Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Mar. 27, 2020 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q4 | |
Trading Symbol | CK0001713407 | |
Entity Registrant Name | OAKTREE REAL ESTATE INCOME TRUST, INC. | |
Entity Central Index Key | 0001713407 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 18,065,822 | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Public Float | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Investments in real estate, net | $ 223,344,431 | $ 0 |
Investments in real estate-related loans, net | 49,297,799 | 0 |
Intangible assets, net | 7,453,487 | 0 |
Cash and cash equivalents | 30,308,600 | 183,454 |
Restricted cash | 741,604 | 0 |
Accounts and other receivables, net | 1,769,446 | 0 |
Other assets | 570,625 | 0 |
Total Assets | 313,485,992 | 183,454 |
Liabilities and Equity (Deficit) | ||
Mortgage loans, net | 158,476,854 | 0 |
Due to affiliates | 5,953,312 | 198,181 |
Intangible liabilities, net | 57,159 | 0 |
Accounts payable, accrued expenses and other liabilities | 3,580,729 | 102,930 |
Commitments and contingencies (Note 12) | 0 | 0 |
Total Liabilities | 168,068,054 | 301,111 |
Stockholders’ Equity (Deficit) | ||
Preferred stock, $0.01 par value per share, 50,000,000 shares authorized; no shares issued or outstanding at December 31, 2019 and 2018, respectively | 0 | 0 |
Common stock, $0.01 par value per share, 1,000,000,000 shares authorized; 14,997,217 and 20,000 shares issued and outstanding at December 31, 2019 and 2018, respectively | 149,972 | 200 |
Additional paid-in capital | 145,350,064 | 250,038 |
Accumulated deficit | (5,430,110) | (367,895) |
Total Stockholders’ Equity (Deficit) | 140,069,926 | (117,657) |
Non-controlling interests attributable to third party joint ventures | 5,348,012 | 0 |
Total Equity (Deficit) | 145,417,938 | (117,657) |
Total Liabilities and Stockholders’ Equity (Deficit) | 313,485,992 | 183,454 |
Variable Interest Entity, Primary Beneficiary | ||
Assets | ||
Investments in real estate, net | 0 | |
Investments in real estate-related loans, net | 0 | |
Intangible assets, net | 1,629,776 | 0 |
Cash and cash equivalents | 0 | |
Restricted cash | 1,097,447 | 0 |
Accounts and other receivables, net | 133,795 | 0 |
Other assets | 234,400,540 | 0 |
Liabilities and Equity (Deficit) | ||
Mortgage loans, net | 158,476,854 | 0 |
Intangible liabilities, net | 57,159 | 0 |
Accounts payable, accrued expenses and other liabilities | 2,802,865 | 0 |
Total Liabilities | $ 161,336,878 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 14,997,217 | 20,000 |
Common Stock, Shares, Outstanding | 14,997,217 | 20,000 |
Conolidated Statements of Opera
Conolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | ||
Rental revenues | $ 7,128,209 | $ 0 |
Other revenues | 411,698 | 0 |
Total revenues | 7,539,907 | 0 |
Expenses | ||
Rental property operating | 3,071,766 | 0 |
General and administrative expenses | 1,616,252 | 369,870 |
Organizational expenses | 885,061 | 0 |
Base management fee | 107,563 | 0 |
Performance participation allocation | 200,649 | 0 |
Depreciation and amortization | 5,012,259 | 0 |
Total expenses | 10,893,550 | 369,870 |
Fees waived | (107,563) | 0 |
Net expenses | 10,785,987 | 369,870 |
Other (expense) income | ||
Income from real estate-related loans | 2,299,154 | 0 |
Interest income | 6,567 | 1,975 |
Interest expense | (4,048,089) | 0 |
Total other (expense) income | (1,742,368) | 1,975 |
Net loss | (4,988,448) | (367,895) |
Net loss attributable to non-controlling interests | 265,570 | 0 |
Net loss attributable to stockholders | $ (4,722,878) | $ (367,895) |
Net loss per share (in dollars per share) | $ (4.49) | $ (18.39) |
Weighted average number of shares outstanding (in shares) | 1,050,861 | 20,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Deficit) - 12 months ended Dec. 31, 2019 - USD ($) | Total | Common Stock Class I | Common Stock Class S | Common Stock Class T | Common Stock Class D | Total Stockholder's (Deficit) Equity | Total Stockholder's (Deficit) EquityCommon Stock Class I | Common Stock | Common StockCommon Stock Class I | Common StockCommon Stock Class S | Common StockCommon Stock Class T | Common StockCommon Stock Class D | Additional Paid-In Capital | Additional Paid-In CapitalCommon Stock Class I | Additional Paid-In CapitalCommon Stock Class S | Accumulated Deficit | Non-controlling Interests |
Beginning Balance (in shares) at Dec. 31, 2018 | 20,000 | ||||||||||||||||
Beginning Balance at Dec. 31, 2018 | $ (117,657) | $ (117,657) | $ 200 | $ 0 | $ 0 | $ 0 | $ 250,038 | $ (367,895) | $ 0 | ||||||||
Share-based compensation (in shares) | 7,000 | ||||||||||||||||
Share-based compensation | $ 74,876 | 74,876 | 70 | 74,806 | |||||||||||||
Common stock issued (in shares) | 14,970,217 | 9,118,617 | 5,851,600 | 0 | 0 | 9,118,617 | 5,851,600 | ||||||||||
Common stock issued, value | $ 91,186,165 | $ 58,863,835 | $ 91,186,165 | 91,186 | $ 58,516 | $ 91,094,979 | $ 58,805,319 | ||||||||||
Contributions | 5,744,728 | ||||||||||||||||
Distributions | (470,483) | (339,337) | (339,337) | (131,146) | |||||||||||||
Offering costs | (4,875,078) | (4,875,078) | (4,875,078) | ||||||||||||||
Net loss | (4,988,448) | (4,722,878) | (4,722,878) | (265,570) | |||||||||||||
Ending Balance (in shares) at Dec. 31, 2019 | 14,997,217 | ||||||||||||||||
Ending Balance at Dec. 31, 2019 | $ 145,417,938 | $ 140,069,926 | $ 91,456 | $ 58,516 | $ 0 | $ 0 | $ 145,350,064 | $ (5,430,110) | $ 5,348,012 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (4,988,448) | $ (367,895) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 5,012,259 | 0 |
Amortization of restricted stock grants | 74,876 | 0 |
Amortization of deferred financing costs | 50,313 | 50,238 |
Amortization of discount | (416,639) | 0 |
Changes in assets and liabilities: | ||
Increase in other assets | (570,625) | 0 |
Increase in accounts and other receivables | (1,769,446) | 0 |
Increase in accounts payable, accrued expenses and other liabilities | 3,138,462 | 102,930 |
Increase in due to affiliates | 880,053 | 198,181 |
Net cash used in operating activities | (176,569) | (16,546) |
Cash flows from investing activities | ||
Acquisition of real estate | (233,193,194) | 0 |
Purchase of real estate-related loans | (48,881,160) | 0 |
Building improvements | (972,450) | 0 |
Net cash used in investing activities | (283,046,804) | 0 |
Cash flows from financing activities: | ||
Borrowings from mortgage loans | 159,411,000 | 0 |
Proceeds from affiliate line of credit | 106,391,162 | 0 |
Repayments of affiliate line of credit | (19,510,997) | 0 |
Payment of deferred financing costs | (984,459) | 0 |
Proceeds from issuance of common stock | 63,169,835 | 0 |
Distributions to non-controlling interests | (131,146) | 0 |
Contributions from non-controlling interests | 5,744,728 | 0 |
Net cash provided by financing activities | 314,090,123 | 0 |
Net change in cash and cash-equivalents and restricted cash | 30,866,750 | (16,546) |
Cash and cash-equivalents and restricted cash, beginning of period | 183,454 | |
Cash and cash-equivalents and restricted cash, end of period | 31,050,204 | 183,454 |
Cash and cash-equivalents and restricted cash, beginning of period | 31,050,204 | 183,454 |
Non-cash investing and financing activities: | ||
Interest paid | 1,819,688 | |
Non-cash investing and financing activities: | ||
Line of credit repayment through issuance of Class I shares | (86,880,165) | 0 |
Accrued distributions | 339,337 | 0 |
Accrued stockholder servicing fee | $ 35,809 | $ 0 |
Organization and Business Purpo
Organization and Business Purpose | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business Purpose | Organization and Business Purpose Oaktree Real Estate Income Trust, Inc. (the “Company”) was formed on July 27, 2017 as a Maryland corporation and intends to maintain its qualification as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. The Company seeks to invest primarily in well-located, high quality commercial real estate assets that generate strong current cash flow and could further appreciate in value through moderate leasing and repositioning strategies. Moreover, to a lesser extent, the Companys invests in real estate-related investments, including private loans and traded real estate-related securities that will help maintain liquidity. The Company is externally managed by Oaktree Fund Advisors, LLC (the “Adviser”), an affiliate of Oaktree Capital Management, L.P. On January 9, 2018 , the Company was capitalized with a $200,000 investment by an affiliate of the Adviser. The Company has registered with the Securities and Exchange Commission, (the "SEC"), an offering of up to $1,600,000,000 in shares in its primary offering and up to $400,000,000 in shares pursuant to its distribution reinvestment plan (the “Offering”). The Company is selling any combination of the four classes of shares of its common stock, Class T shares, Class S shares, Class D shares and Class I shares, with a dollar value up to the maximum offering amount. The share classes have different upfront selling commissions and ongoing stockholder servicing fees. As of December 6, 2019, the Company had satisfied the minimum offering requirement and the Company’s board of directors had authorized the release of proceeds from escrow. As of such date, the escrow agent released gross proceeds of approximately $150.0 million (including approximately $86.9 million that was funded by Oaktree) to the Company in connection with the sale of shares of the Company’s common stock. The purchase price per share for each class of common stock in the Offering will vary and will generally equal the Company’s prior month’s net asset value (“NAV”) per share, as determined monthly, plus applicable upfront selling commissions and dealer manager fees. As of December 31, 2019, the Company owned three investments in real estate and had two positions in real estate-related loans. |
Capitalization
Capitalization | 12 Months Ended |
Dec. 31, 2019 | |
Capitalization, Long-term Debt and Equity [Abstract] | |
Capitalization | Capitalization As of December 31, 2019 the Company was authorized to issue up to 1,000,000,000 shares of common stock. On April 11, 2018, the Company amended and restated its charter to authorize the following classes of common stock: Classification No. of Authorized Shares Par Value Per Share Preferred stock 50,000,000 $ 0.01 Class T common stock 250,000,000 $ 0.01 Class S common stock 250,000,000 $ 0.01 Class D common stock 250,000,000 $ 0.01 Class I common stock 250,000,000 $ 0.01 1,050,000,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements include the accounts of the Company and have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The Company consolidates entities in which it retains a controlling financial interest or entities that meet the definition of a variable interest entity (“VIE”) for which it is deemed to be the primary beneficiary. In performing an analysis of whether it is the primary beneficiary, at initial investment and at each quarterly reporting period, the Company considers whether it individually has the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and also has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, involves significant judgments, including the determination of which activities most significantly affect the entity’s performance, estimates about the current and future fair values and performance of assets held by the entity and/or general market conditions. If an entity is determined to be a VIE, the Company evaluates whether it is the primary beneficiary. The primary beneficiary analysis is a qualitative analysis based on power and benefits. The Company consolidates a VIE if it has both power and benefits - that is, (i) the power to direct the activities of a VIE that most significantly influence the VIE’s economic performance, and (ii) the obligation to absorb losses of the VIE that could potentially be significant to the VIE, or the right to receive benefits from the VIE that potentially could be significant to the VIE. The Company consolidates all VIEs for which it is the primary beneficiary, including the Company’s joint ventures with TruAmerica Multifamily, LLC (“TruAmerica”), Hines Interests Limited Partnership ("Hines") and Holland Partner Group ("Holland") to hold the Anzio Apartments, Two Liberty Center and Ezlyn properties, respectively (see Note 4). As of December 31, 2019, the total assets and liabilities of the Company's consolidated VIE, were $234.4 million and $161.3 million , respectively. Such amounts are included on the Company's Consolidated Balance Sheets. For each of our Company's consolidated VIEs, certain assets are pledged as collateral for specific obligations of the VIE. There are no creditors or other partners of the Company's consolidated VIEs that have recourse to its general credit. The Company's maximum exposure to the Company's consolidated VIEs is limited to the Company's variable interests in each VIE. If a legal entity fails to meet any of the three characteristics of a VIE (due to insufficiency of equity, existence of non-substantive voting rights, or lack of a controlling financial interest), the Company then evaluates such entity under the voting model. Under the voting model, the Company consolidates the entity if it determines that it, directly or indirectly, has greater than 50% of the voting rights and that other equity holders do not have substantive participating rights. If the Company has a variable interest in a VIE but is not the primary beneficiary, or if the Company has the ability to exercise significant influence over a voting interest entity but does not have control, it accounts for its investment using the equity method of accounting. Investments in Real Estate The Company evaluates each real estate acquisition to determine whether the integrated set of acquired assets and activities meets the definition of a business. Generally, acquisitions of real estate or in-substance real estate are not expected to meet the definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings and related intangible assets) or because the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. When evaluating acquired service or management contracts, the Company considers the nature of the services performed, the terms of the contract relative to similar arm’s length contracts, and the availability of comparable service providers in evaluating whether the acquired contract constitutes a substantive process. The acquisitions of Anzio Apartments, Two Liberty Center and Ezlyn properties were accounted for as asset acquisitions because substantially all of the fair value was concentrated in the land, buildings and related intangible assets. For acquisitions of real estate and in-substance real estate that are accounted for as business combinations, the Company recognizes the assets acquired (including the intangible value of acquired above- or below-market leases, acquired in-place leases, tenant relationships and other intangible assets or liabilities), liabilities assumed, noncontrolling interests, and previously existing ownership interests, if any, at fair value as of the acquisition date. Any excess (deficit) of the consideration transferred relative to the fair value of the net