(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 March 31, 2022 and December 31, 2021 | |||||||||||
Condensed Consolidated Statements of Operations (unaudited) – Three Months Ended March 31, 2022 and 2021 | |||||||||||
Condensed Consolidated Statements of Stockholders' Equity (unaudited) – Three Months Ended March 31, 2022 and 2021 | |||||||||||
Condensed Consolidated Statements of Cash Flows (unaudited) – Three Months Ended March 31, 2022 and 2021 | |||||||||||
Notes to Condensed Consolidated Financial Statements (unaudited) | |||||||||||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 34 | |||||||||
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 61 | |||||||||
Item 4. | Controls and Procedures | 61 | |||||||||
PART II - OTHER INFORMATION | |||||||||||
Item 1. | Legal Proceedings | 62 | |||||||||
Item 1A. | Risk Factors | 63 | |||||||||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 64 | |||||||||
Item 3. | Defaults Upon Senior Securities | 64 | |||||||||
Item 4. | Mine Safety Disclosures | 64 | |||||||||
Item 5. | Other Information | 64 | |||||||||
Item 6. | Exhibits | 65 |
Preferred Apartment Communities, Inc. | ||||||||||||||
Condensed Consolidated Balance Sheets | ||||||||||||||
(Unaudited) | ||||||||||||||
(In thousands, except per-share par values) | March 31, 2022 | December 31, 2021 | ||||||||||||
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 $10,277 and $9,850 | ||||||||||||||
Total real estate and real estate loan investments, net | ||||||||||||||
Cash and cash equivalents | ||||||||||||||
Restricted cash | ||||||||||||||
Note receivable from related party | ||||||||||||||
Accrued interest receivable on real estate loans | ||||||||||||||
Acquired intangible assets, net of amortization of $171,608 and $166,214 | ||||||||||||||
Tenant lease inducements, net of amortization of $7,560 and $7,113 | ||||||||||||||
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 $38,445 and $39,288 | $ | $ | ||||||||||||
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 $37,963 and $36,314 | ||||||||||||||
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; | ||||||||||||||
Series A1 Redeemable Preferred Stock, $0.01 par value per share; up to 1,000 shares authorized; | ||||||||||||||
issued; | ||||||||||||||
Series M Redeemable Preferred Stock, $0.01 par value per share; 500 shares authorized; 106 shares issued; | ||||||||||||||
Series M1 Redeemable Preferred Stock, $0.01 par value per share; up to 1,000 shares authorized; | ||||||||||||||
shares issued; | ||||||||||||||
Common Stock, $0.01 par value per share; 400,067 shares authorized; | ||||||||||||||
outstanding at March 31, 2022 and December 31, 2021, 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 March 31, | |||||||||||||
2022 | 2021 | |||||||||||||
Revenues: | ||||||||||||||
Rental and other property revenues | $ | $ | ||||||||||||
Interest income and preferred equity returns | ||||||||||||||
Interest income from related parties | ||||||||||||||
Miscellaneous revenues | ||||||||||||||
Total revenues | ||||||||||||||
Operating expenses: | ||||||||||||||
Property operating and maintenance | ||||||||||||||
Property salary and benefits | ||||||||||||||
Property management costs | ||||||||||||||
Real estate taxes and insurance | ||||||||||||||
General and administrative | ||||||||||||||
Merger-related costs | ||||||||||||||
Equity compensation to directors and executives | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Allowance for expected credit losses | ||||||||||||||
Management Internalization expense | ||||||||||||||
Total operating expenses | ||||||||||||||
Operating income before gains on sales of real estate and loss from unconsolidated joint venture | ||||||||||||||
Loss from unconsolidated joint venture | ( | ( | ||||||||||||
Gain on sale of real estate, net | ||||||||||||||
Operating income | ||||||||||||||
Interest expense | ||||||||||||||
Loss on extinguishment of debt | ( | |||||||||||||
Loss on sale of land | ( | |||||||||||||
Net loss | ( | ( | ||||||||||||
Net loss attributable to non-controlling interests | ||||||||||||||
Net loss attributable to the Company | ( | ( | ||||||||||||
Dividends declared to preferred stockholders | ( | ( | ||||||||||||
Dividends to holders of 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 March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
(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, 2022 | $ | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||
Issuance of Preferred Stock | — | — | ||||||||||||||||||||||||||||||||||||||||||
Redemptions of Preferred Stock | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Exercises of warrants | — | |||||||||||||||||||||||||||||||||||||||||||
Syndication and offering costs | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Equity compensation to executives and directors | ||||||||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock | ( | |||||||||||||||||||||||||||||||||||||||||||
Net loss | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Contributions from non-controlling interests | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Reallocation of non-controlling interest to Class A Unitholders | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interests | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Distributions to Class A Unitholders | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Dividends to preferred stockholders (see note 7) | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Dividends to common stockholders (see note 7) | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | $ | ( | $ | $ | $ |
Preferred Apartment Communities, Inc. | ||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statements of Stockholders' Equity, continued | ||||||||||||||||||||||||||||||||||||||||||||
For the three-month period ended March 31, 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 | — | |||||||||||||||||||||||||||||||||||||||||||
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 non-controlling interest to Class A Unitholders | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interests | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Distributions to Class A Unitholders | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Dividends to preferred stockholders (see note 7) | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Dividends to common stockholders (see note 7) | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | $ | ( | $ | $ | ( | $ |
Preferred Apartment Communities, Inc. | |||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||
(Unaudited) | |||||||||||
(In thousands) | Three-month periods ended March 31, | ||||||||||
2022 | 2021 | ||||||||||
Operating activities: | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Reconciliation of net loss to net cash provided by 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 the sales of real estate, net | ( | ||||||||||
Loss on sale of land | |||||||||||
Loss from unconsolidated joint ventures | |||||||||||
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 | ( | ||||||||||
Decrease in accounts payable and accrued expenses | ( | ( | |||||||||
Increase in accrued interest, prepaid rents and other liabilities | |||||||||||
Net cash provided by operating activities | |||||||||||
Investing activities: | |||||||||||
Investments in real estate loans, net of origination fees received | ( | ( | |||||||||
Repayments of real estate loans | |||||||||||
Notes receivable repaid | |||||||||||
Acquisition of properties | ( | ( | |||||||||
Disposition of properties and proceeds from land sales, net | ( | ||||||||||
Investment into property development | ( | ||||||||||
Capital improvements to real estate assets | ( | ( | |||||||||
Net cash (used in) investing activities | ( | ( | |||||||||
The accompanying notes are an integral part of these condensed consolidated financial statements. | |||||||||||
Preferred Apartment Communities, Inc. | |||||||||||
Condensed Consolidated Statements of Cash Flows - continued | |||||||||||
(Unaudited) | |||||||||||
(In thousands) | Three-month periods ended March 31, | ||||||||||
2022 | 2021 | ||||||||||
Financing activities: | |||||||||||
Proceeds from mortgage notes | |||||||||||
Repayment of mortgage notes | ( | ( | |||||||||
Payments for deposits and other mortgage loan costs | ( | ( | |||||||||
Payments for debt prepayment and other debt extinguishment costs | ( | ||||||||||
Proceeds from Revolving Line of Credit | |||||||||||
Payments on Revolving Line of Credit | ( | ( | |||||||||
Proceeds from sales of Preferred Stock, net of offering costs | |||||||||||
Payments for redemptions and calls of Preferred Stock | ( | ( | |||||||||
Proceeds from warrant exercises | |||||||||||
Common Stock dividends paid | ( | ( | |||||||||
Preferred Stock dividends and Class A Unit distributions paid | ( | ( | |||||||||
Payments for deferred offering costs | ( | ( | |||||||||
Contributions from non-controlling interests | — | ||||||||||
Distributions to non-controlling interests | ( | ( | |||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Net increase 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 | $ | $ | |||||||||
Dividends payable - Common Stock | $ | $ | |||||||||
Dividends payable - Preferred Stock | $ | $ | |||||||||
Reclass of offering costs from deferred asset to equity | $ | $ | |||||||||
Fair value issuances of equity compensation | $ | $ |
As of: | ||||||||||||||
March 31, 2022 | December 31, 2021 | |||||||||||||
Residential Properties: | ||||||||||||||
Properties (1,2) | ||||||||||||||
Units | ||||||||||||||
Development Properties (4) | 1 | — | ||||||||||||
New Market Properties: | ||||||||||||||
Properties (2) | ||||||||||||||
Gross leasable area (square feet) (3) | ||||||||||||||
Preferred Office Properties: | ||||||||||||||
Properties | ||||||||||||||
Rentable square feet | ||||||||||||||
Land | ||||||||||||||
Rentable square feet | ||||||||||||||
(1) The acquired second phases of certain communities are managed in combination with the initial phases, and so together are considered a single property. | ||||||||||||||
(2) One multifamily community and two grocery-anchored shopping centers 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) The Helmsman, a 262-unit multifamily development, will consist of approximately 2,600 square feet of gross leasable area of ground floor retail space which is not included in the totals above for New Market Properties. |
(In thousands, except amortization period data) | Lirio at Rafina | |||||||
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) |
Three-month periods ended March 31, | ||||||||||||||
(In thousands) | 2022 | 2021 | ||||||||||||
Depreciation: | ||||||||||||||
Buildings and improvements | $ | $ | ||||||||||||
Furniture, fixtures, and equipment | ||||||||||||||
Amortization: | ||||||||||||||
Acquired intangible assets | ||||||||||||||
