(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
PART I - FINANCIAL INFORMATION | |||||||||||
INDEX | |||||||||||
Item 1. | Financial Statements | Page No. | |||||||||
Condensed Consolidated Balance Sheets (unaudited) – as of June 30, 2021 and December 31, 2020 | 2 | ||||||||||
Condensed Consolidated Statements of Operations (unaudited) – Three and Six Months Ended June 30, 2021 and 2020 | 3 | ||||||||||
Condensed Consolidated Statements of Stockholders' Equity (unaudited) – Three and Six Months Ended June 30, 2021 and 2020 | 4 | ||||||||||
Condensed Consolidated Statements of Cash Flows (unaudited) – Six Months Ended June 30, 2021 and 2020 | 8 | ||||||||||
Notes to Condensed Consolidated Financial Statements (unaudited) | 10 | ||||||||||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 41 | |||||||||
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 73 | |||||||||
Item 4. | Controls and Procedures | 74 | |||||||||
PART II - OTHER INFORMATION | |||||||||||
Item 1. | Legal Proceedings | 74 | |||||||||
Item 1A. | Risk Factors | 74 | |||||||||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 74 | |||||||||
Item 3. | Defaults Upon Senior Securities | 74 | |||||||||
Item 4. | Mine Safety Disclosures | 74 | |||||||||
Item 5. | Other Information | 74 | |||||||||
Item 6. | Exhibits | 75 | |||||||||
Preferred Apartment Communities, Inc. | ||||||||||||||
Condensed Consolidated Balance Sheets | ||||||||||||||
(Unaudited) | ||||||||||||||
(In thousands, except per-share par values) | June 30, 2021 | December 31, 2020 | ||||||||||||
Assets | ||||||||||||||
Real estate | ||||||||||||||
Land | $ | $ | ||||||||||||
Building and improvements | ||||||||||||||
Tenant improvements | ||||||||||||||
Furniture, fixtures, and equipment | ||||||||||||||
Construction in progress | ||||||||||||||
Gross real estate | ||||||||||||||
Less: accumulated depreciation | ( | ( | ||||||||||||
Net real estate | ||||||||||||||
Real estate loan investments, net of deferred fee income and allowance for expected | ||||||||||||||
credit loss of $9,684 and $10,261 | ||||||||||||||
Total real estate and real estate loan investments, net | ||||||||||||||
Cash and cash equivalents | ||||||||||||||
Restricted cash | ||||||||||||||
Notes receivable | ||||||||||||||
Note receivable and revolving lines of credit due from related parties | ||||||||||||||
Accrued interest receivable on real estate loans | ||||||||||||||
Acquired intangible assets, net of amortization of $186,751 and $169,718 | ||||||||||||||
Tenant lease inducements, net of amortization of $6,250 and $5,350 | ||||||||||||||
Investment in unconsolidated joint venture | ||||||||||||||
Tenant receivables and other assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities and equity | ||||||||||||||
Liabilities | ||||||||||||||
Mortgage notes payable, net of deferred loan costs and mark-to-market adjustment of $43,674 and $46,241 | $ | $ | ||||||||||||
Revolving line of credit | ||||||||||||||
Unearned purchase option termination fees | ||||||||||||||
Deferred revenue | ||||||||||||||
Accounts payable and accrued expenses | ||||||||||||||
Deferred liability to Former Manager | ||||||||||||||
Contingent liability due to Former Manager | ||||||||||||||
Accrued interest payable | ||||||||||||||
Dividends and partnership distributions payable | ||||||||||||||
Acquired below market lease intangibles, net of amortization of $38,115 and $34,006 | ||||||||||||||
Prepaid rent, security deposits, and other liabilities | ||||||||||||||
Total liabilities | ||||||||||||||
Commitments and contingencies (Note 11) | ||||||||||||||
Equity | ||||||||||||||
Stockholders' equity | ||||||||||||||
Series A Redeemable Preferred Stock, $0.01 par value per share; 3,050 shares authorized; 2,226 shares | ||||||||||||||
issued; 1,647 and 1,735 shares outstanding at June 30, 2021 and December 31, 2020, respectively | ||||||||||||||
Series A1 Redeemable Preferred Stock, $0.01 par value per share; up to 1,000 shares authorized; 218 and 149 shares | ||||||||||||||
issued; 217 and 149 shares outstanding at June 30, 2021 and December 31, 2020, respectively | ||||||||||||||
Series M Redeemable Preferred Stock, $0.01 par value per share; 500 shares authorized; 106 shares issued; | ||||||||||||||
86 and 89 shares outstanding at June 30, 2021 and December 31, 2020, respectively | ||||||||||||||
Series M1 Redeemable Preferred Stock, $0.01 par value per share; up to 1,000 shares authorized; 26 and 19 | ||||||||||||||
shares issued; 25 and 19 shares outstanding at June 30, 2021 and December 31, 2020, respectively | ||||||||||||||
Common Stock, $0.01 par value per share; 400,067 shares authorized; 51,728 and 49,994 shares issued and | ||||||||||||||
outstanding at June 30, 2021 and December 31, 2020, respectively | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Accumulated (deficit) earnings | ( | ( | ||||||||||||
Total stockholders' equity | ||||||||||||||
Non-controlling interest | ( | ( | ||||||||||||
Total equity | ||||||||||||||
Total liabilities and equity | $ | $ |
Preferred Apartment Communities, Inc. | |||||||||||||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
(In thousands, except per-share figures) | Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Rental and other property revenues | $ | $ | $ | $ | |||||||||||||||||||
Interest income on loans and notes receivable | |||||||||||||||||||||||
Interest income from related parties | |||||||||||||||||||||||
Miscellaneous revenues | |||||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Property operating and maintenance | |||||||||||||||||||||||
Property salary and benefits (including reimbursements of | |||||||||||||||||||||||
$0, $0, $0 and $1,430 to related party) | |||||||||||||||||||||||
Property management costs (including $0, $0, $0 and $894 to related parties) | |||||||||||||||||||||||
Real estate taxes and insurance | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Equity compensation to directors and executives | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Asset management and general and administrative expense fees to related party | |||||||||||||||||||||||
Allowance for expected credit losses | ( | ( | |||||||||||||||||||||
Management Internalization expense | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Waived asset management and general and administrative expense fees | ( | ||||||||||||||||||||||
Net operating expenses | |||||||||||||||||||||||
Operating income (loss) before gains on sales of real estate and loss from unconsolidated joint venture | ( | ||||||||||||||||||||||
Loss from unconsolidated joint venture | ( | ( | |||||||||||||||||||||
Gain on sale of real estate | |||||||||||||||||||||||
Operating income (loss) | ( | ||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Loss on extinguishment of debt | ( | ( | |||||||||||||||||||||
Gain on sale of land | |||||||||||||||||||||||
Net income (loss) | ( | ( | ( | ||||||||||||||||||||
Net (income) loss attributable to non-controlling interests | ( | ||||||||||||||||||||||
Net income (loss) attributable to the Company | ( | ( | ( | ||||||||||||||||||||
Dividends declared to preferred stockholders | ( | ( | ( | ( | |||||||||||||||||||
Earnings attributable to unvested restricted stock | ( | ( | ( | ( | |||||||||||||||||||
Net loss attributable to common stockholders | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Net loss per share of Common Stock available to common stockholders, basic and diluted | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Weighted average number of shares of Common Stock outstanding, basic and diluted | |||||||||||||||||||||||
Preferred Apartment Communities, Inc. | ||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statements of Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||
For the three-month period ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except dividend per-share figures) | Redeemable Preferred Stock | Common Stock | Additional Paid in Capital | Accumulated Earnings | Total Stockholders' Equity | Non-Controlling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||
Balance at April 1, 2021 | $ | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||
Issuance of Preferred Stock | — | — | ||||||||||||||||||||||||||||||||||||||||||
At-the-market issuance of common stock | — | — | ||||||||||||||||||||||||||||||||||||||||||
Redemptions of preferred stock | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Syndication and offering costs | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Equity compensation to executives and directors | ||||||||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock | ( | |||||||||||||||||||||||||||||||||||||||||||
Conversion of Class A Units to common stock | ( | |||||||||||||||||||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||||||||||||||||||||
Reallocation of non-controlling interest to Class A Unitholders | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interests | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Distributions to Class A Unitholders | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Dividends to Series A preferred stockholders ($5.00 per share per month) | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Dividends to mShares preferred stockholders ($4.79 - $6.25 per share per month) | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Dividends to Series A1/M1 preferred stockholders ($5.00 and $5.08 - $5.92 per share per month, respectively) | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Dividends to PAC Carveout REIT preferred stockholders ($60 per share semi-annually) | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Dividends to common stockholders ($0.175 per share) | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | $ | $ | ( | $ | $ | ( | $ |
Preferred Apartment Communities, Inc. | ||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statements of Stockholders' Equity, continued | ||||||||||||||||||||||||||||||||||||||||||||
For the three-month period ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except dividend per-share figures) | Redeemable Preferred Stock | Common Stock | Additional Paid in Capital | Accumulated Earnings | Total Stockholders' Equity | Non-Controlling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||
Balance at April 1, 2020 | $ | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||
Issuance of Preferred Stock | — | |||||||||||||||||||||||||||||||||||||||||||
Redemptions of preferred stock | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Syndication and offering costs | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Equity compensation to executives and directors | ||||||||||||||||||||||||||||||||||||||||||||
Conversion of Class A Units to common stock | ( | |||||||||||||||||||||||||||||||||||||||||||
Current period amortization of Class B Units | ||||||||||||||||||||||||||||||||||||||||||||
Net loss | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Reallocation of minority interest in PAC OP | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interests | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Dividends to Series A preferred stockholders ($5.00 per share per month) | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Dividends to mShares preferred stockholders ($4.79 - $6.25 per share per month) | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Dividends to Series A1/M1 preferred stockholders ($5.00 and $5.08 - $5.92 per share per month, respectively) | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Dividends to common stockholders ($0.175 per share) | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | $ | ( | $ | $ | ( | $ |
Preferred Apartment Communities, Inc. | ||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statements of Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||
For the six-month period ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except dividend per-share figures) | Redeemable Preferred Stock | Common Stock | Additional Paid in Capital | Accumulated Earnings | Total Stockholders' Equity | Non-Controlling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | $ | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||
Issuance of Preferred Stock | — | — | ||||||||||||||||||||||||||||||||||||||||||
At-the-market issuance of common stock | — | — | ||||||||||||||||||||||||||||||||||||||||||
Redemptions of preferred stock | ( | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||
Syndication and offering costs | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Equity compensation to executives and directors | ||||||||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock | ( | |||||||||||||||||||||||||||||||||||||||||||
Conversion of Class A Units to common stock | ( | |||||||||||||||||||||||||||||||||||||||||||
Current period amortization of Class B Units | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Net loss | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Reallocation of non-controlling interest to Class A Unitholders | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interests | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Distributions to Class A Unitholders | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Dividends to Series A preferred stockholders ($5.00 per share per month) | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Dividends to mShares preferred stockholders ($4.79 - $6.25 per share per month) | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Dividends to Series A1/M1 preferred stockholders ($5.00 and $5.08 - $5.92 per share per month, respectively) | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Dividends to PAC Carveout REIT preferred stockholders ($60 per share semi-annually) | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Dividends to common stockholders ($0.35 per share) | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | $ | $1543665000 | $ | ( | $ | $ | ( | $ |
Preferred Apartment Communities, Inc. | ||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statements of Stockholders' Equity, continued | ||||||||||||||||||||||||||||||||||||||||||||
For the six-month period ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except dividend per-share figures) | Redeemable Preferred Stock | Common Stock | Additional Paid in Capital | Accumulated Earnings | Total Stockholders' Equity | Non-Controlling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | $ | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||
Cumulative adjustment to reflect the adoption of ASU 2016-13 | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||
Issuance of Preferred Stock | — | |||||||||||||||||||||||||||||||||||||||||||
Exercises of warrants | — | |||||||||||||||||||||||||||||||||||||||||||
Redemptions of preferred stock | ( | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||
Syndication and offering costs | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Equity compensation to executives and directors | ||||||||||||||||||||||||||||||||||||||||||||
Conversion of Class A Units to common stock | ( | |||||||||||||||||||||||||||||||||||||||||||
Current period amortization of Class B Units | ||||||||||||||||||||||||||||||||||||||||||||
Net loss | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Contributions from non-controlling interests | ||||||||||||||||||||||||||||||||||||||||||||
Reallocation of minority interest in PAC OP | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interests | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Dividends to Series A preferred stockholders ($5.00 per share per month) | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Dividends to mShares preferred stockholders ($4.79 - $6.25 per share per month) | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Dividends to Series A1/M1 preferred stockholders ($5.00 and $5.08 - $5.92 per share per month, respectively) | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Dividends to common stockholders ($0.4375 per share) | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | 21 | $ | $ | $ | ( | $ | $ | ( | $ |
Preferred Apartment Communities, Inc. | |||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||
(Unaudited) | |||||||||||
(In thousands) | Six-month periods ended June 30, | ||||||||||
2021 | 2020 | ||||||||||
Operating activities: | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Reconciliation of net loss to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization expense | |||||||||||
Amortization of above and below market leases | ( | ( | |||||||||
Amortization of deferred revenues and other non-cash revenues | ( | ( | |||||||||
Amortization of purchase option termination fees | ( | ( | |||||||||
Amortization of equity compensation, lease incentives and other non-cash expenses | |||||||||||
Deferred loan cost amortization | |||||||||||
Non-cash accrued interest income on real estate loan investments | ( | ( | |||||||||
Receipt of accrued interest income on real estate loan investments | |||||||||||
Gains on sale of real estate and land, net | ( | ( | |||||||||
Loss from unconsolidated joint venture | |||||||||||
Cash received for purchase option terminations | |||||||||||
Loss on extinguishment of debt | |||||||||||
Increase in allowance for expected credit losses | ( | ||||||||||
Changes in operating assets and liabilities: | |||||||||||
Decrease (increase) in tenant receivables and other assets | ( | ||||||||||
(Increase) in tenant lease incentives | ( | ( | |||||||||
Increase in accounts payable and accrued expenses | |||||||||||
Increase in deferred liability to Former Manager | |||||||||||
Increase in contingent liability | |||||||||||
Increase (decrease) in accrued interest, prepaid rents and other liabilities | ( | ||||||||||
Net cash provided by (used in) operating activities | ( | ||||||||||
Investing activities: | |||||||||||
Investments in real estate loans | ( | ( | |||||||||
Repayments of real estate loans | |||||||||||
Notes receivable issued | ( | ( | |||||||||
Notes receivable repaid | |||||||||||
Notes receivable issued to and draws on line of credit by related parties | ( | ||||||||||
Repayments of notes receivable and lines of credit by related parties | |||||||||||
Origination fees received on real estate loan investments | |||||||||||
Acquisition of properties | ( | ( | |||||||||
Disposition of properties, net | |||||||||||
Proceeds from sale of land | |||||||||||
Capital improvements to real estate assets | ( | ( | |||||||||
Investment in property development | ( | ||||||||||
Deposits paid on acquisitions | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
The accompanying notes are an integral part of these consolidated financial statements. | |||||||||||
Preferred Apartment Communities, Inc. | |||||||||||
Consolidated Statements of Cash Flows - continued | |||||||||||
(Unaudited) | |||||||||||
(In thousands) | Six-month periods ended June 30, | ||||||||||
2021 | 2020 | ||||||||||
Financing activities: | |||||||||||
Proceeds from mortgage notes payable | |||||||||||
Repayments of mortgage notes payable | ( | ( | |||||||||
Payments for deposits and other mortgage loan costs | ( | ( | |||||||||
Payments for debt prepayment and other debt extinguishment costs | ( | ||||||||||
Proceeds from lines of credit | |||||||||||
Payments on lines of credit | ( | ( | |||||||||
Repayment of the Term Loan | ( | ||||||||||
Proceeds from sales of Common Stock | |||||||||||
Proceeds from the sales of Preferred Stock and Units, net of offering costs | |||||||||||
Proceeds from exercises of Warrants | |||||||||||
Payments for redemptions of preferred stock | ( | ( | |||||||||
Common Stock dividends paid | ( | ( | |||||||||
Preferred stock dividends and Class A Unit distributions paid | ( | ( | |||||||||
Payments for deferred offering costs | ( | ( | |||||||||
(Distributions to) contributions from non-controlling interests | ( | ||||||||||
Net cash (used in) provided by financing activities | ( | ||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | ( | ||||||||||
Cash, cash equivalents and restricted cash, beginning of year | |||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | $ | |||||||||
Supplemental cash flow information: | |||||||||||
Cash paid for interest | $ | $ | |||||||||
Supplemental disclosure of non-cash investing and financing activities: | |||||||||||
Accrued capital expenditures | $ | $ | |||||||||
Noncash extinguishment of notes receivable | $ | $ | |||||||||
Dividends payable - Common Stock | $ | $ | |||||||||
Dividends declared - Preferred Stock | $ | $ | |||||||||
Reclass of offering costs from deferred asset to equity | $ | $ | |||||||||
Fair value issuances of equity compensation | $ | $ | |||||||||
Noncash repayment of mortgages through refinance | $ | $ | |||||||||
Operating lease liabilities assumed from Former Manager | $ | $ |
For the three-month period ended June 30, 2020 | ||||||||||||||||||||
(in thousands) | As reported in Quarterly Report on Form 10-Q at June 30, 2020 | Reclassification adjustments | As reported in Quarterly Report on Form 10-Q at June 30, 2021 | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Miscellaneous revenues | $ | $ | ( | $ | ||||||||||||||||
Operating expenses: | ||||||||||||||||||||
Property operating and maintenance | $ | $ | $ | |||||||||||||||||
Real estate taxes and insurance | $ | $ | $ | |||||||||||||||||
General and administrative | $ | $ | ( | $ |
For the six-month period ended June 30, 2020 | ||||||||||||||||||||
(in thousands) | As reported in Quarterly Report on Form 10-Q at June 30, 2020 | Reclassification adjustments | As reported in Quarterly Report on Form 10-Q at June 30, 2021 | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Miscellaneous revenues | $ | $ | ( | $ | ||||||||||||||||
Operating expenses: | ||||||||||||||||||||
Property operating and maintenance | $ | $ | $ | |||||||||||||||||
Real estate taxes and insurance | $ | $ | $ | |||||||||||||||||
General and administrative | $ | $ | ( | $ |
Standard | Description | Date of Adoption | Effect on the Consolidated Financial Statements | ||||||||
Recently Issued Accounting Guidance Not Yet Adopted | |||||||||||
ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting | The new standard enables affected entities to elect from a series of practical expedients designed to ease the transition from referenced base rates within contracts designated to be replaced by Reference Rate Reform. | The amendments are effective March 12, 2020 through December 31, 2022. | ASU 2020-04 will be applicable to the Company's variable-rate debt instruments for which the Company is the borrower, which bear interest at a spread over the 1-month London Interbank Offer Rate (1-month LIBOR). Among the practical expedients are the option to elect prospective adjustment of the effective interest rate, foregoing reassessment of any instruments under loan modification rules. The Company is monitoring developments pertaining to Reference Rate Reform and does not currently anticipate ASU 2020-04 to have a material effect on its results of operations. |
As of: | ||||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||
Residential Properties: | ||||||||||||||
Properties (1,2) | ||||||||||||||
Units | ||||||||||||||
New Market Properties: | ||||||||||||||
Properties (2) | ||||||||||||||
Gross leasable area (square feet) (3) | ||||||||||||||
Preferred Office Properties: (4) | ||||||||||||||
Properties (2) | ||||||||||||||
Rentable square feet | ||||||||||||||
Development properties | ||||||||||||||
Rentable square feet | ||||||||||||||
(1) The acquired second phases of CityPark View and Crosstown Walk communities are managed in combination with the initial phases and so together are considered a single property, as is the Regent at Lenox Village within the Lenox Portfolio. | ||||||||||||||
(2) One multifamily community, two grocery-anchored shopping centers and two office buildings are owned through consolidated joint ventures. One grocery-anchored shopping center is an investment in an unconsolidated joint venture. | ||||||||||||||