assets acquired is recognized as goodwill (bargain purchase gain). In business combinations, the preliminary purchase price allocation may be subject to change based upon additional information about facts and circumstances that existed as of the acquisition date, with such measurement period extending no later than 12 months from the acquisition date. Acquisition costs related to business combinations are expensed as incurred. Acquisitions of real estate and in-substance real estate that do not meet the definition of a business are accounted for as asset acquisitions. The accounting model for asset acquisitions is similar to the accounting model for business combinations except that the consideration transferred (including acquisition costs) is allocated to the acquired assets and assumed liabilities on a relative fair value basis. As a result, asset acquisitions do not result in the recognition of goodwill or a bargain purchase gain. The results of operations of acquired properties are included in the Company’s results of operations from the respective dates of acquisition. Estimates of future cash flows used to estimate the fair values of identifiable assets acquired and liabilities assumed are based upon a number of factors including the property’s historical operating results, known and anticipated trends, and market and economic conditions. Values of buildings and improvements are determined on an as-if-vacant basis. The estimated fair value of acquired in-place leases include the costs the Company would have incurred to lease the properties to their occupancy levels at the date of acquisition. Such estimates include the fair value of leasing commissions, legal costs and other direct costs that would be incurred to lease the properties to such occupancy levels. The Company evaluates avoided costs over the time period over which occupancy levels at the date of acquisition would be achieved had the property been acquired vacant. Such evaluation includes an estimate of the net market-based rental revenues and net operating costs (primarily consisting of real estate taxes, insurance and utilities) that would be incurred during the lease-up period. Acquired in-place leases are amortized over the remaining lease terms as a component of depreciation and amortization expense. For acquired in-place leases, above- and below-market lease values are recorded based on the present value (using an interest rate that reflects the risks associated with the lease acquired) of the difference between the contractual amounts to be paid pursuant to the in-place leases and management’s estimate of fair market value lease rates for the corresponding in-place leases. The values of acquired above- and below-market leases are amortized over the terms of the related leases and recognized as either increases (for below-market leases) or decreases (for above-market leases) to rental revenue. Should a tenant terminate its lease, the unamortized portion of the in-place lease value is charged to amortization expense and the unamortized portion of the above- or below-market lease value is charged to rental revenue. Expenditures that improve or extend the life of an acquired property are capitalized and depreciated over their estimated useful life. Expenditures for ordinary maintenance and repairs are expensed as incurred. The cost of buildings and improvements includes the purchase price of the Company’s properties and any acquisition-related costs, along with any subsequent improvements to such properties. The Company’s investments in real estate are stated at cost and are generally depreciated on a straight-line basis over the estimated useful lives of the assets as follows: Description Depreciable Life Building 30-40 years Building and improvements 5-10 years Furniture, fixtures and equipment 1-7 years Tenant improvements Shorter of estimated useful life or lease term In-place lease intangibles Over lease term Above and below market leases Over lease term Lease origination costs Over lease term The Company reviews its real estate portfolio on a periodic basis to ascertain if there are any indicators of impairment in the carrying values of any of its real estate assets, including deferred costs and intangibles, in order to determine if there is any need for an impairment charge. In reviewing the portfolio, the Company examines the type of asset, the economic situation in the area in which the asset is located, the economic situation in the industry in which the tenant is involved and the timeliness of the payments made by the tenant under its lease, as well as any current correspondence that may have been had with the tenant, including property inspection reports. For each real estate asset for which indicators of impairment are identified, the Company performs a recoverability analysis that compares future undiscounted cash flows expected to result from the use and eventual disposition of the asset to its carrying value. If the undiscounted cash flow analysis yields an amount which is less than the assets’ carrying amount, an impairment loss will be recorded equal to the amount by which the carrying value of the asset exceeds its estimated fair value. The estimated fair value is determined using a discounted cash flow model of the expected future cash flows through the useful life of the property. Real estate assets that are expected to be disposed of are valued at the lower of carrying amount or fair value less costs to sell on an individual asset basis. As of December 31, 2019, the Company had not identified any indicators of impairment with respect to its real estate portfolio. Investments in Real Estate-Related Loans Loans that the Company has the intent and ability to hold for the foreseeable future are classified as held for investment. Originated loans are recorded at amortized cost, or outstanding unpaid principal balance less net deferred loan fees. Net deferred loan fees include unamortized origination and other fees charged to the borrower less direct incremental loan origination costs incurred by the Company. Purchased loans are recorded at amortized cost, or unpaid principal balance plus purchase premium or less unamortized discount. Costs to purchase loans are expensed as incurred. Interest income is recognized based upon contractual interest rate and unpaid principal balance of the loans. Net deferred loan fees on originated loans are deferred and amortized as adjustments to interest income over the expected life of the loans using the effective yield method. Premium or discount on purchased loans are amortized as adjustments to interest income over the expected life of the loans using the effective yield method. When a loan is prepaid, prepayment fees and any excess of proceeds over the carrying amount of the loan are recognized as additional interest income. Loans that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual. Interest receivable is reversed against interest income when loans are placed on nonaccrual status. Interest collected on a nonaccrual loan is either recognized as income on a cash basis or applied as a reduction to the loan’s carrying value, depending on the ultimate collectability of the loan. Loans may be restored to accrual status when all principal and interest are current and full repayment of the remaining contractual principal and interest are reasonably assured. Loans are considered to be impaired when it is probable that the Company will not be able to collect all amounts due in accordance with contractual terms, including consideration of the underlying collateral value. As of December 31, 2019, each of the Company’s real-estate related loans was performing in accordance with its contractual terms and management has not established an allowance for loan losses. Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities and accrued expenses at the date of the balance sheet. Actual results could differ from those estimates. Revenue Recognition Rental revenue primarily consists of base rent arising from tenant leases at the Company’s properties. Rental revenue is recognized on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. The Company begins to recognize revenue upon the acquisition of the related property or when a tenant takes possession of the leased space. Other rental revenues include amounts due from tenants for costs related to common area maintenance, real estate taxes, and other recoverable costs included in lease agreements. The Company recognizes the reimbursement of such costs incurred as tenant reimbursement income. The Company periodically reviews tenant receivables and unbilled rent receivables to determine whether they are collectible. In making this determination, the Company considers each tenant’s payment history and financial condition. If a receivable is deemed to be uncollectible, the Company will either reserve for the receivable through an allowance, or write-off the receivable. As of December 31, 2019, the Company did not have any allowances for doubtful accounts. Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. The Company did not hold cash equivalents as of December 31, 2019 or 2018. Restricted Cash As of December 31, 2019, restricted cash of $0.7 million consists of $0.1 million for construction reserves, $0.2 million of security deposits and $0.4 million for real estate taxes. There was no restricted cash held as of December 31, 2018. Deferred Charges The Company’s deferred charges include financing and leasing costs. Deferred financing costs include legal, structuring, and other loan costs incurred by the Company for its financing agreements. Deferred financing costs related to the Company’s mortgage notes and term loans are recorded as an offset to the related liability and amortized over the term of the applicable financing instruments. Deferred financing costs related to the Company’s revolving credit facilities and affiliate line of credit are recorded as a component of Other Assets on the Company’s Consolidated Balance Sheets and amortized over the term of the applicable financing agreements. Deferred leasing costs incurred in connection with new leases, which consist primarily of brokerage and legal fees, are recorded as a component of Other Assets on the Company’s Consolidated Balance Sheets and amortized over the life of the related lease. Non-Controlling Interests Non-controlling interests of $5,348,012 as of December 31, 2019 represent interests held by TruAmerica, Hines and Holland, our joint venture partners in Anzio Apartments, Two Liberty Center and Ezlyn, respectively. There were no non-controlling interests as of December 31, 2018. Fair Value Measurement Under normal market conditions, the fair value of an investment is the amount that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). Additionally, there is a hierarchal framework that prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment and the state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments measured and reported at fair value are classified and disclosed in one of the following levels within the fair value hierarchy: Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. The Company does not adjust the quoted price for these investments. Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. The carrying values of cash and cash equivalents, restricted cash, accounts receivable and other receivables, accounts payable, accrued liabilities and other liabilities approximate fair value because of the short-term nature of these instruments and falls under the Level 2 hierarchy. The estimated fair values of the Company's real estate-related loan, mortgage loan and line of credit approximate their fair values since they bear interest at floating rates and were recently originated and falls under the Level 2 hierarchy. The Company uses significant judgement to estimate fair values of investments in real estate, and other intangible assets. In estimating their values, the Company considers significant unobservable inputs such as estimated cash flow projections that utilize appropriate discount and capitalization rates and available comparable market information. Estimates of future cash flows are based on a number of factors, including the historical operating results, known and anticipated trends, and market/economic conditions that may affect the property. These inputs are Level 3 inputs. Income Taxes The Company intends to elect to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, commencing with its taxable year ending December 31, 2019. The Company generally will not be subject to federal corporate income tax to the extent it distributes 90% of its taxable income to its stockholders. Any deferred tax assets arising from the Company’s taxable loss carryforwards during periods prior to making a REIT election have been fully reserved, since it is unlikely such benefits will be realized. REITs are subject to a number of other organizational and operational requirements. The Company may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. Organization and Offering Expenses As of December 31, 2019 and 2018, the Adviser and its affiliates had incurred approximately $5.2 million and $4.3 million , respectively, of organization and offering expenses on our behalf, which were reimbursable only if we broke escrow for our Offering. On December 6, 2019, the date on which we broke escrow for our Offering, the Company accrued approximately $0.9 million of organization expenses and $4.3 million of offering expenses payable to the Adviser, which will be reimbursed ratably over a 60 month period beginning on December 6, 2020, the first anniversary of the date we broke escrow for our Offering. Organizational expenses are expensed as incurred and offering expenses are reflected as a reduction of additional paid-in capital as such amounts will be reimbursed to the Adviser or its affiliates from the gross proceeds of the Offering. Any amount due to the Adviser but not paid are recognized as a liability on the balance sheet. Earnings Per Share Nonvested share-based payment awards that contain non-forfeitable rights to dividends are participating securities and, therefore, are included in the computation of basic EPS pursuant to the two-class method. The two-class method determines EPS for each class of common stock and participating securities according to dividends declared (or accumulated) and their respective participation rights in undistributed earnings. Basic EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding determined for the basic EPS computation plus the effect of any dilutive securities. We include unvested shares of restricted stock in the computation of diluted EPS by using the more dilutive of the two-class method or treasury stock method. Any anti-dilutive securities are excluded from the diluted EPS calculation. For the year ended December 31, 2019 and the period from January 10, 2018 through December 31, 2018, there were no dilutive common stock equivalents as the Company incurred net losses for each period. Segment Reporting The Company operates in three reportable segments: multifamily properties, office properties and real estate-related loans. The Company allocates resources and evaluates results based on the performance of each