Deferred leasing costs | ||||||||||||||
Website development costs | ||||||||||||||
Total depreciation and amortization | $ | $ |
(In thousands) | March 31, 2022 | December 31, 2021 | ||||||||||||
Total assets | $ | $ | ||||||||||||
Total liabilities | $ | $ |
Three months ended March 31, | ||||||||||||||
(In thousands) | 2022 | 2021 | ||||||||||||
Rental and other property revenues | $ | $ | ||||||||||||
Total operating expenses | $ | $ | ||||||||||||
Interest expense | $ | $ | ||||||||||||
Net income (loss) | $ | ( | $ | ( | ||||||||||
Net income (loss) attributable to the Company | $ | ( | $ | ( |
March 31, 2022 | December 31, 2021 | |||||||||||||
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 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, 2021 | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||
Loan fundings | — | — | ||||||||||||||||||||||||
Loan repayments | — | |||||||||||||||||||||||||
Loans and accrued interest settled through sale | — | — | — | $ | — | |||||||||||||||||||||
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 March 31, 2022 | $ | $ | ( | $ | ( | $ |
Three months ended March 31, | |||||||||||
(In thousands) | 2022 | 2021 | |||||||||
Allowance for expected credit losses: | |||||||||||
Haven Campus Communities, LLC line of credit | $ | $ | |||||||||
Net increases in current expected loss reserves on new and existing loans | |||||||||||
Total | $ | $ |
Final reserve ratio | Number of loans and equity investments | Total 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 | ||||||||||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||
Haven Campus Communities, LLC (1,2) | 6/11/2014 | 12/31/2018 | $ | $ | $ | % | |||||||||||||||||||||||||||||||||||
Oxford Capital Partners II, LLC (3) | 10/5/2015 | 3/15/2023 | % | ||||||||||||||||||||||||||||||||||||||
Mulberry Development Group, LLC (4) | 3/31/2016 | 6/30/2022 | % | ||||||||||||||||||||||||||||||||||||||
$ | 15,660 | $ | 8,875 | $ | 9,011 | ||||||||||||||||||||||||||||||||||||
(1) See related party disclosure in Note 6. | |||||||||||||||||||||||||||||||||||||||||
(2) 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. | |||||||||||||||||||||||||||||||||||||||||
(3) 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. | |||||||||||||||||||||||||||||||||||||||||
(4) The amounts payable under the terms of these revolving credit lines are collateralized by a personal guaranty of repayment by the principals of the borrower. |
Interest income (in thousands) | Three-month periods ended March 31, | |||||||||||||
2022 | 2021 | |||||||||||||
Real estate loans: | ||||||||||||||
Current interest | $ | $ | ||||||||||||
Additional accrued interest | ||||||||||||||
Loan origination fee amortization | ||||||||||||||
Purchase option termination fee amortization | ||||||||||||||
Total real estate loan revenue | ||||||||||||||
Notes and lines of credit | ||||||||||||||
Bank and money market accounts | ||||||||||||||
Interest income on loans and notes receivable | $ | $ |
Deferred Offering Costs | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) Offering | Total offering | Gross proceeds as of March 31, 2022 | 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 | $ | $ | $ | $ | $ | $ | $ |
Dividends and distributions declared | ||||||||||||||
For the three-month periods ended March 31, | ||||||||||||||
(In thousands) | 2022 | 2021 | ||||||||||||
Series A Preferred Stock | $ | $ | ||||||||||||
mShares | ||||||||||||||
Series A1 Preferred Stock | ||||||||||||||
Series M1 Preferred Stock | ||||||||||||||
PAC Operations REIT Preferred Stock | ||||||||||||||
Common Stock and Restricted Stock | ||||||||||||||
Class A OP Units | ||||||||||||||
Total | $ | $ |
Three-month periods ended March 31, | Unamortized expense as of March 31, 2022 | ||||||||||||||||||||||
(In thousands) | 2022 | 2021 | |||||||||||||||||||||
Class B Unit awards to employees: | |||||||||||||||||||||||
2018 | $ | $ | ( | $ | |||||||||||||||||||
Restricted stock grants to Board members: | |||||||||||||||||||||||
2020 | |||||||||||||||||||||||
2021 | |||||||||||||||||||||||
Restricted stock grants for employees: | |||||||||||||||||||||||
2020 | |||||||||||||||||||||||
2021 | |||||||||||||||||||||||
2022 | |||||||||||||||||||||||
Performance-based restricted stock units: | |||||||||||||||||||||||
2020 | |||||||||||||||||||||||
2021 | |||||||||||||||||||||||
2022 | |||||||||||||||||||||||
Restricted stock units to employees: | |||||||||||||||||||||||
2019 | |||||||||||||||||||||||
2020 | |||||||||||||||||||||||
2021 | |||||||||||||||||||||||
2022 | |||||||||||||||||||||||
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 | 1/25/2022 | 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) | |||||||||||||||||
2020 | $ | $ | ||||||||||||||||||
2021 | $ | $ |
Grant date | 1/12/2022 | 3/15/2021 | 1/2/2020 | 1/2/2019 | 1/2/2018 | ||||||||||||||||||||||||
RSU activity: | |||||||||||||||||||||||||||||
Granted | 20,720 | ||||||||||||||||||||||||||||
Forfeited | ( | ( | ( | ( | (8,274) | ||||||||||||||||||||||||
Units earned, converted into Common Stock | — | (5,912) | (10,385) | (18,899) | (12,446) | ||||||||||||||||||||||||
RSUs outstanding at March 31, 2022 | 12,767 | 11,691 | 5,016 | — | — | ||||||||||||||||||||||||
RSUs unearned and not yet vested | — | ||||||||||||||||||||||||||||
RSUs outstanding at March 31, 2022 | 12,767 | 11,691 | 5,016 | — | — | ||||||||||||||||||||||||
Fair value per RSU | $ | $ | $ | $ | $ | 16.66 | |||||||||||||||||||||||
Total fair value of RSU grant | $ | $ | $ | $ | $ | 345,195 |
Date | Property | Previous balance (in millions) | Previous interest rate / spread over 1 month LIBOR | Loan refinancing costs expensed (in thousands) | New balance (in millions) | New interest rate | Additional deferred loan costs from refinancing (in thousands) | |||||||||||||||||||||||||||||||||||||
2/15/2022 | Chestnut Farm | $ | L + | $ | $ | % | $ | |||||||||||||||||||||||||||||||||||||
2/28/2021 | Village at Baldwin Park | $ | 3.59 | % | $ | $ | % | $ |
Fixed rate mortgage debt: | Principal balances due (in thousands) | Weighted-average interest rate | Weighted average remaining life (years) | |||||||||||||||||
Multifamily Properties | $ | % | ||||||||||||||||||
New Market Properties | % | |||||||||||||||||||
Preferred Office Properties | % | |||||||||||||||||||
Total fixed rate mortgage debt | $ | % | ||||||||||||||||||
Variable rate mortgage debt: | ||||||||||||||||||||
Multifamily Properties | $ | % | ||||||||||||||||||
New Market Properties | % | |||||||||||||||||||
Total variable rate mortgage debt | $ | % | ||||||||||||||||||
Total mortgage debt: | ||||||||||||||||||||
Multifamily 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 $1.3 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) | 1.85x |
Three-month periods ended March 31, | ||||||||||||||
(In thousands) | 2022 | 2021 | ||||||||||||
Multifamily Communities | $ | $ | ||||||||||||
New Market Properties | ||||||||||||||
Preferred Office Properties | ||||||||||||||
Total | ||||||||||||||
Credit Facility and Acquisition Facility | ||||||||||||||
Interest Expense | $ | $ | ||||||||||||
Period | Future principal payments (in thousands) | |||||||
2022 (1) | $ | |||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
Thereafter | ||||||||
Total | $ | |||||||
Three-month periods ended March 31, | As of March 31, 2022 | |||||||||||||||||||||||||||||||||||||
2022 | 2021 | Weighted average remaining lease term (years) | Weighted average discount rate | |||||||||||||||||||||||||||||||||||
(In thousands) | 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 March 31, 2022 | |||||||||||||||||||||||||
(in thousands) | Office space | Ground leases | Office equipment | Total | ||||||||||||||||||||||
2022 (1) | $ | $ | $ | $ | ||||||||||||||||||||||
2023 | ||||||||||||||||||||||||||
2024 | ||||||||||||||||||||||||||
2025 | ||||||||||||||||||||||||||
2026 | ||||||||||||||||||||||||||
Thereafter | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
(In thousands) | March 31, 2022 | December 31, 2021 | ||||||||||||
Assets: | ||||||||||||||
Multifamily Communities | $ | $ | ||||||||||||
Financing | ||||||||||||||
New Market Properties | ||||||||||||||
Preferred Office Properties | ||||||||||||||
Other | ||||||||||||||
Consolidated assets | $ | $ |
Three-month periods ended March 31, | ||||||||||||||
(In thousands) | 2022 | 2021 | ||||||||||||
Capitalized expenditures: | ||||||||||||||
Multifamily Communities | $ | $ | ||||||||||||
New Market Properties | ||||||||||||||
Preferred Office Properties | ||||||||||||||
Total | $ | $ |
Three-month periods ended March 31, | ||||||||||||||
(In thousands) | 2022 | 2021 | ||||||||||||
Revenues | ||||||||||||||
Rental and other property revenues: | ||||||||||||||
Multifamily Communities | $ | $ | ||||||||||||
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 March 31, 2022, 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 $31.3 million which is included in the deferred revenues line on the consolidated balance sheets at March 31, 2022. 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 $0.9 million for both three-month periods ended March 31, 2022 and 2021. |
Three-month periods ended March 31, | ||||||||||||||
(In thousands) | 2022 | 2021 | ||||||||||||
Segment net operating income (Segment NOI) | ||||||||||||||
Multifamily Communities | $ | $ | ||||||||||||
New Market Properties | ||||||||||||||
Preferred Office Properties | ||||||||||||||
Financing | ||||||||||||||
Miscellaneous revenues | ||||||||||||||
Consolidated segment net operating income | ||||||||||||||
Interest expense: | ||||||||||||||
Multifamily Communities | ||||||||||||||
New Market Properties | ||||||||||||||
Preferred Office Properties | ||||||||||||||
Corporate | ||||||||||||||
Depreciation and amortization: | ||||||||||||||
Multifamily Communities | ||||||||||||||
New Market Properties | ||||||||||||||
Preferred Office Properties | ||||||||||||||
Corporate | ||||||||||||||
Equity compensation to directors and executives | ||||||||||||||
Management Internalization expense | ||||||||||||||
Allowance for expected credit losses | ||||||||||||||
Gain on sale of real estate | ( | |||||||||||||
Loss on sale of land | ||||||||||||||
Loss on extinguishment of debt | ||||||||||||||
Loss from unconsolidated joint venture | ||||||||||||||
General and Administrative | ||||||||||||||
Merger-related costs | 4,913 | — | ||||||||||||
Net loss | $ | ( | $ | ( |
Three-month periods ended March 31, | ||||||||||||||
(In thousands, except per-share figures) | 2022 | 2021 | ||||||||||||
Numerator: | ||||||||||||||
Operating income 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 | ||||||||||||||
Interest expense | ||||||||||||||
Loss on extinguishment of debt | ( | |||||||||||||
Loss on sale of land | ( | |||||||||||||
Net loss | ( | ( | ||||||||||||
Net loss attributable to non-controlling interests (A) | ||||||||||||||
