Cover page
Cover page | 3 Months Ended |
Mar. 31, 2021shares | |
Document and Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q1 |
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 | 20,662,400 |
Entity Current Reporting Status | Yes |
Document Quarterly Report | true |
Document Transition Report | false |
Entity Shell Company | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Investments in real estate, net | $ 312,757,658 | $ 315,308,436 |
Investments in real estate-related loans and securities, net | 85,789,370 | 74,464,566 |
Intangible assets, net | 9,379,298 | 10,901,176 |
Cash and cash equivalents | 27,167,065 | 32,740,150 |
Restricted cash | 3,740,400 | 3,279,075 |
Accounts and other receivables, net | 5,590,827 | 3,074,459 |
Other assets | 888,325 | 1,105,747 |
Total Assets | 445,312,943 | 440,873,609 |
Liabilities and Equity | ||
Mortgage loans, net | 229,243,083 | 229,186,956 |
Mortgage loans, net | 229,243,083 | 229,186,956 |
Due to affiliates | 18,604,324 | 12,123,459 |
Accounts payable, accrued expenses and other liabilities | 6,722,532 | 6,309,381 |
Commitments and contingencies (Note 12) | 0 | 0 |
Total Liabilities | 254,633,591 | 247,689,660 |
Stockholders’ Equity | ||
Preferred stock, $0.01 par value per share, 50,000,000 shares authorized; no shares issued nor outstanding at March 31,2021 and December 31, 2020, respectively | 0 | 0 |
Common stock, $0.01 par value per share, 1,000,000,000 shares authorized; 20,662,400 and 20,510,001 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | 206,624 | 205,099 |
Additional paid-in capital | 201,847,118 | 200,440,567 |
Accumulated deficit | (18,811,831) | (15,179,566) |
Total Stockholders’ Equity | 183,241,911 | 185,466,100 |
Non-controlling interests attributable to third party joint ventures | 7,437,441 | 7,717,849 |
Total Equity | 190,679,352 | 193,183,949 |
Total Liabilities and Stockholders' Equity | 445,312,943 | 440,873,609 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Assets | ||
Investments in real estate, net | 312,757,658 | 315,308,436 |
Intangible assets, net | 9,379,298 | 10,901,176 |
Cash and cash equivalents | 3,086,097 | 3,060,611 |
Restricted cash | 3,740,400 | 3,279,075 |
Accounts and other receivables, net | 2,659,913 | 2,778,108 |
Other assets | 839,740 | 1,010,972 |
Total Assets | 332,463,106 | 336,338,378 |
Liabilities and Equity | ||
Mortgage loans, net | 229,243,083 | 229,186,956 |
Intangible liabilities, net | 63,652 | 69,864 |
Accounts payable, accrued expenses and other liabilities | 5,280,005 | 4,761,810 |
Total Liabilities | $ 234,586,740 | $ 234,018,630 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
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) | 20,662,400 | 20,510,001 |
Common stock, outstanding (in shares) | 20,662,400 | 20,510,001 |
Consolidated Statements of Oper
Consolidated Statements of Operations (unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | ||
Rental revenues | $ 7,231,048 | $ 5,414,061 |
Other revenues | 381,445 | 326,750 |
Total revenues | 7,612,493 | 5,740,811 |
Expenses | ||
Rental property operating | 3,315,026 | 2,016,602 |
General and administrative expenses | 1,015,798 | 650,579 |
Management fee | 554,049 | 403,896 |
Performance fee | 573,823 | 811,650 |
Depreciation and amortization | 4,324,486 | 3,389,665 |
Total expenses | 9,783,182 | 7,272,392 |
Fees waived | 0 | (403,896) |
Net expenses | 9,783,182 | 6,868,496 |
Income from real estate-related loans and securities | 1,202,332 | 1,353,627 |
Interest expense | (1,372,457) | (1,416,287) |
Realized gain on investments | 980,665 | 0 |
Unrealized gain (loss) on investments | (12,427) | (1,800,694) |
Total other income (expense) | 798,113 | (1,863,354) |
Net loss | (1,372,576) | (2,991,039) |
Net loss attributable to non-controlling interests | 125,278 | 104,594 |
Net loss attributable to stockholders | $ (1,247,298) | $ (2,886,445) |
Net loss per share of common stock | ||
Net loss per share - basic (in dollars per share) | $ (0.06) | $ (0.17) |
Net loss per share - diluted (in dollars per share) | (0.06) | (0.17) |
Weighted average number of shares outstanding | ||
Weighted average number of shares outstanding - basic (in shares) | 21,277,332 | 16,833,421 |
Weighted average number of shares outstanding - diluted (in shares) | $ 21,277,332 | $ 16,833,421 |
Consolidated Statement Cash Flo
Consolidated Statement Cash Flows (unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (1,372,576) | $ (2,991,039) |
Depreciation and amortization | 4,324,486 | 3,389,665 |
Management fees | 554,049 | 0 |
Amortization of above and below Market Leases | 57,025 | 53,350 |
Amortization of restricted stock grants | 17,856 | 17,771 |
Amortization of deferred financing costs | 56,127 | 45,596 |
Amortization of origination fees and discount | (37,506) | (197,316) |
Realized gain on investments | 980,665 | 0 |
Unrealized gain (loss) on investments | 12,427 | 1,800,694 |
Changes in assets and liabilities: | ||
(Increase) decrease in lease inducements and origination costs | (18,318) | 0 |
Decrease (increase) in other assets | 217,422 | (551,339) |
(Increase) decrease in accounts and other receivables | (230,018) | 86,891 |
(Decrease) increase in accounts payable, accrued expenses and other liabilities | (799,229) | 889,148 |
(Decrease) increase in due to affiliates | 604,904 | 874,288 |
Net cash (used in) provided by operating activities | 2,381,695 | 3,417,709 |
Cash flows from investing activities | ||
Acquisition of real estate | 0 | (41,024,719) |
Purchase of real estate-related loans and securities | (16,781,895) | (22,726,513) |
Proceeds from sale of real estate-related loans and securities | 4,879,135 | 0 |
Building improvements | (273,378) | (615,663) |
Net cash used in investing activities | (13,247,724) | (64,366,895) |
Cash flows from financing activities: | ||
Borrowings from mortgage loans | 0 | 27,900,000 |
Payment of deferred financing costs | 0 | (356,450) |
Proceeds from issuance of common stock | 16,661,878 | 30,896,085 |
Repurchases of common stock | (8,882,074) | 0 |
Payment of offering costs | (453,103) | (450,911) |
Distributions to non-controlling interests | (186,375) | (91,559) |
Contributions from non-controlling interests | 31,245 | 1,147,187 |
Distributions | (1,417,302) | (1,178,326) |
Net cash provided by financing activities | 5,754,269 | 57,866,026 |
Net change in cash and cash-equivalents and restricted cash | (5,111,760) | (3,083,160) |
Cash and cash-equivalents and restricted cash, beginning of period | 36,019,225 | 31,050,204 |
Cash and cash-equivalents and restricted cash, end of period | 30,907,465 | 27,967,044 |
Total cash and cash equivalents and restricted cash | 30,907,465 | 27,967,044 |
Supplemental disclosures: | ||
Interest paid | 1,285,962 | 1,272,067 |
Non-cash investing and financing activities: | ||
Accrued distributions | 802,613 | 549,408 |
Accrued stockholder servicing fee | 107,295 | 65,127 |
Distributions reinvested | 933,573 | 307,267 |
Management fees paid in shares | 543,723 | 0 |
Accrued building improvements | 23,371 | 0 |
Other Real Estate, Improvements | 0 | 999,750 |
Non-Cash Accrued Repurchases | 768,614 | 390,937 |
Accrued repurchases in due to affiliates | $ 8,793,500 | $ 0 |
Consolidated Statement of Chang
Consolidated Statement of Changes In Stockholders' Equity (Deficit) (unaudited) - USD ($) | Total | Class S common stock | Class I common stock | Class C common stock | Common Stock [Member] | Common Stock [Member]Class S common stock | Common Stock [Member]Class T common stock | Common Stock [Member]Class D common stock | Common Stock [Member]Class I common stock | Common Stock [Member]Class C common stock | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Class S common stock | Additional Paid-in Capital [Member]Class I common stock | Additional Paid-in Capital [Member]Class C common stock | Retained Earnings [Member] | Parent [Member] | Parent [Member]Class S common stock | Parent [Member]Class I common stock | Noncontrolling Interest [Member] |
Beginning Balance (in shares) at Dec. 31, 2019 | 14,997,217 | ||||||||||||||||||
Beginning Balance at Dec. 31, 2019 | $ 145,417,938 | $ 58,516 | $ 0 | $ 0 | $ 91,456 | $ 0 | $ 145,350,064 | $ (5,430,110) | $ 140,069,926 | $ 5,348,012 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Share-based compensation (in shares) | 5,750 | ||||||||||||||||||
Share-based compensation | 17,771 | 58 | 17,713 | 17,771 | |||||||||||||||
Distribution reinvestments (in shares) | 30,338 | ||||||||||||||||||
Distributions reinvested | 307,267 | $ 285 | $ 18 | 306,964 | 307,267 | ||||||||||||||
Common stock issued (in shares) | 3,005,959 | 32,309 | |||||||||||||||||
Common stock issued, value | $ 30,571,085 | $ 325,000 | $ 0 | $ 30,060 | $ 323 | $ 30,541,025 | $ 324,677 | $ 30,571,085 | $ 325,000 | ||||||||||
Contributions | 1,147,187 | 1,147,187 | |||||||||||||||||
Distributions | (1,577,152) | (1,485,593) | (1,485,593) | (91,559) | |||||||||||||||
Repurchases (in shares) | (40,271) | ||||||||||||||||||
Repurchases | (390,937) | (403) | (390,534) | (390,937) | |||||||||||||||
Offering costs | (450,911) | (450,911) | (450,911) | ||||||||||||||||
Net loss | (2,991,039) | (2,886,445) | (2,886,445) | (104,594) | |||||||||||||||
Ending Balance at Mar. 31, 2020 | 172,376,209 | $ 91,855 | 88,458 | 0 | 0 | 0 | 175,698,998 | (9,802,148) | 166,077,163 | 6,299,046 | |||||||||
Ending Balance (in shares) at Mar. 31, 2020 | 18,031,302 | ||||||||||||||||||
Beginning Balance (in shares) at Dec. 31, 2020 | 20,510,001 | ||||||||||||||||||
Beginning Balance at Dec. 31, 2020 | 193,183,949 | 130,326 | 0 | 0 | 74,773 | $ 0 | 200,440,567 | (15,179,566) | 185,466,100 | 7,717,849 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Share-based compensation (in shares) | 6,840 | ||||||||||||||||||
Share-based compensation | 17,856 | 68 | 17,788 | 17,856 | |||||||||||||||
Distribution reinvestments (in shares) | 89,013 | ||||||||||||||||||
Distributions reinvested | 933,573 | $ 845 | $ 45 | 932,683 | 933,573 | ||||||||||||||
Common stock issued (in shares) | 1,416,179 | 141,412 | 73,960 | ||||||||||||||||
Common stock issued, value | $ 14,926,270 | $ 1,493,723 | $ 785,608 | $ 14,162 | $ 1,414 | $ 740 | $ 14,912,108 | $ 1,492,309 | $ 784,868 | $ 1,493,723 | |||||||||
Contributions | 31,245 | 31,245 | |||||||||||||||||
Distributions | (2,571,342) | (2,384,967) | (2,384,967) | (186,375) | |||||||||||||||
Repurchases (in shares) | (1,575,005) | ||||||||||||||||||
Repurchases | (15,806,690) | (1,946) | (13,803) | (15,790,941) | (15,806,690) | ||||||||||||||
Offering costs | (942,264) | (942,264) | (942,264) | ||||||||||||||||
Net loss | (1,372,576) | (1,247,298) | (1,247,298) | (125,278) | |||||||||||||||
Ending Balance at Mar. 31, 2021 | $ 190,679,352 | $ 143,387 | $ 0 | $ 0 | $ 62,497 | $ 740 | $ 201,847,118 | $ (18,811,831) | $ 183,241,911 | $ 7,437,441 | |||||||||
Ending Balance (in shares) at Mar. 31, 2021 | 20,662,400 |
Organization and Business Purpo
Organization and Business Purpose | 3 Months Ended |
Mar. 31, 2021 | |
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 Company 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 Fund GP I, L.P.) 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 March 31, 2021, the Company owned five investments in real estate, five investments in real estate-related loans and seven investments in floating-rate commercial mortgage backed securities ("CMBS"). |
Capitalization
Capitalization | 3 Months Ended |
Mar. 31, 2021 | |
Capitalization, Long-term Debt and Equity [Abstract] | |
Capitalization | Capitalization As of March 31, 2021, 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 stock: 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 125,000,000 $ 0.01 Class C common stock 125,000,000 $ 0.01 Class I common stock 250,000,000 $ 0.01 1,050,000,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. These statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented. However, the results of operations for the interim period presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2021, or any other future period. 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”), Holland Partner Group (“Holland”) and Waterford Property Company (“Waterford”) to hold the Anzio Apartments/Arbors, Two Liberty, Ezlyn and Lakes properties, respectively (see Note 4). As of March 31, 2021, the total assets and liabilities of the Company’s consolidated VIEs, were $332.5 million and $234.6 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. COVID-19 The global pandemic of a new strain of coronavirus known as COVID-19 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 has spread around the world with many countries and other jurisdictions instituting quarantines, shelter in place orders, restrictions on travel, and limiting significantly operations of non-essential businesses in an effort to reduce the spread of infection. Among other effects, these actions have created a disruption in global supply chains, a reduction in purchases by consumers, significantly increased unemployment, a demand shock in oil prices and have adversely impacted a number of industries directly, such as transportation, hospitality and entertainment as well as economic stimulus and other government intervention. 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 negative impact to occupancy, rent collections, 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. As of May 14, 2021, approximately one-third of the population in the United States of America had received a coronavirus vaccination. Federal, state and city governments continue to lift coronavirus-related restrictions to varying levels. As jurisdictions and businesses reopen, economic activity is expected to improve, but there is no certainty that this will be the case. The Company is unable to estimate the impact the changing situation will have on its financial results at this time. 