segment individually. The Company believes that segment net operating income is the key performance metric that captures the unique operating characteristics of each segment. Share-Based Compensation Equity-classified stock awards granted to employees and non-employees that have a service condition are measured at fair value at date of grant and re-measured at fair value only upon a modification of the award. The Company recognizes compensation expense on a straight-line basis over the requisite service period of each award, with the amount of compensation expense recognized at the end of a reporting period at least equal the portion of fair value of the respective award at grant date or modification date, as applicable, that has vested through that date. Compensation expense, which is adjusted for actual forfeitures upon occurrence, is included as a component of general and administrative expense on the statements of operations. Recent Accounting Pronouncements In May 2014, the FASB issued a new revenue recognition standard which will supersede nearly all existing revenue recognition guidance. The new standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. Companies will likely need to use more judgment and make more estimates than under previous revenue recognition guidance, including identifying performance obligations in the contract, estimating the amount of variable consideration, if any, to include in the transaction price and allocating the transaction price to each separate performance obligation. The new standard may be applied retrospectively to each prior period presented or prospectively with the cumulative effect, if any, recognized as of the date of adoption. The Company adopted the new standard effective January 1, 2019, the effective date for private companies. The majority of the Company's revenues are derived from leasing activities, to the extent there are nonlease components that are within the scope of the new revenue recognition standard, the pattern of revenue recognition under the new standard is substantially similar to the pattern of revenue recognition under existing accounting standards. In February 2016, the FASB issued a new leasing standard which requires lessees to clarify leases as either finance or operating leases based on certain criteria and record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The standard also eliminates current real estate-specific provisions and changes initial direct costs and lease executory costs for all entities. The new guidance will require lessees and lessors to capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease, with any other costs incurred, including allocated indirect costs, expensed as incurred. In addition, the new standard requires that lease and nonlease components of a contract be bifurcated, with nonlease components (including reimbursements for real estate taxes, utilities, insurance and other common area maintenance and other executory costs) subject to the new revenue recognition standard effective upon adoption of the new leasing standard. In July 2018, the FASB issued an amendment to the leasing standard that allows lessors to elect, as a practical expedient, not to allocate the total consideration in a contract to lease and non-lease components based on their relative standalone selling prices. Rather, this practical expedient allows lessors to elect to account for the combined component as an operating lease if (i) the timing and pattern of transfer of the lease component and nonlease component(s) are the same; (ii) the lease component would be classified as an operating lease if accounted for separately; and (iii) the lease component is the predominant component of the arrangement. If we elect this practical expedient subsequent to adoption, tenant recoveries and other components that would otherwise qualify as non-lease components would be accounted for as lease components and recognized in rental revenues. The amendment also provided an optional transition method to make the initial application date of the new lease standard the date of adoption, with a cumulative-effect adjustment recognized to the opening balance of retained earnings. Consequently, for an entity that elects the optional transition method, the entity’s reporting and disclosures for comparative historical periods presented in the financial statements will continue to be in accordance with current GAAP. In December 2018, the FASB made a narrow-scope amendment that would preclude a lessor from having to recognize lessor costs paid by a lessee directly to a third-party when the lessor cannot reasonably estimate such costs. The Company expects to elect the package of practical expedients to not reassess (i) whether existing arrangements are or contain a lease, (ii) the classification of an operating or financing lease in a period prior to adoption, and (iii) any initial direct costs for existing leases. Additionally, the Company expects to elect to not use hindsight and carry forward its lease term assumptions when adopting Topic 842 and not recognize lease liabilities and lease assets for leases with a term of 12 months or less. The Company will adopt the new leasing standard effective January 1, 2021. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements. In June 2016, the FASB issued guidance on the measurement of credit losses on financial instruments. The standard will replace the incurred loss impairment methodology pursuant to GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance is effective for the Company beginning after December 15, 2022, including interim periods within that reporting period, with early adoption permitted after December 15, 2018, including interim periods within that reporting period. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements. In August 2016, the FASB issued guidance on the classification of certain cash receipts and payments in the statement of cash flows. The amendments add to or clarify guidance on a number of cash flow issues, including debt prepayment or debt extinguishment costs, contingent consideration payments made after a business combination, distributions received from equity-method investees and beneficial interests in securitization transactions. We adopted the new standard effective January 1, 2019, the effective date for private companies. The adoption of the new standard did not have any impact on the financial statements. In November 2016, the FASB issued guidance on the presentation of restricted cash in the statement of cash flows. The amendments in this update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted the new standard effective January 1, 2019, the effective date for private companies. As a result, the Company no longer presents transfers between cash and restricted cash in the consolidated cash flow statements. |
Investments in Real Estate
Investments in Real Estate | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Investments in Real Estate | Investments in Real Estate As of December 31, 2019, investments in real estate, net, consisted of the following: Building and building improvements $ 199,478,457 Land 19,667,140 Tenant improvements 4,314,057 Furniture, fixtures and equipment 2,749,914 Accumulated depreciation (2,865,137 ) Investments in real estate, net $ 223,344,431 On April 11, 2019, the Company partnered with TruAmerica, through a joint venture (the "Anzio Joint Venture") to acquire a fee simple interest in Anzio Apartments (the Anzio Apartments), a multifamily asset located in Lawrenceville, Georgia, for $59.2 million (excluding closing costs). The Anzio Joint Venture acquired the property through a combination of $44.4 million of property-level debt from the Federal Home Loan Mortgage Corporation, $14.9 million of borrowings under a Line of Credit with an affiliate of Oaktree (the Line of Credit) which were funded as an equity contribution into the Anzio Joint Venture and $1.7 million funded by TruAmerica. The Company owns a 90% interest in the Anzio Joint Venture and TruAmerica owns a 10% interest in the Anzio Joint Venture. The Company has control of the Anzio Joint Venture and TruAmerica acts as the day-to-day property manager. On August 20, 2019, the Company partnered with Hines Interests Limited Partnership (“Hines”) through a joint venture (the “Liberty Joint Venture”) to acquire a fee simple interest in Two Liberty Center (the “Two Liberty Center”), a class “A” office asset located in Ballston, Virginia, for $91.2 million (excluding closing costs). The Liberty Joint Venture acquired Two Liberty Center through a combination of $62.0 million of property-level debt from Bank of America Merrill Lynch and equity of $33.5 million funded from the Liberty Joint Venture (consisting of $32.3 million funded by the Company using borrowings under the Line of Credit and $1.1 million funded by Hines). The Company owns a 96.5% interest in the Liberty Joint Venture and Hines owns a 3.5% interest in the Liberty Joint Venture. The Company has control of the Liberty Joint Venture and Hines acts as the day-to-day property manager. On December 10, 2019, the Company partnered with Holland Partner Group (“Holland”) through a joint venture (the “Ezlyn Joint Venture”) to acquire a fee simple interest in Ezlyn (the “Ezlyn”), a multifamily asset located in Westminster, Colorado for $81.3 million (exclusive of closing costs). The Ezlyn Joint Venture acquired Ezlyn and paid related closing costs through a combination of $53.0 million of property-level debt from the Federal Home Loan Mortgage Corporation, $26.2 million funded to the Ezlyn Joint Venture by the Company and $2.9 million funded by Holland. The Company owns a 90% interest in the Ezlyn Joint Venture and Holland owns a 10% interest in the Ezlyn Joint Venture. The Company has control of the Ezlyn Joint Venture and Holland acts as the day-to-day property manager. The following table provides details of the Company's properties: Initial Cost Costs Capitalized Subsequent to Acquisition Gross Carrying Amount (1) Accumulated Depreciation (2) Encumbrances Construction Date Description Land Building and Building Improvements Building and Building Improvements Land Building and Building Improvements Total Anzio Apartments 6,105,370 52,225,332 972,451 6,105,370 53,197,783 59,303,153 (1,534,406) 44,400,000 1986 Two Liberty Center 3,074,700 84,117,456 — 3,074,700 84,117,456 87,192,156 (1,188,793) 61,971,000 2007 Ezlyn 10,487,070 69,227,189 — 10,487,070 69,227,189 79,714,259 (141,938) 53,040,000 1986 Total 19,667,140 205,569,977 972,451 19,667,140 206,542,428 226,209,568 (2,865,137) 159,411,000 (1) As of December 31, 2019, the aggregated cost basis for tax purposes was $226,209,568. (2) Refer to Note 3 for details of depreciable lives. The following table provides a rollforward of the Company's investments in real estate for the year ended December 31, 2019: Real estate Balance at the beginning of year $ — Additions during the year: Building and building improvements 199,478,457 Land 19,667,140 Tenant improvements 4,314,057 Furniture, fixtures and equipment 2,749,914 Balance at the end of year $ 226,209,568 Accumulated depreciation Balance at the beginning of year $ — Accumulated depreciation (2,865,137 ) Balance at the end of year $ (2,865,137 ) Investments in real estate, net $ 223,344,431 The following table summarizes the purchase price allocations of properties acquired during the year ended December 31, 2019: Anzio Apartments Two Liberty Center Ezlyn Building and building improvements $ 50,820,175 $ 80,305,740 $ 67,860,509 Land 6,105,370 3,074,700 10,487,070 Tenant improvements — 3,811,716 21,923 Furniture, fixtures and equipment 1,405,157 — 1,344,757 In-place lease intangibles 1,455,254 3,523,143 1,489,264 Lease origination costs — 1,501,429 — Above-market lease intangibles — 58,585 — Below-market lease intangibles — (71,598 ) — Total purchase price (1) $ 59,785,956 $ 92,203,715 $ 81,203,523 (1 ) Purchase price is inclusive of closing costs. |
Intangibles
Intangibles | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangibles | Intangibles The Company recorded in-place lease and above and below market lease intangibles as a result of its property acquisitions during the year ended December 31, 2019. The gross carrying amount and accumulated amortization of the Company's intangible assets consisted of the following as of December 31, 2019: Intangible assets: In-place lease intangibles $ 6,467,661 Lease origination costs 1,867,804 Lease inducements 1,291,027 Above-market lease intangibles 58,585 Total intangible assets 9,685,077 Accumulated amortization: In-place lease intangibles (2,015,770 ) Lease origination costs (131,353 ) Lease inducements (59,820 ) Above-market lease intangibles (24,647 ) Total accumulated amortization (2,231,590 ) Intangible assets, net $ 7,453,487 Intangible liabilities: Below-market lease intangibles $ (71,598 ) Accumulated amortization 14,439 Intangible liabilities, net $ (57,159 ) The weighted average amortization periods of the acquired in-place lease intangibles, above-market lease intangibles and below-market lease intangibles is 41 months. The following table details the Company's future amortization of intangible assets: For the year ended: Amortization 2020 $ 2,723,761 2021 1,105,342 2022 1,074,299 2023 926,561 2024 557,424 Thereafter 1,066,100 Total $ 7,453,487 |
Investments in Real Estate-Rela
Investments in Real Estate-Related Loans | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate Investments, Net [Abstract] | |
Investments in Real Estate-Related Loans | Investments in Real Estate-Related Loans On June 14, 2019, the Company acquired a $25 million principal amount of a second loss mezzanine loan (the “Atlantis Mezzanine Loan”) by assuming ownership of a special purpose vehicle from an affiliate of Oaktree and contemporaneously borrowed under the Company’s Line of Credit to finance the investment. The Atlantis Mezzanine Loan is secured by the equity interests of the entity owning Atlantis Paradise Island Resort, a 2,917 room oceanfront resort located on Paradise Island in the Bahamas. The Atlantis Mezzanine Loan matures in July 2020 with five 12 -month extension options for the borrower, provided there has not been an event of default. The Atlantis Mezzanine Loan bears interest at a floating rate of 6.67% over the one-month London Interbank Offered Rate ("LIBOR"), subject to an interest rate increase in the event the borrower exercises its fourth 12 -month extension. On September 4, 2019, the Company acquired a $25 million principal amount of bonds (the “IMC/AMC Bond Investment”) collateralized by a term loan (the “Term Loan”) by assuming ownership of a special purpose vehicle from an affiliate of Oaktree and contemporaneously borrowed $25 million under the Company’s Line of Credit to finance the investment. The Term Loan is cross-collateralized by and senior to equity interests of the owners in International Markets Center (“IMC”) and AmericasMart Atlanta (“AMC”). IMC and AMC are two of the leading national furniture showroom companies with a combined 14.4 million square feet of showroom space located in Las Vegas, Nevada, High Point, North Carolina and Atlanta, Georgia. The Term Loan matures in December 2023. The IMC/AMC Bond Investment bears interest at a floating rate of 6.15% over the one-month London Interbank Offered Rate. The following table details the Company's real estate-related loan investments: Investment Collateral Interest Rate (1) Maturity Date Payment Terms (2) Prior Liens Face Amount Unamortized Discount Carrying Amount Atlantis Mezzanine Loan Atlantis Paradise Island Resort L+6.67% July 2020 Principal due at maturity $1.525 billion (3) $ 25,000,000 $ (367,510 ) $ 24,632,490 IMC/AMC Bond Investment International Markets Center AmericasMart Atlanta L+6.15% December 2023 Principal due at maturity $1.643 billion (4) 25,000,000 (334,691 ) 24,665,309 $ 50,000,000 $ (702,201 ) $ 49,297,799 (1) The term "L" refers to the one-month US dollar-denominated London Interbank Offer Rate ("LIBOR"). As of December 31, 2019 and 2018, one-month LIBOR was equal to 1.76% and 2.50% , respectively. (2 ) Neither investment is subject to delinquent principal or interest as of December 31, 2019. (3 ) The Atlantis Mezzanine Loan is subordinate to a first mortgage loan of $1.20 billion and a $325 million senior mezzanine loan. (4 ) The IMC / AMC Bond Investment is subordinate to a $1.15 billion first mortgage on properties owned by IMC and a $493 million first mortgage on properties owned by AMC. |