Net 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 | $ | ( | $ | ( | ||||||||||
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 March 31, 2022 | |||||||||||||||||||||||||||||
Carrying value | Fair value measurements using fair value hierarchy | ||||||||||||||||||||||||||||
(In thousands) | 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, 2021 | |||||||||||||||||||||||||||||
Carrying value | Fair value measurements using fair value hierarchy | ||||||||||||||||||||||||||||
(In thousands) | 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 March 31, | % change | ||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Revenues (in thousands) | $ | 104,880 | $ | 115,700 | (9.4) | % | |||||||||||||||||
Per share data: | |||||||||||||||||||||||
Net income (loss) (1) | $ | (0.62) | $ | (0.73) | — | ||||||||||||||||||
FFO (2) | $ | 0.05 | $ | 0.16 | (68.8) | % | |||||||||||||||||
Core FFO (2) | $ | 0.19 | $ | 0.25 | (24.0) | % | |||||||||||||||||
AFFO (2) | $ | 0.15 | $ | 0.18 | (16.7) | % | |||||||||||||||||
Dividends (3) | $ | 0.175 | $ | 0.175 | — | ||||||||||||||||||
Shares of Preferred Stock | |||||||||||||||||||||||
2019 | 2020 | 2021 | First Quarter 2022 | ||||||||||||||||||||
Issued | 552,938 | 228,788 | 122,297 | 3,167 | |||||||||||||||||||
Redeemed by holders | (68,512) | (164,286) | (100,946) | (21,189) | |||||||||||||||||||
Called by PAC | — | (208,786) | (320,746) | — | |||||||||||||||||||
Net increase (decrease) | 484,426 | (144,284) | (299,395) | (18,022) | |||||||||||||||||||
Total outstanding at year end | 2,136,257 | 1,991,973 | 1,692,578 | 1,674,556 |
Total units upon | Purchase option window | |||||||||||||||||||||||||
Project/Property | Location | completion (1) | Begin | End | ||||||||||||||||||||||
Multifamily communities: | ||||||||||||||||||||||||||
Hudson at Metro West | Orlando, FL | 320 | S + 90 days (2) | S + 150 days (2) | ||||||||||||||||||||||
Vintage Horizon West | Orlando, FL | 340 | (10) | (3) | (3) | |||||||||||||||||||||
Vintage Jones Franklin | Raleigh, NC | 277 | (3) | (3) | ||||||||||||||||||||||
Solis Cumming Town Center | Atlanta, GA | 320 | (4) | (4) | ||||||||||||||||||||||
Club Drive | Atlanta, GA | 352 | (5) | (5) | ||||||||||||||||||||||
Populus at Pooler | Savannah, GA | 316 | (6) | (6) | ||||||||||||||||||||||
Menlo II | Jacksonville, FL | 337 | (7) | (7) | ||||||||||||||||||||||
Beaver Ruin | Atlanta, GA | 246 | S + 90 days (8) | S + 150 days (8) | ||||||||||||||||||||||
One Nexton | Charleston, SC | 351 | (9) | (9) | ||||||||||||||||||||||
Prado | Orlando, FL | 286 | S + 90 days | S + 180 days | ||||||||||||||||||||||
Altis | Naples, FL | 242 | S + 90 days (2) | S + 150 days (2) | ||||||||||||||||||||||
The Shoals | Greenville, SC | 252 | (4) | (4) | ||||||||||||||||||||||
3,639 | ||||||||||||||||||||||||||
(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% occupancy threshold 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% occupancy threshold 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 option period window begins upon the property's achievement of an 85% occupancy threshold. If we are unable to reach an agreement on the property's market value, we have a right of first offer. | ||||||||||||||||||||||||||
(6) The option period window begins upon the property's achievement of an 80% occupancy threshold. If we are unable to reach an agreement on the property's market value, we have a right of first offer. | ||||||||||||||||||||||||||
(7) The option period window begins either by notice from the seller upon the property's achievement of a 70% occupancy threshold or by notice from the purchaser upon the property's achievement of a 93% occupancy threshold and expires 90 days beyond the option period beginning date. If we are unable to reach an agreement on the property's market value, we have a right of first offer. | ||||||||||||||||||||||||||
(8) The option period window begins and ends at the number of days indicated beyond the achievement of an 85% occupancy threshold by the underlying property. If we are unable to reach an agreement on the property's market value, we have a right of first offer. | ||||||||||||||||||||||||||
(9) 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. | ||||||||||||||||||||||||||
(10) The purchase option was voided in conjunction with the repayment of the loan on April 12, 2022. |
Preferred Apartment Communities, Inc. | Three-month periods ended March 31, | Change inc (dec) | |||||||||||||||||||||
(in thousands) | 2022 | 2021 | Amount | Percentage | |||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Rental and other property revenues | $ | 97,902 | $ | 104,459 | $ | (6,557) | (6.3) | % | |||||||||||||||
Interest income on loans and notes receivable | 6,583 | 10,512 | (3,929) | (37.4) | % | ||||||||||||||||||
Interest income from related parties | 197 | 405 | (208) | (51.4) | % | ||||||||||||||||||
Miscellaneous revenues | 198 | 324 | (126) | (38.9) | % | ||||||||||||||||||
Total revenues | 104,880 | 115,700 | (10,820) | (9.4) | % | ||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Property operating and maintenance | 14,863 | 15,249 | (386) | (2.5) | % | ||||||||||||||||||
Property salary and benefits | 4,655 | 4,821 | (166) | (3.4) | % | ||||||||||||||||||
Property management costs | 792 | 1,105 | (313) | (28.3) | % | ||||||||||||||||||
Real estate taxes and insurance | 15,806 | 16,140 | (334) | (2.1) | % | ||||||||||||||||||
General and administrative | 7,842 | 7,539 | 303 | 4.0 | % | ||||||||||||||||||
Merger-related costs | 4,913 | — | 4,913 | — | |||||||||||||||||||
Equity compensation to directors and executives | 1,223 | 574 | 649 | 113.1 | % | ||||||||||||||||||
Depreciation and amortization | 38,161 | 45,827 | (7,666) | (16.7) | % | ||||||||||||||||||
Allowance for expected credit losses | 572 | 522 | 50 | 9.6 | % | ||||||||||||||||||
Management internalization expense | 244 | 245 | (1) | (0.4) | % | ||||||||||||||||||
Total operating expenses | 89,071 | 92,022 | (2,951) | (3.2) | % | ||||||||||||||||||
Operating income before gains on sales of real estate and loss from unconsolidated joint venture | 15,809 | 23,678 | (7,869) | (33.2) | % | ||||||||||||||||||
Loss from unconsolidated joint venture | (108) | (194) | 86 | — | |||||||||||||||||||
Gains from sales of real estate | — | 798 | (798) | — | |||||||||||||||||||
Operating income | 15,701 | 24,282 | (8,581) | (35.3) | % | ||||||||||||||||||
Interest expense | 23,160 | 26,991 | (3,831) | (14.2) | % | ||||||||||||||||||
Loss on extinguishment of debt | (363) | — | (363) | — | |||||||||||||||||||
Loss on sale of land | (22) | — | (22) | — | |||||||||||||||||||
Net loss | (7,844) | (2,709) | (5,135) | — | |||||||||||||||||||
Consolidated net loss attributable to non-controlling interests | 30 | 62 | (32) | (51.6) | % | ||||||||||||||||||
Net loss attributable to the Company | $ | (7,814) | $ | (2,647) | $ | (5,167) | — |
New Market Properties, LLC | Three-month periods ended March 31, | Change inc (dec) | ||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | Amount | Percentage | ||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Rental revenues & other property revenues | $ | 27,559 | $ | 26,967 | $ | 592 | 2.2 | % | ||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Property operating and maintenance | 3,910 | 3,468 | 442 | 12.7 | % | |||||||||||||||||||||
Property management fees | 644 | 659 | (15) | (2.3) | % | |||||||||||||||||||||
Real estate taxes and insurance | 4,066 | 4,244 | (178) | (4.2) | % | |||||||||||||||||||||
General and administrative | 1,076 | 905 | 171 | 18.9 | % | |||||||||||||||||||||
Equity compensation to directors and executives | 87 | 30 | 57 | 190.0 | % | |||||||||||||||||||||
Depreciation and amortization | 10,769 | 11,761 | (992) | (8.4) | % | |||||||||||||||||||||
Total operating expenses | 20,552 | 21,067 | (515) | (2.4) | % | |||||||||||||||||||||
Operating income before gain on sale of real estate and loss from unconsolidated joint venture | 7,007 | 5,900 | 1,107 | 18.8 | % | |||||||||||||||||||||
Loss from unconsolidated joint venture | (108) | (194) | 86 | — | ||||||||||||||||||||||
Operating income | 6,899 | 5,706 | 1,193 | 20.9 | % | |||||||||||||||||||||
Interest expense | 6,165 | 6,444 | (279) | (4.3) | % | |||||||||||||||||||||
Loss on sale of land | (22) | — | (22) | — | ||||||||||||||||||||||
Net income (loss) | 712 | (738) | 1,450 | (196.5) | % | |||||||||||||||||||||
Consolidated net income (loss) attributable to non-controlling interests | 58 | (23) | 81 | — | ||||||||||||||||||||||
Net income (loss) attributable to New Market Properties, LLC | $ | 654 | $ | (715) | $ | 1,369 | — |
Acquisition date | Property | Location | Units | |||||||||||||||||
Multifamily Communities: | ||||||||||||||||||||
6/30/2021 | The Ellison | Atlanta, GA | 250 | |||||||||||||||||
7/8/2021 | Alleia at Presidio | Ft. Worth, TX | 231 | |||||||||||||||||
9/14/2021 | The Anson | Nashville, TN | 301 | |||||||||||||||||
9/16/2021 | The Kingson | Fredericksburg, VA | 240 | |||||||||||||||||
9/17/2021 | Chestnut Farm | Charlotte, NC | 256 | |||||||||||||||||
2/25/2022 | Lirio at Rafina | Orlando, FL | 280 | |||||||||||||||||
1,558 |
Disposition date | Property | Location | Units | |||||||||||||||||||||||
Multifamily communities: | ||||||||||||||||||||||||||
7/19/2021 | Vineyards | Houston, TX | 369 | |||||||||||||||||||||||
Office properties: | Leasable square feet | |||||||||||||||||||||||||
7/29/2021 | Galleria 75 | Atlanta, GA | 111,000 | |||||||||||||||||||||||
7/29/2021 | 150 Fayetteville | Raleigh, NC | 560,000 | |||||||||||||||||||||||
7/29/2021 | Capitol Towers | Charlotte, NC | 479,000 | |||||||||||||||||||||||
7/29/2021 | CAPTRUST Tower | Raleigh, NC | 300,000 | |||||||||||||||||||||||
7/29/2021 | Morrocroft Centre | Charlotte, NC | 291,000 | |||||||||||||||||||||||
9/8/2021 | Armour Yards Portfolio | Atlanta, GA | 222,000 | |||||||||||||||||||||||
11/12/2021 | Brookwood Center | Birmingham, AL | 169,000 | |||||||||||||||||||||||
2,132,000 |
Real estate assets (in thousands) | ||||||||
Purchased: | ||||||||
Multifamily communities | $ | 427,276 | ||||||
Sold: | ||||||||
Multifamily communities | $ | (41,233) | ||||||
Office buildings | (465,886) | |||||||
Retail (1) | (432) | |||||||
Total | $ | (507,551) | ||||||
(1) On March 17, 2022, our Royal Lakes property sold an outparcel to a third party. |
Drawn amount of real estate loan and preferred equity investments | |||||||||||
Three-month periods ended March 31, | |||||||||||
(in thousands) | 2022 | 2021 | |||||||||
Beginning balance | $ | 206,270 | $ | 290,156 | |||||||
Fundings | 14,287 | 19,657 | |||||||||
Repayments and loan sales | — | (17,925) | |||||||||
Ending balance | $ | 220,557 | $ | 291,888 |
Reconciliation of FFO Attributable to Common Stockholders and Unitholders, Core FFO and AFFO | |||||||||||||||||||||||
to Net (Loss) Income Attributable to Common Stockholders | |||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||