(3) The Company also owns approximately 47,600 square feet of gross leasable area of ground floor retail space which is embedded within the Lenox Portfolio and is not included in the totals above for New Market Properties. | ||||||||||||||
(4) Five of our office properties and the real estate loan investment supporting the 8West office building were sold to Highwoods Realty Limited Partnership, an unrelated party, on July 29, 2021. |
Acquisition date | Property | Location | Units | |||||||||||||||||
2021: | ||||||||||||||||||||
6/30/2021 | The Ellison | Atlanta, Georgia | ||||||||||||||||||
2020: | ||||||||||||||||||||
3/31/2020 | Horizon at Wiregrass | Tampa, Florida | ||||||||||||||||||
4/30/2020 | Parkside at the Beach | Panama City Beach, Florida | ||||||||||||||||||
(In thousands, except amortization period data) | The Ellison | |||||||
Land | $ | |||||||
Buildings and improvements | ||||||||
Furniture, fixtures and equipment | ||||||||
Lease intangibles | ||||||||
Prepaids & other assets | ||||||||
Accrued taxes | ( | |||||||
Security deposits, prepaid rents, and other liabilities | ( | |||||||
Net assets acquired | $ | |||||||
Cash paid | $ | |||||||
Mortgage debt, net | ||||||||
Total consideration | $ | |||||||
Capitalized acquisition costs incurred by the Company | $ | |||||||
Remaining amortization period of intangible | ||||||||
assets and liabilities (months) |
Acquisition date | Property | Location | Gross leasable area (square feet) | |||||||||||||||||
1/29/2020 | Wakefield Crossing | Raleigh, North Carolina | ||||||||||||||||||
3/19/2020 | Midway Market | Dallas, Texas | ||||||||||||||||||
(In thousands) | Three-month periods ended June 30, | Six-month periods ended June 30, | ||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Depreciation: | ||||||||||||||||||||||||||
Buildings and improvements | $ | $ | $ | $ | ||||||||||||||||||||||
Furniture, fixtures, and equipment | ||||||||||||||||||||||||||
Amortization: | ||||||||||||||||||||||||||
Acquired intangible assets | ||||||||||||||||||||||||||
Deferred leasing costs | ||||||||||||||||||||||||||
Website development costs | ||||||||||||||||||||||||||
Total depreciation and amortization | $ | $ | $ | $ |
(in thousands) | June 30, 2021 | December 31, 2020 | ||||||||||||
Total assets | $ | $ | ||||||||||||
Total liabilities | $ | $ |
Three months ended June 30, 2021 | Six months ended June 30, 2021 | |||||||||||||
Rental and other property revenues | $ | $ | ||||||||||||
Total operating expenses | $ | $ | ||||||||||||
Interest expense | $ | $ | ||||||||||||
Net income (loss) | $ | ( | $ | ( | ||||||||||
Net income (loss) attributable to the Company | $ | ( | $ | ( |
June 30, 2021 | December 31, 2020 | |||||||||||||
Number of loans | ||||||||||||||
Number of underlying properties in development | ||||||||||||||
(In thousands) | ||||||||||||||
Drawn amount | $ | $ | ||||||||||||
Deferred loan origination fees | ( | ( | ||||||||||||
Allowance for expected credit losses | ( | ( | ||||||||||||
Carrying value | $ | $ | ||||||||||||
Unfunded loan commitments | $ | $ | ||||||||||||
Weighted average current interest, per annum (paid monthly) | % | % | ||||||||||||
Weighted average accrued interest, per annum | % | % |
(In thousands) | Principal balance | Deferred loan origination fees | Allowances and CECL Reserves | Carrying value | ||||||||||||||||||||||
Balances as of December 31, 2020 | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||
Loan fundings | — | — | ||||||||||||||||||||||||
Loan repayments | ( | — | ( | |||||||||||||||||||||||
Loan origination fees collected | — | ( | — | ( | ||||||||||||||||||||||
Amortization of loan origination fees | — | — | ||||||||||||||||||||||||
Reserve increases due to loan originations | — | — | ( | ( | ||||||||||||||||||||||
Net decreases in reserves on existing or loans repaid | — | — | ||||||||||||||||||||||||
Balances as of June 30, 2021 | $ | $ | ( | $ | ( | $ |
Property type | Number of loans | Carrying value | Commitment amount | Percentage of portfolio | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Residential properties | $ | $ | % | |||||||||||||||||||||||
Preferred Office Properties (1) | % | |||||||||||||||||||||||||
Balances as of June 30, 2021 | $ | $ | ||||||||||||||||||||||||
(1) Five of our office properties and the real estate loan investment supporting the 8West office building were sold to Highwoods Realty Limited Partnership, an unrelated party, on July 29, 2021. |
For the three-month periods ended June 30, | For the six-month periods ended June 30, | ||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Allowance for expected credit losses: | |||||||||||||||||||||||
Haven Campus Communities, LLC line of credit | $ | $ | $ | $ | |||||||||||||||||||
Starkville real estate loan | |||||||||||||||||||||||
Net (decreases) increases in current expected loss reserves on new and existing loans | ( | ( | ( | ||||||||||||||||||||
Total | $ | ( | $ | $ | ( | $ |
Final reserve ratio | Number of loans | Total receivables by project, net of reserves (in thousands) | ||||||||||||
< 1.00% | $ | |||||||||||||
1.00% - 1.99% | ||||||||||||||
2.00% - 2.99% | ||||||||||||||
3.00% - 3.99% | ||||||||||||||
4.00% - 4.99% | ||||||||||||||
5.00% + | ||||||||||||||
$ |
(In thousands) Borrower | Date of loan | Maturity date | Total loan commitments | Outstanding balance as of: | Interest rate | ||||||||||||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||
Haven Campus Communities, LLC (1) | 6/11/2014 | 12/31/2018 | $ | $ | $ | % | |||||||||||||||||||||||||||||||||||
Oxford Capital Partners, LLC (2,4) | 10/5/2015 | 3/15/2022 | % | ||||||||||||||||||||||||||||||||||||||
Oxford Capital Partners II, LLC (2,4) | 3/30/2021 | 3/15/2022 | % | ||||||||||||||||||||||||||||||||||||||
Mulberry Development Group, LLC (3) | 3/31/2016 | 6/30/2022 | % | ||||||||||||||||||||||||||||||||||||||
Unamortized loan fees | |||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | |||||||||||||||||||||||||||||||||||||||
(1) The amount payable under the note is collateralized by one of the principals of the borrower's 49.49% interest in an unrelated shopping center located in Atlanta, Georgia and a personal guaranty of repayment by the principals of the borrower. See related party disclosure in Note 6. | |||||||||||||||||||||||||||||||||||||||||
(2) The amounts payable under the terms of this revolving credit line, up to the lesser of 25% of the loan balance or $2.0 million, are collateralized by a personal guaranty of repayment by the principals of the borrower. | |||||||||||||||||||||||||||||||||||||||||
(3) The amounts payable under the terms of these revolving credit lines are collateralized by a personal guaranty of repayment by the principal of the borrower. | |||||||||||||||||||||||||||||||||||||||||
(4) The commitment was reduced from $8 million to $1.25 million for the Oxford Capital Partners, LLC line of credit on March 30, 2021. A second Oxford line of credit was opened on March 30, 2021 with a commitment of $5.3 million. |
(In thousands) Interest income | Three-month periods ended June 30, | Six-month periods ended June 30, | ||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||
Current interest | $ | $ | $ | $ | ||||||||||||||||||||||
Accrued interest | ||||||||||||||||||||||||||
Loan origination fee amortization | ||||||||||||||||||||||||||
Purchase option termination fee amortization | ||||||||||||||||||||||||||
Default interest | ||||||||||||||||||||||||||
Total real estate loan revenue | ||||||||||||||||||||||||||
Notes and lines of credit | ||||||||||||||||||||||||||
Bank and money market accounts | ||||||||||||||||||||||||||
Interest income on loans and notes receivable | $ | $ | $ | $ |
(In thousands) | Deferred Offering Costs | |||||||||||||||||||||||||||||||||||||||||||
Offering | Total offering | Gross proceeds as of June 30, 2021 | Reclassified as reductions of stockholders' equity | Recorded as deferred assets | Total | Specifically identifiable offering costs (1) | Total offering costs | |||||||||||||||||||||||||||||||||||||
Series A1/M1 Offering | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
2019 ATM Offering | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
Type of Compensation | Basis of Compensation | Three-month period ended June 30, 2020 (in thousands) | Six-month period ended June 30, 2020 (in thousands) | |||||||||||||||||
Acquisition fees | 1.0% of the gross purchase price of real estate assets | $ | $ | |||||||||||||||||
Loan coordination fees | 0.6% of any assumed, new or supplemental debt incurred in connection with an acquired property | |||||||||||||||||||
Asset management fees | Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted | |||||||||||||||||||
Property management fees | Monthly fee up to 4% of the monthly gross revenues of the properties managed | |||||||||||||||||||
General and administrative expense fees | Monthly fee equal to 2% of the monthly gross revenues of the Company | |||||||||||||||||||
Construction management fees | Quarterly fee for property renovation and takeover projects | |||||||||||||||||||
$ | $ |
Dividends and distributions declared | ||||||||||||||||||||||||||
For the three-month periods ended June 30, | For the six-month periods ended June 30, | |||||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Series A Preferred Stock | $ | $ | $ | $ | ||||||||||||||||||||||
mShares | ||||||||||||||||||||||||||
Series A1 Preferred Stock | ||||||||||||||||||||||||||
Series M1 Preferred Stock | ||||||||||||||||||||||||||
PAC Carveout REIT Preferred Stock | ||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||
Restricted Stock and Class A OP Units | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
(In thousands) | Three-month periods ended June 30, | Six-month periods ended June 30, | Unamortized expense as of June 30, 2021 | ||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
Class B Unit awards to employees: | |||||||||||||||||||||||||||||||||||
2017 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
2018 | ( | ||||||||||||||||||||||||||||||||||
Restricted stock grants to Board members: | |||||||||||||||||||||||||||||||||||
2019 | |||||||||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||||||||
2021 | |||||||||||||||||||||||||||||||||||
Restricted stock grants for employees: | |||||||||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||||||||
2021 | |||||||||||||||||||||||||||||||||||
Performance-based restricted stock units: | |||||||||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||||||||
2021 | |||||||||||||||||||||||||||||||||||
Restricted stock units to employees: | |||||||||||||||||||||||||||||||||||
2018 | ( | ( | |||||||||||||||||||||||||||||||||
2019 | |||||||||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||||||||
2021 | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
Level | Relative TSR performance (percentile rank versus peers) | Earned PSUs (% of target) | ||||||
< Threshold | <35th Percentile | |||||||
Threshold | 35th Percentile | |||||||
Target | 55th Percentile | |||||||
Maximum | >=75th Percentile |
Grant date | 3/15/2021 | 7/31/2020 | ||||||||||||
Stock price on grant date | $ | $ | ||||||||||||
Dividend yield | % | % | ||||||||||||
Expected volatility | % | % | ||||||||||||
Risk-free interest rate | % | % | ||||||||||||
Target number of PSUs granted: | ||||||||||||||
First vesting tranche | ||||||||||||||
Second vesting tranche | ||||||||||||||
Calculated fair value per PSU | $ | $ | ||||||||||||
Total fair value of PSUs | $ | $ | ||||||||||||
Service year | Shares | Fair value per share | Total compensation cost (in thousands) | |||||||||||||||||
2019 | $ | $ | ||||||||||||||||||
2020 | $ | $ | ||||||||||||||||||
2021 | $ | $ |
Grant date | ||||||||
1/2/2018 | ||||||||
Units granted | ||||||||
Units forfeited: | ||||||||
John A. Williams (1) | ( | |||||||
Voluntary forfeiture by senior executives (2) | ( | |||||||
Other | ( | |||||||
Total forfeitures | ( | |||||||
Units earned and converted into Class A Units | ||||||||
Class B Units outstanding at June 30, 2021 | ||||||||
Units unearned but vested | ||||||||
Units unearned and not yet vested | ||||||||
Class B Units outstanding at June 30, 2021 | ||||||||
(1) Pro rata modification of award on April 16, 2018, the date of Mr. Williams' passing. | ||||||||
(2) Additional Class B OP Units granted to senior executives other than Mr. Williams were voluntarily forfeited at the end of 2018. |
Grant date | 1/2/2018 | |||||||
Stock price | $ | |||||||
Dividend yield | % | |||||||
Expected volatility | % | |||||||
Risk-free interest rate | % | |||||||
Number of Units granted: | ||||||||
One year vesting period | ||||||||
Three year vesting period | ||||||||
Calculated fair value per Unit | $ | |||||||
Total fair value of Units | $ | |||||||
Target market threshold increase | $ |
Grant date | 3/15/2021 | 1/2/2020 | 1/2/2019 | 1/2/2018 | ||||||||||||||||||||||
Service period | 2021-2023 | 2020-2022 | 2019-2021 | 2018-2020 | ||||||||||||||||||||||
RSU activity: | ||||||||||||||||||||||||||
Granted | ||||||||||||||||||||||||||
Forfeited | ( | ( | ( | ( | ||||||||||||||||||||||
RSUs outstanding at June 30, 2021 | ||||||||||||||||||||||||||
RSUs unearned but vested | ||||||||||||||||||||||||||
RSUs unearned and not yet vested | ||||||||||||||||||||||||||
RSUs outstanding at June 30, 2021 | ||||||||||||||||||||||||||
Fair value per RSU | $ | $ | $ | $ | ||||||||||||||||||||||
Total fair value of RSU grant | $ | $ | $ | $ |
Property | Date | Initial principal amount (in thousands) | Fixed/Variable rate | Interest rate | Maturity date | |||||||||||||||||||||||||||
2021: | ||||||||||||||||||||||||||||||||
Midway Market (1) | 4/15/2021 | $ | Fixed | % | 5/1/2031 | |||||||||||||||||||||||||||
The Ellison | 6/30/2021 | Variable | L + 150 | 3/31/2022 | ||||||||||||||||||||||||||||
$ | ||||||||||||||||||||||||||||||||
2020: | ||||||||||||||||||||||||||||||||
251 Armour Yards | 1/22/2020 | $ | Fixed | % | 1/22/2025 | |||||||||||||||||||||||||||
Wakefield Crossing | 1/29/2020 | Fixed | % | 2/1/2032 | ||||||||||||||||||||||||||||
Morrocroft Centre | 3/19/2020 | Fixed | % | 4/10/2033 | ||||||||||||||||||||||||||||
Horizon at Wiregrass Ranch | 4/23/2020 | Fixed | % | 5/1/2030 | ||||||||||||||||||||||||||||
Parkside at the Beach | 4/30/2020 | Fixed | % | 5/1/2030 | ||||||||||||||||||||||||||||
$ | ||||||||||||||||||||||||||||||||
(1) Midway Market Shopping Center was acquired on March 19, 2020 and the mortgage financing was obtained on the property on April 15, 2021. |
Date | Property | Previous balance (millions) | Previous interest rate / spread over 1 month LIBOR | Loan refinancing costs expensed (thousands) | New balance (millions) | New interest rate | Additional deferred loan costs from refinancing (thousands) | |||||||||||||||||||||||||||||||||||||
2021: | ||||||||||||||||||||||||||||||||||||||||||||
2/28/2021 | Village at Baldwin Park | $ | % | $ | $ | % | $ | |||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||
2020: | ||||||||||||||||||||||||||||||||||||||||||||
1/3/2020 | Ursa | $ | L + 300 | $ | $ | — | $ | |||||||||||||||||||||||||||||||||||||
6/25/2020 | CityPark View | % | ||||||||||||||||||||||||||||||||||||||||||
6/29/2020 | Aster at Lely Resort | % | ||||||||||||||||||||||||||||||||||||||||||
6/29/2020 | Avenues at Northpointe | % | ||||||||||||||||||||||||||||||||||||||||||
6/30/2020 | Avenues at Cypress | % | ||||||||||||||||||||||||||||||||||||||||||
6/30/2020 | Venue at Lakewood Ranch | % | ||||||||||||||||||||||||||||||||||||||||||
6/30/2020 | Crosstown Walk | % | ||||||||||||||||||||||||||||||||||||||||||
6/30/2020 | Summit Crossing II | % | L + 278 | |||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ |
(In thousands) | ||||||||||||||||||||
Fixed rate mortgage debt: | Principal balances due | Weighted-average interest rate | Weighted average remaining life (years) | |||||||||||||||||
Residential Properties | $ | % | ||||||||||||||||||
New Market Properties | % | |||||||||||||||||||
Preferred Office Properties | % | |||||||||||||||||||
Total fixed rate mortgage debt | $ | % | ||||||||||||||||||
Variable rate mortgage debt: | ||||||||||||||||||||
Residential Properties | $ | % | ||||||||||||||||||
New Market Properties | % | |||||||||||||||||||
Preferred Office Properties | % | 0 | ||||||||||||||||||
Total variable rate mortgage debt | $ | % | ||||||||||||||||||
Total mortgage debt: | ||||||||||||||||||||
Residential Properties | $ | % | ||||||||||||||||||
New Market Properties | % | |||||||||||||||||||
Preferred Office Properties | % | |||||||||||||||||||
Total principal amount | % | |||||||||||||||||||
Deferred loan costs | ( | |||||||||||||||||||
Mark to market loan adjustment | ( | |||||||||||||||||||
Mortgage notes payable, net | $ |
Covenant (1) | Requirement | Result | |||||||||||||||
Net worth | Minimum $1.6 billion | (2) | $ | ||||||||||||||
Debt yield | Minimum 8.75% | (3) | |||||||||||||||
Payout ratio | Maximum 100% | (4) | |||||||||||||||
Total leverage ratio | Maximum 65% | ||||||||||||||||
Debt service coverage ratio | Minimum 1.50x | (5) | 1.88x |
(In thousands) | Three-month periods ended June 30, | Six-month periods ended June 30, | ||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Residential Properties | $ | $ | $ | $ | ||||||||||||||||||||||
New Market Properties | ||||||||||||||||||||||||||
Preferred Office Properties | ||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||
Credit Facility and Acquisition Facility | ||||||||||||||||||||||||||
Interest Expense | $ | $ | $ | $ | ||||||||||||||||||||||
Period | Future principal payments (in thousands) | |||||||
2021 (1) | $ | |||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
2028 | ||||||||
2029 | ||||||||
2030 | ||||||||
Thereafter | ||||||||
Total | $ | |||||||
(1) Includes the principal amount due on our revolving line of credit of $56.5 million as of June 30, 2021. | ||||||||
For the six-month periods ended June 30, | As of June 30, 2021 | |||||||||||||||||||||||||||||||||||||
(In thousands) | 2021 | 2020 | Weighted average remaining lease term (years) | Weighted average discount rate | ||||||||||||||||||||||||||||||||||
Lease expense | Cash paid | Lease expense | Cash paid | |||||||||||||||||||||||||||||||||||
Office space | $ | $ | $ | $ | % | |||||||||||||||||||||||||||||||||
Ground leases | % | |||||||||||||||||||||||||||||||||||||
Office equipment | % | |||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
For the year ending December 31: | Future Minimum Rents as of June 30, 2021 | |||||||||||||||||||||||||
(in thousands) | Office space | Ground leases | Office equipment | Total | ||||||||||||||||||||||
2021 | (1) | $ | $ | $ | $ | |||||||||||||||||||||
2022 | ||||||||||||||||||||||||||
2023 | ||||||||||||||||||||||||||
2024 | ||||||||||||||||||||||||||
2025 | ||||||||||||||||||||||||||
Thereafter | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||||||||||
(1) Remaining six months |
(In thousands) | June 30, 2021 | December 31, 2020 | ||||||||||||
Assets: | ||||||||||||||
Residential properties | $ | $ | ||||||||||||
Financing | ||||||||||||||
New Market Properties | ||||||||||||||
Preferred Office Properties | ||||||||||||||
Other | ||||||||||||||
Consolidated assets | $ | $ | ||||||||||||
(In thousands) | Three-month periods ended June 30, | Six-month periods ended June 30, | ||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Capitalized expenditures: | ||||||||||||||||||||||||||
Residential properties | $ | $ | $ | $ | ||||||||||||||||||||||
New Market Properties | ||||||||||||||||||||||||||
Preferred Office Properties | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
(In thousands) | Three-month periods ended June 30, | Six-month periods ended June 30, | ||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||
Rental and other property revenues: | ||||||||||||||||||||||||||
Residential properties | $ | $ | $ | $ | ||||||||||||||||||||||
New Market Properties | ||||||||||||||||||||||||||
Preferred Office Properties (1) | ||||||||||||||||||||||||||
Total rental and other property revenues | ||||||||||||||||||||||||||
Financing revenues | ||||||||||||||||||||||||||
Miscellaneous revenues | ||||||||||||||||||||||||||
Consolidated revenues | $ | $ | $ | $ | ||||||||||||||||||||||
(1) Included in rental revenues for our Preferred Office Properties segment is the amortization of deferred revenue for tenant-funded leasehold improvements from a major tenant in our Three Ravinia and Westridge office buildings. As of June 30, 2021, the Company has recorded deferred revenue in an aggregate amount of $47.0 million in connection with such improvements. The remaining balance to be recognized is approximately $34.1 million which is included in the deferred revenues line on the consolidated balance sheets at June 30, 2021. These total costs will be amortized over the lesser of the useful lives of the improvements or the individual lease terms. The Company recorded non-cash revenue of approximately $1.9 million for both the six-month periods ended June 30, 2021 and 2020, respectively. |
Three-month periods ended June 30, | Six-month periods ended June 30, | |||||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Segment net operating income (Segment NOI) | ||||||||||||||||||||||||||
Residential Properties | $ | $ | $ | $ | ||||||||||||||||||||||
New Market Properties | ||||||||||||||||||||||||||
Preferred Office Properties | ||||||||||||||||||||||||||
Financing | ||||||||||||||||||||||||||
Miscellaneous revenues | ||||||||||||||||||||||||||
Consolidated segment net operating income | ||||||||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||
Residential Properties | ||||||||||||||||||||||||||
New Market Properties | ||||||||||||||||||||||||||
Preferred Office Properties | ||||||||||||||||||||||||||
Corporate | ||||||||||||||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||||||||
Residential Properties | ||||||||||||||||||||||||||
New Market Properties | ||||||||||||||||||||||||||
Preferred Office Properties | ||||||||||||||||||||||||||
Corporate | ||||||||||||||||||||||||||
Equity compensation to directors and executives | ||||||||||||||||||||||||||
Management fees, net of waived fees | ||||||||||||||||||||||||||
Management Internalization | ||||||||||||||||||||||||||
Allowance for expected credit losses | ( | ( | ||||||||||||||||||||||||
(Gain) / loss on sale of real estate | ( | |||||||||||||||||||||||||
(Gain) / loss on sale of land, net | ( | |||||||||||||||||||||||||
(Gain) / loss on extinguishment of debt | ||||||||||||||||||||||||||
Loss from unconsolidated joint venture | ||||||||||||||||||||||||||
Corporate G&A | ||||||||||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | ( | $ | ( |
(In thousands, except per-share figures) | Three-month periods ended June 30, | Six-month periods ended June 30, | |||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||||||
Operating income (loss) before gains on sales of real estate and loss from unconsolidated joint venture | $ | $ | $ | $ | ( | ||||||||||||||||||||||||
Loss from unconsolidated joint venture | ( | ( | |||||||||||||||||||||||||||
Gain on sale of real estate | |||||||||||||||||||||||||||||
Operating income (loss) | ( | ||||||||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||||||||
Loss on extinguishment of debt | ( | ( | |||||||||||||||||||||||||||
Gain on sale of land | |||||||||||||||||||||||||||||
Net income (loss) | ( | ( | ( | ||||||||||||||||||||||||||
Net (income) loss attributable to non-controlling interests (A) | ( | ||||||||||||||||||||||||||||
Net income (loss) attributable to the Company | ( | ( | ( | ||||||||||||||||||||||||||
Dividends declared to preferred stockholders (B) | ( | ( | ( | ( | |||||||||||||||||||||||||
Net loss attributable to unvested restricted stock (C) | ( | ( | ( | ( | |||||||||||||||||||||||||
Net loss attributable to common stockholders | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||
Denominator: | |||||||||||||||||||||||||||||
Weighted average number of shares of Common Stock - basic | |||||||||||||||||||||||||||||
Effect of dilutive securities: (D) | |||||||||||||||||||||||||||||
Weighted average number of shares of Common Stock - basic and diluted | |||||||||||||||||||||||||||||
Net loss per share of Common Stock attributable to | |||||||||||||||||||||||||||||
