Maryland | 27-1712193 | ||||
(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
|
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Common Stock, par value $.01 per share | APTS | NYSE |
TABLE OF CONTENTS | |||||||||||
FINANCIAL INFORMATION |
Page No.
|
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PART I
|
|||||||||||
1. | Business | 1 | |||||||||
1A.
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Risk Factors | 9 | |||||||||
1B.
|
Unresolved Staff Comments | 28 | |||||||||
2. | Properties | 29 | |||||||||
3. | Legal Proceedings | 34 | |||||||||
4. | Mine Safety Disclosures | 34 | |||||||||
PART II | |||||||||||
5. | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 34 | |||||||||
6. | Selected Financial Data | 36 | |||||||||
7. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 36 | |||||||||
7A. | Quantitative and Qualitative Disclosures about Market Risk | 67 | |||||||||
8. | Financial Statements and Supplementary Data | 67 | |||||||||
9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 67 | |||||||||
9A. | Controls and Procedures | 68 | |||||||||
9B. | Other Information | 68 | |||||||||
PART III | |||||||||||
10. | Directors, Executive Officers and Corporate Governance | 69 | |||||||||
11. | Executive Compensation | 69 | |||||||||
12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 69 | |||||||||
13. | Certain Relationships and Related Transactions, and Director Independence | 69 | |||||||||
14. | Principal Accountant Fees and Services | 69 | |||||||||
PART IV | |||||||||||
15. | Exhibits and Financial Statement Schedules | 70 | |||||||||
16. | Form 10-K Summary | 126 |
Carrying value of real estate assets and real estate-related loans, in millions: | Percentage | ||||||||||
Florida | $ | 1,149.3 | 29.4 | % | |||||||
Georgia | 790.6 | 20.2 | % | ||||||||
North Carolina | 806.2 | 20.6 | % | ||||||||
Texas | 293.7 | 7.5 | % | ||||||||
Virginia | 209.9 | 5.4 | % | ||||||||
Tennessee | 157.2 | 4.0 | % | ||||||||
Alabama | 142.4 | 3.6 | % | ||||||||
California | 120.1 | 3.1 | % | ||||||||
South Carolina | 76.4 | 2.0 | % | ||||||||
Maryland | 63.1 | 1.6 | % | ||||||||
Pennsylvania | 37.1 | 0.9 | % | ||||||||
Kansas | 35.6 | 0.9 | % | ||||||||
Kentucky | 32.0 | 0.8 | % | ||||||||
Total | $ | 3,913.6 | 100.0 | % |
Property | Location | Year constructed | Number of Units | Average Unit Size (sq. ft.) |
Average Rent per Unit (1)
|
|||||||||||||||||||||||||||
Summit Crossing | Atlanta, GA | 2007 | 345 | 1,034 | $ | 1,253 | ||||||||||||||||||||||||||
Summit Crossing II | Atlanta, GA | 2013 | 140 | 1,100 | $ | 1,366 | ||||||||||||||||||||||||||
The Reserve at Summit Crossing | Atlanta, GA | 2017 | 172 | 1,002 | $ | 1,344 | ||||||||||||||||||||||||||
Vineyards | Houston, TX | 2003 | 369 | 1,122 | $ | 1,202 | ||||||||||||||||||||||||||
Aster at Lely Resort | Naples, FL | 2015 | 308 | 1,071 | $ | 1,439 | ||||||||||||||||||||||||||
CityPark View Property: | ||||||||||||||||||||||||||||||||
CityPark View | Charlotte, NC | 2014 | 284 | 948 | $ | 1,166 | ||||||||||||||||||||||||||
CityPark View South | Charlotte, NC | 2017 | 200 | 1,005 | $ | 1,274 | ||||||||||||||||||||||||||
Avenues at Cypress | Houston, TX | 2014 | 240 | 1,170 | $ | 1,455 | ||||||||||||||||||||||||||
Venue at Lakewood Ranch | Sarasota, FL | 2015 | 237 | 1,001 | $ | 1,515 | ||||||||||||||||||||||||||
Citi Lakes | Orlando, FL | 2014 | 346 | 984 | $ | 1,468 | ||||||||||||||||||||||||||
Avenues at Northpointe | Houston, TX | 2013 | 280 | 1,167 | $ | 1,395 | ||||||||||||||||||||||||||
Lenox Village Property: | ||||||||||||||||||||||||||||||||
Lenox Village | Nashville, TN | 2009 | 273 | 906 | $ | 1,309 | ||||||||||||||||||||||||||
Regent at Lenox Village | Nashville, TN | 2009 | 18 | 1,072 | $ | 1,399 | ||||||||||||||||||||||||||
Retreat at Lenox Village | Nashville, TN | 2015 | 183 | 773 | $ | 1,254 | ||||||||||||||||||||||||||
Stone Creek | Houston, TX | 2009 | 246 | 852 | $ | 1,201 | ||||||||||||||||||||||||||
Overton Rise | Atlanta, GA | 2015 | 294 | 1,018 | $ | 1,595 | ||||||||||||||||||||||||||
Village at Baldwin Park | Orlando, FL | 2008 | 528 | 1,069 | $ | 1,661 | ||||||||||||||||||||||||||
Crosstown Walk Property: | ||||||||||||||||||||||||||||||||
Crosstown Walk | Tampa, FL | 2014 | 342 | 1,070 | $ | 1,341 | ||||||||||||||||||||||||||
Overlook at Crosstown Walk | Tampa, FL | 2016 | 180 | 986 | $ | 1,413 | ||||||||||||||||||||||||||
525 Avalon Park | Orlando, FL | 2008 | 487 | 1,394 | $ | 1,512 | ||||||||||||||||||||||||||
Sorrel | Jacksonville, FL | 2015 | 290 | 1,048 | $ | 1,342 | ||||||||||||||||||||||||||
Retreat at Greystone | Birmingham, AL | 2015 | 312 | 1,100 | $ | 1,376 | ||||||||||||||||||||||||||
Citrus Village | Tampa, FL | 2011 | 296 | 980 | $ | 1,353 | ||||||||||||||||||||||||||
Founders Village | Williamsburg, VA | 2014 | 247 | 1,070 | $ | 1,399 | ||||||||||||||||||||||||||
Claiborne Crossing | Louisville, KY | 2014 | 242 | 1,204 | $ | 1,345 | ||||||||||||||||||||||||||
Luxe at Lakewood Ranch | Sarasota, FL | 2016 | 280 | 1,105 | $ | 1,490 | ||||||||||||||||||||||||||
Adara Overland Park | Kansas City, KS | 2016 | 260 | 1,116 | $ | 1,374 | ||||||||||||||||||||||||||
Aldridge at Town Village | Atlanta, GA | 2016 | 300 | 969 | $ | 1,419 | ||||||||||||||||||||||||||
Colony at Centerpointe | Richmond, VA | 2016 | 255 | 1,149 | $ | 1,397 | ||||||||||||||||||||||||||
City Vista (2)
|
Pittsburgh, PA | 2014 | 272 | 1,023 | $ | 1,457 | ||||||||||||||||||||||||||
Lux at Sorrel | Jacksonville, FL | 2017 | 265 | 1,025 | $ | 1,383 | ||||||||||||||||||||||||||
Green Park | Atlanta, GA | 2017 | 310 | 985 | $ | 1,489 | ||||||||||||||||||||||||||
Lodge at Hidden River | Tampa, FL | 2017 | 300 | 980 | $ | 1,397 | ||||||||||||||||||||||||||
Vestavia Reserve | Birmingham, AL | 2016 | 272 | 1,113 | $ | 1,554 | ||||||||||||||||||||||||||
Artisan at Viera | Melbourne, FL | 2018 | 259 | 1,070 | $ | 1,682 | ||||||||||||||||||||||||||
Five Oaks at Westchase | Tampa, FL | 2019 | 218 | 983 | $ | 1,504 | ||||||||||||||||||||||||||
Horizon at Wiregrass | Tampa, FL | 2018 | 392 | 973 | $ | 1,505 | ||||||||||||||||||||||||||
Parkside at the Beach | Panama City Beach, FL | 2019 | 288 | 1,041 | $ | 1,390 | ||||||||||||||||||||||||||
The Blake | Orlando, FL | 2019 | 281 | 908 | $ | — | ||||||||||||||||||||||||||
The Menlo | Jacksonville, FL | 2020 | 332 | 966 | $ | — | ||||||||||||||||||||||||||
11,143 | ||||||||||||||||||||||||||||||||
(1) Data is only presented for stabilized properties owned by us for at least three months. Values are based on leasing activity from the quarter-ended December 31, 2020.
|
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(2) We own approximately 96% of the joint venture that controls the City Vista multifamily community.
|
Property name | Location | Year built |
GLA (1)
|
Percent leased | Grocery anchor tenant | ||||||||||||||||||||||||
Castleberry-Southard | Atlanta, GA | 2006 | 80,018 | 98.3 | % | Publix | |||||||||||||||||||||||
Cherokee Plaza | Atlanta, GA | 1958 | 102,864 | 100.0 | % | Kroger | |||||||||||||||||||||||
Governors Towne Square | Atlanta, GA | 2004 | 68,658 | 95.9 | % | Publix | |||||||||||||||||||||||
Lakeland Plaza | Atlanta, GA | 1990 | 301,711 | 95.3 | % | Sprouts | |||||||||||||||||||||||
Powder Springs | Atlanta, GA | 1999 | 77,853 | 92.5 | % | Publix | |||||||||||||||||||||||
Rockbridge Village | Atlanta, GA | 2005 | 102,432 | 84.4 | % | Kroger | |||||||||||||||||||||||
Roswell Wieuca Shopping Center | Atlanta, GA | 2007 | 74,370 | 97.8 | % | The Fresh Market | |||||||||||||||||||||||
Royal Lakes Marketplace | Atlanta, GA | 2008 | 119,493 | 91.4 | % | Kroger | |||||||||||||||||||||||
Sandy Plains Exchange | Atlanta, GA | 1997 | 72,784 | 98.8 | % | Publix | |||||||||||||||||||||||
Summit Point | Atlanta, GA | 2004 | 111,970 | 83.9 | % | Publix | |||||||||||||||||||||||
Thompson Bridge Commons | Atlanta, GA | 2001 | 92,587 | 97.5 | % | Kroger | |||||||||||||||||||||||
Wade Green Village | Atlanta, GA | 1993 | 74,978 | 95.9 | % | Publix | |||||||||||||||||||||||
Woodmont Village | Atlanta, GA | 2002 | 85,639 | 98.6 | % | Kroger | |||||||||||||||||||||||
Woodstock Crossing | Atlanta, GA | 1994 | 66,122 | 100.0 | % | Kroger | |||||||||||||||||||||||
East Gate Shopping Center | Augusta, GA | 1995 | 75,716 | 90.4 | % | Publix | |||||||||||||||||||||||
Fury's Ferry | Augusta, GA | 1996 | 70,458 | 93.2 | % | Publix | |||||||||||||||||||||||
Parkway Centre | Columbus, GA | 1999 | 53,088 | 97.7 | % | Publix | |||||||||||||||||||||||
Greensboro Village | Nashville, TN | 2005 | 70,203 | 98.3 | % | Publix | |||||||||||||||||||||||
Spring Hill Plaza | Nashville, TN | 2005 | 66,693 | 100.0 | % | Publix | |||||||||||||||||||||||
Parkway Town Centre | Nashville, TN | 2005 | 65,587 | 100.0 | % | Publix | |||||||||||||||||||||||
The Market at Salem Cove | Nashville, TN | 2010 | 62,356 | 100.0 | % | Publix | |||||||||||||||||||||||
The Market at Victory Village | Nashville, TN | 2007 | 71,300 | 100.0 | % | Publix | |||||||||||||||||||||||
The Overlook at Hamilton Place | Chattanooga, TN | 1992 | 213,095 | 99.3 | % | The Fresh Market | |||||||||||||||||||||||
Shoppes of Parkland | Miami-Ft. Lauderdale, FL | 2000 | 145,720 | 100.0 | % | BJ's Wholesale Club | |||||||||||||||||||||||
Crossroads Market | Naples, FL | 1993 | 126,895 | 98.6 | % | Publix | |||||||||||||||||||||||
Neapolitan Way (2)
|
Naples, FL | 1985 | 137,580 | 91.5 | % | Publix | |||||||||||||||||||||||
Berry Town Center | Orlando, FL | 2003 | 99,441 | 83.0 | % | Publix | |||||||||||||||||||||||
Deltona Landings | Orlando, FL | 1999 | 59,966 | 98.4 | % | Publix | |||||||||||||||||||||||
University Palms | Orlando, FL | 1993 | 99,172 | 98.9 | % | Publix | |||||||||||||||||||||||
Disston Plaza | Tampa-St. Petersburg, FL | 1954 | 129,150 | 97.5 | % | Publix | |||||||||||||||||||||||
Barclay Crossing | Tampa, FL | 1998 | 54,958 | 100.0 | % | Publix | |||||||||||||||||||||||
Polo Grounds Mall | West Palm Beach, FL | 1966 | 130,285 | 100.0 | % | Publix | |||||||||||||||||||||||
Kingwood Glen | Houston, TX | 1998 | 103,397 | 97.1 | % | Kroger | |||||||||||||||||||||||
Independence Square | Dallas, TX | 1977 | 140,218 | 86.6 | % | Tom Thumb | |||||||||||||||||||||||
Midway Market | Dallas, TX | 2002 | 85,599 | 90.3 | % | Kroger | |||||||||||||||||||||||
Oak Park Village | San Antonio, TX | 1970 | 64,855 | 100.0 | % | H.E.B. | |||||||||||||||||||||||
Irmo Station | Columbia, SC | 1980 | 99,384 | 90.8 | % | Kroger | |||||||||||||||||||||||
Rosewood Shopping Center | Columbia, SC | 2002 | 36,887 | 93.5 | % | Publix | |||||||||||||||||||||||
Anderson Central | Greenville Spartanburg, SC | 1999 | 223,211 | 94.2 | % | Walmart | |||||||||||||||||||||||
Fairview Market | Greenville Spartanburg, SC | 1998 | 46,303 | 97.0 | % | Aldi | |||||||||||||||||||||||
Brawley Commons | Charlotte, NC | 1997 | 122,028 | 99.2 | % | Publix | |||||||||||||||||||||||
West Town Market | Charlotte, NC | 2004 | 67,883 | 100.0 | % | Harris Teeter | |||||||||||||||||||||||
Heritage Station | Raleigh, NC | 2004 | 72,946 | 100.0 | % | Harris Teeter | |||||||||||||||||||||||
Maynard Crossing | Raleigh, NC | 1996 | 122,781 | 92.7 | % | Harris Teeter | |||||||||||||||||||||||
Wakefield Crossing | Raleigh, NC | 2001 | 75,927 | 98.2 | % | Food Lion | |||||||||||||||||||||||
Southgate Village | Birmingham, AL | 1988 | 75,092 | 96.8 | % | Publix | |||||||||||||||||||||||
Hollymead Town Center | Charlottesville, VA | 2005 | 158,807 | 92.8 | % | Harris Teeter | |||||||||||||||||||||||
Free State Shopping Center | Washington, DC | 1970 | 264,152 | 97.3 | % | Giant | |||||||||||||||||||||||
4,922,612 | 95.6 | % | |||||||||||||||||||||||||||
Redevelopment properties: | |||||||||||||||||||||||||||||
Champions Village | Houston, TX | 1973 | 383,346 | 68.8 | % | Randalls | |||||||||||||||||||||||
Sweetgrass Corner | Charleston, SC | 1999 | 89,124 | 29.1 | % |
(3)
|
|||||||||||||||||||||||
Conway Plaza | Orlando, FL | 1966 | 117,705 | 76.3 | % | Publix | |||||||||||||||||||||||
Hanover Center (4)
|
Wilmington, NC | 1954 | 305,346 | 81.1 | % | Harris Teeter | |||||||||||||||||||||||
Gayton Crossing | Richmond, VA | 1983 | 158,316 |
(5)
|
76.1 | % | Kroger | ||||||||||||||||||||||
Fairfield Shopping Center (4)
|
Virginia Beach, VA | 1985 | 231,829 | 86.2 | % | Food Lion | |||||||||||||||||||||||
1,285,666 | 73.7 | % | |||||||||||||||||||||||||||
Grand total/weighted average | 6,208,278 | 91.0 | % |
Grocery Anchor Tenant | GLA | % of total GLA | ||||||||||||
Publix | 1,179,030 | 19.0 | % | |||||||||||
Kroger | 581,593 | 9.4 | % | |||||||||||
Harris Teeter | 273,273 | 4.4 | % | |||||||||||
Wal-Mart | 183,211 | 3.0 | % | |||||||||||
BJ's Wholesale Club | 108,532 | 1.7 | % | |||||||||||
Food Lion | 76,523 | 1.2 | % | |||||||||||
Giant | 73,149 | 1.2 | % | |||||||||||
Randall's | 61,604 | 1.0 | % | |||||||||||
H.E.B | 54,844 | 0.9 | % | |||||||||||
Tom Thumb | 43,600 | 0.7 | % | |||||||||||
The Fresh Market | 43,321 | 0.7 | % | |||||||||||
Sprouts | 29,855 | 0.5 | % | |||||||||||
Aldi | 23,622 | 0.4 | % | |||||||||||
Total | 2,732,157 | 44.1 | % |
Totals | ||||||||||||||||||||
Number of leases | Leased GLA | Percent of leased GLA | ||||||||||||||||||
Month to month | 14 | 26,085 | 0.5 | % | ||||||||||||||||
2021 | 150 | 430,821 | 7.6 | % | ||||||||||||||||
2022 | 183 | 634,522 | 11.3 | % | ||||||||||||||||
2023 | 149 | 650,023 | 11.5 | % | ||||||||||||||||
2024 | 129 | 1,184,959 | 21.0 | % | ||||||||||||||||
2025 | 122 | 981,750 | 17.4 | % | ||||||||||||||||
2026 | 48 | 368,268 | 6.5 | % | ||||||||||||||||
2027 | 29 | 193,733 | 3.4 | % | ||||||||||||||||
2028 | 28 | 357,227 | 6.3 | % | ||||||||||||||||
2029 | 25 | 151,566 | 2.7 | % | ||||||||||||||||
2030 | 16 | 114,687 | 2.0 | % | ||||||||||||||||
2031 + | 20 | 547,821 | 9.8 | % | ||||||||||||||||
Total | 913 | 5,641,462 | 100.0 | % |
Property Name | Location | GLA | Percent leased | |||||||||||||||||
Three Ravinia | Atlanta, GA | 814,000 | 92 | % | ||||||||||||||||
150 Fayetteville | Raleigh, NC | 560,000 | 91 | % | ||||||||||||||||
Capitol Towers | Charlotte, NC | 479,000 | 98 | % | ||||||||||||||||
CAPTRUST Tower | Raleigh, NC | 300,000 | 98 | % | ||||||||||||||||
Westridge at La Cantera | San Antonio, TX | 258,000 | 100 | % | ||||||||||||||||
Morrocroft Centre | Charlotte, NC | 291,000 | 95 | % | ||||||||||||||||
Armour Yards | Atlanta, GA | 187,000 | 93 | % | ||||||||||||||||
Brookwood Center | Birmingham, AL | 169,000 | 100 | % | ||||||||||||||||
Galleria 75 | Atlanta, GA | 111,000 | 90 | % | ||||||||||||||||
Total/Average | 3,169,000 | 95 | % | |||||||||||||||||
Rentable square footage | Percent of Annual Base Rent | Annual Base Rent (in thousands) | |||||||||||||||||||||
InterContinental Hotels Group | 495,000 | 13.8 | % | $ | 11,876 | ||||||||||||||||||
Albemarle | 162,000 | 6.6 | % | 5,727 | |||||||||||||||||||
CapFinancial | 105,000 | 4.3 | % | 3,738 | |||||||||||||||||||
United Services Automobile Association | 129,000 | 3.7 | % | 3,196 | |||||||||||||||||||
Vericast | 129,000 | 3.4 | % | 2,953 | |||||||||||||||||||
1,020,000 | 31.8 | % | 27,490 |
Office building portfolio | ||||||||||||||
Percent of | ||||||||||||||
Year of lease expiration | Rented square | rented | ||||||||||||
feet | square feet | |||||||||||||
2021 | 215,000 | 7.3 | % | |||||||||||
2022 | 128,000 | 4.3 | % | |||||||||||
2023 | 124,000 | 4.2 | % | |||||||||||
2024 | 279,000 | 9.4 | % | |||||||||||
2025 | 255,000 | 8.6 | % | |||||||||||
2026 | 265,000 | 8.9 | % | |||||||||||
2027 | 328,000 | 11.1 | % | |||||||||||
2028 | 246,000 | 8.3 | % | |||||||||||
2029 | 57,000 | 1.9 | % | |||||||||||
2030 | 177,000 | 6.0 | % | |||||||||||
2031 + | 888,000 | 30.0 | % | |||||||||||
Total | 2,962,000 | 100.0 | % |
Three months ended December 31, | Year ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | % change | 2020 | 2019 | % change | ||||||||||||||||||||||||||||||||||||
Revenues (in thousands)
|
$ | 121,121 | $ | 124,866 | (3.0) | % | $ | 502,197 | $ | 470,427 | 6.8 | % | |||||||||||||||||||||||||||||
Per share data: | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) (1)
|
$ | (0.77) | $ | (0.71) | (8.5) | % | $ | (6.95) | $ | (2.73) | — | ||||||||||||||||||||||||||||||
FFO (2)
|
$ | (0.20) | $ | 0.31 | — | $ | (3.36) | $ | 1.37 | — | |||||||||||||||||||||||||||||||
Core FFO (2)
|
$ | 0.31 | $ | 0.35 | (11.4) | % | $ | 1.07 | $ | 1.49 | (28.2) | % | |||||||||||||||||||||||||||||
AFFO (2)
|
$ | 0.25 | $ | 0.35 | (28.6) | % | $ | 0.83 | $ | 1.02 | (18.6) | % | |||||||||||||||||||||||||||||
Dividends (3)
|
$ | 0.175 | $ | 0.2625 | (33.3) | % | $ | 0.7875 | $ | 1.0475 | (24.8) | % | |||||||||||||||||||||||||||||
Cash Collections of 2020 Recurring Rental Revenues (1)
|
||||||||||||||||||||||||||||||||||||||