(In thousands, except per-share figures) | 2022 | 2021 | |||||||||||||||||||||
Net loss attributable to common stockholders (See note 1) | $ | (34,984) | $ | (36,609) | |||||||||||||||||||
Add: | Depreciation of real estate assets | 32,274 | 36,832 | ||||||||||||||||||||
Amortization of acquired intangible assets and deferred leasing costs | 5,620 | 8,710 | |||||||||||||||||||||
Net loss attributable to Class A Unitholders (See note 2) | (64) | (33) | |||||||||||||||||||||
Gain on sale of real estate | — | (798) | |||||||||||||||||||||
FFO attributable to common stockholders and Unitholders | 2,846 | 8,102 | |||||||||||||||||||||
Acquisition and pursuit costs | 100 | 4 | |||||||||||||||||||||
Loan cost amortization on acquisition line of credit and loan coordination fees (See note 3) | 301 | 424 | |||||||||||||||||||||
Payment of costs related to property refinancing | 363 | — | |||||||||||||||||||||
Internalization costs (See note 4) | 244 | 245 | |||||||||||||||||||||
Corporate governance and merger-related costs | 5,291 | — | |||||||||||||||||||||
Deemed dividends for redemptions of and non-cash dividends on preferred stock, plus | |||||||||||||||||||||||
expenses incurred on calls of preferred stock (See note 5) | 1,682 | 3,827 | |||||||||||||||||||||
Expenses related to the COVID-19 global pandemic | — | 54 | |||||||||||||||||||||
Core FFO attributable to common stockholders and Unitholders | 10,827 | 12,656 | |||||||||||||||||||||
Add: | Non-cash equity compensation to directors and executives | 1,223 | 574 | ||||||||||||||||||||
Non-cash income for current expected credit losses (See note 12) | 240 | 117 | |||||||||||||||||||||
Amortization of loan closing costs (See note 6) | 1,294 | 1,212 | |||||||||||||||||||||
Depreciation/amortization of non-real estate assets | 451 | 444 | |||||||||||||||||||||
Net loan origination fees received (See note 7) | 683 | 817 | |||||||||||||||||||||
Deferred interest income received (See note 8) | — | 2,917 | |||||||||||||||||||||
Amortization of lease inducements (See note 9) | 447 | 448 | |||||||||||||||||||||
Cash received in excess of (exceeded by) amortization of purchase option termination revenues (See note 10) | — | 250 | |||||||||||||||||||||
Less: | Non-cash loan interest income (See note 11) | (2,027) | (2,874) | ||||||||||||||||||||
Cash paid for loan closing costs | — | (10) | |||||||||||||||||||||
Amortization of acquired real estate intangible liabilities and straight-line rent adjustments (See note 13) | (1,604) | (3,315) | |||||||||||||||||||||
Amortization of deferred revenues (See note 14) | (940) | (940) | |||||||||||||||||||||
Normally recurring capital expenditures (See note 15) | (1,883) | (3,353) | |||||||||||||||||||||
AFFO attributable to common stockholders and Unitholders | $ | 8,711 | $ | 8,943 | |||||||||||||||||||
Common Stock dividends and distributions to Unitholders declared: | |||||||||||||||||||||||
Common Stock dividends | $ | 10,976 | $ | 8,991 | |||||||||||||||||||
Distributions to Unitholders (See note 2) | 82 | 96 | |||||||||||||||||||||
Total | $ | 11,058 | $ | 9,087 | |||||||||||||||||||
Common Stock dividends and Unitholder distributions per share | $ | 0.175 | $ | 0.175 | |||||||||||||||||||
FFO per weighted average basic share of Common Stock and Unit outstanding | $ | 0.05 | $ | 0.16 | |||||||||||||||||||
Core FFO per weighted average basic share of Common Stock and Unit outstanding | $ | 0.19 | $ | 0.25 | |||||||||||||||||||
AFFO per weighted average basic share of Common Stock and Unit outstanding | $ | 0.15 | $ | 0.18 | |||||||||||||||||||
Weighted average shares of Common Stock and Units outstanding: | |||||||||||||||||||||||
Basic: | |||||||||||||||||||||||
Common Stock | 56,255 | 50,033 | |||||||||||||||||||||
Class A Units | 468 | 610 | |||||||||||||||||||||
Common Stock and Class A Units | 56,723 | 50,643 | |||||||||||||||||||||
Diluted Common Stock and Class A Units (See note 16) | 62,457 | 50,971 | |||||||||||||||||||||
Actual shares of Common Stock outstanding, including 782 and 809 unvested shares | |||||||||||||||||||||||
of restricted Common Stock at March 31, 2022 and 2021, respectively. | 63,711 | 50,904 | |||||||||||||||||||||
Actual Class A Units outstanding at March 31, 2022 and 2021, respectively. | 526 | 548 | |||||||||||||||||||||
Total | 64,237 | 51,452 |
(In thousands, except per-unit amounts) | Capital Expenditures | ||||||||||||||||||||||||||||||||||
Recurring | Non-recurring | Total | |||||||||||||||||||||||||||||||||
Amount | Per Unit | Amount | Per Unit | Amount | Per Unit | ||||||||||||||||||||||||||||||
Appliances | $ | 227 | $ | 18.53 | $ | — | $ | — | $ | 227 | $ | 18.53 | |||||||||||||||||||||||
Carpets | 501 | 40.85 | — | — | 501 | 40.85 | |||||||||||||||||||||||||||||
Wood / vinyl flooring | 30 | 2.47 | 121 | 9.83 | 151 | 12.30 | |||||||||||||||||||||||||||||
Blinds and ceiling fans | 36 | 2.95 | — | — | 36 | 2.95 | |||||||||||||||||||||||||||||
Fire safety | — | — | 79 | 6.44 | 79 | 6.44 | |||||||||||||||||||||||||||||
HVAC | 128 | 10.44 | — | — | 128 | 10.44 | |||||||||||||||||||||||||||||
Computers, equipment, misc. | 56 | 4.55 | 59 | 4.82 | 115 | 9.37 | |||||||||||||||||||||||||||||
Elevators | — | — | 20 | 1.60 | 20 | 1.60 | |||||||||||||||||||||||||||||
Exterior painting and lighting | — | — | 1,101 | 89.83 | 1,101 | 89.83 | |||||||||||||||||||||||||||||
Leasing office and other common amenities | — | — | 257 | 20.97 | 257 | 20.97 | |||||||||||||||||||||||||||||
Major structural | — | — | 551 | 44.97 | 551 | 44.97 | |||||||||||||||||||||||||||||
Cabinets, countertops and unit upgrades | — | — | 487 | 39.73 | 487 | 39.73 | |||||||||||||||||||||||||||||
Landscaping & fencing | — | — | 89 | 7.28 | 89 | 7.28 | |||||||||||||||||||||||||||||
Parking lots and sidewalks | — | — | 56 | 4.58 | 56 | 4.58 | |||||||||||||||||||||||||||||
Signage and sanitation | — | — | 11 | 0.87 | 11 | 0.87 | |||||||||||||||||||||||||||||
$ | 978 | $ | 79.79 | $ | 2,831 | $ | 230.92 | $ | 3,809 | $ | 310.71 |
Principal balance as of | Interest only through date (1) | ||||||||||||||||||||||||||||||||||
(in thousands) | Acquisition/ refinancing date | March 31, 2022 | December 31, 2021 | Maturity date | Interest rate | ||||||||||||||||||||||||||||||
Multifamily communities: | |||||||||||||||||||||||||||||||||||
Retreat at Lenox Village | 12/21/2015 | $ | 16,270 | $ | 16,370 | 1/1/2023 | 4.04 | % | — | ||||||||||||||||||||||||||
Overton Rise | 2/1/2016 | 36,524 | 36,749 | 8/1/2026 | 3.98 | % | — | ||||||||||||||||||||||||||||
City Vista | 7/1/2016 | 31,970 | 32,170 | 7/1/2026 | 3.68 | % | — | ||||||||||||||||||||||||||||
Founders' Village | 3/31/2017 | 28,882 | 29,039 | 4/1/2027 | 4.31 | % | — | ||||||||||||||||||||||||||||
Claiborne Crossing | 4/26/2017 | 24,928 | 25,045 | 6/1/2054 | 2.89 | % | — | ||||||||||||||||||||||||||||
525 Avalon Park | 6/15/2017 | 61,585 | 61,933 | 7/1/2024 | 3.98 | % | — | ||||||||||||||||||||||||||||
Stone Creek | 6/22/2017 | 18,998 | 19,090 | 7/1/2052 | 3.22 | % | — | ||||||||||||||||||||||||||||
Luxe at Lakewood Ranch | 7/26/2017 | 35,944 | 36,147 | 8/1/2027 | 3.93 | % | — | ||||||||||||||||||||||||||||
Adara at Overland Park | 9/27/2017 | 29,233 | 29,397 | 4/1/2028 | 3.90 | % | — | ||||||||||||||||||||||||||||
Reserve at Summit Crossing | 9/29/2017 | 18,381 | 18,487 | 10/1/2024 | 3.87 | % | — | ||||||||||||||||||||||||||||
Summit Crossing | 10/31/2017 | 35,975 | 36,175 | 11/1/2024 | 3.99 | % | — | ||||||||||||||||||||||||||||
Aldridge at Town Village | 10/31/2017 | 34,994 | 35,182 | 11/1/2024 | 4.19 | % | — | ||||||||||||||||||||||||||||
Retreat at Greystone | 11/21/2017 | 32,624 | 32,794 | 12/1/2024 | 4.31 | % | — | ||||||||||||||||||||||||||||
Overlook at Crosstown Walk | 11/21/2017 | 20,494 | 20,607 | 12/1/2024 | 3.95 | % | — | ||||||||||||||||||||||||||||
Colony at Centerpointe | 12/20/2017 | 30,565 | 30,744 | 10/1/2026 | 3.68 | % | — | ||||||||||||||||||||||||||||
Lux at Sorrel | 1/9/2018 | 29,077 | 29,239 | 2/1/2030 | 3.91 | % | — | ||||||||||||||||||||||||||||
Green Park | 2/28/2018 | 36,816 | 37,014 | 3/10/2028 | 4.09 | % | — | ||||||||||||||||||||||||||||
The Lodge at Hidden River | 9/27/2018 | 39,274 | 39,469 | 10/1/2028 | 4.32 | % | — | ||||||||||||||||||||||||||||
Vestavia Reserve | 11/9/2018 | 35,687 | 35,860 | 12/1/2030 | 4.40 | % | — | ||||||||||||||||||||||||||||
CityPark View South | 11/15/2018 | 22,861 | 22,970 | 6/1/2029 | 4.51 | % | — | ||||||||||||||||||||||||||||
Lenox Village Town Center | 2/28/2019 | 37,312 | 37,492 | 3/1/2029 | 4.34 | % | — | ||||||||||||||||||||||||||||
Citi Lakes | 7/29/2019 | 39,329 | 39,535 | 8/1/2029 | 3.66 | % | — | ||||||||||||||||||||||||||||
Artisan at Viera | 8/8/2019 | 38,164 | 38,355 | 9/1/2029 | 3.93 | % | — | ||||||||||||||||||||||||||||
Five Oaks at Westchase | 10/17/2019 | 30,001 | 30,167 | 11/1/2031 | 3.27 | % | — | ||||||||||||||||||||||||||||
Horizon at Wiregrass Ranch | 4/23/2020 | 49,951 | 50,237 | 5/1/2030 | 2.90 | % | — | ||||||||||||||||||||||||||||
Parkside at the Beach | 4/30/2020 | 45,037 | 45,037 | 5/1/2030 | 2.95 | % | 5/31/2022 | ||||||||||||||||||||||||||||
CityPark View | 6/25/2020 | 29,000 | 29,000 | 7/1/2030 | 2.75 | % | 7/31/2023 | ||||||||||||||||||||||||||||
Avenues at Northpointe | 6/29/2020 | 33,546 | 33,546 | 7/1/2027 | 2.79 | % | 7/31/2022 | ||||||||||||||||||||||||||||
Aster at Lely Resort | 6/29/2020 | 50,400 | 50,400 | 7/1/2030 | 2.95 | % | 7/31/2022 | ||||||||||||||||||||||||||||
Avenues at Cypress | 6/30/2020 | 28,366 | 28,366 | 7/1/2027 | 2.96 | % | 7/31/2022 | ||||||||||||||||||||||||||||
Venue at Lakewood Ranch | 6/30/2020 | 36,555 | 36,555 | 7/1/2030 | 2.99 | % | 7/31/2022 | ||||||||||||||||||||||||||||
Crosstown Walk | 6/30/2020 | 46,500 | 46,500 | 7/1/2027 | 2.92 | % | 7/31/2022 |
Table continued from previous page | Principal balance as of | Interest only through date (1) | |||||||||||||||||||||||||||||||||
(in thousands) | Acquisition/ refinancing date | March 31, 2022 | December 31, 2021 | Maturity date | Interest rate | ||||||||||||||||||||||||||||||
Citrus Village | 7/10/2020 | 40,900 | 40,900 | 8/1/2027 | 2.95 | % | 8/31/2022 | ||||||||||||||||||||||||||||
The Blake | 11/2/2020 | 44,435 | 44,435 | 5/1/2030 | 2.82 | % | 12/31/2025 | ||||||||||||||||||||||||||||
The Menlo | 12/15/2020 | 47,000 | 47,000 | 1/1/2031 | 2.68 | % | 1/31/2024 | ||||||||||||||||||||||||||||
Village at Baldwin Park | 2/28/2021 | 68,231 | 68,535 | 1/1/2054 | 3.27 | % | — | ||||||||||||||||||||||||||||
Alleia at Presidio | 7/8/2021 | 35,700 | 35,700 | 8/1/2026 | 2.50 | % | 8/31/2022 | ||||||||||||||||||||||||||||
The Ellison | 8/18/2021 | 48,000 | 48,000 | 9/1/2027 | 2.52 | % | 9/30/2022 | ||||||||||||||||||||||||||||
The Anson | 9/14/2021 | 56,440 | 56,440 | 10/1/2031 | 2.69 | % | 10/31/2022 | ||||||||||||||||||||||||||||
The Kingson | 9/16/2021 | 53,385 | 53,697 | 10/1/2026 | 2.35 | % | — | ||||||||||||||||||||||||||||