Accounts and Other Receivables
Accounts and Other Receivables and Other Assets | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Accounts and Other Receivables and Other Assets | Accounts and Other Receivables and Other Assets The following table summarizes the components of accounts and other receivables and other assets as of December 31, 2019 and 2018: Receivables December 31, 2019 December 31, 2018 Accounts receivable $ 1,097,446 $ — Straight-line rent receivable 407,475 — Interest receivable 264,525 — Total accounts and other receivables, net $ 1,769,446 $ — Other assets December 31, 2019 December 31, 2018 Pre-acquisition deposits $ 500,000 $ — Prepaid expenses 67,777 — Capitalized fees, net 2,848 — Total other assets $ 570,625 $ — |
Accounts Payable, Accrued Expen
Accounts Payable, Accrued Expenses and Other Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Accounts Payable, Accrued Expenses and Other Liabilities | Accounts Payable, Accrued Expenses and Other Liabilities The following table summarizes the components of accounts payable, accrued expenses and other liabilities as of December 31, 2019 and 2018: December 31, 2019 December 31, 2018 Subscriptions received in advance $ 70,000 $ — Real estate taxes payable 391,519 — Accounts payable and accrued expenses 1,222,942 102,930 Prepaid rental income 637,233 — Accrued interest expense 298,884 — Tenant security deposits 620,814 — Distribution payable 339,337 — Total accounts payable, accrued expenses and other liabilities $ 3,580,729 $ 102,930 |
Mortgage Loans
Mortgage Loans | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Mortgage Loans | Mortgage Loans In connection with the acquisition of the Anzio Apartments, the Anzio Joint Venture obtained a $44.4 million mortgage loan from the Federal Home Loan Mortgage Corporation (Freddie Mac). The mortgage loan is secured by the Anzio Apartments and bears interest at a rate of LIBOR plus a spread of 159 basis points, payable as interest-only for the first 60 months, then principal and interest payable for the remaining term based on a 360 month amortization period. The term of the mortgage loan is 120 months. Amounts prepaid under the mortgage loan are subject to a 1% penalty following a one year lockout period. The mortgage loan is subject to customary terms and conditions. In connection with the acquisition of Two Liberty Center, the Liberty Joint Venture obtained a $62.0 million mortgage loan from Bank of America Merrill Lynch (BAML). The mortgage loan is secured by Two Liberty Center and bears interest at a rate of LIBOR plus a spread of 150 basis points, payable as interest-only for the initial term of 60 months. The term of the mortgage loan is 60 months with two one -year extension options. The mortgage loan is subject to customary terms and conditions, and the Liberty Joint Venture was in compliance with all financial covenants it is subject to under the mortgage loan as of December 31, 2019. In connection with the acquisition of Ezlyn, the Ezlyn Joint Venture obtained a $53.0 million mortgage loan from Freddie Mac. The mortgage loan is secured by Ezlyn and bears interest at a fixed rate of 3.38% , payable as interest-only throughout the full 84 month term. The mortgage loan has a prepayment lockout of two years followed by a defeasance penalty until the last 90 days of the loan term. The mortgage loan is subject to customary terms and conditions. The following table summarizes the Company's mortgage loans: Principal Balance Outstanding Indebtedness Interest Rate (1) Maturity Date December 31, 2019 December 31, 2018 Anzio Apartments mortgage loan L + 1.59% April 2029 $ 44,400,000 $ — Two Liberty Center mortgage loan L + 1.50% August 2024 61,971,000 — Ezlyn mortgage loan 3.38% December 2026 53,040,000 — Total mortgage loans 159,411,000 $ — Less: deferred financing costs, net (934,146 ) Mortgage loans, net $ 158,476,854 (1) The term "L" refers to the one-month US dollar-denominated LIBOR. As of December 31, 2019 and December 31, 2018, one-month LIBOR was equal to 1.76% and 2.50% , respectively. The following table presents the future principal payments due under the Company's mortgage loan as of December 31, 2019: Year Amount 2020 $ — 2021 — 2022 — 2023 — 2024 61,971,000 Thereafter 97,440,000 Total $ 159,411,000 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company has entered into an advisory agreement with the Adviser. Pursuant to the advisory agreement between the Company and the Adviser, the Adviser is responsible for sourcing, evaluating and monitoring the Company’s investment opportunities and making decisions related to the acquisition, management, financing and disposition of the Company’s assets, in accordance with the Company’s investment objectives, guidelines, policies and limitations, subject to oversight by the Company’s board of directors. Management Fee Certain affiliates of the Company, including the Adviser, will receive fees and compensation in connection with the offering and ongoing management of the assets of the Company. The Adviser will be paid a management fee equal to 1.00% of NAV per annum, payable monthly. The management fee will be paid, at the Adviser’s election, in cash or Class I shares. The Adviser has agreed to waive its management fee through May 2020. The Company may retain certain of the Adviser’s affiliates for necessary services relating to the Company’s investments or its operations, including any administrative services, construction, special servicing, leasing, development, property oversight and other property management services, as well as services related to mortgage servicing, group purchasing, healthcare, consulting/brokerage, capital markets/credit origination, loan servicing, property, title and/or other types of insurance, management consulting and other similar operational matters. Any such arrangements will be at market terms and rates. As of December 31, 2019, the Company had not retained an affiliate of the Adviser for any such services. Performance Participation Allocation The Company will pay the Adviser a performance fee equal to 12.5% of the annual Total Return, subject to a 5% annual Hurdle Amount (each term as defined in the advisory agreement) and a high water mark, with a catch-up. Such performance fee will be made annually and accrue monthly. For the year ended December 31, 2019 and for the period fro1m January 10, 2018 through December 31, 2018, the Company accrued performance fees of $200,649 and $0 , respectively. Payment of the performance fees are deferred until December 2020. Line of Credit and Assumption of Loans On April 11, 2019, the Company entered into the Line of Credit with an affiliate of Oaktree, providing for an unsecured, uncommitted credit facility in a maximum aggregate principal amount of $150.0 million . On August 20, 2019, the Company entered into an amendment (the Amendment) to the Line of Credit with an affiliate of Oaktree. The Amendment reduced the rate at which borrowings under the Line of Credit bear interest from LIBOR plus 3.25% per annum to LIBOR plus 2.50% per annum. The reduction reflected a review of the then-existing interest rate in light of current interest rates offered in the market. No other material terms of the Line of Credit were changed as a result of the Amendment. However, the Lender waived interest otherwise due under the Line of Credit such that the interest rate between April 11, 2019 and the date of the Amendment will effectively be LIBOR plus 2.50% . In connection with the sale of shares of the Company's common stock of $150.0 million , the remaining balance on the Line of Credit was paid off on December 6, 2019. On June 14, 2019, the Company acquired the Atlantis Mezzanine Loan by assuming ownership of a special purpose vehicle from an affiliate of Oaktree and contemporaneously borrowed under the Company’s Line of Credit with an affiliate of Oaktree to finance the investment. On September 4, 2019, the Company acquired the IMC/AMC Bond Investment by assuming ownership of a special purpose vehicle from an affiliate of Oaktree and contemporaneously borrowed under the Company’s Line of Credit with an affiliate of Oaktree to finance the investment. Due to Affiliates Due to affiliates of $ 5,953,312 as of December 31, 2019 consisted of $679,340 due to Oaktree for reimbursement of operating expenses, $5,073,322 due to Oaktree for reimbursement of organizational and offering costs, and $200,649 due to Oaktree for performance incentive fees. As of December 31, 2018, due to affiliates consisted of $198,181 due to Oaktree for reimbursement of operating expenses. Repurchase Arrangement for Oaktree Investor On September 11, 2019, the board of directors of the Company, including a majority of the independent directors, adopted an arrangement to repurchase shares of the Company’s Class I common stock that Oaktree Fund GP I, L.P. (the “Oaktree Investor”), an affiliate of the Company’s sponsor, acquired in the Company’s initial public offering. The board of directors approved the repurchase arrangement in recognition of the Oaktree Investor’s subscription for shares of the Company’s Class I common stock in an amount such that, together with all other subscriptions for the Company’s common stock, met the escrow minimum offering amount. As of December 6, 2019, the Company satisfied the minimum offering requirement and the Company’s board of directors authorized the release of proceeds from escrow. As of such date, the escrow agent released gross proceeds of approximately $150.0 million (including approximately $86.9 million that was funded by Oaktree) to the Company in connection with the sale of shares of the Company’s common stock. Under the repurchase arrangement, subject to certain limitations, on the last calendar day of each month the Company will offer to repurchase shares of its common stock from the Oaktree Investor in an aggregate dollar amount (the “Monthly Repurchase Amount”) equal to (i) the net proceeds from new subscriptions that month less (ii) the aggregate repurchase price (excluding any amount of the aggregate repurchase price paid using cash flow from operations not used to pay distributions) of shares repurchased by the Company that month from investors pursuant to the Company’s existing share repurchase plan. In addition to the Monthly Repurchase Amount for the applicable month, the Company will offer to repurchase any Monthly Repurchase Amounts from prior months that have not yet been repurchased. The price per share for each repurchase from the Oaktree Investor will be the lesser of (a) the $10.00 per share initial cost of the shares and (b) the transaction price in effect for the Class I shares at the time of repurchase. The repurchase arrangement is not subject to any time limit and will continue until the Company has repurchased all of the Oaktree Investor’s shares. Other than the Monthly Repurchase Amount limitation, the share repurchase arrangement for the Oaktree Investor is not subject to any volume limitations, including those in the Company’s existing share repurchase plan. Notwithstanding the foregoing, no repurchase offer will be made to the Oaktree Investor for any month in which (1) the 2% monthly or 5% quarterly repurchase limitations in the Company’s existing share repurchase plan have been decreased or (2) the full amount of all shares requested to be repurchased under the Company’s existing share repurchase plan is not repurchased. Additionally, the Company may elect not to offer to repurchase shares from the Oaktree Investor, or may offer to purchase less than the Monthly Repurchase Amount, if, in its judgment, the Company determines that offering to repurchase the full Monthly Repurchase Amount would place an undue burden on its liquidity, adversely affect its operations or risk having an adverse impact on the Company as a whole. Further, the Company’s board of directors may modify, suspend or terminate this share repurchase arrangement if it deems such action to be in the Company’s best interests and the best interests of the Company’s stockholders. The Oaktree Investor will not request that its shares be repurchased under the Company’s existing share repurchase plan. Under the Company’s charter, the Oaktree Investor may not vote on the removal of any of its affiliates (including the Adviser), and may not vote regarding any transaction between the Company and Oaktree or any of its affiliates. |
Stockholder's Equity