Unadjusted for rent deferrals: | First quarter | Second quarter | Third quarter | October | November | December | ||||||||||||||||||||||||||||||||
Multifamily | 99.9 | % | 98.8 | % | 99.0 | % | 99.0 | % | 99.1 | % | 99.1 | % | ||||||||||||||||||||||||||
Office | 99.9 | % | 98.1 | % | 99.7 | % | 99.9 | % | 100.0 | % | 99.4 | % | ||||||||||||||||||||||||||
Grocery-anchored retail (2)
|
99.5 | % | 91.7 | % | 95.9 | % | 97.3 | % | 97.2 | % | 97.8 | % | ||||||||||||||||||||||||||
Cash Collections of 2020 Recurring Rental Revenues (1)
|
||||||||||||||||||||||||||||||||||||||
Adjusted for rent deferrals: | First quarter | Second quarter | Third quarter | October | November | December | ||||||||||||||||||||||||||||||||
Multifamily | 99.9 | % | 99.4 | % | 99.0 | % | 99.0 | % | 99.1 | % | 99.1 | % | ||||||||||||||||||||||||||
Office | 99.9 | % | 99.9 | % | 100.0 | % | 99.9 | % | 100.0 | % | 99.4 | % | ||||||||||||||||||||||||||
Grocery-anchored retail (2)
|
99.6 | % | 96.8 | % | 97.6 | % | 98.2 | % | 98.0 | % | 97.9 | % | ||||||||||||||||||||||||||
2020 Monthly Occupancy and Percentages Leased
|
||||||||||||||||||||||||||||||||||||||
First quarter | Second quarter | Third quarter | October | November | December | |||||||||||||||||||||||||||||||||
Occupancy: | ||||||||||||||||||||||||||||||||||||||
Multifamily (stabilized) (1)
|
95.5 | % | 94.7 | % | 95.6 | % | 95.4 | % | 95.8 | % | 95.6 | % | ||||||||||||||||||||||||||
Percent leased: (2)
|
||||||||||||||||||||||||||||||||||||||
Office | 96.7 | % | 96.2 | % | 95.5 | % | 95.4 | % | 95.4 | % | 94.7 | % | ||||||||||||||||||||||||||
Grocery-anchored retail (3)
|
92.6 | % | 92.7 | % | 92.5 | % | 92.4 | % | 91.1 | % | 91.0 | % |
Preferred Apartment Communities, Inc. | Years ended December 31, | Change inc (dec) | ||||||||||||||||||||||||
2020 | 2019 | Amount | Percentage | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Rental and other property revenues | $ | 445,815 | $ | 406,916 | $ | 38,899 | 9.6 | % | ||||||||||||||||||
Interest income on loans and notes receivable | 46,610 | 49,542 | (2,932) | (5.9) | % | |||||||||||||||||||||
Interest income from related parties | 4,235 | 11,946 | (7,711) | (64.5) | % | |||||||||||||||||||||
Miscellaneous revenues | 5,537 | 2,023 | 3,514 | 173.7 | % | |||||||||||||||||||||
Total revenues | 502,197 | 470,427 | 31,770 | 6.8 | % | |||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Property operating and maintenance | 69,255 | 59,845 | 9,410 | 15.7 | % | |||||||||||||||||||||
Property salary and benefits | 22,377 | 20,693 | 1,684 | 8.1 | % | |||||||||||||||||||||
Property management fees | 4,989 | 13,981 | (8,992) | (64.3) | % | |||||||||||||||||||||
Real estate taxes and insurance | 63,294 | 56,832 | 6,462 | 11.4 | % | |||||||||||||||||||||
General and administrative | 30,809 | 5,773 | 25,036 | 433.7 | % | |||||||||||||||||||||
Equity compensation to directors and executives | 1,644 | 1,223 | 421 | 34.4 | % | |||||||||||||||||||||
Depreciation and amortization | 201,677 | 185,065 | 16,612 | 9.0 | % | |||||||||||||||||||||
Asset management and general and administrative expense fees to related parties | 3,099 | 33,516 | (30,417) | (90.8) | % | |||||||||||||||||||||
Provision for expected credit losses | 6,103 | 2,038 | 4,065 | 199.5 | % | |||||||||||||||||||||
Management Internalization expense | 180,116 | 2,987 | 177,129 | 5,930.0 | % | |||||||||||||||||||||
Total operating expenses | 583,363 | 381,953 | 201,410 | 52.7 | % | |||||||||||||||||||||
Waived asset management and general and administrative expense fees | (1,136) | (11,764) | 10,628 | (90.3) | % | |||||||||||||||||||||
Net operating expenses | 582,227 | 370,189 | 212,038 | 57.3 | % | |||||||||||||||||||||
Operating income (loss) before gains on sales of real estate and loss from unconsolidated joint venture | (80,030) | 100,238 | (180,268) | — | ||||||||||||||||||||||
Loss from unconsolidated joint venture | (314) | — | (314) | — | ||||||||||||||||||||||
Gain on sale of real estate and mortgage-backed securities, net | 23,456 | 1,567 | 21,889 | 1,396.9 | % | |||||||||||||||||||||
Operating income (loss) | (56,888) | 101,805 | (158,693) | — | ||||||||||||||||||||||
Interest expense | 118,558 | 111,964 | 6,594 | 5.9 | % | |||||||||||||||||||||
Change in fair value of net assets of consolidated VIE from mortgage-backed pool | — | 1,831 | (1,831) | — | ||||||||||||||||||||||
(Loss) on extinguishment of debt | (6,674) | (84) | (6,590) | 7,845.2 | % | |||||||||||||||||||||
Gain (loss) on sale of real estate loan investment and land condemnation | 517 | 954 | (437) | (45.8) | % | |||||||||||||||||||||
Net loss | (181,603) | (7,458) | (174,145) | — | ||||||||||||||||||||||
Consolidated net loss attributable to non-controlling interests | 3,815 | 214 | 3,601 | 1,682.7 | % | |||||||||||||||||||||
Net income (loss) attributable to the Company | $ | (177,788) | $ | (7,244) | $ | (170,544) | — |
New Market Properties, LLC | Years ended December 31, | Change inc (dec) | ||||||||||||||||||||||||
2020 | 2019 | Amount | Percentage | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Rental and other property revenues | $ | 107,361 | $ | 94,628 | $ | 12,733 | 13.5 | % | ||||||||||||||||||
Interest income on notes receivable | 164 | 1,761 | (1,597) | (90.7) | % | |||||||||||||||||||||
Total revenues | 107,525 | 96,389 | 11,136 | 11.6 | % | |||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Property operating and maintenance | 13,359 | 10,746 | 2,613 | 24.3 | % | |||||||||||||||||||||
Property management fees | 2,480 | 3,318 | (838) | (25.3) | % | |||||||||||||||||||||
Real estate taxes and insurance | 15,154 | 13,087 | 2,067 | 15.8 | % | |||||||||||||||||||||
General and administrative | 2,886 | 735 | 2,151 | 292.7 | % | |||||||||||||||||||||
Equity compensation to directors and executives | 104 | 70 | 34 | 48.6 | % | |||||||||||||||||||||
Depreciation and amortization | 51,813 | 44,786 | 7,027 | 15.7 | % | |||||||||||||||||||||
Asset management and general and administrative expense fees to related parties | 720 | 7,242 | (6,522) | (90.1) | % | |||||||||||||||||||||
Total operating expenses | 86,516 | 79,984 | 6,532 | 8.2 | % | |||||||||||||||||||||
Waived asset management and general and administrative expense fees | (17) | (382) | 365 | — | ||||||||||||||||||||||
Net operating expenses | 86,499 | 79,602 | 6,897 | 8.7 | % | |||||||||||||||||||||
Operating income before gain on sale of real estate and loss from unconsolidated joint venture | 21,026 | 16,787 | 4,239 | 25.3 | % | |||||||||||||||||||||
Loss from unconsolidated joint venture | (314) | — | (314) | — | ||||||||||||||||||||||
Gain on sale of real estate, net | 3,261 | — | 3,261 | — | ||||||||||||||||||||||
Operating income | 23,973 | 16,787 | 7,186 | 42.8 | % | |||||||||||||||||||||
Interest expense | 26,379 | 24,566 | 1,813 | 7.4 | % | |||||||||||||||||||||
Loss on extinguishment of debt | — | (68) | 68 | (100.0) | % | |||||||||||||||||||||
Gain on land condemnation | 528 | — | 528 | — | ||||||||||||||||||||||
Net loss | $ | (1,878) | $ | (7,847) | $ | 5,969 | — | |||||||||||||||||||
Consolidated net (income) loss attributable to non-controlling interests | (100) | (55) | (45) | — | ||||||||||||||||||||||
Net loss attributable to the Company | $ | (1,778) | $ | (7,792) | $ | 6,014 | — |
Acquisition date | Property | Location | Units | Beds | Leasable square feet | |||||||||||||||||||||||||||||||||
Multifamily communities: | ||||||||||||||||||||||||||||||||||||||
8/8/2019 | Artisan at Viera | Melbourne, FL | 259 | - | - | |||||||||||||||||||||||||||||||||
9/18/2019 | Five Oaks at Westchase | Tampa, FL | 218 | - | - | |||||||||||||||||||||||||||||||||
3/31/2020 | Horizon at Wiregrass | Tampa, FL | 392 | - | - | |||||||||||||||||||||||||||||||||
4/30/2020 | Parkside at the Beach | Panama City Beach, FL | 288 | - | - | |||||||||||||||||||||||||||||||||
11/2/2020 | The Blake | Orlando, FL | 281 | - | - | |||||||||||||||||||||||||||||||||
12/15/2020 | The Menlo | Jacksonville, FL | 332 | - | - | |||||||||||||||||||||||||||||||||
New Market Properties: | ||||||||||||||||||||||||||||||||||||||
1/17/2019 | Gayton Crossing | Richmond, VA | - | - | 158,316 | |||||||||||||||||||||||||||||||||
5/28/2019 | Free State Shopping Center | Washington, D.C. | - | - | 264,152 | |||||||||||||||||||||||||||||||||
6/12/2019 | Disston Plaza | Tampa - St. Petersburg, FL | - | - | 129,150 | |||||||||||||||||||||||||||||||||
6/12/2019 | Polo Grounds Mall | West Palm Beach, FL | - | - | 130,285 | |||||||||||||||||||||||||||||||||
8/16/2019 |
Fairfield Shopping Center (1)
|
Virginia Beach, VA | - | - | 231,829 | |||||||||||||||||||||||||||||||||
11/14/2019 | Berry Town Center | Orlando, FL | - | - | 99,441 | |||||||||||||||||||||||||||||||||
12/19/2019 |
Hanover Shopping Center (1)
|
Wilmington, NC | - | - | 305,346 | |||||||||||||||||||||||||||||||||
1/29/2020 | Wakefield Crossing | Raleigh, NC | - | - | 75,927 | |||||||||||||||||||||||||||||||||
3/19/2020 | Midway Market | Dallas, TX | - | - | 85,599 | |||||||||||||||||||||||||||||||||
Student housing property: | ||||||||||||||||||||||||||||||||||||||
3/27/2019 | Rush | Charlotte, NC | 322 | 887 | - | |||||||||||||||||||||||||||||||||
Preferred Office Properties: | ||||||||||||||||||||||||||||||||||||||
7/25/2019 |
CAPTRUST Tower (1)
|
Raleigh, NC | - | - | 300,000 | |||||||||||||||||||||||||||||||||
7/31/2019 | 251 Armour | Atlanta, GA | - | - | 35,000 | |||||||||||||||||||||||||||||||||
12/20/2019 |
Morrocroft Centre (1)
|
Charlotte, NC | - | - | 291,000 | |||||||||||||||||||||||||||||||||
2,092 | 887 | 2,106,045 |
Disposition date | Property | Location | Units | Beds | |||||||||||||||||||||||||
Student housing properties: | |||||||||||||||||||||||||||||
11/3/2020 | North by Northwest | Tallahassee, FL | 219 | 679 | |||||||||||||||||||||||||
11/3/2020 |
SoL
|
Tempe, AZ | 224 | 639 | |||||||||||||||||||||||||
11/3/2020 | Stadium Village | Atlanta, GA | 198 | 792 | |||||||||||||||||||||||||
11/3/2020 | Ursa | Waco, TX | 250 | 840 | |||||||||||||||||||||||||
11/3/2020 | The Tradition | College Station, TX | 427 | 808 | |||||||||||||||||||||||||
11/3/2020 | Knightshade | Orlando, FL | 221 | 894 | |||||||||||||||||||||||||
11/3/2020 | The Bloc | Lubbock, TX | 140 | 556 | |||||||||||||||||||||||||
11/3/2020 | Rush | Charlotte, NC | 332 | 887 | |||||||||||||||||||||||||
Multifamily community: | |||||||||||||||||||||||||||||
11/12/2020 | Avenues at Creekside | San Antonio, TX | 395 | — |
Capital Expenditures | |||||||||||||||||||||||||||||||||||
Recurring | Non-recurring | Total | |||||||||||||||||||||||||||||||||
(In thousands, except per-unit amounts) | Amount | Per Unit | Amount | Per Unit | Amount | Per Unit | |||||||||||||||||||||||||||||
Appliances
|
$ | 683 | $ | 63.64 | $ | — | $ | — | $ | 683 | $ | 63.64 | |||||||||||||||||||||||
Carpets | 1,736 | 161.63 | — | — | 1,736 | 161.63 | |||||||||||||||||||||||||||||
Wood flooring / vinyl | 125 | 11.70 | 440 | 41.00 | 565 | 52.70 | |||||||||||||||||||||||||||||
Blinds and ceiling fans | 187 | 17.39 | — | — | 187 | 17.39 | |||||||||||||||||||||||||||||
Fire safety | — | — | 528 | 49.20 | 528 | 49.20 | |||||||||||||||||||||||||||||
Furnace, air (HVAC) | 610 | 56.79 | — | — | 610 | 56.79 | |||||||||||||||||||||||||||||
Computers, equipment, misc. | 134 | 12.48 | 210 | 19.55 | 344 | 32.03 | |||||||||||||||||||||||||||||
Elevators | — | — | 104 | 9.68 | 104 | 9.68 | |||||||||||||||||||||||||||||
Exterior painting | — | — | 782 | 72.83 | 782 | 72.83 | |||||||||||||||||||||||||||||
Leasing office / common amenities | 114 | 10.60 | 771 | 71.78 | 885 | 82.38 | |||||||||||||||||||||||||||||
Major structural | — | — | 2,457 | 228.82 | 2,457 | 228.82 | |||||||||||||||||||||||||||||
Cabinets & countertops and unit upgrades | — | — | 1,146 | 106.63 | 1,146 | 106.63 | |||||||||||||||||||||||||||||
Landscaping & fencing | — | — | 513 | 47.72 | 513 | 47.72 | |||||||||||||||||||||||||||||
Parking lot | — | — | 308 | 28.69 | 308 | 28.69 | |||||||||||||||||||||||||||||
Signage and sanitation | — | — | 145 | 13.50 | 145 | 13.50 | |||||||||||||||||||||||||||||
$ | 3,589 | $ | 334.23 | $ | 7,404 | $ | 689.40 | $ | 10,993 | $ | 1,023.63 |
Capital Expenditures | |||||||||||||||||||||||||||||||||||
Recurring | Non-recurring | Total | |||||||||||||||||||||||||||||||||
(In thousands, except per-unit amounts) | Amount | Per Bed | Amount | Per Bed | Amount | Per Bed | |||||||||||||||||||||||||||||
Appliances
|
$ | 108 | $ | 21.01 | $ | — | $ | — | $ | 108 | $ | 21.01 | |||||||||||||||||||||||
Carpets | 209 | 40.70 | — | — | 209 | 40.70 | |||||||||||||||||||||||||||||
Wood flooring / vinyl | 10 | 1.78 | 1 | 0.28 | 11 | 2.06 | |||||||||||||||||||||||||||||
Blinds and ceiling fans | 22 | 4.23 | — | — | 22 | 4.23 | |||||||||||||||||||||||||||||
Fire safety | — | — | 97 | 18.98 | 97 | 18.98 | |||||||||||||||||||||||||||||
Furnace, air (HVAC) | 190 | 37.07 | — | — | 190 | 37.07 | |||||||||||||||||||||||||||||
Computers, equipment, misc. | 48 | 9.50 | 81 | 15.77 | 129 | 25.27 | |||||||||||||||||||||||||||||
Elevators | — | — | 22 | 4.35 | 22 | 4.35 | |||||||||||||||||||||||||||||
Exterior painting | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Leasing office / common amenities | 77 | 14.92 | 119 | 23.20 | 196 | 38.12 | |||||||||||||||||||||||||||||
Major structural | — | — | 766 | 149.42 | 766 | 149.42 | |||||||||||||||||||||||||||||
Cabinets & countertops and unit upgrades | — | — | 11 | 2.12 | 11 | 2.12 | |||||||||||||||||||||||||||||
Landscaping & fencing | — | — | 54 | 10.42 | 54 | 10.42 | |||||||||||||||||||||||||||||
Parking lot | — | — | 5 | 1.05 | 5 | 1.05 | |||||||||||||||||||||||||||||
Signage and sanitation | — | — | 59 | 11.43 | 59 | 11.43 | |||||||||||||||||||||||||||||
Unit furniture | 448 | 87.44 | — | — | 448 | 87.44 | |||||||||||||||||||||||||||||
$ | 1,112 | $ | 216.65 | $ | 1,215 | $ | 237.02 | $ | 2,327 | $ | 453.67 |
(In thousands) | Total | Less than one year | 1-3 years | 3-5 years | More than five years | |||||||||||||||||||||||||||
Principal payments: | ||||||||||||||||||||||||||||||||
Mortgage debt | $ | 2,640,705 | $ | 103,759 | $ | 186,902 | $ | 347,630 | $ | 2,002,414 | ||||||||||||||||||||||
Line of credit | 22,000 | 22,000 | — | — | — | |||||||||||||||||||||||||||
Total principal | $ | 2,662,705 | $ | 125,759 | $ | 186,902 | $ | 347,630 | $ | 2,002,414 | ||||||||||||||||||||||
Interest payments: | ||||||||||||||||||||||||||||||||
Mortgage debt | $ | 804,510 | $ | 99,199 | $ | 186,789 | $ | 163,108 | $ | 355,413 | ||||||||||||||||||||||
Line of credit | 20 | 20 | — | — | — | |||||||||||||||||||||||||||
Total interest | $ | 804,530 | $ | 99,219 | $ | 186,789 | $ | 163,108 | $ | 355,413 |
Balance
(in thousands)
|
Percentage of total mortgage indebtedness | LIBOR Cap | All-in Cap | ||||||||||||||||||||
Summit Crossing II | $ | 20,700 | 2.5 | % | 5.3 | % | |||||||||||||||||
Total capped floating-rate debt | 20,700 | 0.8 | % | ||||||||||||||||||||
Champions Village | 27,400 | — | — | ||||||||||||||||||||
Fairfield Shopping Center | 19,750 | — | — | ||||||||||||||||||||
Total uncapped floating-rate debt | 47,150 | 1.8 | % | ||||||||||||||||||||
Total floating-rate debt | $ | 67,850 | 2.6 | % |
Preferred Apartment Communities, Inc. | ||||||||||||||
Consolidated Balance Sheets | ||||||||||||||
(In thousands, except per-share par values) | December 31, 2020 | December 31, 2019 | ||||||||||||
Assets | ||||||||||||||
Real estate | ||||||||||||||
Land | $ | 605,282 | $ | 635,757 | ||||||||||
Building and improvements | 3,034,727 | 3,256,223 | ||||||||||||
Tenant improvements | 184,288 | 167,275 | ||||||||||||
Furniture, fixtures, and equipment | 306,725 | 323,381 | ||||||||||||
Construction in progress | 12,269 | 11,893 | ||||||||||||
Gross real estate | 4,143,291 | 4,394,529 | ||||||||||||
Less: accumulated depreciation | (509,547) | (421,551) | ||||||||||||
Net real estate | 3,633,744 | 3,972,978 | ||||||||||||
Real estate loan investments, net of deferred fee income and allowance for expected credit loss of $10,261 and $1,460 | 279,895 | 325,790 | ||||||||||||
Real estate loan investments to related parties, net of deferred fee income and allowance of $0 and $1,640
|
— | 23,692 | ||||||||||||
Total real estate and real estate loan investments, net | 3,913,639 | 4,322,460 | ||||||||||||
Cash and cash equivalents | 28,657 | 94,381 | ||||||||||||
Restricted cash | 47,059 | 42,872 | ||||||||||||
Notes receivable | 1,863 | 17,079 | ||||||||||||
Note receivable and revolving line of credit due from related party | 9,011 | 24,838 | ||||||||||||
Accrued interest receivable on real estate loans | 22,528 | 25,755 | ||||||||||||
Acquired intangible assets, net of amortization of $169,718 and $149,896 | 127,138 | 154,803 | ||||||||||||
Deferred loan costs on Revolving Line of Credit, net of amortization of $1,544 and $849 | 714 | 1,286 | ||||||||||||