Citi Lakes B-Note | 9/24/2021 | 10,344 | 10,390 | 8/1/2029 | 3.85 | % | — | ||||||||||||||||||||||||||||
Sorrel | 9/24/2021 | 47,282 | 47,551 | 10/1/2028 | 2.54 | % | — | ||||||||||||||||||||||||||||
Retreat at Greystone B-note | 10/21/2021 | 7,228 | 7,262 | 12/1/2024 | 3.47 | % | — | ||||||||||||||||||||||||||||
Aldridge at Town Village B-note | 10/21/2021 | 3,647 | 3,664 | 11/1/2024 | 3.46 | % | — | ||||||||||||||||||||||||||||
Chestnut Farm | 2/15/2022 | 52,310 | 51,800 | 3/1/2032 | 3.25 | % | 4/1/2027 | ||||||||||||||||||||||||||||
Lirio at Rafina | 3/30/2022 | 54,000 | — | 4/1/2032 | 3.27 | % | 5/1/2025 | ||||||||||||||||||||||||||||
Summit Crossing II | 6/30/2020 | 20,700 | 20,700 | 7/1/2030 | L + 278 | 7/31/2022 | |||||||||||||||||||||||||||||
Total multifamily communities | 1,674,845 | 1,625,745 | |||||||||||||||||||||||||||||||||
Grocery-anchored shopping centers: | |||||||||||||||||||||||||||||||||||
The Market at Salem Cove | 10/6/2014 | 8,646 | 8,696 | 11/1/2024 | 4.21 | % | — | ||||||||||||||||||||||||||||
Independence Square | 8/27/2015 | 10,829 | 10,902 | 9/1/2022 | 3.93 | % | — | ||||||||||||||||||||||||||||
Summit Point | 10/30/2015 | 10,628 | 10,728 | 11/1/2022 | 3.57 | % | — | ||||||||||||||||||||||||||||
The Overlook at Hamilton Place | 12/22/2015 | 18,535 | 18,648 | 1/1/2026 | 4.19 | % | — | ||||||||||||||||||||||||||||
Wade Green Village | 4/7/2016 | 7,270 | 7,315 | 5/1/2026 | 4.00 | % | — | ||||||||||||||||||||||||||||
East Gate Shopping Center | 4/29/2016 | 4,909 | 4,952 | 5/1/2026 | 3.97 | % | — | ||||||||||||||||||||||||||||
Fury's Ferry | 4/29/2016 | 5,671 | 5,720 | 5/1/2026 | 3.97 | % | — | ||||||||||||||||||||||||||||
Rosewood Shopping Center | 4/29/2016 | 3,809 | 3,842 | 5/1/2026 | 3.97 | % | — | ||||||||||||||||||||||||||||
Southgate Village | 4/29/2016 | 6,771 | 6,830 | 5/1/2026 | 3.97 | % | — | ||||||||||||||||||||||||||||
The Market at Victory Village | 5/16/2016 | 8,537 | 8,582 | 9/11/2024 | 4.40 | % | — | ||||||||||||||||||||||||||||
Lakeland Plaza | 7/15/2016 | 25,551 | 25,771 | 8/1/2026 | 3.85 | % | — | ||||||||||||||||||||||||||||
University Palms | 8/8/2016 | 11,523 | 11,626 | 9/1/2026 | 3.45 | % | — | ||||||||||||||||||||||||||||
Sandy Plains Exchange | 8/8/2016 | 8,049 | 8,121 | 9/1/2026 | 3.45 | % | — | ||||||||||||||||||||||||||||
Thompson Bridge Commons | 8/8/2016 | 10,761 | 10,857 | 9/1/2026 | 3.45 | % | — | ||||||||||||||||||||||||||||
Heritage Station | 8/8/2016 | 7,965 | 8,036 | 9/1/2026 | 3.45 | % | — | ||||||||||||||||||||||||||||
Oak Park Village | 8/8/2016 | 8,219 | 8,292 | 9/1/2026 | 3.45 | % | — | ||||||||||||||||||||||||||||
Shoppes of Parkland | 8/8/2016 | 15,030 | 15,111 | 9/1/2023 | 4.67 | % | — | ||||||||||||||||||||||||||||
Castleberry-Southard | 4/21/2017 | 10,440 | 10,500 | 5/1/2027 | 3.99 | % | — | ||||||||||||||||||||||||||||
Rockbridge Village | 6/6/2017 | 12,935 | 13,011 | 7/5/2027 | 3.73 | % | — |
Table continued from previous page | Principal balance as of | Interest only through date (1) | |||||||||||||||||||||||||||||||||
(in thousands) | Acquisition/ refinancing date | March 31, 2022 | December 31, 2021 | Maturity date | Interest rate | ||||||||||||||||||||||||||||||
Irmo Station | 7/26/2017 | 9,393 | 9,467 | 8/1/2030 | 3.94 | % | — | ||||||||||||||||||||||||||||
Maynard Crossing | 8/25/2017 | 16,307 | 16,439 | 9/1/2032 | 3.74 | % | — | ||||||||||||||||||||||||||||
Woodmont Village | 9/8/2017 | 7,802 | 7,862 | 10/1/2027 | 4.13 | % | — | ||||||||||||||||||||||||||||
West Town Market | 9/22/2017 | 7,943 | 8,008 | 10/1/2025 | 3.65 | % | — | ||||||||||||||||||||||||||||
Crossroads Market | 12/5/2017 | 16,981 | 17,111 | 1/1/2030 | 3.95 | % | — | ||||||||||||||||||||||||||||
Anderson Central | 3/16/2018 | 10,861 | 10,940 | 4/1/2028 | 4.32 | % | — | ||||||||||||||||||||||||||||
Greensboro Village | 5/22/2018 | 7,764 | 7,820 | 6/1/2028 | 4.20 | % | — | ||||||||||||||||||||||||||||
Governors Towne Square | 5/22/2018 | 10,330 | 10,404 | 6/1/2028 | 4.20 | % | — | ||||||||||||||||||||||||||||
Conway Plaza | 6/29/2018 | 9,147 | 9,193 | 7/5/2028 | 4.29 | % | — | ||||||||||||||||||||||||||||
Brawley Commons | 7/6/2018 | 16,937 | 17,056 | 8/1/2028 | 4.36 | % | — | ||||||||||||||||||||||||||||
Hollymead Town Center | 12/21/2018 | 25,325 | 25,491 | 1/1/2029 | 4.64 | % | — | ||||||||||||||||||||||||||||
Gayton Crossing | 1/17/2019 | 16,746 | 16,855 | 2/1/2029 | 4.71 | % | — | ||||||||||||||||||||||||||||
Royal Lakes Marketplace | 4/12/2019 | 9,047 | 9,108 | 5/1/2029 | 4.29 | % | — | ||||||||||||||||||||||||||||
Cherokee Plaza | 4/12/2019 | 23,502 | 23,660 | 5/1/2027 | 4.28 | % | — | ||||||||||||||||||||||||||||
Free State Shopping Center | 5/28/2019 | 44,448 | 44,673 | 6/1/2029 | 3.99 | % | — | ||||||||||||||||||||||||||||
Polo Grounds Mall | 6/12/2019 | 12,670 | 12,735 | 7/1/2034 | 3.93 | % | — | ||||||||||||||||||||||||||||
Disston Plaza | 6/12/2019 | 17,151 | 17,238 | 7/1/2034 | 3.93 | % | — | ||||||||||||||||||||||||||||
Powder Springs | 8/13/2019 | 7,487 | 7,540 | 9/1/2029 | 3.65 | % | (2) | ||||||||||||||||||||||||||||
Deltona Landings | 8/16/2019 | 5,947 | 5,986 | 9/1/2029 | 4.18 | % | — | ||||||||||||||||||||||||||||
Barclay Crossing | 8/16/2019 | 5,894 | 5,933 | 9/1/2029 | 4.18 | % | — | ||||||||||||||||||||||||||||
Parkway Centre | 8/16/2019 | 4,283 | 4,312 | 9/1/2029 | 4.18 | % | — | ||||||||||||||||||||||||||||
Spring Hill Plaza | 9/17/2019 | 7,697 | 7,751 | 10/1/2031 | 3.72 | % | — | ||||||||||||||||||||||||||||
Parkway Town Centre | 9/17/2019 | 7,603 | 7,657 | 10/1/2031 | 3.72 | % | — | ||||||||||||||||||||||||||||
Berry Town Center | 11/14/2019 | 11,493 | 11,554 | 12/1/2034 | 3.49 | % | — | ||||||||||||||||||||||||||||
Hanover Center | 12/19/2019 | 30,190 | 30,402 | 12/19/2026 | 3.62 | % | — | ||||||||||||||||||||||||||||
Wakefield Crossing | 1/29/2020 | 7,473 | 7,525 | 2/1/2032 | 3.66 | % | — | ||||||||||||||||||||||||||||
Midway Market | 4/15/2021 | 9,922 | 9,991 | 5/1/2031 | 3.06 | % | — | ||||||||||||||||||||||||||||
Woodstock Crossing | 11/2/2021 | 5,272 | 5,300 | 12/1/2026 | 2.89 | % | — | ||||||||||||||||||||||||||||
Fairview Market | 12/8/2021 | 7,100 | 7,100 | 12/15/2028 | 2.87 | % | 12/15/2022 | ||||||||||||||||||||||||||||
Fairfield Shopping Center | 8/16/2019 | 19,750 | 19,750 | 8/16/2026 | L + 205 | 8/16/2022 | |||||||||||||||||||||||||||||
Total grocery-anchored shopping centers (3) | 588,543 | 592,401 | |||||||||||||||||||||||||||||||||
Table continued from previous page | Principal balance as of | ||||||||||||||||||||||||||||||||||
(in thousands) | Origination/ refinancing date | March 31, 2022 | December 31, 2021 | Maturity date | Interest rate | Interest only through date (1) | |||||||||||||||||||||||||||||
Office buildings: | |||||||||||||||||||||||||||||||||||
Three Ravinia | 12/30/2016 | 115,193 | 115,500 | 1/1/2042 | 4.46 | % | — | ||||||||||||||||||||||||||||
Westridge at La Cantera | 11/13/2017 | 48,636 | 49,006 | 12/10/2028 | 4.10 | % | — | ||||||||||||||||||||||||||||
Total office buildings | 163,829 | 164,506 | |||||||||||||||||||||||||||||||||
Properties under development: | |||||||||||||||||||||||||||||||||||
The Helmsman (4) | 3/2/2022 | — | — | 9/2/2025 | S + 235 | 9/2/2025 | |||||||||||||||||||||||||||||
Grand total | 2,427,217 | 2,382,652 | |||||||||||||||||||||||||||||||||
Less: deferred loan costs | (34,587) | (35,400) | |||||||||||||||||||||||||||||||||
Less: below market debt adjustment | (3,858) | (3,888) | |||||||||||||||||||||||||||||||||
Mortgage notes, net | $ | 2,388,772 | $ | 2,343,364 |
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) Excludes mortgage debt on the Neapolitan Way grocery-anchored shopping center, which is held in an unconsolidated joint venture. | ||||||||||||||||||||||||||||||||||||||
(4) A construction loan with a maximum borrowing capacity of $42.3 million that accrues interest utilizing SOFR |
Balance (in thousands) | Percentage of total mortgage indebtedness | LIBOR Cap | All-in Cap | ||||||||||||||||||||
Capped floating-rate debt | |||||||||||||||||||||||
Summit Crossing II | $ | 20,700 | 0.85 | % | 2.5 | % | 5.3 | % | |||||||||||||||
Uncapped floating-rate debt | |||||||||||||||||||||||
Fairfield Shopping Center | 19,750 | 0.81 | % | — | — | ||||||||||||||||||
Total floating-rate debt | $ | 40,450 | 1.67 | % |
EXHIBIT INDEX | ||||||||
Exhibit Number | Description | |||||||
2.1 | Agreement and Plan of Merger, dated as of February 16, 2022, by and among Pike Parent LLC, Pike Merger Sub I LLC, Pike Merger Sub II LLC, Pike Merger Sub III LLC, Preferred Apartment Communities, Inc., Preferred Apartment Communities Operating Partnership, L.P., and PAC Operations, LLC (Incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 16, 2022). | |||||||
3.1 | ||||||||
3.2 | ||||||||
3.3 | ||||||||
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: May 9, 2022 | By: | /s/ Joel T. Murphy | |||||||||||||||||||||
Joel T. Murphy | |||||||||||||||||||||||
Chief Executive Officer | |||||||||||||||||||||||
(Principal Executive Officer) | |||||||||||||||||||||||
Date: May 9, 2022 | By: | /s/ John A. Isakson | |||||||||||||||||||||
John A. Isakson | |||||||||||||||||||||||
Chief Financial Officer | |||||||||||||||||||||||
(Principal Financial Officer) |
Date: May 9, 2022 | /s/ Joel T. Murphy | ||||
Joel T. Murphy | |||||
Chief Executive Officer |
•Date: February 28, 2022 | /s/ John A. Isakson | ||||
John A. Isakson | |||||
Chief Financial Officer |
Date: May 9, 2022 | /s/ Joel T. Murphy | |||||||
Joel T. Murphy | ||||||||
Chief Executive Officer |
Date: February 28, 2022 | /s/ John A. Isakson | |||||||
John A. Isakson | ||||||||
Chief Financial Officer |
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Statements of Equity and Accumulated Deficit - USD ($) $ in Thousands |
Total |
Series A Preferred Stock [Member] |
Series A1/M1 Preferred Stock |
Common Stock [Member] |
Common Stock [Member]
Series A Preferred Stock [Member]
|
Common Stock [Member]
Series A1/M1 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
|
Accumulated Deficit [Member] |
Accumulated Deficit [Member]
Series A Preferred Stock [Member]
|
Total Stockholders' Equity [Member] |
Total Stockholders' Equity [Member]
Series A Preferred Stock [Member]
|
Total Stockholders' Equity [Member]
Series A1/M1 Preferred Stock
|
Noncontrolling Interest [Member] |
Noncontrolling Interest [Member]
Series A Preferred Stock [Member]
|
Preferred Stock [Member] |
Preferred Stock [Member]
Series A Preferred Stock [Member]
|
Preferred Stock [Member]
Series A1/M1 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 | $ 37,929 | $ 0 | $ 37,929 | $ 0 | $ 37,929 | $ 0 | ||||||||||||||||||||
Proceeds from Issuance of Common Stock | $ (40,018) | |||||||||||||||||||||||||
Balance at Dec. 31, 2020 | 1,438,448 | $ 500 | $ 1,631,646 | $ (192,446) | $ 1,439,719 | $ (1,271) | 19 | |||||||||||||||||||