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, Ezlyn, Lakes and Arbors 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 site 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 March 31, 2021, the Company had not identified any indicators of impairment with respect to its real estate portfolio. Investments in Real Estate-Related Loans and Securities 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. Unrealized gain/loss on floating rate debt security investments are determined using price quotations provided by independent third party valuation firms and are included in other income (expense) on the consolidated statement of operations. 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 March 31, 2021, 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. The Company believes the estimates and assumptions underlying the consolidated financial statements are reasonable and supportable based on the information available as of March 31, 2021. However, uncertainty over the ultimate impact COVID-19 will have on the global economy and the Company’s business makes any estimates and assumptions as of March 31, 2021 inherently less certain than they would be absent the current and potential impacts of COVID-19. 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. On April 10, 2020, the Financial Accounting Standards Board (FASB) staff issued a question-and-answer document to address stakeholder questions on the application of the lease accounting guidance for lease concessions related to the effects of the COVID-19 pandemic. Many lessors are, or will be, providing lease concessions to tenants impacted by the economic disruptions caused by the pandemic. For concessions related to the effects of the COVID-19 pandemic, an entity will not have to analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract and can elect to apply or not apply the accounting for a change in lease provisions guidance in Accounting Standard Codification 840, Leases, to those contracts. The Company has provided rent deferrals as concessions to tenants impacted by the pandemic. The Company has concluded that each concession does not represent a substantial increase in the rights of the lessor or the obligations of the lessee. Accordingly, the Company has elected to not account for each concession as a change in the provisions of the lease and rather, has assumed each concession was always contemplated by the contract. During the three months ended March 31, 2021, the Company provided a rent deferral to one tenant for an immaterial amount. 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. Restricted Cash As of March 31, 2021, restricted cash of $3.7 million consisted of $0.6 million for construction reserves, $0.4 million of security deposits and $2.7 million for real estate taxes. As of December 31, 2020, restricted cash of $3.3 million consisted of $2.4 million for construction reserves, $0.4 million of security deposits and $0.5 million for real estate taxes. 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. Derivative Instruments In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company seeks to manage these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments. The Company recognizes all derivatives as either assets or liabilities in the Consolidated Balance Sheets and measures those instruments at fair value. When the Company enters into a derivative contract, it may or may not elect to designate the derivative as a hedging instrument and apply hedge accounting as part of its overall risk management strategy. In other situations, when a derivative does not qualify for hedge accounting or when the derivative and the hedged item are both recorded in current-period earnings and thus deemed to be economic hedges, hedge accounting is not applied. Freestanding derivatives are financial instruments that the Company enters into as part of its overall risk management strategy but do not utilize hedge accounting. These financial instruments may include interest-rate swaps and other derivative contracts. As of March 31, 2021, the Company had one interest-rate cap and one interest-rate swap contract. The derivatives are accounted for as freestanding instruments and changes in fair value are recorded in current-period earnings. Non-Controlling Interests Non-controlling interests of $7.4 million as of March 31, 2021 and $7.7 million as of December 31, 2020 represent interests held by TruAmerica, Hines, Holland and Waterford, our joint venture partners in Anzio Apartments/Arbors, Two Liberty, Ezlyn and Lakes, respectively. 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’s derivative is classified as Level 2 and its fair value is derived from estimated values obtained from observable market data for similar instruments. 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. Valuation of assets measured at fair value The Company elected the fair value option for its investments in commercial mortgage backed securities (“CMBS”). As such, any unrealized gains or losses on its investments in CMBS are recorded as a component of unrealized gains or losses on the investments on the Consolidated Statements of Operations. The Company determines the fair value of its CMBS utilizing third-party pricing service providers and broker-dealer quotations on the basis of last available bid price. In determining the fair value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models to determine the reported price. The pricing service providers’ internal models for securities such as real estate debt generally consider the attributes applicable to a particular class of the security (e.g., credit rating, seniority), current market data, and estimated cash flows for each class and incorporate deal collateral performance such as prepayment speeds and default rates, as available. As of March 31, 2021 and December 31, 2020, the Company’s investments in CMBS were classified as Level 3. Income Taxes The Company has elected 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. As a REIT, the Company does not incur federal corporate income tax if it distributes 90% of its taxable income to its stockholders each year. 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. Even if the Company qualifies for taxation as a REIT, it 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 Organization expenses are expensed as incurred and offering expenses are reflected as a reduction of additional paid-in capital from the gross proceeds of the Offering. Any amounts due to the Adviser but not paid are recognized as a liability on the balance sheet. As of March 31, 2021 and December 31, 2020, our Adviser and its affiliates had incurred approximately $6.2 million and $5.7 million, respectively, of organization and offering expenses on our behalf. The Company has agreed to reimburse these expenses ratably over a 60 month period beginning on July 6, 2022. Earnings Per Share The Company uses the two-class method in calculating earnings per share ("EPS") when it issues securities other than common stock that contractually entitle the holder to participate in dividends and earnings of the Company when, and if, the Company declares dividends on its common stock. Basic earnings per share ("Basic EPS") for the Company's common stock are computed by dividing net income allocable to common shareholders by the weighted average number of shares of common stock outstanding for the period, respectively. Diluted earnings per share ("Diluted EPS") is calculated similarly, however, it reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower earnings per share amount. 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 each of the three months ended March 31, 2021 and 2020, there were no dilutive participating securities. Segment Reporting The Company operates in three reportable segments: multifamily properties, office properties and real estate-related loans and securities. 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 March 2020, the Financial Accounting Standards Board (“FASB”) issued guidance which provides temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. The guidance is effective upon issuance and generally may be elected over time through December 31, 2022. The Company has not adopted any of the optional expedients or exceptions through March 31, 2021, but will continue to evaluate the possible adoption (including potential impact) of any such expedients or exceptions during the effective period as circumstances evolve. 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 |
Investments in Real Estate
Investments in Real Estate | 3 Months Ended |
Mar. 31, 2021 | |
Investments in Real Estate [Abstract] | |
Investments in Real Estate | Investments in Real Estate As of March 31, 2021 and December 31, 2020, investments in real estate, net, consisted of the following: March 31, 2021 December 31, 2020 Building and building improvements $ 272,671,798 $ 272,602,885 Land 40,397,114 40,397,114 Tenant improvements 9,694,171 9,551,645 Furniture, fixtures and equipment 4,907,991 4,822,680 Accumulated depreciation (14,913,416) (12,065,888) Investments in real estate, net $ 312,757,658 $ 315,308,436 |
Intangibles
Intangibles | 3 Months Ended |
Mar. 31, 2021 | |
Intangibles [Abstract] | |
Intangibles | Intangibles The gross carrying amount and accumulated amortization of the Company's intangible assets consisted of the following as of March 31, 2021 and December 31, 2020: Intangible assets: March 31, 2021 December 31, 2020 In-place lease intangibles $ 11,635,323 $ 11,635,323 Lease origination costs 3,964,955 3,946,636 Lease inducements 1,708,038 1,708,038 Above-market lease intangibles 5,753 5,753 Total intangible assets 17,314,069 17,295,750 Accumulated amortization: In-place lease intangibles (6,967,005) (5,586,764) Lease origination costs (618,499) (521,929) Lease inducements (343,514) (280,128) Above-market lease intangibles (5,753) (5,753) Total accumulated amortization (7,934,771) (6,394,574) Intangible assets, net $ 9,379,298 $ 10,901,176 Intangible liabilities: Below-market lease intangibles $ (100,466) $ (94,501) Accumulated amortization 36,814 24,637 Intangible liabilities, net $ (63,652) $ (69,864) The weighted average amortization periods of the acquired in-place lease intangibles, above-market lease intangibles and below-market lease intangibles is 30 months. The following table details the Company's future amortization of intangible assets: Amortization For the remainder of 2021 $ 2,189,771 2022 2,116,022 2023 1,673,054 2024 1,227,747 2025 1,010,289 Thereafter 1,162,415 Total $ 9,379,298 |
Investment in Real Estate-Relat
Investment in Real Estate-Related Loan and Securities | 3 Months Ended |
Mar. 31, 2021 | |
Investment in Real Estate-Related Loan [Abstract] | |
Investments in Real Estate-Related Loans and Securities | Investments in Real Estate-Related Loans and Securities 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. Unrealized gain/loss on floating rate debt security investments are determined using price quotations provided by independent third party valuation firms and are included in other income (expense) on the consolidated statement of operations. 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 March 31, 2021, 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. During the three months ended March 31, 2021, the Company sold $3.9 million of floating-rate CMBS and recognized a gain of $1.0 million as a result of the sale. For the three months ended March 31, 2021, the Company recognized $0.2 million of interest income related to such floating-rate CMBS. During the three months ended March 31, 2020, the Company invested $23.7 million into floating-rate CMBS and recognized $0.1 million of interest income related to such floating-rate CMBS. The following table details the Company's CMBS activity for the three months ended March 31, 2021: Investment Collateral Interest Rate (1) Maturity Date Payment Terms Trade Date Face Amount Beginning Balance 12/31/20 Purchases Sales Unrealized Gain / (Loss) (2) Ending Balance 3/31/21 Realized Gain / (Loss) (3) BX 2020 BXLP G Industrial Paper L+2.50% 12/15/29 Principal due at maturity 01/23/20 $ 5,827,000 $ 5,727,361 $ — $ — $ 106,460 $ 5,833,821 — CGDB 2019 MOB F Medical Office Mortgage Loans L+2.55% 11/15/36 Principal due at maturity 02/04/20 4,000,000 3,861,200 — — 78,000 3,939,200 — BX 2019 IMC G International Markets Center and AmericasMart Atlanta L+3.60% 4/15/34 Principal due at maturity 03/19/20 3,700,000 3,320,380 — — 204,610 3,524,990 — BHMS 2018 ATLS D Atlantis Paradise Island Resort L+2.25% 7/15/35 Principal due at maturity 03/20/20 1,998,000 1,960,837 — (699,300) (267,332) 994,205 289,710 BHMS 2018 ATLS E Atlantis Paradise Island Resort L+3.00% 7/15/35 Principal due at maturity 03/30/20 1,550,000 1,505,980 — — 21,080 1,527,060 — BX 2020 VIVA D MGM Grand and Mandalay Bay Resort and Casino Las Vegas 3.67% 3/9/44 Principal due at maturity 05/05/20 3,287,374 3,285,402 — (2,752,384) (533,018) — 570,470 BX 2020 VIVA E MGM Grand and Mandalay Bay Resort and Casino Las Vegas 3.67% 3/9/44 Principal due at maturity 05/05/20 2,319,018 2,193,095 — (446,786) (104,025) 1,642,284 120,485 CGCMT 2020-WSS F WoodSpring Suites Extended Stay Hotel L+2.71% 2/16/27 Principal due at maturity 07/08/20 3,160,000 2,859,340 — — 88,573 2,947,913 — $ 25,841,392 $ 24,713,595 $ — $ (3,898,470) $ (405,652) $ 20,409,473 $ 980,665 (1) The term "L" refers to the one-month US dollar-denominated London Interbank Offer Rate ("LIBOR"). As of March 31, 2021 and December 31, 2020, one-month LIBOR was equal to 0.11% and 0.14%, respectively. (2) Unrealized gain/loss on debt security investments are determined using price quotations provided by independent third party valuation firms and are included in other income (expense) on the consolidated statement of operations. (3) Realized gain/loss is included in other income (expense) on the consolidated statement of operations. The following table details the Company's CMBS activity for the three months ended March 31, 2020: Investment Collateral Interest Rate (1) Maturity Date Payment Terms Trade Date Face Amount Beginning Balance 12/31/19 Purchases Sales Unrealized Gain / (Loss) (2) Ending Balance 3/31/20 Realized Gain / (Loss) (3) BX 2020 BXLP