common stockholders, basic and diluted | $ | ( | $ | ( | $ | ( | $ | ( |
As of June 30, 2021 | |||||||||||||||||||||||||||||
(In thousands) | Carrying value | Fair value measurements using fair value hierarchy | |||||||||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||
Real estate loans | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Notes receivable and line of credit receivable | |||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | |||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||||||
Mortgage notes payable | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Revolving line of credit | |||||||||||||||||||||||||||||
$ | $ | $ | $ | $ |
As of December 31, 2020 | |||||||||||||||||||||||||||||
(In thousands) | Carrying value | Fair value measurements using fair value hierarchy | |||||||||||||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||
Real estate loans | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Notes receivable and line of credit receivable | |||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | |||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||||||
Mortgage notes payable | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Revolving line of credit | |||||||||||||||||||||||||||||
$ | $ | $ | $ | $ |
Three months ended June 30, | % change | Six months ended June 30, | % change | |||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
Revenues (in thousands) | $ | 118,706 | $ | 122,980 | (3.5) | % | $ | 234,406 | $ | 253,862 | (7.7) | % | ||||||||||||||||||||||||||
Per share data: | ||||||||||||||||||||||||||||||||||||||
Net income (loss) (1) | $ | (0.64) | $ | (1.06) | — | $ | (1.38) | $ | (5.47) | — | ||||||||||||||||||||||||||||
FFO (2) | $ | 0.23 | $ | (0.01) | — | $ | 0.39 | $ | (3.39) | — | ||||||||||||||||||||||||||||
Core FFO (2) | $ | 0.33 | $ | 0.22 | 50.0 | % | $ | 0.58 | $ | 0.50 | 16.0 | % | ||||||||||||||||||||||||||
AFFO (2) | $ | 0.17 | $ | 0.05 | 240.0 | % | $ | 0.34 | $ | 0.52 | (34.6) | % | ||||||||||||||||||||||||||
Dividends (3) | $ | 0.175 | $ | 0.175 | — | $ | 0.35 | $ | 0.4375 | (20.0) | % | |||||||||||||||||||||||||||
Total units upon | Purchase option window | |||||||||||||||||||||||||
Project/Property | Location | completion (1) | Begin | End | ||||||||||||||||||||||
Multifamily communities | ||||||||||||||||||||||||||
Purchase options at discount to market: | ||||||||||||||||||||||||||
V & Three | Charlotte, NC | 338 | S + 90 days (2) | S + 150 days (2) | ||||||||||||||||||||||
The Anson | Nashville, TN | 301 | S + 90 days (2) | S + 150 days (2) | ||||||||||||||||||||||
Southpoint | Fredericksburg, VA | 240 | S + 90 days (2) | S + 150 days (2) | ||||||||||||||||||||||
Hidden River II | Tampa, FL | 204 | S + 90 days (2) | S + 150 days (2) | ||||||||||||||||||||||
Purchase options with no discount or rights of first offer: | ||||||||||||||||||||||||||
Hudson at Metro West | Orlando, FL | 320 | S + 90 days (2) | S + 150 days (2) | ||||||||||||||||||||||
Vintage Horizon West | Orlando, FL | 340 | (3) | (3) | ||||||||||||||||||||||
Vintage Jones Franklin | Raleigh, NC | 277 | (3) | (3) | ||||||||||||||||||||||
Club Drive | Atlanta, GA | 352 | (5) | (5) | ||||||||||||||||||||||
Populus at Pooler | Savannah, GA | 316 | (6) | (6) | ||||||||||||||||||||||
Cameron Square | Alexandria, VA | 302 | (4) | (4) | ||||||||||||||||||||||
Solis Chestnut Farm | Charlotte, NC | 256 | (4) | (4) | ||||||||||||||||||||||
Solis Cumming Town Center | Atlanta, GA | 320 | (4) | (4) | ||||||||||||||||||||||
Office property | ||||||||||||||||||||||||||
8West | Atlanta, GA | — | (7) | (7) | ||||||||||||||||||||||
3,566 | ||||||||||||||||||||||||||
(1) We evaluate each project individually and we make no assurance that we will acquire any of the underlying properties from our real estate loan investment portfolio. | ||||||||||||||||||||||||||
(2) The option period window begins and ends at the number of days indicated beyond the achievement of a 93% physical occupancy rate by the underlying property. | ||||||||||||||||||||||||||
(3) The option period window begins on the later of one year following receipt of final certificate of occupancy or 90 days beyond the achievement of a 93% physical occupancy rate by the underlying property and ends 60 days beyond the option period beginning date. | ||||||||||||||||||||||||||
(4) We hold a right of first offer on the property. | ||||||||||||||||||||||||||
(5) The underlying loan is a land acquisition bridge loan that is anticipated to be converted to a real estate loan investment in the future with a purchase option or right of first offer. | ||||||||||||||||||||||||||
(6) The option period begins upon the property's achievement of 80% occupancy. If we are unable to reach an agreement on the property's market value, we have a right of first offer. | ||||||||||||||||||||||||||
(7) The real estate loan investment supporting the 8West office building and five of our office properties were sold to Highwoods Properties, an unrelated party, on July 29, 2021. |
Preferred Apartment Communities, Inc. | Three-month periods ended June 30, | Change inc (dec) | |||||||||||||||||||||
(in thousands) | 2021 | 2020 | Amount | Percentage | |||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Rental and other property revenues | $ | 105,161 | $ | 111,574 | $ | (6,413) | (5.7) | % | |||||||||||||||
Interest income on loans and notes receivable | 12,814 | 10,407 | 2,407 | 23.1 | % | ||||||||||||||||||
Interest income from related parties | 410 | 604 | (194) | (32.1) | % | ||||||||||||||||||
Miscellaneous revenues | 321 | 395 | (74) | (18.7) | % | ||||||||||||||||||
Total revenues | 118,706 | 122,980 | (4,274) | (3.5) | % | ||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Property operating and maintenance | 15,580 | 17,283 | (1,703) | (9.9) | % | ||||||||||||||||||
Property salary and benefits | 4,914 | 5,720 | (806) | (14.1) | % | ||||||||||||||||||
Property management costs | 927 | 1,042 | (115) | (11.0) | % | ||||||||||||||||||
Real estate taxes and insurance | 15,509 | 16,787 | (1,278) | (7.6) | % | ||||||||||||||||||
General and administrative | 7,696 | 7,827 | (131) | (1.7) | % | ||||||||||||||||||
Equity compensation to directors and executives | 925 | 246 | 679 | 276.0 | % | ||||||||||||||||||
Depreciation and amortization | 44,732 | 51,793 | (7,061) | (13.6) | % | ||||||||||||||||||
Allowance for expected credit losses | (845) | 482 | (1,327) | — | |||||||||||||||||||
Management internalization expense | 240 | 458 | (218) | (47.6) | % | ||||||||||||||||||
Total operating expenses | 89,678 | 101,638 | (11,960) | (11.8) | % | ||||||||||||||||||
Operating income (loss) before loss from unconsolidated joint venture | 29,028 | 21,342 | 7,686 | 36.0 | % | ||||||||||||||||||
Loss from unconsolidated joint venture | (175) | — | (175) | — | |||||||||||||||||||
Operating income | 28,853 | 21,342 | 7,511 | — | |||||||||||||||||||
Interest expense | 27,296 | 31,136 | (3,840) | (12.3) | % | ||||||||||||||||||
Loss on extinguishment of debt | — | (6,156) | 6,156 | — | |||||||||||||||||||
Net income (loss) | 1,557 | (15,950) | 17,507 | — | |||||||||||||||||||
Consolidated net (income) loss attributable to non-controlling interests | (3) | 266 | (269) | (101.1) | % | ||||||||||||||||||
Net income (loss) attributable to the Company | $ | 1,554 | $ | (15,684) | $ | 17,238 | — |
Preferred Apartment Communities, Inc. | Six-month periods ended June 30, | Change inc (dec) | ||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | Amount | Percentage | ||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Rental and other property revenues | $ | 209,620 | $ | 223,440 | $ | (13,820) | (6.2) | % | ||||||||||||||||||
Interest income on loans and notes receivable | 23,326 | 23,846 | (520) | (2.2) | % | |||||||||||||||||||||
Interest income from related parties | 815 | 3,141 | (2,326) | (74.1) | % | |||||||||||||||||||||
Miscellaneous revenues | 645 | 3,435 | (2,790) | (81.2) | % | |||||||||||||||||||||
Total revenues | 234,406 | 253,862 | (19,456) | (7.7) | % | |||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Property operating and maintenance | 30,829 | 34,129 | (3,300) | (9.7) | % | |||||||||||||||||||||
Property salary and benefits | 9,735 | 10,911 | (1,176) | (10.8) | % | |||||||||||||||||||||
Property management costs | 2,032 | 3,045 | (1,013) | (33.3) | % | |||||||||||||||||||||
Real estate taxes and insurance | 31,649 | 32,462 | (813) | (2.5) | % | |||||||||||||||||||||
General and administrative | 15,235 | 13,775 | 1,460 | 10.6 | % | |||||||||||||||||||||
Equity compensation to directors and executives | 1,499 | 476 | 1,023 | 214.9 | % | |||||||||||||||||||||
Depreciation and amortization | 90,559 | 101,302 | (10,743) | (10.6) | % | |||||||||||||||||||||
Asset management and general and administrative expense fees to related party | — | 3,099 | (3,099) | — | ||||||||||||||||||||||
Allowance for expected credit losses | (323) | 5,615 | (5,938) | — | ||||||||||||||||||||||
Management internalization expense | 485 | 179,251 | (178,766) | (99.7) | % | |||||||||||||||||||||
Total operating expenses | 181,700 | 384,065 | (202,365) | (52.7) | % | |||||||||||||||||||||
Waived asset management and general and administrative expense fees | — | (1,136) | 1,136 | — | ||||||||||||||||||||||
Net operating expenses | 181,700 | 382,929 | (201,229) | (52.5) | % | |||||||||||||||||||||
Operating income (loss) before loss from unconsolidated joint venture and gain on sale of real estate | 52,706 | (129,067) | 181,773 | (140.8) | % | |||||||||||||||||||||
Loss from unconsolidated joint venture | (369) | — | (369) | — | ||||||||||||||||||||||
Gain on sale of real estate, net | 798 | — | 798 | — | ||||||||||||||||||||||
Operating income (loss) | 53,135 | (129,067) | 182,202 | — | ||||||||||||||||||||||
Interest expense | 54,287 | 60,729 | (6,442) | (10.6) | % | |||||||||||||||||||||
Loss on extinguishment of debt | — | (6,156) | 6,156 | — | ||||||||||||||||||||||
Gain on sale of land | — | 479 | (479) | — | ||||||||||||||||||||||
Net loss | (1,152) | (195,473) | 194,321 | — | ||||||||||||||||||||||
Consolidated net loss attributable to non-controlling interests | 59 | 3,407 | (3,348) | (98.3) | % | |||||||||||||||||||||
Net loss attributable to the Company | $ | (1,093) | $ | (192,066) | $ | 190,973 | — |
New Market Properties, LLC | Three-month periods ended June 30, | Change inc (dec) | ||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | Amount | Percentage | ||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Rental revenues & other property revenues | $ | 26,876 | $ | 26,105 | $ | 771 | 3.0 | % | ||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Property operating and maintenance | 3,325 | 3,216 | 109 | 3.4 | % | |||||||||||||||||||||
Property management fees | 540 | 606 | (66) | (10.9) | % | |||||||||||||||||||||
Real estate taxes and insurance | 3,848 | 4,129 | (281) | (6.8) | % | |||||||||||||||||||||
General and administrative | 902 | 976 | (74) | (7.6) | % | |||||||||||||||||||||
Equity compensation to directors and executives | 64 | 15 | 49 | 326.7 | % | |||||||||||||||||||||
Depreciation and amortization | 11,624 | 13,308 | (1,684) | (12.7) | % | |||||||||||||||||||||
Total operating expenses | 20,303 | 22,250 | (1,947) | (8.8) | % | |||||||||||||||||||||
Operating income before gain on sale of real estate and loss from unconsolidated joint venture | 6,573 | 3,855 | 2,718 | 70.5 | % | |||||||||||||||||||||
Loss from unconsolidated joint venture | (175) | — | (175) | — | ||||||||||||||||||||||
Operating income | 6,398 | 3,855 | 2,543 | 66.0 | % | |||||||||||||||||||||
Interest expense | 6,490 | 6,587 | (97) | (1.5) | % | |||||||||||||||||||||
Gain on sale of land | 15 | — | 15 | — | ||||||||||||||||||||||
Net income (loss) | (77) | (2,732) | 2,655 | (97.2) | % | |||||||||||||||||||||
Consolidated net loss (income) attributable to non-controlling interests | (11) | (8) | (3) | — | ||||||||||||||||||||||
Net income (loss) attributable to the Company | $ | (66) | $ | (2,724) | $ | 2,658 | — |
New Market Properties, LLC | Six-month periods ended June 30, | Change inc (dec) | ||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | Amount | Percentage | ||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Rental revenues & other property revenues | $ | 53,843 | $ | 53,944 | $ | (101) | (0.2) | % | ||||||||||||||||||
Interest income on notes receivable | — | 164 | (164) | — | ||||||||||||||||||||||
Total revenues | 53,843 | 54,108 | (265) | (0.5) | % | |||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Property operating and maintenance | 6,793 | 6,540 | 253 | 3.9 | % | |||||||||||||||||||||
Property management fees | 1,199 | 1,393 | (194) | (13.9) | % | |||||||||||||||||||||
Real estate taxes and insurance | 8,092 | 8,201 | (109) | (1.3) | % | |||||||||||||||||||||
General and administrative | 1,806 | 1,717 | 89 | 5.2 | % | |||||||||||||||||||||
Equity compensation to directors and executives | 94 | 28 | 66 | 235.7 | % | |||||||||||||||||||||
Depreciation and amortization | 23,386 | 26,722 | (3,336) | (12.5) | % | |||||||||||||||||||||
Asset management and general and administrative expense fees to related parties | — | 720 | (720) | — | ||||||||||||||||||||||
Total operating expenses | 41,370 | 45,321 | (3,951) | (8.7) | % | |||||||||||||||||||||
Waived asset management and general and administrative expense fees | — | (17) | 17 | — | ||||||||||||||||||||||
Net operating expenses | 41,370 | 45,304 | (3,934) | (8.7) | % | |||||||||||||||||||||
Operating income before gain on sale of real estate and loss from unconsolidated joint venture | 12,473 | 8,804 | 3,669 | 41.7 | % | |||||||||||||||||||||
Loss from unconsolidated joint venture | (369) | — | (369) | — | ||||||||||||||||||||||
Operating income | 12,104 | 8,804 | 3,300 | 37.5 | % | |||||||||||||||||||||
Interest expense | 12,934 | 13,337 | (403) | (3.0) | % | |||||||||||||||||||||
Gain on sale of land | 15 | 479 | (464) | — | ||||||||||||||||||||||
Net income (loss) | (815) | (4,054) | 3,239 | (79.9) | % | |||||||||||||||||||||
Consolidated net loss (income) attributable to non-controlling interests | (35) | (39) | 4 | — | ||||||||||||||||||||||
Net income (loss) attributable to the Company | $ | (780) | $ | (4,015) | $ | 3,235 | — |
Acquisition date | Property | Location | Units | Leasable square feet | ||||||||||||||||||||||
Residential Properties: | ||||||||||||||||||||||||||
3/31/2020 | Horizon at Wiregrass | Tampa, FL | 392 | — | ||||||||||||||||||||||
4/30/2020 | Parkside at the Beach | Panama City Beach, FL | 288 | — | ||||||||||||||||||||||
11/2/2020 | The Blake | Orlando, FL | 281 | — | ||||||||||||||||||||||
12/15/2020 | The Menlo | Jacksonville, FL | 332 | — | ||||||||||||||||||||||
6/30/2021 | The Ellison | Atlanta, GA | 250 | — | ||||||||||||||||||||||
New Market Properties: | ||||||||||||||||||||||||||
1/29/2020 | Wakefield Crossing | Raleigh, NC | — | 75,927 | ||||||||||||||||||||||
3/19/2020 | Midway Market | Dallas, TX | — | 85,599 | ||||||||||||||||||||||
1,543 | 161,526 |
Disposition date | Property | Location | Units | Beds | |||||||||||||||||||||||||
Student housing properties: | |||||||||||||||||||||||||||||
11/3/2020 | North by Northwest | Tallahassee, FL | 219 | 679 | |||||||||||||||||||||||||
11/3/2020 | SoL | Tempe, AZ | 224 | 639 | |||||||||||||||||||||||||
11/3/2020 | Stadium Village | Atlanta, GA | 198 | 792 | |||||||||||||||||||||||||
11/3/2020 | Ursa | Waco, TX | 250 | 840 | |||||||||||||||||||||||||
11/3/2020 | The Tradition | College Station, TX | 427 | 808 | |||||||||||||||||||||||||
11/3/2020 | Knightshade | Orlando, FL | 221 | 894 | |||||||||||||||||||||||||
11/3/2020 | The Bloc | Lubbock, TX | 140 | 556 | |||||||||||||||||||||||||
11/3/2020 | Rush | Charlotte, NC | 332 | 887 | |||||||||||||||||||||||||
Multifamily community: | |||||||||||||||||||||||||||||
11/12/2020 | Avenues at Creekside | San Antonio, TX | 395 | — |
Reconciliation of FFO Attributable to Common Stockholders and Unitholders, Core FFO and AFFO | |||||||||||||||||||||||
to Net (Loss) Income Attributable to Common Stockholders (A) | |||||||||||||||||||||||
Three months ended June 30, | |||||||||||||||||||||||
(In thousands, except per-share figures) | 2021 | 2020 | |||||||||||||||||||||
Net loss attributable to common stockholders (See note 1) | $ | (32,567) | $ | (51,319) | |||||||||||||||||||
Add: | Depreciation of real estate assets | 35,977 | 40,996 | ||||||||||||||||||||
Amortization of acquired intangible assets and deferred leasing costs | 8,486 | 9,973 | |||||||||||||||||||||
Net loss attributable to Class A Unitholders (See note 2) | 16 | (249) | |||||||||||||||||||||
FFO attributable to common stockholders and unitholders | 11,912 | (599) | |||||||||||||||||||||
Acquisition and pursuit costs | 1 | 132 | |||||||||||||||||||||
Loan cost amortization on acquisition term notes and loan coordination fees (See note 3) | 482 | 528 | |||||||||||||||||||||
Payment of costs related to property refinancing | 118 | 6,863 | |||||||||||||||||||||
Internalization costs (See note 4) | 240 | 458 | |||||||||||||||||||||
Deemed dividends for redemptions of and non-cash dividends on preferred stock | 4,110 | 2,772 | |||||||||||||||||||||
Expenses related to the COVID-19 global pandemic (See note 5) | 27 | 419 | |||||||||||||||||||||
Core FFO attributable to common stockholders and unitholders (A) | 16,890 | 10,573 | |||||||||||||||||||||
Add: | Non-cash equity compensation to directors and executives | 925 | 246 | ||||||||||||||||||||
Amortization of loan closing costs (See note 7) | 1,245 | 1,177 | |||||||||||||||||||||
Depreciation/amortization of non-real estate assets | 447 | 616 | |||||||||||||||||||||
Net loan origination fees received (See note 8) | 386 | 200 | |||||||||||||||||||||
Deferred interest income received (See note 9) | 1,569 | — | |||||||||||||||||||||
Amortization of lease inducements (See note 10) | 452 | 447 | |||||||||||||||||||||
Less: | Amortization of purchase option termination revenues in excess of cash received (See note 11) | (227) | (435) | ||||||||||||||||||||
Non-cash loan interest income (See note 9) | (2,909) | (3,109) | |||||||||||||||||||||
Non-cash (income) expense for current expected credit losses (See note 6) | (1,256) | (122) | |||||||||||||||||||||
Cash paid for loan closing costs | (1,881) | — | |||||||||||||||||||||
Amortization of acquired real estate intangible liabilities and SLR (See note 12) | (3,248) | (4,144) | |||||||||||||||||||||
Amortization of deferred revenues (See note 13) | (941) | (941) | |||||||||||||||||||||
Normally recurring capital expenditures (See note 14) | (2,977) | (2,124) | |||||||||||||||||||||
AFFO attributable to common stockholders and Unitholders | $ | 8,475 | $ | 2,384 | |||||||||||||||||||
Common Stock dividends and distributions to Unitholders declared: | |||||||||||||||||||||||
Common Stock dividends | $ | 9,259 | $ | 8,624 | |||||||||||||||||||
Distributions to Unitholders (See note 2) | 87 | 130 | |||||||||||||||||||||
Total | $ | 9,346 | $ | 8,754 | |||||||||||||||||||
Common Stock dividends and Unitholder distributions per share | $ | 0.175 | $ | 0.175 | |||||||||||||||||||
FFO per weighted average basic share of Common Stock and Unit outstanding | $ | 0.23 | $ | (0.01) | |||||||||||||||||||
Core FFO per weighted average basic share of Common Stock and Unit outstanding | $ | 0.33 | $ | 0.22 | |||||||||||||||||||
AFFO per weighted average basic share of Common Stock and Unit outstanding | $ | 0.17 | $ | 0.05 | |||||||||||||||||||
Weighted average shares of Common Stock and Units outstanding: | |||||||||||||||||||||||
Basic: | |||||||||||||||||||||||
Common Stock | 50,518 | 48,220 | |||||||||||||||||||||
Class A Units | 535 | 759 | |||||||||||||||||||||
Common Stock and Class A Units | 51,053 | 48,979 | |||||||||||||||||||||
Diluted Common Stock and Class A Units (See note 15) | 51,579 | 48,980 | |||||||||||||||||||||
Actual shares of Common Stock outstanding, including 704 and 548 unvested shares | |||||||||||||||||||||||
of restricted Common Stock at June 30, 2021 and 2020, respectively. | 52,432 | 49,831 | |||||||||||||||||||||
Actual Class A Units outstanding at June 30, 2021 and 2020, respectively. | 497 | 742 | |||||||||||||||||||||
Total | 52,929 | 50,573 | |||||||||||||||||||||
Reconciliation of FFO Attributable to Common Stockholders and Unitholders, Core FFO and AFFO | |||||||||||||||||||||||
to Net (Loss) Income Attributable to Common Stockholders (A) | |||||||||||||||||||||||
Six months ended June 30, | |||||||||||||||||||||||
(In thousands, except per-share figures) | 2021 | 2020 | |||||||||||||||||||||
Net loss attributable to common stockholders (See note 1) | $ | (69,176) | $ | (260,771) | |||||||||||||||||||
Add: | Depreciation of real estate assets | 72,809 | 80,771 | ||||||||||||||||||||
Amortization of acquired intangible assets and deferred leasing costs | 17,196 | 18,955 | |||||||||||||||||||||
Gain on sale of real estate | (798) | — | |||||||||||||||||||||
Net loss attributable to Class A Unitholders (See note 2) | (17) | (3,343) | |||||||||||||||||||||
FFO attributable to common stockholders and unitholders | 20,014 | (164,388) | |||||||||||||||||||||
Acquisition and pursuit costs | 5 | 378 | |||||||||||||||||||||
Loan cost amortization on acquisition term notes and loan coordination fees (See note 3) | 906 | 1,206 | |||||||||||||||||||||
Payment of costs related to property refinancing | 118 | 6,863 | |||||||||||||||||||||
Internalization costs (See note 4) | 485 | 179,251 | |||||||||||||||||||||
Deemed dividends for redemptions of and non-cash dividends on preferred stock | 7,937 | 3,316 | |||||||||||||||||||||
Expenses related to the COVID-19 global pandemic (See note 5) | 81 | 448 | |||||||||||||||||||||
Earnest money forfeited by prospective asset purchaser | — | (2,750) | |||||||||||||||||||||
Core FFO attributable to common stockholders and unitholders (A) | 29,546 | 24,324 | |||||||||||||||||||||
Add: | Non-cash equity compensation to directors and executives | 1,499 | 476 | ||||||||||||||||||||
Amortization of loan closing costs (See note 7) | 2,457 | 2,343 | |||||||||||||||||||||
Depreciation/amortization of non-real estate assets | 891 | 1,172 | |||||||||||||||||||||
Net loan origination fees received (See note 8) | 1,203 | 467 | |||||||||||||||||||||
Deferred interest income received (See note 9) | 4,486 | 8,277 | |||||||||||||||||||||
Amortization of lease inducements (See note 10) | 900 | 886 | |||||||||||||||||||||
Earnest money forfeited by prospective asset purchaser | — | 2,750 | |||||||||||||||||||||
Cash received in excess of amortization of purchase option termination revenues (See note 11) | 23 | 325 | |||||||||||||||||||||
Less: | Non-cash loan interest income (See note 9) | (5,783) | (6,128) | ||||||||||||||||||||
Non-cash (income) expense for current expected credit losses (See note 6) | (1,139) | 4,408 | |||||||||||||||||||||
Cash paid for loan closing costs | (1,891) | — | |||||||||||||||||||||
Amortization of acquired real estate intangible liabilities and SLR (See note 12) | (6,563) | (8,797) | |||||||||||||||||||||
Amortization of deferred revenues (See note 13) | (1,881) | (1,881) | |||||||||||||||||||||
Normally recurring capital expenditures (See note 14) | (6,330) | (3,542) | |||||||||||||||||||||
AFFO attributable to common stockholders and Unitholders | $ | 17,418 | $ | 25,080 | |||||||||||||||||||
Common Stock dividends and distributions to Unitholders declared: | |||||||||||||||||||||||
Common Stock dividends | $ | 18,250 | $ | 21,115 | |||||||||||||||||||
Distributions to Unitholders (See note 2) | 183 | 333 | |||||||||||||||||||||
Total | $ | 18,433 | $ | 21,448 | |||||||||||||||||||
Common Stock dividends and Unitholder distributions per share | $ | 0.35 | $ | 0.4375 | |||||||||||||||||||
FFO per weighted average basic share of Common Stock and Unit outstanding | $ | 0.39 | $ | (3.39) | |||||||||||||||||||
Core FFO per weighted average basic share of Common Stock and Unit outstanding | $ | 0.58 | $ | 0.50 | |||||||||||||||||||
AFFO per weighted average basic share of Common Stock and Unit outstanding | $ | 0.34 | $ | 0.52 | |||||||||||||||||||