Deferred offering costs | 4,786 | 2,147 | ||||||||||||
Tenant lease inducements, net of amortization of $5,350 and $3,567 | 18,206 | 19,607 | ||||||||||||
Investment in unconsolidated joint venture | 6,657 | — | ||||||||||||
Tenant receivables and other assets | 100,821 | 65,332 | ||||||||||||
Total assets | $ | 4,281,079 | $ | 4,770,560 | ||||||||||
Liabilities and equity | ||||||||||||||
Liabilities | ||||||||||||||
Mortgage notes payable, net of deferred loan costs and mark-to-market adjustment of $46,241 and $42,807 | $ | 2,594,464 | $ | 2,567,022 | ||||||||||
Revolving line of credit | 22,000 | — | ||||||||||||
Term note payable, net of deferred loan costs of $0 and $511 | — | 69,489 | ||||||||||||
Unearned purchase option termination fees | 723 | 2,859 | ||||||||||||
Deferred revenue | 36,010 | 39,722 | ||||||||||||
Accounts payable and accrued expenses | 41,912 | 42,191 | ||||||||||||
Deferred liability to Former Manager | 23,335 | — | ||||||||||||
Contingent liability due to Former Manager | 14,814 | — | ||||||||||||
Accrued interest payable | 7,877 | 8,152 | ||||||||||||
Dividends and partnership distributions payable | 20,137 | 23,519 | ||||||||||||
Acquired below market lease intangibles, net of amortization of $34,006 and $23,655 | 51,934 | 62,611 | ||||||||||||
Prepaid rent, security deposits, and other liabilities | 29,425 | 20,879 | ||||||||||||
Total liabilities | 2,842,631 | 2,836,444 | ||||||||||||
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 and 2,161 shares | ||||||||||||||
issued; 1,735 and 2,028 shares outstanding at December 31, 2020 and December 31, 2019, respectively
|
17 | 20 | ||||||||||||
Series A1 Redeemable Preferred Stock, $0.01 par value per share; up to 1,000 shares authorized; 149 and 5 shares | ||||||||||||||
issued and outstanding at December 31, 2020 and December 31, 2019, respectively
|
1 | — | ||||||||||||
Series M Redeemable Preferred Stock, $0.01 par value per share; 500 shares authorized; 106 shares issued; | ||||||||||||||
89 and 103 shares outstanding at December 31, 2020 and December 31, 2019, respectively
|
1 | 1 | ||||||||||||
Series M1 Redeemable Preferred Stock, $0.01 par value per share; up to 1,000 shares authorized; 19 and zero shares | ||||||||||||||
issued and outstanding at December 31, 2020 and December 31, 2019, respectively
|
— | — | ||||||||||||
Common Stock, $0.01 par value per share; 400,067 shares authorized; 49,994 and 46,443 shares issued and | ||||||||||||||
outstanding at December 31, 2020 and December 31, 2019, respectively
|
500 | 464 | ||||||||||||
Additional paid-in capital | 1,631,646 | 1,938,057 | ||||||||||||
Accumulated (deficit) earnings | (192,446) | (7,244) | ||||||||||||
Total stockholders' equity | 1,439,719 | 1,931,298 | ||||||||||||
Non-controlling interest | (1,271) | 2,818 | ||||||||||||
Total equity | 1,438,448 | 1,934,116 | ||||||||||||
Total liabilities and equity | $ | 4,281,079 | $ | 4,770,560 |
Preferred Apartment Communities, Inc. | |||||||||||||||||
Consolidated Statements of Operations | |||||||||||||||||
(In thousands, except per-share figures) | Year ended December 31, | ||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Revenues: | |||||||||||||||||
Rental and other property revenues | $ | 445,815 | $ | 406,916 | $ | 331,465 | |||||||||||
Interest income on loans and notes receivable | 46,610 | 49,542 | 50,190 | ||||||||||||||
Interest income from related parties | 4,235 | 11,946 | 15,616 | ||||||||||||||
Miscellaneous revenues | 5,537 | 2,023 | — | ||||||||||||||
Total revenues | 502,197 | 470,427 | 397,271 | ||||||||||||||
Operating expenses: | |||||||||||||||||
Property operating and maintenance | 69,255 | 59,845 | 51,006 | ||||||||||||||
Property salary and benefits (including reimbursements of $1,430, $18,054 and $16,276 to related party) | 22,377 | 20,693 | 17,766 | ||||||||||||||
Property management costs (including $894, $10,307 and $8,976 to related party) | 4,989 | 13,981 | 11,681 | ||||||||||||||
Real estate taxes and insurance | 63,294 | 56,832 | 47,020 | ||||||||||||||
General and administrative | 30,809 | 5,773 | 3,464 | ||||||||||||||
Equity compensation to directors and executives | 1,644 | 1,223 | 1,703 | ||||||||||||||
Depreciation and amortization | 201,677 | 185,065 | 171,136 | ||||||||||||||
Asset management and general and administrative expense fees to related party | 3,099 | 33,516 | 27,541 | ||||||||||||||
Allowance for expected credit losses | 6,103 | 2,038 | 2,533 | ||||||||||||||
Management Internalization expense | 180,116 | 2,987 | — | ||||||||||||||
Total operating expenses | 583,363 | 381,953 | 333,850 | ||||||||||||||
Waived asset management and general and administrative expense fees | (1,136) | (11,764) | (6,656) | ||||||||||||||
Net operating expenses | 582,227 | 370,189 | 327,194 | ||||||||||||||
Operating income (loss) before gains on sales of real estate and loss from unconsolidated joint venture | (80,030) | 100,238 | 70,077 | ||||||||||||||
Loss from unconsolidated joint ventures | (314) | — | — | ||||||||||||||
Gains on sales of real estate and mortgage-backed securities, net | 23,456 | 1,567 | 69,705 | ||||||||||||||
Operating income (loss) | (56,888) | 101,805 | 139,782 | ||||||||||||||
Interest expense | 118,558 | 111,964 | 95,564 | ||||||||||||||
Change in fair value of net assets of consolidated VIEs from mortgage-backed pools | — | 1,831 | 320 | ||||||||||||||
Loss on extinguishments of debt | (6,674) | (84) | — | ||||||||||||||
Gains on sale of real estate loan investment and land condemnation | 517 | 954 | — | ||||||||||||||
Net (loss) income | (181,603) | (7,458) | 44,538 | ||||||||||||||
Net loss (income) attributable to non-controlling interests | 3,815 | 214 | (1,071) | ||||||||||||||
Net (loss) income attributable to the Company | (177,788) | (7,244) | 43,467 | ||||||||||||||
Dividends declared to preferred stockholders | (160,908) | (113,772) | (86,741) | ||||||||||||||
Earnings attributable to unvested restricted stock | (205) | (17) | (16) | ||||||||||||||
Net loss attributable to common stockholders | $ | (338,901) | $ | (121,033) | $ | (43,290) | |||||||||||
Net loss per share of Common Stock available to common stockholders, basic and diluted | $ | (6.95) | $ | (2.73) | $ | (1.08) | |||||||||||
Weighted average number of shares of Common Stock outstanding, basic and diluted | 48,743 | 44,265 | 40,032 |
Preferred Apartment Communities, Inc. | ||||||||||||||||||||||||||||||||||||||||||||
Consolidated Statements of Stockholders' Equity, continued | ||||||||||||||||||||||||||||||||||||||||||||
For the years ended December 31, 2020, 2019 and 2018 | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except dividend per-share figures) |
Series A and
Series M Redeemable Preferred Stock |
Common Stock | Additional Paid in Capital | Accumulated Earnings | Total Stockholders' Equity | Non-Controlling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | $ | 21 | $ | 464 | $ | 1,938,057 | $ | (7,244) | $ | 1,931,298 | $ | 2,818 | $ | 1,934,116 | ||||||||||||||||||||||||||||||
Cumulative adjustment to reflect the adoption of ASU 2016-13 | — | — | — | (7,414) | (7,414) | — | (7,414) | |||||||||||||||||||||||||||||||||||||
Issuance of Series A Units | 1 | — | 64,483 | — | 64,484 | — | 64,484 | |||||||||||||||||||||||||||||||||||||
Issuance of Series A1/M1 preferred shares | 2 | — | 163,144 | — | 163,146 | — | 163,146 | |||||||||||||||||||||||||||||||||||||
At-the-market issuance of common stock | — | 6 | 4,608 | — | 4,614 | — | 4,614 | |||||||||||||||||||||||||||||||||||||
Exercises of warrants | — | — | 8 | — | 8 | — | 8 | |||||||||||||||||||||||||||||||||||||
Redemptions of preferred stock | (5) | 28 | (314,290) | — | (314,267) | — | (314,267) | |||||||||||||||||||||||||||||||||||||
Syndication and offering costs | — | — | (25,935) | — | (25,935) | — | (25,935) | |||||||||||||||||||||||||||||||||||||
Equity compensation to executives and directors | — | — | 1,397 | — | 1,397 | — | 1,397 | |||||||||||||||||||||||||||||||||||||
Conversion of Class A Units to common stock | — | 2 | 2,236 | — | 2,238 | (2,238) | — | |||||||||||||||||||||||||||||||||||||
Current period amortization of Class B Units | — | — | — | — | — | 247 | 247 | |||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | (177,788) | (177,788) | (3,815) | (181,603) | |||||||||||||||||||||||||||||||||||||
Contributions from non-controlling interests | — | — | — | — | — | 186 | 186 | |||||||||||||||||||||||||||||||||||||
Reallocation of non-controlling interest to Class A Unitholders | — | — | (2,286) | — | (2,286) | 2,286 | — | |||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interests | — | — | — | — | — | (161) | (161) | |||||||||||||||||||||||||||||||||||||
Distributions to Class A Unitholders | — | — | — | — | — | (594) | (594) | |||||||||||||||||||||||||||||||||||||
Dividends to Series A preferred stockholders ($5.00 per share per month) | — | — | (149,944) | — | (149,944) | — | (149,944) | |||||||||||||||||||||||||||||||||||||
Dividends to mShares preferred stockholders ($4.79 - $6.25 per share per month) | — | — | (6,408) | — | (6,408) | — | (6,408) | |||||||||||||||||||||||||||||||||||||
Dividends to Series A1/M1 preferred stockholders ($5.00 and $5.08 - $5.92 per share per month, respectively) | — | — | (4,556) | — | (4,556) | — | (4,556) | |||||||||||||||||||||||||||||||||||||
Dividends to common stockholders ($0.7875 per share) | — | — | (38,868) | — | (38,868) | — | (38,868) | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 19 | $ | 500 | $ | 1,631,646 | $ | (192,446) | $ | 1,439,719 | $ | (1,271) | $ | 1,438,448 |
Preferred Apartment Communities, Inc. | ||||||||||||||||||||||||||||||||||||||||||||
Consolidated Statements of Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||
For the years ended December 31, 2020, 2019 and 2018 | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except dividend per-share figures) | Series A and Series M Redeemable Preferred Stock | Common Stock | Additional Paid in Capital | Accumulated Earnings | Total Stockholders' Equity | Non-Controlling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||
Balance at January 1, 2019 | $ | 16 | $ | 418 | $ | 1,607,712 | $ | — | $ | 1,608,146 | $ | 1,239 | $ | 1,609,385 | ||||||||||||||||||||||||||||||
Issuance of Series A Units | 5 | — | 482,144 | — | 482,149 | — | 482,149 | |||||||||||||||||||||||||||||||||||||
Issuance of mShares preferred shares | 1 | — | 61,757 | — | 61,758 | — | 61,758 | |||||||||||||||||||||||||||||||||||||
Issuance of Series A1/M1 preferred shares | — | — | 4,731 | — | 4,731 | — | 4,731 | |||||||||||||||||||||||||||||||||||||
Exercise of warrants | — | 9 | 11,486 | — | 11,495 | — | 11,495 | |||||||||||||||||||||||||||||||||||||
Redemptions of preferred stock | (1) | 36 | (12,140) | — | (12,105) | — | (12,105) | |||||||||||||||||||||||||||||||||||||
Syndication and offering costs | — | — | (60,165) | — | (60,165) | — | (60,165) | |||||||||||||||||||||||||||||||||||||
Equity compensation to executives and directors | — | — | 632 | — | 632 | — | 632 | |||||||||||||||||||||||||||||||||||||
Conversion of Class A to common stock | — | 1 | 676 | — | 677 | (677) | — | |||||||||||||||||||||||||||||||||||||
Current Period Amortization of Class B Units | — | — | — | — | — | 591 | 591 | |||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | (7,244) | (7,244) | (214) | (7,458) | |||||||||||||||||||||||||||||||||||||
Contributions from non-controlling interests | — | — | — | — | — | 4,538 | 4,538 | |||||||||||||||||||||||||||||||||||||
Reallocation of non-controlling interest to Class A Unitholders | — | — | 1,751 | — | 1,751 | (1,751) | — | |||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interests | — | — | — | — | — | (908) | (908) | |||||||||||||||||||||||||||||||||||||
Dividends to Series A preferred stockholders ($5.00 per share per month) | — | — | (108,950) | — | (108,950) | — | (108,950) | |||||||||||||||||||||||||||||||||||||
Dividends to mShares preferred stockholders ($4.79 - $6.25 per share per month) | — | — | (4,807) | — | (4,807) | — | (4,807) | |||||||||||||||||||||||||||||||||||||
Dividends to Series A1/M1 preferred stockholders | — | — | (15) | — | (15) | — | (15) | |||||||||||||||||||||||||||||||||||||
Dividends to common stockholders ($1.0475 per share) | — | — | (46,755) | — | (46,755) | — | (46,755) | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 21 | $ | 464 | $ | 1,938,057 | $ | (7,244) | $ | 1,931,298 | $ | 2,818 | $ | 1,934,116 |
Preferred Apartment Communities, Inc. | ||||||||||||||||||||||||||||||||||||||||||||
Consolidated Statements of Stockholders' Equity, continued | ||||||||||||||||||||||||||||||||||||||||||||
For the years ended December 31, 2020, 2019 and 2018 | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except dividend per-share figures) |
Series A and
Series M Redeemable Preferred Stock |
Common Stock | Additional Paid in Capital | Accumulated Earnings | Total Stockholders' Equity | Non-Controlling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||
Balance at January 1, 2018 | $ | 12 | $ | 386 | $ | 1,271,040 | $ | 4,449 | $ | 1,275,887 | $ | 4,879 | $ | 1,280,766 | ||||||||||||||||||||||||||||||
Issuance of Series A Units | 4 | — | 420,389 | — | 420,393 | — | 420,393 | |||||||||||||||||||||||||||||||||||||
Issuance of mShares preferred shares | — | — | 28,951 | — | 28,951 | — | 28,951 | |||||||||||||||||||||||||||||||||||||
Redemptions of preferred stock | — | 17 | (9,445) | — | (9,428) | — | (9,428) | |||||||||||||||||||||||||||||||||||||
Exercises of warrants | — | 12 | 16,042 | — | 16,054 | — | 16,054 | |||||||||||||||||||||||||||||||||||||
Syndication and offering costs | — | — | (44,681) | — | (44,681) | — | (44,681) | |||||||||||||||||||||||||||||||||||||
Equity compensation to executives and directors | — | — | 537 | — | 537 | — | 537 | |||||||||||||||||||||||||||||||||||||
Conversion of Class A Units to common stock | — | 3 | 2,011 | — | 2,014 | (2,014) | — | |||||||||||||||||||||||||||||||||||||
Current period amortization of Class B Units | — | — | — | — | — | 1,166 | 1,166 | |||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 43,467 | 43,467 | 1,071 | 44,538 | |||||||||||||||||||||||||||||||||||||
Reallocation of non-controlling interest to Class A Unitholders | — | — | 2,822 | — | 2,822 | (2,822) | — | |||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interests | — | — | — | — | — | (1,041) | (1,041) | |||||||||||||||||||||||||||||||||||||
Dividends to Series A preferred stockholders ($5.00 per share per month) | — | — | (37,975) | (46,867) | (84,842) | — | (84,842) | |||||||||||||||||||||||||||||||||||||
Dividends to mShares preferred stockholders ($4.79 - $6.25 per share per month) | — | — | (850) | (1,049) | (1,899) | — | (1,899) | |||||||||||||||||||||||||||||||||||||
Dividends to common stockholders ($1.02 per share) | — | — | (41,129) | — | (41,129) | — | (41,129) | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | $ | 16 | $ | 418 | $ | 1,607,712 | $ | — | $ | 1,608,146 | $ | 1,239 | $ | 1,609,385 |
Standard | Description | Date of Adoption | Effect on the Consolidated Financial Statements | ||||||||
Recently Adopted Accounting Guidance | |||||||||||
ASU 2016-13, Financial Instruments - Credit Losses (ASC 326)
|
ASU 2016-03 changes how entities will measure credit losses for most financial assets, including loans, which are not measured at fair value through net income. The guidance replaces the existing incurred loss model with an expected loss model for instruments measured at amortized cost, and requires entities to record credit allowances for financial assets rather than reduce the carrying amount, as they do today under the other-than temporary impairment model. | January 1, 2020 |
Implementation of the new guidance on accounting for financial assets will be limited to our real estate loans and notes and revolving lines of credit. We have developed a model that derives a reserve ratio based upon the amount of financial protection afforded each instrument. For each loan in which we are the lender, the amount of protection afforded to us is estimated to be the excess of the future estimated fair market value of the developed property over the commitment amount of each loan (including other loans senior to the Company’s), inclusive of accrued interest and other related receivables. The excess represents the amount of equity dollars in each real estate project, which are in a subordinate position to our real estate loan investments. We implemented this new guidance using the modified retrospective basis by recording a cumulative effect adjustment of approximately $7.4 million to retained earnings on January 1, 2020.