G Industrial Paper L+2.50% 12/15/29 Principal due at maturity 01/23/20 $ 10,827,000 $ — $ 10,784,627 $ — $ (844,358) $ 9,940,269 — CGDB 2019 MOB F Medical Office Mortgage Loans L+2.55% 11/15/36 Principal due at maturity 02/04/20 4,000,000 — 4,005,000 — (309,400) 3,695,600 — BXMT 2020 FL 2 Commercial Real Estate Collateralized Loan Obligation L+1.95% 2/16/37 Principal due at maturity 01/31/20 4,000,000 — 4,000,000 — (345,200) 3,654,800 — BX 2019 IMC G International Markets Center and AmericasMart Atlanta L+3.60% 4/15/34 Principal due at maturity 03/19/20 3,700,000 — 2,511,539 — (4,786) 2,506,753 — BHMS 2018 ATLS D Atlantis Paradise Island Resort L+2.25% 7/15/35 Principal due at maturity 03/20/20 1,998,000 — 1,408,342 — 92,778 1,501,120 — BHMS 2018 ATLS E Atlantis Paradise Island Resort L+3.00% 7/15/35 Principal due at maturity 03/30/20 1,550,000 — 1,006,970 — 124,977 1,131,947 — $ 26,075,000 $ — $ 23,716,478 $ — $ (1,285,989) $ 22,430,489 — (1) The term "L" refers to the one-month US dollar-denominated London Interbank Offer Rate ("LIBOR"). As of March 31, 2020 and December 31, 2019, one-month LIBOR was equal to 0.99% and 1.76%, respectively. (2) Unrealized gain/loss on debt security investments are determined using price quotations provided by independent third party valuation firms and are included in other income (expense) on the consolidated statement of operations. (3) Realized gain/loss is included in other income (expense) on the consolidated statement of operations. The following table details the Company's real estate-related loan investments as of March 31, 2021 and December 31, 2020: As of March 31, 2021 Investment Collateral Interest Rate (1) Maturity Date Payment Terms (2) Prior Liens Face Amount Unamortized Discount/Origination Fees Carrying Amount Atlantis Mezzanine Loan Atlantis Paradise Island Resort L+6.67% July 2021 Principal due at maturity $1.525 billion (3) $ 25,000,000 $ — $ 25,000,000 IMC/AMC Bond Investment International Markets Center L+6.15% December 2023 Principal due at maturity $1.643 billion (4) 25,000,000 (227,964) 24,772,036 111 Montgomery The 111 Montgomery Street Condominium L+7.00% February 2024 Principal due at maturity none 3,675,515 (45,824) 3,629,691 The Avery Senior Loan The Avery Condominium L+7.30% February 2024 Principal due at maturity none 9,893,820 (110,288) 9,783,532 The Avery Mezzanine Loan The Avery Condominium L+12.50% February 2024 Principal due at maturity $200.1 million (5) 2,219,378 (24,740) 2,194,638 $ 65,788,713 $ (408,816) $ 65,379,897 As of December 31, 2020 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 2021 Principal due at maturity $1.525 billion (3) $ 25,000,000 $ — $ 25,000,000 IMC/AMC Bond Investment International Markets Center L+6.15% December 2023 Principal due at maturity $1.643 billion (4) 25,000,000 (249,029) 24,750,971 $ 50,000,000 $ (249,029) $ 49,750,971 (1) The term "L" refers to the one-month US dollar-denominated London Interbank Offer Rate ("LIBOR"). As of March 31, 2021 and December 31, 2020, one-month LIBOR was equal to 0.11% and 0.14%, respectively. (2) Neither investment is subject to delinquent principal or interest as of March 31, 2021 or December 31, 2020. (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. (5) The Avery Mezzanine Loan is subordinate to an Oaktree Capital Management first mortgage commitment of $200.1 million. On February 2, 2021, the Company funded $4.1 million to acquire a first mortgage loan investment (the "Montgomery Loan") in the 111 Montgomery Condominium, a 156 unit condominium tower located in Brooklyn, New York. The Montgomery Loan is secured by the 111 Montgomery Condominium development and bears interest at a floating rate of 7.0% over the one-month LIBOR). On February 21, 2021, the Company funded $10.3 million to acquire a first mortgage loan investment (the "Avery Senior Loan") in the Avery Condominium, a 548 unit condominium and luxury apartment tower located in San Francisco, California. The Avery Senior Loan is secured by the Avery Condominium development and bears interest at a floating rate of 7.3% over the one-month LIBOR. On February 21, 2021, the Company funded $2.3 million to acquire a mezzanine mortgage loan investment (the "Avery Mezzanine Loan") in the Avery Condominium, a 548 unit condominium and luxury apartment tower located in San Francisco, California. The Avery Mezzanine Loan is secured by the Avery Condominium development and bears interest at a floating rate of 12.5% over the one-month LIBOR. 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. On July 9, 2020, the borrower on the Atlantis Mezzanine Loan exercised the option to extend the initial maturity of the loan by 12 months from July 2020 to July 2021. The borrower continues to have the option to extend the maturity of the loan by four additional 12-month periods, 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 LIBOR, subject to an interest rate increase in the event the borrower exercises its fourth 12-month extension option. 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. |
Accounts and Other Receivables
Accounts and Other Receivables and Other Assets | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [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 March 31, 2021 and December 31, 2020: Receivables March 31, 2021 December 31, 2020 Accounts receivable (1) $ 3,429,104 $ 949,714 Straight-line rent receivable 1,965,054 1,954,662 Interest receivable 427,955 325,602 Allowance for doubtful accounts (231,286) (155,519) Total accounts and other receivables, net $ 5,590,827 $ 3,074,459 Other assets March 31, 2021 December 31, 2020 Deposits $ 472,380 $ 474,306 Prepaid expenses 329,945 545,441 Capitalized fees, net 86,000 86,000 Total other assets $ 888,325 $ 1,105,747 |
Accounts Payable, Accrued Expen
Accounts Payable, Accrued Expenses and Other Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [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 March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Real estate taxes payable $ 1,212,801 $ 624,961 Accounts payable and accrued expenses 2,018,821 2,322,523 Prepaid rent 639,217 1,007,729 Accrued interest expense 413,081 326,586 Tenant security deposits 634,385 632,837 Derivative (1) 232,999 626,224 Distribution payable 802,614 768,521 Investor redemptions 768,614 — Total accounts payable, accrued expenses and other liabilities $ 6,722,532 $ 6,309,381 (1) This derivative relates to an interest rate swap on the Two Liberty mortgage loan. The notional amount of the swap is $33,800,000. Two Liberty receives a floating rate of one-month USD LIBOR and pays a fixed rate of 0.7225%. |
Mortgage Loans
Mortgage Loans | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Mortgage Loans | Mortgage Loans The following table summarizes the components of mortgage loans as of March 31, 2021 and December 31, 2020: Principal Balance Outstanding Indebtedness Interest Rate (1) Maturity Date March 31, 2021 December 31, 2020 Anzio Apartments mortgage loan L + 1.59% April 2029 $ 44,400,000 $ 44,400,000 Two Liberty Center mortgage loan (2) L + 1.50% August 2024 61,971,000 61,971,000 Ezlyn mortgage loan 3.38% December 2026 53,040,000 53,040,000 Lakes mortgage loan (2) L + 1.55% February 2025 25,196,563 25,202,380 Arbors mortgage loan (3) SOFR + 2.24% January 2031 45,950,000 45,950,000 Total mortgage loans 230,557,563 230,563,380 Less: deferred financing costs, net (1,314,480) (1,376,424) Mortgage loans, net $ 229,243,083 $ 229,186,956 (1) The term "L" refers to the one-month US dollar-denominated LIBOR. As of March 31, 2021 and December 31, 2020, one-month LIBOR was equal to 0.11% and 0.14%, respectively. (2) The mortgage loans are subject to customary terms and conditions, and the respective joint venture was in compliance with all financial covenants it is subject to under the mortgage loan as of March 31, 2021. (3) The term "SOFR" refers to the Secured Overnight Financing Rate. As of March 31, 2021 and December 31, 2020, the SOFR was 0.01% and 0.08%, respectively. The following table presents the future principal payments due under the Company's mortgage loans as of March 31, 2021: Year Amount For the remainder of 2021 $ — 2022 — 2023 — 2024 61,971,000 2025 25,196,563 Thereafter 143,390,000 Total $ 230,557,563 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
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. Related Party Investor On March 1, 2021, Oaktree Real Estate Income Corporation, an investment vehicle for non-U.S. investors managed by an affiliate of our Adviser, invested $0.8 million in the Company utilizing a special fund vehicle. The investments were made in a private offering of Class C shares. Credit Agreement On June 5, 2020, the Company entered into a line of credit (the “Credit Agreement”) with Oaktree Fund GP I, L.P. (“Lender”), an affiliate of the Company’s sponsor, Oaktree, providing for a discretionary, unsecured, uncommitted credit facility in a maximum aggregate principal amount of $125 million. The Credit Agreement expires on June 30, 2021, subject to one 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 agreed to waive its management fee from December 6, 2019 through June 6, 2020. Beginning June 7, 2020, the Adviser has been paid a management fee equal to 1.00% of NAV per annum, payable monthly in arrears. The management fee is payable, at the Adviser’s election, in cash or Class I shares. For the three months ended March 31, 2021, the Company recorded $0.6 million in Adviser management fees, all of which the Adviser elected to receive in Class I shares. The Company did not record management fees for the three months ended March 31, 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 March 31, 2021, the Company had not retained an affiliate of the Adviser for any such services. Performance Fee 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 three months ended March 31, 2021 and 2020, the Company accrued performance fees of $0.6 million and $0.8 million, respectively. Due to Affiliates Due to affiliates of $18.6 million as of March 31, 2021 consisted primarily of $0.2 million due to Oaktree for reimbursement of operating expenses, $6.2 million due to Oaktree for reimbursement of organizational and offering costs, $0.4 million due to the Adviser for management fees, $8.8 million due to Oaktree for share repurchases and $3.0 million due to the Adviser for performance fees. Due to affiliates of $12.1 million as of December 31, 2020 consisted of $0.9 million due to Oaktree for reimbursement of operating expenses, $5.7 million due to Oaktree for reimbursement of organizational and offering costs, $0.4 million due to the Adviser for management fees, $2.7 million due to Oaktree for share repurchases and $2.4 million due to Oaktree for performance fees. 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. During the three months ended March 31, 2021 and 2020, the Company repurchased 1,380,450 and 0 Class I shares, respectively, from the Oaktree Investor at a price of $10.00 per share. As of March 31, 2021, the Oaktree Investor held 4,805,947 of the Company's outstanding Class I 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 | 3 Months Ended |
Mar. 31, 2021 | |
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. The Company is also offering Class C shares in a private offering. 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 March 31, 2021 and December 31, 2020, 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 125,000,000 $ 0.01 Class C common stock 125,000,000 $ 0.01 Class I common stock 250,000,000 $ 0.01 1,050,000,000 Distributions Beginning December 31, 2019, the Company declared monthly distributions for each class of its common stock, which are generally paid approximately 20 days after month-end. Class S shares and Class I shares received the same aggregate gross distribution per share, which was $0.5835 per share since inception through March 31, 2021. 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 net distribution for each of our share classes as of March 31, 2021: Declaration Date Class S Shares Class I Shares Class C Shares Class T Shares Class D Shares December 31, 2019 $ 0.0189 $ 0.0250 $ — $ — $ — January 30, 2020 $ 0.0222 $ 0.0294 $ — $ — $ — February 27, 2020 $ 0.0272 $ 0.0341 $ — $ — $ — March 30, 2020 $ 0.0267 $ 0.0341 $ — $ — $ — April 30, 2020 $ 0.0272 $ 0.0344 $ — $ — $ — May 29, 2020 $ 0.0288 $ 0.0361 $ — $ — $ — June 30, 2020 $ 0.0293 $ 0.0365 $ — $ — $ — July 30, 2020 $ 0.0291 $ 0.0365 $ — $ — $ — August 28, 2020 $ 0.0293 $ 0.0367 $ — $ — $ — September 29, 2020 $ 0.0295 $ 0.0367 $ — $ — $ — October 29, 2020 $ 0.0294 $ 0.0369 $ — $ — $ — November 25, 2020 $ 0.0320 $ 0.0392 $ — $ — $ — December 30, 2020 $ 0.0342 $ 0.0417 $ — $ — $ — January 28, 2021 $ 0.0344 $ 0.0420 $ — $ — $ — February 25, 2021 $ 0.0352 $ 0.0420 $ — $ — $ — March 30, 2021 $ 0.0346 $ 0.0422 $ 0.0422 $ — $ — Total $ 0.4680 $ 0.5835 $ 0.0422 $ — $ — |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and ContingenciesFrom time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. As of March 31, 2021, the Company was not subject to any material litigation nor was the Company aware of any material litigation threatened against it. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company operates in three reportable segments: multifamily properties, office properties, real estate-related loans and securities. 