Stock Redeemed or Called During Period, Value | (40,038) | 0 | (40,038) | 0 | (40,038) | 0 | 0 | |||||||||||||||||||
Stock Issued During Period, Value, Conversion of Units | 0 | 1 | 733 | 0 | 734 | (734) | 0 | |||||||||||||||||||
amortization of Class A Unit awards | $ (39) | $ 0 | $ 0 | $ 0 | $ 0 | $ (39) | $ 0 | |||||||||||||||||||
Syndication and offering costs | (4,388) | 0 | (4,388) | 0 | (4,388) | 0 | 0 | |||||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | 613 | 0 | 613 | 0 | 613 | 0 | 0 | |||||||||||||||||||
Dividends, Common Stock, Cash | (8,991) | 0 | (8,991) | 0 | (8,991) | 0 | $ 0 | |||||||||||||||||||
Balance at Mar. 31, 2021 | 1,386,853 | 501 | 1,582,193 | (195,093) | 1,387,620 | (767) | 19 | |||||||||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (2,709) | 0 | 0 | (2,647) | (2,647) | (62) | 0 | |||||||||||||||||||
non-controlling interest equity adjustment | 0 | 0 | (1,491) | 0 | (1,491) | 1,491 | 0 | |||||||||||||||||||
Payments to Noncontrolling Interests | (56) | 0 | 0 | 0 | 0 | (56) | 0 | |||||||||||||||||||
us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders | 96 | 0 | 0 | 0 | 0 | 96 | 0 | |||||||||||||||||||
Dividends, Preferred Stock | (11,323) | (33,820) | 0 | (33,820) | 0 | (33,820) | $ 0 | 0 | ||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 3,167 | $ 0 | $ 3,167 | $ 3,167 | $ 0 | |||||||||||||||||||||
Proceeds from Issuance of Common Stock | (19,162) | |||||||||||||||||||||||||
Balance at Dec. 31, 2021 | 1,022,034 | 530 | 1,195,775 | (172,000) | 1,024,321 | (2,287) | 16 | |||||||||||||||||||
Stock Redeemed or Called During Period, Value | (19,180) | 0 | (19,180) | 0 | (19,180) | 0 | ||||||||||||||||||||
Stock Issued During Period, Value, New Issues | 194,033 | 98 | 193,935 | 0 | 194,033 | 0 | ||||||||||||||||||||
Proceeds from Noncontrolling Interests | 2,625 | |||||||||||||||||||||||||
Syndication and offering costs | 2,795 | 0 | 2,795 | 0 | 2,795 | 0 | ||||||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | 971 | 0 | 971 | 0 | 971 | 0 | 0 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 0 | 1 | (1) | 0 | 0 | 0 | 0 | |||||||||||||||||||
Dividends, Common Stock, Cash | (10,976) | 0 | (10,976) | 0 | (10,976) | 0 | $ 0 | |||||||||||||||||||
Balance at Mar. 31, 2022 | 1,154,620 | 629 | 1,333,284 | (179,814) | 1,154,115 | 505 | 16 | |||||||||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (7,844) | 0 | 0 | (7,814) | (7,814) | (30) | 0 | |||||||||||||||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 2,625 | 2,625 | ||||||||||||||||||||||||
non-controlling interest equity adjustment | 0 | 0 | (579) | 0 | (579) | 579 | 0 | |||||||||||||||||||
Payments to Noncontrolling Interests | (300) | 0 | 0 | 0 | 0 | (300) | 0 | |||||||||||||||||||
us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders | 82 | $ 0 | $ 0 | $ 0 | $ 0 | $ 82 | 0 | |||||||||||||||||||
Dividends, Preferred Stock | $ (10,130) | $ (27,033) | $ 0 | $ (27,033) | $ 0 | $ (27,033) | $ 0 | $ 0 |
Statements of Equity and Accumulated Deficit Parenthetical |
3 Months Ended |
---|---|
Mar. 31, 2022
$ / shares
| |
Quarterly dividend declared (in dollars per share) | $ 0.175 |
Pro Forma Financial Information (Details) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Revenues | $ 104,880 | $ 115,700 |
Weighted Average Number of Shares Outstanding, Diluted | 56,255 | 50,033 |
Quarterly Financial Data (Details) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Income Statement [Abstract] | ||
Revenues | $ 104,880 | $ 115,700 |
Operating Income (Loss) | 15,809 | 23,678 |
Net Income (Loss) Attributable to Parent | (7,814) | (2,647) |
Net Income (Loss) Available to Common Stockholders, Basic | $ (34,984) | $ (36,609) |
Earnings Per Share, Basic | $ (0.62) | $ (0.73) |
Weighted Average Number of Shares Outstanding, Diluted | 56,255 | 50,033 |
Organization |
3 Months Ended |
---|---|
Mar. 31, 2022 | |
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. 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 March 31, 2022, the Company owned or was invested in 113 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. Pending Acquisition by Affiliates of BREIT As previously announced, on February 16, 2022, we entered into an agreement and plan of merger (the “Merger Agreement”) with Pike Parent LLC (“Parent”), Pike Merger Sub I LLC (“Merger Sub I”), Pike Merger Sub II LLC (“Merger Sub II”), Pike Merger Sub III LLC (“Merger Sub III” and, together with Parent, Merger Sub I and Merger Sub II, the “Parent Parties”), the Operating Partnership and PAC Operations, LLC (“Operations”). The Parent Parties are affiliates of Blackstone Real Estate Income Trust, Inc. (“BREIT”), which is an affiliate of Blackstone Inc. Pursuant to the Merger Agreement, (i) Merger Sub II will merge with and into the Operating Partnership (the “Partnership Merger”) with the Operating Partnership being the surviving entity and immediately following the consummation of the Partnership Merger, (ii) Operations will merge with and into Merger Sub III (the “Operations Merger”) with Merger Sub III being the surviving entity and immediately following the Operations Merger, (iii) the Company will merge with and into Merger Sub I (the “Company Merger” and, together with the Partnership Merger and the Operations Merger, the “Mergers”) with Merger Sub I being the surviving entity. Pursuant to the Merger Agreement, (i) each share of Common Stock that is issued and outstanding immediately prior to the Mergers will be automatically cancelled and converted into the right to receive $25.00 in cash and (ii) each share of Preferred Stock that is issued and outstanding immediately prior to the Mergers will be automatically cancelled and converted into the right to receive $1,000 in cash, plus any accrued but unpaid dividends, if any, to and including the closing date of the Mergers. Notwithstanding the forgoing, any shares of Common Stock or Preferred Stock held by the Company or any subsidiary of the Company or by the Parent Parties or any of their respective subsidiaries, if any, will no longer be outstanding and will automatically be retired and will cease to exist, and no consideration will be paid in connection with the Mergers. The Mergers are subject to customary closing conditions, including approval by the Company’s common stockholders at a special meeting to be held on June 7, 2022. The Mergers are expected to close on the third business day after the conditions to closing are satisfied or waived, including approval of the Company’s common stockholders of the Mergers. The Company can provide no assurances regarding whether the Mergers will close as expected during the second quarter of 2022, or at all. The board of directors of the Company has unanimously approved the Merger Agreement and has recommended approval of the Mergers by the Company’s common stockholders. Any unexercised warrants to purchase Common Stock of the Company (“Warrants”) will remain outstanding following the completion of the Mergers in accordance with their terms and will be entitled to receive $25.00 in cash less the exercise price for each Warrant for each underlying share of Common Stock. As of March 31, 2022, the Company had 62,929,382 shares of Common Stock issued and outstanding and was the approximate 99.2% 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 526,128 at March 31, 2022 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 Operations, LLC, or Operations (formerly known as PAC Carveout, LLC), a subsidiary of the Operating Partnership. Operations 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, 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, 2021. 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 ended March 31, 2022 and 2021 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 developments related to any variants, 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.
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Significant Accounting Policies |
3 Months Ended |
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Mar. 31, 2022 | |
Summary of Significant Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies Other than the following, 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, 2021. Preferred Equity Investments The Company invests in certain real estate development projects utilizing preferred equity investment instruments. Preferred equity investments pay the Company a fixed return on these investments, that consist of a current monthly return and a deferred return that is paid upon the maturity of the preferred equity investment or the sale of the underlying project and are in all material respects economically equivalent to the Company's real estate loan investments. The Company carries its investments in real estate loans at amortized cost with assessments made for expected loan loss allowances in the event recoverability of the principal amount becomes doubtful. The balances of real estate loans presented on the consolidated balance sheets consist of drawn amounts on the loans and preferred equity investments, net of unamortized deferred loan origination fees and current expected credit losses. Returns on the Company's preferred equity investments are included within the interest income and preferred equity returns line in its consolidated statements of operations. Capitalization and Depreciation The Company capitalizes tenant improvements, replacements of furniture, fixtures and equipment, as well as carpet, appliances, air conditioning units, certain common area items and other assets. Significant repair and renovation costs that improve the usefulness or extend the useful life of the properties are also capitalized. These assets are then depreciated on a straight-line basis over their estimated useful lives, as follows: • Buildings: 30 - 50 years; • Furniture, fixtures & equipment: 3 - 10 years; • Improvements to buildings and land: 5 - 20 years; or • Tenant improvements: shorter of economic life or lease term. Operating expenses related to unit turnover costs, such as carpet cleaning and minor repairs are expensed as incurred. Development projects owned by the Company and the related carrying costs, including interest, property taxes, insurance and allocated direct development salary costs during the construction period, are capitalized and reported in the accompanying Consolidated Balance Sheets as “Construction in progress” during the construction period. Upon completion and certification for occupancy of individual buildings within a development, amounts representing the completed portion of total estimated development costs for the project are transferred to “buildings and improvements”, "tenant improvements" and "furniture, fixtures and equipment" lines as real estate held for investment. Capitalization of interest, property taxes, insurance and allocated direct development salary costs cease upon the transfer and the assets are depreciated over their estimated useful lives.