|
||||||||
Recently Issued Accounting Guidance Not Yet Adopted | |||||||||||
ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting | The new standard enables affected entities to elect from a series of practical expedients designed to ease the transition from referenced base rates within contracts designated to be replaced by Reference Rate Reform. | The amendments are effective March 12, 2020 through December 31, 2022. | ASU 2020-04 will be applicable to the Company's variable-rate debt instruments for which the Company is the borrower, which bear interest at a spread over the 1-month London Interbank Offer Rate (1-month LIBOR). Among the practical expedients are the option to elect prospective adjustment of the effective interest rate, foregoing reassessment of any instruments under loan modification rules. The Company is monitoring developments pertaining to Reference Rate Reform and does not currently anticipate ASU 2020-04 to have a material effect on its results of operations. |
As of: | ||||||||||||||
(unaudited) | December 31, 2020 | December 31, 2019 | ||||||||||||
Residential properties: | ||||||||||||||
Properties (1)
|
37 |
(1, 2)
|
42 | |||||||||||
Units | 11,143 | 12,256 | ||||||||||||
Beds | — | 6,095 | ||||||||||||
New Market Properties: | ||||||||||||||
Properties
|
54 |
( 2, 3)
|
52 | |||||||||||
Gross leasable area (square feet) (3)
|
6,208,278 | 6,041,629 | ||||||||||||
Preferred Office Properties: | ||||||||||||||
Properties | 9 |
( 2)
|
9 | |||||||||||
Rentable square feet | 3,169,000 | 3,169,000 | ||||||||||||
Development properties | 2 | 1 | ||||||||||||
Rentable square feet | 35,000 | 35,000 | ||||||||||||
(1) The acquired second phases of CityPark View and Crosstown Walk communities are managed in combination with the initial phases and so together are considered a single property, as is the Regent at Lenox Village within the Lenox Portfolio.
|
||||||||||||||
(2) One multifamily community, two grocery-anchored shopping centers and two office buildings are owned through consolidated joint ventures. One grocery-anchored shopping center is an investment in an unconsolidated joint venture.
|
||||||||||||||
(3) The Company also owns approximately 47,600 square feet of gross leasable area of ground floor retail space which is embedded within the Lenox Portfolio and is not included in the totals above for New Market Properties.
|
Acquisition date | Property | Location | Units | |||||||||||||||||
3/31/2020 | Horizon at Wiregrass | Tampa, Florida | 392 | |||||||||||||||||
4/30/2020 | Parkside at the Beach | Panama City Beach, Florida | 288 | |||||||||||||||||
11/2/2020 | The Blake | Orlando, Florida | 281 | |||||||||||||||||
12/15/2020 | The Menlo | Jacksonville, Florida | 332 | |||||||||||||||||
1,293 | ||||||||||||||||||||
8/8/2019 | Artisan at Viera | Melbourne, Florida | 259 | |||||||||||||||||
9/18/2019 | Five Oaks at Westchase | Tampa, Florida | 218 | |||||||||||||||||
477 | ||||||||||||||||||||
Multifamily Communities acquired during the years ended December 31, | ||||||||||||||
(In thousands, except amortization period data) | 2020 | 2019 | ||||||||||||
Land | $ | 28,074 | $ | 9,264 | ||||||||||
Buildings and improvements | 194,434 | 87,098 | ||||||||||||
Furniture, fixtures and equipment | 50,170 | 19,806 | ||||||||||||
Lease intangibles | 8,635 | 2,647 | ||||||||||||
Prepaids & other assets | 354 | 75 | ||||||||||||
Accrued taxes | (437) | (477) | ||||||||||||
Security deposits, prepaid rents, and other liabilities | (742) | (118) | ||||||||||||
Net assets acquired | $ | 280,488 | $ | 118,295 | ||||||||||
Cash paid | $ | 144,016 | $ | 78,295 | ||||||||||
Mortgage debt, net | 136,472 | 40,000 | ||||||||||||
Total consideration | $ | 280,488 | $ | 118,295 | ||||||||||
Year ended December 31, 2020:
|
||||||||||||||
Revenue | $ | 9,328 | $ | 9,206 | ||||||||||
Net income (loss) | $ | (6,244) | $ | (3,779) | ||||||||||
Year ended December 31, 2019:
|
||||||||||||||
Revenue | $ | — | $ | 2,967 | ||||||||||
Net income (loss) | $ | — | $ | (2,074) | ||||||||||
Capitalized acquisition costs incurred by the Company | $ | 4,370 | $ | 1,771 | ||||||||||
Acquisition costs paid to related party (included above) | $ | — | $ | 1,216 | ||||||||||
Remaining amortization period of intangible assets and liabilities (months) | 7.8 | 0 |
(In thousands) | Avenues at Creekside | ||||
Real estate assets: | |||||
Land | $ | 5,984 | |||
Building and improvements | 42,750 | ||||
Furniture, fixtures and equipment | 7,840 | ||||
Accumulated depreciation | (12,186) | ||||
Total assets, net | $ | 44,388 | |||
Liabilities: | |||||
Mortgage note payable | $ | 38,114 |
(In thousands, except amortization period data) | 2019 | |||||||
Land | $ | 7,289 | ||||||
Buildings and improvements | 68,163 | |||||||
Furniture, fixtures and equipment | 16,966 | |||||||
Lease intangibles | 983 | |||||||
Below market leases | — | |||||||
Prepaids & other assets | — | |||||||
Accrued taxes | (158) | |||||||
Security deposits, prepaid rents, and other liabilities | (2,579) | |||||||
Net assets acquired | $ | 90,664 | ||||||
Cash paid | $ | 2,717 | ||||||
Satisfaction of loan receivables | 46,397 | |||||||
Mortgage debt, net | 41,550 | |||||||
Total consideration | $ | 90,664 | ||||||
Year ended December 31, 2020: | ||||||||
Revenue | $ | 6,774 | ||||||
Net income (loss) | $ | 319 | ||||||
Year ended December 31, 2019: | ||||||||
Revenue | $ | 5,532 | ||||||
Net income (loss) | $ | (2,946) | ||||||
Capitalized acquisition costs incurred by the Company | $ | 1,016 | ||||||
Acquisition costs to related party (included above) | $ | 936 | ||||||
Remaining amortization period of intangible | ||||||||
assets and liabilities (months) | 0 |
Property | University | Location | Number of units | Number of beds | ||||||||||||||||||||||
Student housing properties sold: | ||||||||||||||||||||||||||
North by Northwest | Florida State University | Tallahassee, FL | 219 | 679 | ||||||||||||||||||||||
SoL
|
Arizona State University | Tempe, AZ | 224 | 639 | ||||||||||||||||||||||
Stadium Village (1)
|
Kennesaw State University | Atlanta, GA | 198 | 792 | ||||||||||||||||||||||
Ursa (1)
|
Baylor University | Waco, TX | 250 | 840 | ||||||||||||||||||||||
The Tradition | Texas A&M University | College Station, TX | 427 | 808 | ||||||||||||||||||||||
Knightshade | University of Central Florida | Orlando, FL | 221 | 894 | ||||||||||||||||||||||
The Bloc | Texas Tech University | Lubbock, TX | 140 | 556 | ||||||||||||||||||||||
Rush | University of North Carolina - Charlotte | Charlotte, NC | 332 | 887 | ||||||||||||||||||||||
Total/Average | 2,011 | 6,095 |
(In thousands) | Student Housing Portfolio | ||||
Real estate assets: | |||||
Land | $ | 61,149 | |||
Building and improvements | 390,797 | ||||
Furniture, fixtures and equipment | 68,596 | ||||
Accumulated depreciation | (60,113) | ||||
Total assets, net | $ | 460,429 | |||
Liabilities: | |||||
Mortgage notes payable | $ | 216,219 |
Acquisition date | Property | Location | Gross leasable area (square feet) | |||||||||||||||||
1/29/2020 | Wakefield Crossing | Raleigh, North Carolina | 75,927 | |||||||||||||||||
3/19/2020 | Midway Market | Dallas, Texas | 85,599 | |||||||||||||||||
161,526 | ||||||||||||||||||||
1/17/2019 | Gayton Crossing | Richmond, Virginia | 158,316 | |||||||||||||||||
5/28/2019 | Free State Shopping Center | Washington, D.C. | 264,152 | |||||||||||||||||
6/12/2019 | Disston Plaza | Tampa - St. Petersburg, Florida | 129,150 | |||||||||||||||||
6/12/2019 | Polo Grounds Mall | West Palm Beach, Florida | 130,285 | |||||||||||||||||
8/16/2019 |
Fairfield Shopping Center (1)
|
Virginia Beach, Virginia | 231,829 | |||||||||||||||||
11/14/2019 | Berry Town Center | Orlando, Florida | 99,441 | |||||||||||||||||
12/19/2019 |
Hanover Shopping Center (1)
|
Wilmington, North Carolina | 305,346 | |||||||||||||||||
1,318,519 | ||||||||||||||||||||
(1) Property is owned through a consolidated joint venture.
|
||||||||||||||||||||
New Market Properties' acquisitions during the years ended December 31, | ||||||||||||||
(In thousands, except amortization period data) | 2020 | 2019 | ||||||||||||
Land | $ | 9,328 | $ | 77,612 | ||||||||||
Buildings and improvements | 12,264 | 152,804 | ||||||||||||
Tenant improvements | 2,099 | 11,319 | ||||||||||||
In-place leases | 3,043 | 21,084 | ||||||||||||
Above market leases | 107 | 3,098 | ||||||||||||
Leasing costs | 1,237 | 7,216 | ||||||||||||
Below market leases | (359) | (21,028) | ||||||||||||
Prepaid taxes and other assets | 61 | 124 | ||||||||||||
Security deposits, prepaid rents, and other liabilities | (249) | (869) | ||||||||||||
Net assets acquired | $ | 27,531 | $ | 251,360 | ||||||||||
Cash paid | $ | 19,640 | $ | 91,422 | ||||||||||
Mortgage debt | 7,891 | 159,938 | ||||||||||||
Total consideration | $ | 27,531 | $ | 251,360 | ||||||||||
Year ended December 31, 2020:
|
||||||||||||||
Revenue | $ | 2,250 | $ | 25,371 | ||||||||||
Net income (loss) | $ | 121 | $ | (3,722) | ||||||||||
Year ended December 31, 2019:
|
||||||||||||||
Revenue | $ | — | $ | 11,401 | ||||||||||
Net income (loss) | $ | — | $ | (1,686) | ||||||||||
Capitalized acquisition costs incurred by the Company | $ | 470 | $ | 5,266 | ||||||||||
Capitalized acquisition costs paid to related party (included above) | $ | 249 | $ | 2,367 | ||||||||||
Remaining amortization period of intangible assets and liabilities (in years, as of December 31, 2020) | 10.2 | 7.8 |
Acquisition date | Property | Location | Gross leasable area (square feet) | |||||||||||||||||
7/25/2019 | CAPTRUST Tower | Raleigh, North Carolina | 300,000 | |||||||||||||||||
7/31/2019 | 251 Armour Drive | Atlanta, Georgia | 35,000 | |||||||||||||||||
12/20/2019 | Morrocroft Center | Charlotte, North Carolina | 291,000 | |||||||||||||||||
626,000 |
(In thousands, except amortization period data) | Preferred Office Properties' acquisitions during the year ended December 31, 2019 | |||||||
Land | $ | 22,654 | ||||||
Buildings and improvements | 193,243 | |||||||
Tenant improvements | 13,205 | |||||||
In-place leases | 12,766 | |||||||
Above-market leases | 1,760 | |||||||
Leasing costs | 6,021 | |||||||
Below-market leases | (2,892) | |||||||
Prepaid and other assets | 56 | |||||||
Accrued taxes | (98) | |||||||
Security deposits, prepaid rents, and other liabilities | (413) | |||||||
Net assets acquired | $ | 246,302 | ||||||
Cash paid | $ | 93,652 | ||||||
Mortgage debt, net | 82,650 | |||||||
Term Note | 70,000 | |||||||
Total consideration | $ | 246,302 | ||||||
Year ended December 31, 2020:
|
||||||||
Revenue | $ | 21,648 | ||||||
Net income (loss) | $ | (1,655) | ||||||
Year ended December 31, 2019:
|
||||||||
Revenue | $ | 5,530 | ||||||
Net income (loss) | $ | (718) | ||||||
Capitalized acquisition costs incurred by the Company | $ | 3,079 | ||||||
Acquisition costs paid to related party (included above) | $ | 2,570 | ||||||
Remaining amortization period of intangible | ||||||||
assets and liabilities (in years, as of December 31, 2020) | 7.1 |
(In thousands) | Years ended December 31, | |||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Depreciation: | ||||||||||||||||||||
Buildings and improvements | $ | 113,402 | $ | 99,137 | $ | 78,691 | ||||||||||||||
Furniture, fixtures, and equipment | 50,474 | 50,747 | 47,158 | |||||||||||||||||
163,876 | 149,884 | 125,849 | ||||||||||||||||||
Amortization: | ||||||||||||||||||||
Acquired intangible assets | 36,030 | 34,057 | 44,617 | |||||||||||||||||
Deferred leasing costs | 1,576 | 933 | 519 | |||||||||||||||||
Website development costs | 195 | 191 | 151 | |||||||||||||||||
Total depreciation and amortization | $ | 201,677 | $ | 185,065 | $ | 171,136 |
(In thousands) | December 31, 2020 | |||||||
Total assets | $ | 39,109 | ||||||
Total liabilities | $ | 25,795 |
Three months ended December 31, 2020 | Year ended December 31, 2020 | |||||||||||||
Rental and other property revenues | $ | 772 | $ | 1,423 | ||||||||||
Total operating expenses | $ | 924 | $ | 1,721 | ||||||||||
Interest expense | $ | 236 | $ | 330 | ||||||||||
Net income (loss) | $ | (388) | $ | (628) | ||||||||||
Net income (loss) attributable to the Company | $ | (194) | $ | (314) |
December 31, 2020 | December 31, 2019 | |||||||||||||
Number of loans | 20 | 27 | ||||||||||||
Number of underlying properties in development | 14 | 19 | ||||||||||||
(In thousands) | ||||||||||||||
Drawn amount | $ | 290,156 | $ | 352,582 | ||||||||||
Deferred loan origination fees | (1,194) | (1,476) | ||||||||||||
Allowances for expected credit losses | (9,067) | (1,400) | ||||||||||||
Carrying value | $ | 279,895 | $ | 349,706 | ||||||||||
Unfunded loan commitments | $ | 44,403 | $ | 61,718 | ||||||||||
Weighted average current interest, per annum (paid monthly) | 8.50 | % | 8.48 | % | ||||||||||
Weighted average accrued interest, per annum | 3.91 | % | 3.85 | % |
(In thousands) | Principal balance | Deferred loan origination fees | Allowances and CECL Reserves | Carrying value | ||||||||||||||||||||||
Balances as of December 31, 2019 | $ | 352,582 | $ | (1,476) | $ | (1,400) | $ | 349,706 | ||||||||||||||||||
Opening CECL reserve | — | — | (7,414) | (7,414) | ||||||||||||||||||||||
Loan fundings | 59,417 | — | — | 59,417 | ||||||||||||||||||||||
Loan repayments | (119,627) | — | — | (119,627) | ||||||||||||||||||||||
Loans and accrued interest settled through sale | (2,216) | — | 3,548 | 1,332 | ||||||||||||||||||||||
Loan origination fees collected | — | (898) | — | (898) | ||||||||||||||||||||||
Amortization of loan origination fees | — | 1,180 | — | 1,180 | ||||||||||||||||||||||
Reserve increases due to loan originations | — | — | (767) | (767) | ||||||||||||||||||||||
Net increases in reserves on existing loans or loans repaid | — | — | (3,034) | (3,034) | ||||||||||||||||||||||
Balances as of December 31, 2020 | $ | 290,156 | $ | (1,194) | $ | (9,067) | $ | 279,895 |
(In thousands) | Number of loans | Carrying value | Commitment amount | Percentage of portfolio | ||||||||||||||||||||||
Residential Properties | 19 | $ | 268,308 | $ | 315,365 | 96 | % | |||||||||||||||||||
Preferred Office Properties | 1 | 11,587 | 19,193 | 4 | % | |||||||||||||||||||||
Balances as of December 31, 2020 | 20 | $ | 279,895 | $ | 334,558 |
(In thousands) | For the year ended December 31, 2020 | |||||||
Allowances recorded for interest receivable: | ||||||||
Haven Campus Communities, LLC line of credit | $ | 1,649 | ||||||
Starkville real estate loan | 652 | |||||||
Net increases in current expected loss reserves on existing loans | 3,802 | |||||||
Total allowance for expected credit losses | $ | 6,103 |
Final reserve ratio | Number of loans | Total receivables by project, net of reserves (in thousands) | ||||||||||||
— | % | 3 | $ | 23,127 | ||||||||||
0.50 | % | 4 | 33,189 | |||||||||||
1.00 | % | 5 | 53,690 | |||||||||||
1.50 | % | 4 | 38,443 | |||||||||||
3.00 | % | 1 | 9,276 | |||||||||||
4.00 | % | 3 | 149,541 | |||||||||||
5.00% + | — | — | ||||||||||||
20 | $ | 307,266 |
Interest income (In thousands)
|
Years ended December 31, | |||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Real estate loans: | ||||||||||||||||||||
Current interest | $ | 27,966 | $ | 30,985 | $ | 31,368 | ||||||||||||||
Additional accrued interest | 12,372 | 13,663 | 19,003 | |||||||||||||||||
Loan origination fee amortization | 1,181 | 1,426 | 1,570 | |||||||||||||||||
Purchase option termination fee amortization | 6,536 | 9,111 | 9,820 | |||||||||||||||||
Default interest | 209 | 91 | 64 | |||||||||||||||||
Total real estate loan revenue | 48,264 | 55,276 | 61,825 | |||||||||||||||||
Notes and lines of credit | 2,541 | 5,430 | 3,784 | |||||||||||||||||
Bank and money market accounts | 40 | 687 | 147 | |||||||||||||||||
Agency mortgage-backed securities | — | 95 | 50 | |||||||||||||||||
Interest income on loans and notes receivable | $ | 50,845 | $ | 61,488 | $ | 65,806 |
(In thousands) | Deferred Offering Costs | |||||||||||||||||||||||||||||||||||||||||||
Offering | Total offering | Gross proceeds as of December 31, 2020 | Reclassified as reductions of stockholders' equity | Recorded as deferred assets | Total |
Specifically identifiable offering costs (3)
|
Total offering costs | |||||||||||||||||||||||||||||||||||||
$1.5 Billion Unit Offering (1)