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: March 31, 2021 December 31, 2020 Multifamily $ 203,030,526 $ 204,408,015 Office 129,368,929 134,521,921 Real estate-related loans and securities 85,789,370 74,464,566 Other (Corporate) 27,124,118 27,479,107 Total assets $ 445,312,943 $ 440,873,609 The following table sets forth the financial results by segment for the three months ended March 31, 2021: Multifamily Office Real Estate-Related Loans and Securities Total Revenues: Rental revenues $ 4,241,407 $ 2,989,641 $ — $ 7,231,048 Other revenues 278,251 103,194 — 381,445 Total revenues 4,519,658 3,092,835 — 7,612,493 Expenses: Rental property operating 1,996,526 1,318,500 — 3,315,026 Total rental operating expenses 1,996,526 1,318,500 — 3,315,026 Income from real estate-related loans and securities — — 1,202,332 1,202,332 Realized gain on investments — — 980,665 980,665 Unrealized gain (loss) on investments 393,225 — (405,652) (12,427) Segment net operating income $ 2,916,357 $ 1,774,335 $ 1,777,345 $ 6,468,037 Depreciation and amortization $ 2,584,149 $ 1,740,337 $ — $ 4,324,486 General and administrative expenses 1,015,798 Management fee 554,049 Performance fee 573,823 Interest expense 1,372,457 Net loss (1,372,576) Net loss attributable to non-controlling interests 125,278 Net loss attributable to stockholders $ (1,247,298) The following table sets forth the financial results by segment for the three months ended March 31, 2020: Multifamily Office Real Estate-Related Loans and Securities Total Revenues: Rental revenues $ 2,666,821 $ 2,747,240 $ — $ 5,414,061 Other revenues 142,627 184,123 — 326,750 Total revenues 2,809,448 2,931,363 — 5,740,811 Expenses: Rental property operating 1,018,302 998,300 — 2,016,602 Total rental operating expenses 1,018,302 998,300 — 2,016,602 Income from real estate-related loans and securities — — 1,353,627 1,353,627 Unrealized (loss) on investments — (504,920) (1,295,774) (1,800,694) Segment net operating income $ 1,791,146 $ 1,428,143 $ 57,853 $ 3,277,142 Depreciation and amortization $ 1,853,002 $ 1,536,663 $ — $ 3,389,665 General and administrative expenses 650,579 Performance fee 811,650 Interest expense 1,416,287 Net loss (2,991,039) Net loss attributable to non-controlling interests 104,594 Net loss attributable to stockholders $ (2,886,445) |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company has evaluated events from March 31, 2021 through the date the financial statements were issued. Status of the Offering As of May 14, 2021, the Company had sold an aggregate of 22,237,223 shares of its common stock (consisting of 16,079,328 Class S shares, 5,413,516 Class I shares and 744,379 Class C shares) in the Offering resulting in net proceeds of $227.2 million to the Company as payment for such shares. Distributions Subsequent to March 31, 2021, the Company declared gross distributions as follows: Record Date Class S Class I Class C Class T Class D April 29, 2021 $ 0.0348 $ 0.0422 $ 0.0422 — — |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. These statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented. However, the results of operations for the interim period presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2021, or any other future period. 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”), Holland Partner Group (“Holland”) and Waterford Property Company (“Waterford”) to hold the Anzio Apartments/Arbors, Two Liberty, Ezlyn and Lakes properties, respectively (see Note 4). As of March 31, 2021, the total assets and liabilities of the Company’s consolidated VIEs, were $332.5 million and $234.6 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. |
Investments in Real Estate | 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, Ezlyn, Lakes and Arbors 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 site 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 |
Investments in Real Estate-Related Loans and Securities | Investments in Real Estate-Related Loans and Securities 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. Unrealized gain/loss on floating rate debt security investments are determined using price quotations provided by independent third party valuation firms and are included in other income (expense) on the consolidated statement of operations. 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 March 31, 2021, 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. During the three months ended March 31, 2021, the Company sold $3.9 million of floating-rate CMBS and recognized a gain of $1.0 million as a result of the sale. For the three months ended March 31, 2021, the Company recognized $0.2 million of interest income related to such floating-rate CMBS. During the three months ended March 31, 2020, the Company invested $23.7 million into floating-rate CMBS and recognized $0.1 million of interest income related to such floating-rate CMBS. The following table details the Company's CMBS activity for the three months ended March 31, 2021: Investment Collateral Interest Rate (1) Maturity Date Payment Terms Trade Date Face Amount Beginning Balance 12/31/20 Purchases Sales Unrealized Gain / (Loss) (2) Ending Balance 3/31/21 Realized Gain / (Loss) (3) BX 2020 BXLP G Industrial Paper L+2.50% 12/15/29 Principal due at maturity 01/23/20 $ 5,827,000 $ 5,727,361 $ — $ — $ 106,460 $ 5,833,821 — CGDB 2019 MOB F Medical Office Mortgage Loans L+2.55% 11/15/36 Principal due at maturity 02/04/20 4,000,000 3,861,200 — — 78,000 3,939,200 — BX 2019 IMC G International Markets Center and AmericasMart Atlanta L+3.60% 4/15/34 Principal due at maturity 03/19/20 3,700,000 3,320,380 — — 204,610 3,524,990 — BHMS 2018 ATLS D Atlantis Paradise Island Resort L+2.25% 7/15/35 Principal due at maturity 03/20/20 1,998,000 1,960,837 — (699,300) (267,332) 994,205 289,710 BHMS 2018 ATLS E Atlantis Paradise Island Resort L+3.00% 7/15/35 Principal due at maturity 03/30/20 1,550,000 1,505,980 — — 21,080 1,527,060 — BX 2020 VIVA D MGM Grand and Mandalay Bay Resort and Casino Las Vegas 3.67% 3/9/44 Principal due at maturity 05/05/20 3,287,374 3,285,402 — (2,752,384) (533,018) — 570,470 BX 2020 VIVA E MGM Grand and Mandalay Bay Resort and Casino Las Vegas 3.67% 3/9/44 Principal due at maturity 05/05/20 2,319,018 2,193,095 — (446,786) (104,025) 1,642,284 120,485 CGCMT 2020-WSS F WoodSpring Suites Extended Stay Hotel L+2.71% 2/16/27 Principal due at maturity 07/08/20 3,160,000 2,859,340 — — 88,573 2,947,913 — $ 25,841,392 $ 24,713,595 $ — $ (3,898,470) $ (405,652) $ 20,409,473 $ 980,665 (1) The term "L" refers to the one-month US dollar-denominated London Interbank Offer Rate ("LIBOR"). As of March 31, 2021 and December 31, 2020, one-month LIBOR was equal to 0.11% and 0.14%, respectively. (2) Unrealized gain/loss on debt security investments are determined using price quotations provided by independent third party valuation firms and are included in other income (expense) on the consolidated statement of operations. (3) Realized gain/loss is included in other income (expense) on the consolidated statement of operations. The following table details the Company's CMBS activity for the three months ended March 31, 2020: Investment Collateral Interest Rate (1) Maturity Date Payment Terms Trade Date Face Amount Beginning Balance 12/31/19 Purchases Sales Unrealized Gain / (Loss) (2) Ending Balance 3/31/20 Realized Gain / (Loss) (3) BX 2020 BXLP G Industrial Paper L+2.50% 12/15/29 Principal due at maturity 01/23/20 $ 10,827,000 $ — $ 10,784,627 $ — $ (844,358) $ 9,940,269 — CGDB 2019 MOB F Medical Office Mortgage Loans L+2.55% 11/15/36 Principal due at maturity 02/04/20 4,000,000 — 4,005,000 — (309,400) 3,695,600 — BXMT 2020 FL 2 Commercial Real Estate Collateralized Loan Obligation L+1.95% 2/16/37 Principal due at maturity 01/31/20 4,000,000 — 4,000,000 — (345,200) 3,654,800 — BX 2019 IMC G International Markets Center and AmericasMart Atlanta L+3.60% 4/15/34 Principal due at maturity 03/19/20 3,700,000 — 2,511,539 — (4,786) 2,506,753 — BHMS 2018 ATLS D Atlantis Paradise Island Resort L+2.25% 7/15/35 Principal due at maturity 03/20/20 1,998,000 — 1,408,342 — 92,778 1,501,120 — BHMS 2018 ATLS E Atlantis Paradise Island Resort L+3.00% 7/15/35 Principal due at maturity 03/30/20 1,550,000 — 1,006,970 — 124,977 1,131,947 — $ 26,075,000 $ — $ 23,716,478 $ — $ (1,285,989) $ 22,430,489 — (1) The term "L" refers to the one-month US dollar-denominated London Interbank Offer Rate ("LIBOR"). As of March 31, 2020 and December 31, 2019, one-month LIBOR was equal to 0.99% and 1.76%, respectively. (2) Unrealized gain/loss on debt security investments are determined using price quotations provided by independent third party valuation firms and are included in other income (expense) on the consolidated statement of operations. (3) Realized gain/loss is included in other income (expense) on the consolidated statement of operations. The following table details the Company's real estate-related loan investments as of March 31, 2021 and December 31, 2020: As of March 31, 2021 Investment Collateral Interest Rate (1) Maturity Date Payment Terms (2) Prior Liens Face Amount Unamortized Discount/Origination Fees Carrying Amount Atlantis Mezzanine Loan Atlantis Paradise Island Resort L+6.67% July 2021 Principal due at maturity $1.525 billion (3) $ 25,000,000 $ — $ 25,000,000 IMC/AMC Bond Investment International Markets Center L+6.15% December 2023 Principal due at maturity $1.643 billion (4) 25,000,000 (227,964) 24,772,036 111 Montgomery The 111 Montgomery Street Condominium L+7.00% February 2024 Principal due at maturity none 3,675,515 (45,824) 3,629,691 The Avery Senior Loan The Avery Condominium L+7.30% February 2024 Principal due at maturity none 9,893,820 (110,288) 9,783,532 The Avery Mezzanine Loan The Avery Condominium L+12.50% February 2024 Principal due at maturity $200.1 million (5) 2,219,378 (24,740) 2,194,638 $ 65,788,713 $ (408,816) $ 65,379,897 As of December 31, 2020 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 2021 Principal due at maturity $1.525 billion (3) $ 25,000,000 $ — $ 25,000,000 IMC/AMC Bond Investment International Markets Center L+6.15% December 2023 Principal due at maturity $1.643 billion (4) 25,000,000 (249,029) 24,750,971 $ 50,000,000 $ (249,029) $ 49,750,971 (1) The term "L" refers to the one-month US dollar-denominated London Interbank Offer Rate ("LIBOR"). As of March 31, 2021 and December 31, 2020, one-month LIBOR was equal to 0.11% and 0.14%, respectively. (2) Neither investment is subject to delinquent principal or interest as of March 31, 2021 or December 31, 2020. (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. (5) The Avery Mezzanine Loan is subordinate to an Oaktree Capital Management first mortgage commitment of $200.1 million. On February 2, 2021, the Company funded $4.1 million to acquire a first mortgage loan investment (the "Montgomery Loan") in the 111 Montgomery Condominium, a 156 unit condominium tower located in Brooklyn, New York. The Montgomery Loan is secured by the 111 Montgomery Condominium development and bears interest at a floating rate of 7.0% over the one-month LIBOR). On February 21, 2021, the Company funded $10.3 million to acquire a first mortgage loan investment (the "Avery Senior Loan") in the Avery Condominium, a 548 unit condominium and luxury apartment tower located in San Francisco, California. The Avery Senior Loan is secured by the Avery Condominium development and bears interest at a floating rate of 7.3% over the one-month LIBOR. On February 21, 2021, the Company funded $2.3 million to acquire a mezzanine mortgage loan investment (the "Avery Mezzanine Loan") in the Avery Condominium, a 548 unit condominium and luxury apartment tower located in San Francisco, California. The Avery Mezzanine Loan is secured by the Avery Condominium development and bears interest at a floating rate of 12.5% over the one-month LIBOR. 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. On July 9, 2020, the borrower on the Atlantis Mezzanine Loan exercised the option to extend the initial maturity of the loan by 12 months from July 2020 to July 2021. The borrower continues to have the option to extend the maturity of the loan by four additional 12-month periods, 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 LIBOR, subject to an interest rate increase in the event the borrower exercises its fourth 12-month extension option. 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. |
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. The Company believes the estimates and assumptions underlying the consolidated financial statements are reasonable and supportable based on the information available as of March 31, 2021. However, uncertainty over the ultimate impact COVID-19 will have on the global economy and the Company’s business makes any estimates and assumptions as of March 31, 2021 inherently less certain than they would be absent the current and potential impacts of COVID-19. Actual results could differ from those estimates. |
Revenue Recognition | 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. On April 10, 2020, the Financial Accounting Standards Board (FASB) staff issued a question-and-answer document to address stakeholder questions on the application of the lease accounting guidance for lease concessions related to the effects of the COVID-19 pandemic. Many lessors are, or will be, providing lease concessions to tenants impacted by the economic disruptions caused by the pandemic. For concessions related to the effects of the COVID-19 pandemic, an entity will not have to analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract and can elect to apply or not apply the accounting for a change in lease provisions guidance in Accounting Standard Codification 840, Leases, to those contracts. The Company has provided rent deferrals as concessions to tenants impacted by the pandemic. The Company has concluded that each concession does not represent a substantial increase in the rights of the lessor or the obligations of the lessee. Accordingly, the Company has elected to not account for each concession as a change in the provisions of the lease and rather, has assumed each concession was always contemplated by the contract. During the three months ended March 31, 2021, the Company provided a rent deferral to one tenant for an immaterial amount. |
Cash and Cash Equivalents | Cash and Cash EquivalentsCash 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. |
Restricted Cash | Restricted Cash As of March 31, 2021, restricted cash of $3.7 million consisted of $0.6 million for construction reserves, $0.4 million of security deposits and $2.7 million for real estate taxes. As of December 31, 2020, restricted cash of $3.3 million consisted of $2.4 million for construction reserves, $0.4 million of security deposits and $0.5 million for real estate taxes. |