Weighted average shares of Common Stock and Units outstanding: | |||||||||||||||||||||||
Basic: | |||||||||||||||||||||||
Common Stock | 50,277 | 47,674 | |||||||||||||||||||||
Class A Units | 572 | 793 | |||||||||||||||||||||
Common Stock and Class A Units | 50,849 | 48,467 | |||||||||||||||||||||
Diluted Common Stock and Class A Units (See note 15) | 51,271 | 48,474 | |||||||||||||||||||||
Actual shares of Common Stock outstanding, including 704 and 548 unvested shares | |||||||||||||||||||||||
of restricted Common Stock at June 30, 2021 and 2020, respectively. | 52,432 | 49,831 | |||||||||||||||||||||
Actual Class A Units outstanding at June 30, 2021 and 2020, respectively. | 497 | 742 | |||||||||||||||||||||
Total | 52,929 | 50,573 |
(In thousands, except per-unit amounts) | Capital Expenditures | ||||||||||||||||||||||||||||||||||
Recurring | Non-recurring | Total | |||||||||||||||||||||||||||||||||
Amount | Per Unit | Amount | Per Unit | Amount | Per Unit | ||||||||||||||||||||||||||||||
Appliances | $ | 356 | $ | 31.92 | $ | — | $ | — | $ | 356 | $ | 31.92 | |||||||||||||||||||||||
Carpets | 960 | 86.12 | — | — | 960 | 86.12 | |||||||||||||||||||||||||||||
Wood flooring / vinyl | 150 | 13.43 | 254 | 22.83 | 404 | 36.26 | |||||||||||||||||||||||||||||
Blinds and ceiling fans | 74 | 6.66 | — | — | 74 | 6.66 | |||||||||||||||||||||||||||||
Fire safety | — | — | 220 | 19.71 | 220 | 19.71 | |||||||||||||||||||||||||||||
Furnace, air (HVAC) | 331 | 29.76 | — | — | 331 | 29.76 | |||||||||||||||||||||||||||||
Computers, equipment, misc. | 25 | 2.24 | 125 | 11.11 | 150 | 13.35 | |||||||||||||||||||||||||||||
Elevators | — | — | 20 | 1.82 | 20 | 1.82 | |||||||||||||||||||||||||||||
Exterior painting and lighting | — | — | 1,369 | 122.84 | 1,369 | 122.84 | |||||||||||||||||||||||||||||
Leasing office / common amenities | 37 | 3.32 | 449 | 40.29 | 486 | 43.61 | |||||||||||||||||||||||||||||
Major structural | — | — | 921 | 82.68 | 921 | 82.68 | |||||||||||||||||||||||||||||
Cabinets, countertops and unit upgrades | — | — | 390 | 35.01 | 390 | 35.01 | |||||||||||||||||||||||||||||
Landscaping & fencing | — | — | 374 | 33.54 | 374 | 33.54 | |||||||||||||||||||||||||||||
Parking lots and sidewalks | 19 | 1.72 | 133 | 11.99 | 152 | 13.71 | |||||||||||||||||||||||||||||
Signage and sanitation | — | — | 31 | 2.77 | 31 | 2.77 | |||||||||||||||||||||||||||||
$ | 1,952 | $ | 175.17 | $ | 4,286 | $ | 384.59 | $ | 6,238 | $ | 559.76 |
Principal balance as of | Interest only through date (1) | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | Acquisition/ refinancing date | June 30, 2021 | December 31, 2020 | Maturity date | Interest rate | Basis point spread over 1 Month LIBOR | |||||||||||||||||||||||||||||||||||
Multifamily communities: | |||||||||||||||||||||||||||||||||||||||||
Summit Crossing | 10/31/2017 | $ | 36,555 | $ | 36,929 | 11/1/2024 | 3.99 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||
Summit Crossing II | 6/30/2020 | 20,700 | 20,700 | 7/1/2030 | 2.87 | % | 278 | 7/31/2022 | |||||||||||||||||||||||||||||||||
Vineyards | 9/26/2014 | 32,351 | 32,703 | 10/1/2021 | 3.68 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Avenues at Cypress | 6/30/2020 | 28,366 | 28,366 | 7/1/2027 | 2.96 | % | Fixed rate | 7/31/2022 | |||||||||||||||||||||||||||||||||
Avenues at Northpointe | 6/29/2020 | 33,546 | 33,546 | 7/1/2027 | 2.79 | % | Fixed rate | 7/31/2022 | |||||||||||||||||||||||||||||||||
Venue at Lakewood Ranch | 6/30/2020 | 36,555 | 36,555 | 7/1/2030 | 2.99 | % | Fixed rate | 7/31/2022 | |||||||||||||||||||||||||||||||||
Aster at Lely Resort | 6/29/2020 | 50,400 | 50,400 | 7/1/2030 | 2.95 | % | Fixed rate | 7/31/2022 | |||||||||||||||||||||||||||||||||
CityPark View | 6/25/2020 | 29,000 | 29,000 | 7/1/2030 | 2.75 | % | Fixed rate | 7/31/2023 | |||||||||||||||||||||||||||||||||
Citi Lakes | 7/29/2019 | 39,931 | 40,324 | 8/1/2029 | 3.66 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Stone Creek | 6/22/2017 | 19,272 | 19,451 | 7/1/2052 | 3.22 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Lenox Village Town Center | 2/28/2019 | 37,832 | 38,169 | 3/1/2029 | 4.34 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Retreat at Lenox | 12/21/2015 | 16,561 | 16,751 | 1/1/2023 | 4.04 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Overton Rise | 2/1/2016 | 37,180 | 37,607 | 8/1/2026 | 3.98 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Village at Baldwin Park | 2/28/2021 | 69,134 | 69,608 | 1/1/2054 | 3.27 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Crosstown Walk | 6/30/2020 | 46,500 | 46,500 | 7/1/2027 | 2.92 | % | Fixed rate | 7/31/2022 | |||||||||||||||||||||||||||||||||
525 Avalon Park | 6/15/2017 | 62,598 | 63,256 | 7/1/2024 | 3.98 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
City Vista | 7/1/2016 | 32,556 | 32,938 | 7/1/2026 | 3.68 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Sorrel | 8/24/2016 | 30,373 | 30,740 | 9/1/2023 | 3.44 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Citrus Village | 7/10/2020 | 40,900 | 40,900 | 8/1/2027 | 2.95 | % | Fixed rate | 8/31/2022 | |||||||||||||||||||||||||||||||||
Retreat at Greystone | 11/21/2017 | 33,118 | 33,439 | 12/1/2024 | 4.31 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Founders Village | 3/31/2017 | 29,339 | 29,635 | 4/1/2027 | 4.31 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Claiborne Crossing | 4/26/2017 | 25,275 | 25,503 | 6/1/2054 | 2.89 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Luxe at Lakewood Ranch | 7/26/2017 | 36,536 | 36,922 | 8/1/2027 | 3.93 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Adara at Overland Park | 9/27/2017 | 29,712 | 30,024 | 4/1/2028 | 3.90 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Aldridge at Town Village | 10/31/2017 | 35,538 | 35,892 | 11/1/2024 | 4.19 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Reserve at Summit Crossing | 9/29/2017 | 18,691 | 18,893 | 10/1/2024 | 3.87 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Table continued from previous page | Principal balance as of | Interest only through date (1) | |||||||||||||||||||||||||||||||||||||||
Acquisition/ refinancing date | June 30, 2021 | December 31, 2020 | Maturity date | Interest rate | Basis point spread over 1 Month LIBOR | ||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
Overlook at Crosstown Walk | 11/21/2017 | 20,823 | 21,038 | 12/1/2024 | 3.95 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Colony at Centerpointe | 12/20/2017 | 31,098 | 31,445 | 10/1/2026 | 3.68 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Lux at Sorrel | 1/9/2018 | 29,557 | 29,868 | 2/1/2030 | 3.91 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Green Park | 2/28/2018 | 37,403 | 37,785 | 3/10/2028 | 4.09 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
The Lodge at Hidden River | 9/27/2018 | 39,838 | 40,204 | 10/1/2028 | 4.32 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Vestavia Reserve | 11/9/2018 | 36,187 | 36,511 | 12/1/2030 | 4.40 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
CityPark View South | 11/15/2018 | 23,175 | 23,379 | 6/1/2029 | 4.51 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Artisan at Viera | 8/8/2019 | 38,734 | 39,104 | 9/1/2029 | 3.93 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Five Oaks at Westchase | 10/17/2019 | 30,495 | 30,818 | 11/1/2031 | 3.27 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Horizon at Wiregrass Ranch | 4/23/2020 | 50,803 | 51,360 | 5/1/2030 | 2.90 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Parkside at the Beach | 4/30/2020 | 45,037 | 45,037 | 5/1/2030 | 2.95 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
The Blake | 11/2/2020 | 44,435 | 44,435 | 5/1/2030 | 2.82 | % | Fixed rate | 12/31/2025 | |||||||||||||||||||||||||||||||||
The Menlo | 12/15/2020 | 47,000 | 47,000 | 1/1/2031 | 2.68 | % | Fixed rate | 1/31/2024 | |||||||||||||||||||||||||||||||||
The Ellison | 6/30/2021 | 47,991 | — | 3/31/2022 | 1.61 | % | 150 | 3/30/2022 | |||||||||||||||||||||||||||||||||
Total multifamily communities | 1,431,095 | 1,392,735 | |||||||||||||||||||||||||||||||||||||||
Grocery-anchored shopping centers: | |||||||||||||||||||||||||||||||||||||||||
Spring Hill Plaza | 9/17/2019 | 7,859 | 7,962 | 10/1/2031 | 3.72 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Parkway Town Centre | 9/17/2019 | 7,762 | 7,866 | 10/1/2031 | 3.72 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Woodstock Crossing | 8/8/2014 | 2,786 | 2,818 | 9/1/2021 | 4.71 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Deltona Landings | 8/16/2019 | 6,064 | 6,141 | 9/1/2029 | 4.18 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Powder Springs | 8/13/2019 | 7,646 | 7,749 | 9/1/2029 | 3.65 | % | Fixed rate | (2) | |||||||||||||||||||||||||||||||||
Barclay Crossing | 8/16/2019 | 6,011 | 6,086 | 9/1/2029 | 4.18 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Parkway Centre | 8/16/2019 | 4,368 | 4,423 | 9/1/2029 | 4.18 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
The Market at Salem Cove | 10/6/2014 | 8,793 | 8,889 | 11/1/2024 | 4.21 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Independence Square | 8/27/2015 | 11,044 | 11,184 | 9/1/2022 | 3.93 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Royal Lakes Marketplace | 4/12/2019 | 9,228 | 9,345 | 5/1/2029 | 4.29 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
The Overlook at Hamilton Place | 12/22/2015 | 18,870 | 19,088 | 1/1/2026 | 4.19 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Summit Point | 10/30/2015 | 10,924 | 11,118 | 11/1/2022 | 3.57 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
East Gate Shopping Center | 4/29/2016 | 5,036 | 5,118 | 5/1/2026 | 3.97 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Fury's Ferry | 4/29/2016 | 5,817 | 5,912 | 5/1/2026 | 3.97 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Rosewood Shopping Center | 4/29/2016 | 3,907 | 3,971 | 5/1/2026 | 3.97 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Southgate Village | 4/29/2016 | 6,946 | 7,059 | 5/1/2026 | 3.97 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Table continued from previous page | Principal balance as of | Interest only through date (1) | |||||||||||||||||||||||||||||||||||||||
Acquisition/ refinancing date | June 30, 2021 | December 31, 2020 | Maturity date | Interest rate | Basis point spread over 1 Month LIBOR | ||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
The Market at Victory Village | 5/16/2016 | 8,667 | 8,751 | 9/11/2024 | 4.40 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Wade Green Village | 4/7/2016 | 7,402 | 7,488 | 5/1/2026 | 4.00 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Lakeland Plaza | 7/15/2016 | 26,206 | 26,632 | 8/1/2026 | 3.85 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
University Palms | 8/8/2016 | 11,830 | 12,030 | 9/1/2026 | 3.45 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Cherokee Plaza | 4/12/2019 | 23,972 | 24,277 | 5/1/2027 | 4.28 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Sandy Plains Exchange | 8/8/2016 | 8,264 | 8,404 | 9/1/2026 | 3.45 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Thompson Bridge Commons | 8/8/2016 | 11,047 | 11,234 | 9/1/2026 | 3.45 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Heritage Station | 8/8/2016 | 8,177 | 8,315 | 9/1/2026 | 3.45 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Oak Park Village | 8/8/2016 | 8,438 | 8,580 | 9/1/2026 | 3.45 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Shoppes of Parkland | 8/8/2016 | 15,264 | 15,414 | 9/1/2023 | 4.67 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Champions Village | 10/18/2016 | 27,400 | 27,400 | 11/1/2021 | 3.25 | % | 300 | (3) | 11/1/2021 | ||||||||||||||||||||||||||||||||
Castleberry-Southard | 4/21/2017 | 10,618 | 10,734 | 5/1/2027 | 3.99 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Rockbridge Village | 6/6/2017 | 13,162 | 13,310 | 7/5/2027 | 3.73 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Irmo Station | 7/26/2017 | 9,614 | 9,758 | 8/1/2030 | 3.94 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Maynard Crossing | 8/25/2017 | 16,698 | 16,953 | 9/1/2032 | 3.74 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Woodmont Village | 9/8/2017 | 7,980 | 8,096 | 10/1/2027 | 4.13 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
West Town Market | 9/22/2017 | 8,135 | 8,260 | 10/1/2025 | 3.65 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Crossroads Market | 12/5/2017 | 17,369 | 17,622 | 1/1/2030 | 3.95 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Anderson Central | 3/16/2018 | 11,094 | 11,246 | 4/1/2028 | 4.32 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Greensboro Village | 5/22/2018 | 7,931 | 8,040 | 6/1/2028 | 4.20 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Governors Towne Square | 5/22/2018 | 10,552 | 10,696 | 6/1/2028 | 4.20 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Conway Plaza | 6/29/2018 | 9,285 | 9,375 | 7/5/2028 | 4.29 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Brawley Commons | 7/6/2018 | 17,290 | 17,519 | 8/1/2028 | 4.36 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Hollymead Town Center | 12/21/2018 | 25,819 | 26,139 | 1/1/2029 | 4.64 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Gayton Crossing | 1/17/2019 | 17,068 | 17,276 | 2/1/2029 | 4.71 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Free State Shopping Center | 5/28/2019 | 45,115 | 45,549 | 6/1/2029 | 3.99 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Polo Grounds Mall | 6/12/2019 | 12,861 | 12,986 | 7/1/2034 | 3.93 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Disston Plaza | 6/12/2019 | 17,410 | 17,578 | 7/1/2034 | 3.93 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Fairfield Shopping Center | 8/16/2019 | 19,750 | 19,750 | 8/16/2026 | 2.13 | % | 205 | 8/16/2022 | |||||||||||||||||||||||||||||||||
Berry Town Center | 11/14/2019 | 11,675 | 11,794 | 12/1/2034 | 3.49 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Hanover Shopping Center | 12/19/2019 | 30,812 | 31,217 | 12/19/2026 | 3.62 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Wakefield Crossing | 1/29/2020 | 7,627 | 7,728 | 2/1/2032 | 3.66 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Midway Market | 4/15/2021 | 10,127 | — | 5/1/2031 | 3.06 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Total grocery-anchored shopping centers (4) | 617,720 | 614,880 | |||||||||||||||||||||||||||||||||||||||
Table continued from previous page | Principal balance as of | Interest only through date (1) | |||||||||||||||||||||||||||||||||||||||
Acquisition/ refinancing date | June 30, 2021 | December 31, 2020 | Maturity date | Interest rate | Basis point spread over 1 Month LIBOR | ||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||||||||||
Office buildings: | |||||||||||||||||||||||||||||||||||||||||
Brookwood Center | 8/29/2016 | 29,517 | 29,925 | 9/10/2031 | 3.52 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Galleria 75 | 11/4/2016 | 5,023 | 5,131 | 7/1/2022 | 4.25 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Three Ravinia | 12/30/2016 | 115,500 | 115,500 | 1/1/2042 | 4.46 | % | Fixed rate | 1/31/2022 | |||||||||||||||||||||||||||||||||
Westridge at La Cantera | 11/13/2017 | 49,735 | 50,449 | 12/10/2028 | 4.10 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Armour Yards | 1/29/2018 | 39,071 | 39,425 | 2/1/2028 | 4.10 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
150 Fayetteville | 7/31/2018 | 112,804 | 113,768 | 8/10/2028 | 4.27 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
Capitol Towers | 12/20/2018 | 121,637 | 122,720 | 1/10/2037 | 4.60 | % | Fixed rate | N/A | |||||||||||||||||||||||||||||||||
CAPTRUST Tower | 7/25/2019 | 82,650 | 82,650 | 8/1/2029 | 3.61 | % | Fixed rate | 7/31/2029 | |||||||||||||||||||||||||||||||||
Morrocroft Centre | 3/19/2020 | 70,000 | 70,000 | 4/10/2033 | 3.40 | % | Fixed rate | 4/10/2025 | |||||||||||||||||||||||||||||||||
251 Armour Yards (5) | 1/22/2020 | 5,674 | 3,522 | 1/22/2025 | 4.50 | % | Fixed rate | 1/21/2023 | |||||||||||||||||||||||||||||||||
Total office buildings | 631,611 | 633,090 | |||||||||||||||||||||||||||||||||||||||
Grand total | 2,680,426 | 2,640,705 | |||||||||||||||||||||||||||||||||||||||
Less: deferred loan costs | (39,726) | (42,233) | |||||||||||||||||||||||||||||||||||||||
Less: below market debt adjustment | (3,948) | (4,008) | |||||||||||||||||||||||||||||||||||||||
Mortgage notes, net | $ | 2,636,752 | $ | 2,594,464 |
Footnotes to Mortgage Notes Table | ||||||||||||||||||||||||||||||||||||||
(1) Following the indicated interest only period (where applicable), monthly payments of accrued interest and principal are based on a 25 to 35-year amortization period through the maturity date. | ||||||||||||||||||||||||||||||||||||||
(2) The mortgage has interest-only payment terms for the periods of June 1, 2023 through May 1, 2024 and from June 1, 2028 through May 1, 2029. | ||||||||||||||||||||||||||||||||||||||
(3) The interest rate has a floor of 3.25%. | ||||||||||||||||||||||||||||||||||||||
(4) Excludes mortgage debt on the Neapolitan Way grocery-anchored shopping center, which is held in an unconsolidated joint venture. | ||||||||||||||||||||||||||||||||||||||
(5) A construction loan financing redevelopment of the property. |
(In thousands) | Total | Less than one year | 1-3 years | 3-5 years | More than five years | |||||||||||||||||||||||||||
Principal payments: | ||||||||||||||||||||||||||||||||
Mortgage debt | $ | 2,680,426 | $ | 153,361 | $ | 194,504 | $ | 389,191 | $ | 1,943,370 | ||||||||||||||||||||||
Line of credit | 56,500 | 56,500 | — | — | — | |||||||||||||||||||||||||||
Total principal | $ | 2,736,926 | $ | 209,861 | $ | 194,504 | $ | 389,191 | $ | 1,943,370 | ||||||||||||||||||||||
Interest payments: | ||||||||||||||||||||||||||||||||
Mortgage debt | $ | 760,744 | $ | 97,990 | $ | 183,371 | $ | 155,817 | $ | 323,566 | ||||||||||||||||||||||
Line of credit | 65 | 65 | — | — | — | |||||||||||||||||||||||||||
Total interest | $ | 760,809 | $ | 98,055 | $ | 183,371 | $ | 155,817 | $ | 323,566 |
Balance (in thousands) | Percentage of total mortgage indebtedness | LIBOR Cap | All-in Cap | ||||||||||||||||||||
Summit Crossing II | $ | 20,700 | 2.5 | % | 5.3 | % | |||||||||||||||||
Total capped floating-rate debt | 20,700 | 0.8 | % | ||||||||||||||||||||
Champions Village | 27,400 | — | — | ||||||||||||||||||||
Fairfield Shopping Center | 19,750 | — | — | ||||||||||||||||||||
The Ellison | 47,991 | ||||||||||||||||||||||
Total uncapped floating-rate debt | 95,141 | 3.6 | % | ||||||||||||||||||||
Total floating-rate debt | $ | 115,841 | 4.3 | % |
EXHIBIT INDEX | ||||||||
Exhibit Number | Description | |||||||
3.1 | ||||||||
3.2 | ||||||||
10.1 | ||||||||
10.2 | + | |||||||
10.3 | + | |||||||
10.4 | * | |||||||
10.5 | * | |||||||
31.1 | * | |||||||
31.2 | * | |||||||
32.1 | * | |||||||
32.2 | * | |||||||
101.INS | * | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||||
101.SCH | * | Inline XBRL Taxonomy Extension Schema Document | ||||||
101.CAL | * | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||||
101.DEF | * | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||||
101.LAB | * | Inline XBRL Taxonomy Extension Label Linkbase Document | ||||||
101.PRE | * | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||||
104 | * | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. | ||||||
* | Filed or Furnished herewith | |||||||
+ | Management contract or compensatory plan, contract or arrangement |
SIGNATURES | |||||||||||||||||||||||
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. | |||||||||||||||||||||||
PREFERRED APARTMENT COMMUNITIES, INC. | |||||||||||||||||||||||
Date: August 9, 2021 | By: | /s/ Joel T. Murphy | |||||||||||||||||||||
Joel T. Murphy | |||||||||||||||||||||||
Chief Executive Officer | |||||||||||||||||||||||
(Principal Executive Officer) | |||||||||||||||||||||||
Date: August 9, 2021 | By: | /s/ John A. Isakson | |||||||||||||||||||||
John A. Isakson | |||||||||||||||||||||||
Chief Financial Officer | |||||||||||||||||||||||
(Principal Financial Officer) |
ARTICLE I SALE OF THE PROPERTY AND MEZZANINE LOAN | |||||
1.1 Sale of Property | |||||
1.2 No Representations | |||||
1.3 No Reliance | |||||
1.4 Acceptance of Deeds and Ground Leases | |||||
1.5 “AS IS” | |||||
1.6 Seller Release from Liability | |||||
1.7 Purchaser’s Waiver of Objections | |||||
1.8 Survival | |||||
1.9 Sale of Mezzanine Loan. | |||||
ARTICLE II PURCHASE PRICE | |||||
2.1 Purchase Price | |||||
ARTICLE III DEPOSIT AND OPENING OF ESCROW | |||||
3.1 Deposit | |||||
3.2 Interest Bearing | |||||
3.3 Application | |||||
3.4 Independent Consideration | |||||
ARTICLE IV CONDITIONS TO CLOSING | |||||
4.1 Conditions to Purchaser’s Obligation to Purchase | |||||
4.2 Conditions to Seller’s Obligation to Sell | |||||
4.3 No Financing Contingency | |||||
4.4 Existing Debt Assumptions; Assignment of Mezzanine Loan. | |||||
ARTICLE V THE CLOSING | |||||
5.1 Date and Manner of Closing | |||||
5.2 Closing | |||||
ARTICLE VI DUE DILIGENCE PERIOD EXPIRED; DEPOSIT NON-REFUNDABLE | |||||
6.1 Approval of Documents and Materials | |||||
6.2 Reliability of Information | |||||
6.3 Due Diligence Period Expired | |||||
6.4 Deposit Non-Refundable to Purchaser. | |||||
ARTICLE VII INSPECTIONS | |||||
ARTICLE VIII TITLE AND SURVEY; REA | |||||
8.1 Approval of Title Documents and Survey | |||||
8.2 Title Updates | |||||
8.3 Encumbrances | |||||
8.4 Notice of Commencement | |||||
8.5 Seller’s Failure to Remove |
ARTICLE IX RISK OF LOSS | |||||
9.1 Casualty | |||||
9.2 Condemnation | |||||
ARTICLE X OPERATION OF THE PROPERTY | |||||
10.1 Operations | |||||
10.2 Tenant Defaults; Other Proceedings | |||||
10.3 New Services Agreements / New Leases / New Tract Improvements | |||||
10.4 Tenant Inducement Costs / Tract Improvements | |||||
ARTICLE XI CLOSING PRORATIONS AND ADJUSTMENTS; PAYMENT OF CLOSING COSTS | |||||
11.1 General | |||||
11.2 Prorations | |||||
11.3 Rents | |||||
11.4 Security Deposits | |||||
11.5 Existing Debt | |||||
11.6 Mezzanine Loan Prorations. | |||||
11.7 Final Adjustment After Closing | |||||
11.8 Galleria 75 Tract Prepayment Penalty. | |||||
11.9 Thirty-Day Month | |||||
ARTICLE XII DEFAULT | |||||
12.1 Default by Purchaser | |||||
12.2 Default by Seller | |||||
ARTICLE XIII REPRESENTATIONS AND WARRANTIES | |||||
13.1 Seller’s Representations | |||||
13.2 Definition of Seller’s Knowledge | |||||
13.3 Purchaser’s Representations, Warranties, and Covenants | |||||
13.4 Survival | |||||
ARTICLE XIV ESCROW PROVISIONS | |||||
14.1 Escrow Provisions | |||||
ARTICLE XV GENERAL PROVISIONS | |||||
15.1 No Agreement Lien | |||||
15.2 Confidentiality | |||||
15.3 Headings | |||||
15.4 Brokers | |||||
15.5 Modifications | |||||
15.6 Notices | |||||
15.7 Assignment | |||||
15.8 Further Assurances | |||||
15.9 Governing Law | |||||
15.10 Offer Only | |||||
15.11 Counterparts |
15.12 E-mail or PDF Signatures | |||||
15.13 Entire Agreement; Severability | |||||
15.14 No Waiver | |||||
15.15 Limitation of Liability | |||||
15.16 Waiver of Jury Trial | |||||
15.17 Successors and Assigns | |||||
15.18 No Partnership or Joint Venture | |||||
15.19 No Recordation | |||||
15.20 Designation Agreement | |||||
15.21 Survival | |||||
15.22 Third Party Beneficiaries | |||||
15.23 Access to Records Following Closing. | |||||
15.24 Joint and Several | |||||
15.25 Cooperation with Purchaser’s Auditors and SEC Filing Requirements. | |||||
15.26 Section 1031 Exchange. | |||||
15.27 Force Majeure Event. |
Federal Tax Identification No.: |
ARTICLE I SALE OF THE PROPERTY | |||||
1.1 Sale of Property | |||||
1.2 No Representations | |||||
1.3 No Reliance | |||||
1.4 Acceptance of Deeds | |||||
1.5 “AS IS” | |||||
1.6 Seller Release from Liability | |||||
1.7 Purchaser’s Waiver of Objections | |||||
1.8 Survival | |||||
ARTICLE II PURCHASE PRICE | |||||
2.1 Purchase Price | |||||
2.2 Sale to Third Party Buyer. | |||||
ARTICLE III DEPOSIT AND OPENING OF ESCROW | |||||
3.1 Deposit | |||||
3.2 Interest Bearing | |||||
3.3 Application | |||||
3.4 Independent Consideration | |||||
ARTICLE IV CONDITIONS TO CLOSING | |||||
4.1 Conditions to Purchaser’s Obligation to Purchase | |||||