|
$ | 1,500,000 | $ | 1,236,414 | $ | 15,874 | $ | — | $ | 15,874 | $ | 115,650 | $ | 131,524 | ||||||||||||||||||||||||||||||
Series A1/M1 Offering | 1,000,000 | 168,226 | 758 | 3,747 | 4,505 | 15,935 | 20,440 | |||||||||||||||||||||||||||||||||||||
2019 Shelf Offering (2)
|
400,000 | 4,614 | 24 | 1,039 | 1,063 | 92 | 1,155 | |||||||||||||||||||||||||||||||||||||
Total | $ | 2,900,000 | $ | 1,409,254 | $ | 16,656 | $ | 4,786 | $ | 21,442 | $ | 131,677 | $ | 153,119 |
(In thousands) | Years ended December 31, | |||||||||||||||||||||||||
Type of Compensation | Basis of Compensation | 2020 | 2019 | 2018 | ||||||||||||||||||||||
Acquisition fees | 1.0% of the gross purchase price of real estate assets | $ | 235 | $ | 7,203 | $ | 10,699 | |||||||||||||||||||
Loan origination fees | 1.0% of the maximum commitment of any real estate loan, note or line of credit receivable | — | 783 | 2,166 | ||||||||||||||||||||||
Loan coordination fees | 0.6% of any assumed, new or supplemental debt incurred in connection with an acquired property | 47 | 2,939 | 3,897 | ||||||||||||||||||||||
Asset management fees | Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted | 1,349 | 15,596 | 14,698 | ||||||||||||||||||||||
Property management fees | Monthly fee up to 4% of the monthly gross revenues of the properties managed | 890 | 10,274 | 8,934 | ||||||||||||||||||||||
General and administrative expense fees | Monthly fee equal to 2% of the monthly gross revenues of the Company | 616 | 6,177 | 6,022 | ||||||||||||||||||||||
Construction management fees | Quarterly fee for property renovation and takeover projects | 14 | 264 | 408 | ||||||||||||||||||||||
Disposition fees | 1% of the sale price of a real estate asset | — | 282 | 1,710 | ||||||||||||||||||||||
Contingent asset management fees / general and administrative fees | Recognized upon disposition of the property when exceeding the 7% IRR hurdle | — | 11 | 671 | ||||||||||||||||||||||
$ | 3,151 | $ | 43,529 | $ | 49,205 |
(In thousands) | ||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
$ | 1,430 | $ | 18,054 | $ | 16,276 |
Dividends and distributions declared | ||||||||||||||||||||
(In thousands) | For the years ended December 31, | |||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Series A Preferred Stock | $ | 149,943 | $ | 108,950 | $ | 84,841 | ||||||||||||||
mShares | 6,408 | 4,807 | 1,900 | |||||||||||||||||
Series A1 Preferred Stock | 4,069 | 15 | — | |||||||||||||||||
Series M1 Preferred Stock | 488 | — | — | |||||||||||||||||
Common Stock | 38,868 | 46,755 | 41,129 | |||||||||||||||||
Class A OP Units | 593 | 908 | 1,041 | |||||||||||||||||
Total | $ | 200,369 | $ | 161,435 | $ | 128,911 |
Years ended December 31, | Unamortized expense as of December 31, 2020 | ||||||||||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||
Class B Unit awards to employees: | |||||||||||||||||||||||||||||
2016 | $ | — | $ | 2 | $ | 271 | $ | — | |||||||||||||||||||||
2017 | 3 | 312 | 344 | — | |||||||||||||||||||||||||
2018 | 244 | 277 | 551 | 2 | |||||||||||||||||||||||||
Restricted stock grants to Board members: | |||||||||||||||||||||||||||||
2017 | — | — | 120 | — | |||||||||||||||||||||||||
2018 | — | 120 | 241 | — | |||||||||||||||||||||||||
2019 | 140 | 281 | — | — | |||||||||||||||||||||||||
2020 | 355 | — | — | 177 | |||||||||||||||||||||||||
Restricted stock grants for employees: | |||||||||||||||||||||||||||||
2020 | 522 | — | — | 3,358 | |||||||||||||||||||||||||
Performance-based restricted stock units: | |||||||||||||||||||||||||||||
2020 | 230 | — | — | 1,615 | |||||||||||||||||||||||||
Restricted stock units to employees: | |||||||||||||||||||||||||||||
2017 | — | 69 | 76 | — | |||||||||||||||||||||||||
2018 | 35 | 74 | 100 | — | |||||||||||||||||||||||||
2019 | 57 | 88 | — | 71 | |||||||||||||||||||||||||
2020 | 58 | — | — | 116 | |||||||||||||||||||||||||
Total | $ | 1,644 | $ | 1,223 | $ | 1,703 | $ | 5,339 |
Level
|
Relative TSR performance (percentile rank versus peers)
|
Earned PSUs (% of target)
|
||||||
< Threshold
|
<35th Percentile
|
0% | ||||||
Threshold
|
35th Percentile
|
50% | ||||||
Target
|
55th Percentile
|
100% | ||||||
Maximum
|
>=75th Percentile
|
200% |
Stock price on grant date | $ | 7.23 | ||||||
Dividend yield | 6.87 | % | ||||||
Expected volatility | 44.40 | % | ||||||
Risk-free interest rate | 0.11 | % | ||||||
Target number of PSUs granted: | ||||||||
First vesting tranche | 136,462 | |||||||
Second vesting tranche | 136,467 | |||||||
272,929 | ||||||||
Calculated fair value per PSU | $ | 6.76 | ||||||
Total fair value of PSUs | $ | 1,845,000 | ||||||
Service year | Shares | Fair value per share | Total compensation cost (in thousands) | |||||||||||||||||
2017 | 24,408 | $14.75 | $360 | |||||||||||||||||
2018 | 24,810 | $14.51 | $360 | |||||||||||||||||
2019 | 26,446 | $15.88 | $420 | |||||||||||||||||
2020 | 66,114 | $8.05 | $532 |
Grant date | ||||||||||||||
1/2/2018 | 1/3/2017 | |||||||||||||
Units granted | 256,087 | 286,392 | ||||||||||||
Units forfeited: | ||||||||||||||
John A. Williams (1)
|
(38,284) | — | ||||||||||||
Voluntary forfeiture by senior executives (2)
|
(128,258) | — | ||||||||||||
Other | (25,215) | (5,334) | ||||||||||||
Total forfeitures | (191,757) | (5,334) | ||||||||||||
Units earned and converted into Class A Units | — | (281,058) | ||||||||||||
Class B Units outstanding at December 31, 2020
|
64,330 | — | ||||||||||||
(1) Pro rata modification of award on April 16, 2018, the date of Mr. Williams' passing.
|
||||||||||||||
(2) Additional Class B OP units granted to senior executives other than Mr. Williams were voluntarily forfeited at the end of 2018.
|
Stock price | $ | 20.19 | ||||||
Dividend yield | 4.95 | % | ||||||
Expected volatility | 25.70 | % | ||||||
Risk-free interest rate | 2.71 | % | ||||||
Number of Units granted: | ||||||||
One year vesting period | 171,988 | |||||||
Three year vesting period | 84,099 | |||||||
256,087 | ||||||||
Calculated fair value per Unit | $ | 16.66 | ||||||
Total fair value of Units | $ | 4,266,409 | ||||||
Target market threshold increase | $ | 5,660,580 |
Grant date | 1/2/2020 | 1/2/2019 | 1/2/2018 | ||||||||||||||
Service period | 2020-2022 | 2019-2021 | 2018-2020 | ||||||||||||||
RSU activity: | |||||||||||||||||
Granted | 21,400 | 27,760 | 20,720 | ||||||||||||||
Forfeited | (3,000) | (7,861) | (8,154) | ||||||||||||||
Units earned and converted into common stock | — | — | — | ||||||||||||||
RSUs outstanding at December 31, 2020
|
18,400 | 19,899 | 12,566 | ||||||||||||||
Fair value per RSU | $ | 9.47 | $ | 10.77 | $ | 16.66 | |||||||||||
Total fair value of RSU grant | $ | 202,658 | $ | 298,975 | $ | 345,195 |
Property | Date |
Initial principal amount
(in thousands) |
Fixed/Variable rate | Rate | Maturity date | |||||||||||||||||||||||||||
251 Armour Yards | 1/22/2020 | $ | 3,522 | Fixed | 4.50 | % | 1/22/2025 | |||||||||||||||||||||||||
Wakefield Crossing | 1/29/2020 | 7,891 | Fixed | 3.66 | % | 2/1/2032 | ||||||||||||||||||||||||||
Morrocroft Centre | 3/19/2020 | 70,000 | Fixed | 3.40 | % | 4/10/2033 | ||||||||||||||||||||||||||
Horizon at Wiregrass | 4/23/2020 | 52,000 | Fixed | 2.90 | % | 5/1/2030 | ||||||||||||||||||||||||||
Parkside at the Beach | 4/30/2020 | 45,037 | Fixed | 2.95 | % | 5/1/2030 | ||||||||||||||||||||||||||
The Blake | 11/2/2020 | 44,435 | Fixed | 2.82 | % | 5/1/2030 | ||||||||||||||||||||||||||
The Menlo | 12/15/2020 | 47,000 | Fixed | 2.68 | % | 1/1/2031 | ||||||||||||||||||||||||||
$ | 269,885 |
Date | Property | Previous balance (millions) | Previous interest rate / spread over 1 month LIBOR | Loan refinancing or prepayment costs expensed (thousands) | New balance (millions) | New interest rate | Total deferred loan costs subsequent to refinancing (thousands) | |||||||||||||||||||||||||||||||||||||
1/3/2020 | Ursa | $ | 31.4 | L + 300 | $ | — | $ | — | N/A | $ | — | |||||||||||||||||||||||||||||||||
6/25/2020 | CityPark View | $ | 19.8 | 3.27 | % | 1,314 | $ | 29.0 | 2.75 | % | 314 | |||||||||||||||||||||||||||||||||
6/29/2020 | Aster at Lely Resort | $ | 30.7 | 3.84 | % | 293 | $ | 50.4 | 2.95 | % | 2,777 | |||||||||||||||||||||||||||||||||
6/29/2020 | Avenues at Northpointe | $ | 26.0 | 3.16 | % | 166 | $ | 33.5 | 2.79 | % | 1,247 | |||||||||||||||||||||||||||||||||
6/30/2020 | Avenues at Cypress | $ | 20.5 | 3.43 | % | 1,607 | $ | 28.4 | 2.96 | % | 336 | |||||||||||||||||||||||||||||||||
6/30/2020 | Venue at Lakewood Ranch | $ | 27.8 | 3.55 | % | 2,457 | $ | 36.6 | 2.99 | % | 384 | |||||||||||||||||||||||||||||||||
6/30/2020 | Crosstown Walk | $ | 29.9 | 3.90 | % | 248 | $ | 46.5 | 2.92 | % | 2,841 | |||||||||||||||||||||||||||||||||
6/30/2020 | Summit Crossing II | $ | 13.1 | 4.49 | % | 779 | $ | 20.7 | L + 278 | 136 | ||||||||||||||||||||||||||||||||||
7/10/2020 | Citrus Village | $ | 28.5 | 3.65 | % | 704 | $ | 40.9 | 2.95 | % | 522 | |||||||||||||||||||||||||||||||||
7/31/2020 | Village at Baldwin Park | $ | 70.1 | 4.16 | % | 16 | $ | 70.1 | 3.59 | % | 864 | |||||||||||||||||||||||||||||||||
11/3/2020 | SoL | $ | 35.2 | 4.71 | % | — | $ | — | N/A | — | ||||||||||||||||||||||||||||||||||
11/3/2020 | Stadium Village | $ | 44.5 | 3.80 | % | — | $ | — | N/A | — | ||||||||||||||||||||||||||||||||||
11/3/2020 | Knightshade | $ | 47.1 | 4.09 | % | — | $ | — | N/A | — | ||||||||||||||||||||||||||||||||||
11/3/2020 | North by Northwest | $ | 30.5 | 4.02 | % | 2,168 | $ | — | N/A | — | ||||||||||||||||||||||||||||||||||
11/3/2020 | The Tradition | $ | 30.0 | L + 375 | 300 | $ | — | N/A | — | |||||||||||||||||||||||||||||||||||
11/3/2020 | The Bloc | $ | 29.0 | L + 355 | 73 | $ | — | N/A | — | |||||||||||||||||||||||||||||||||||
11/12/2020 | Avenues at Creekside | $ | 38.1 | L + 160 | 381 | $ | — | N/A | — | |||||||||||||||||||||||||||||||||||
$ | 552.2 | $ | 10,506 | $ | 356.1 | $ | 9,421 | |||||||||||||||||||||||||||||||||||||
11/8/2019 | Rush | $ | 41.6 | L + 375 | $ | — | $ | — | N/A | $ | — | |||||||||||||||||||||||||||||||||
10/1/2019 | Kingwood Glen | 10.9 | 3.48 | % | — | — | N/A | — | ||||||||||||||||||||||||||||||||||||
10/1/2019 | Sweetgrass Corner | 7.4 | 3.58 | % | — | — | N/A | — | ||||||||||||||||||||||||||||||||||||
9/17/2019 | Spring Hill Plaza | 9.1 | 3.36 | % | — | 8.2 | 3.72 | % | 195 | |||||||||||||||||||||||||||||||||||
9/17/2019 | Parkway Town Centre | 6.6 | 3.36 | % | — | 8.1 | 3.72 | % | 195 | |||||||||||||||||||||||||||||||||||
8/16/2019 | Deltona Landings | 6.5 | 3.48 | % | 5 | 6.3 | 4.18 | % | 204 | |||||||||||||||||||||||||||||||||||
8/16/2019 | Barclay Crossing | 6.1 | 3.48 | % | 4 | 6.3 | 4.18 | % | 209 | |||||||||||||||||||||||||||||||||||
8/16/2019 | Parkway Center | 4.3 | 3.48 | % | 3 | 4.6 | 4.18 | % | 148 | |||||||||||||||||||||||||||||||||||
8/13/2019 | Powder Springs | 6.9 | 3.48 | % | 4 | 8.0 | 3.65 | % | 236 | |||||||||||||||||||||||||||||||||||
7/29/2019 | Citi Lakes | 41.1 | L + 217 | 155 | 41.3 | 3.66 | % | 668 | ||||||||||||||||||||||||||||||||||||
4/12/2019 | Royal Lakes Marketplace | 9.5 | L + 250 | 52 | 9.7 | 4.29 | % | 287 | ||||||||||||||||||||||||||||||||||||
4/12/2019 | Cherokee Plaza | 24.5 | L + 225 | 317 | 25.2 | 4.28 | % | 723 | ||||||||||||||||||||||||||||||||||||
2/28/2019 | Lenox Village Town Center | 29.2 | 3.82 | % | 17 | 39.3 | 4.34 | % | 1,153 | |||||||||||||||||||||||||||||||||||
$ | 203.7 | $ | 557 | $ | 157.0 | $ | 4,018 | |||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Fixed rate mortgage debt: | Principal balances due | Weighted-average interest rate | Weighted average remaining life (years) | |||||||||||||||||
Residential properties | $ | 1,372,035 | 3.56 | % | 9.1 | |||||||||||||||
New Market Properties | 567,730 | 4.00 | % | 7.3 | ||||||||||||||||
Preferred Office Properties | 633,090 | 4.13 | % | 12.4 | ||||||||||||||||
Total fixed rate mortgage debt | $ | 2,572,855 | 3.80 | % | 9.5 | |||||||||||||||
Variable rate mortgage debt: | ||||||||||||||||||||
Residential properties | $ | 20,700 | 2.93 | % | 9.5 | |||||||||||||||
New Market Properties | 47,150 | 2.81 | % | 2.9 | ||||||||||||||||
Preferred Office Properties | — | — | % | — | ||||||||||||||||
Total variable rate mortgage debt | $ | 67,850 | 2.85 | % | 4.9 | |||||||||||||||
Total mortgage debt: | ||||||||||||||||||||
Residential properties | $ | 1,392,735 | 3.55 | % | 9.1 | |||||||||||||||
New Market Properties | 614,880 | 3.91 | % | 7.0 | ||||||||||||||||
Preferred Office Properties | 633,090 | 4.13 | % | 12.4 | ||||||||||||||||
Total principal amount | 2,640,705 | 3.77 | % | 9.4 | ||||||||||||||||
Deferred loan costs | (42,233) | |||||||||||||||||||
Mark to market loan adjustment | (4,008) | |||||||||||||||||||
Mortgage notes payable, net | $ | 2,594,464 |
Covenant (1)
|
Requirement | Result | |||||||||||||||
Net worth | Minimum $1.5 billion | $1.6 billion |
(2)
|
||||||||||||||
Debt yield | Minimum 8.5% | 10.0% | |||||||||||||||
Payout ratio | Maximum 95% |
(3)
|
90.1% | ||||||||||||||
Total leverage ratio | Maximum 65% | 62.4% | |||||||||||||||
Debt service coverage ratio | Minimum 1.50x | 1.87x |
Years ended December 31, | ||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Residential properties | $ | 60,676 | $ | 62,455 | $ | 56,879 | ||||||||||||||
New Market Properties | 26,379 | 24,566 | 19,188 | |||||||||||||||||
Preferred Office Properties | 26,939 | 22,869 | 12,789 | |||||||||||||||||
Interest paid to real estate loan participants | — | 110 | 2,430 | |||||||||||||||||
Total | 113,994 | 110,000 | 91,286 | |||||||||||||||||
Credit Facility and Acquisition Facility | 4,564 | 1,964 | 4,278 | |||||||||||||||||
Interest Expense | $ | 118,558 | $ | 111,964 | $ | 95,564 |
Period |
Future principal payments
(in thousands) |
|||||||
2021 (1)
|
$ | 125,745 | ||||||
2022 | 72,655 | |||||||
2023 | 114,246 | |||||||
2024 | 289,795 | |||||||
2025 | 57,850 | |||||||
Thereafter | 2,002,414 | |||||||
Total | $ | 2,662,705 | ||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Preferred Stock: | ||||||||||||||||||||
Ordinary income | 16.9 | % | 44.7 | % | 51.4 | % | ||||||||||||||
Return of capital | 78.8 | % | 53.1 | % | — | % | ||||||||||||||
Capital gains | 4.3 | % | 2.2 | % | 48.6 | % | ||||||||||||||
Common Stock: | ||||||||||||||||||||
Ordinary income | — | % | — | % | 27.0 | % | ||||||||||||||
Return of capital | 100.0 | % | 100.0 | % | 47.4 | % | ||||||||||||||
Capital gains | — | % | — | % | 25.6 | % |
For the year ending December 31: | Future Minimum Rents as of December 31, 2020 | |||||||||||||||||||
(In thousands) | New Market Properties | Preferred Office Properties | Total | |||||||||||||||||
2021 | $ | 74,150 | $ | 82,466 | $ | 156,616 | ||||||||||||||
2022 | 65,292 | 82,578 | 147,870 | |||||||||||||||||
2023 | 55,570 | 81,952 | 137,522 | |||||||||||||||||
2024 | 44,579 | 78,225 | 122,804 | |||||||||||||||||
2025 | 32,490 | 69,734 | 102,224 | |||||||||||||||||
Thereafter | 93,146 | 292,415 | 385,561 | |||||||||||||||||
Total | $ | 365,227 | $ | 687,370 | $ | 1,052,597 |
(Dollars in thousands) |
For the year ended December 31, 2020 |
Weighted average remaining lease term (years) | Weighted average discount rate | |||||||||||||||||||||||
Lease expense | Cash paid | |||||||||||||||||||||||||
Office space | $ | 2,670 | $ | 2,626 | 5.0 | 3.0 | % | |||||||||||||||||||
Ground leases | 58 | 51 | 35.5 | 4.4 | % | |||||||||||||||||||||
Office equipment | 336 | 336 | 2.5 | 3.0 | % | |||||||||||||||||||||
Total | $ | 3,064 | $ | 3,013 |
For the year ending December 31: | Future Minimum Rents as of December 31, 2020 | |||||||||||||||||||||||||
(In thousands) | Office space | Ground leases | Office equipment | Total | ||||||||||||||||||||||
2021 | $ | 2,930 | $ | 51 | $ | 134 | $ | 3,115 | ||||||||||||||||||
2022 | 2,855 | 51 | 57 | 2,963 | ||||||||||||||||||||||
2023 | 2,497 | 51 | 27 | 2,575 | ||||||||||||||||||||||
2024 | 3,139 | 51 | 13 | 3,203 | ||||||||||||||||||||||
2025 | 2,808 | 52 | 11 | 2,871 | ||||||||||||||||||||||
Thereafter | 355 | 1,084 | — | 1,439 | ||||||||||||||||||||||
Total | $ | 14,584 | $ | 1,340 | $ | 242 | $ | 16,166 | ||||||||||||||||||
(In thousands) | December 31, 2020 | December 31, 2019 | ||||||||||||
Assets: | ||||||||||||||
Multifamily Communities | $ | 1,745,020 | $ | 2,047,905 | ||||||||||
Financing | 321,026 | 409,226 | ||||||||||||
