92,513 Property operating expenses 3,060 18,834 21,894 Real estate taxes and insurance 4,853 16,252 21,105 General and administrative 1,083 6,241 7,324 Depreciation and amortization 3,228 14,136 17,364 Total operating expenses 12,224 55,463 67,687 Gain on termination of lease 838 — 838 Income from operations $ 11,782 $ 13,882 $ 25,664 The Company’s total assets by segment are as follows, as of: Commercial Residential Total September 30, 2021 (unaudited) $ 310,278 $ 901,338 $ 1,211,616 December 31, 2020 282,789 925,077 1,207,866 The Company’s interest expense by segment for the three nine September 30, 2021 2020, Commercial Residential Total Three months ended September 30, 2021 $ 2,591 $ 7,784 $ 10,375 2020 2,072 8,135 10,207 Nine months ended September 30, 2021 $ 6,773 $ 24,185 $ 30,958 2020 6,084 23,890 29,974 The Company’s capital expenditures by segment for the three nine September 30, 2021 2020, Commercial Residential Total Three months ended September 30, 2021 $ 651 $ 11,716 $ 12,367 2020 2,669 8,703 11,372 Nine months ended September 30, 2021 $ 4,825 $ 19,393 $ 24,218 2020 7,063 18,631 25,694 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | Segments At September 30, 2021, two s chief operating decision maker 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 betterments 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 relative 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 September 30, 2021. 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 (in years) 10 – 44 Tenant improvements Shorter of useful life or lease term Furniture, fixtures and equipment (in 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, capital improvements, loan reserves 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 less allowance for doubtful accounts. The Company periodically performs a detailed review of amounts due from tenants to determine if accounts receivable balances are impaired 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 Income (Loss) Comprehensive income (loss) is comprised of net income (loss) 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 nine September 30, 2021 2020, 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. Deferred rents receivable represents the amount by which straight-line rental revenue exceeds rents currently billed in accordance with lease agreements. 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 and are recorded as part of commercial rental income in the condensed consolidated statements of operations. |
Share-based Payment Arrangement [Policy Text Block] | Stock-based Compensation The Company accounts for stock-based compensation pursuant to Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718, In March 2021, In May 2021, As of September 30, 2021 December 31, 2020, September 30, 2021, December 31, 2020, September 30, 2021, one |
Transaction Pursuit Costs, Policy [Policy Text Block] | Transaction Pursuit Costs Transaction pursuit costs primarily reflect costs incurred for abandoned acquisition, disposition or other transaction pursuits. |
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% of the REIT taxable income (computed without regard to the dividends paid deduction and net capital gains) to its stockholders, and meet the various other requirements imposed by the Code relating to matters such as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided the Company qualifies for taxation as a REIT, it is generally not may not four no On March 27, 2020, 19 2019 2020 not In accordance with FASB ASC Topic 740, not three |
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 (loss) (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 September 30, 2021, no |