4.2 Conditions to Seller’s Obligation to Sell | |||||
4.3 No Financing Contingency | |||||
4.4 Existing Debt Assumptions. | |||||
ARTICLE V THE CLOSING | |||||
5.1 Date and Manner of Closing | |||||
5.2 Closing | |||||
ARTICLE VI DUE DILIGENCE PERIOD EXPIRED; DEPOSIT NON-REFUNDABLE | |||||
6.1 Approval of Documents and Materials | |||||
6.2 Reliability of Information | |||||
6.3 Due Diligence Period Expired | |||||
6.4 Deposit Non-Refundable to Purchaser. | |||||
ARTICLE VII INSPECTIONS | |||||
ARTICLE VIII TITLE AND SURVEY; REA | |||||
8.1 Approval of Title Documents and Survey | |||||
8.2 Title Updates | |||||
8.3 Encumbrances | |||||
8.4 Notice of Commencement | |||||
8.5 Seller’s Failure to Remove |
ARTICLE IX RISK OF LOSS | |||||
9.1 Casualty | |||||
9.2 Condemnation | |||||
ARTICLE X OPERATION OF THE PROPERTY | |||||
10.1 Operations | |||||
10.2 Tenant Defaults; Other Proceedings | |||||
10.3 New Services Agreements / New Leases / New Tract Improvements | |||||
10.4 Tenant Inducement Costs / Tract Improvements | |||||
ARTICLE XI CLOSING PRORATIONS AND ADJUSTMENTS; PAYMENT OF CLOSING COSTS | |||||
11.1 General | |||||
11.2 Prorations | |||||
11.3 Rents | |||||
11.4 Security Deposits | |||||
11.5 Existing Debt | |||||
11.6 Reserved. | |||||
11.7 Final Adjustment After Closing | |||||
11.8 Reserved. | |||||
11.9 Thirty-Day Month | |||||
ARTICLE XII DEFAULT | |||||
12.1 Default by Purchaser | |||||
12.2 Default by Seller | |||||
ARTICLE XIII REPRESENTATIONS AND WARRANTIES | |||||
13.1 Seller’s Representations | |||||
13.2 Definition of Seller’s Knowledge | |||||
13.3 Purchaser’s Representations, Warranties, and Covenants | |||||
13.4 Survival | |||||
ARTICLE XIV ESCROW PROVISIONS | |||||
14.1 Escrow Provisions | |||||
ARTICLE XV GENERAL PROVISIONS | |||||
15.1 No Agreement Lien | |||||
15.2 Confidentiality | |||||
15.3 Headings | |||||
15.4 Brokers | |||||
15.5 Modifications | |||||
15.6 Notices | |||||
15.7 Assignment | |||||
15.8 Further Assurances | |||||
15.9 Governing Law | |||||
15.10 Offer Only | |||||
15.11 Counterparts |
15.12 E-mail or PDF Signatures | |||||
15.13 Entire Agreement; Severability | |||||
15.14 No Waiver | |||||
15.15 Limitation of Liability | |||||
15.16 Waiver of Jury Trial | |||||
15.17 Successors and Assigns | |||||
15.18 No Partnership or Joint Venture | |||||
15.19 No Recordation | |||||
15.20 Designation Agreement | |||||
15.21 Survival | |||||
15.22 Third Party Beneficiaries | |||||
15.23 Access to Records Following Closing. | |||||
15.24 Joint and Several | |||||
15.25 Cooperation with Purchaser’s Auditors and SEC Filing Requirements. | |||||
15.26 Section 1031 Exchange. | |||||
15.27 Force Majeure Event. |
Federal Tax Identification No.: |
Date: August 9, 2021 | /s/ Joel T. Murphy | ||||
Joel T. Murphy | |||||
Chief Executive Officer |
Date: August 9, 2021 | /s/ John A. Isakson | ||||
John A. Isakson | |||||
Chief Financial Officer |
Date: August 9, 2021 | /s/ Joel T. Murphy | |||||||
Joel T. Murphy | ||||||||
Chief Executive Officer |
Date: August 9, 2021 | /s/ John A. Isakson | |||||||
John A. Isakson | ||||||||
Chief Financial Officer |
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Statements of Operations - USD ($) shares in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Revenues: | ||||
Operating Leases, Income Statement, Lease Revenue | $ 105,161,000 | $ 111,574,000 | $ 209,620,000 | $ 223,440,000 |
Interest income on loan and note receivable | 12,814,000 | 10,407,000 | 23,326,000 | 23,846,000 |
Revenue from Related Parties | 410,000 | 604,000 | 815,000 | 3,141,000 |
miscellaneous revenues | 321,000 | 395,000 | 645,000 | 3,435,000 |
Revenues | 118,706,000 | 122,980,000 | 234,406,000 | 253,862,000 |
Operating expenses: | ||||
Property operating and maintenance | 15,580,000 | 17,283,000 | 30,829,000 | 34,129,000 |
Payments to Employees | 4,914,000 | 5,720,000 | 9,735,000 | 10,911,000 |
Management Fee Expense | 927,000 | 1,042,000 | 2,032,000 | 3,045,000 |
Provision for Other Credit Losses | (845,000) | 482,000 | (323,000) | 5,615,000 |
Real Estate Taxes and Insurance | 15,509,000 | 16,787,000 | 31,649,000 | 32,462,000 |
General and administrative | 7,696,000 | 7,827,000 | 15,235,000 | 13,775,000 |
Employee Benefits and Share-based Compensation | 925,000 | 246,000 | 1,499,000 | 476,000 |
Depreciation, Depletion and Amortization | 44,732,000 | 51,793,000 | 90,559,000 | 101,302,000 |
Asset management and G&A | 0 | 0 | 0 | 3,099,000 |
Share-based Compensation | (845,000) | 482,000 | (323,000) | 5,615,000 |
Depreciation and amortization | 44,732,000 | 51,793,000 | 90,559,000 | 101,302,000 |
Allowance for Loan and Lease Losses, Loans Acquired | 0 | 0 | 0 | (1,963,000) |
Other Expenses | 240,000 | 458,000 | 485,000 | 179,251,000 |
Total operating expenses | 89,678,000 | 101,638,000 | 181,700,000 | 384,065,000 |
manager's fees deferred | 0 | 0 | 0 | 1,136,000 |
Operating Expenses | 89,678,000 | 101,638,000 | 181,700,000 | 382,929,000 |
Operating Income (Loss) | 29,028,000 | 21,342,000 | 52,706,000 | (129,067,000) |
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | (175,000) | 0 | (369,000) | 0 |
Gain on Sale of Investments | 0 | 0 | 798,000 | 0 |
Interest Expense | 27,296,000 | 31,136,000 | 54,287,000 | 60,729,000 |
Gain (Loss) on Extinguishment of Debt | 0 | 6,156,000 | 0 | 6,156,000 |
gain on sale of financial instruments | 0 | 0 | 0 | 479,000 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 1,557,000 | (15,950,000) | (1,152,000) | (195,473,000) |
Net Income (Loss) Attributable to Noncontrolling Interest | (3,000) | 266,000 | 59,000 | 3,407,000 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 28,853,000 | 21,342,000 | 53,135,000 | (129,067,000) |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 1,557,000 | (15,950,000) | (1,152,000) | (195,473,000) |
Net loss attributable to the Company | 1,554,000 | (15,684,000) | (1,093,000) | (192,066,000) |
Preferred Stock Dividends, Income Statement Impact | 33,983,000 | 35,624,000 | 67,803,000 | 68,692,000 |
net income attributable to unvested restricted stockholders | (138,000) | (11,000) | (280,000) | (13,000) |
Net Income (Loss) Available to Common Stockholders, Basic | $ (32,567,000) | $ (51,319,000) | $ (69,176,000) | $ (260,771,000) |
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ (0.64) | $ (1.06) | $ (1.38) | $ (5.47) |
Weighted Average Number of Shares Outstanding, Basic | 50,518 | 48,220 | 50,277 | 47,674 |
Dividends, Common Stock, Cash | $ 9,259,000 | $ 8,624,000 | $ 18,250,000 | $ 21,115,000 |
Quarterly dividend declared (in dollars per share) | $ 0.175 | $ 0.175 | $ 0.35 | $ 0.4375 |
Statements of Operations (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Income Statement Parentheticals [Abstract] | ||||
property management fees paid to related party | $ 0 | $ 0 | $ 0 | $ 894 |
Related Party Transaction, Property Salary And Benefits Reimbursement Fees | $ 0 | $ 0 | $ 0 | $ 1,430 |
Statements of Equity and Accumulated Deficit - USD ($) |
Total |
Series A Preferred Stock [Member] |
Series A1/M1 Preferred Stock |
carveout |
Series A1 Preferred Stock |
Common Stock [Member] |
Common Stock [Member]
Series A Preferred Stock [Member]
|
Common Stock [Member]
Series A1/M1 Preferred Stock
|
Common Stock [Member]
carveout
|
Common Stock [Member]
Series A1 Preferred Stock
|
Additional Paid-in Capital [Member] |
Additional Paid-in Capital [Member]
Series A Preferred Stock [Member]
|
Additional Paid-in Capital [Member]
Series A1/M1 Preferred Stock
|
Additional Paid-in Capital [Member]
carveout
|
Additional Paid-in Capital [Member]
Series A1 Preferred Stock
|
Accumulated Deficit [Member] |
Accumulated Deficit [Member]
Series A Preferred Stock [Member]
|
Accumulated Deficit [Member]
Series A1/M1 Preferred Stock
|
Accumulated Deficit [Member]
carveout
|
Total Stockholders' Equity [Member] |
Total Stockholders' Equity [Member]
Series A Preferred Stock [Member]
|
Total Stockholders' Equity [Member]
Series A1/M1 Preferred Stock
|
Total Stockholders' Equity [Member]
carveout
|
Total Stockholders' Equity [Member]
Series A1 Preferred Stock
|
Noncontrolling Interest [Member] |
Noncontrolling Interest [Member]
Series A Preferred Stock [Member]
|
Noncontrolling Interest [Member]
Series A1/M1 Preferred Stock
|
Noncontrolling Interest [Member]
carveout
|
Preferred Stock [Member] |
Preferred Stock [Member]
Series A Preferred Stock [Member]
|
Preferred Stock [Member]
Series M Preferred Stock [Member]
|
Preferred Stock [Member]
Series A1/M1 Preferred Stock
|
Preferred Stock [Member]
carveout
|
Preferred Stock [Member]
Series A1 Preferred Stock
|
ClassBUnits [Member] |
ClassBUnits [Member]
Common Stock [Member]
|
ClassBUnits [Member]
Additional Paid-in Capital [Member]
|
ClassBUnits [Member]
Accumulated Deficit [Member]
|
ClassBUnits [Member]
Total Stockholders' Equity [Member]
|
ClassBUnits [Member]
Noncontrolling Interest [Member]
|
ClassBUnits [Member]
Preferred Stock [Member]
Series A Preferred Stock [Member]
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 133,079,000 | $ 0 | $ 133,077,000 | $ 0 | $ 133,079,000 | $ 2,000 | |||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Common Stock | $ 0 | ||||||||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2019 | 1,934,116,000 | $ 464,000 | $ 1,938,057,000 | $ (7,244,000) | $ 1,931,298,000 | $ 2,818,000 | 21,000 | ||||||||||||||||||||||||||||||||||
Stock Redeemed or Called During Period, Value | $ 48,209,000 | $ (28,000) | $ 48,235,000 | $ 48,209,000 | $ 2,000 | ||||||||||||||||||||||||||||||||||||
exercise of warrants | 8,000 | 0 | 8,000 | 0 | 8,000 | 0 | |||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Units | 0 | 1,000 | 1,383,000 | 0 | 1,384,000 | (1,384,000) | 0 | ||||||||||||||||||||||||||||||||||
Proceeds from Noncontrolling Interests | (201,000) | 0 | 0 | 0 | 0 | (201,000) | 0 | ||||||||||||||||||||||||||||||||||
amortization of Class A Unit awards | $ 124,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 124,000 | $ 0 | ||||||||||||||||||||||||||||||||||
Syndication and offering costs | (16,648,000) | 0 | (16,648,000) | 0 | (16,648,000) | 0 | 0 | ||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | 352,000 | 0 | 352,000 | 0 | 352,000 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Dividends, Common Stock, Cash | (21,115,000) | 0 | (21,115,000) | 0 | (21,115,000) | 0 | $ 0 | ||||||||||||||||||||||||||||||||||
Balance at Jun. 30, 2020 | 1,709,996,000 | 493,000 | 1,917,212,000 | (206,724,000) | 1,711,002,000 | (1,006,000) | 21,000 | ||||||||||||||||||||||||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (195,473,000) | 0 | 0 | (192,066,000) | (192,066,000) | (3,407,000) | 0 | ||||||||||||||||||||||||||||||||||
non-controlling interest equity adjustment | 0 | 0 | (975,000) | 0 | (975,000) | 975,000 | 0 | ||||||||||||||||||||||||||||||||||
Payments to Noncontrolling Interests | (333,000) | 0 | 0 | 0 | 0 | (333,000) | 0 | ||||||||||||||||||||||||||||||||||
Dividends, Preferred Stock | (3,356,000) | (1,028,000) | $ 64,308,000 | 0 | 0 | $ 0 | (3,356,000) | (1,028,000) | $ 64,308,000 | 0 | $ 0 | (3,356,000) | (1,028,000) | $ 64,308,000 | 0 | $ 0 | $ 0 | 0 | $ 0 | ||||||||||||||||||||||
cumulativeadjustmentadoptionASU2016-13 | (7,414,000) | 0 | 0 | (7,414,000) | (7,414,000) | 0 | |||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | 34,526,000 | 0 | 34,525,000 | 0 | 34,526,000 | 1,000 | |||||||||||||||||||||||||||||||||||
Balance at Mar. 31, 2020 | 1,778,149,000 | 476,000 | 1,969,534,000 | (191,040,000) | 1,778,992,000 | (843,000) | 22,000 | ||||||||||||||||||||||||||||||||||
Stock Redeemed or Called During Period, Value | (38,309,000) | 17,000 | (38,324,000) | 0 | (38,309,000) | 0 | (2,000) | ||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Units | 0 | 0 | 279,000 | 0 | 279,000 | (279,000) | 0 | ||||||||||||||||||||||||||||||||||
amortization of Class A Unit awards | 50,000 | 0 | 0 | 0 | 0 | 50,000 | 0 | ||||||||||||||||||||||||||||||||||
Syndication and offering costs | (4,288,000) | 0 | (4,288,000) | 0 | (4,288,000) | 0 | 0 | ||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | 196,000 | 0 | 196,000 | 0 | 196,000 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Dividends, Common Stock, Cash | (8,624,000) | 0 | (8,624,000) | 0 | (8,624,000) | 0 | 0 | ||||||||||||||||||||||||||||||||||
Balance at Jun. 30, 2020 | 1,709,996,000 | 493,000 | 1,917,212,000 | (206,724,000) | 1,711,002,000 | (1,006,000) | 21,000 | ||||||||||||||||||||||||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (15,950,000) | 0 | 0 | (15,684,000) | (15,684,000) | (266,000) | 0 | ||||||||||||||||||||||||||||||||||
non-controlling interest equity adjustment | 0 | 0 | (462,000) | 0 | (462,000) | 462,000 | 0 | ||||||||||||||||||||||||||||||||||
Payments to Noncontrolling Interests | (130,000) | 0 | 0 | 0 | 0 | (130,000) | 0 | ||||||||||||||||||||||||||||||||||
Dividends, Preferred Stock | (1,610,000) | (33,208,000) | (806,000) | 0 | 0 | (1,610,000) | (33,208,000) | (806,000) | 0 | 0 | 0 | (1,610,000) | (33,208,000) | (806,000) | 0 | $ 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | 75,708,000 | 0 | 75,707,000 | 75,708,000 | 1,000 | ||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Common Stock | 14,879,000 | 15,105,000 | 14,000 | 15,091,000 | 15,105,000 | 0 | |||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2020 | 1,438,448,000 | 500,000 | 1,631,646,000 | (192,446,000) | 1,439,719,000 | (1,271,000) | 19,000 | ||||||||||||||||||||||||||||||||||
Stock Redeemed or Called During Period, Value | 83,311,000 | 0 | 83,310,000 | 83,311,000 | 1,000 | ||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Units | 0 | 2,000 | 1,339,000 | 0 | 1,341,000 | (1,341,000) | 0 | ||||||||||||||||||||||||||||||||||
amortization of Class A Unit awards | $ (39,000) | $ 0 | $ 0 | $ 0 | $ 0 | $ (39,000) | $ 0 | ||||||||||||||||||||||||||||||||||
Syndication and offering costs | (9,459,000) | 0 | (9,459,000) | 0 | (9,459,000) | 0 | 0 | ||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | 1,416,000 | 0 | 1,416,000 | 0 | 1,416,000 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 0 | 1,000 | (1,000) | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Dividends, Common Stock, Cash | (18,250,000) | 0 | (18,250,000) | 0 | (18,250,000) | 0 | 0 | ||||||||||||||||||||||||||||||||||
Balance at Jun. 30, 2021 | 1,350,380,000 | 517,000 | 1,543,665,000 | (193,539,000) | 1,350,662,000 | (282,000) | 19,000 | ||||||||||||||||||||||||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (1,152,000) | 0 | 0 | (1,093,000) | (1,093,000) | (59,000) | 0 | ||||||||||||||||||||||||||||||||||
non-controlling interest equity adjustment | 0 | 0 | (2,711,000) | 0 | (2,711,000) | 2,711,000 | 0 | ||||||||||||||||||||||||||||||||||
Payments to Noncontrolling Interests | (100,000) | 0 | 0 | 0 | 0 | (100,000) | 0 | ||||||||||||||||||||||||||||||||||
us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders | (183,000) | 0 | 0 | 0 | 0 | (183,000) | 0 | ||||||||||||||||||||||||||||||||||
Dividends, Preferred Stock | (2,937,000) | (6,405,000) | $ (6,000) | $ 58,455,000 | 0 | 0 | $ 0 | $ 0 | (2,937,000) | (6,405,000) | $ (6,000) | $ 58,455,000 | 0 | 0 | $ 0 | (2,937,000) | (6,405,000) | $ (6,000) | $ 58,455,000 | 0 | 0 | $ 0 | 0 | 0 | $ 0 | $ 0 | |||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | 37,779,000 | 0 | 37,778,000 | 37,779,000 | 1,000 | ||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Common Stock | 15,105,000 | 14,000 | 15,091,000 | 15,105,000 | 0 | ||||||||||||||||||||||||||||||||||||
Balance at Mar. 31, 2021 | 1,386,853,000 | 501,000 | 1,582,193,000 | (195,093,000) | 1,387,620,000 | (767,000) | 19,000 | ||||||||||||||||||||||||||||||||||
Stock Redeemed or Called During Period, Value | (43,273,000) | 0 | (43,272,000) | 0 | (43,273,000) | 0 | (1,000) | ||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Units | 0 | 1,000 | 606,000 | 0 | 607,000 | (607,000) | 0 | ||||||||||||||||||||||||||||||||||
Syndication and offering costs | 5,071,000 | 0 | 5,071,000 | 0 | 5,071,000 | 0 | |||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | 803,000 | 0 | 803,000 | 0 | 803,000 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 0 | 1,000 | (1,000) | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Dividends, Common Stock, Cash | (9,259,000) | 0 | (9,259,000) | 0 | (9,259,000) | 0 | $ 0 | ||||||||||||||||||||||||||||||||||
Balance at Jun. 30, 2021 | 1,350,380,000 | 517,000 | 1,543,665,000 | (193,539,000) | 1,350,662,000 | (282,000) | 19,000 | ||||||||||||||||||||||||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 1,557,000 | 0 | 0 | 1,554,000 | 1,554,000 | 3,000 | 0 | ||||||||||||||||||||||||||||||||||
non-controlling interest equity adjustment | 0 | 0 | (1,220,000) | 0 | (1,220,000) | 1,220,000 | 0 | ||||||||||||||||||||||||||||||||||
Payments to Noncontrolling Interests | (44,000) | 0 | 0 | 0 | 0 | (44,000) | 0 | ||||||||||||||||||||||||||||||||||
us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders | 87,000 | $ 0 | 0 | 0 | 0 | 87,000 | 0 | ||||||||||||||||||||||||||||||||||
Dividends, Preferred Stock | $ (1,444,000) | $ (29,024,000) | $ (3,512,000) | $ (3,000) | $ 0 | $ 0 | $ 0 | $ (1,444,000) | $ (29,024,000) | $ (3,512,000) | $ (3,000) | $ 0 | $ 0 | $ 0 | $ 0 | $ (1,444,000) | $ (29,024,000) | $ (3,512,000) | $ (3,000) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Statements of Equity and Accumulated Deficit Parenthetical - $ / shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Quarterly dividend declared (in dollars per share) | $ 0.175 | $ 0.175 | $ 0.35 | $ 0.4375 |
Series A Preferred Stock [Member] | ||||
Preferred Stock, Dividends Per Share, Declared | 5.00 | 5.00 | 5.00 | 5.00 |
Series A1 Preferred Stock | ||||
Preferred Stock, Dividends Per Share, Declared | 5.00 | 5.00 | 5.00 | 5.00 |
carveout | ||||
Preferred Stock, Dividends Per Share, Declared | 60.00 | 0 | 60.00 | 0 |
Minimum [Member] | Series M Preferred Stock [Member] | ||||
Preferred Stock, Dividends Per Share, Declared | 4.79 | 4.79 | 4.79 | 4.79 |
Minimum [Member] | Series M1 Preferred Stock | ||||
Preferred Stock, Dividends Per Share, Declared | 5.08 | 5.08 | 5.08 | 5.08 |
Maximum [Member] | Series M Preferred Stock [Member] | ||||
Preferred Stock, Dividends Per Share, Declared | 6.25 | 6.25 | 6.25 | 6.25 |
Maximum [Member] | Series M1 Preferred Stock | ||||
Preferred Stock, Dividends Per Share, Declared | $ 5.92 | $ 5.92 | $ 5.92 | $ 5.92 |
Pro Forma Financial Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||
Revenues | $ 118,706 | $ 122,980 | $ 234,406 | $ 253,862 |
Quarterly Financial Data (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Income Statement [Abstract] | ||||
Revenues | $ 118,706 | $ 122,980 | $ 234,406 | $ 253,862 |
Operating Income (Loss) | 29,028 | 21,342 | 52,706 | (129,067) |
Net Income (Loss) Attributable to Parent | 1,554 | (15,684) | (1,093) | (192,066) |
Net Income (Loss) Available to Common Stockholders, Basic | $ (32,567) | $ (51,319) | $ (69,176) | $ (260,771) |
Organization |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Organization and Basis of Presentation Preferred Apartment Communities, Inc. (NYSE: APTS), or the Company, is a real estate investment trust engaged primarily in the ownership and operation of Class A multifamily properties, with select investments in grocery anchored shopping centers and Class A office buildings. Preferred Apartment Communities’ investment objective is to generate attractive, stable returns for stockholders by investing in income-producing properties and acquiring or originating real estate loans. As of June 30, 2021, the Company owned or was invested in 117 properties in 13 states, predominantly in the Southeast region of the United States. Preferred Apartment Communities, Inc. has elected to be taxed as a real estate investment trust under the Internal Revenue Code of 1986, as amended, commencing with its tax year ended December 31, 2011. The Company was externally managed and advised by Preferred Apartment Advisors, LLC, or its Former Manager, a Delaware limited liability company and related party until January 31, 2020 (see Note 6). We refer to this transaction as the Internalization. As of June 30, 2021, the Company had 51,728,456 shares of common stock, par value $0.01 per share, or Common Stock, issued and outstanding and was the approximate 99.1% owner of Preferred Apartment Communities Operating Partnership, L.P., or the Operating Partnership, at that date. The number of partnership units not owned by the Company totaled 497,291 at June 30, 2021 and represented Class A OP Units of the Operating Partnership, or Class A OP Units. The Class A OP Units are convertible at any time at the option of the holder into the Operating Partnership's choice of either cash or Common Stock. In the case of cash, the value is determined based upon the trailing 20-day volume weighted average price of the Company's Common Stock. The Company controlled the Operating Partnership through its sole general partner interest and conducted substantially all of its business through the Operating Partnership until January 31, 2020. Beginning February 1, 2020, the Company conducts substantially all of its business through PAC Carveout, LLC, or Carveout, a subsidiary of the Operating Partnership. Carveout intends to elect to be taxed as a real estate investment trust under the Internal Revenue Code of 1986, as amended, commencing with its tax year ended December 31, 2020. The Company has determined the Operating Partnership is a variable interest entity, or VIE, of which the Company is the primary beneficiary. The Company is involved with other VIEs as discussed in Note 4. New Market Properties, LLC owns and conducts the business of our portfolio of grocery-anchored shopping centers. Preferred Office Properties, LLC owns and conducts the business of our portfolio of office buildings. Preferred Campus Communities, LLC owned and conducted the business of our portfolio of off-campus student housing communities until the sale of all our student housing communities on November 3, 2020. Each of these entities are or were indirect subsidiaries of the Operating Partnership. Basis of Presentation These consolidated financial statements include all of the accounts of the Company and the Operating Partnership. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not contain all disclosures required by accounting principles generally accepted in the United States of America, or GAAP. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. All significant intercompany transactions have been eliminated in consolidation. Certain adjustments have been made consisting of normal recurring accruals, which, in the opinion of management, are necessary for a fair presentation of the Company's financial condition and results of operations. The results of operations for the three months and six months ended June 30, 2021 and 2020 are not necessarily indicative of the results that may be expected for the full year. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The potential reach, severity and duration of impacts of the COVID-19 pandemic, and recent developments related to the Delta variant, will cause our estimates and forecasts of future events to be inherently less certain. Actual results could differ from those estimates. Amounts are presented in thousands where indicated. Reclassification Adjustments The Company recorded certain reclassification adjustments on its Condensed Consolidated Statement of Operations for the three-month period ended June 30, 2020 to conform the prior period presentation to the current presentation as shown in the table below. The adjustment is made to present sublease income received by the Company for a portion of its corporate office space as a net adjustment against rent expense, which is included in the general and administrative expense line on the consolidated statements of operations. Additionally, an adjustment has been made to present certain expenses such as franchise taxes and insurance claims within the real estate taxes and insurance line on the consolidated statements of operations. These reclassification adjustments had no effect on previously-reported net loss attributable to common stockholders.