New Market Properties | 1,072,090 | 1,125,230 | ||||||||||||
Preferred Office Properties | 1,121,992 | 1,123,212 | ||||||||||||
Other | 20,951 | 64,987 | ||||||||||||
Consolidated assets | $ | 4,281,079 | $ | 4,770,560 |
Years ended December 31, | ||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Capitalized expenditures: | ||||||||||||||||||||
Residential properties | $ | 14,311 | $ | 14,511 | $ | 19,879 | ||||||||||||||
New Market Properties | 9,494 | 8,913 | 6,901 | |||||||||||||||||
Preferred Office Properties | 25,621 | 19,761 | 28,795 | |||||||||||||||||
Total | $ | 49,426 | $ | 43,185 | $ | 55,575 |
Years ended December 31, | ||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Segment net operating income (Segment NOI) | ||||||||||||||||||||
Residential properties | $ | 134,513 | $ | 123,576 | $ | 109,232 | ||||||||||||||
Financing | 50,689 | 59,750 | 63,795 | |||||||||||||||||
New Market Properties | 76,536 | 69,271 | 55,013 | |||||||||||||||||
Preferred Office Properties | 79,463 | 66,510 | 41,800 | |||||||||||||||||
Miscellaneous revenues | 1,084 | — | — | |||||||||||||||||
Consolidated segment net operating income | 342,285 | 319,107 | 269,840 | |||||||||||||||||
Interest expense: | ||||||||||||||||||||
Residential properties | 60,676 | 62,455 | 56,878 | |||||||||||||||||
New Market Properties | 26,379 | 24,566 | 19,188 | |||||||||||||||||
Preferred Office Properties | 26,939 | 22,869 | 12,789 | |||||||||||||||||
Financing | 4,564 | 2,074 | 6,709 | |||||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||
Residential properties | 102,035 | 99,391 | 106,106 | |||||||||||||||||
New Market Properties | 51,813 | 44,786 | 39,269 | |||||||||||||||||
Preferred Office Properties | 47,829 | 40,888 | 25,761 | |||||||||||||||||
Management fees, net of forfeitures | 1,963 | 21,752 | 20,885 | |||||||||||||||||
Management Internalization | 180,116 | 2,987 | — | |||||||||||||||||
Expected credit loss allowance | 6,103 | 2,038 | 2,533 | |||||||||||||||||
Equity compensation to directors and executives | 1,644 | 1,223 | 1,703 | |||||||||||||||||
Gains on sale of real estate loan investment and land condemnation | (517) | (954) | — | |||||||||||||||||
Gains on sales of real estate and mortgage-backed securities, net | (23,456) | (1,567) | (69,705) | |||||||||||||||||
Gain on non-cash net assets of consolidated VIEs | — | (1,831) | (320) | |||||||||||||||||
Loss from unconsolidated joint venture | 314 | — | — | |||||||||||||||||
Loss on extinguishment of debt | 6,674 | 84 | — | |||||||||||||||||
Other | 30,812 | 5,804 | 3,506 | |||||||||||||||||
Net income (loss) | $ | (181,603) | $ | (7,458) | $ | 44,538 |
Years ended December 31, | |||||||||||||||||||||||
(In thousands, except per-share figures) | 2020 | 2019 | 2018 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Operating income before gains on sales of real estate and mortgage-backed securities | $ | (80,030) | $ | 100,238 | $ | 70,077 | |||||||||||||||||
Loss from unconsolidated joint venture | (314) | — | — | ||||||||||||||||||||
Gains on sales of real estate and mortgage-backed securities | 23,456 | 1,567 | 69,705 | ||||||||||||||||||||
Operating (loss) income | (56,888) | 101,805 | 139,782 | ||||||||||||||||||||
Interest expense | 118,558 | 111,964 | 95,564 | ||||||||||||||||||||
Change in fair value of net assets of consolidated VIEs from mortgage-backed pools | — | 1,831 | 320 | ||||||||||||||||||||
Less: loss on extinguishment of debt | (6,674) | (84) | — | ||||||||||||||||||||
Gains on sale of real estate loan investment and land condemnation | 517 | 954 | — | ||||||||||||||||||||
Net (loss) income | (181,603) | (7,458) | 44,538 | ||||||||||||||||||||
Consolidated net loss (income) attributable to non-controlling interests | 3,815 | 214 | (1,071) | ||||||||||||||||||||
Net (loss) income attributable to the Company | (177,788) | (7,244) | 43,467 | ||||||||||||||||||||
Dividends declared to preferred stockholders | (160,908) | (113,772) | (86,741) | ||||||||||||||||||||
Earnings attributable to unvested restricted stock | (205) | (17) | (16) | ||||||||||||||||||||
Net loss attributable to common stockholders | $ | (338,901) | $ | (121,033) | $ | (43,290) | |||||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average number of shares of Common Stock - basic | 48,743 | 44,265 | 40,032 | ||||||||||||||||||||
Effect of dilutive securities: (D)
|
— | — | — | ||||||||||||||||||||
Weighted average number of shares of Common Stock - basic and diluted | 48,743 | 44,265 | 40,032 | ||||||||||||||||||||
Net loss per share of Common Stock attributable to | |||||||||||||||||||||||
common stockholders, basic and diluted | $ | (6.95) | $ | (2.73) | $ | (1.08) |
As of December 31, 2020 | |||||||||||||||||||||||||||||
Carrying value |
Fair value measurements
using fair value hierarchy |
||||||||||||||||||||||||||||
(In thousands) | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||
Real estate loans (1)
|
$ | 302,423 | $ | 315,074 | $ | — | $ | — | $ | 315,074 | |||||||||||||||||||
Notes receivable and line of credit receivable | 10,874 | 10,874 | — | — | 10,874 | ||||||||||||||||||||||||
$ | 313,297 | $ | 325,948 | $ | — | $ | — | $ | 325,948 | ||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||||||
Mortgage notes payable | $ | 2,640,705 | 2,666,471 | $ | — | $ | — | $ | 2,666,471 | ||||||||||||||||||||
Revolving credit facility | 22,000 | 22,000 | — | — | 22,000 | ||||||||||||||||||||||||
$ | 2,662,705 | $ | 2,688,471 | $ | — | $ | — | $ | 2,688,471 |
As of December 31, 2019 | |||||||||||||||||||||||||||||
Carrying value |
Fair value measurements
using fair value hierarchy |
||||||||||||||||||||||||||||
(In thousands) | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||
Real estate loans | $ | 375,460 | $ | 382,373 | $ | — | $ | — | $ | 382,373 | |||||||||||||||||||
Notes receivable and line of credit receivable | 41,917 | 41,917 | — | — | 41,917 | ||||||||||||||||||||||||
$ | 417,377 | $ | 424,290 | $ | — | $ | — | $ | 424,290 | ||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||||||
Mortgage notes payable | $ | 2,609,829 | $ | 2,659,242 | $ | — | $ | — | $ | 2,659,242 | |||||||||||||||||||
Revolving line of credit | — | — | — | — | — | ||||||||||||||||||||||||
Term note payable | 70,000 | 70,000 | — | — | 70,000 | ||||||||||||||||||||||||
$ | 2,679,829 | $ | 2,729,242 | $ | — | $ | — | $ | 2,729,242 |
Schedule III | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Apartment Communities, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Investments and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Initial Costs | Gross Amount at Which Carried at Close of Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property name | Location (MSA) | Related Encum-brances | Land | Building and Improvements |
Costs Capitalized
Subsequent to Acquisition |
Land | Building and Improvements | Construction in Progress | Total (1) | Accumulated Depreciation | Year Constr-ucted/Renova-ted | Date Acquired | Deprec-iable Lives - Years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summit Crossing | Atlanta, GA | $36,929 | $3,450 | $27,705 | $2,604 | $3,450 | $30,309 | $— | $33,759 | $(10,895) | 2007 | 4/21/2011 | 5 - 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summit Crossing II | Atlanta, GA | 20,700 | 3,220 | 15,852 | 526 | 3,220 | 16,377 | 1 | 19,598 | (4,921) | 2013 | 12/31/2013 | 5 - 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vineyards | Houston, TX | 32,703 | 5,456 | 46,201 | 2,330 | 5,456 | 48,514 | 17 | 53,987 | (11,778) | 2003 | 9/26/2014 | 5 - 35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avenues at Cypress | Houston, TX | 28,366 | 3,242 | 30,093 | 918 | 3,242 | 30,941 | 70 | 34,253 | (8,559) | 2014 | 2/13/2015 | 5 - 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avenues at Northpointe | Houston, TX | 33,546 | 3,921 | 37,203 | 1,054 | 3,921 | 38,257 | — | 42,178 | (10,305) | 2013 | 2/13/2015 | 5 - 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Venue at Lakewood Ranch | Sarasota, FL | 36,555 | 3,791 | 42,950 | 1,044 | 3,791 | 43,904 | 90 | 47,785 | (10,263) | 2015 | 5/21/2015 | 5 - 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aster at Lely Resort | Naples, FL | 50,400 | 7,675 | 43,794 | 1,307 | 7,675 | 45,093 | 8 | 52,776 | (11,025) | 2015 | 6/24/2015 | 5 - 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CityPark View | Charlotte, NC | 29,000 | 3,559 | 28,360 | 1,003 | 3,559 | 29,047 | 316 | 32,922 | (7,472) | 2014 | 6/30/2015 | 5 - 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Citi Lakes | Orlando, FL | 40,324 | 5,558 | 56,828 | 1,389 | 5,558 | 58,125 | 92 | 63,775 | (13,284) | 2014 | 9/3/2015 | 5 - 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stone Creek | Houston, TX | 19,451 | 2,211 | 22,916 | 304 | 2,211 | 23,220 | — | 25,431 | (4,737) | 2009 | 11/12/2015 | 5 - 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regent at Lenox | Nashville, TN | — | 301 | 3,493 | 72 | 301 | 3,565 | — | 3,866 | (722) | 2009 | 12/21/2015 | 5 - 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retreat at Lenox | Nashville, TN | 16,751 | 2,965 | 24,211 | 501 | 2,860 | 24,600 | 217 | 27,677 | (5,600) | 2015 | 12/21/2015 | 5 - 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lenox Village Town Center | Nashville, TN | 38,169 | 4,612 | 39,911 | 1,819 | 4,355 | 41,853 | 134 | 46,342 | (8,569) | 2009 | 12/21/2015 | 5 - 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Village at Baldwin Park | Orlando, FL | 69,608 | 17,403 | 90,464 | 8,621 | 17,403 | 97,379 | 1,706 | 116,488 | (17,575) | 2008 | 1/5/2016 | 5 - 37 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Crosstown Walk | Tampa, FL | 46,500 | 5,178 | 39,332 | 1,016 | 5,178 | 40,134 | 214 | 45,526 | (8,753) | 2014 | 1/15/2016 | 5 - 49 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Overton Rise | Atlanta, GA | 37,607 | 8,511 | 50,996 | 958 | 8,511 | 51,947 | 7 | 60,465 | (9,556) | 2015 | 2/1/2016 | 5 - 49 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
525 Avalon Park | Orlando, FL | 63,256 | 7,410 | 82,349 | 3,993 | 7,410 | 86,311 | 31 | 93,752 | (16,208) | 2008 | 5/31/2016 | 5 - 45 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
City Vista | Pittsburgh, PA | 32,938 | 4,082 | 41,486 | 390 | 4,082 | 41,876 | — | 45,958 | (8,837) | 2014 | 7/1/2016 | 5 - 49 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sorrel | Jacksonville, FL | 30,740 | 4,412 | 42,217 | 1,230 | 4,412 | 43,374 | 73 | 47,859 | (8,963) | 2015 | 8/24/2016 | 5 - 48 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Citrus Village | Tampa, FL | 40,900 | 4,809 | 40,481 | 1,816 | 4,809 | 42,107 | 190 | 47,106 | (8,133) | 2011 | 03/03/17 | 5 - 44 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retreat at Greystone | Birmingham, AL | 33,439 | 4,077 | 44,462 | 1,047 | 4,077 | 45,509 | — | 49,586 | (10,482) | 2015 | 03/24/17 | 5 - 49 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Initial Costs | Gross Amount at Which Carried at Close of Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property name | Location (MSA) | Related Encum-brances | Land | Building and Improvements |
Costs Capitalized
Subsequent to Acquisition |
Land | Building and Improvements | Construction in Progress | Total (1) | Accumulated Depreciation | Year Constr-ucted/Renova-ted | Date Acquired | Deprec-iable Lives - Years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Founder's Village | Williamsburg, VA | 29,635 | 5,315 | 38,761 | 1,014 | 5,315 | 39,775 | — | 45,090 | (7,275) | 2014 | 03/31/17 | 5 - 47 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Claiborne Crossing | Louisville, KY | 25,503 | 2,147 | 37,579 | 1,494 | 2,147 | 39,048 | 25 | 41,220 | (9,249) | 2014 | 04/26/17 | 5 - 47 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Luxe at Lakewood Ranch | Sarasota, FL | 36,922 | 4,852 | 51,033 | 761 | 4,852 | 51,756 | 38 | 56,646 | (8,492) | 2016 | 07/26/17 | 5 - 48 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adara Overland Park | Kansas City, KS | 30,024 | 2,854 | 42,030 | 670 | 2,854 | 42,701 | (1) | 45,554 | (9,981) | 2016 | 09/27/17 | 5 - 49 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reserve at Summit Crossing | Atlanta, GA | 18,893 | 4,375 | 25,939 | 407 | 4,375 | 26,346 | — | 30,721 | (4,931) | 2016 | 09/29/17 | 5 - 48 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aldridge at Town Village | Atlanta, GA | 35,892 | 7,122 | 45,418 | 547 | 7,122 | 45,921 | 44 | 53,087 | (9,951) | 2016 | 09/29/17 | 5 - 49 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Overlook at Crosstown Walk | Tampa, FL | 21,038 | 3,309 | 28,014 | 238 | 3,309 | 28,252 | — | 31,561 | (4,925) | 2016 | 11/21/17 | 5 - 48 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Colony at Centerpointe | Richmond, VA | 31,445 | 7,259 | 38,199 | 1,223 | 7,259 | 39,422 | — | 46,681 | (7,020) | 2016 | 12/20/17 | 5 - 48 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lux at Sorrel | Jacksonville, FL | 29,868 | 5,332 | 42,531 | 797 | 5,332 | 43,296 | 32 | 48,660 | (6,991) | 2017 | 1/9/2018 | 5 - 49 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Green Park | Atlanta, GA | 37,785 | 7,478 | 49,211 | 482 | 7,478 | 49,693 | — | 57,171 | (10,278) | 2017 | 2/28/2018 | 5 - 48 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lodge at Hidden River | Tampa, FL | 40,204 | 5,600 | 52,930 | 483 | 5,600 | 53,372 | 41 | 59,013 | (6,075) | 2017 | 9/27/2018 | 5 - 48 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vestavia Reserve | Birmingham, AL | 36,511 | 4,140 | 54,206 | 815 | 4,140 | 54,940 | 81 | 59,161 | (6,238) | 2016 | 11/9/2018 | 5 - 48 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CityPark View South | Charlotte, NC | 23,379 | 5,816 | 27,528 | 409 | 5,816 | 27,905 | 32 | 33,753 | (3,586) | 2017 | 11/15/2018 | 5 - 49 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Artisan at Viera | Melbourne, FL | 39,104 | 4,839 | 58,791 | 450 | 4,839 | 59,198 | 43 | 64,080 | (4,072) | 2018 | 8/8/2019 | 5 - 50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Five Oaks at Westchase | Tampa, FL | 30,818 | 4,425 | 48,113 | 360 | 4,425 | 48,483 | (10) | 52,898 | (2,925) | 2019 | 9/18/2019 | 5 - 50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Horizon at Wiregrass | Tampa, FL | 51,360 | 6,842 | 72,708 | (42) | 6,842 | 72,805 | (139) | 79,508 | (2,913) | 2018 | 3/31/2020 | 5 - 47 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parkside at the Beach | Panama City Beach, FL | 45,037 | 6,103 | 53,689 | 267 | 6,103 | 53,776 | 180 | 60,059 | (2,064) | 2019 | 4/30/2020 | 5 - 50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Blake | Orlando, FL | 44,435 | 7,459 | 53,223 | 15 | 7,459 | 53,238 | — | 60,697 | (348) | 2019 | 11/2/2020 | 5 - 50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Menlo | Jacksonville, FL | 47,000 | 7,670 | 64,983 | — | 7,670 | 64,983 | — | 72,653 | (137) | 2020 | 12/15/2020 | 5 - 50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1,392,735 | 208,780 | 1,736,190 | 44,332 | 208,418 | 1,777,352 | 3,532 | 1,989,302 | (304,088) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Initial Costs | Gross Amount at Which Carried at Close of Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property name | Location (MSA) | Related Encum-brances | Land | Building and Improvements |
Costs Capitalized
Subsequent to Acquisition |