Earnings Per Share, Policy [Policy Text Block] | Loss Per Share Basic and diluted net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average common shares outstanding. As of September 30, 2021 2020, two not September 30, 2021 2020. The effect of the conversion of the 26,317 Class B LLC units outstanding is not The following table sets forth the computation of basic and diluted net loss per share for the periods indicated (unaudited): Three Months Ended Nine Months Ended (in thousands, except per share amounts) 2021 2020 2021 2020 Numerator Net loss attributable to common stockholders $ (1,295 ) $ (1,167 ) $ (5,224 ) $ (3,413 ) Less: income attributable to participating securities (161 ) (134 ) (491 ) (344 ) Subtotal $ (1,456 ) $ (1,301 ) $ (5,715 ) $ (3,757 ) Denominator Weighted-average common shares outstanding 16,063 17,811 16,063 17,814 Basic and diluted net loss per share attributable to common stockholders $ (0.09 ) $ (0.08 ) $ (0.36 ) $ (0.21 ) |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Pronouncements In April 2020, 19 not 19 nine September 30, 2021; not may In January 2021, 2021 01, 848 2021 01 848 2020 04 2021 01 848 2021 01 848 may not not 2021 01 In March 2020, 2020 04, 848 2020 04 2020 04 March 12, 2020, may December 31, 2022. 2020 04 In March 2019, 2019 01, 842 three 842 1 2 3 not 2019 01 In December 2018, 2018 20, 842 2016 02 not not not third not 2018 20 In February 2016, 2016 02, . 2016 02 two July 2018, 2018 10, 842, 2016 02, 842 July 2018, 2018 11, 842 December 15, 2021, January 1, 2022. 2016 02 not not not 2016 2 |
Note 3 - Significant Accounti_2
Note 3 - Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Property, Plant and Equipment, Useful Life [Table Text Block] | Building and improvements (in years) 10 – 44 Tenant improvements Shorter of useful life or lease term Furniture, fixtures and equipment (in years) 3 – 15 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended (in thousands, except per share amounts) 2021 2020 2021 2020 Numerator Net loss attributable to common stockholders $ (1,295 ) $ (1,167 ) $ (5,224 ) $ (3,413 ) Less: income attributable to participating securities (161 ) (134 ) (491 ) (344 ) Subtotal $ (1,456 ) $ (1,301 ) $ (5,715 ) $ (3,757 ) Denominator Weighted-average common shares outstanding 16,063 17,811 16,063 17,814 Basic and diluted net loss per share attributable to common stockholders $ (0.09 ) $ (0.08 ) $ (0.36 ) $ (0.21 ) |
Note 4 - Deferred Costs and I_2
Note 4 - Deferred Costs and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Deferred Costs and Intangible Assets [Table Text Block] | September 30, 2021 December 31, 2020 (unaudited) Deferred costs $ 348 $ 348 Lease origination costs 1,150 1,078 In-place leases 428 428 Real estate tax abatements 9,142 9,142 Total deferred costs and intangible assets 11,068 10,996 Less accumulated amortization (3,807 ) (3,276 ) Total deferred costs and intangible assets, net $ 7,261 $ 7,720 |
Schedule of Deferred Costs and Intangible Assets, Future Amortization Expense [Table Text Block] | 2021 (Remainder) $ 177 2022 679 2023 569 2024 554 2025 543 Thereafter 4,739 Total $ 7,261 |
Note 5 - Below-market Leases,_2
Note 5 - Below-market Leases, Net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Below-Market Lease Intangibles Liabilities [Table Text Block] | September 30, 2021 December 31, 2020 (unaudited) Below-market leases $ 297 $ 785 Less accumulated amortization (236 ) (628 ) Below-market leases, net $ 61 $ 157 |
Below Market Lease, Future Amortization Income [Table Text Block] | 2021 (Remainder) $ 8 2022 35 2023 18 Total $ 61 |
Note 6 - Notes Payable (Tables)
Note 6 - Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Property Maturity Interest Rate September 30, 2021 December 31, 2020 Flatbush Gardens, Brooklyn, NY (a) 6/1/2032 3.125% $ 329,000 $ 329,000 250 Livingston Street, Brooklyn, NY (b) 6/6/2029 3.63% 125,000 125,000 141 Livingston Street, Brooklyn, NY (c) 6/1/2028 3.875% — 74,241 141 Livingston Street, Brooklyn, NY(c) 3/6/2031 3.21% 100,000 — Tribeca House, Manhattan, NY (d) 3/6/2028 4.506% 360,000 360,000 Aspen, Manhattan, NY (e) 7/1/2028 3.68% 64,413 65,485 Clover House, Brooklyn, NY (f) 12/1/2029 3.53% 82,000 82,000 10 West 65 th 11/1/2027 3.375% 33,098 33,619 1010 Pacific Street, Brooklyn, NY (h) 8/30/2021 LIBOR + 3.60% — 20,375 1010 Pacific Street, Brooklyn, NY (h) 9/1/2024 LIBOR + 3.60% 21,084 — Total debt $ 1,114,595 $ 1,089,720 Unamortized debt issuance costs (12,103 ) (10,262 ) Total debt, net of unamortized debt issuance costs $ 1,102,492 $ 1,079,458 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2021 (Remainder) $ 543 2022 2,215 2023 2,296 2024 23,459 2025 2,468 Thereafter 1,083,614 Total $ 1,114,595 |
Note 7 - Rental Income Under _2