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Significant Accounting Policies |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies The Company's significant accounting policies have not changed materially from those described in its Annual Report on Form 10-K as of December 31, 2020.
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Real Estate Assets (Notes) |
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Real Estate Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination Disclosure | New Market Properties Assets Acquired The Company acquired no grocery-anchored shopping centers during the six-month period ended June 30, 2021. During the six-month period ended June 30, 2020, the Company completed the acquisition of the following grocery-anchored shopping centers:
The aggregate purchase price of the New Market Properties acquisitions for the six-month period ended June 30, 2020 was approximately $27.7 million, exclusive of acquired escrows, security deposits, prepaid assets, capitalized acquisition costs and other miscellaneous assets and assumed liabilities. The Company recorded aggregate amortization and depreciation expense of:
At June 30, 2021, the Company had recorded acquired gross intangible assets of $297.4 million, accumulated amortization of $186.8 million, gross intangible liabilities of $85.9 million and accumulated amortization of $38.1 million. Net intangible assets and liabilities as of June 30, 2021 will be amortized over the weighted average remaining amortization periods of approximately 7.0 and 8.4 years, respectively. At June 30, 2021, the Company held restricted cash that totaled approximately $53.7 million. Of this total, $14.0 million was contractually restricted to fund capital expenditures and other property-level commitments such as tenant improvements and leasing commissions. Another $33.8 million was for lender-required escrows for real estate taxes, insurance premiums and COVID-19 reserves. The remainder of the Company's restricted cash consisted primarily of resident and tenant security deposits. Purchase Options In the course of extending real estate loan investments for property development, the Company will often receive an exclusive option to purchase the property once development and stabilization are complete. If the Company determines that it does not wish to acquire the property, in certain cases it has the right to sell its purchase option back to the borrower for a termination fee in the amount of the purchase option discount. These fees are treated as additional interest revenue and are amortized over the period ending with the earlier of (i) the sale of the underlying property and (ii) the maturity of the real estate loans. The Company recorded approximately $3.2 million and $0.4 million of interest revenue from the amortization of these purchase option terminations for the three-month periods ended June 30, 2021 and 2020, respectively and $4.4 million and $4.5 million for the six-month periods ended June 30, 2021 and 2020, respectively. Remaining unamortized termination fee revenue of approximately $246,000 at June 30, 2021 will be recognized by December 31, 2021. Joint Venture Investment On July 15, 2020, the Company contributed its Neapolitan Way grocery-anchored shopping center that was previously wholly-owned and consolidated into a joint venture in exchange for approximately $19.2 million and 50% interest in the joint venture. In doing so, the Company realized a gain on the transaction of approximately $3.3 million and now holds its remaining interest in the property via an unconsolidated joint venture and retains a 50% voting and financial interest. The following tables summarize the balance sheet and statements of income data for the Neapolitan Way shopping center subsequent to its contribution into the joint venture as of and for the periods presented:
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Real Estate Disclosure | Real Estate Assets The Company's real estate assets consisted of:
Impacts of COVID-19 Pandemic The COVID-19 pandemic that spread throughout the country during 2020 impacted earnings for commercial real estate to some degree but has not had a profound widespread negative effect on the valuations of real estate assets. The Company is continuing to monitor the spread and impact of the Delta variant of COVID-19 as well as vaccination rates in its markets. The Company does not consider this event to be a triggering event for purposes of impairment, since overall occupancy rates for the Company’s real estate assets have not materially declined and the Company has continued to collect substantially all rent due. Thus, there is no evidence of declining valuations or a triggering event. Sale of Office Properties Purchase and Sale Agreements were signed on April 16, 2021 for the sale by the Company of five office properties: 150 Fayetteville, Morrocroft, Capitol Towers, CapTrust and Galleria 75, plus one real estate loan investment. The transaction was closed on July 29, 2021. As of June 30, 2021, the five office properties (Galleria 75, 150 Fayetteville, Capitol Towers, CapTrust and Morrocroft) did not meet the criteria in ASC 360-10-45-9 to be classified as held for sale. In applying the Company's policy to address the held for sale criteria, the Company used all available information as of June 30, 2021. Primary consideration was given to the financing contingencies in place, that if not satisfied, would likely result in the entire deal being terminated and the full reimbursement to the buyer of all earnest money deposits. The Company did not commit to a plan to sell the properties should the pending transaction not close. The purchase price offered for the five properties was considered as part of the Company's impairment analysis as of June 30, 2021. In considering possible outcomes driven by the uncertainty of the transaction resulting from the financing contingencies in place as of the reporting date, the Company applied probabilities to the possible outcomes in assessing the recoverability of the real estate asset group. Based on the analysis performed using the available information including management's intent and ability to continue to operate the assets and certain judgements and assumptions, the asset group was determined to be recoverable and no impairment was recognized in the second quarter of 2021. The transaction closed on July 29, 2021, upon the satisfaction of the in-place financing contingencies and will result in a loss on the sale of between $20.0 million and $21.0 million. Refer to the subsequent event note for further details. Residential Properties Acquired
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Real Estate Loans, Notes Receivable, and Lines of Credit |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Loans, Notes Receivable, and Line of Credit | Real Estate Loans, Notes Receivable, and Line of Credit Our portfolio of fixed rate, interest-only real estate loans consisted of:
On March 1, 2021, we closed on a real estate loan investment of up to approximately $16.8 million to partially finance the development and construction of a 320-unit multifamily community to be located in Orlando, Florida. The loan pays a current monthly interest rate of 8.5% per annum and accrues additional deferred interest of 4.5% per annum and matures on September 1, 2024. On May 28, 2021, we closed on two real estate loan investments of up to approximately $17.1 million to partially finance the development and construction of a 316-unit multifamily community to be located near Savannah, Georgia. The loans pay a current monthly interest rate of 8.5% per annum and accrue additional deferred interest of 4.25% per annum and mature on May 27, 2025. The Company's real estate loan investments are primarily collateralized by 100% of the membership interests of the underlying project entity, and, where considered necessary, by unconditional joint and several repayment guaranties and performance guaranties by the principal(s) of the borrowers. These guaranties generally remain in effect until the receipt of a final certificate of occupancy. All of the guaranties are subject to the rights held by the senior lender pursuant to a standard intercreditor agreement. Prepayment of the real estate loans are permitted in whole, but not in part, without the Company's consent. The Company's allowance for expected credit losses includes allowances on interest receivable on certain instruments, as shown in the following table:
The Company incurred an aggregate net decrease in its allowance for expected credit losses of approximately $0.8 million and an aggregate net increase of $0.5 million for the three-month periods ended June 30, 2021 and 2020, respectively. In the six-month period ended June 30, 2020, $4.5 million of the $5.6 million aggregate increase in the Company’s allowance for expected credit losses was due to the onset of the COVID-19 pandemic and the Company updating its estimates to the valuations of the underlying developments. The Company does not anticipate such a large increase in future periods. The Company assesses the credit quality of its real estate loan investments by a calculated loss reserve ratio, which is an internally-developed credit quality indicator. Loss reserve ratios reflect the amount of protection afforded by the amount of equity and debt financing subordinate to the Company's position in the project; higher reserve ratios reflect a lower amount of invested dollars junior to the Company's position. The following table presents the Company's aggregation of loan amounts (including unpaid interest) by final reserve ratio as of June 30, 2021:
The Company continues to monitor the extent of any impact the COVID-19 pandemic has on development activity underlying our real estate loan investments, including the availability of labor, the supply and availability of construction materials and the ability to achieve leased stabilization. The Company assesses its real estate loan investment portfolio for impacts from COVID-19 at the outset of the project, as well as both quantitatively and qualitatively at the achievement of construction and leasing milestones during the projects' lives. The Company can make no assurances that economic or industry conditions or other circumstances will not lead to increases in allowances for credit losses. Management monitors the credit quality of the obligors under each of the Company's real estate loans by tracking the timeliness of scheduled interest and principal payments relative to the due dates as specified in the loan documents, as well as draw requests on the loans relative to the project budgets. In addition, management monitors the actual progress of development and construction relative to the construction plan, as well as local, regional and national economic conditions that may bear on our current and target markets. The Company's portfolio of notes and lines of credit receivable consisted of:
On November 20, 2018, the borrower on the Haven Campus Communities, LLC line of credit defaulted on the loan, triggering the accrual of an additional 10% default interest rate, which is incremental to the original 8% current interest rate. The amount of default interest recorded from the default date through June 30, 2021 was approximately $2.5 million. Under the terms of the loan, amounts collected are applied first to any legal costs incurred by the Company to collect amounts due on the loan; second, to pay any accrued default and current interest on the loan; and third, to repay the principal amount owed. The Company retains a pledge of a 49.49% interest in an unrelated shopping center located in Atlanta, Georgia as collateral on the Haven Campus Communities, LLC line of credit, as well as personal guaranties of repayment from the principals of the borrower. In January 2019 the Company filed a lawsuit to collect the amounts owed under the line of credit it provided to Haven Campus Communities, LLC. In September 2019, Haven Campus Communities, LLC answered the lawsuit and filed counterclaims against the Company and its affiliates. At this time, the case is in discovery, so the Company is unable to make any estimates on timing or amounts that may be collected by the Company on its Haven Campus Communities, LLC line of credit. Additionally, in November 2020, the Company filed two lawsuits to collect past due rent owed to the Former Manager of the Company, as sub-landlord pursuant to (i) an office sublease agreement dated May 1, 2017 by and between the Former Manager and Elevation Development Group, LLC and (ii) an office sublease agreement dated October 1, 2014 by and among the Former Manager, as sub-landlord, and Haven Campus Communities, LLC and Madison Retail, LLC as sub-tenants. The Company retains partial personal guaranties of repayment from the principals of Haven Campus Communities, LLC and Madison Retail, LLC. In December 2020, the defendants answered the lawsuit and filed counterclaims against the Company and its affiliates. At this time, the case is in discovery, so the Company is unable to make any estimates on timing or amounts that may be collected by the Company on its subleases. The Company recorded interest income and other revenue from these instruments as follows:
The Company extends loans for purposes such as to partially finance the development of multifamily residential communities, to acquire land in anticipation of developing and constructing multifamily residential communities, and for other real estate or real estate related projects. Certain of these loans include characteristics such as exclusive options to purchase the project within a specific time window following project completion and stabilization, the sufficiency of the borrowers' investment at risk and the existence of payment and performance guaranties provided by the borrowers, any of which can cause the loans to create variable interests to the Company and require further evaluation as to whether the variable interest creates a VIE, which would necessitate consolidation of the project. The Company considers the facts and circumstances pertinent to each entity borrowing under the loan, including the relative amount of financing the Company is contributing to the overall project cost, decision making rights or control held by the Company, guarantees provided by third parties, and rights to expected residual gains or obligations to absorb expected residual losses that could be significant from the project. If the Company is deemed to be the primary beneficiary of a VIE, consolidation treatment would be required. The Company has no decision making authority or power to direct activity, except normal lender rights, which are subordinate to the rights of the senior lenders on the projects. The Company has concluded that it is not the primary beneficiary of the borrowing entities and therefore it has not consolidated these entities in its consolidated financial statements. The Company's maximum exposure to loss from these loans is their drawn amount as of June 30, 2021 of approximately $279.5 million. The maximum aggregate amount of loans to be funded as of June 30, 2021 was approximately $332.7 million, which includes approximately $53.1 million of loan committed amounts not yet funded. The Company has evaluated its real estate loans, where appropriate, for accounting treatment as loans versus real estate development projects, as required by ASC 310. The Company evaluates the expected residual profit it expects to collect under the terms of the loan versus the expected residual profit expected to be collected by the developer (in conjunction with any equity investors, if applicable), along with the "loan versus investment" characteristics as set forth by ASC 310-25. For each loan, the characteristics and the facts and circumstances indicate that loan accounting treatment is appropriate in cases where (i) the majority of the expected residual profit is expected to be due to the developer and (ii) the majority of "loan versus investment" tests indicate that the instrument is a loan. The Company is subject to a geographic concentration of risk that could be considered significant with regard to the 8West and Solis Cumming Town Center, Populus at Pooler, and Populus at Pooler Capital real estate loan investments, as well as the Club Drive land loan investment, all of which are partially supporting various real estate projects in Georgia. The drawn amount, in addition to outstanding accrued interest, for these loans as of June 30, 2021 totaled approximately $33.9 million (with a total commitment amount of approximately $64.7 million). The Company is also subject to a geographic concentration of risk that could be considered significant with regard to the Hidden River II, Hidden River II Capital, Vintage Horizon West and The Hudson real estate loan investments, all of which are partially supporting various real estate projects in Florida. The drawn amount, in addition to outstanding accrued interest, for these loans as of June 30, 2021 totaled approximately $21.5 million (with a total commitment amount of approximately $34.9 million). The event of a total failure to perform by the borrowers and guarantors would subject the Company to a total possible loss of the drawn amount and all outstanding accrued interest.
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Redeemable Preferred Stock |
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Preferred Stock [Text Block] | Redeemable Preferred Stock and Equity Offerings On February 14, 2020, the Company's offering of a maximum of 1,500,000 Units, with each Unit consisting of one share of Series A Redeemable Preferred Stock, par value $0.01 per share, and one Warrant to purchase up to 20 shares of Common Stock (the "$1.5 Billion Unit Offering") expired. See note 6 for discussion regarding a termination fee agreement with and payment to Preferred Capital Securities, LLC, or PCS, an affiliate of the Company, in conjunction with the Company's winding down of the $1.5 Billion Unit Offering. The Series A Preferred Stock, Series A1 Preferred Stock, mShares, and Series M1 Preferred Stock are collectively defined as “Preferred Stock”. At June 30, 2021, the Company's active equity offerings consisted of: •an offering of up to 1,000,000 Shares of Series A1 Redeemable Preferred Stock ("Series A1 Preferred Stock"), Series M1 Redeemable Preferred Stock ("Series M1 Preferred Stock"), or a combination of both (collectively the "Series A1/M1 Offering"); and •an offering of up to $125 million of Common Stock from time to time in an "at the market" offering (the "2019 ATM Offering") under our $400 million shelf registration statement (the "2019 Shelf Registration Statement") on Form S-3 that was filed with the SEC on March 21, 2019. Certain offering costs are not related to specific closing transactions and are recognized as a reduction of stockholders' equity in the proportion of the number of instruments issued to the maximum number of shares of Preferred Stock anticipated to be issued. Any offering costs not yet reclassified as reductions of stockholders' equity are reflected in the asset section of the consolidated balance sheets as deferred offering costs. Cumulative gross proceeds and offering costs for the Company's active equity offerings consisted of:
(1) These offering costs specifically identifiable to preferred stock or ATM offering closing transactions, such as commissions, dealer manager fees, and other registration fees, are reflected as a reduction of stockholders' equity at the time of closing. Series A1/M1 Preferred Stock Offering On September 27, 2019, the Company’s registration statement on Form S-3 (Registration No. 333-233576) (the “Series A1/M1 Registration Statement”) was declared effective by the SEC. Shares of Series A1 Preferred Stock and Series M1 Preferred Stock issued under the Series A1/M1 Registration Statement are each offered at a price of $1,000 per share, subject to adjustment under certain conditions. Aggregate offering expenses of the Series A1/M1 Preferred Stock Offering, including selling commissions and dealer manager fees for the Series A1 Preferred Stock and only dealer manager fees for the Series M1 Preferred Stock, are capped at 12.0% of aggregate gross proceeds of the offering. Dealer manager fees and sales commissions for the Series A1/M1 Preferred Stock Offering are not reimbursable. 2019 ATM Offering During the three-month period ended June 30, 2021, the Company issued and sold 1,442,214 shares of Common Stock under the 2019 ATM Offering, generating gross proceeds of approximately $15.1 million and, after deducting commissions and other costs, net proceeds of approximately $14.9 million.
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Related Party Transactions |
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Related Party Transactions Disclosure [Text Block] | Related Party Transactions On January 31, 2020, the Company internalized the functions performed by the Former Manager and Sub-Manager by acquiring the entities that owned the Former Manager and the Sub-Manager for an aggregate purchase price of $154 million, plus up to $25 million of additional consideration to be paid within 36 months, due upon the earlier of (i) if, for the immediately preceding fiscal year beginning on January 1, funds from operations ("FFO") of the Company per weighted average basic share of the Company’s common stock and Class A Unit (as defined in the limited partnership agreement of PAC OP) outstanding for such fiscal year is determined to be greater than or equal to $1.55 or (ii) on the thirty-six (36) month anniversary of the closing of the Internalization. Pursuant to the Stock Purchase Agreement, the sellers sold all of the outstanding shares of capital stock of NELL Partners, Inc. ("NELL") and NMA Holdings, Inc. ("NMA") to Carveout in exchange for an aggregate of approximately $111.1 million in cash paid at the closing which reflects the satisfaction of certain indebtedness of NELL, the estimated net working capital adjustment, and a hold back of $15 million for certain specified matters (the "Specified Matters Holdback Amount"). The Specified Matters Holdback Amount is payable to the NELL sellers less certain losses following final resolution of any such specified matters. Daniel M. DuPree and Leonard A. Silverstein were executive directors of NELL Partners, Inc., which controlled the Former Manager through the date of the Internalization. Daniel M. DuPree was the Chief Executive Officer and Leonard A. Silverstein was the President and Chief Operating Officer of the Former Manager. Trusts established, or entities owned, by the family of John A. Williams, Daniel M. DuPree, the family of Leonard A. Silverstein, the Company’s former Vice Chairman of the Board, and former President and Chief Operating Officer, were the owners of NELL. Trusts established, or entities owned, by Joel T. Murphy, the Company’s Chief Executive Officer and a member of the Board, the family of Mr. Williams, Mr. DuPree and the family of Mr. Silverstein were the owners of the Sub-Manager. The Company's Haven Campus Communities LLC line of credit is supported in part by a guaranty of repayment and performance by John A. Williams, Jr., the son of the late John A. Williams, the Company's former Chief Executive Officer and Chairman of the Board. Because the terms of these loans were negotiated and agreed upon while John A. Williams was the Chief Executive Officer of the Company, these instruments will continue to be reported as related party transactions until the loans are repaid. The Company's Wiregrass and Wiregrass Capital real estate loan investments partially financed the development of a multifamily community in Tampa, Florida by the Altman Companies. Timothy A. Peterson is a member of management of the Altman Companies as well as Chairman of the Audit Committee of the Company's Board of Directors. The Wiregrass loans and the acquisition of the underlying property on March 31, 2020 as described in note 3, therefore qualify as related party transactions. The Management Agreement entitled the Former Manager to receive compensation for various services it performed related to acquiring assets and managing properties on the Company's behalf, as shown in the following table. There were no such fees incurred during the six-month period ended June 30, 2021.