Non Controlling Interests | Non-Controlling InterestsNon-controlling interests of $7.4 million as of March 31, 2021 and $7.7 million as of December 31, 2020 represent interests held by TruAmerica, Hines, Holland and Waterford, our joint venture partners in Anzio Apartments/Arbors, Two Liberty, Ezlyn and Lakes, respectively. |
Fair Value Measurement | 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’s derivative is classified as Level 2 and its fair value is derived from estimated values obtained from observable market data for similar instruments. 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. Valuation of assets measured at fair value The Company elected the fair value option for its investments in commercial mortgage backed securities (“CMBS”). As such, any unrealized gains or losses on its investments in CMBS are recorded as a component of unrealized gains or losses on the investments on the Consolidated Statements of Operations. The Company determines the fair value of its CMBS utilizing third-party pricing service providers and broker-dealer quotations on the basis of last available bid price. In determining the fair value of a particular investment, pricing service providers may use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models to determine the reported price. The pricing service providers’ internal models for securities such as real estate debt generally consider the attributes applicable to a particular class of the security (e.g., credit rating, seniority), current market data, and estimated cash flows for each class and incorporate deal collateral performance such as prepayment speeds and default rates, as available. |
Income Taxes | Income TaxesThe Company has elected 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. As a REIT, the Company does not incur federal corporate income tax if it distributes 90% of its taxable income to its stockholders each year. 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. Even if the Company qualifies for taxation as a REIT, it 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 | Organization and Offering Expenses Organization expenses are expensed as incurred and offering expenses are reflected as a reduction of additional paid-in capital from the gross proceeds of the Offering. Any amounts due to the Adviser but not paid are recognized as a liability on the balance sheet. |
Earnings Per Share | Earnings Per Share The Company uses the two-class method in calculating earnings per share ("EPS") when it issues securities other than common stock that contractually entitle the holder to participate in dividends and earnings of the Company when, and if, the Company declares dividends on its common stock. Basic earnings per share ("Basic EPS") for the Company's common stock are computed by dividing net income allocable to common shareholders by the weighted average number of shares of common stock outstanding for the period, respectively. Diluted earnings per share ("Diluted EPS") is calculated similarly, however, it reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower earnings per share amount. 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 each of the three months ended March 31, 2021 and 2020, there were no dilutive participating securities. |
Segment Reporting | Segment Reporting The Company operates in three reportable segments: multifamily properties, office properties and real estate-related loans and securities. 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 | 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. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued guidance which provides temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. The guidance is effective upon issuance and generally may be elected over time through December 31, 2022. The Company has not adopted any of the optional expedients or exceptions through March 31, 2021, but will continue to evaluate the possible adoption (including potential impact) of any such expedients or exceptions during the effective period as circumstances evolve. 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 |
Capitalization (Tables)
Capitalization (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 stock: 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 125,000,000 $ 0.01 Class C common stock 125,000,000 $ 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) | 3 Months Ended |
Mar. 31, 2021 | |
Investments in Real Estate [Abstract] | |
Schedule of Real Estate Properties | As of March 31, 2021 and December 31, 2020, investments in real estate, net, consisted of the following: March 31, 2021 December 31, 2020 Building and building improvements $ 272,671,798 $ 272,602,885 Land 40,397,114 40,397,114 Tenant improvements 9,694,171 9,551,645 Furniture, fixtures and equipment 4,907,991 4,822,680 Accumulated depreciation (14,913,416) (12,065,888) Investments in real estate, net $ 312,757,658 $ 315,308,436 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
Intangibles (Tables)
Intangibles (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Intangibles [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The gross carrying amount and accumulated amortization of the Company's intangible assets consisted of the following as of March 31, 2021 and December 31, 2020: Intangible assets: March 31, 2021 December 31, 2020 In-place lease intangibles $ 11,635,323 $ 11,635,323 Lease origination costs 3,964,955 3,946,636 Lease inducements 1,708,038 1,708,038 Above-market lease intangibles 5,753 5,753 Total intangible assets 17,314,069 17,295,750 Accumulated amortization: In-place lease intangibles (6,967,005) (5,586,764) Lease origination costs (618,499) (521,929) Lease inducements (343,514) (280,128) Above-market lease intangibles (5,753) (5,753) Total accumulated amortization (7,934,771) (6,394,574) Intangible assets, net $ 9,379,298 $ 10,901,176 Intangible liabilities: Below-market lease intangibles $ (100,466) $ (94,501) Accumulated amortization 36,814 24,637 Intangible liabilities, net $ (63,652) $ (69,864) |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The following table details the Company's future amortization of intangible assets: Amortization For the remainder of 2021 $ 2,189,771 2022 2,116,022 2023 1,673,054 2024 1,227,747 2025 1,010,289 Thereafter 1,162,415 Total $ 9,379,298 |
Investment in Real Estate-Rel_2
Investment in Real Estate-Related Loan and Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investment in Real Estate-Related Loan [Abstract] | |
Investment In Real Estate Loans [Table Text Block] | The following table details the Company's CMBS activity for the three months ended March 31, 2021: Investment Collateral Interest Rate (1) Maturity Date Payment Terms Trade Date Face Amount Beginning Balance 12/31/20 Purchases Sales Unrealized Gain / (Loss) (2) Ending Balance 3/31/21 Realized Gain / (Loss) (3) BX 2020 BXLP G Industrial Paper L+2.50% 12/15/29 Principal due at maturity 01/23/20 $ 5,827,000 $ 5,727,361 $ — $ — $ 106,460 $ 5,833,821 — CGDB 2019 MOB F Medical Office Mortgage Loans L+2.55% 11/15/36 Principal due at maturity 02/04/20 4,000,000 3,861,200 — — 78,000 3,939,200 — BX 2019 IMC G International Markets Center and AmericasMart Atlanta L+3.60% 4/15/34 Principal due at maturity 03/19/20 3,700,000 3,320,380 — — 204,610 3,524,990 — BHMS 2018 ATLS D Atlantis Paradise Island Resort L+2.25% 7/15/35 Principal due at maturity 03/20/20 1,998,000 1,960,837 — (699,300) (267,332) 994,205 289,710 BHMS 2018 ATLS E Atlantis Paradise Island Resort L+3.00% 7/15/35 Principal due at maturity 03/30/20 1,550,000 1,505,980 — — 21,080 1,527,060 — BX 2020 VIVA D MGM Grand and Mandalay Bay Resort and Casino Las Vegas 3.67% 3/9/44 Principal due at maturity 05/05/20 3,287,374 3,285,402 — (2,752,384) (533,018) — 570,470 BX 2020 VIVA E MGM Grand and Mandalay Bay Resort and Casino Las Vegas 3.67% 3/9/44 Principal due at maturity 05/05/20 2,319,018 2,193,095 — (446,786) (104,025) 1,642,284 120,485 CGCMT 2020-WSS F WoodSpring Suites Extended Stay Hotel L+2.71% 2/16/27 Principal due at maturity 07/08/20 3,160,000 2,859,340 — — 88,573 2,947,913 — $ 25,841,392 $ 24,713,595 $ — $ (3,898,470) $ (405,652) $ 20,409,473 $ 980,665 (1) The term "L" refers to the one-month US dollar-denominated London Interbank Offer Rate ("LIBOR"). As of March 31, 2021 and December 31, 2020, one-month LIBOR was equal to 0.11% and 0.14%, respectively. (2) Unrealized gain/loss on debt security investments are determined using price quotations provided by independent third party valuation firms and are included in other income (expense) on the consolidated statement of operations. (3) Realized gain/loss is included in other income (expense) on the consolidated statement of operations. The following table details the Company's CMBS activity for the three months ended March 31, 2020: Investment Collateral Interest Rate (1) Maturity Date Payment Terms Trade Date Face Amount Beginning Balance 12/31/19 Purchases Sales Unrealized Gain / (Loss) (2) Ending Balance 3/31/20 Realized Gain / (Loss) (3) BX 2020 BXLP G Industrial Paper L+2.50% 12/15/29 Principal due at maturity 01/23/20 $ 10,827,000 $ — $ 10,784,627 $ — $ (844,358) $ 9,940,269 — CGDB 2019 MOB F Medical Office Mortgage Loans L+2.55% 11/15/36 Principal due at maturity 02/04/20 4,000,000 — 4,005,000 — (309,400) 3,695,600 — BXMT 2020 FL 2 Commercial Real Estate Collateralized Loan Obligation L+1.95% 2/16/37 Principal due at maturity 01/31/20 4,000,000 — 4,000,000 — (345,200) 3,654,800 — BX 2019 IMC G International Markets Center and AmericasMart Atlanta L+3.60% 4/15/34 Principal due at maturity 03/19/20 3,700,000 — 2,511,539 — (4,786) 2,506,753 — BHMS 2018 ATLS D Atlantis Paradise Island Resort L+2.25% 7/15/35 Principal due at maturity 03/20/20 1,998,000 — 1,408,342 — 92,778 1,501,120 — BHMS 2018 ATLS E Atlantis Paradise Island Resort L+3.00% 7/15/35 Principal due at maturity 03/30/20 1,550,000 — 1,006,970 — 124,977 1,131,947 — $ 26,075,000 $ — $ 23,716,478 $ — $ (1,285,989) $ 22,430,489 — (1) The term "L" refers to the one-month US dollar-denominated London Interbank Offer Rate ("LIBOR"). As of March 31, 2020 and December 31, 2019, one-month LIBOR was equal to 0.99% and 1.76%, respectively. (2) Unrealized gain/loss on debt security investments are determined using price quotations provided by independent third party valuation firms and are included in other income (expense) on the consolidated statement of operations. (3) Realized gain/loss is included in other income (expense) on the consolidated statement of operations. The following table details the Company's real estate-related loan investments as of March 31, 2021 and December 31, 2020: As of March 31, 2021 Investment Collateral Interest Rate (1) Maturity Date Payment Terms (2) Prior Liens Face Amount Unamortized Discount/Origination Fees Carrying Amount Atlantis Mezzanine Loan Atlantis Paradise Island Resort L+6.67% July 2021 Principal due at maturity $1.525 billion (3) $ 25,000,000 $ — $ 25,000,000 IMC/AMC Bond Investment International Markets Center L+6.15% December 2023 Principal due at maturity $1.643 billion (4) 25,000,000 (227,964) 24,772,036 111 Montgomery The 111 Montgomery Street Condominium L+7.00% February 2024 Principal due at maturity none 3,675,515 (45,824) 3,629,691 The Avery Senior Loan The Avery Condominium L+7.30% February 2024 Principal due at maturity none 9,893,820 (110,288) 9,783,532 The Avery Mezzanine Loan The Avery Condominium L+12.50% February 2024 Principal due at maturity $200.1 million (5) 2,219,378 (24,740) 2,194,638 $ 65,788,713 $ (408,816) $ 65,379,897 As of December 31, 2020 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 2021 Principal due at maturity $1.525 billion (3) $ 25,000,000 $ — $ 25,000,000 IMC/AMC Bond Investment International Markets Center L+6.15% December 2023 Principal due at maturity $1.643 billion (4) 25,000,000 (249,029) 24,750,971 $ 50,000,000 $ (249,029) $ 49,750,971 (1) The term "L" refers to the one-month US dollar-denominated London Interbank Offer Rate ("LIBOR"). As of March 31, 2021 and December 31, 2020, one-month LIBOR was equal to 0.11% and 0.14%, respectively. (2) Neither investment is subject to delinquent principal or interest as of March 31, 2021 or December 31, 2020. (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. (5) The Avery Mezzanine Loan is subordinate to an Oaktree Capital Management first mortgage commitment of $200.1 million. |
Accounts and Other Receivable_2
Accounts and Other Receivables and Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [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 March 31, 2021 and December 31, 2020: Receivables March 31, 2021 December 31, 2020 Accounts receivable (1) $ 3,429,104 $ 949,714 Straight-line rent receivable 1,965,054 1,954,662 Interest receivable 427,955 325,602 Allowance for doubtful accounts (231,286) (155,519) Total accounts and other receivables, net $ 5,590,827 $ 3,074,459 Other assets March 31, 2021 December 31, 2020 Deposits $ 472,380 $ 474,306 Prepaid expenses 329,945 545,441 Capitalized fees, net 86,000 86,000 Total other assets $ 888,325 $ 1,105,747 |
Accounts Payable, Accrued Exp_2
Accounts Payable, Accrued Expenses and Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | The following table summarizes the components of accounts payable, accrued expenses and other liabilities as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Real estate taxes payable $ 1,212,801 $ 624,961 Accounts payable and accrued expenses 2,018,821 2,322,523 Prepaid rent 639,217 1,007,729 Accrued interest expense 413,081 326,586 Tenant security deposits 634,385 632,837 Derivative (1) 232,999 626,224 Distribution payable 802,614 768,521 Investor redemptions 768,614 — Total accounts payable, accrued expenses and other liabilities $ 6,722,532 $ 6,309,381 (1) This derivative relates to an interest rate swap on the Two Liberty mortgage loan. The notional amount of the swap is $33,800,000. Two Liberty receives a floating rate of one-month USD LIBOR and pays a fixed rate of 0.7225%. |