Stockholder's Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Stockholder's Equity | Stockholder’s Equity Authorized Capital The Company is authorized to issue up to $1,050,000,000 in shares in its primary offering. The Company is selling any combination of the four classes of shares of its common stock, Class T shares, Class S shares, Class D shares and Class I shares, with a dollar value up to the maximum offering amount. The share classes have different upfront selling commissions and ongoing stockholder servicing fees. See Note 2 for a further description of such items. Other than the differences in upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees, each class of common stock has the same economic and voting rights. As of December 31, 2019 and December 31, 2018, the Company had authority to issue 1,050,000,000 shares, consisting of the following: Classification No. of Par Value Preferred stock 50,000,000 $ 0.01 Class T common stock 250,000,000 $ 0.01 Class S common stock 250,000,000 $ 0.01 Class D common stock 250,000,000 $ 0.01 Class I common stock 250,000,000 $ 0.01 1,050,000,000 Common Stock The following tables detail the movement in the Company's outstanding shares of common stock: Class S Class I Class T Class D Total January 1, 2018 Common stock issued — 20,000 — — 20,000 December 31, 2018 — 20,000 — — 20,000 Common stock issued 5,851,600 9,118,617 — — 14,970,217 Independent directors' restricted stock vested (1) — 7,000 — — 7,000 December 31, 2019 5,851,600 9,145,617 — — 14,997,217 (1) The directors' vested restricted stock represents aggregate $74,876 and $50,238 of the annual compensation paid to the independent directors for the year ended December 31, 2019 and the period from January 10, 2018 through December 31, 2018, respectively. The restricted stock is amortized over the one-year service period of such stock grants. Distributions The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to its stockholders each year to comply with the REIT provisions of the Internal Revenue Code. Each class of our common stock receives the same gross distribution per share. The net distribution varies for each class based on the applicable stockholder servicing fee, which is deducted from the monthly distribution per share and paid directly to the applicable distributor. The following table details the aggregate distributions declared for each applicable class of common stock: Year Ended December 31, 2019 Class S Class I Class T Class D Gross distributions declared per share of common stock (1) $ 0.0250 $ 0.0250 $ — $ — Stockholder servicing fee per share of common stock (0.0061 ) — — — Net distributions declared per share of common stock $ 0.0189 $ 0.0250 $ — $ — For the Period from January 10, 2018 through December 31, 2018 Class S Class I Class T Class D Gross distributions declared per share of common stock (1) $ — $ — $ — $ — Stockholder servicing fee per share of common stock — — — — Net distributions declared per share of common stock $ — $ — $ — $ — (1) The Company had not sold any Class D or Class T shares as of December 31, 2019. Distribution Reinvestment Plan The Company has adopted a distribution reinvestment plan whereby stockholders (other than Alabama, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey, Ohio, Oregon, Vermont and Washington investors) will have their cash distributions automatically reinvested in additional shares of common stock unless they elect to receive their distributions in cash. Alabama, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey, Ohio, Oregon, Vermont and Washington investors will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional shares of the Company’s common stock. The per share purchase price for shares purchased pursuant to the distribution reinvestment plan will be equal to the offering price before upfront selling commissions and dealer manager fees (the “transaction price”) at the time the distribution is payable, which will generally be equal to the Company’s prior month’s NAV per share for that share class. Stockholders will not pay upfront selling commissions or dealer manager fees when purchasing shares pursuant to the distribution reinvestment plan. The stockholder servicing fees with respect to shares of the Company’s Class T shares, Class S shares and Class D shares are calculated based on the NAV for those shares and may reduce the NAV or, alternatively, the distributions payable with respect to shares of each such class, including shares issued in respect of distributions on such shares under the distribution reinvestment plan. There were no distributions reinvested during the year December 31, 2019. Share Repurchase Plan The Company has adopted a share repurchase plan, whereby on a monthly basis, stockholders may request that the Company repurchase all or any portion of their shares. The Company may choose to repurchase all, some or none of the shares that have been requested to be repurchased at the end of any particular month, in its discretion, subject to any limitations in the share repurchase plan. The total amount of aggregate repurchases of Class T, Class S, Class D, and Class I shares will be limited to 2% of the aggregate NAV per month and 5% of the aggregate NAV per calendar quarter. Shares would be repurchased at a price equal to the transaction price on the applicable repurchase date, subject to any early repurchase deduction. Shares that have not been outstanding for at least one year would be repurchased at 95% of the transaction price. Due to the illiquid nature of investments in real estate, the Company may not have sufficient liquid resources to fund repurchase requests and has established limitations on the amount of funds the Company may use for repurchases during any calendar month and quarter. Further, the Company’s board of directors may modify, suspend or terminate the share repurchase plan. There were no share repurchases as of December 31, 2019. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies From time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. As of December 31, 2019 , the Company is not subject to any material litigation nor is the Company aware of any material litigation threatened against it. |
Five Year Minimum Rental Paymen
Five Year Minimum Rental Payments | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Five Year Minimum Rental Payments | Five Year Minimum Rental Payments The following table presents the future minimum rents the Company expects to receive from its office properties. Leases at the Company's multifamily investments are short term, generally 12 months or less, and are not included. Year Future Minimum Rents 2020 $ 6,606,491 2021 7,071,878 2022 7,116,085 2023 6,497,656 2024 3,904,549 Thereafter 9,206,435 Total $ 40,403,094 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company operates in three reportable segments: multifamily properties, office properties and real estate-related loans. The Company allocates resources and evaluates results based on the performance of each segment individually. The Company believes that segment net operating income is the key performance metric that captures the unique operating characteristics of each segment. The following table sets forth the total assets by segment: December 31, 2019 Multifamily $ 140,841,295 Office 93,629,245 Real estate related loans 49,297,799 Other (Corporate) 29,717,653 Total assets $ 313,485,992 |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) The following table presents the Company’s quarterly results for the year ended December 31, 2019 and the period from January 10, 2018 through December 31, 2018: 2019 March 31 June 30 September 30 December 31 Total revenues $ — $ 1,228,722 $ 2,472,826 $ 3,838,359 Net loss $ (170,435 ) $ (1,116,297 ) $ (1,535,932 ) $ (2,165,784 ) Net loss attributable to stockholders $ (170,435 ) $ (1,044,763 ) $ (1,442,451 ) $ (2,065,229 ) Net loss per share $ (8.16 ) $ (38.69 ) $ (53.42 ) $ (0.50 ) 2018 March 31 June 30 September 30 December 31 Total revenues $ 70 $ 161 $ 523 $ 1,221 Net loss $ (24,930 ) $ (88,072 ) $ (80,052 ) $ (174,841 ) Net loss attributable to stockholders $ (24,930 ) $ (88,072 ) $ (80,052 ) $ (174,841 ) Net loss per share $ (1.25 ) $ (4.40 ) $ (4.00 ) $ (8.74 ) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company has evaluated events from December 31, 2019 through the date the financial statements were issued. Acquisition of Lakes at West Covina On February 14, 2020, the Company partnered with Waterford Property Company (“Waterford”) through a joint venture (the “Lakes Joint Venture”) to acquire a fee simple interest in Lakes at West Covina (the “Property”), a four story, two building office complex located in West Covina, California, for $40.9 million (exclusive of closing costs). The Lakes Joint Venture acquired the Property through a combination of $27.9 million of property-level debt from Wells Fargo Bank, N.A. and equity of $16.6 million funded from the Lakes Joint Venture (consisting of $15.7 million funded by the Company and $0.8 million funded by Waterford). Neither Waterford nor the seller of the Property are affiliates of the Company or its sponsor. Investments Subsequent to December 31, 2019, the Company purchased an aggregate of $18.8 million of floating-rate commercial mortgage backed securities. Status of the Offering As of March 27, 2020, the Company had sold an aggregate of 18,065,822 shares of its common stock (consisting of 8,886,068 Class S shares and 9,179,754 Class I shares) in the Offering resulting in net proceeds of $180.8 million to the Company as payment for such shares. Distributions Subsequent to December 31, 2019, the Company declared distributions as follows: Record Date Class S Class I Class T Class D January 31, 2020 $ 0.0294 $ 0.0294 N/A N/A February 29, 2020 $ 0.0341 $ 0.0341 N/A N/A Line of Credit On March 24, 2020, the Company's Board of Directors approved an uncommitted line of credit with an affiliate of Oaktree, pursuant to which the Company may borrow up to $125 million at an interest rate equal to LIBOR plus 2.25% . COVID-19 Subsequent to December 31, 2019, there was a global outbreak, subsequently declared to be a pandemic, of a new strain of coronavirus known as COVID-19. This outbreak continues to adversely impact global commercial activity and has contributed to significant uncertainty and volatility in financial markets. The global impact of the outbreak has been rapidly evolving, and as cases of the virus have continued to be identified in additional countries, many countries have reacted by instituting quarantines, shelter in place orders, restrictions on travel, and limiting hours of operations of non-essential offices and retail centers in an effort to flatten the infection curve and relieve stress on local healthcare systems. Among other effects, these actions are creating a disruption in global supply chains, a reduction in purchases by consumers, a demand shock in oil prices and adversely impacting a number of industries directly, such as transportation, hospitality and entertainment. The outbreak is expected to have a continued adverse impact on economic and market conditions and to trigger a period of global economic slowdown with no known duration. The rapid development and fluidity of this situation is without precedent in modern history and the ultimate adverse impact of the novel coronavirus at this time is unknown. Nevertheless, the novel coronavirus presents material uncertainty and risk with respect to the Company’s performance and financial results, such as the potential negative impact to occupancy results of operations or market values of the Company's properties, increased costs of operations, increased risk of defaults in its portfolio of real estate debt investments, decreased availability of financing arrangements, changes in law and/or regulation, and uncertainty regarding government and regulatory policy. The Company is unable to estimate the impact the novel coronavirus will have on its financial results at this time. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements include the accounts of the Company and have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities and accrued expenses at the date of the balance sheet. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. The Company did not hold cash equivalents as of December 31, 2019 or 2018. |
Income Taxes | Income Taxes The Company intends to elect to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, commencing with its taxable year ending December 31, 2019. The Company generally will not be subject to federal corporate income tax to the extent it distributes 90% of its taxable income to its stockholders. Any deferred tax assets arising from the Company’s taxable loss carryforwards during periods prior to making a REIT election have been fully reserved, since it is unlikely such benefits will be realized. REITs are subject to a number of other organizational and operational requirements. The Company may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. |
Share-based Compensation | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued a new revenue recognition standard which will supersede nearly all existing revenue recognition guidance. The new standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. Companies will likely need to use more judgment and make more estimates than under previous revenue recognition guidance, including identifying performance obligations in the contract, estimating the amount of variable consideration, if any, to include in the transaction price and allocating the transaction price to each separate performance obligation. The new standard may be applied retrospectively to each prior period presented or prospectively with the cumulative effect, if any, recognized as of the date of adoption. The Company adopted the new standard effective January 1, 2019, the effective date for private companies. The majority of the Company's revenues are derived from leasing activities, to the extent there are nonlease components that are within the scope of the new revenue recognition standard, the pattern of revenue recognition under the new standard is substantially similar to the pattern of revenue recognition under existing accounting standards. In February 2016, the FASB issued a new leasing standard which requires lessees to clarify leases as either finance or operating leases based on certain criteria and record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The standard also eliminates current real estate-specific provisions and changes initial direct costs and lease executory costs for all entities. The new guidance will require lessees and lessors to capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease, with any other costs incurred, including allocated indirect costs, expensed as incurred. In addition, the new standard requires that lease and nonlease components of a contract be bifurcated, with nonlease components (including reimbursements for real estate taxes, utilities, insurance and other common area maintenance and other executory costs) subject to the new revenue recognition standard effective upon adoption of the new leasing standard. In July 2018, the FASB issued an amendment to the leasing standard that allows lessors to elect, as a practical expedient, not to allocate the total consideration in a contract to lease and non-lease components based on their relative standalone selling prices. Rather, this practical expedient allows lessors to elect to account for the combined component as an operating lease if (i) the timing and pattern of transfer of the lease component and nonlease component(s) are the same; (ii) the lease component would be classified as an operating lease if accounted for separately; and (iii) the lease component is the predominant component of the arrangement. If we elect this practical expedient subsequent to adoption, tenant recoveries and other components that would otherwise qualify as non-lease components would be accounted for as lease components and recognized in rental revenues. The amendment also provided an optional transition method to make the initial application date of the new lease standard the date of adoption, with a cumulative-effect adjustment recognized to the opening balance of retained earnings. Consequently, for an entity that elects the optional transition method, the entity’s reporting and disclosures for comparative historical periods presented in the financial statements will continue to be in accordance with current GAAP. In December 2018, the FASB made a narrow-scope amendment that would preclude a lessor from having to recognize lessor costs paid by a lessee directly to a third-party when the lessor cannot reasonably estimate such costs. The Company expects to elect the package of practical expedients to not reassess (i) whether existing arrangements are or contain a lease, (ii) the classification of an operating or financing lease in a period prior to adoption, and (iii) any initial direct costs for existing leases. Additionally, the Company expects to elect to not use hindsight and carry forward its lease term assumptions when adopting Topic 842 and not recognize lease liabilities and lease assets for leases with a term of 12 months or less. The Company will adopt the new leasing standard effective January 1, 2021. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements. In June 2016, the FASB issued guidance on the measurement of credit losses on financial instruments. The standard will replace the incurred loss impairment methodology pursuant to GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance is effective for the Company beginning after December 15, 2022, including interim periods within that reporting period, with early adoption permitted after December 15, 2018, including interim periods within that reporting period. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements. In August 2016, the FASB issued guidance on the classification of certain cash receipts and payments in the statement of cash flows. The amendments add to or clarify guidance on a number of cash flow issues, including debt prepayment or debt extinguishment costs, contingent consideration payments made after a business combination, distributions received from equity-method investees and beneficial interests in securitization transactions. We adopted the new standard effective January 1, 2019, the effective date for private companies. The adoption of the new standard did not have any impact on the financial statements. In November 2016, the FASB issued guidance on the presentation of restricted cash in the statement of cash flows. The amendments in this update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted the new standard effective January 1, 2019, the effective date for private companies. As a result, the Company no longer presents transfers between cash and restricted cash in the consolidated cash flow statements. |