The Former Manager waived some of the asset management, property management, or general and administrative fees for properties owned by the Company. A cumulative total of approximately $25.6 million of combined asset management and general and administrative fees related to acquired properties had been waived by the Former Manager; at the date of Internalization, all of the remaining contingent fees of $24.1 million were eliminated in conjunction with the Company's Internalization transaction. In addition to property management fees, the Company incurred reimbursable on-site personnel salary and related benefits expenses at the properties that totaled $0 and $1.43 million for the three-month and six-month periods ended June 30, 2020, respectively. These costs are listed on the company's Consolidated Statements of Operations. The Former Manager utilized its own and its affiliates' personnel to accomplish certain tasks related to raising capital that would typically be performed by third parties, including, but not limited to, legal and marketing functions. As permitted under the Management Agreement, the Former Manager was reimbursed $0 and $40,451 for the three-month and six-month periods ended June 30, 2020 respectively. These costs were recorded as deferred offering costs until such time as additional closings occur on the Series A1/M1 Preferred Stock Offering or the 2019 Shelf Offering, at which time they are reclassified on a pro-rata basis as a reduction of offering proceeds within stockholders’ equity. In conjunction with the winding down of the $1.5 Billion Unit Offering, the Company engaged PCS to perform certain termination-related services. These services began in October 2019 and continued through April 2020. The Company paid an additional $0.8 million and $3.1 million for these services for the three-month and six-month periods period ended June 30, 2020 respectively, which were recorded as deferred offering costs. Prior to the Internalization, the Company held a promissory note in the amount of approximately $650,000 due from Preferred Capital Marketing Services, LLC, or PCMS, which was a wholly-owned subsidiary of NELL Partners, and a revolving line of credit with a maximum borrowing amount of $24.0 million to its Manager. Both of these instruments were extinguished in connection with the Internalization transaction. On November 20, 2018, the borrower on the Haven Campus Communities, LLC line of credit defaulted on the loan, triggering the accrual of an additional 10% default interest rate, which is incremental to the original 8% current interest rate. The amount of default interest recorded from the default date through June 30, 2021 was approximately $2.5 million. Under the terms of the loan, amounts collected are applied first to any legal costs incurred by the Company to collect amounts due on the loan; second, to pay any accrued default and current interest on the loan; and third, to repay the principal amount owed.
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Dividends |
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Dividends and Distributions | Dividends and Distributions The Company declares and pays monthly cash dividend distributions in the amount of $5.00 per share per month on its Series A Preferred Stock and its Series A1 Preferred Stock. For the Company's Series M Preferred Stock, or mShares, dividends are paid on an escalating scale of $4.79 per month in the first year following share issuance, increasing each year to $6.25 per month in year eight and beyond. Similarly, for the Company's Series M1 Preferred Stock, dividends are paid on an escalating scale of $5.08 per month in the first year following share issuance, increasing each year to $5.92 per month in year ten and beyond. All preferred stock dividends are prorated for partial months at issuance as necessary. Given the nature of the escalating dividends associated with the Company’s mShares and Series M1 Preferred Stock, the Company accrues dividends at the effective dividend rate in accordance with GAAP. This results in the Company recording larger dividends declared to preferred stockholders in the company’s Consolidated Statements of Operations. than dividends required to be paid for the first four years after issuance with respect to the mShares and the first five years after issuance with respect to the Series M1 Preferred Stock. Similarly, this will result in the Company recording smaller dividends declared to preferred stockholders in the company’s Consolidated Statements of Operations than dividends required to be paid for the fifth through the eighth year after issuance with respect to the mShares and the sixth through the tenth year after issuance with respect to the Series M1 Preferred Stock. Following the escalation period (year eight for the mShares and year ten for the Series M1 Preferred Stock), the dividends declared to preferred stockholders in the company’s Consolidated Statements of Operations will equal the dividend paid. The Company declared aggregate quarterly cash dividends on its Common Stock of $0.175 and $0.175 per share for the three-month periods ended June 30, 2021 and 2020, respectively and $0.350 and $0.4375 per share for the six-month periods ended June 30, 2021 and 2020, respectively. The holders of Class A OP Units of the Operating Partnership are entitled to equivalent distributions as the dividends declared on the Common Stock. At June 30, 2021, the Company had 497,291 Class A OP Units outstanding, which are exchangeable on a one-for-one basis for shares of Common Stock or the equivalent amount of cash. The Company's dividend and distribution activity consisted of:
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Equity Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Equity Compensation Stock Incentive Plan On May 2, 2019, the Company’s board of directors adopted, and the holders of the Company’s Common Stock approved, the Preferred Apartment Communities, Inc. 2019 Stock Incentive Plan, or the 2019 Plan, to incentivize, compensate and retain eligible officers, consultants, and non-employee directors. The 2019 Plan increased the aggregate number of shares of Common Stock authorized for issuance under the 2011 Plan from 2,617,500 to 3,617,500. On June 3, 2021, the holders of the Company's Common Stock approved an amendment to the 2019 Plan that increased the available shares of Common Stock available for issuance from 3,617,500 to 5,517,500. The 2019 Plan does not have a stated expiration date. Equity compensation expense by award type for the Company was:
Performance-based Restricted Stock Unit Grants On March 15, 2021 and July 31, 2020, the Company awarded performance-based restricted stock units (“PSUs”) to certain of its senior executives. Each PSU represents the right to receive one share of Common Stock upon satisfaction of both (i) the market condition, at which time the PSUs become earned PSUs, and (ii) the service requirement, beyond which point the PSUs become vested PSUs. The market condition requirement of the PSUs consists of a relative measure of total shareholder return (“TSR”) of the Company's Common Stock versus the average TSR of a select group of publicly-traded peer companies. TSR is calculated by dividing the sum of price appreciation and cumulative dividends over the performance period divided by the beginning value of the Common Stock at the performance period commencement date (July 1, 2020 for the 2020 awards and January 1, 2021 for the 2021 awards), where the determining values are derived by calculating the 20-day volume weighted average stock price preceding both the performance period commencement date and the performance period end date (June 30, 2023 for the 2020 awards and December 31, 2023 for the 2021 awards). PSUs will become earned PSUs according to the percentile rank of the TSR of Company's Common Stock versus the peer group’s average TSR, as shown in the following table:
The number of PSUs that become earned PSUs can range between 0% and 200% of the original (target) number of PSUs awarded for the 2020 awards and between 0% and 250% of the original (target) number of PSUs for the 2021 awards, and actual percentile ranking results between the 35th and 75th percentile are to be interpolated between the percentage earned values shown. In order for earned PSUs to become vested PSUs, the participant must remain continuously employed by the Company or an affiliate company (i) from the grant date through the payout determination date (expected to be no more than 5 days following the performance period end date) for 50% of the PSU award and (ii) from the grant date through the first anniversary of the performance period end date for the remaining 50% of the PSU award. Since the PSUs vest in part based upon achievement of a market condition, they were valued utilizing a Monte-Carlo simulation that excludes the value of Common Stock dividends since dividend equivalents accrue separately to the award holders. The underlying valuation assumptions and results for the PSUs were:
The expected dividend yield assumptions were derived from the Company’s closing prices of the Common Stock and historical dividend amounts over the trailing five-year period from the grant date. The Company's own stock price history over the 2.80 year and 2.91 year periods trailing the grant dates was utilized as the expected volatility assumptions for the 2021 and 2020 awards, respectively. The risk-free rate assumptions were obtained from the grant date yields on zero coupon U.S. Treasury STRIPS that have a term equal to the length of the remaining Performance Period and were calculated as the interpolated rate between the -year and -year yield percentages. Restricted Stock Grants The following annual grants of restricted stock were made to the Company's independent directors, as payment of the annual retainer fees. The restricted stock grants for service years 2019-2021 vested (or are scheduled to vest) on a pro-rata basis over the four consecutive 90-day periods following the date of grant. The restricted stock grant for service year 2020 and 2021 is scheduled to vest on the earlier of the -year anniversary of the date of grant and the next annual meeting of stockholders..
On June 17, 2020, the Company granted restricted stock to certain of its executives and employees. The fair value per share of $8.05 was based upon the closing price of the Company's Common Stock on the business day preceding the grant date. A total of 137,741 shares representing a fair value of approximately $1.1 million will vest on the year anniversary of the grant date and 344,356 shares representing a fair value of approximately $2.8 million will vest on a pro-rata basis on each of the succeeding anniversaries of the grant date. On March 15, 2021, the Company granted restricted stock to certain of its executives and employees. The fair value per share of $10.69 was based upon the closing price of the Company's Common Stock on the grant date. A total of 261,226 shares representing a fair value of approximately $2.8 million will vest on a pro-rata basis on each of the succeeding anniversaries of the grant date. Class B OP Units As of June 30, 2021, cumulative activity of grants of Class B Units of the Operating Partnership, or Class B OP Units, was:
There were no grants of Class B OP Units subsequent to January 2, 2018. The underlying valuation assumptions and results for the 2018 Class B OP Unit awards were:
The expected dividend yield assumptions were derived from the Company’s closing prices of the Common Stock on the grant dates and the projected future quarterly dividend payments per share of $0.25 for the 2018 awards. For the 2018 awards, the Company's own stock price history was utilized as the basis for deriving the expected volatility assumption. The risk-free rate assumptions were obtained from the Federal Reserve yield table and were calculated as the interpolated rate between the 20 and 30 year yield percentages on U. S. Treasury securities on the grant date. Since the Class B OP Units have no expiration date, a derived service period of one year was utilized, which equals the period of time from the grant date to the initial valuation date. Restricted Stock Units The Company made grants of restricted stock units, or RSUs, to its employees under the 2019 Plan, and prior to Internalization, made grants of RSUs to certain employees of affiliates of the Company under the 2011 Plan, as shown in the following table:
The RSUs vest in three equal consecutive -year tranches from the date of grant. For each grant prior to March 15, 2021, on the Initial Valuation Date, the market capitalization of the number of shares of Common Stock at the date of grant is compared to the market capitalization of the same number of shares of Common Stock at the Initial Valuation Date. If the market capitalization measure results in an increase which exceeds the target market threshold, the Vested RSUs become earned RSUs and are settled in shares of Common Stock on a one-to-one basis. Vested RSUs may become Earned RSUs on a pro-rata basis should the result of the market capitalization test be an increase of less than the target market threshold. Any Vested RSUs that do not become Earned RSUs on the Initial Valuation Date are subsequently remeasured on a quarterly basis until such time as all Vested RSUs become Earned RSUs or are forfeited due to termination of continuous service due to an event other than as a result of a qualified event, which is generally the death or disability of the holder. Continuous service through the final valuation date is required for the Vested RSUs to qualify to become fully Earned RSUs. RSUs issued on March 15, 2021 may become vested subject only to satisfaction of the service requirement. Because RSUs are valued using the identical market condition vesting requirement that determines the transition of the Vested Class B Units to Earned Class B Units, the same valuation assumptions per RSU were utilized to calculate the total fair values of the RSUs. The total fair value amounts pertaining to grants of RSUs, net of forfeitures, are amortized as compensation expense over the three one-year periods ending on the three successive anniversaries of the grant dates.
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Text Block] | Indebtedness Mortgage Notes Payable Mortgage financing of property acquisitions During the six-month periods ended June 30, 2021 and 2020, the Company obtained original mortgage financing on the following properties as shown in the following table:
Repayments and refinancings The following table summarizes our mortgage debt refinancing and repayment activity for the six-month periods ended June 30, 2021 and 2020:
The following table summarizes our mortgage notes payable at June 30, 2021:
The mortgage note secured by our Independence Square property is a year term with an anticipated repayment date of September 1, 2022. If the Company elects not to pay its principal balance at the anticipated repayment date, the term will be extended for an additional years, maturing on September 1, 2027. The interest rate from September 1, 2022 to September 1, 2027 will be the greater of (i) the Initial Interest Rate of 3.93% plus 200 basis points or (ii) the yield on the year U.S. treasury security rate plus approximately 400 basis points. As of June 30, 2021, the weighted-average remaining life of deferred loan costs related to the Company's mortgage indebtedness was approximately 9.3 years. Our mortgage notes have maturity dates between September 1, 2021 and June 1, 2054. Credit Facility The Company has a credit facility, or Credit Facility, with KeyBank National Association, or KeyBank, which includes a revolving line of credit, or Revolving Line of Credit, which is used to fund investments, capital expenditures, dividends (with consent of KeyBank), working capital and other general corporate purposes on an as needed basis. The maximum borrowing capacity on the Revolving Line of Credit is $200 million pursuant to an accordion feature. The accordion feature permits the maximum borrowing capacity to be expanded or contracted without amending any further terms of the instrument. On May 4, 2021, the Fourth Amended and Restated Credit Agreement, or the Amended and Restated Credit Agreement, was amended to extend the maturity to May 4, 2024, with an option to extend the maturity date to May 4, 2025, subject to certain conditions described therein. The Revolving Line of Credit accrues interest at a variable rate of one month LIBOR plus an applicable margin of 1.50% to 3.50% per annum, depending upon the Company’s leverage ratio. The weighted average interest rate for the Revolving Line of Credit was 3.63% for the six-month period ended June 30, 2021. The commitment fee on the average daily unused portion of the Revolving Line of Credit is 0.20% or 0.25% per annum, depending upon the Company's outstanding Credit Facility balance. On December 20, 2019, the Company entered into a $70.0 million interim term loan with KeyBank, or the 2019 Term Loan, to partially finance the acquisition of Morrocroft Centre, an office building located in Charlotte, North Carolina. The 2019 Term Loan accrued interest at a rate of LIBOR plus 1.7% per annum. The 2019 Term Loan was repaid in conjunction with the closing of permanent mortgage financing for Morrocroft Centre on March 19, 2020. The Fourth Amended and Restated Credit Agreement, as amended on May 4, 2021, contains certain affirmative and negative covenants, including negative covenants that limit or restrict secured and unsecured indebtedness, mergers and fundamental changes, investments and acquisitions, liens and encumbrances, dividends, transactions with affiliates, burdensome agreements, changes in fiscal year and other matters customarily restricted in such agreements. The amount of dividends that may be paid out by the Company is restricted to a maximum of 100% of AFFO for the trailing four quarters without the lender's consent; solely for purposes of this covenant, AFFO is calculated as earnings before interest, taxes, depreciation and amortization expense, plus reserves for capital expenditures, less normally recurring capital expenditures, less consolidated interest expense. As of June 30, 2021, the Company was in compliance with all covenants related to the Revolving Line of Credit, as amended, as shown in the following table:
(1) All covenants are as defined in the credit agreement for the Revolving Line of Credit. (2) The minimum net worth covenant decreased to a minimum of $1.3 billion on July 29, 2021 with the office properties closing. (3) The minimum debt yield covenant increases to a minimum of 9.0% on May 5, 2023. (4) Calculated on a trailing four-quarter basis. For the period ended June 30, 2021, the maximum dividends and distributions allowed under this covenant was approximately $173.6 million. (5) Minimum of 1.50x if AFFO payout ratio is less than or equal to 95% and 1.70x if greater than 95%. Loan fees and closing costs for the establishment and subsequent amendments of the Credit Facility are amortized utilizing the straight line method over the life of the Credit Facility. At June 30, 2021, unamortized loan fees and closing costs for the Credit Facility were approximately $2.1 million, which will be amortized over a remaining loan life of approximately 2.9 years. Loan fees and closing costs for the mortgage debt on the Company's properties are amortized utilizing the effective interest rate method over the lives of the loans. Acquisition Facility On February 28, 2017, the Company entered into a credit agreement, or Acquisition Credit Agreement, with Freddie Mac through KeyBank to obtain an acquisition revolving credit facility, or Acquisition Facility, with a maximum borrowing capacity of $200 million. The purpose of the Acquisition Facility is to finance acquisitions. On March 25, 2019, the maximum borrowing capacity was decreased to $90 million by agreement between the Company and KeyBank. The Acquisition Facility accrues interest at a variable rate of one month LIBOR plus a margin of between 1.75% per annum and 2.20% per annum, depending on the type of assets acquired and the resulting property debt service coverage ratio. The Acquisition Facility has a maturity date of March 1, 2022 and has two -year extension options, subject to certain conditions described therein. Interest Expense Interest expense, including amortization of deferred loan costs was:
Future Principal Payments The Company’s estimated future principal payments due on its debt instruments as of June 30, 2021 were:
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Income Taxes |
6 Months Ended |
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Jun. 30, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | Income TaxesThe Company elected to be taxed as a REIT effective with its tax year ended December 31, 2011, and therefore, the Company will not be subject to federal and state income taxes, so long as it distributes 100% of the Company's annual REIT taxable income (which does not equal net income as calculated in accordance with GAAP and determined without regard for the deduction for dividends paid and excluding net capital gains) to its stockholders. For the Company's tax years prior to its REIT election year, its operations resulted in a tax loss. As of December 31, 2010, the Company had deferred federal and state tax assets totaling approximately $298,100, none of which were based upon tax positions deemed to be uncertain. These deferred tax assets will most likely not be used since the Company elected REIT status; therefore, management has determined that a 100% valuation allowance is appropriate as of June 30, 2021 and December 31, 2020. |
Commitments and Contingencies |
6 Months Ended |
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Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies On January 31, 2020, the Company assumed its Former Manager's -year office lease as amended, which began on October 9, 2014. As of June 30, 2021, the amount of rent due from the Company was $13.1 million over the remaining term of the lease. At June 30, 2021, the Company had unfunded commitments on its real estate loan portfolio of approximately $53.1 million. At June 30, 2021, the Company had unfunded contractual commitments for tenant, leasing, and capital improvements of approximately $3.5 million. The Company is otherwise currently subject to neither any known material commitments or contingencies from its business operations, nor any material known or threatened litigation, other than as described herein.
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Segment information |
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Segment Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information The Company's Chief Operating Decision Maker, or CODM, evaluates the performance of the Company's business operations and allocates financial and other resources by assessing the financial results and outlook for future performance across four distinct segments: Residential Properties, real estate related financing, New Market Properties and Preferred Office Properties. Residential Properties - consists of the Company's portfolio of residential multifamily communities as well as the Company's portfolio of owned student housing properties. Preferred Campus Communities, LLC owned and conducted the business of our portfolio of off-campus student housing communities until the sale of all our student housing communities on November 3, 2020. As of and for the three-month and six-month periods ended June 30, 2021, the Residential Properties segment only consists of the Company's multifamily communities. Financing - consists of the Company's portfolio of real estate loans, bridge loans, and other instruments deployed by the Company to partially finance the development, construction, and prestabilization carrying costs of new multifamily communities and other real estate and real estate related assets. Excluded from the financing segment are the consolidated assets of VIEs. New Market Properties - consists of the Company's portfolio of grocery-anchored shopping centers. Preferred Office Properties - consists of the Company's portfolio of office buildings. The CODM monitors net operating income (“NOI”) on a segment and a consolidated basis as a key performance measure for its operating segments. NOI is a non-GAAP measure that is defined as rental and other property revenue from real estate assets plus interest income from its loan portfolio less total property operating and maintenance expenses, property management fees, real estate taxes, property insurance, and general and administrative expenses. The CODM uses NOI as a measure of operating performance because it provides a measure of the core operations, rather than factoring in depreciation and amortization, financing costs, acquisition expenses, and other expenses generally incurred at the corporate level. The following tables present the Company's assets, revenues, and NOI results by reportable segment, as well as a reconciliation from NOI to net income (loss). The assets attributable to 'Other' primarily consist of right of use assets, deferred offering costs recorded but not yet reclassified as reductions of stockholders' equity and cash balances at the Company and Operating Partnership levels.
Total capitalized expenditures (inclusive of additions to construction in progress, but exclusive of the purchase price of acquisitions) were as follows:
Second-generation capital expenditures exclude those expenditures made in our office building portfolio (i) to lease space to "first generation" tenants (i.e. leasing capital for existing vacancies and known move-outs at the time of acquisition), (ii) to bring recently acquired properties up to our Class A ownership standards (and which amounts were underwritten into the total investment at the time of acquisition), (iii) for property redevelopments and repositionings (iv) to newly leased space which had been vacant for more than one year and (v) for building improvements that are recoverable from future operating cost savings. Total revenues by reportable segment of the Company were:
The CODM utilizes segment net operating income, or Segment NOI, in evaluating the performance of its operating segments. Segment NOI represents total property revenues less total property operating expenses, excluding depreciation and amortization, for all properties held during the period. Segment NOI for the Company's financing segment consists of interest revenues from the Company's real estate loan investments and notes and lines of credit receivable, as well as revenues from terminated property purchase options. Management believes that Segment NOI is a helpful tool in evaluating the operating performance of the segments because it measures the core operations of property performance by excluding corporate level expenses and other items not directly related to property operating performance. Segment NOI for each reportable segment was as follows:
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Loss per Share |
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Income (Loss) per Share | Income (Loss) Per Share The following is a reconciliation of weighted average basic and diluted shares outstanding used in the calculation of income (loss) per share of Common Stock:
(A) The Company's outstanding Class A Units of the Operating Partnership (497 and 742 Units at June 30, 2021, and 2020, respectively) contain rights to distributions in the same amount per unit as for dividends declared on the Company's Common Stock. The impact of the Class A Unit distributions on earnings per share has been calculated using the two-class method whereby earnings are allocated to the Class A Units based on dividends declared and the Class A Units' participation rights in undistributed earnings. (B) The Company’s shares of Series A Preferred Stock outstanding accrue dividends at an annual rate of 6% of the stated value of $1,000 per share, payable monthly. The Company had 1,647 and 2,026 outstanding shares of Series A Preferred Stock at June 30, 2021 and 2020, respectively and 217 and 68 outstanding shares of Series A1 Preferred Stock at June 30, 2021 and 2020, respectively. The Company's mShares accrue dividends at an escalating rate of 5.75% in year one to 7.50% in year eight and thereafter. The Company had 86 and 93 mShares outstanding at June 30, 2021 and 2020, respectively. The Company's shares of Series M1 Preferred Stock accrue dividends at an escalating rate of 6.1% in year one to 7.1% in year ten and thereafter. The Company had 25 and 5 shares of Series M1 Preferred Stock outstanding at June 30, 2021 and 2020, respectively. (C) The Company's outstanding unvested restricted share awards (704 and 548 shares of Common Stock at June 30, 2021 and 2020, respectively) contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share awards on earnings per share has been calculated using the two-class method whereby earnings are allocated to the unvested restricted share awards based on dividends declared and the unvested restricted shares' participation rights in undistributed earnings. Given the Company's unvested restricted share awards are defined as participating securities, the dividends declared for that period are adjusted in determining the calculation of loss per share of Common Stock. (D) Potential dilution from (i) warrants outstanding from issuances of Units from our Series A Preferred Stock offerings that are potentially exercisable into 23,235 shares of Common Stock; (ii) 62 Class B Units; (iii) 704 shares of unvested restricted common stock; (iv) 69 outstanding Restricted Stock Units; and (v) 480 PSUs are excluded from the diluted shares calculations because the effect was antidilutive. Class A Units were excluded from the denominator because earnings were allocated to non-controlling interests in the calculation of the numerator.
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Fair Values of Financial Instruments |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Values of Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Values of Financial Instruments | Fair Values of Financial Instruments Fair value is defined as the price at which an asset or liability is exchanged between market participants in an orderly transaction at the reporting date. The Company’s cash equivalents, notes receivable, accounts receivable and payables and accrued expenses all approximate fair value due to their short term nature. The following tables provide estimated fair values of the Company’s financial instruments. The carrying values of the Company's real estate loans include accrued interest receivable from additional interest or exit fee allowances and are presented net of deferred loan fee revenue and credit losses reserves, where applicable.