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Real Estate Assets (Notes) |
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Real Estate Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination Disclosure | At March 31, 2022, the Company had recorded acquired gross intangible assets of $227.0 million, accumulated amortization of $171.6 million, gross intangible liabilities of $70.9 million and accumulated amortization of $38.0 million. Net intangible assets and liabilities as of March 31, 2022 will be amortized over the weighted average remaining amortization periods of approximately 6.4 and 8.2 years, respectively. At March 31, 2022, the Company held restricted cash that totaled approximately $33.5 million. Of this total, $10.6 million was contractually restricted to fund capital expenditures and other property-level commitments such as tenant improvements and leasing commissions. Another $15.8 million was for lender-required escrows for real estate taxes and insurance premiums. 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 $0 and approximately $1.2 million of interest revenue from the amortization of these purchase option terminations for both three-month periods ended March 31, 2022 and 2021, respectively. 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:
Residential Properties Acquired
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Redeemable Preferred Stock |
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Redeemable Stock, Preferred [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 (the "Series A Preferred Stock"), and one Warrant to purchase up to 20 shares of Common Stock (the "$1.5 Billion Unit Offering") expired. The Series A Preferred Stock, Series A1 Redeemable Preferred Stock (the “Series A1 Preferred Stock”), Series M Preferred Stock, par value $0.01 per share (“mShares”), and Series M1 Redeemable Preferred Stock, par value $0.01 per share (the “Series M1 Preferred Stock”), are collectively defined as “Preferred Stock”. During the three-month period ended March 31, 2022, the Company called or redeemed an aggregate of 21,189 shares of Preferred Stock for a total redemption cost of $20.8 million. From January 1, 2022 to February 16, 2022, the Company's active equity offerings consisted of: •an offering of up to 1,000,000 Shares of Series A1 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"). The Company ceased the issuance and sale of Preferred Stock under the Series A1/M1 Offering on February 10, 2022. Pursuant to the Merger Agreement, the Company is restricted from issuing shares of Preferred Stock under the Series A1/M1 Offering and shares of Common Stock under the 2019 ATM Offering. 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 the Series A1/M1 Offering or the 2019 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 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 were each offered at a price of $1,000 per share, subject to adjustment under certain conditions. Aggregate offering expenses of the Series A1/M1 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, were capped at 12.0% of aggregate gross proceeds of the offering. Dealer manager fees and sales commissions for the Series A1/M1 Offering are not reimbursable. 2019 ATM Offering During the three-month period ended March 31, 2022, the Company did not issue or sell any shares of Common Stock under the 2019 ATM Offering.
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Related Party Transactions |
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Related Party Transactions [Abstract] | |
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, (ii) on the thirty-six (36) month anniversary of the closing of the Internalization or (iii) upon a change in control of the Company. 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 Operations 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 current Chairman 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.
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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 per share for both three-month periods ended March 31, 2022 and 2021. 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 March 31, 2022, the Company had 526,128 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 |
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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 January 25, 2022, 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, January 1, 2021 for the 2021 awards and January 1, 2022 for the 2022 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, December 31, 2023 for the 2021 awards and December 31, 2025 for the 2022 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 and 2022 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:
A total of 12,639 and 18,491 PSUs from the 2021 and 2020 grants, respectively, were forfeited during the third quarter 2021. 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 2.93 year, 2.80 year and 2.91 year periods trailing the grant dates was utilized as the expected volatility assumptions for the 2022, 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 2020 and 2021 vested (or are 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 are scheduled to vest on a pro-rata basis on each of the succeeding anniversaries of the grant date. A total of 22,210 shares of unvested restricted stock was forfeited from the 2020 grant through March 31, 2022. 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 are scheduled to vest on a pro-rata basis on each of the succeeding anniversaries of the grant date. A total of 20,112 shares of unvested restricted stock was forfeited from the 2021 grant through March 31, 2022. On January 12, 2022, the Company granted restricted stock to certain of its executives and employees. The fair value per share of $17.35 was based upon the closing price of the Company's Common Stock on the business day preceding the grant date. A total of 178,097 shares representing a fair value of approximately $3.1 million are scheduled to vest on a pro-rata basis on each of the four succeeding anniversaries of the grant date. Class B OP Units As of March 31, 2022, all outstanding 58,466 Class B Units of the Operating Partnership, or Class B OP Units, became earned and converted into Class A OP Units, which are convertible into shares of Common Stock one a one-for-one basis at the option of the holder. 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 and January 12, 2022 may become vested subject only to satisfaction of the service requirement. Because RSUs granted prior to March 15, 2021 were 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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Indebtedness |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Text Block] | Indebtedness Mortgage Notes Payable Financing of real estate assets On March 2, 2022, we originated a construction loan supporting our Helmsman development with a maximum borrowing capacity of $42.3 million, that accrues interest utilizing the Standard Overnight Financing Rate (SOFR) plus 235 basis points. The loan has interest only payments until it matures on September 2, 2025. On March 30, 2022, we financed our Lirio at Rafina multifamily community with a mortgage in the amount of $54.0 million, that bears interest at a fixed rate of 3.27% and matures on April 1, 2032. During the three-month period ended March 31, 2021, we did not originate any financing of our real estate assets. Repayments and refinancings The following table summarizes our mortgage debt refinancing and repayment activity for both three-month periods ended March 31, 2022 and 2021:
The following table summarizes our mortgage notes payable at March 31, 2022:
The mortgage note secured by our Independence Square property is a seven 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 five 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 seven year U.S. treasury security rate plus approximately 400 basis points. As of March 31, 2022, the weighted-average remaining life of deferred loan costs related to the Company's mortgage indebtedness was approximately 8.6 years. Our mortgage notes have maturity dates between September 1, 2022 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 with an option to increase to $300 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 2.50% to 3.50% per annum, depending upon the Company’s leverage ratio. The weighted average interest rate for the Revolving Line of Credit was 3.15% for the three-month period ended March 31, 2022. 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. 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 March 31, 2022, 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 closing of the sale of five office properties and one real estate loan investment. (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 March 31, 2022, the maximum dividends and distributions allowed under this covenant was approximately $169.5 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 March 31, 2022, unamortized loan fees and closing costs for the Credit Facility were approximately $1.6 million, which will be amortized over a remaining loan life of approximately 2.2 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 was 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 accrued 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 matured on March 1, 2022. 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 March 31, 2022 were:
(1) Remaining nine months
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Income Taxes |
3 Months Ended |
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Mar. 31, 2022 | |
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) 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 March 31, 2022 and December 31, 2021. |
Commitments and Contingencies |
3 Months Ended |
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Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In November 2020, the Company filed a lawsuit to collect past due rent owed to the Former Manager of the Company, as sub-landlord pursuant to 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. Also In November 2020, the Company filed a lawsuit to collect past due rent owed to the Former Manager of the Company, as sub-landlord pursuant to an office sublease agreement dated May 1, 2017 by and between the Former Manager and Elevation Development Group, LLC as sub-tenants. On May 4, 2022, the Company settled this suit for a cash payment of $112,500. On January 31, 2020, the Company assumed its Former Manager's -year office lease as amended, which began on October 9, 2014. As of March 31, 2022, the amount of rent due from the Company was $10.9 million over the remaining term of the lease. Following the filing of the preliminary proxy statement in connection with the Merger, plaintiffs filed eight separate lawsuits related to the Company's proxy statement. The results of these legal proceedings are difficult to predict, and could delay or prevent the Merger from becoming effective in a timely manner. Although the ultimate outcome of these matters cannot be predicted with certainty, the Company believes that these lawsuits are without merit, and as such the Company is unable to make an estimate on timing or amounts related to these cases. At March 31, 2022, the Company had unfunded commitments on its real estate loan and preferred equity portfolio of approximately $95.7 million, and on its development joint venture for The Helmsman, $6.2 million of equity to be contributed. At March 31, 2022, the Company had unfunded contractual commitments for tenant, leasing, and capital improvements of approximately $18.5 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. Multifamily Communities - consists of the Company's portfolio of residential 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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Loss per share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 (526 and 548 Units at March 31, 2022, and 2021, 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 1,302 and 1,694 outstanding shares of Series A Preferred Stock at March 31, 2022 and 2021, respectively, and 246 and 184 outstanding shares of Series A1 Preferred Stock at March 31, 2022 and 2021, 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 83 and 87 mShares outstanding at March 31, 2022 and 2021, 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 44 and 21 shares of Series M1 Preferred Stock outstanding at March 31, 2022 and 2021, respectively. (C) The Company's outstanding unvested restricted share awards (782 and 809 shares of Common Stock at March 31, 2022 and 2021, 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 8,239 shares of Common Stock; (ii) 733 shares of unvested restricted common stock; (iii) 29 outstanding Restricted Stock Units; and (iv) 529 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 |
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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 to the Company at the maturity date of the loan, based on the outstanding loan balances at March 31, 2022 and December 31, 2021, 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 |
3 Months Ended |
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Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On April 5, 2022, the Company sold its Champions Village grocery-anchored shopping center in Houston, Texas for $45.0 million and recorded a gain on the sale of approximately $1.9 million. On April 12, 2022, the Company's Vintage Horizon West real estate loan investment was repaid in full. On April 20, 2022, the Company sold its Sweetgrass Corner grocery-anchored shopping center in Charleston, South Carolina for $17.0 million and recorded a gain on the sale of approximately $4.3 million. Between April 1, 2022 and April 30, 2022, the Company issued 1,451,700 shares of common stock at an average price of $19.70 per share from exercises of Warrants and collected approximately $28.6 million.
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Operating Leases (Notes) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Leases | Operating Leases Company as Lessor For both three-month periods ended March 31, 2022 and 2021, the Company recognized rental property revenues of $95.2 million and $101.6 million, respectively, of which $10.5 million and $11.3 million, respectively, represented variable rental revenue. Company as Lessee The Company has one ground lease for which the Company has evaluated its renewal option periods in quantifying its related lessee asset and liability. 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 $243,000 and $235,000 for both three-month periods ended March 31, 2022 and 2021, respectively. The Company recorded lease expense as follows:
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Operating Leases | Operating Leases Company as Lessor For both three-month periods ended March 31, 2022 and 2021, the Company recognized rental property revenues of $95.2 million and $101.6 million, respectively, of which $10.5 million and $11.3 million, respectively, represented variable rental revenue. Company as Lessee The Company has one ground lease for which the Company has evaluated its renewal option periods in quantifying its related lessee asset and liability. 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 $243,000 and $235,000 for both three-month periods ended March 31, 2022 and 2021, respectively. The Company recorded lease expense as follows:
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Significant Accounting Policies Basis of Presentation (Policies) |
3 Months Ended |
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Mar. 31, 2022 | |
Summary of Significant Accounting Policies [Abstract] | |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | he Company |
Goodwill and Intangible Assets, Policy [Policy Text Block] | s |
Real Estate Assets (Tables) |
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real estate owned [Table Text Block] | The Company's real estate assets consisted 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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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] |
On February 11, 2022, we closed on a real estate loan investment of up to approximately $16.7 million to partially finance the development and construction of a 286-unit multifamily community to be located in the Orlando, Florida MSA. The loan pays a current monthly interest rate of 8.5% per annum and accrues additional deferred interest of 3.5% per annum and matures on August 11, 2025, and may be extended to August 11, 2027. On February 28, 2022, we closed on a real estate loan investment of up to approximately $17.2 million to partially finance the development and construction of a 242-unit multifamily community to be located in Naples, Florida. The loan pays a current monthly interest rate of 8.5% per annum and accrues additional deferred interest of 4.25% per annum and matures on February 27, 2026, and may be extended to February 27, 2028.