Mortgage Loans (Tables)
Mortgage Loans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Long-term Debt Instruments | Principal Balance Outstanding Indebtedness Interest Rate (1) Maturity Date March 31, 2021 December 31, 2020 Anzio Apartments mortgage loan L + 1.59% April 2029 $ 44,400,000 $ 44,400,000 Two Liberty Center mortgage loan (2) L + 1.50% August 2024 61,971,000 61,971,000 Ezlyn mortgage loan 3.38% December 2026 53,040,000 53,040,000 Lakes mortgage loan (2) L + 1.55% February 2025 25,196,563 25,202,380 Arbors mortgage loan (3) SOFR + 2.24% January 2031 45,950,000 45,950,000 Total mortgage loans 230,557,563 230,563,380 Less: deferred financing costs, net (1,314,480) (1,376,424) Mortgage loans, net $ 229,243,083 $ 229,186,956 (1) The term "L" refers to the one-month US dollar-denominated LIBOR. As of March 31, 2021 and December 31, 2020, one-month LIBOR was equal to 0.11% and 0.14%, respectively. (2) The mortgage loans are subject to customary terms and conditions, and the respective joint venture was in compliance with all financial covenants it is subject to under the mortgage loan as of March 31, 2021. (3) The term "SOFR" refers to the Secured Overnight Financing Rate. As of March 31, 2021 and December 31, 2020, the SOFR was 0.01% and 0.08%, respectively. |
Schedule of Maturities of Long-term Debt | The following table presents the future principal payments due under the Company's mortgage loans as of March 31, 2021: Year Amount For the remainder of 2021 $ — 2022 — 2023 — 2024 61,971,000 2025 25,196,563 Thereafter 143,390,000 Total $ 230,557,563 |
Stockholder's Equity Stockholde
Stockholder's Equity Stockholder's Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of Stock by Class | As of March 31, 2021 and December 31, 2020, 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 125,000,000 $ 0.01 Class C common stock 125,000,000 $ 0.01 Class I common stock 250,000,000 $ 0.01 1,050,000,000 |
Dividends Declared | The following table details the net distribution for each of our share classes as of March 31, 2021: Declaration Date Class S Shares Class I Shares Class C Shares Class T Shares Class D Shares December 31, 2019 $ 0.0189 $ 0.0250 $ — $ — $ — January 30, 2020 $ 0.0222 $ 0.0294 $ — $ — $ — February 27, 2020 $ 0.0272 $ 0.0341 $ — $ — $ — March 30, 2020 $ 0.0267 $ 0.0341 $ — $ — $ — April 30, 2020 $ 0.0272 $ 0.0344 $ — $ — $ — May 29, 2020 $ 0.0288 $ 0.0361 $ — $ — $ — June 30, 2020 $ 0.0293 $ 0.0365 $ — $ — $ — July 30, 2020 $ 0.0291 $ 0.0365 $ — $ — $ — August 28, 2020 $ 0.0293 $ 0.0367 $ — $ — $ — September 29, 2020 $ 0.0295 $ 0.0367 $ — $ — $ — October 29, 2020 $ 0.0294 $ 0.0369 $ — $ — $ — November 25, 2020 $ 0.0320 $ 0.0392 $ — $ — $ — December 30, 2020 $ 0.0342 $ 0.0417 $ — $ — $ — January 28, 2021 $ 0.0344 $ 0.0420 $ — $ — $ — February 25, 2021 $ 0.0352 $ 0.0420 $ — $ — $ — March 30, 2021 $ 0.0346 $ 0.0422 $ 0.0422 $ — $ — Total $ 0.4680 $ 0.5835 $ 0.0422 $ — $ — Subsequent to March 31, 2021, the Company declared gross distributions as follows: Record Date Class S Class I Class C Class T Class D April 29, 2021 $ 0.0348 $ 0.0422 $ 0.0422 — — |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following table sets forth the total assets by segment: March 31, 2021 December 31, 2020 Multifamily $ 203,030,526 $ 204,408,015 Office 129,368,929 134,521,921 Real estate-related loans and securities 85,789,370 74,464,566 Other (Corporate) 27,124,118 27,479,107 Total assets $ 445,312,943 $ 440,873,609 The following table sets forth the financial results by segment for the three months ended March 31, 2021: Multifamily Office Real Estate-Related Loans and Securities Total Revenues: Rental revenues $ 4,241,407 $ 2,989,641 $ — $ 7,231,048 Other revenues 278,251 103,194 — 381,445 Total revenues 4,519,658 3,092,835 — 7,612,493 Expenses: Rental property operating 1,996,526 1,318,500 — 3,315,026 Total rental operating expenses 1,996,526 1,318,500 — 3,315,026 Income from real estate-related loans and securities — — 1,202,332 1,202,332 Realized gain on investments — — 980,665 980,665 Unrealized gain (loss) on investments 393,225 — (405,652) (12,427) Segment net operating income $ 2,916,357 $ 1,774,335 $ 1,777,345 $ 6,468,037 Depreciation and amortization $ 2,584,149 $ 1,740,337 $ — $ 4,324,486 General and administrative expenses 1,015,798 Management fee 554,049 Performance fee 573,823 Interest expense 1,372,457 Net loss (1,372,576) Net loss attributable to non-controlling interests 125,278 Net loss attributable to stockholders $ (1,247,298) |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Dividends Declared | The following table details the net distribution for each of our share classes as of March 31, 2021: Declaration Date Class S Shares Class I Shares Class C Shares Class T Shares Class D Shares December 31, 2019 $ 0.0189 $ 0.0250 $ — $ — $ — January 30, 2020 $ 0.0222 $ 0.0294 $ — $ — $ — February 27, 2020 $ 0.0272 $ 0.0341 $ — $ — $ — March 30, 2020 $ 0.0267 $ 0.0341 $ — $ — $ — April 30, 2020 $ 0.0272 $ 0.0344 $ — $ — $ — May 29, 2020 $ 0.0288 $ 0.0361 $ — $ — $ — June 30, 2020 $ 0.0293 $ 0.0365 $ — $ — $ — July 30, 2020 $ 0.0291 $ 0.0365 $ — $ — $ — August 28, 2020 $ 0.0293 $ 0.0367 $ — $ — $ — September 29, 2020 $ 0.0295 $ 0.0367 $ — $ — $ — October 29, 2020 $ 0.0294 $ 0.0369 $ — $ — $ — November 25, 2020 $ 0.0320 $ 0.0392 $ — $ — $ — December 30, 2020 $ 0.0342 $ 0.0417 $ — $ — $ — January 28, 2021 $ 0.0344 $ 0.0420 $ — $ — $ — February 25, 2021 $ 0.0352 $ 0.0420 $ — $ — $ — March 30, 2021 $ 0.0346 $ 0.0422 $ 0.0422 $ — $ — Total $ 0.4680 $ 0.5835 $ 0.0422 $ — $ — Subsequent to March 31, 2021, the Company declared gross distributions as follows: Record Date Class S Class I Class C Class T Class D April 29, 2021 $ 0.0348 $ 0.0422 $ 0.0422 — — |
Organization and Business Pur_2
Organization and Business Purpose - Additional Information (Detail) | Dec. 06, 2019USD ($) | Apr. 11, 2018USD ($) | Jan. 09, 2018USD ($) | Mar. 31, 2021position_in_real_estate_loaninvestment_in_real_estate | Dec. 31, 2020class |
Class of Stock [Line Items] | |||||
Number of Classes Of Common Shares | class | 4 | ||||
Proceeds from Issuance Initial Public Offering | $ 150,000,000 | ||||
Number of Real Estate Properties | investment_in_real_estate | 5 | ||||
Number Of Positions In Real Estate-Related Loans | position_in_real_estate_loan | 5 | ||||
Capitalized investment by affiliate | $ 200,000 | ||||
Maximum [Member] | Primary Offering [Member] | |||||
Class of Stock [Line Items] | |||||
Offering of common stock | $ 1,600,000,000 | ||||
Maximum [Member] | Distribution Reinvestment Plan [Member] | |||||
Class of Stock [Line Items] | |||||
Offering of common stock | $ 400,000,000 | ||||
Oaktree [Member] | |||||
Class of Stock [Line Items] | |||||
Proceeds from Issuance Initial Public Offering | $ 86,900,000 |
Capitalization - Additional Inf
Capitalization - Additional Information (Detail) - USD ($) | Apr. 11, 2018 | Mar. 31, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Schedule of Capitalization, Equity [Line Items] | |||||
Common stock, shares authorized (in shares) | 1,050,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | |
Purchase orders or investor funds from Offering | $ 0 | ||||
Primary Offering [Member] | Maximum [Member] | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Offering of common stock | $ 1,600,000,000 | ||||
Distribution Reinvestment Plan [Member] | Maximum [Member] | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Offering of common stock | $ 400,000,000 |
Capitalization - Summary of Cla
Capitalization - Summary of Classes of Common Stock Authorized (Detail) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | 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 | 1,000,000,000 | 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 | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Class T common stock | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Class S common stock | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Class D common stock | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Common stock, shares authorized (in shares) | 125,000,000 | |||
Common stock, par value (in dollars per share) | $ 0.01 | 0.01 | ||
Class C common stock | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Common stock, shares authorized (in shares) | 125,000,000 | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Class I common stock | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | |||
Mar. 31, 2021USD ($)investmentsegmentshares | Mar. 31, 2020USD ($)shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Organization and offering expenses [Line Items] | ||||
Total assets | $ 445,312,943 | $ 440,873,609 | ||
Liabilities | 254,633,591 | 247,689,660 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 190,679,352 | $ 172,376,209 | 193,183,949 | $ 145,417,938 |
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% | |||
Organization and offering expenses incurred by Adviser and its affiliates on company's behalf | $ 6,200,000 | 5,700,000 | ||
Dilutive securities (in shares) | shares | 0 | 0 | ||
Number of reportable segments | segment | 3 | |||
Interest Rate Swap | ||||
Organization and offering expenses [Line Items] | ||||
Derivative, Number of Instruments Held | investment | 1 | |||
Interest Rate Cap | ||||
Organization and offering expenses [Line Items] | ||||
Derivative, Number of Instruments Held | investment | 1 | |||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Organization and offering expenses [Line Items] | ||||
Total assets | $ 332,463,106 | 336,338,378 | ||
Liabilities | $ 234,586,740 | 234,018,630 | ||
Building [Member] | Minimum [Member] | ||||
Organization and offering expenses [Line Items] | ||||
Useful life | 30 years | |||
Building [Member] | Maximum [Member] | ||||
Organization and offering expenses [Line Items] | ||||
Useful life | 40 years | |||
Building and Building Improvements [Member] | Minimum [Member] | ||||
Organization and offering expenses [Line Items] | ||||
Useful life | 5 years | |||
Building and Building Improvements [Member] | Maximum [Member] | ||||
Organization and offering expenses [Line Items] | ||||
Useful life | 10 years | |||
Furniture, Fixtures, and Equipment [Member] | Minimum [Member] | ||||
Organization and offering expenses [Line Items] | ||||
Useful life | 1 year | |||
Furniture, Fixtures, and Equipment [Member] | Maximum [Member] | ||||
Organization and offering expenses [Line Items] | ||||
Useful life | 7 years | |||
Noncontrolling Interest [Member] | ||||
Organization and offering expenses [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 7,437,441 | $ 6,299,046 | $ 7,717,849 | $ 5,348,012 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Restricted cash (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted Cash | $ 3.7 | $ 3.3 |
Construction Reserves [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted Cash | 0.6 | 2.4 |
Security Deposits [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted Cash | 0.4 | 0.4 |
Real Estate Taxes [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted Cash | $ 2.7 | $ 0.5 |
Investments in Real Estate - Ne
Investments in Real Estate - Net Real Estate Investments (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Investments in Real Estate [Abstract] | ||
Building and building improvements | $ 272,671,798 | $ 272,602,885 |
Land | 40,397,114 | 40,397,114 |
Tenant improvements | 9,694,171 | 9,551,645 |
Furniture, fixtures and equipment | 4,907,991 | 4,822,680 |
Accumulated depreciation | (14,913,416) | (12,065,888) |
Investments in real estate, net | $ 312,757,658 | $ 315,308,436 |
Intangibles (Details)
Intangibles (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 17,314,069 | $ 17,295,750 |
Finite-Lived Intangible Assets, Accumulated Amortization | (7,934,771) | (6,394,574) |
Intangible Assets, Net (Excluding Goodwill) | 9,379,298 | 10,901,176 |
Below Market Lease, Gross | (100,466) | (94,501) |
Below Market Lease, Accumulated Amortization | 36,814 | 24,637 |
Below Market Lease, Net | $ (63,652) | (69,864) |
Finite-Lived Intangible Assets, Remaining Amortization Period | 30 months | |
In-place lease intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 11,635,323 | 11,635,323 |
Finite-Lived Intangible Assets, Accumulated Amortization | (6,967,005) | (5,586,764) |
Lease origination costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 3,964,955 | 3,946,636 |
Finite-Lived Intangible Assets, Accumulated Amortization | (618,499) | (521,929) |
Lease inducements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 1,708,038 | 1,708,038 |
Finite-Lived Intangible Assets, Accumulated Amortization | (343,514) | (280,128) |
Above-market lease intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 5,753 | 5,753 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (5,753) | $ (5,753) |
Intangibles - Future Amortizati
Intangibles - Future Amortization (Details) | Mar. 31, 2021USD ($) |
Intangibles [Abstract] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 2,189,771 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 2,116,022 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 1,673,054 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 1,227,747 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 1,010,289 |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 1,162,415 |
Finite-Lived Intangible Assets, Net | $ 9,379,298 |
Investment in Real Estate-Rel_3
Investment in Real Estate-Related Loan and Securities (Details) ft² in Millions | Feb. 21, 2021USD ($)unit | Feb. 02, 2021USD ($)unit | Sep. 04, 2019USD ($)ft² | Jun. 14, 2019USD ($)room | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Jul. 09, 2020extensionOption |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value | $ 3,900,000 | $ 23,700,000 | ||||||
Real Estate Notes Receivable, Face Amount | 65,788,713 | $ 50,000,000 | ||||||
Financial Instruments, Owned, Mortgages, Mortgage-Backed And Asset-Backed Securities, At Fair Value, Gain (Loss) | 1,000,000 | |||||||
Interest Income, Securities, Mortgage Backed | 200,000 | $ 100,000 | ||||||