Note 7 - Rental Income Under Operating Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Table Text Block] | 2021 (Remainder) $ 7,452 2022 30,279 2023 29,042 2024 28,663 2025 22,976 Thereafter 11,638 Total $ 130,050 |
Note 8 - Fair Value of Financ_2
Note 8 - Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2021 December 31, 2020 (unaudited) Carrying amount (excluding unamortized debt issuance costs) $ 1,114,595 $ 1,089,720 Estimated fair value $ 1,175,689 $ 1,204,201 |
Note 9 - Commitments and Cont_2
Note 9 - Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Commercial Residential Total Three months ended September 30, 2021 30 % 70 % 100 % Three months ended September 30, 2020 27 % 73 % 100 % Nine months ended September 30, 2021 30 % 70 % 100 % Nine months ended September 30, 2020 25 % 75 % 100 % |
Note 11 - Segment Reporting (Ta
Note 11 - Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended September 30, 2021 Commercial Residential Total Rental income $ 9,290 $ 21,341 $ 30,631 Total revenues 9,290 21,341 30,631 Property operating expenses 1,183 5,501 6,684 Real estate taxes and insurance 1,999 5,854 7,853 General and administrative 507 2,177 2,684 Depreciation and amortization 1,294 5,158 6,452 Total operating expenses 4,983 18,690 23,673 Income from operations $ 4,307 $ 2,651 $ 6,958 Three months ended September 30, 2020 Commercial Residential Total Rental income $ 8,092 $ 21,948 $ 30,040 Total revenues 8,092 21,948 30,040 Property operating expenses 1,025 6,842 7,867 Real estate taxes and insurance 1,917 5,546 7,463 General and administrative 234 2,063 2,297 Depreciation and amortization 1,117 4,817 5,934 Total operating expenses 4,293 19,268 23,561 Gain on termination of lease 838 — 838 Income from operations $ 4,637 $ 2,680 $ 7,317 Nine months ended September 30, 2021 Commercial Residential Total Rental income $ 27,435 $ 64,518 $ 91,953 Total revenues 27,435 64,518 91,953 Property operating expenses 3,414 19,133 22,547 Real estate taxes and insurance 5,788 16,740 22,528 General and administrative 1,341 6,438 7,779 Transaction pursuit costs 60 — 60 Depreciation and amortization 3,811 15,157 18,968 Total operating expenses 14,414 57,468 71,882 Income from operations $ 13,021 $ 7,050 $ 20,071 Nine months ended September 30, 2020 Commercial Residential Total Rental income $ 23,168 $ 69,345 $ 92,513 Total revenues 23,168 69,345 92,513 Property operating expenses 3,060 18,834 21,894 Real estate taxes and insurance 4,853 16,252 21,105 General and administrative 1,083 6,241 7,324 Depreciation and amortization 3,228 14,136 17,364 Total operating expenses 12,224 55,463 67,687 Gain on termination of lease 838 — 838 Income from operations $ 11,782 $ 13,882 $ 25,664 Commercial Residential Total September 30, 2021 (unaudited) $ 310,278 $ 901,338 $ 1,211,616 December 31, 2020 282,789 925,077 1,207,866 Commercial Residential Total Three months ended September 30, 2021 $ 2,591 $ 7,784 $ 10,375 2020 2,072 8,135 10,207 Nine months ended September 30, 2021 $ 6,773 $ 24,185 $ 30,958 2020 6,084 23,890 29,974 Commercial Residential Total Three months ended September 30, 2021 $ 651 $ 11,716 $ 12,367 2020 2,669 8,703 11,372 Nine months ended September 30, 2021 $ 4,825 $ 19,393 $ 24,218 2020 7,063 18,631 25,694 |
Note 1 - Organization (Details
Note 1 - Organization (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($)ft² | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)ft² | Sep. 30, 2020USD ($) | Dec. 31, 2019 | |
Percentage of Aggregate Cash Distributions From, and Profits and Losses | 37.90% | 37.90% | |||
Corporate Joint Venture [Member] | |||||
Joint Venture, Ownership Percentage | 50.00% | ||||
Corporate Joint Venture [Member] | General and Administrative Expense [Member] | |||||
Joint Venture Expense | $ | $ 40 | $ 100 | $ 100 | $ 400 | |
Tribeca House properties in Manhattan [Member] | |||||
Number of Buildings | 2 | 2 | |||
Tribeca House properties in Manhattan [Member] | Residential Rental [Member] | |||||
Gross Leasable Area (Square Foot) | 483,000 | 483,000 | |||
Tribeca House properties in Manhattan [Member] | Rental Retail and Parking [Member] | |||||
Gross Leasable Area (Square Foot) | 77,000 | 77,000 | |||
Tribeca House properties in Manhattan, Building One [Member] | |||||