Land | Building and Improvements | Construction in Progress | Total (1) | Accumulated Depreciation | Year Constr-ucted/Renova-ted | Date Acquired | Deprec-iable Lives - Years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Woodstock Crossing | Atlanta, GA | $2,818 | $1,751 | $3,800 | $662 | $1,751 | $4,462 | $— | $6,213 | $(1,360) | 1994 | 2/12/2014 | 5 - 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Spring Hill Plaza | Nashville, TN | 7,962 | 4,376 | 8,104 | 193 | 4,376 | 8,297 | — | 12,673 | (2,493) | 2005 | 9/5/2014 | 5 - 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parkway Town Centre | Nashville, TN | 7,866 | 3,054 | 6,694 | 584 | 3,054 | 7,278 | — | 10,332 | (1,750) | 2005 | 9/5/2014 | 5 - 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Barclay Crossing | Tampa, FL | 6,086 | 2,856 | 7,572 | 248 | 2,856 | 7,820 | — | 10,676 | (1,875) | 1998 | 9/30/2014 | 5 - 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deltona Landings | Orlando, FL | 6,141 | 2,256 | 8,344 | 470 | 2,256 | 8,814 | — | 11,070 | (2,107) | 1999 | 9/30/2014 | 5 - 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kingwood Glen | Houston, TX | — | 5,021 | 12,930 | 1,188 | 4,762 | 14,336 | 41 | 19,139 | (3,308) | 1998 | 9/30/2014 | 5 - 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parkway Centre | Columbus, GA | 4,423 | 2,071 | 4,516 | 444 | 2,071 | 4,960 | — | 7,031 | (1,241) | 1999 | 9/30/2014 | 5 - 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Powder Springs | Atlanta, GA | 7,749 | 1,832 | 8,246 | 371 | 1,832 | 8,617 | — | 10,449 | (2,193) | 1999 | 9/30/2014 | 5 - 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sweetgrass Corner | Charleston, SC | — | 3,076 | 12,670 | 236 | 3,076 | 12,906 | — | 15,982 | (3,086) | 1999 | 9/30/2014 | 5 - 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Market at Salem Cove | Nashville, TN | 8,889 | 2,427 | 10,272 | 174 | 2,427 | 10,445 | 1 | 12,873 | (2,100) | 2010 | 10/6/2014 | 5 - 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Independence Square | Dallas, TX | 11,184 | 4,115 | 13,690 | 2,012 | 4,115 | 15,697 | 5 | 19,817 | (3,703) | 1977 | 7/1/2015 | 5 - 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Royal Lakes Marketplace | Atlanta, GA | 9,345 | 4,874 | 10,439 | 487 | 4,924 | 10,876 | — | 15,800 | (2,407) | 2008 | 9/4/2015 | 5 - 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summit Point | Atlanta, GA | 11,118 | 7,064 | 11,430 | 515 | 7,064 | 11,945 | — | 19,009 | (2,694) | 2004 | 10/30/2015 | 5 - 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Overlook at Hamilton Place | Chattanooga, TN | 19,088 | 6,787 | 25,244 | 1,571 | 6,787 | 26,815 | — | 33,602 | (5,293) | 1992 | 12/22/2015 | 5 - 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wade Green Village | Atlanta, GA | 7,488 | 1,840 | 8,410 | 522 | 1,840 | 8,932 | — | 10,772 | (1,974) | 1993 | 2/29/2016 | 5 - 35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Anderson Central | Greenville Spartanburg, SC | 11,246 | 5,059 | 13,278 | 349 | 5,059 | 13,627 | — | 18,686 | (3,403) | 1999 | 4/29/2016 | 5 - 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
East Gate Shopping Center | Augusta, GA | 5,118 | 1,653 | 7,391 | 56 | 1,653 | 7,447 | — | 9,100 | (1,481) | 1995 | 4/29/2016 | 5 - 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fairview Market | Greenville Spartanburg, SC | — | 1,353 | 5,179 | 1,469 | 1,353 | 6,648 | — | 8,001 | (1,194) | 1998 | 4/29/2016 | 5 - 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fury's Ferry | Augusta, GA | 5,912 | 2,084 | 8,107 | 265 | 2,084 | 8,372 | — | 10,456 | (1,527) | 1996 | 4/29/2016 | 5 - 35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rosewood Shopping Center | Columbia, SC | 3,971 | 1,671 | 5,347 | 157 | 1,671 | 5,504 | — | 7,175 | (867) | 2002 | 4/29/2016 | 5 - 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Southgate Village | Birmingham, AL | 7,059 | 2,262 | 10,290 | 317 | 2,262 | 10,607 | — | 12,869 | (1,867) | 1988 | 4/29/2016 | 5 - 35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Market at Victory Village | Nashville, TN | 8,751 | 2,271 | 12,275 | 138 | 2,271 | 12,413 | — | 14,684 | (2,118) | 2007 | 5/16/2016 | 5 - 40 |
(Dollars in thousands) | Initial Costs | Gross Amount at Which Carried at Close of Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property name | Location (MSA) | Related Encum-brances | Land | Building and Improvements |
Costs Capitalized
Subsequent to Acquisition |
Land | Building and Improvements | Construction in Progress | Total (1) | Accumulated Depreciation | Year Constr-ucted/Renova-ted | Date Acquired | Deprec-iable Lives - Years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lakeland Plaza | Atlanta, GA | 26,632 | 7,079 | 33,087 | 709 | 7,079 | 33,790 | 6 | 40,875 | (6,146) | 1990 | 7/15/2016 | 5 - 35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cherokee Plaza | Atlanta, GA | 24,277 | 8,392 | 32,249 | 563 | 8,392 | 32,753 | 59 | 41,204 | (4,374) | 1958 | 8/8/2016 | 5 - 35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Heritage Station | Raleigh, NC | 8,315 | 1,684 | 9,883 | 1,604 | 1,684 | 11,476 | 11 | 13,171 | (1,999) | 2004 | 8/8/2016 | 5 - 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oak Park Village | San Antonio, TX | 8,580 | 5,745 | 10,779 | 143 | 5,745 | 10,922 | — | 16,667 | (1,803) | 1970 | 8/8/2016 | 5 - 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sandy Plains Exchange | Atlanta, GA | 8,404 | 4,788 | 9,309 | 420 | 4,788 | 9,729 | — | 14,517 | (1,799) | 1997 | 8/8/2016 | 5 - 32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shoppes of Parkland | Miami - Ft. Lauderdale, FL | 15,414 | 10,779 | 16,543 | 436 | 10,779 | 16,979 | — | 27,758 | (3,713) | 2000 | 8/8/2016 | 5 - 35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thompson Bridge Commons | Atlanta, GA | 11,234 | 1,478 | 16,047 | 46 | 1,478 | 16,093 | — | 17,571 | (2,232) | 2001 | 8/8/2016 | 5 - 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
University Palms | Orlando, FL | 12,030 | 4,854 | 16,706 | 1,016 | 4,854 | 17,626 | 96 | 22,576 | (2,723) | 1993 | 8/8/2016 | 5 - 37 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Champions Village | Houston, TX | 27,400 | 12,813 | 33,399 | 3,716 | 12,813 | 36,563 | 552 | 49,928 | (7,182) | 1973 | 10/18/2016 | 5 - 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Castleberry - Southard | Atlanta, GA | 10,734 | 3,024 | 14,142 | 165 | 3,024 | 14,307 | — | 17,331 | (1,939) | 2006 | 4/21/2017 | 5 - 39 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rockbridge Village | Atlanta, GA | 13,310 | 3,141 | 15,944 | 575 | 3,141 | 16,519 | — | 19,660 | (1,805) | 2005 | 6/6/2017 | 5 - 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Irmo Station | Columbia, SC | 9,758 | 3,602 | 11,859 | 1,079 | 3,602 | 12,938 | — | 16,540 | (1,876) | 1980 | 7/26/2017 | 5 - 33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maynard Crossing | Raleigh, NC | 16,953 | 6,304 | 22,566 | 809 | 6,304 | 23,374 | 1 | 29,679 | (3,686) | 1996 | 8/25/2017 | 5 - 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Woodmont Village | Atlanta, GA | 8,096 | 2,713 | 10,030 | 362 | 2,713 | 10,392 | — | 13,105 | (1,588) | 2002 | 9/8/2017 | 5 - 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
West Town Market | Charlotte, NC | 8,260 | 1,937 | 12,298 | — | 1,937 | 12,298 | — | 14,235 | (1,459) | 2004 | 9/22/2017 | 5 - 37 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Crossorads Market | Naples, FL | 17,622 | 7,044 | 22,627 | 543 | 7,044 | 23,170 | — | 30,214 | (2,189) | 1993 | 12/5/2017 | 5 - 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Roswell Wieuca Shopping Center | Atlanta, GA | — | 12,006 | 18,485 | 234 | 12,006 | 18,719 | — | 30,725 | (1,820) | 2007 | 11/30/2017 | 5 - 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greensboro Village | Nashville, TN | 8,040 | 3,134 | 10,771 | 387 | 3,134 | 11,158 | — | 14,292 | (1,443) | 2005 | 4/27/2018 | 5 - 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Governors Towne Square | Atlanta, GA | 10,696 | 2,766 | 13,027 | 53 | 2,766 | 13,080 | — | 15,846 | (1,306) | 2004 | 4/27/2018 | 5 - 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conway Plaza | Orlando, FL | 9,375 | 4,202 | 9,782 | 1,533 | 4,202 | 11,315 | — | 15,517 | (1,549) | 1966 | 6/29/2018 | 5 - 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brawley Commons | Charlotte, NC | 17,519 | 8,786 | 18,716 | 300 | 8,786 | 19,016 | — | 27,802 | (2,314) | 1997 | 7/6/2018 | 5 - 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hollymead Town Center | Charlottesville, VA | 26,139 | 7,503 | 33,009 | 81 | 7,503 | 33,085 | 5 | 40,593 | (2,327) | 2005 | 12/21/2018 | 5 - 40 |
(Dollars in thousands) | Initial Costs | Gross Amount at Which Carried at Close of Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property name | Location (MSA) | Related Encum-brances | Land | Building and Improvements |
Costs Capitalized
Subsequent to Acquisition |
Land | Building and Improvements | Construction in Progress | Total (1) | Accumulated Depreciation | Year Constr-ucted/Renova-ted | Date Acquired | Deprec-iable Lives - Years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gayton Crossing | Richmond, VA | 17,276 | 9,109 | 17,791 | 1,635 | 9,109 | 18,748 | 678 | 28,535 | (1,641) | 1983 | 1/17/2019 | 5 - 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Free State Shopping Center | Washington D.C. | 45,549 | 21,443 | 44,831 | 10 | 21,443 | 44,833 | 8 | 66,284 | (3,207) | 1970 | 5/28/2019 | 5 - 35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Polo Grounds Mall | West Palm Beach, FL | 12,986 | 9,057 | 10,907 | 252 | 9,057 | 11,148 | 11 | 20,216 | (1,009) | 1966 | 6/12/2019 | 5 - 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disston Plaza | Tampa-St Petersburg, FL | 17,578 | 5,579 | 22,048 | 66 | 5,579 | 22,114 | — | 27,693 | (1,403) | 1954 | 6/12/2019 | 5 - 35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fairfield Shopping Center | Virginia Beach, VA | 19,750 | 12,728 | 14,526 | 488 | 12,728 | 14,950 | 64 | 27,742 | (1,728) | 1985 | 8/16/2019 | 5 - 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Berry Town Center | Orlando, FL | 11,794 | 3,062 | 13,628 | 57 | 3,062 | 13,672 | 13 | 16,747 | (767) | 2003 | 11/14/2019 | 5 - 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hanover Center | Wilmington, NC | 31,217 | 16,634 | 40,393 | 644 | 16,634 | 41,016 | 21 | 57,671 | (2,500) | 1954 | 12/19/2019 | 5 - 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wakefield Crossing | Raleigh, NC | 7,728 | 1,997 | 9,252 | — | 1,997 | 9,252 | — | 11,249 | (446) | 1954 | 12/19/2019 | 5 - 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Midway Market | Dallas, TX | — | 7,331 | 5,110 | — | 7,331 | 5,110 | — | 12,441 | (287) | 1954 | 12/19/2019 | 5 - 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
614,880 | 280,467 | 783,972 | 30,354 | 280,258 | 812,963 | 1,572 | 1,094,793 | (120,301) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Initial Costs | Gross Amount at Which Carried at Close of Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property name | Location (MSA) | Related Encum-brances | Land | Building and Improvements |
Costs Capitalized
Subsequent to Acquisition |
Land | Building and Improvements | Construction in Progress | Total (1) | Accumulated Depreciation | Year Constr-ucted/Renova-ted | Date Acquired | Deprec-iable Lives - Years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brookwood Office Center | Birmingham, AL | $29,925 | $1,745 | $42,661 | $345 | $1,745 | $42,997 | $9 | $44,751 | $(5,365) | 2007 | 8/29/2016 | 5 - 50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Galleria 75 | Atlanta, GA | 5,131 | 15,156 | 1,512 | 324 | 15,156 | 1,831 | 5 | 16,992 | (811) | 1988 | 11/4/2016 | 5 - 25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Ravinia | Atlanta, GA | 115,500 | 9,785 | 154,023 | 65,699 | 11,083 | 218,214 | 210 | 229,507 | (33,974) | 1991 | 12/30/2016 | 7 - 39 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Westridge | San Antonio, TX | 50,449 | 15,778 | 58,496 | 5,637 | 15,778 | 64,113 | 20 | 79,911 | (8,372) | 2016 | 11/13/2017 | 13 - 50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Armour Yards | Atlanta, GA | 39,425 | 6,756 | 54,534 | 274 | 6,756 | 54,719 | 89 | 61,564 | (5,429) | 2016 | 1/29/2018 | 9 - 50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
150 Fayetteville | Raleigh, NC | 113,768 | 16,072 | 140,467 | 20,559 | 16,072 | 158,937 | 2,089 | 177,098 | (12,352) | 1990 | 7/31/2018 | 8 - 50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capitol Towers | Charlotte, NC | 122,720 | 13,445 | 174,029 | 5,019 | 13,445 | 178,868 | 180 | 192,493 | (9,659) | 2015 | 12/20/2018 | 7 - 50 |
Schedule IV | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Apartment Communities, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Loans on Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description | Property Name | Location (MSA) | Interest Rate | Maturity Date | Periodic Payment Terms | Prior Liens | Face Amount of Mortgages (in thousands) | Carrying Amount of Mortgages (in thousands) | Principal Amount of Mortgages Subject to Delinquent Principal or Interest | ||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Construction Loan on Multifamily Community | Newbergh | Atlanta, GA | 14.0 | % | 3/31/2021 | (3) | 8.5 / 5.5 | $ | — | $ | 11,749 | $ | 11,749 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||
Real Estate Construction Loan on Multifamily Community |
Newbergh
Capital |
Atlanta, GA | 14.0 | % | 3/31/2021 | (3) | 8.5 / 5.5 | — | 6,176 | 6,176 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Construction Loan on Multifamily Community | V & Three | Charlotte, NC | 13.5 | % | 8/15/2021 | (2) | 8.5 / 5.0 | — | 10,336 | 10,335 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Construction Loan on Multifamily Community |
V & Three
Capital |
Charlotte, NC | 13.5 | % | 8/18/2021 | (2) | 8.5 / 5.0 | — | 7,338 | 7,162 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Construction Loan on Multifamily Community | Cameron Park | Alexandria, VA | 11.5 | % | 10/11/2021 | (1) | 8.5 / 3.0 | — | 21,340 | 20,874 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Construction Loan on Multifamily Community | Cameron Park Capital | Alexandria, VA | 11.5 | % | 10/11/2021 | (1) | 8.5 / 3.0 | — | 8,850 | 8,850 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Construction Loan on Multifamily Community | The Anson | Nashville, TN | 13.0 | % | 11/24/2021 | (6) | 8.5 / 4.5 | — | 6,240 | 6,240 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Construction Loan on Multifamily Community |
The Anson
Capital |
Nashville, TN | 13.0 | % | 11/24/2021 | (6) | 8.5 / 4.5 | — | 5,659 | 4,839 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Construction Loan on Multifamily Community | Berryessa | San Jose, CA | 11.5 | % | 2/13/2022 | (1) | 8.5 / 3.0 | — | 137,616 | 126,237 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Construction Loan on Multifamily Community | Southpoint | Fredericksburg, VA | 12.5 | % | 2/28/2022 | (5) | 8.5 / 4.0 | — | 7,348 | 7,348 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Construction Loan on Multifamily Community |
Southpoint
Capital |
Fredericksburg, VA | 12.5 | % | 2/28/2022 | (5) | 8.5 / 4.0 | — | 4,962 | 4,626 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Construction Loan on Multifamily Community | Vintage Destin | Destin, FL | 12.5 | % | 3/24/2022 | (5) | 8.5 / 4.0 | — | 10,763 | 9,736 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Construction Loan on Multifamily Community | Hidden River II | Tampa, FL | 12.0 | % | 10/11/2022 | (4) | 8.5 / 3.5 | — | 4,462 | 4,462 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Construction Loan on Multifamily Community |
Hidden River II
Capital |
Tampa, FL | 12.0 | % | 10/11/2022 | (4) | 8.5 / 3.5 | — | 2,763 | 2,461 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Construction Loan on Multifamily Community | Vintage Horizon West | Orlando, FL | 14.0 | % | 10/11/2022 | (3) | 8.5 / 5.5 | — | 10,900 | 9,019 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Construction Loan on Multifamily Community | Kennesaw Crossing | Atlanta, GA | 14.0 | % | 9/1/2023 | (3) | 8.5 / 5.5 | — | 14,810 | 13,025 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
The following exhibits are included, or incorporated by reference, in this Annual Report on Form 10-K (and are numbered in accordance with Item 601 of Regulation S-K): | ||||||||||||||
Exhibit No. | References | Description | ||||||||||||
2.1 |
Stock Purchase Agreement, dated as of January 31, 2020, by and among Preferred Apartment Communities, Inc., Preferred Apartment Communities Operating Partnership, L.P., PAC Carveout, LLC, NELL Partners, Inc., NMA Holdings, Inc., Mortwat, LLC, Northside Partners Trust, Nancy Ann Richardson Williams 2017 Children’s Trust, Caitboo Family Trust, Fairmont Green Trust, and Murphy Capital and Advisory Group LLC. (Previously filed with the Current Report on Form 8-K filed by the Registrant with the Securities and Exchange Commission on February 3, 2020).