Capitalization (Tables)
Capitalization (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Capitalization, Long-term Debt and Equity [Abstract] | |
Summary of Classes of Common Stock Authorized | On April 11, 2018, the Company amended and restated its charter to authorize the following classes of common stock: Classification No. of Authorized Shares Par Value Per Share Preferred stock 50,000,000 $ 0.01 Class T common stock 250,000,000 $ 0.01 Class S common stock 250,000,000 $ 0.01 Class D common stock 250,000,000 $ 0.01 Class I common stock 250,000,000 $ 0.01 1,050,000,000 |
Investments in Real Estate (Tab
Investments in Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Schedule of Real Estate Properties [Table Text Block] | The following table provides details of the Company's properties: Initial Cost Costs Capitalized Subsequent to Acquisition Gross Carrying Amount (1) Accumulated Depreciation (2) Encumbrances Construction Date Description Land Building and Building Improvements Building and Building Improvements Land Building and Building Improvements Total Anzio Apartments 6,105,370 52,225,332 972,451 6,105,370 53,197,783 59,303,153 (1,534,406) 44,400,000 1986 Two Liberty Center 3,074,700 84,117,456 — 3,074,700 84,117,456 87,192,156 (1,188,793) 61,971,000 2007 Ezlyn 10,487,070 69,227,189 — 10,487,070 69,227,189 79,714,259 (141,938) 53,040,000 1986 Total 19,667,140 205,569,977 972,451 19,667,140 206,542,428 226,209,568 (2,865,137) 159,411,000 As of December 31, 2019, investments in real estate, net, consisted of the following: Building and building improvements $ 199,478,457 Land 19,667,140 Tenant improvements 4,314,057 Furniture, fixtures and equipment 2,749,914 Accumulated depreciation (2,865,137 ) Investments in real estate, net $ 223,344,431 |
Intangibles (Tables)
Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Gross Carrying Amount and Accumulated Amortization of Intangible Assets | The gross carrying amount and accumulated amortization of the Company's intangible assets consisted of the following as of December 31, 2019: Intangible assets: In-place lease intangibles $ 6,467,661 Lease origination costs 1,867,804 Lease inducements 1,291,027 Above-market lease intangibles 58,585 Total intangible assets 9,685,077 Accumulated amortization: In-place lease intangibles (2,015,770 ) Lease origination costs (131,353 ) Lease inducements (59,820 ) Above-market lease intangibles (24,647 ) Total accumulated amortization (2,231,590 ) Intangible assets, net $ 7,453,487 Intangible liabilities: Below-market lease intangibles $ (71,598 ) Accumulated amortization 14,439 Intangible liabilities, net $ (57,159 ) |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table details the Company's future amortization of intangible assets: For the year ended: Amortization 2020 $ 2,723,761 2021 1,105,342 2022 1,074,299 2023 926,561 2024 557,424 Thereafter 1,066,100 Total $ 7,453,487 |
Investments in Real Estate-Re_2
Investments in Real Estate-Related Loans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate Investments, Net [Abstract] | |
Investment In Real Estate Loans [Table Text Block] | The following table details the Company's real estate-related loan investments: Investment Collateral Interest Rate (1) Maturity Date Payment Terms (2) Prior Liens Face Amount Unamortized Discount Carrying Amount Atlantis Mezzanine Loan Atlantis Paradise Island Resort L+6.67% July 2020 Principal due at maturity $1.525 billion (3) $ 25,000,000 $ (367,510 ) $ 24,632,490 IMC/AMC Bond Investment International Markets Center AmericasMart Atlanta L+6.15% December 2023 Principal due at maturity $1.643 billion (4) 25,000,000 (334,691 ) 24,665,309 $ 50,000,000 $ (702,201 ) $ 49,297,799 (1) The term "L" refers to the one-month US dollar-denominated London Interbank Offer Rate ("LIBOR"). As of December 31, 2019 and 2018, one-month LIBOR was equal to 1.76% and 2.50% , respectively. (2 ) Neither investment is subject to delinquent principal or interest as of December 31, 2019. (3 ) The Atlantis Mezzanine Loan is subordinate to a first mortgage loan of $1.20 billion and a $325 million senior mezzanine loan. (4 ) The IMC / AMC Bond Investment is subordinate to a $1.15 billion first mortgage on properties owned by IMC and a $493 million first mortgage on properties owned by AMC. |
Accounts and Other Receivable_2
Accounts and Other Receivables and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Accounts and Other Receivables and Other Assets | The following table summarizes the components of accounts and other receivables and other assets as of December 31, 2019 and 2018: Receivables December 31, 2019 December 31, 2018 Accounts receivable $ 1,097,446 $ — Straight-line rent receivable 407,475 — Interest receivable 264,525 — Total accounts and other receivables, net $ 1,769,446 $ — Other assets December 31, 2019 December 31, 2018 Pre-acquisition deposits $ 500,000 $ — Prepaid expenses 67,777 — Capitalized fees, net 2,848 — Total other assets $ 570,625 $ — |
Accounts Payable, Accrued Exp_2
Accounts Payable, Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | The following table summarizes the components of accounts payable, accrued expenses and other liabilities as of December 31, 2019 and 2018: December 31, 2019 December 31, 2018 Subscriptions received in advance $ 70,000 $ — Real estate taxes payable 391,519 — Accounts payable and accrued expenses 1,222,942 102,930 Prepaid rental income 637,233 — Accrued interest expense 298,884 — Tenant security deposits 620,814 — Distribution payable 339,337 — Total accounts payable, accrued expenses and other liabilities $ 3,580,729 $ 102,930 |
Mortgage Loans (Tables)
Mortgage Loans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | The following table summarizes the Company's mortgage loans: Principal Balance Outstanding Indebtedness Interest Rate (1) Maturity Date December 31, 2019 December 31, 2018 Anzio Apartments mortgage loan L + 1.59% April 2029 $ 44,400,000 $ — Two Liberty Center mortgage loan L + 1.50% August 2024 61,971,000 — Ezlyn mortgage loan 3.38% December 2026 53,040,000 — Total mortgage loans 159,411,000 $ — Less: deferred financing costs, net (934,146 ) Mortgage loans, net $ 158,476,854 (1) The term "L" refers to the one-month US dollar-denominated LIBOR. As of December 31, 2019 and December 31, 2018, one-month LIBOR was equal to 1.76% and 2.50% , respectively. |
Schedule of Maturities of Long-term Debt [Table Text Block] | The following table presents the future principal payments due under the Company's mortgage loan as of December 31, 2019: Year Amount 2020 $ — 2021 — 2022 — 2023 — 2024 61,971,000 Thereafter 97,440,000 Total $ 159,411,000 |
Stockholder's Equity (Tables)
Stockholder's Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Stock by Class | As of December 31, 2019 and December 31, 2018, the Company had authority to issue 1,050,000,000 shares, consisting of the following: Classification No. of Par Value Preferred stock 50,000,000 $ 0.01 Class T common stock 250,000,000 $ 0.01 Class S common stock 250,000,000 $ 0.01 Class D common stock 250,000,000 $ 0.01 Class I common stock 250,000,000 $ 0.01 1,050,000,000 |
Schedule of Common Stock Outstanding Roll Forward | Common Stock The following tables detail the movement in the Company's outstanding shares of common stock: Class S Class I Class T Class D Total January 1, 2018 Common stock issued — 20,000 — — 20,000 December 31, 2018 — 20,000 — — 20,000 Common stock issued 5,851,600 9,118,617 — — 14,970,217 Independent directors' restricted stock vested (1) — 7,000 — — 7,000 December 31, 2019 5,851,600 9,145,617 — — 14,997,217 (1) The directors' vested restricted stock represents aggregate $74,876 and $50,238 of the annual compensation paid to the independent directors for the year ended December 31, 2019 and the period from January 10, 2018 through December 31, 2018, respectively. The restricted stock is amortized over the one-year service period of such stock grants. |
Dividends Declared | The following table details the aggregate distributions declared for each applicable class of common stock: Year Ended December 31, 2019 Class S Class I Class T Class D Gross distributions declared per share of common stock (1) $ 0.0250 $ 0.0250 $ — $ — Stockholder servicing fee per share of common stock (0.0061 ) — — — Net distributions declared per share of common stock $ 0.0189 $ 0.0250 $ — $ — For the Period from January 10, 2018 through December 31, 2018 Class S Class I Class T Class D Gross distributions declared per share of common stock (1) $ — $ — $ — $ — Stockholder servicing fee per share of common stock — — — — Net distributions declared per share of common stock $ — $ — $ — $ — (1) The Company had not sold any Class D or Class T shares as of December 31, 2019. |
Five Year Minimum Rental Paym_2
Five Year Minimum Rental Payments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Leases at the Company's multifamily investments are short term, generally 12 months or less, and are not included. Year Future Minimum Rents 2020 $ 6,606,491 2021 7,071,878 2022 7,116,085 2023 6,497,656 2024 3,904,549 Thereafter 9,206,435 Total $ 40,403,094 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following table sets forth the total assets by segment: December 31, 2019 Multifamily $ 140,841,295 Office 93,629,245 Real estate related loans 49,297,799 Other (Corporate) 29,717,653 Total assets $ 313,485,992 The following table sets forth the financial results by segment for the year ended December 31, 2019: Multifamily Office Real estate-related loans Total Revenues: Rental revenues $ 4,245,057 $ 2,883,152 $ — $ 7,128,209 Other revenues 164,948 246,750 — 411,698 Total revenues 4,410,005 3,129,902 — 7,539,907 Expenses: Rental property operating 2,009,938 1,061,828 — 3,071,766 Total expenses 2,009,938 1,061,828 — 3,071,766 Income from real estate-related loans — — 2,299,154 2,299,154 Segment net operating income $ 2,400,067 $ 2,068,074 $ 2,299,154 $ 6,767,295 Depreciation and amortization $ 3,381,811 $ 1,630,448 $ — $ 5,012,259 General and administrative expenses 1,616,252 Performance participation allocation 200,649 Organizational expenses 885,061 Interest income 6,567 Interest expense (4,048,089 ) Net loss $ (4,988,448 ) Net loss attributable to non-controlling interests 265,570 Net loss attributable to stockholders $ (4,722,878 ) |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | The following table presents the Company’s quarterly results for the year ended December 31, 2019 and the period from January 10, 2018 through December 31, 2018: 2019 March 31 June 30 September 30 December 31 Total revenues $ — $ 1,228,722 $ 2,472,826 $ 3,838,359 Net loss $ (170,435 ) $ (1,116,297 ) $ (1,535,932 ) $ (2,165,784 ) Net loss attributable to stockholders $ (170,435 ) $ (1,044,763 ) $ (1,442,451 ) $ (2,065,229 ) Net loss per share $ (8.16 ) $ (38.69 ) $ (53.42 ) $ (0.50 ) 2018 March 31 June 30 September 30 December 31 Total revenues $ 70 $ 161 $ 523 $ 1,221 Net loss $ (24,930 ) $ (88,072 ) $ (80,052 ) $ (174,841 ) Net loss attributable to stockholders $ (24,930 ) $ (88,072 ) $ (80,052 ) $ (174,841 ) Net loss per share $ (1.25 ) $ (4.40 ) $ (4.00 ) $ (8.74 ) |
Organization and Business Pur_2
Organization and Business Purpose - Additional Information (Detail) | Dec. 06, 2019USD ($) | Apr. 11, 2018USD ($) | Jan. 09, 2018USD ($) | Dec. 31, 2019USD ($)classposition_in_real_estate_loaninvestment_in_real_estate |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Capitalized investment by affiliate | $ 200,000 | |||
Class of Stock [Line Items] | ||||
Offering of common stock | $ 91,186,165 | |||
Number of Classes Of Common Shares | class | 4 | |||
Proceeds from issuance | $ 150,000,000 | |||
Number of Real Estate Properties | investment_in_real_estate | 3 | |||
Number Of Positions In Real Estate-Related Loans | position_in_real_estate_loan | 2 | |||
Primary Offering [Member] | Maximum [Member] | ||||
Class of Stock [Line Items] | ||||
Offering of common stock | $ 1,600,000,000 | |||
Distribution Reinvestment Plan [Member] | Maximum [Member] | ||||
Class of Stock [Line Items] | ||||
Offering of common stock | $ 400,000,000 | |||
Oaktree [Member] | ||||
Class of Stock [Line Items] | ||||
Proceeds from issuance | $ 86,900,000 |
Capitalization - Additional Inf
Capitalization - Additional Information (Detail) - shares | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 11, 2018 |
Capitalization, Long-term Debt and Equity [Abstract] | |||
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 | 1,050,000,000 |
Capitalization - Summary of Cla
Capitalization - Summary of Classes of Common Stock Authorized (Detail) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 11, 2018 |
Schedule of Capitalization, Equity [Line Items] | |||
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 | 1,050,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Preferred stock | |||
Schedule of Capitalization, Equity [Line Items] | |||
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common Stock Class T | |||
Schedule of Capitalization, Equity [Line Items] | |||
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 | 250,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common Stock Class S | |||