Number of Stories | 21 | 21 | |||
Tribeca House properties in Manhattan, Building Two [Member] | |||||
Number of Stories | 12 | 12 | |||
Flatbush Gardens in Brooklyn [Member] | Multifamily [Member] | |||||
Number of Buildings | 59 | 59 | |||
Number of Rentable Units | 2,494 | 2,494 | |||
141 Livingston Street in Brooklyn [Member] | Office Building [Member] | |||||
Number of Stories | 15 | 15 | |||
Gross Leasable Area (Square Foot) | 216,000 | 216,000 | |||
250 Livingston Street in Brooklyn [Member] | Office and Residential Building [Member] | |||||
Number of Stories | 12 | 12 | |||
Gross Leasable Area (Square Foot) | 370,000 | 370,000 | |||
Aspen [Member] | |||||
Number of Stories | 7 | 7 | |||
Aspen [Member] | Residential Rental [Member] | |||||
Gross Leasable Area (Square Foot) | 166,000 | 166,000 | |||
Aspen [Member] | Retail Site [Member] | |||||
Gross Leasable Area (Square Foot) | 21,000 | 21,000 | |||
Clover House [Member] | |||||
Number of Stories | 11 | 11 | |||
Clover House [Member] | Apartment Building [Member] | |||||
Gross Leasable Area (Square Foot) | 102,000 | 102,000 | |||
Property at 10 W 65th St. Manhattan, NY [Member] | Residential Rental [Member] | |||||
Number of Stories | 6 | 6 | |||
Gross Leasable Area (Square Foot) | 76,000 | 76,000 | |||
Residential Property in Brooklyn, NY [Member] | Residential Rental [Member] | |||||
Number of Stories | 9 | 9 | |||
Property Located Brooklyn, New York [Member] | Residential Rental [Member] | |||||
Area of Real Estate Property (Square Foot) | 119,000 | 119,000 |
Note 2 - Repurchase of Common_2
Note 2 - Repurchase of Common Stock (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2020 | Aug. 31, 2020 | |
Stock Repurchase Program, Authorized Amount | $ 10,000 | ||
Stock Repurchased During Period, Shares (in shares) | 45,858 | 1,751,444 | |
Stock Repurchased During Period, Value | $ 271 | $ 10,000 |
Note 3 - Significant Accounti_3
Note 3 - Significant Accounting Policies (Details Textual) $ / shares in Units, $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||
May 31, 2021shares | Mar. 31, 2021$ / sharesshares | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2020shares | Dec. 31, 2020USD ($)$ / sharesshares | |
Number of Operating Segments | 2 | ||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ | $ 2,900 | $ 2,400 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year | ||||
Percent of Distributed Dividends Equal to Taxable REIT Income | 90.00% | ||||
Income Tax Expense (Benefit), Total | $ | $ 0 | ||||
Weighted Average Number Diluted Shares Outstanding Adjustment, Total (in shares) | 0 | 0 | |||
Class B LLC Units [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 26,317 | ||||
LTIP Units [Member] | Employees [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 222,298 | ||||
LTIP Units [Member] | Non-employee Director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 102,894 | 1,702,174 | 1,410,371 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 8.34 | $ 9.66 | $ 9.90 | ||
LTIP Units [Member] | Chief Financial Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 33,389 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number (in shares) | 19,984 |
Note 3 - Significant Accounti_4
Note 3 - Significant Accounting Policies - Estimated Useful Lives of Assets (Details) | 9 Months Ended |
Sep. 30, 2021 | |
Building and Building Improvements [Member] | |
Estimated useful life (Year) | 44 years |
Building and Building Improvements [Member] | Minimum [Member] | |
Estimated useful life (Year) | 10 years |
Furniture, Fixtures and Equipment [Member] | |
Estimated useful life (Year) | 15 years |
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | |
Estimated useful life (Year) | 3 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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net loss attributable to common stockholders | $ (1,295) | $ (1,167) | $ (5,224) | $ (3,413) |
Less: income attributable to participating securities | (161) | (134) | (491) | (344) |
Subtotal | $ (1,456) | $ (1,301) | $ (5,715) | $ (3,757) |
Weighted-average common shares outstanding (in shares) | 16,063 | 17,811 | 16,063 | 17,814 |