The fair value of the real estate loans within the level 3 hierarchy are comprised of estimates of the fair value of the notes, which were developed utilizing a discounted cash flow model over the remaining terms of the notes until their maturity dates and utilizing discount rates believed to approximate the market risk factor for notes of similar type and duration. The fair values also contain a separately-calculated estimate of any applicable additional interest payment due the Company at the maturity date of the loan, based on the outstanding loan balances at June 30, 2021 and December 31, 2020, discounted to the reporting date utilizing a discount rate believed to be appropriate for multifamily development projects. The fair values of the fixed rate mortgages on the Company’s properties were developed using market quotes of the fixed rate yield index and spread for 4, 5, 6, 7, 10, 15, 25 and 35 year notes as of the reporting date. The present values of the cash flows were calculated using the original interest rate in place on the fixed rate mortgages and again at the current market rate. The difference between the two results was applied as a fair market adjustment to the carrying value of the mortgages.
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Subsequent Events |
6 Months Ended |
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Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On July 29, 2021, the Company sold five office properties (Galleria 75, 150 Fayetteville, Capitol Towers, CapTrust and Morrocroft) and its 8West real estate loan investment in a single transaction, for a gross sales price of approximately $645.5 million. Aggregate net proceeds were approximately $241.5 million, after the satisfaction of approximately $404 million of property level debt and other closing adjustments and costs. Based on estimated closing costs, the Company will recognize a loss on sale of between $20 and $21 million in the third quarter. A portion of the proceeds was used to call approximately $221.6 million of the Company's outstanding Series A Redeemable Preferred Stock on August 3, 2021. Between July 1, 2021 and July 31, 2021, the Company issued 532,917 shares of Common Stock under the 2019 ATM Offering, for aggregate gross proceeds of approximately $5.5 million and, after deducting commissions and other costs, net proceeds of approximately $5.4 million. On July 8, 2021, the Company completed the acquisition of a 231-unit multifamily community located in Ft. Worth, Texas. On July 19, 2021, the Company closed on the sale of Vineyards, a 369-unit multifamily community located in Houston, Texas. On July 22, 2021, the Company entered into an agreement to sell two office properties, Armour Yards and 251 Armour Yards (the “Armour Yards Portfolio”), to Northwood Investors. On August 6, 2021, the Company's board of directors declared a quarterly dividend on its Common Stock of $0.175 per share, payable on October 15, 2021 to stockholders of record on September 15, 2021. Between July 1, 2021 and July 31, 2021, we issued 29,552 shares of Series A1 Preferred Stock and collected net proceeds of approximately $26.6 million after commissions and fees and issued 2,743 shares of Series M1 Preferred Stock and collected net proceeds of approximately $2.7 million after commissions and fees. During the same period, we redeemed 9,735 shares of Series A Preferred Stock, 871 mShares, 70 shares of Series A1 Preferred Stock, and 52 shares of Series M1 Preferred Stock.
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Operating Leases (Notes) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Leases | Operating Leases Company as Lessor For the six months ended June 30, 2021 and 2020, the Company recognized rental property revenues of $204.1 million and $218.5 million, respectively, of which $21.9 million and $20.5 million, respectively, represented variable rental revenue. Company as Lessee The Company has three ground leases related to its office and grocery-anchored shopping center assets that generally have extended terms (e.g. over twenty years with multiple renewal options) and generally have base rent with CPI-based increases. The Company evaluated its renewal option periods in quantifying its asset and liability related to these ground leases. In determining the value of its right of use asset and lease liability, the Company used discount rates comparable to recent loan rates obtained on comparative properties within its portfolio. The Company is also, as of January 31, 2020 following the Internalization, the lessee of office space for its property support center which expires in May 2026, and of furniture and office equipment, which leases generally are to five years in duration with minimal rent increases. The Company subleases a portion of its leased office space to third parties; office rental expense is included net of the revenue from these subleases in the general and administrative expense line on the consolidated statements of operations. Revenue from subleased office space was approximately $470,000 and $516,000 for the three-month periods ended June 30, 2021 and 2020, respectively. The Company recorded lease expense as follows:
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Operating Leases | Operating Leases Company as Lessor For the six months ended June 30, 2021 and 2020, the Company recognized rental property revenues of $204.1 million and $218.5 million, respectively, of which $21.9 million and $20.5 million, respectively, represented variable rental revenue. Company as Lessee The Company has three ground leases related to its office and grocery-anchored shopping center assets that generally have extended terms (e.g. over twenty years with multiple renewal options) and generally have base rent with CPI-based increases. The Company evaluated its renewal option periods in quantifying its asset and liability related to these ground leases. In determining the value of its right of use asset and lease liability, the Company used discount rates comparable to recent loan rates obtained on comparative properties within its portfolio. The Company is also, as of January 31, 2020 following the Internalization, the lessee of office space for its property support center which expires in May 2026, and of furniture and office equipment, which leases generally are to five years in duration with minimal rent increases. The Company subleases a portion of its leased office space to third parties; office rental expense is included net of the revenue from these subleases in the general and administrative expense line on the consolidated statements of operations. Revenue from subleased office space was approximately $470,000 and $516,000 for the three-month periods ended June 30, 2021 and 2020, respectively. The Company recorded lease expense as follows:
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Significant Accounting Policies Basis of Presentation (Policies) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | The Company | ||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets, Policy [Policy Text Block] | s | ||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] |
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Real Estate Assets (Tables) |
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Business Acquisition | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
real estate owned [Table Text Block] | The Company's real estate assets consisted of:
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schedule of depreciation and amortization expense [Table Text Block] | The Company recorded aggregate amortization and depreciation expense of:
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Schedule of Joint Venture Activity | The following tables summarize the balance sheet and statements of income data for the Neapolitan Way shopping center subsequent to its contribution into the joint venture as of and for the periods presented:
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Retail Segment [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Table of Properties Acquired | During the six-month period ended June 30, 2020, the Company completed the acquisition of the following grocery-anchored shopping centers:
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Real Estate Loans, Notes Receivable, and Lines of Credit (Tables) |
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Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] |
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Notes receivable [Table Text Block] | portfolio of notes and lines of credit receivable consisted of:
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interest income [Table Text Block] | The Company recorded interest income and other revenue from these instruments as follows:
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Real Estate Loan Investments Receivable, By Final Reserve Ratio | The following table presents the Company's aggregation of loan amounts (including unpaid interest) by final reserve ratio as of June 30, 2021:
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Premium Receivable, Allowance for Credit Loss |
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Redeemable Preferred Stock Proceeds and offering costs (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stockholders Equity [Table Text Block] | Cumulative gross proceeds and offering costs for the Company's active equity offerings consisted of:
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Related Party Transactions (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions [Table Text Block] |
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Dividends (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Dividends Payable | The Company's dividend and distribution activity consisted of:
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Equity Compensation (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Compensation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
equity compensation expense [Table Text Block] | Equity compensation expense by award type for the Company was:
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Performance Shares, Schedule of Percentile Rank [Table Text Block] | PSUs will become earned PSUs according to the percentile rank of the TSR of Company's Common Stock versus the peer group’s average TSR, as shown in the following table:
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Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Restricted Stock Grants The following annual grants of restricted stock were made to the Company's independent directors, as payment of the annual retainer fees. The restricted stock grants for service years 2019-2021 vested (or are scheduled to vest) on a pro-rata basis over the four consecutive 90-day periods following the date of grant. The restricted stock grant for service year 2020 and 2021 is scheduled to vest on the earlier of the -year anniversary of the date of grant and the next annual meeting of stockholders..
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Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The underlying valuation assumptions and results for the PSUs were:
The underlying valuation assumptions and results for the 2018 Class B OP Unit awards were:
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Indebtedness (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Schedule of Long-term Debt Instruments [Table Text Block] | Mortgage financing of property acquisitions During the six-month periods ended June 30, 2021 and 2020, the Company obtained original mortgage financing on the following properties as shown in the following table:
Repayments and refinancings The following table summarizes our mortgage debt refinancing and repayment activity for the six-month periods ended June 30, 2021 and 2020:
The following table summarizes our mortgage notes payable at June 30, 2021:
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debt covenant [Table Text Block] | As of June 30, 2021, the Company was in compliance with all covenants related to the Revolving Line of Credit, as amended, as shown in the following table:
(1) All covenants are as defined in the credit agreement for the Revolving Line of Credit. (2) The minimum net worth covenant decreased to a minimum of $1.3 billion on July 29, 2021 with the office properties closing. (3) The minimum debt yield covenant increases to a minimum of 9.0% on May 5, 2023. (4) Calculated on a trailing four-quarter basis. For the period ended June 30, 2021, the maximum dividends and distributions allowed under this covenant was approximately $173.6 million. (5) Minimum of 1.50x if AFFO payout ratio is less than or equal to 95% and 1.70x if greater than 95%.
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mortgage interest [Table Text Block] | c | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | The Company’s estimated future principal payments due on its debt instruments as of June 30, 2021 were:
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Schedule of Debt [Table Text Block] | Interest expense, including amortization of deferred loan costs was:
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Segment information (Tables) |
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segment assets [Table Text Block] | The following tables present the Company's assets, revenues, and NOI results by reportable segment, as well as a reconciliation from NOI to net income (loss). The assets attributable to 'Other' primarily consist of right of use assets, deferred offering costs recorded but not yet reclassified as reductions of stockholders' equity and cash balances at the Company and Operating Partnership levels.
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Capital Expenditures By Segment | Total capitalized expenditures (inclusive of additions to construction in progress, but exclusive of the purchase price of acquisitions) were as follows:
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Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Total revenues by reportable segment of the Company were:
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Schedule of Segment Reporting Information, by Segment [Table Text Block] | Segment NOI for each reportable segment was as follows:
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Income (Loss) per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method | The following is a reconciliation of weighted average basic and diluted shares outstanding used in the calculation of income (loss) per share of Common Stock:
(A) The Company's outstanding Class A Units of the Operating Partnership (497 and 742 Units at June 30, 2021, and 2020, respectively) contain rights to distributions in the same amount per unit as for dividends declared on the Company's Common Stock. The impact of the Class A Unit distributions on earnings per share has been calculated using the two-class method whereby earnings are allocated to the Class A Units based on dividends declared and the Class A Units' participation rights in undistributed earnings. (B) The Company’s shares of Series A Preferred Stock outstanding accrue dividends at an annual rate of 6% of the stated value of $1,000 per share, payable monthly. The Company had 1,647 and 2,026 outstanding shares of Series A Preferred Stock at June 30, 2021 and 2020, respectively and 217 and 68 outstanding shares of Series A1 Preferred Stock at June 30, 2021 and 2020, respectively. The Company's mShares accrue dividends at an escalating rate of 5.75% in year one to 7.50% in year eight and thereafter. The Company had 86 and 93 mShares outstanding at June 30, 2021 and 2020, respectively. The Company's shares of Series M1 Preferred Stock accrue dividends at an escalating rate of 6.1% in year one to 7.1% in year ten and thereafter. The Company had 25 and 5 shares of Series M1 Preferred Stock outstanding at June 30, 2021 and 2020, respectively. (C) The Company's outstanding unvested restricted share awards (704 and 548 shares of Common Stock at June 30, 2021 and 2020, respectively) contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share awards on earnings per share has been calculated using the two-class method whereby earnings are allocated to the unvested restricted share awards based on dividends declared and the unvested restricted shares' participation rights in undistributed earnings. Given the Company's unvested restricted share awards are defined as participating securities, the dividends declared for that period are adjusted in determining the calculation of loss per share of Common Stock. (D) Potential dilution from (i) warrants outstanding from issuances of Units from our Series A Preferred Stock offerings that are potentially exercisable into 23,235 shares of Common Stock; (ii) 62 Class B Units; (iii) 704 shares of unvested restricted common stock; (iv) 69 outstanding Restricted Stock Units; and (v) 480 PSUs are excluded from the diluted shares calculations because the effect was antidilutive. Class A Units were excluded from the denominator because earnings were allocated to non-controlling interests in the calculation of the numerator.
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Fair Values of Financial Instruments (Tables) |
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Fair Values of Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | The following tables provide estimated fair values of the Company’s financial instruments. The carrying values of the Company's real estate loans include accrued interest receivable from additional interest or exit fee allowances and are presented net of deferred loan fee revenue and credit losses reserves, where applicable.
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Operating Leases (Tables) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum rent expense for office space, ground leases and office equipment were:
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Lease, Cost | The Company recorded lease expense as follows:
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Organization (Details) |
Jun. 30, 2021
number_of_properties
$ / shares
shares
|
Dec. 31, 2020
$ / shares
shares
|
---|---|---|
Class of Stock [Line Items] | ||
Number of Real Estate Properties | number_of_properties | 117 | |
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | |
Common Stock, Shares, Outstanding | 51,728,456 | |
Noncontrolling Interest, Ownership Percentage by Parent | 99.10% | |
minority interest partnership units outstanding | 497,291 | |
daycountvolweightedavgcalcformarketvalue | 20 | |
Number of States in which Entity Operates | number_of_properties | 13 | |
Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 |
Common Stock, Shares, Outstanding | 51,728,000 | 49,994,000 |
Significant Accounting Policies (Details) shares in Thousands, $ in Thousands |
Jun. 30, 2021
USD ($)
lease
shares
|
Dec. 31, 2020
USD ($)
shares
|
Jan. 31, 2020 |
---|---|---|---|
Real Estate Properties [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 20 years | ||
Lease term | 11 years | ||
Lessee, Operating Lease, Number Of Leases | lease | 3 | ||
Accumulated deficit | $ | $ (193,539) | $ (192,446) | |
Minimum [Member] | |||
Real Estate Properties [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 3 years | ||
Maximum [Member] | |||
Real Estate Properties [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 5 years | ||
Series M Preferred Stock [Member] | |||
Real Estate Properties [Line Items] | |||
preferred stock | 106 | 106 | |
Series A Preferred Stock [Member] | |||
Real Estate Properties [Line Items] | |||
preferred stock | 2,226 | 2,226 |
Real Estate Assets - Depreciation and Amortization (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Depreciation: | ||||
Depreciation | $ 36,359,000 | $ 41,681,000 | $ 73,582,000 | $ 82,077,000 |
Depreciation and amortization | 44,732,000 | 51,793,000 | 90,559,000 | 101,302,000 |
Building and Building Improvements [Member] | ||||
Depreciation: | ||||
Depreciation | 26,664,000 | 28,755,000 | 53,359,000 | 56,762,000 |
Furniture and Fixtures [Member] | ||||
Depreciation: | ||||
Depreciation | 9,695,000 | 12,926,000 | 20,223,000 | 25,315,000 |
Finite-Lived Intangible Assets [Member] | ||||
Depreciation: | ||||
Amortization of Intangible Assets | 7,858,000 | 9,714,000 | 15,950,000 | 18,363,000 |
Lease Agreements [Member] | ||||
Depreciation: | ||||
Amortization of Deferred Leasing Fees | 472,000 | 348,000 | 941,000 | 764,000 |
Website Development [Member] | ||||
Depreciation: | ||||
amortization website development costs | $ 43,000 | $ 50,000 | $ 86,000 | $ 98,000 |
Real Estate Loans, Notes Receivable, and Lines of Credit Interest income (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Receivables [Abstract] | ||||
interest revenue current pay | $ 6,373 | $ 6,792 | $ 12,539 | $ 14,149 |
Accrued exit fee revenue | 2,763 | 2,860 | 5,585 | 6,156 |
Deferred Revenue, Revenue Recognized | 398 | 250 | 642 | 527 |
amortization of purchase option termination fee income | 3,210 | 434 | 4,440 | 4,475 |
default interest accrued | 0 | 62 | 0 | 124 |
Net loan fee revenue | 12,744 | 10,398 | 23,206 | 25,431 |
interest revenue notes receivable | 480 | 607 | 935 | 1,518 |
Interest Income, Deposit Accounts | 0 | 6 | 0 | 38 |
Interest income on loans and notes receivable | $ 13,224 | $ 11,011 | $ 24,141 | $ 26,987 |
Real Estate Loans, Notes Receivable, and Lines of Credit - Allowance for Expected Credit Loss (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Provision for Other Credit Losses | $ (845) | $ 482 | $ (323) | $ 5,615 |
Haven Campus Communities, LLC and Haven Campus Communities Charlotte Member, LLC [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 410 | 410 | 815 | 820 |
Existing Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (1,255) | (121) | (1,138) | 4,408 |
Starkville [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | $ 0 | $ 193 | $ 0 | $ 387 |
Acquired Intangible Assets amortization (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Liabilities | $ 85,900 | |||
Revenues | $ 118,706 | $ 122,980 | 234,406 | $ 253,862 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 28,853 | $ 21,342 | 53,135 | $ (129,067) |
Multifamily communities [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Business Combination, Consideration Transferred | $ 141,200 |
Dividends NCI (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Equity [Abstract] | ||||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 87 | $ 130 | $ 183 | $ 333 |
Equity Compensation Warrant (Details) - $ / shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Quarterly dividend declared (in dollars per share) | $ 0.175 | $ 0.175 | $ 0.35 | $ 0.4375 |
Indebtedness debt covenants (Details) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Mar. 23, 2018 |
|
debt covenants [Line Items] | ||
dividend restriction AFFO | 100.00% | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | |
maximum dividends debt covenant | $ 173,600,000 | |
Minimum Net Worth Required for Compliance | $ 2,100,000,000 | |
debt yield | 9.76% | |
payout ratio | 92.90% | |
Total leverage ratio | 61.90% |
Income Taxes (Details) - USD ($) |
Jun. 30, 2021 |
Dec. 31, 2010 |
---|---|---|
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Net of Valuation Allowance | $ 298,100 | |
DeferredTaxAssetsValuationAllowancePercentage | 100.00% |
Commitments and Contingencies (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jan. 31, 2020 |
|
Commitments and Contingencies Disclosure [Abstract] | ||
Lease term | 11 years | |
Rent | $ 13.1 | |
cumulative manager's fees deferred | 25.6 | |
Unfunded Tenant Leasing Commissions and Tenant Allowances | 3.5 | |
real estate loan balances unfunded | $ 53.1 |
Segment information (Details) |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2021
USD ($)
|
Mar. 31, 2021
USD ($)
|
Jun. 30, 2020
USD ($)
|
Mar. 31, 2020
USD ($)
|
Jun. 30, 2021
USD ($)
number_of_properties
|
Jun. 30, 2020
USD ($)
|
Dec. 31, 2020
USD ($)
|
Jan. 01, 2019
USD ($)
|
|
Segment Reporting Information [Line Items] | ||||||||
Number of Operating Segments | number_of_properties | 4 | |||||||
Assets | $ 4,270,199,000 | $ 4,270,199,000 | $ 4,281,079,000 | |||||
Operating Leases, Income Statement, Lease Revenue | 105,161,000 | $ 111,574,000 | 209,620,000 | $ 223,440,000 | ||||
Financing Revenues | 13,224,000 | 11,018,000 | 24,141,000 | 26,843,000 | ||||
miscellaneous revenues | 20,000 | 21,000 | 41,000 | 30,000 | ||||
adjusted funds from operations | 81,776,000 | 82,148,000 | 160,161,000 | 173,315,000 | ||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 1,557,000 | (15,950,000) | (1,152,000) | (195,473,000) | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 28,853,000 | 21,342,000 | 53,135,000 | (129,067,000) | ||||
Interest Expense | 27,296,000 | 31,136,000 | 54,287,000 | 60,729,000 | ||||
Depreciation | 36,359,000 | 41,681,000 | 73,582,000 | 82,077,000 | ||||
Share-based Compensation | 845,000 | (482,000) | 323,000 | (5,615,000) | ||||
Gains (Losses) on Sales of Investment Real Estate | 0 | 0 | (798,000) | 0 | ||||
Gain (Loss) on Extinguishment of Debt | 0 | 6,156,000 | 0 | 6,156,000 | ||||
Trading Securities, Unrealized Holding Gain | 0 | 0 | 0 | (479,000) | ||||
loan fees received | 1,203,000 | 467,000 | ||||||
noncash loan interest income | 240,000 | 458,000 | 485,000 | 179,251,000 | ||||
Management fees net of deferrals | 925,000 | 246,000 | 1,499,000 | 476,000 | ||||
Loans and Leases Receivable, Allowance | 0 | 0 | 0 | 1,963,000 | ||||
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | 175,000 | 0 | 369,000 | 0 | ||||
rental and other property revenues | 105,462,000 | 111,941,000 | 210,224,000 | 226,989,000 | ||||
Revenues | 118,706,000 | 122,980,000 | 234,406,000 | 253,862,000 | ||||
Payments to Acquire Productive Assets | 6,724,000 | 14,574,000 | 13,860,000 | 25,809,000 | ||||
Contract with Customer, Liability, Revenue Recognized | $ 2,800,000 | $ 2,800,000 | ||||||
Multifamily Communities | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Assets | 1,780,471,000 | 1,780,471,000 | 1,745,020,000 | |||||
adjusted funds from operations | 30,029,000 | 33,607,000 | 59,252,000 | 69,453,000 | ||||
Interest Expense | 13,260,000 | 15,932,000 | 26,485,000 | 30,798,000 | ||||
Depreciation | 21,380,000 | 26,755,000 | 43,474,000 | 51,140,000 | ||||
financingsegment [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Assets | 313,103,000 | 313,103,000 | 321,026,000 | |||||
adjusted funds from operations | 19,163,000 | 18,155,000 | 37,759,000 | 37,974,000 | ||||
Interest Expense | 894,000 | 1,918,000 | 1,548,000 | 3,037,000 | ||||
Depreciation | 56,000 | 60,000 | 113,000 | 89,000 | ||||
New Market Properties [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
adjusted funds from operations | 19,343,000 | 19,347,000 | 38,977,000 | 39,015,000 | ||||
Interest Expense | 6,490,000 | 6,587,000 | 12,934,000 | 13,337,000 | ||||
Depreciation | 11,624,000 | 13,308,000 | 23,386,000 | 26,722,000 | ||||
rental and other property revenues | 26,876,000 | 26,105,000 | 53,843,000 | 54,108,000 | ||||
Payments to Acquire Productive Assets | 1,957,000 | 1,264,000 | 3,580,000 | 2,540,000 | ||||
Retail Segment [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Assets | 1,045,399,000 | 1,045,399,000 | 1,072,090,000 | |||||
Office Building | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Assets | 1,103,670,000 | 1,103,670,000 | 1,121,992,000 | |||||
adjusted funds from operations | 13,221,000 | 11,018,000 | 24,132,000 | 26,843,000 | ||||
Interest Expense | 6,652,000 | 6,699,000 | 13,320,000 | 13,557,000 | ||||
Depreciation | 11,672,000 | 11,670,000 | 23,586,000 | 23,351,000 | ||||
Contract with Customer, Liability | $ 36,900,000 | $ 47,000,000.0 | ||||||
Other Assets [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Assets | 27,556,000 | 27,556,000 | $ 20,951,000 | |||||
All Other Segments [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
adjusted funds from operations | 7,696,000 | 7,827,000 | 15,235,000 | 13,775,000 | ||||
Miscellaneous | ||||||||
Segment Reporting Information [Line Items] | ||||||||
adjusted funds from operations | 20,000 | 21,000 | 41,000 | 30,000 | ||||
Residential Properties | ||||||||
Segment Reporting Information [Line Items] | ||||||||
rental and other property revenues | 51,765,000 | 59,100,000 | 102,284,000 | 119,683,000 | ||||
Payments to Acquire Productive Assets | 3,906,000 | 3,453,000 | 6,412,000 | 6,590,000 | ||||
Preferred Office Properties | ||||||||
Segment Reporting Information [Line Items] | ||||||||
rental and other property revenues | 26,821,000 | 26,736,000 | 54,097,000 | 53,198,000 | ||||
Payments to Acquire Productive Assets | $ 861,000 | $ 9,857,000 | $ 3,868,000 | $ 16,679,000 |
Schedule IV (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Mar. 31, 2021 |
Jun. 30, 2021 |
|
Mortgage Loans on Real Estate [Line Items] | ||
current interest rate | 8.50% | 8.62% |
Deferred interest rate | 3.91% | 3.67% |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 269,862 |
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