Montgomery 111 | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Real Estate Notes Receivable, Face Amount | 3,675,515 | |||||||
Payments to Acquire Loans Held-for-investment | $ 4,100,000 | |||||||
Number of Units in Real Estate Property | unit | 156 | |||||||
The Avery Senior Loan | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Real Estate Notes Receivable, Face Amount | 9,893,820 | |||||||
Payments to Acquire Loans Held-for-investment | $ 10,300,000 | |||||||
Number of Units in Real Estate Property | unit | 548 | |||||||
Atlantis Mezzanine Loan [Member] | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Real Estate Notes Receivable, Face Amount | $ 25,000,000 | 25,000,000 | 25,000,000 | |||||
Real Estate Investment, Number Of Rooms | room | 2,917 | |||||||
Real Estate Notes Receivable, Extension Option Term | 12 months | |||||||
Real Estate Notes Receivable, Number Of Extension Options | extensionOption | 4 | |||||||
IMC/AMC Bond Investment [Member] | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Real Estate Notes Receivable, Face Amount | $ 25,000,000 | 25,000,000 | $ 25,000,000 | |||||
Area of Real Estate Property | ft² | 14.4 | |||||||
The Avery Mezzanine Loan | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Real Estate Notes Receivable, Face Amount | $ 2,219,378 | |||||||
Payments to Acquire Loans Held-for-investment | $ 2,300,000 | |||||||
Number of Units in Real Estate Property | unit | 548 | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Montgomery 111 | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Loans Receivable, Basis Spread on Variable Rate | 7.00% | 7.00% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | The Avery Senior Loan | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Loans Receivable, Basis Spread on Variable Rate | 7.30% | 7.30% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Atlantis Mezzanine Loan [Member] | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Loans Receivable, Basis Spread on Variable Rate | 6.67% | 6.67% | 6.67% | |||||
London Interbank Offered Rate (LIBOR) [Member] | IMC/AMC Bond Investment [Member] | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Loans Receivable, Basis Spread on Variable Rate | 6.15% | 6.15% | 6.15% | |||||
London Interbank Offered Rate (LIBOR) [Member] | The Avery Mezzanine Loan | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Loans Receivable, Basis Spread on Variable Rate | 12.50% | 12.50% | ||||||
Borrowings To Finance Real Estate Loans Receivable [Member] | IMC/AMC Bond Investment [Member] | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Proceeds from Long-term Lines of Credit | $ 25,000,000 |
Investment in Real Estate-Rel_4
Investment in Real Estate-Related Loan and Securities - Schedule of Real Estate Loans (Details) - USD ($) | Mar. 31, 2021 | Feb. 21, 2021 | Feb. 02, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 04, 2019 | Jun. 14, 2019 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Real Estate Notes Receivable, Face Amount | $ 65,788,713 | $ 50,000,000 | ||||||
Real Estate Note Receivable, Unamortized Discount | (408,816) | (249,029) | ||||||
Real Estate Notes Receivable. Carrying Amount | $ 65,379,897 | $ 49,750,971 | ||||||
One Month LIBOR | 0.11% | 0.14% | 0.99% | 1.76% | ||||
Atlantis Mezzanine Loan [Member] | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Real Estate Investments, Prior Lien Amount | $ 1,525,000,000 | $ 1,525,000,000 | ||||||
Real Estate Notes Receivable, Face Amount | 25,000,000 | 25,000,000 | $ 25,000,000 | |||||
Real Estate Note Receivable, Unamortized Discount | 0 | 0 | ||||||
Real Estate Notes Receivable. Carrying Amount | 25,000,000 | 25,000,000 | ||||||
IMC/AMC Bond Investment [Member] | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Real Estate Investments, Prior Lien Amount | 1,643,000,000 | 1,643,000,000 | ||||||
Real Estate Notes Receivable, Face Amount | 25,000,000 | 25,000,000 | $ 25,000,000 | |||||
Real Estate Note Receivable, Unamortized Discount | (227,964) | (249,029) | ||||||
Real Estate Notes Receivable. Carrying Amount | 24,772,036 | $ 24,750,971 | ||||||
Montgomery 111 | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Real Estate Notes Receivable, Face Amount | 3,675,515 | |||||||
Real Estate Note Receivable, Unamortized Discount | (45,824) | |||||||
Real Estate Notes Receivable. Carrying Amount | 3,629,691 | |||||||
The Avery Senior Loan | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Real Estate Notes Receivable, Face Amount | 9,893,820 | |||||||
Real Estate Note Receivable, Unamortized Discount | (110,288) | |||||||
Real Estate Notes Receivable. Carrying Amount | 9,783,532 | |||||||
The Avery Mezzanine Loan | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Real Estate Investments, Prior Lien Amount | 200,100,000 | |||||||
Real Estate Notes Receivable, Face Amount | 2,219,378 | |||||||
Real Estate Note Receivable, Unamortized Discount | (24,740) | |||||||
Real Estate Notes Receivable. Carrying Amount | $ 2,194,638 | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Atlantis Mezzanine Loan [Member] | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Loans Receivable, Basis Spread on Variable Rate | 6.67% | 6.67% | 6.67% | |||||
London Interbank Offered Rate (LIBOR) [Member] | IMC/AMC Bond Investment [Member] | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Loans Receivable, Basis Spread on Variable Rate | 6.15% | 6.15% | 6.15% | |||||
London Interbank Offered Rate (LIBOR) [Member] | Montgomery 111 | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Loans Receivable, Basis Spread on Variable Rate | 7.00% | 7.00% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | The Avery Senior Loan | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Loans Receivable, Basis Spread on Variable Rate | 7.30% | 7.30% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | The Avery Mezzanine Loan | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Loans Receivable, Basis Spread on Variable Rate | 12.50% | 12.50% | ||||||
First Mortgage [Member] | Atlantis Mezzanine Loan [Member] | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Real Estate Investments, Prior Lien Amount | $ 1,200,000,000 | |||||||
First Mortgage [Member] | IMC/AMC Bond Investment [Member] | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Real Estate Investments, Prior Lien Amount | 1,150,000,000 | |||||||
Senior Mezzanine Loan [Member] | Atlantis Mezzanine Loan [Member] | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Real Estate Investments, Prior Lien Amount | 325,000,000 | |||||||
Senior Mezzanine Loan [Member] | IMC/AMC Bond Investment [Member] | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Real Estate Investments, Prior Lien Amount | $ 493,000,000 |
Investment in Real Estate-Rel_5
Investment in Real Estate-Related Loan and Securities- Floating Rate CMBS (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Face Amount, Securities, Mortgage Backed | $ 25,841,392 | $ 26,075,000 | $ 24,713,595 | $ 0 |
Unamortized Discount, Securities, Mortgage Backed | 0 | 23,716,478 | ||
Sale of floating rate CMBS | (3,898,470) | 0 | ||
Unrealized Gain (Loss), Securities, Mortgage Backed | (405,652) | (1,285,989) | ||
Carrying Amount, Securities, Mortgage Backed | 20,409,473 | 22,430,489 | ||
Realized Gain (Loss), Securities, Mortgage Backed | 980,665 | 0 | ||
BX 2020 BXLP G [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Face Amount, Securities, Mortgage Backed | 5,827,000 | 10,827,000 | 5,727,361 | 0 |
Unamortized Discount, Securities, Mortgage Backed | 0 | 10,784,627 | ||
Sale of floating rate CMBS | 0 | 0 | ||
Unrealized Gain (Loss), Securities, Mortgage Backed | 106,460 | (844,358) | ||
Carrying Amount, Securities, Mortgage Backed | 5,833,821 | 9,940,269 | ||
Realized Gain (Loss), Securities, Mortgage Backed | 0 | 0 | ||
CGDB 2019 MOB F [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Face Amount, Securities, Mortgage Backed | 4,000,000 | 4,000,000 | 3,861,200 | 0 |
Unamortized Discount, Securities, Mortgage Backed | 0 | 4,005,000 | ||
Sale of floating rate CMBS | 0 | 0 | ||
Unrealized Gain (Loss), Securities, Mortgage Backed | 78,000 | (309,400) | ||
Carrying Amount, Securities, Mortgage Backed | 3,939,200 | 3,695,600 | ||
Realized Gain (Loss), Securities, Mortgage Backed | 0 | 0 | ||
BXMT 2020 FL 2 [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Face Amount, Securities, Mortgage Backed | 4,000,000 | 0 | ||
Unamortized Discount, Securities, Mortgage Backed | 4,000,000 | |||
Sale of floating rate CMBS | 0 | |||
Unrealized Gain (Loss), Securities, Mortgage Backed | (345,200) | |||
Carrying Amount, Securities, Mortgage Backed | 3,654,800 | |||
Realized Gain (Loss), Securities, Mortgage Backed | 0 | |||
BX 2019 IMC G [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Face Amount, Securities, Mortgage Backed | 3,700,000 | 3,700,000 | 3,320,380 | 0 |
Unamortized Discount, Securities, Mortgage Backed | 0 | 2,511,539 | ||
Sale of floating rate CMBS | 0 | 0 | ||
Unrealized Gain (Loss), Securities, Mortgage Backed | 204,610 | (4,786) | ||
Carrying Amount, Securities, Mortgage Backed | 3,524,990 | 2,506,753 | ||
Realized Gain (Loss), Securities, Mortgage Backed | 0 | 0 | ||
BHMS 2018 ATLS D [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Face Amount, Securities, Mortgage Backed | 1,998,000 | 1,998,000 | 1,960,837 | 0 |
Unamortized Discount, Securities, Mortgage Backed | 0 | 1,408,342 | ||
Sale of floating rate CMBS | (699,300) | 0 | ||
Unrealized Gain (Loss), Securities, Mortgage Backed | (267,332) | 92,778 | ||
Carrying Amount, Securities, Mortgage Backed | 994,205 | 1,501,120 | ||
Realized Gain (Loss), Securities, Mortgage Backed | 289,710 | 0 | ||
BHMS 2018 ATLS E [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Face Amount, Securities, Mortgage Backed | 1,550,000 | 1,550,000 | 1,505,980 | $ 0 |
Unamortized Discount, Securities, Mortgage Backed | 0 | 1,006,970 | ||
Sale of floating rate CMBS | 0 | 0 | ||
Unrealized Gain (Loss), Securities, Mortgage Backed | 21,080 | 124,977 | ||
Carrying Amount, Securities, Mortgage Backed | 1,527,060 | 1,131,947 | ||
Realized Gain (Loss), Securities, Mortgage Backed | 0 | $ 0 | ||
BX 2020 VIVA D | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Face Amount, Securities, Mortgage Backed | 3,287,374 | 3,285,402 | ||
Unamortized Discount, Securities, Mortgage Backed | 0 | |||
Sale of floating rate CMBS | (2,752,384) | |||
Unrealized Gain (Loss), Securities, Mortgage Backed | (533,018) | |||
Carrying Amount, Securities, Mortgage Backed | 0 | |||
Realized Gain (Loss), Securities, Mortgage Backed | $ 570,470 | |||
Stated interest rate | 3.67% | |||
BX 2020 VIVA E | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Face Amount, Securities, Mortgage Backed | $ 2,319,018 | 2,193,095 | ||
Unamortized Discount, Securities, Mortgage Backed | 0 | |||
Sale of floating rate CMBS | (446,786) | |||
Unrealized Gain (Loss), Securities, Mortgage Backed | (104,025) | |||
Carrying Amount, Securities, Mortgage Backed | 1,642,284 | |||
Realized Gain (Loss), Securities, Mortgage Backed | 120,485 | |||
CGCMT 2020-WSS F | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Face Amount, Securities, Mortgage Backed | 3,160,000 | $ 2,859,340 | ||
Unamortized Discount, Securities, Mortgage Backed | 0 | |||
Sale of floating rate CMBS | 0 | |||
Unrealized Gain (Loss), Securities, Mortgage Backed | 88,573 | |||
Carrying Amount, Securities, Mortgage Backed | 2,947,913 | |||
Realized Gain (Loss), Securities, Mortgage Backed | $ 0 | |||
London Interbank Offered Rate (LIBOR) [Member] | BX 2020 BXLP G [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Backed Securities, Basis Spread On Variable Rate | 2.50% | 2.50% | ||
London Interbank Offered Rate (LIBOR) [Member] | CGDB 2019 MOB F [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Backed Securities, Basis Spread On Variable Rate | 2.55% | 2.55% | ||
London Interbank Offered Rate (LIBOR) [Member] | BXMT 2020 FL 2 [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Backed Securities, Basis Spread On Variable Rate | 1.95% | |||
London Interbank Offered Rate (LIBOR) [Member] | BX 2019 IMC G [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Backed Securities, Basis Spread On Variable Rate | 1.95% | 3.60% | ||
London Interbank Offered Rate (LIBOR) [Member] | BHMS 2018 ATLS D [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Backed Securities, Basis Spread On Variable Rate | 3.60% | 2.25% | ||
London Interbank Offered Rate (LIBOR) [Member] | BHMS 2018 ATLS E [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Backed Securities, Basis Spread On Variable Rate | 2.25% | 3.00% | ||
London Interbank Offered Rate (LIBOR) [Member] | CGCMT 2020-WSS F | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage Backed Securities, Basis Spread On Variable Rate | 2.71% |
Accounts and Other Receivable_3
Accounts and Other Receivables and Other Assets (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Accounts receivable(1) | $ 3,429,104 | $ 949,714 |
Straight-line rent receivable | 1,965,054 | 1,954,662 |
Interest receivable | 427,955 | 325,602 |
Allowance for doubtful accounts | (231,286) | (155,519) |
Total accounts and other receivables, net | 5,590,827 | 3,074,459 |
Deposits | 472,380 | 474,306 |
Prepaid expenses | 329,945 | 545,441 |
Capitalized fees, net | 86,000 | 86,000 |
Total other assets | $ 888,325 | $ 1,105,747 |
Accounts Payable, Accrued Exp_3
Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Derivative [Line Items] | |||
Real estate taxes payable | $ 1,212,801 | $ 624,961 | |
Accounts payable and accrued expenses | 2,018,821 | 2,322,523 | |
Prepaid rent | 639,217 | 1,007,729 | |
Accrued interest expense | 413,081 | 326,586 | |
Tenant security deposits | 634,385 | 632,837 | |
Derivative | 232,999 | 626,224 | |
Distribution payable | 802,614 | 768,521 | |
Investor redemptions | 768,614 | $ 0 | |
Total accounts payable, accrued expenses and other liabilities | 6,722,532 | $ 6,309,381 | |
Interest Rate Swap | |||
Derivative [Line Items] | |||
Notional amount | $ 33,800,000 | ||
Basis spread | 0.7225% |
Mortgage Loans (Details)
Mortgage Loans (Details) | 3 Months Ended |