Basic and diluted net loss per share attributable to common stockholders (in dollars per share) | $ (0.09) | $ (0.08) | $ (0.36) | $ (0.21) |
Note 4 - Deferred Costs and I_3
Note 4 - Deferred Costs and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Amortization of Lease Origination Costs and In-place Lease Intangible Assets | $ 58 | $ 73 | $ 170 | $ 425 |
Write off of Fully Amortized Lease Origination Costs and In-place Leases | 10 | |||
Amortization of Real Estate Abatements | $ 120 | $ 120 | $ 361 | $ 360 |
Note 4 - Deferred Costs and I_4
Note 4 - Deferred Costs and Intangible Assets - Deferred Costs and Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Deferred costs | $ 348 | $ 348 |
Lease origination costs | 1,150 | 1,078 |
In-place leases | 428 | 428 |
Real estate tax abatements | 9,142 | 9,142 |
Total deferred costs and intangible assets | 11,068 | 10,996 |
Less accumulated amortization | (3,807) | (3,276) |
Total | $ 7,261 | $ 7,720 |
Note 4 - Deferred Costs and I_5
Note 4 - Deferred Costs and Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
2021 (Remainder) | $ 177 | |
2022 | 679 | |
2023 | 569 | |
2024 | 554 | |
2025 | 543 | |
Thereafter | 4,739 | |
Total | $ 7,261 | $ 7,720 |
Note 5 - Below-market Leases,_3
Note 5 - Below-market Leases, Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Amortization of Below Market Lease | $ 33 | $ 130 | $ 96 | $ 388 |
Amortization of Below Market Lease, Write Off | $ 488 |
Note 5 - Below-market Leases,_4
Note 5 - Below-market Leases, Net - Below-market Lease Intangibles Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Below-market leases | $ 297 | $ 785 |
Less accumulated amortization | (236) | (628) |
Total | $ 61 | $ 157 |
Note 5 - Below-market Leases,_5
Note 5 - Below-market Leases, Net - Future Amortization Income (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
2021 (Remainder) | $ 8 | |
2022 | 35 | |
2023 | 18 | |
Total | $ 61 | $ 157 |
Note 6 - Notes Payable (Details
Note 6 - Notes Payable (Details Textual) - USD ($) $ in Thousands | Aug. 10, 2021 | Feb. 18, 2021 | May 08, 2020 | Dec. 24, 2019 | May 31, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Nov. 01, 2027 | Jul. 31, 2028 | Jun. 30, 2021 | Dec. 31, 2020 | Nov. 08, 2019 | Feb. 21, 2018 | Oct. 27, 2017 | Jun. 27, 2016 |
Long-term Debt, Gross | $ 1,114,595 | $ 1,114,595 | $ 1,089,720 | ||||||||||||||
Long-term Debt, Total | 1,102,492 | 1,102,492 | $ 1,079,458 | ||||||||||||||
Gain (Loss) on Extinguishment of Debt, Total | $ 0 | $ 0 | (3,034) | $ (4,228) | |||||||||||||
Metlife Real Estate Lending LLC [Member] | Clover House Loans [Member] | |||||||||||||||||
Long-term Debt, Gross | $ 82,000 | ||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.53% | ||||||||||||||||
Secured First Mortgage Loan [Member] | New York Community Bank [Member] | |||||||||||||||||
Debt Instrument, Face Amount | $ 329,000 | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.125% | ||||||||||||||||
Debt Instrument, Interest and Principal Payments Period (Year) | 30 years | ||||||||||||||||
Secured First Mortgage Loan [Member] | New York Community Bank [Member] | Flatbush Gardens, Brooklyn, NY [Member] | |||||||||||||||||
Gain (Loss) on Extinguishment of Debt, Total | $ (4,228) | ||||||||||||||||
Secured First Mortgage Loan [Member] | New York Community Bank [Member] | Prime Rate [Member] | |||||||||||||||||
Debt Instrument, 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 (Month) | 3 months | ||||||||||||||||
Mortgages 2 [Member] | New York Community Bank [Member] | 141 Livingston Street, Brooklyn [Member] | |||||||||||||||||
Long-term Debt, Gross | $ 79,500 | ||||||||||||||||
Mortgages 2 [Member] | AIG Asset Management[Member] | Residential Property At 1010 Pacific Street [Member] | |||||||||||||||||
Debt Instrument, Prepayment Option, Number of Months Before Maturity (Month) | 5 months | ||||||||||||||||
Debt Instrument, Term (Year) | 36 months | ||||||||||||||||
Mortgages 2 [Member] | AIG Asset Management[Member] | Residential Property At 1010 Pacific Street [Member] | Minimum [Member] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.10% | ||||||||||||||||