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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 March 31, 2022:
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Premium Receivable, Allowance for Credit Loss |
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Redeemable Preferred Stock Proceeds and offering costs (Tables) |
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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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Dividends (Tables) |
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Dividends [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Dividends Payable | The Company's dividend and distribution activity consisted of:
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Equity Compensation (Tables) |
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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 2020 and 2021 vested (or are 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:
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Indebtedness (Tables) |
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Schedule of Long-term Debt Instruments [Table Text Block] | Financing of real estate assets On March 2, 2022, we originated a construction loan supporting our Helmsman development with a maximum borrowing capacity of $42.3 million, that accrues interest utilizing the Standard Overnight Financing Rate (SOFR) plus 235 basis points. The loan has interest only payments until it matures on September 2, 2025. On March 30, 2022, we financed our Lirio at Rafina multifamily community with a mortgage in the amount of $54.0 million, that bears interest at a fixed rate of 3.27% and matures on April 1, 2032. During the three-month period ended March 31, 2021, we did not originate any financing of our real estate assets. Repayments and refinancings The following table summarizes our mortgage debt refinancing and repayment activity for both three-month periods ended March 31, 2022 and 2021:
The following table summarizes our mortgage notes payable at March 31, 2022:
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debt covenant [Table Text Block] | As of March 31, 2022, 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 closing of the sale of five office properties and one real estate loan investment. (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 March 31, 2022, the maximum dividends and distributions allowed under this covenant was approximately $169.5 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 March 31, 2022 were:
(1) Remaining nine months
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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) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
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Loss per share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 (526 and 548 Units at March 31, 2022, and 2021, 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 1,302 and 1,694 outstanding shares of Series A Preferred Stock at March 31, 2022 and 2021, respectively, and 246 and 184 outstanding shares of Series A1 Preferred Stock at March 31, 2022 and 2021, 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 83 and 87 mShares outstanding at March 31, 2022 and 2021, 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 44 and 21 shares of Series M1 Preferred Stock outstanding at March 31, 2022 and 2021, respectively. (C) The Company's outstanding unvested restricted share awards (782 and 809 shares of Common Stock at March 31, 2022 and 2021, 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 8,239 shares of Common Stock; (ii) 733 shares of unvested restricted common stock; (iii) 29 outstanding Restricted Stock Units; and (iv) 529 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) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
(1) Remaining nine months
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Lease, Cost | The Company recorded lease expense as follows:
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Organization (Details) |
Mar. 31, 2022
number_of_properties
$ / shares
shares
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Dec. 31, 2021
$ / shares
shares
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Class of Stock [Line Items] | ||
Number of Real Estate Properties | number_of_properties | 113 | |
Common Stock, Shares, Outstanding | 62,929,382 | |
minority interest partnership units outstanding | 526,128 | |
daycountvolweightedavgcalcformarketvalue | 20 | |
Number of States in which Entity Operates | number_of_properties | 13 | |
Preferred Apartment Communities, Inc. | ||
Class of Stock [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 99.20% | |
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 | 62,929,000 | 52,975,000 |
Organization - Adjustments (Details) - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2022 |
Mar. 31, 2021 |
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Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Rental and other property revenues | $ 97,902 | $ 104,459 |
Miscellaneous revenues | 198 | 324 |
Operating Costs and Expenses | 14,863 | 15,249 |
Real estate taxes and insurance | 15,806 | 16,140 |
General and administrative | 7,842 | 7,539 |
Management Internalization expense | $ 244 | $ 245 |
Significant Accounting Policies (Details) - USD ($) shares in Thousands, $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
Jan. 31, 2020 |
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Real Estate Properties [Line Items] | |||
Lease term | 11 years | ||
Accumulated deficit | $ (179,814) | $ (172,000) | |
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 | |
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Mar. 31, 2022 |
Mar. 31, 2021 |
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Depreciation: | ||
Depreciation | $ 32,626,000 | $ 37,223,000 |
Depreciation and amortization | 38,161,000 | 45,827,000 |
Building and Building Improvements [Member] | ||
Depreciation: | ||
Depreciation | 22,935,000 | 26,695,000 |
Furniture and Fixtures [Member] | ||
Depreciation: | ||
Depreciation | 9,691,000 | 10,528,000 |
Finite-Lived Intangible Assets [Member] | ||
Depreciation: | ||
Amortization of Intangible Assets | 5,114,000 | 8,092,000 |
Lease Agreements [Member] | ||
Depreciation: | ||
Amortization of Deferred Leasing Fees | 380,000 | 469,000 |
Website Development [Member] | ||
Depreciation: | ||
amortization website development costs | $ 41,000 | $ 43,000 |
Real Estate Assets - Schedule of Joint Ventures (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
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Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2022 |
Dec. 31, 2021 |
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Business Acquisition | ||||
Assets | $ 3,740,272 | $ 3,563,368 | ||
Liabilities | 2,585,652 | $ 2,541,334 | ||
Rental and other property revenues | 97,902 | $ 104,459 | ||
Costs and Expenses | 89,071 | 92,022 | ||
Interest expense | 23,160 | 26,991 | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (7,844) | (2,709) | ||
Net Income (Loss) Attributable to Parent | (7,814) | (2,647) | ||
Joint Venture | ||||
Business Acquisition | ||||
Assets | 36,443 | $ 36,687 | ||
Liabilities | 24,676 | $ 24,703 | ||
Rental and other property revenues | 880 | 815 | ||
Costs and Expenses | 871 | 973 | ||
Interest expense | 225 | 230 | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (216) | (388) | ||
Net Income (Loss) Attributable to Parent | $ (108) | $ (194) |
Real Estate Loans, Notes Receivable, and Lines of Credit Notes and lines of credit (Details) - USD ($) $ in Thousands |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
line of credit receivable | $ 9,011 | |
HCC [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
line of credit receivable | $ 11,660 | |
Loans and Leases Receivable, Net Amount | $ 8,875 | 9,011 |
interest rate note receivable | 8.00% | |
Mulberry Development Group LLC [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
line of credit receivable | $ 500 | |
Loans and Leases Receivable, Net Amount | $ 0 | 0 |
interest rate note receivable | 12.00% | |
oxford capital partners II [Domain] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
line of credit receivable | $ 3,500 | |
Loans and Leases Receivable, Net Amount | $ 0 | $ 0 |
interest rate note receivable | 10.00% |
Real Estate Loans, Notes Receivable, and Lines of Credit Interest income (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Receivables [Abstract] | ||
interest revenue current pay | $ 4,556 | $ 6,167 |
Accrued exit fee revenue | 1,531 | 2,822 |
Deferred Revenue, Revenue Recognized | 496 | 244 |
amortization of purchase option termination fee income | 0 | 1,229 |
Net loan fee revenue | 6,583 | 10,462 |
interest revenue notes receivable | 197 | 455 |
Interest Income, Deposit Accounts | 0 | 0 |
Interest income on loans and notes receivable | $ 6,780 | $ 10,917 |
Real Estate Loans, Notes Receivable, and Lines of Credit phantom facts (Details) - USD ($) |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2020 |
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 23, 2018 |
|
Mortgage Loans on Real Estate [Line Items] | ||||
line of credit receivable | $ 9,011,000 | |||
Deferred interest rate | 3.56% | 3.53% | ||
current interest rate | 8.57% | 8.58% | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | |||
Oxford Capital Partners LLC [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Line Of Credit Amount Collateralized By Principals, Percentage | 25.00% | |||
Payments for Line of Credit, Required Payments | $ 5,000,000.0 | |||
Amount Collateralized By Principals | $ 2,000,000.0 | |||
HCC [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
line of credit receivable | $ 11,660,000 | |||
interest rate note receivable | 8.00% | |||
HCC [Member] | Shopping Center In Atlanta Georgia [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 49.49% |
Real Estate Loans, Notes Receivable, and Lines of Credit - Allowance for Expected Credit Loss (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for expected credit losses | $ 572 | $ 522 |
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) | 332 | 405 |
Existing Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | $ 240 | $ 117 |
Acquired Intangible Assets amortization (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Liabilities | $ 70,900 | |
Revenues | 104,880 | $ 115,700 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 15,701 | $ 24,282 |
Related Party Transactions (Details) |
3 Months Ended | ||||
---|---|---|---|---|---|
Feb. 14, 2020
USD ($)
|
Jan. 31, 2020
USD ($)
$ / shares
|
Mar. 31, 2022
USD ($)
number_of_properties
shares
|
Mar. 31, 2021 |
Dec. 31, 2021
USD ($)
|
|
Related Party Transaction [Line Items] | |||||
Common Stock, Shares, Outstanding | shares | 62,929,382 | ||||
Number of Real Estate Properties | number_of_properties | 113 | ||||
line of credit receivable | $ 9,011,000 | ||||
Sale Of Stock, Maximum Consideration Received On Transaction | $ 1,500,000,000 | ||||
Interest Receivable | $ 18,569,000 | 17,038,000 | |||
Gross Purchase Price, Real Estate Assets, Percentage | 1.00% | 1.00% | |||
Loan Origination Fee, Percentage | 1.00% | 1.00% | |||
loan coordination fee percentage | 0.60% | 0.60% | |||
Asset Management Fee, Percentage | 0.04% | 0.04% | |||
Property Management Fee, Percentage | 4.00% | 4.00% | |||
General and Administrative Expense Fee, Percentage | 2.00% | 2.00% | |||
Disposition Fee, Percentage | 1.00% | 1.00% | |||
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, (ii) on the thirty-six (36) month anniversary of the closing of the Internalization or (iii) upon a change in control of the Company. 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 Operations 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 current Chairman 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.
|
||||
Former Manager and Sub-Manager [Member] | |||||
Related Party Transaction [Line Items] | |||||
Business Acquisition, Payment Period | 36 months | ||||
Former Manager and Sub-Manager [Member] | |||||
Related Party Transaction [Line Items] | |||||
Business Acquisition, Transaction Costs | $ 154,000,000 | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 25,000,000 | ||||
Business Combination, Specified Matters Holdback Amount | $ 15,000,000 | ||||
Former Manager and Sub-Manager [Member] | Minimum [Member] | |||||
Related Party Transaction [Line Items] | |||||
Share Price | $ / shares | $ 1.55 | ||||
PAC Carveout, LLC [Member] | |||||
Related Party Transaction [Line Items] | |||||
Sale of Stock, Consideration Received Per Transaction | $ 111,100,000 | ||||
HCC [Member] | |||||
Related Party Transaction [Line Items] | |||||
Loans and Leases Receivable, Net Amount | $ 8,875,000 | $ 9,011,000 | |||
line of credit receivable | $ 11,660,000 | ||||
Loan Receivable Default Interest Rate | 10.00% | ||||
interest rate note receivable | 8.00% |
Dividends NCI (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Equity [Abstract] | ||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 82 | $ 96 |
Equity Compensation Committee Fee Grants (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2021 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation | $ 572,000 | $ 522,000 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation | $ 733,000 | ||
Performance based restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 79,808 | 272,929 |
Equity Compensation Warrant (Details) |
3 Months Ended |
---|---|
Mar. 31, 2022
$ / shares
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Quarterly dividend declared (in dollars per share) | $ 0.175 |
Equity Compensation Class B OP Units (Details) |
Mar. 31, 2022
shares
|
---|---|
2018 Award | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Class B Units Outstanding (shares) | 58,466 |
Indebtedness debt covenants (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
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 | $ 169,500,000 | |
Minimum Net Worth Required for Compliance | $ 1,900,000,000 | |
debt yield | 9.88% | |
payout ratio | 87.60% | |
Total leverage ratio | 55.60% |
Income Taxes (Details) - USD ($) |
Mar. 31, 2022 |
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 |
Mar. 31, 2022 |
Jan. 31, 2020 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Lease term | 11 years | |
Unfunded Tenant Leasing Commissions and Tenant Allowances | $ 18.5 | |
real estate loan balances unfunded | $ 95.7 |
Subsequent Events (Details) $ / shares in Units, $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2022
USD ($)
number_of_properties
$ / shares
|
Mar. 31, 2021
USD ($)
|
Dec. 31, 2021 |
|
Subsequent Event [Line Items] | |||
Quarterly dividend declared (in dollars per share) | $ / shares | $ 0.175 | ||
Proceeds from Issuance of Common Stock | $ (19,162) | $ (40,018) | |
Number of units in real estate property | 12,332 | 12,052 | |
Loss on sale of land | $ (22) | $ 0 | |
Multifamily Properties | |||
Subsequent Event [Line Items] | |||
Number of units in real estate property | number_of_properties | 1 |
Schedule IV (Details) |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2022 |
Dec. 31, 2021 |
|
Mortgage Loans on Real Estate [Line Items] | ||
current interest rate | 8.57% | 8.58% |
Deferred interest rate | 3.56% | 3.53% |
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