Schedule of Capitalization, Equity [Line Items] | |||
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 | 250,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common Stock Class D | |||
Schedule of Capitalization, Equity [Line Items] | |||
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 | 250,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common Stock Class I | |||
Schedule of Capitalization, Equity [Line Items] | |||
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 | 250,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | Jan. 10, 2018USD ($) | |
Property, Plant and Equipment [Line Items] | ||||
Number of reportable segments | segment | 3 | |||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 234,400,000 | |||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 161,300,000 | |||
Restricted cash | $ 741,604 | $ 0 | ||
Percentage of taxable income not subject to federal corporate income tax to the extent it distributes if qualifies for taxation as a REIT | 90.00% | |||
Current Fiscal Year End Date | --12-31 | |||
Organization and offering expenses incurred by Adviser and its affiliates on company's behalf | $ 5,200,000 | 4,300,000 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 145,417,938 | (117,657) | $ 200,000 | |
Building [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 30 years | |||
Building [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 40 years | |||
Building and Building Improvements [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 5 years | |||
Building and Building Improvements [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 10 years | |||
Furniture, Fixtures, and Equipment [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 1 year | |||
Furniture, Fixtures, and Equipment [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 7 years | |||
Construction Reserves [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Restricted cash | $ 100,000 | |||
Security Deposits [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Restricted cash | 200,000 | |||
Real Estate Taxes [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Restricted cash | 400,000 | |||
Non-controlling Interests | ||||
Property, Plant and Equipment [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 5,348,012 | $ 0 | $ 0 |
Investments in Real Estate - Sc
Investments in Real Estate - Schedule of Real Estate Investments (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2019 | Aug. 31, 2019 | Apr. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 10, 2019 | Aug. 20, 2019 | Apr. 11, 2019 | |
Real Estate [Line Items] | ||||||||
Payments to Acquire Real Estate | $ 233,193,194 | $ 0 | ||||||
Investment Building and Building Improvements | $ 199,478,457 | 199,478,457 | ||||||
Land | 19,667,140 | 19,667,140 | ||||||
Tenant Improvements | 4,314,057 | 4,314,057 | ||||||
Furniture, Fixtures, And Equipment | 2,749,914 | 2,749,914 | ||||||
Real Estate Investment Property, Accumulated Depreciation | (2,865,137) | (2,865,137) | ||||||
Real Estate Investments, Net | 223,344,431 | 223,344,431 | $ 0 | |||||
Anzio Apartments [Member] | ||||||||
Real Estate [Line Items] | ||||||||
Payments to Acquire Real Estate | $ 59,785,956 | |||||||
Investment Building and Building Improvements | 50,820,175 | |||||||
Land | 6,105,370 | |||||||
Tenant Improvements | 0 | |||||||
Furniture, Fixtures, And Equipment | $ 1,405,157 | |||||||
Two Liberty Center [Member] | ||||||||
Real Estate [Line Items] | ||||||||
Payments to Acquire Real Estate | $ 92,203,715 | |||||||
Investment Building and Building Improvements | 80,305,740 | |||||||
Land | 3,074,700 | |||||||
Tenant Improvements | 3,811,716 | |||||||
Furniture, Fixtures, And Equipment | $ 0 | |||||||
Ezlyn [Member] | ||||||||
Real Estate [Line Items] | ||||||||
Payments to Acquire Real Estate | 81,203,523 | |||||||
Investment Building and Building Improvements | 67,860,509 | 67,860,509 | ||||||
Land | 10,487,070 | 10,487,070 | ||||||
Tenant Improvements | 21,923 | 21,923 | ||||||
Furniture, Fixtures, And Equipment | 1,344,757 | 1,344,757 | ||||||
Acquired Properties [Member] | ||||||||
Real Estate [Line Items] | ||||||||
Investment Building and Building Improvements | 205,569,977 | 205,569,977 | ||||||
Real Estate Investments, Cost Capitalized Subsequent To Acquisition | 972,451 | 972,451 | ||||||
Land | 19,667,140 | 19,667,140 | ||||||
Real Estate Investments, Gross | 206,542,428 | 206,542,428 | ||||||
Real Estate Investment Property, Accumulated Depreciation | $ (2,865,137) | $ (2,865,137) | ||||||
Acquired Properties [Member] | Anzio Apartments [Member] | ||||||||
Real Estate [Line Items] | ||||||||
Investment Building and Building Improvements | $ 52,225,332 | |||||||
Real Estate Investments, Cost Capitalized Subsequent To Acquisition | 972,451 | |||||||
Land | 6,105,370 | |||||||
Real Estate Investments, Gross | 53,197,783 | |||||||
Real Estate Investment Property, Accumulated Depreciation | $ (1,534,406) | |||||||
Acquired Properties [Member] | Two Liberty Center [Member] | ||||||||
Real Estate [Line Items] | ||||||||
Investment Building and Building Improvements | $ 84,117,456 | |||||||
Real Estate Investments, Cost Capitalized Subsequent To Acquisition | 0 | |||||||
Land | 3,074,700 | |||||||
Real Estate Investments, Gross | 84,117,456 | |||||||
Real Estate Investment Property, Accumulated Depreciation | $ (1,188,793) | |||||||
Acquired Properties [Member] | Ezlyn [Member] | ||||||||
Real Estate [Line Items] | ||||||||
Investment Building and Building Improvements | $ 69,227,189 | |||||||
Real Estate Investments, Cost Capitalized Subsequent To Acquisition | 0 | |||||||
Land | 10,487,070 | |||||||
Real Estate Investments, Gross | 69,227,189 | |||||||
Real Estate Investment Property, Accumulated Depreciation | $ (141,938) |
Investments in Real Estate - Na
Investments in Real Estate - Narrative (Details) - USD ($) $ in Millions | Dec. 10, 2019 | Aug. 20, 2019 | Apr. 11, 2019 | Dec. 31, 2019 |
Anzio Joint Venture [Member] | ||||
Real Estate [Line Items] | ||||
Investment In Real Estate, Purchase Price | $ 59.2 | |||
Noncontrolling Interest in Joint Ventures | 1.7 | |||
Joint Venture, Ownership Percentage | 90.00% | |||
Liberty Joint Venture [Member] | ||||
Real Estate [Line Items] | ||||
Equity Contributed To Joint Venture, Gross | $ 33.5 | |||
Investment In Real Estate, Purchase Price | 91.2 | |||
Noncontrolling Interest in Joint Ventures | 1.1 | |||
Joint Venture, Ownership Percentage | 97.00% | |||
Ezlyn Joint Venture [Member] | ||||
Real Estate [Line Items] | ||||
Investment In Real Estate, Purchase Price | $ 81.3 | |||
Noncontrolling Interest in Joint Ventures | 2.9 | |||
Joint Venture, Ownership Percentage | 90.00% | |||
Real Estate Investments, Joint Ventures | 26.2 | |||
Real Estate Financing [Member] | Anzio Joint Venture [Member] | ||||
Real Estate [Line Items] | ||||
Debt Instrument, Face Amount | 44.4 | |||
Real Estate Investments, Joint Ventures | $ 14.9 | |||
Real Estate Financing [Member] | Liberty Joint Venture [Member] | ||||
Real Estate [Line Items] | ||||
Debt Instrument, Face Amount | 62 | |||
Real Estate Investments, Joint Ventures | $ 32.3 | |||
Real Estate Financing [Member] | Ezlyn Joint Venture [Member] | ||||
Real Estate [Line Items] | ||||
Debt Instrument, Face Amount | $ 53 | |||
TruAmerica [Member] | Anzio Joint Venture [Member] | ||||
Real Estate [Line Items] | ||||
Joint Venture, Ownership Percentage | 10.00% | |||
Hines Interests Limited Partnership [Member] | Liberty Joint Venture [Member] | ||||
Real Estate [Line Items] | ||||
Joint Venture, Ownership Percentage | 4.00% | |||
Holland Partner Group [Member] | Ezlyn Joint Venture [Member] | ||||
Real Estate [Line Items] | ||||
Joint Venture, Ownership Percentage | 10.00% |
Investments in Real Estate - Pu
Investments in Real Estate - Purchase Price Allocation (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Aug. 31, 2019 | Apr. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Real Estate [Line Items] | |||||
Investment Building and Building Improvements | $ 199,478,457 | $ 199,478,457 | |||
Land | 19,667,140 | 19,667,140 | |||
Tenant Improvements | 4,314,057 | 4,314,057 | |||
Furniture, Fixtures, And Equipment | 2,749,914 | 2,749,914 | |||
Payments to Acquire Real Estate | 233,193,194 | $ 0 | |||
Anzio Apartments [Member] | |||||
Real Estate [Line Items] | |||||
Investment Building and Building Improvements | $ 50,820,175 | ||||
Land | 6,105,370 | ||||
Tenant Improvements | 0 | ||||
Furniture, Fixtures, And Equipment | 1,405,157 | ||||
Finite-Lived Intangible Asset, Acquired-in-Place Leases | 1,455,254 | ||||
Lease Origination Costs | 0 | ||||
Above Market Lease, Acquired | 0 | ||||
Below Market Lease, Acquired | 0 | ||||
Payments to Acquire Real Estate | $ 59,785,956 | ||||
Two Liberty Center [Member] | |||||
Real Estate [Line Items] | |||||
Investment Building and Building Improvements | $ 80,305,740 | ||||
Land | 3,074,700 | ||||
Tenant Improvements | 3,811,716 | ||||
Furniture, Fixtures, And Equipment | 0 | ||||
Finite-Lived Intangible Asset, Acquired-in-Place Leases | 3,523,143 | ||||
Lease Origination Costs | 1,501,429 | ||||
Above Market Lease, Acquired | 58,585 | ||||
Below Market Lease, Acquired | (71,598) | ||||
Payments to Acquire Real Estate | $ 92,203,715 | ||||
Ezlyn [Member] | |||||
Real Estate [Line Items] | |||||
Investment Building and Building Improvements | 67,860,509 | 67,860,509 | |||
Land | 10,487,070 | 10,487,070 | |||
Tenant Improvements | 21,923 | 21,923 | |||
Furniture, Fixtures, And Equipment | 1,344,757 | 1,344,757 | |||
Finite-Lived Intangible Asset, Acquired-in-Place Leases | 1,489,264 | $ 1,489,264 | |||
Above Market Lease, Acquired | 0 | ||||
Below Market Lease, Acquired | 0 | ||||
Payments to Acquire Real Estate | $ 81,203,523 |
Intangibles Gross Carrying Amou
Intangibles Gross Carrying Amount and Accumulated Amortization of Intangible Assets (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets, gross | $ 9,685,077 | |
Intangible assets, accumulated amortization | (2,231,590) | |
Intangible assets, net | 7,453,487 | $ 0 |
Below Market Lease, Net [Abstract] | ||
Intangible liabilities, gross | (71,598) | |
Intangible liabilities, accumulated amortization | 14,439 | |
Intangible liabilities, net | (57,159) | |
In-place lease intangibles | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets, gross | 6,467,661 | |
Intangible assets, accumulated amortization | (2,015,770) | |
Lease origination costs | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets, gross | 1,867,804 | |
Intangible assets, accumulated amortization | (131,353) | |
Lease inducements | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets, gross | 1,291,027 | |
Intangible assets, accumulated amortization | (59,820) | |
Above-market lease intangibles | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets, gross | 58,585 | |
Intangible assets, accumulated amortization | $ (24,647) |
Intangibles Intangible Assets,
Intangibles Intangible Assets, Future Amortization Expense (Details) | Dec. 31, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 2,723,761 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 1,105,342 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 1,074,299 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 926,561 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 557,424 |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 1,066,100 |
Finite-Lived Intangible Assets, Net | $ 7,453,487 |
Investments in Real Estate-Re_3
Investments in Real Estate-Related Loans - Narrative (Details) ft² in Millions | Sep. 04, 2019USD ($)ft² | Jun. 14, 2019USD ($)extension_optionroom | Dec. 31, 2019USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Real Estate Notes Receivable, Face Amount | $ 50,000,000 | ||
Atlantis Mezzanine Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Real Estate Notes Receivable, Face Amount | $ 25,000,000 | 25,000,000 | |
Real Estate Investment, Number Of Rooms | room | 2,917 | ||
Real Estate Notes Receivable, Number Of Extension Options | extension_option | 5 | ||
Real Estate Notes Receivable, Extension Option Term | 12 months | ||
IMC/AMC Bond Investment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Real Estate Notes Receivable, Face Amount | $ 25,000,000 | $ 25,000,000 | |
Area of Real Estate Property | ft² | 14.4 | ||
London Interbank Offered Rate (LIBOR) [Member] | Atlantis Mezzanine Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable, Basis Spread on Variable Rate | 6.67% | 6.67% | |
London Interbank Offered Rate (LIBOR) [Member] | IMC/AMC Bond Investment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable, Basis Spread on Variable Rate | 6.15% | ||
Borrowings To Finance Real Estate Loans Receivable [Member] | IMC/AMC Bond Investment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Proceeds from Long-term Lines of Credit | $ 25,000,000 |
Investments in Real Estate-Re_4
Investments in Real Estate-Related Loans - Schedule Of Real Estate Related Notes (Details) - USD ($) | Dec. 31, 2019 | Sep. 04, 2019 | Jun. 14, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Real Estate Notes Receivable, Face Amount | $ 50,000,000 | |||
Real Estate Note Receivable, Unamortized Discount | (702,201) | |||
Real Estate Notes Receivable. Carrying Amount | $ 49,297,799 | |||
One Month LIBOR | 1.76% | 2.50% | ||
Atlantis Mezzanine Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Real Estate Investments, Prior Lien Amount | $ 1,525,000,000 | |||
Real Estate Notes Receivable, Face Amount | 25,000,000 | $ 25,000,000 | ||
Real Estate Note Receivable, Unamortized Discount | (367,510) | |||
Real Estate Notes Receivable. Carrying Amount | 24,632,490 | |||
IMC/AMC Bond Investment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Real Estate Investments, Prior Lien Amount | 1,643,000,000 | |||
Real Estate Notes Receivable, Face Amount | 25,000,000 | $ 25,000,000 | ||
Real Estate Note Receivable, Unamortized Discount | (334,691) | |||
Real Estate Notes Receivable. Carrying Amount | 24,665,309 | |||
First Mortgage [Member] | Atlantis Mezzanine Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Real Estate Investments, Prior Lien Amount | 1,200,000,000 | |||
First Mortgage [Member] | IMC/AMC Bond Investment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Real Estate Investments, Prior Lien Amount | 1,150,000,000 | |||
Senior Mezzanine Loan [Member] | Atlantis Mezzanine Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Real Estate Investments, Prior Lien Amount | 325,000,000 | |||
Senior Mezzanine Loan [Member] | IMC/AMC Bond Investment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Real Estate Investments, Prior Lien Amount | $ 493,000,000 | |||
London Interbank Offered Rate (LIBOR) [Member] | Atlantis Mezzanine Loan [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Receivable, Basis Spread on Variable Rate | 6.67% | 6.67% | ||
London Interbank Offered Rate (LIBOR) [Member] | IMC/AMC Bond Investment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Receivable, Basis Spread on Variable Rate | 6.15% |
Accounts and Other Receivable_3
Accounts and Other Receivables and Other Assets (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Accounts receivable | $ 1,097,446 | $ 0 |
Straight-line rent receivable | 407,475 | 0 |