Mortgages 2 [Member] | AIG Asset Management[Member] | London Interbank Offered Rate (LIBOR) [Member] | Residential Property At 1010 Pacific Street [Member] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.60% | ||||||||||||||||
Debt Agreement Maximum Borrowing Capacity | $ 52,500 | ||||||||||||||||
Secured First Mortgage Note [Member] | Citi Real Estate Funding Inc. [Member] | 141 Livingston Street, Brooklyn [Member] | |||||||||||||||||
Debt Instrument, Face Amount | $ 100,000 | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.21% | ||||||||||||||||
Debt Instrument, Prepayment Option, Number of Months Before Maturity (Month) | 3 months | ||||||||||||||||
Debt Instrument, Term (Year) | 10 years | ||||||||||||||||
Gain (Loss) on Extinguishment of Debt, Total | $ (3,034) | ||||||||||||||||
Fixed Interest Rate Financing [Member] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.506% | ||||||||||||||||
Long-term Debt, Gross | $ 360,000 | ||||||||||||||||
Mortgages [Member] | New York Community Bank [Member] | Property at 10 W 65th St. Manhattan, NY [Member] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.375% | ||||||||||||||||
Long-term Debt, Gross | $ 34,350 | ||||||||||||||||
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% | ||||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 152 | ||||||||||||||||
Mortgages [Member] | Capital One Multifamily Finance LLC [Member] | Aspen [Member] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.68% | ||||||||||||||||
Long-term Debt, Gross | $ 70,000 | ||||||||||||||||
Mortgages [Member] | Capital One Multifamily Finance LLC [Member] | Aspen [Member] | Forecast [Member] | |||||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 321 | ||||||||||||||||
Mortgages [Member] | Citibank NA [Member] | Residential Property At 1010 Pacific Street [Member] | |||||||||||||||||
Long-term Debt, Gross | $ 18,600 | ||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.85% | ||||||||||||||||
Mortgages [Member] | Citibank NA [Member] | Residential Property At 1010 Pacific Street [Member] | Minimum [Member] | |||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 1.25% | ||||||||||||||||
Mortgages [Member] | Citibank NA [Member] | London Interbank Offered Rate (LIBOR) [Member] | Residential Property At 1010 Pacific Street [Member] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.60% | ||||||||||||||||
Construction Loans [Member] | Citibank NA [Member] | |||||||||||||||||
Long-term Debt, Total | $ 2,280 | ||||||||||||||||
Construction Loans [Member] | Citibank NA [Member] | Residential Property At 1010 Pacific Street [Member] | |||||||||||||||||
Debt Agreement Maximum Borrowing Capacity | $ 2,987 |
Note 6 - Notes Payable - Mortga
Note 6 - Notes Payable - Mortgages and Mezzanine Note Payable (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Debt, gross | $ 1,114,595 | $ 1,089,720 | |
Unamortized debt issuance costs | (12,103) | (10,262) | |
Total debt, net of unamortized debt issuance costs | $ 1,102,492 | 1,079,458 | |
Mortgages and Mezzanine Notes 1[Member] | Flatbush Gardens, Brooklyn, NY [Member] | |||
Interest rate | [1] | 3.125% | |
Debt, gross | [1] | $ 329,000 | 329,000 |
Mortgages and Mezzanine Notes 1[Member] | 250 Livingston Street in Brooklyn [Member] | |||
Interest rate | [2] | 3.63% | |
Debt, gross | [2] | $ 125,000 | 125,000 |
Mortgages and Mezzanine Notes 1[Member] | 141 Livingston Street, Brooklyn [Member] | |||
Interest rate | [3] | 3.875% | |
Debt, gross | [3] | 74,241 | |
Mortgages and Mezzanine Notes 1[Member] | Tribeca House Properties [Member] | |||
Interest rate | [4] | 4.506% | |
Debt, gross | [4] | $ 360,000 | 360,000 |
Mortgages and Mezzanine Notes 1[Member] | Aspen [Member] | |||
Interest rate | [5] | 3.68% | |
Debt, gross | [5] | $ 64,413 | 65,485 |
Mortgages and Mezzanine Notes 1[Member] | Clover House [Member] | |||
Interest rate | [6] | 3.53% | |
Debt, gross | [6] | $ 82,000 | 82,000 |
Mortgages and Mezzanine Notes 1[Member] | Property at 10 W 65th St. Manhattan, NY [Member] | |||
Interest rate | [7] | 3.375% | |
Debt, gross | [7] | $ 33,098 | 33,619 |
Mortgages and Mezzanine Notes 1[Member] | Residential Property At 1010 Pacific Street [Member] | |||
Debt, gross | [8] | 20,375 | |
Mortgages and Mezzanine Notes 2 [Member] | 141 Livingston Street, Brooklyn [Member] | |||