Mar. 31, 2021 | |
London Interbank Offered Rate (LIBOR) [Member] | Lakes Mortgage | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Investment Interest Rate | 1.55% |
Mortgage Loans - Schedule of Mo
Mortgage Loans - Schedule of Mortgage Loans (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Loan | $ 230,557,563 | $ 230,563,380 | ||
Deferred Financing Costs, Net | (1,314,480) | (1,376,424) | ||
Mortgage loans, net | $ 229,243,083 | $ 229,186,956 | ||
One Month LIBOR | 0.11% | 0.14% | 0.99% | 1.76% |
Secured Overnight Financing Rate | 0.01% | 0.08% | ||
Anzio Apartment Mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Loan | $ 44,400,000 | $ 44,400,000 | ||
Two Liberty Center Mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Loan | 61,971,000 | 61,971,000 | ||
Ezlyn Mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Loan | $ 53,040,000 | 53,040,000 | ||
Stated interest rate | 3.38% | |||
Lakes Mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Loan | $ 25,196,563 | 25,202,380 | ||
Arbors Mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage Loan | $ 45,950,000 | $ 45,950,000 | ||
London Interbank Offered Rate (LIBOR) [Member] | Anzio Apartment Mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Investment Interest Rate | 1.59% | |||
London Interbank Offered Rate (LIBOR) [Member] | Two Liberty Center Mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Investment Interest Rate | 1.50% | |||
London Interbank Offered Rate (LIBOR) [Member] | Lakes Mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Investment Interest Rate | 1.55% | |||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Arbors Mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Investment Interest Rate | 2.24% |
Mortgage Loans - Schedule of Fu
Mortgage Loans - Schedule of Future Payments (Details) | Mar. 31, 2021USD ($) |
Receivables [Abstract] | |
For the remainder of 2021 | $ 0 |
2021 | 0 |
2022 | 0 |
2023 | 61,971,000 |
2024 | 25,196,563 |
Thereafter | 143,390,000 |
Total | $ 230,557,563 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | Mar. 01, 2021 | Jun. 05, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | |||||
Management fee | $ 554,049 | $ 403,896 | |||
Due to affiliates | $ 18,604,324 | $ 12,123,459 | |||
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% | ||||
Sale of Stock, Price Per Share | $ 10 | ||||
Common stock, outstanding (in shares) | 20,662,400 | 20,510,001 | |||
Line of Credit | |||||
Related Party Transaction [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 125,000,000 | ||||
Line of Credit Facility, Extension Option Term | 1 year | ||||
Line of Credit | London Interbank Offered Rate (LIBOR) [Member] | |||||
Related Party Transaction [Line Items] | |||||
Investment Interest Rate | 2.25% | ||||
Class I common stock | |||||
Related Party Transaction [Line Items] | |||||
Stock Repurchased During Period, Shares | 1,380,450 | 0 | |||
Oaktree [Member] | |||||
Related Party Transaction [Line Items] | |||||
Percentage of management fee to NAV payable to adviser per annum, payable monthly | 1.00% | ||||
Management fee | $ 600,000 | ||||
Percentage of performance participation interest to annual total return held by adviser | 12.50% | ||||
Annual hurdle amount, percentage | 5.00% | ||||
Performance fee | $ 600,000 | $ 800,000 | |||
Proceeds from Sale of Treasury Stock | $ 86,900,000 | ||||
Stock Repurchased During Period, Value | $ 8,800,000 | 2,700,000 | |||
Oaktree [Member] | Class I common stock | |||||
Related Party Transaction [Line Items] | |||||
Common stock, outstanding (in shares) | 4,805,947 | ||||
Oaktree Real Estate Income Corporation | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Investment From Related Party | $ 800,000 | ||||
Operating Expense [Member] | Oaktree [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to affiliates | $ 200,000 | 900,000 | |||
Organizational and Offering Costs [Member] | Oaktree [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to affiliates | 6,200,000 | 5,700,000 | |||
Deferred Offering Costs | 400,000 | 400,000 | |||
Performance Incentive Fees [Member] | Oaktree [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to affiliates | $ 3,000,000 | $ 2,400,000 |
Stockholder's Equity - Addition
Stockholder's Equity - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2021$ / shares | |
Equity [Abstract] | |
Dividends declared (in dollars per share) | $ 0.5835 |
Stockholder's Equity - Schedule
Stockholder's Equity - Schedule of Common and Preferred Stock (Details) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | 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 stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,050,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Shares authorized (in shares) | 1,050,000,000 | |||
Preferred stock | ||||
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 | ||
Class T common stock | ||||
Class of Stock [Line Items] | ||||
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Class S common stock | ||||
Class of Stock [Line Items] | ||||
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Class D common stock | ||||
Class of Stock [Line Items] | ||||
Common stock, shares authorized (in shares) | 125,000,000 | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Class I common stock | ||||
Class of Stock [Line Items] | ||||
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Class C common stock | ||||
Class of Stock [Line Items] | ||||
Common stock, shares authorized (in shares) | 125,000,000 | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Stockholder's Equity - Common S
Stockholder's Equity - Common Stock Rollforward (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Outstanding Stock [Roll Forward] | ||
Shares outstanding beginning (in shares) | 20,510,001 | |
Shares outstanding end of period (in shares) | 20,662,400 | |
Restricted Stock | ||
Outstanding Stock [Roll Forward] | ||
Share-based compensation | $ 127,500 | |
Amortization period | 1 year | |
Class I common stock | ||
Outstanding Stock [Roll Forward] | ||
Stock redemptions (in shares) | (1,380,450) | 0 |
Stockholder's Equity - Dividend
Stockholder's Equity - Dividends (Details) - $ / shares | Mar. 30, 2021 | Feb. 25, 2021 | Jan. 28, 2021 | Dec. 30, 2020 | Nov. 25, 2020 | Oct. 29, 2020 | Sep. 29, 2020 | Aug. 28, 2020 | Jul. 30, 2020 | Jun. 30, 2020 | May 29, 2020 | Apr. 30, 2020 | Mar. 30, 2020 | Feb. 27, 2020 | Jan. 30, 2020 | Dec. 31, 2019 | Mar. 31, 2021 |
Class of Stock [Line Items] | |||||||||||||||||
Dividends declared (in dollars per share) | $ 0.5835 | ||||||||||||||||
Class S common stock | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Dividends declared (in dollars per share) | $ 0.0346 | $ 0.0352 | $ 0.0344 | $ 0.0342 | $ 0.0320 | $ 0.0294 | $ 0.0295 | $ 0.0293 | $ 0.0291 | $ 0.0293 | $ 0.0288 | $ 0.0272 | $ 0.0267 | $ 0.0272 | $ 0.0222 | $ 0.0189 | 0.4680 |
Class I common stock | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Dividends declared (in dollars per share) | 0.0422 | 0.0420 | 0.0420 | 0.0417 | 0.0392 | 0.0369 | 0.0367 | 0.0367 | 0.0365 | 0.0365 | 0.0361 | 0.0344 | 0.0341 | 0.0341 | 0.0294 | 0.0250 | 0.5835 |
Class T common stock | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Dividends declared (in dollars per share) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Class D common stock | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Dividends declared (in dollars per share) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Class C common stock | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Dividends declared (in dollars per share) | $ 0.0422 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0.0422 |
Segment Reporting (Details)
Segment Reporting (Details) | 3 Months Ended | ||
Mar. 31, 2021USD ($)segment | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Segment Reporting Information [Line Items] | |||
Total assets | $ 445,312,943 | $ 440,873,609 | |
Rental revenues | 7,231,048 | $ 5,414,061 | |
Other revenues | 381,445 | 326,750 | |
Total revenues | 7,612,493 | 5,740,811 | |
Rental property operating | 3,315,026 | 2,016,602 | |
Income from real estate-related loans and securities | 1,202,332 | 1,353,627 | |
Unrealized gain (loss) on investments | (12,427) | (1,800,694) | |
Segment net operating income | 6,468,037 | 3,277,142 | |
Depreciation and amortization | 4,324,486 | 3,389,665 | |
General and administrative expenses | 1,015,798 | 650,579 | |
Management fee | 554,049 | 403,896 | |
Performance fee | 573,823 | 811,650 | |
Interest expense | 1,372,457 | 1,416,287 | |
Net income (loss) | (1,372,576) | (2,991,039) | |
Net loss attributable to non-controlling interests | 125,278 | 104,594 | |
Net income (loss) attributable to stockholders | (1,247,298) | (2,886,445) | |
Realized gain on investments | $ 980,665 | 0 | |
Number of reportable segments | segment | 3 | ||
Operating Segments | Multifamily Segment | |||
Segment Reporting Information [Line Items] | |||
Total assets | $ 203,030,526 | 204,408,015 | |
Rental revenues | 4,241,407 | 2,666,821 | |
Other revenues | 278,251 | 142,627 | |
Total revenues | 4,519,658 | 2,809,448 | |
Rental property operating | 1,996,526 | 1,018,302 | |
Income from real estate-related loans and securities | 0 | 0 | |
Unrealized gain (loss) on investments | 393,225 | 0 | |
Segment net operating income | 2,916,357 | 1,791,146 | |
Depreciation and amortization | 2,584,149 | 1,853,002 | |
Realized gain on investments | 0 | ||
Operating Segments | Office | |||
Segment Reporting Information [Line Items] | |||
Total assets | 129,368,929 | 134,521,921 | |
Rental revenues | 2,989,641 | 2,747,240 | |
Other revenues | 103,194 | 184,123 | |
Total revenues | 3,092,835 | 2,931,363 | |
Rental property operating | 1,318,500 | 998,300 | |
Income from real estate-related loans and securities | 0 | 0 | |
Unrealized gain (loss) on investments | 0 | 504,920 | |
Segment net operating income | 1,774,335 | 1,428,143 | |
Depreciation and amortization | 1,740,337 | 1,536,663 | |
Realized gain on investments | 0 | ||
Operating Segments | Real estate-related loans and securities | |||
Segment Reporting Information [Line Items] | |||
Total assets | 85,789,370 | 74,464,566 | |
Rental revenues | 0 | 0 | |
Other revenues | 0 | 0 | |
Total revenues | 0 | 0 | |
Rental property operating | 0 | 0 | |
Income from real estate-related loans and securities | 1,202,332 | 1,353,627 | |
Unrealized gain (loss) on investments | (405,652) | 1,295,774 | |
Segment net operating income | 1,777,345 | 57,853 | |
Depreciation and amortization | 0 | $ 0 | |
Realized gain on investments | 980,665 | ||
Corporate, Non-Segment | Other (Corporate) | |||
Segment Reporting Information [Line Items] | |||
Total assets | $ 27,124,118 | $ 27,479,107 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) | May 14, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 |
Subsequent Event [Line Items] | ||||
Sale of floating rate CMBS | $ 3,898,470 | $ 0 | ||
Common stock, shares issued (in shares) | 20,662,400 | 20,510,001 | ||
Proceeds from issuance of common stock | $ 16,661,878 | $ 30,896,085 | ||
Offering | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Common stock, shares issued (in shares) | 22,237,223 | |||
Proceeds from issuance of common stock | $ 227,200,000 | |||
Offering | Class S common stock | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Common stock, shares issued (in shares) | 16,079,328 | |||
Offering | Class I common stock | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Common stock, shares issued (in shares) | 5,413,516 | |||
Offering | Class C common stock | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Common stock, shares issued (in shares) | 744,379 |
Subsequent Events - Distributio
Subsequent Events - Distributions (Details) - $ / shares | Apr. 29, 2021 | Mar. 30, 2021 | Feb. 25, 2021 | Jan. 28, 2021 | Dec. 30, 2020 | Nov. 25, 2020 | Oct. 29, 2020 | Sep. 29, 2020 | Aug. 28, 2020 | Jul. 30, 2020 | Jun. 30, 2020 | May 29, 2020 | Apr. 30, 2020 | Mar. 30, 2020 | Feb. 27, 2020 | Jan. 30, 2020 | Dec. 31, 2019 | Mar. 31, 2021 |
Subsequent Event [Line Items] | ||||||||||||||||||
Dividends declared (in dollars per share) | $ 0.5835 | |||||||||||||||||
Class S common stock | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Dividends declared (in dollars per share) | $ 0.0346 | $ 0.0352 | $ 0.0344 | $ 0.0342 | $ 0.0320 | $ 0.0294 | $ 0.0295 | $ 0.0293 | $ 0.0291 | $ 0.0293 | $ 0.0288 | $ 0.0272 | $ 0.0267 | $ 0.0272 | $ 0.0222 | $ 0.0189 | 0.4680 | |
Class S common stock | Subsequent Event | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Dividends declared (in dollars per share) | $ 0.0348 | |||||||||||||||||
Class I common stock | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Dividends declared (in dollars per share) | 0.0422 | 0.0420 | 0.0420 | 0.0417 | 0.0392 | 0.0369 | 0.0367 | 0.0367 | 0.0365 | 0.0365 | 0.0361 | 0.0344 | 0.0341 | 0.0341 | 0.0294 | 0.0250 | 0.5835 | |
Class I common stock | Subsequent Event | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Dividends declared (in dollars per share) | 0.0422 | |||||||||||||||||
Class T common stock | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Dividends declared (in dollars per share) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Class T common stock | Subsequent Event | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Dividends declared (in dollars per share) | 0 | |||||||||||||||||
Class D common stock | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Dividends declared (in dollars per share) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Class D common stock | Subsequent Event | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Dividends declared (in dollars per share) | 0 | |||||||||||||||||
Class C common stock | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Dividends declared (in dollars per share) | $ 0.0422 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0.0422 | |
Class C common stock | Subsequent Event | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Dividends declared (in dollars per share) | $ 0.0422 |