Interest receivable | 264,525 | 0 |
Total accounts and other receivables, net | 1,769,446 | 0 |
Pre-acquisition deposits | 500,000 | 0 |
Prepaid expenses | 67,777 | 0 |
Capitalized fees, net | 2,848 | 0 |
Total other assets | $ 570,625 | $ 0 |
Accounts Payable, Accrued Exp_3
Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Other Liabilities Disclosure [Abstract] | ||
Subscriptions received in advance | $ 70,000 | $ 0 |
Real estate taxes payable | 391,519 | 0 |
Accounts payable and accrued expenses | 1,222,942 | 102,930 |
Prepaid rental income | 637,233 | 0 |
Accrued interest expense | 298,884 | 0 |
Tenant security deposits | 620,814 | 0 |
Distribution payable | 339,337 | 0 |
Total accounts payable, accrued expenses and other liabilities | $ 3,580,729 | $ 102,930 |
Mortgage Loans (Details)
Mortgage Loans (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($)extension_option | |
Anzio Apartment Mortgage [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 44.4 |
Debt Instrument, Interest Only Period | 60 months |
Debt Instrument, Interest Amortization Profile | 360 months |
Debt Instrument, Term | 120 months |
Debt Instrument, Prepayment Penalty Percentage | 1.00% |
Debt Instrument, Lockout Period | 1 year |
Anzio Apartment Mortgage [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 1.59% |
Two Liberty Center Mortgage [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 62 |
Debt Instrument, Interest Only Period | 60 months |
Debt Instrument, Term | 60 months |
Debt Instrument, Number Of Extension Options | extension_option | 2 |
Debt Instrument, Extension Term | 1 year |
Two Liberty Center Mortgage [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 1.50% |
Ezlyn Mortgage [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 53 |
Debt Instrument, Term | 84 months |
Debt Instrument, Lockout Period | 2 years |
Debt Instrument, Interest Rate, Stated Percentage | 3.38% |
Debt Instrument, Period Without Defeasance Penalty | 90 days |
Mortgage Loans - Schedule of Mo
Mortgage Loans - Schedule of Mortgage Loans (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
One Month LIBOR | 1.76% | 2.50% |
Mortgage Loan | $ 159,411,000 | |
Deferred Financing Costs, Net | (934,146) | |
Mortgage Loans, Net | 158,476,854 | $ 0 |
Anzio Apartment Mortgage [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage Loan | $ 44,400,000 | |
Anzio Apartment Mortgage [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.59% | |
Two Liberty Center Mortgage [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage Loan | $ 61,971,000 | |
Two Liberty Center Mortgage [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |
Ezlyn Mortgage [Member] | ||
Debt Instrument [Line Items] | ||
Mortgage Loan | $ 53,040,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.38% |
Mortgage Loans - Maturity of Mo
Mortgage Loans - Maturity of Mortgage Loans (Details) | Dec. 31, 2019USD ($) |
Debt Disclosure [Abstract] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 61,971,000 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 97,440,000 |
Long-term Debt | $ 159,411,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | Aug. 20, 2019 | Aug. 20, 2019 | Dec. 31, 2019 | Apr. 11, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | |||||
Accrued Professional Fees | $ 200,649 | $ 0 | |||
Percentage of management fee to NAV payable to adviser per annum, payable monthly | 1.00% | ||||
Percentage of performance participation interest to annual total return held by adviser | 12.50% | ||||
Annual hurdle amount, percentage | 5.00% | ||||
Due to affiliates | $ 5,953,312 | 198,181 | |||
Proceeds from Sale of Treasury Stock | $ 150,000,000 | ||||
Stock Repurchase Program, Purchase Price | $ 10 | ||||
Stock Repurchase Plan, Monthly Percent Allowed | 2.00% | ||||
Stock Repurchase Plan, Quarterly Percent Allowed | 5.00% | ||||
Oaktree [Member] | |||||
Related Party Transaction [Line Items] | |||||
Proceeds from Sale of Treasury Stock | $ 86,900,000 | ||||
The Amendment [Member] | Line of Credit [Member] | |||||
Related Party Transaction [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 150,000,000 | ||||
London Interbank Offered Rate (LIBOR) [Member] | The Amendment [Member] | Line of Credit [Member] | |||||
Related Party Transaction [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | 2.50% | |||
Operating Expense [Member] | Oaktree [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to affiliates | 679,340 | $ 198,181 | |||
Organizational and Offering Costs [Member] | Oaktree [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to affiliates | 5,073,322 | ||||
Performance Incentive Fees [Member] | Oaktree [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to affiliates | $ 200,649 |
Stockholder's Equity - Addition
Stockholder's Equity - Additional Information (Detail) - shares | Dec. 31, 2019 | Dec. 31, 2018 |
Equity [Abstract] | ||
Common and Preferred Stock, Shares Authorized | 1,050,000,000 | 1,050,000,000 |
Repurchase of shares to NAV per month, percentage | 2.00% | |
Repurchase of shares to NAV per calender quarter, percentage | 5.00% | |
Repurchase of shares outstanding less than one year to transaction price, percentage | 95.00% |
Stockholder's Equity - Stock by
Stockholder's Equity - Stock by Class (Details) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 11, 2018 |
Class of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Common and Preferred Stock, Shares Authorized | 1,050,000,000 | 1,050,000,000 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 | 1,050,000,000 |
Preferred stock | |||
Class of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common Stock Class T | |||
Class of Stock [Line Items] | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 | 250,000,000 |
Common Stock Class S | |||
Class of Stock [Line Items] | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 | 250,000,000 |
Common Stock Class D | |||
Class of Stock [Line Items] | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 | 250,000,000 |
Common Stock Class I | |||
Class of Stock [Line Items] | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 | 250,000,000 |
Stockholder's Equity - Outstand
Stockholder's Equity - Outstanding Stock Rollforward (Details) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Outstanding Stock [Roll Forward] | ||
Common Stock, Shares, Outstanding | 20,000 | |
Common stock issued (in shares) | 14,970,217 | 20,000 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 7,000 | |
Common Stock, Shares, Outstanding | 14,997,217 | 20,000 |
Common Stock Class S | ||
Outstanding Stock [Roll Forward] | ||
Common Stock, Shares, Outstanding | 0 | |
Common stock issued (in shares) | 5,851,600 | 0 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 0 | |
Common Stock, Shares, Outstanding | 5,851,600 | 0 |
Common Stock Class I | ||
Outstanding Stock [Roll Forward] | ||
Common Stock, Shares, Outstanding | 20,000 | |
Common stock issued (in shares) | 9,118,617 | 20,000 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 7,000 | |
Common Stock, Shares, Outstanding | 9,145,617 | 20,000 |
Common Stock Class T | ||
Outstanding Stock [Roll Forward] | ||
Common Stock, Shares, Outstanding | 0 | |
Common stock issued (in shares) | 0 | 0 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 0 | |
Common Stock, Shares, Outstanding | 0 | 0 |
Common Stock Class D | ||
Outstanding Stock [Roll Forward] | ||
Common Stock, Shares, Outstanding | 0 | |
Common stock issued (in shares) | 0 | 0 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 0 | |
Common Stock, Shares, Outstanding | 0 | 0 |
Stockholder's Equity - Dividend
Stockholder's Equity - Dividends (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Common Stock Class S | ||
Class of Stock [Line Items] | ||
Common Stock, Dividends, Per Share, Declared, Gross | $ 0.0250 | $ 0 |
Common Stock, Dividends, Per Share, Servicing Fee | (0.0061) | 0 |
Common Stock, Dividends, Per Share, Declared | 0.0189 | 0 |
Common Stock Class I | ||
Class of Stock [Line Items] | ||
Common Stock, Dividends, Per Share, Declared, Gross | 0.0250 | 0 |
Common Stock, Dividends, Per Share, Servicing Fee | 0 | 0 |
Common Stock, Dividends, Per Share, Declared | 0.0250 | 0 |
Common Stock Class T | ||
Class of Stock [Line Items] | ||
Common Stock, Dividends, Per Share, Declared, Gross | 0 | 0 |
Common Stock, Dividends, Per Share, Servicing Fee | 0 | 0 |
Common Stock, Dividends, Per Share, Declared | 0 | 0 |
Common Stock Class D | ||
Class of Stock [Line Items] | ||
Common Stock, Dividends, Per Share, Declared, Gross | 0 | 0 |
Common Stock, Dividends, Per Share, Servicing Fee | 0 | 0 |
Common Stock, Dividends, Per Share, Declared | $ 0 | $ 0 |
Five Year Minimum Rental Paym_3
Five Year Minimum Rental Payments (Details) | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 6,606,491 |
2021 | 7,071,878 |
2022 | 7,116,085 |
2023 | 6,497,656 |
2024 | 3,904,549 |
Thereafter | 9,206,435 |
Total | $ 40,403,094 |
Segment Reporting (Details)
Segment Reporting (Details) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | |
Segment Reporting [Abstract] | ||||||||||
Number of reportable segments | segment | 3 | |||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total assets | $ 313,485,992 | $ 183,454 | $ 313,485,992 | $ 183,454 | ||||||
Rental revenues | 7,128,209 | 0 | ||||||||
Other revenues | 411,698 | 0 | ||||||||
Total revenues | 3,838,359 | $ 2,472,826 | $ 1,228,722 | $ 0 | 1,221 | $ 523 | $ 161 | $ 70 | 7,539,907 | 0 |
Rental property operating | 3,071,766 | 0 | ||||||||
Income from real estate-related loans | 2,299,154 | 0 | ||||||||
Segment net operating income | 6,767,295 | |||||||||
Depreciation and amortization | 5,012,259 | 0 | ||||||||
General and Administrative Expense | 1,616,252 | 369,870 | ||||||||
Performance Participation Allocation Expense | 200,649 | 0 | ||||||||
Organizational Expenses | 885,061 | 0 | ||||||||
Interest Income, Operating | 6,567 | 1,975 | ||||||||
Interest Expense | 4,048,089 | 0 | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (2,165,784) | (1,535,932) | (1,116,297) | (170,435) | (174,841) | (80,052) | (88,072) | (24,930) | (4,988,448) | (367,895) |
Net Income (Loss) Attributable to Noncontrolling Interest | (265,570) | 0 | ||||||||
Net Income (Loss) Attributable to Parent | (2,065,229) | $ (1,442,451) | $ (1,044,763) | $ (170,435) | $ (174,841) | $ (80,052) | $ (88,072) | $ (24,930) | (4,722,878) | $ (367,895) |
Multifamily | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total assets | 140,841,295 | 140,841,295 | ||||||||
Rental revenues | 4,245,057 | |||||||||
Other revenues | 164,948 | |||||||||
Total revenues | 4,410,005 | |||||||||
Rental property operating | 2,009,938 | |||||||||
Segment net operating income | 2,400,067 | |||||||||
Depreciation and amortization | 3,381,811 | |||||||||
Office | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total assets | 93,629,245 | 93,629,245 | ||||||||
Rental revenues | 2,883,152 | |||||||||
Other revenues | 246,750 | |||||||||
Total revenues | 3,129,902 | |||||||||
Rental property operating | 1,061,828 | |||||||||
Segment net operating income | 2,068,074 | |||||||||
Depreciation and amortization | 1,630,448 | |||||||||
Real estate related loans | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total assets | $ 49,297,799 | 49,297,799 | ||||||||
Rental revenues | 0 | |||||||||
Other revenues | 0 | |||||||||
Total revenues | 0 | |||||||||
Income from real estate-related loans | 2,299,154 | |||||||||
Segment net operating income | $ 2,299,154 |
Quarterly Financial Informati_3
Quarterly Financial Information (Unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||
Total revenues | $ 3,838,359 | $ 2,472,826 | $ 1,228,722 | $ 0 | $ 1,221 | $ 523 | $ 161 | $ 70 | $ 7,539,907 | $ 0 |
Net loss | (2,165,784) | (1,535,932) | (1,116,297) | (170,435) | (174,841) | (80,052) | (88,072) | (24,930) | (4,988,448) | (367,895) |
Net loss attributable to stockholders | $ (2,065,229) | $ (1,442,451) | $ (1,044,763) | $ (170,435) | $ (174,841) | $ (80,052) | $ (88,072) | $ (24,930) | $ (4,722,878) | $ (367,895) |
Net loss per share (in usd per share) | $ (0.50) | $ (53.42) | $ (38.69) | $ (8.16) | $ (8.74) | $ (4) | $ (4.40) | $ (1.25) |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] | Mar. 24, 2020USD ($) | Feb. 29, 2020USD ($) | Feb. 14, 2020USD ($)building | Feb. 14, 2020USD ($) | Feb. 14, 2020USD ($)story | Jan. 31, 2020USD ($) | Mar. 27, 2020USD ($)shares |
Subsequent Event [Line Items] | |||||||
Payments to Acquire Mortgage Backed Securities (MBS) categorized as Held-to-maturity | $ 18,800,000 | ||||||
Sale of Stock, Number of Shares Issued in Transaction | shares | 18,065,822 | ||||||
Proceeds from Issuance or Sale of Equity | $ 180,800,000 | ||||||
Lakes Joint Venture [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Real Estate Investment, Size | 2 | 4 | |||||
Investment In Real Estate, Purchase Price | $ 40,900,000 | ||||||
Equity Contributed To Joint Venture, Gross | $ 16,600,000 | 16,600,000 | $ 16,600,000 | ||||
Noncontrolling Interest in Joint Ventures | 800,000 | 800,000 | 800,000 | ||||
Real Estate Financing [Member] | Lakes Joint Venture [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Debt Instrument, Face Amount | 27,900,000 | 27,900,000 | 27,900,000 | ||||
Real Estate Investments, Joint Ventures | $ 15,700,000 | $ 15,700,000 | $ 15,700,000 | ||||
Common Stock Class S | |||||||
Subsequent Event [Line Items] | |||||||
Sale of Stock, Number of Shares Issued in Transaction | shares | 8,886,068 | ||||||
Dividends | $ 0.0341 | $ 0.0294 | |||||
Common Stock Class I | |||||||
Subsequent Event [Line Items] | |||||||
Sale of Stock, Number of Shares Issued in Transaction | shares | 9,179,754 | ||||||
Dividends | $ 0.0341 | $ 0.0294 | |||||
Line of Credit [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 125,000,000 | ||||||
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% |
Uncategorized Items - oak-20191
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 200,000 |
Adjustments to Additional Paid in Capital, Amortization of Restricted Stock Grants | oak_AdjustmentstoAdditionalPaidinCapitalAmortizationofRestrictedStockGrants | 50,238 |
Additional Paid-in Capital [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 199,800 |
Adjustments to Additional Paid in Capital, Amortization of Restricted Stock Grants | oak_AdjustmentstoAdditionalPaidinCapitalAmortizationofRestrictedStockGrants | 50,238 |
Parent [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 200,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | (367,895) |
Adjustments to Additional Paid in Capital, Amortization of Restricted Stock Grants | oak_AdjustmentstoAdditionalPaidinCapitalAmortizationofRestrictedStockGrants | 50,238 |
Retained Earnings [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 0 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | $ (367,895) |
Common Stock [Member] | ||
Shares, Outstanding | us-gaap_SharesOutstanding | 20,000 |
Common Class S- [Member] | Common Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | $ 0 |
Common Class D [Member] | Common Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 0 |
Common Class I- [Member] | Common Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 200 |
Common Class T- [Member] | Common Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | $ 0 |