Interest rate | [3] | 3.21% | |
Debt, gross | [3] | $ 100,000 | |
Mortgages and Mezzanine Notes 2 [Member] | Residential Property At 1010 Pacific Street [Member] | |||
Debt, gross | [8] | 21,084 | |
Mortgages and Mezzanine Notes [Member] | |||
Unamortized debt issuance costs | $ (12,103) | $ (10,262) | |
[1] | The $329,000 mortgage note agreement with New York Community Bank (“NYCB”), entered into on May 8, 2020, matures on June 1, 2032, and bears interest at 3.125% through May 2027 and thereafter at the prime rate plus 2.75%, subject to an option to fix the rate. The note requires interest-only payments through May 2027, 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] | The $125,000 mortgage note agreement with Citi Real Estate Funding Inc., entered into on May 31, 2019, 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] | On February 18, 2021, the Company refinanced the $79,500 mortgage note agreement with NYCB, with a $100,000, ten-year secured first mortgage note with Citi Real Estate Funding Inc. The note matures on March 6, 2031, bears interest at 3.21% 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. | ||
[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] | The $82,000 mortgage note agreement with MetLife Investment Management, entered into on November 8, 2019, matures on December 1, 2029, bears interest at 3.53% and requires interest-only payments for the entire term. The Company has the option, commencing on January 1, 2024, to prepay the note prior to the maturity date, subject to a prepayment premium if it occurs prior to September 2, 2029. | ||
[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% through October 2022 and thereafter at the prime rate plus 2.75%, subject to an option to fix the rate. The note required interest-only payments through November 2019, and monthly principal and interest payments of $152 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. | ||
[8] | On December 24, 2019, the Company entered into a $18,600 mortgage note agreement with CIT Bank, N.A., related to the 1010 Pacific Street acquisition. The Company also entered into a pre-development bridge loan secured by the property with the same lender to provide up to $2,987 for eligible pre-development and carrying costs, of which $2,280 was drawn as of June 30, 2021. The notes were scheduled to mature on June 24, 2021, required interest-only payments and bore interest at one-month LIBOR (with a floor of 1.25%) plus 3.60% (4.85% as of June 30, 2021). The notes were extended in June 2021 with a new maturity date of August 30, 2021. The Company guaranteed this mortgage note and complied with the financial covenants therein. On August 10, 2021, the Company refinanced the above 1010 Pacific Street loan with a group of loans with AIG Asset Management (U.S.), LLC providing for maximum borrowings of $52,500 to develop the property. The notes have a 36 month term, bear interest at 30 day LIBOR plus 3.60% (with a floor of 4.1%). The notes mature on September 1, 2024 and may be extended until September 1, 2026. The Company may prepay the unpaid balance of the note within five months of maturity. |
Note 6 - Notes Payable - Summar
Note 6 - Notes Payable - Summary of Principal Payment Requirements (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
2021 (Remainder) | $ 543 | |
2022 | 2,215 | |
2023 | 2,296 | |
2024 | 23,459 | |
2025 | 2,468 | |
Thereafter | 1,083,614 | |
Total | $ 1,114,595 | $ 1,089,720 |
Note 7 - Rental Income Under _3
Note 7 - Rental Income Under Operating Leases (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Total Revenue [Member] | Customer Concentration Risk [Member] | City of New York [Member] | ||||
Concentration Risk, Percentage | 25.00% | 22.00% | 25.00% | 20.00% |
Note 7 - Rental Income Under _4
Note 7 - Rental Income Under Operating Leases - Minimum Future Cash Rents Receivable (Details) $ in Thousands | Sep. 30, 2021USD ($) |
2021 (Remainder) | $ 7,452 |
2022 | 30,279 |
2023 | 29,042 |
2024 | 28,663 |
2025 | 22,976 |
Thereafter | 11,638 |
Total | $ 130,050 |
Note 8 - Fair Value of Financ_3
Note 8 - Fair Value of Financial Instruments (Details Textual) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | |
Interest Rate Cap 1 [Member] | |||
Derivative Assets (Liabilities), at Fair Value, Net, Total | $ 0 | ||
Derivative, Gain (Loss) on Derivative, Net, Total | $ 0 | $ 0 | |
Interest Rate Cap 2 [Member] | |||
Derivative, Gain (Loss) on Derivative, Net, Total | 0 | 0 | |
Interest Rate Cap 3 [Member] | |||
Derivative, Gain (Loss) on Derivative, Net, Total | $ 0 | $ (14) |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Reported Value Measurement [Member] | ||
Mortgage notes payable | $ 1,114,595 | $ 1,089,720 |
Estimate of Fair Value Measurement [Member] | ||
Mortgage notes payable | $ 1,175,689 | $ 1,204,201 |
Note 9 - Commitments and Cont_3
Note 9 - Commitments and Contingencies (Details Textual) $ in Thousands | Sep. 30, 2021USD ($) |
Financing Receivable Deferred Payments | $ 700 |
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 | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Percentage | 100.00% | 100.00% | 100.00% |
Commercial Segment [Member] | |||
Percentage | 27.00% | 30.00% | 25.00% |
Residential Segment [Member] | |||
Percentage | 73.00% | 70.00% | 75.00% |
Note 10 - Related-party Trans_2
Note 10 - Related-party Transactions (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Overhead Charged Related to Office Expenses [Member] | General and Administrative Expense [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 66 | $ 66 | $ 200 | $ 199 |
Reimbursable Payroll Expense [Member] | General and Administrative Expense [Member] | ||||
Related Party Transaction, Amounts of Transaction | 8 | 63 | 25 | 52 |
Firms in Which Two Directors Were Principals or Partners [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 200 | $ 0 | $ 604 | $ 5 |
Note 11 - Segment Reporting - S
Note 11 - Segment Reporting - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Total revenues | $ 30,631 | $ 30,040 | $ 91,953 | $ 92,513 | |
Property operating expenses | 6,684 | 7,867 | 22,547 | 21,894 | |
Real estate taxes and insurance | 7,853 | 7,463 | 22,528 | 21,105 | |
General and administrative | 2,684 | 2,297 | 7,779 | 7,324 | |
Depreciation and amortization | 6,452 | 5,934 | 18,968 | 17,364 | |
Total operating expenses | 23,673 | 23,561 | 71,882 | 67,687 | |
Income from operations | 6,958 | 7,317 | 20,071 | 25,664 | |
Gain on termination of lease | 0 | 838 | 0 | 838 | |
Transaction pursuit costs | 0 | 0 | 60 | 0 | |
Total Assets | 1,211,616 | 1,211,616 | $ 1,207,866 | ||
Interest expense | 10,375 | 10,207 | 30,958 | 29,974 | |
Capital expenditures | 12,367 | 11,372 | 24,218 | 25,694 | |
Rental Income [Member] | |||||
Total revenues | 30,631 | 30,040 | 92,513 | ||
Commercial Segment [Member] | |||||
Total revenues | 9,290 | 8,092 | 27,435 | 23,168 | |
Property operating expenses | 1,183 | 1,025 | 3,414 | 3,060 | |
Real estate taxes and insurance | 1,999 | 5,788 | 4,853 | ||
General and administrative | 507 | 234 | 1,341 | 1,083 | |
Depreciation and amortization | 1,294 | 1,117 | 3,811 | 3,228 | |
Total operating expenses | 4,983 | 4,293 | 14,414 | 12,224 | |
Income from operations | 4,307 | 4,637 | 13,021 | 11,782 | |
Gain on termination of lease | 838 | 838 | |||
Transaction pursuit costs | 60 | ||||
Total Assets | 310,278 | 310,278 | 282,789 | ||
Interest expense | 2,591 | 2,072 | 6,773 | 6,084 | |
Capital expenditures | 651 | 2,669 | 4,825 | 7,063 | |
Commercial Segment [Member] | Rental Income [Member] | |||||
Total revenues | 9,290 | 8,092 | 23,168 | ||
Residential Segment [Member] | |||||
Total revenues | 21,341 | 21,948 | 64,518 | 69,345 | |
Property operating expenses | 5,501 | 6,842 | 19,133 | 18,834 | |
Real estate taxes and insurance | 5,854 | 5,546 | 16,740 | 16,252 | |
General and administrative | 2,177 | 2,063 | 6,438 | 6,241 | |
Depreciation and amortization | 5,158 | 4,817 | 15,157 | 14,136 | |
Total operating expenses | 18,690 | 19,268 | 57,468 | 55,463 | |
Income from operations | 2,651 | 2,680 | 7,050 | 13,882 | |
Gain on termination of lease | 0 | 0 | |||
Transaction pursuit costs | 0 | ||||
Total Assets | 901,338 | 901,338 | $ 925,077 | ||
Interest expense | 7,784 | 8,135 | 24,185 | 23,890 | |
Capital expenditures | 11,716 | 8,703 | $ 19,393 | 18,631 | |
Residential Segment [Member] | Rental Income [Member] | |||||
Total revenues | $ 21,341 | $ 21,948 | $ 69,345 |