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3.1 | (1) | |||||||||||||
3.2 |
Fifth Amended and Restated By-laws of Preferred Apartment Communities, Inc. Previously filed with the Current Report on Form 8-K filed by the Registrant with the Securities and Exchange Commission on November 19, 2020
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4.1 |
Sixth Amended and Restated Partnership Agreement, dated June 3, 2016, among Preferred Apartment Communities, Inc., Preferred Apartment Advisors, LLC and the other limited partners party thereto Previously filed with the Current Report on Form 8-K filed by the Registrant with the Securities and Exchange Commission on June 6, 2016
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4.2 |
Articles Supplementary for the Series A Redeemable Preferred Stock Previously filed with the Pre-effective Amendment No. 1 to Form S-11 Registration Statement (Registration No.: 333-176604) filed by the Registrant with the Securities and Exchange Commission on November 2, 2011
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4.3 |
Articles Supplementary for the Series M Redeemable Preferred Stock Previously filed with the Form S-3 Registration Statement (Registration No.: 333-214531) filed by the Registrant with the Securities and Exchange Commission on November 9, 2016
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4.4 |
Articles Supplementary classifying an additional 900,000 shares of the Series A Redeemable Preferred Stock Previously filed with the Current Report on Form 8-K filed by the Registrant with the Securities and Exchange Commission on August 28, 2013
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4.5 |
Articles Supplementary classifying an additional 2,000,000 shares of the Series A Redeemable Preferred Stock Previously filed with the Form S-3 Registration Statement (Registration No.: 333-211924) filed by the Registrant with the Securities and Exchange Commission on June 9, 2016
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4.7 |
Form of Series A Subscription Agreement Previously filed with the Pre-effective Amendment No. 2 to Form S-3 Registration Statement (Registration No. 333-211924) filed by the Registrant with the Securities and Exchange Commission on November 8, 2016
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4.8 |
First Amendment to the Sixth Amended and Restated Partnership Agreement, dated as of January 25, 2017, entered into by Preferred Apartment Communities, Inc. Previously filed with the Current Report on Form 8-K filed by the Registrant with the Securities and Exchange Commission on January 26, 2017
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4.9 |
Articles of Amendment Amending the Holder Redemption Options of the Company's Series A Redeemable Preferred Stock Previously filed with the Current Report on Form 8-K filed by the Registrant with the Securities and Exchange Commission on June 26, 2014
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4.10 |
Amended and Restated Warrant Agreement dated as of March 14, 2012 between Preferred Apartment Communities, Inc. and Computershare Trust Company, N.A., as Warrant Agent Previously filed with the Annual Report on Form 10-K filed by the Registrant with the Securities and Exchange Commission on March 15, 2012
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4.11 |
Form of Global Warrant Certificate Previously filed with the Pre-effective Amendment No. 1 to Form S-11 Registration Statement (Registration No.: 333-176604) filed by the Registrant with the Securities and Exchange Commission on November 2, 2011
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4.12 |
Second Amended and Restated Warrant Agreement between Preferred Apartment Communities, Inc. and Computershare Trust Company, N.A., as Warrant Agent dated as of October 11, 2013 Previously filed with the Current Report on Form 8-K filed by the Registrant with the Securities and Exchange Commission on October 15, 2013
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4.13 |
Warrant Agreement between Preferred Apartment Communities, Inc. and Computershare Trust Company, N.A., as Warrant Agent dated as of February 23, 2017 Previously filed with the Current Report on Form 8-K filed by the Registrant with the Securities and Exchange Commission on February 24, 2017
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4.14 |
Articles Supplementary for the Series A1 Redeemable Preferred Stock Previously filed with the Form S-3 Registration Statement (Registration No.: 333-233576) filed by the Registrant with the Securities and Exchange Commission on August 30, 2019
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4.15 |
Articles Supplementary for the Series M1 Redeemable Preferred Stock Previously filed with the Form S-3 Registration Statement (Registration No.: 333-233576) filed by the Registrant with the Securities and Exchange Commission on August 30, 2019
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4.16 |
Second Amendment to the Sixth Amended and Restated Partnership Agreement, dated as of November 7, 2019, entered into by Preferred Apartment Communities, Inc. Previously filed with the Current Report on Form 8-K filed by the Registrant with the Securities and Exchange Commission on November 7, 2019
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4.17 |
Form of Series A1 and M1 Subscription Agreement Previously filed with the Current Report on Form 8-K filed by the Registrant with the Securities and Exchange Commission on October 2, 2019
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4.18 |
Description of Common Stock Previously filed with the Annual Report on Form 10-K filed by the Registrant with the Securities and Exchange Commission on March 3, 2020
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4.19 | (1) | |||||||||||||
4.20 |
Description of Warrant to Purchase Common Stock Previously filed with the Annual Report on Form 10-K filed by the Registrant with the Securities and Exchange Commission on March 3, 2020
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4.21 |
Description of Series M Redeemable Preferred Stock Previously filed with the Annual Report on Form 10-K filed by the Registrant with the Securities and Exchange Commission on March 3, 2020
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4.22 |
Description of Series A1 Redeemable Preferred Stock Previously filed with the Annual Report on Form 10-K filed by the Registrant with the Securities and Exchange Commission on March 3, 2020
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4.23 |
Description of Series M1 Redeemable Preferred Stock Previously filed with the Annual Report on Form 10-K filed by the Registrant with the Securities and Exchange Commission on March 3, 2020
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4.24 |
Amendment to Articles Supplementary for the Series A Redeemable Preferred Stock Previously filed with the Current Report on Form 8-K filed by the Registrant with the Securities and Exchange Commission on November 19, 2020
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10.1 | * |
The Company’s 2019 Stock Incentive Plan Previously filed with the Current Report on Form 8-K filed by the Registrant with the Securities and Exchange Commission on May 2, 2019
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10.2 | * |
Form of Director Restricted Stock Agreement pursuant to the Preferred Apartment Communities, Inc. 2019 Stock Incentive Plan Previously filed with the Current Report on Form 8-K filed by the Registrant with the Securities and Exchange Commission on June 19, 2020
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10.3 | * |
Form of Restricted Stock Agreement (Officer) pursuant to the Preferred Apartment Communities, Inc. 2019 Stock Incentive Plan Previously filed with the Current Report on Form 8-K filed by the Registrant with the Securities and Exchange Commission on June 19, 2020
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10.4 | * |
Form of Restricted Stock Unit Agreement (Officer) pursuant to the Preferred Apartment Communities, Inc. 2019 Stock Incentive Plan Previously filed with the Current Report on Form 8-K filed by the Registrant with the Securities and Exchange Commission on August 6, 2020
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10.5 |
Form of Indemnification Agreement Previously filed with the Current Report on Form 8-K filed by the Registrant with the Securities and Exchange Commission on April 7, 2011
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10.6 | * |
Form of Preferred Apartment Communities, Inc. 2018 Class B Unit Award Agreement (3 year) Previously filed with the Current Report on Form 8-K filed by the Registrant with the Securities and Exchange Commission on January 29, 2018
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10.7 |
Sales Agreement dated June 21, 2019 by and between Preferred Apartment Communities, Inc. and RBC Capital Markets, LLC, JonesTrading Institutional Services LLC, B. Riley FBR, Inc., Compass Point Research & Trading, LLC, D.A. Davidson & Co., JMP Securities LLC, and National Securities Corporation. Previously filed with the Current Report on Form 8-K filed by the Registrant with the Securities and Exchange Commission on June 24, 2019
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10.8 |
Fourth Amended and Restated Credit Agreement dated as of August 5, 2016 among Preferred Apartment Communities, Inc., Preferred Apartment Communities Operating Partnership, L.P., the lenders party thereto and KeyBank National Association Previously filed with the Current Report on Form 8-K filed by the Registrant with the Securities and Exchange Commission on August 10, 2016
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10.9 |
Fourth Amended and Restated Pledge and Security Agreement dated as of August 5, 2016 among Preferred Apartment Communities Operating Partnership, L.P., (the "Borrower"), each of the subsidiaries of the Borrower party thereto and KeyBank National Association Previously filed with the Current Report on Form 8-K filed by the Registrant with the Securities and Exchange Commission on August 10, 2016
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10.10 |
Fourth Amended and Restated Guaranty dated as of August 5, 2016 by and among Preferred Apartment Communities, Inc., each of the guarantors party thereto and KeyBank National Association Previously filed with the Current Report on Form 8-K filed by the Registrant with the Securities and Exchange Commission on August 10, 2016
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10.11 |
Form of Buy-Sell Agreement with KeyBank National Association Previously filed with the Current Report on Form 8-K filed by the Registrant with the Securities and Exchange Commission on February 17, 2015
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10.12 |
Form of Escrow Agreement for Series A1 and M1 Previously filed with the Current Report on Form 8-K filed by the Registrant with the Securities and Exchange Commission on October 2, 2019
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10.13 |
Consulting Agreement Between Leonard A. Silverstein and Preferred Apartment Communities, Inc. Previously filed with the Annual Report on Form 10-K filed by the Registrant with the Securities and Exchange Commission on March 3, 2020
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10.14 | * |
Preferred Apartment Communities, Inc. Executive Severance and Change in Control Plan Previously filed with the Current Report on Form 8-K filed by the Registrant with the Securities and Exchange Commission on August 6, 2020
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10.15 | * |
Executive Severance and Change in Control Participation Agreement (Form) Previously filed with the Current Report on Form 8-K filed by the Registrant with the Securities and Exchange Commission on August 6, 2020
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10.16 | * |
Executive Severance and Change in Control Participation Agreement - CEO/CFO (Form) Previously filed with the Current Report on Form 8-K filed by the Registrant with the Securities and Exchange Commission on August 6, 2020
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21 | (1) | |||||||||||||
23.1 | (1) | |||||||||||||
31.1 | (1) | |||||||||||||
31.2 | (1) | |||||||||||||
32.1 | (1) | |||||||||||||
32.2 | (1) |
SIGNATURES | |||||||||||||||||||||||
Pursuant to the requirements of Section 13 or 15(d) 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: March 1, 2021 | By: | /s/ Joel T. Murphy | |||||||||||||||||||||
Joel T. Murphy | |||||||||||||||||||||||
Chief Executive Officer | |||||||||||||||||||||||
(Principal Executive Officer) | |||||||||||||||||||||||
Date: March 1, 2021 | By: | /s/ John A. Isakson | |||||||||||||||||||||
John A. Isakson | |||||||||||||||||||||||
Chief Financial Officer | |||||||||||||||||||||||
(Principal Financial Officer) | |||||||||||||||||||||||
Pursuant to the requirements of Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | |||||||||||||||||||||||
Signature | Title | Date | |||||||||||||||||||||
/s/ Joel T. Murphy | Chief Executive Officer, President and Director | March 1, 2021 | |||||||||||||||||||||
Joel T. Murphy | (Principal Executive Officer) | ||||||||||||||||||||||
/s/ John A. Isakson | Chief Financial Officer (Principal Financial Officer) | March 1, 2021 | |||||||||||||||||||||
John A. Isakson | |||||||||||||||||||||||
/s/ Michael J. Cronin | Executive Vice President, Chief Accounting Officer and Treasurer | March 1, 2021 | |||||||||||||||||||||
Michael J. Cronin | (Principal Accounting Officer) | ||||||||||||||||||||||
/s/ Steve Bartkowski | Director | March 1, 2021 | |||||||||||||||||||||
Steve Bartkowski | |||||||||||||||||||||||
/s/ Gary B. Coursey | Director | March 1, 2021 | |||||||||||||||||||||
Gary B. Coursey | |||||||||||||||||||||||
/s/ Daniel M. DuPree | Director | March 1, 2021 | |||||||||||||||||||||
Daniel M. DuPree | |||||||||||||||||||||||
/s/ Howard A. McLure | Director | March 1, 2021 | |||||||||||||||||||||
Howard A. McLure | |||||||||||||||||||||||
/s/ Timothy A. Peterson | Director | March 1, 2021 | |||||||||||||||||||||
Timothy A. Peterson | |||||||||||||||||||||||
/s/ John M. Cannon | Director | March 1, 2021 | |||||||||||||||||||||
John M. Cannon | |||||||||||||||||||||||
/s/ Sara J. Finley | Director | March 1, 2021 | |||||||||||||||||||||
Sara J. Finley |
Exhibit 21 | |||||
Subsidiaries of Preferred Apartment Communities, Inc. | |||||
Name | Jurisdiction of Formation | ||||
525 Avalon Park, LLC | Delaware | ||||
Barclay Crossing, LLC | Delaware | ||||
Berryessa Lending, LLC | Delaware | ||||
Claiborne Crossing, LLC | Delaware | ||||
Deltona Landing, LLC | Delaware | ||||
Main Street Apartment Homes, LLC | Maryland | ||||
Main Street Baldwin, LLC | Delaware | ||||
Main Street Stone Creek, LLC | Delaware | ||||
Mulberry Alexandria Lending, LLC | Delaware | ||||
Mulberry Alexandria Capital Lending, LLC | Delaware | ||||
Neapolitan Way Shopping Center, LLC | Florida | ||||
New Market – Anderson, LLC | Delaware | ||||
New Market – Berry, LLC | Delaware | ||||
New Market Brawley GP, LLC | Delaware | ||||
New Market – Brawley, LP | Delaware | ||||
New Market - Castleberry, LLC | Delaware | ||||
New Market – Champions, LLC | Delaware | ||||
New Market – Cherokee, LLC | Delaware | ||||
New Market – Conway, LLC | Delaware | ||||
New Market - Crossroads, LLC | Delaware | ||||
New Market – Cumming, LLC | Delaware | ||||
New Market – Disston, LLC | Delaware | ||||
New Market – East Gate, LLC | Delaware | ||||
New Market – Fairfield, LLC | Delaware | ||||
New Market – Fairview, LLC | Delaware | ||||
New Market – Free State, LLC | Delaware | ||||
New Market – Furys Ferry, LLC | Delaware | ||||
New Market - Gallatin, LLC | Delaware | ||||
New Market – Gayton, LLC | Delaware | ||||
New Market – Governors, LLC | Delaware | ||||
New Market – Hanover GP, LLC | Delaware | ||||
New Market – Hanover, LP | Delaware | ||||
New Market Heritage GP, LLC | Delaware | ||||
New Market – Heritage, LP | Delaware | ||||
New Market – Hollymead, LLC | Delaware | ||||
New Market - Irmo, LLC | Delaware | ||||
New Market Maynard GP, LLC | Delaware | ||||
New Market - Maynard, LP | Delaware | ||||
New Market – Midway, LLC | Delaware | ||||
New Market – Neapolitan, LLC | Delaware |
New Market – Oak Park, LLC | Delaware | ||||
New Market – Overlook, LLC | Delaware | ||||
New Market – Parkland, LLC | Delaware | ||||
New Market – Parkland Outparcel, LLC | Delaware | ||||
New Market – Plano, LLC | Delaware | ||||
New Market – Polo Grounds, LLC | Delaware | ||||
New Market Properties, LLC | Maryland | ||||
New Market - Rockbridge, LLC | Delaware | ||||
New Market – Rosewood, LLC | Delaware | ||||
New Market – Royal Lakes, LLC | Delaware | ||||
New Market – RW, LLC | Delaware | ||||
New Market – Sandy Plains, LLC | Delaware | ||||
New Market – Southgate, LLC | Delaware | ||||
New Market – Summit Point, LLC | Delaware | ||||
New Market – Thompson Bridge, LLC | Delaware | ||||
New Market – University Palms, LLC | Delaware | ||||
New Market – Victory Village, LLC | Delaware | ||||
New Market – Wade Green, LLC | Delaware | ||||
New Market – Wakefield GP, LLC | Delaware | ||||
New Market – Wakefield, L.P. | Delaware | ||||
New Market - West Town, LLC | Delaware | ||||
New Market - Woodmont, LLC | Delaware | ||||
Newport Morosgo Lending, LLC | Delaware | ||||
Newport Morosgo Capital Lending, LLC | Delaware | ||||
NMP - C4 Fairfield S/C, LLC | Delaware | ||||
NMP Kingwood Glen, LLC | Delaware | ||||
NMP Neapolitan JV Member, LLC | Delaware | ||||
Oxford Brentwood Lending, LLC | Delaware | ||||
Oxford Brentwood Capital Lending, LLC | Delaware | ||||
Oxford Gateway Lending, LLC | Delaware | ||||
Oxford Gateway Capital Lending, LLC | Delaware | ||||
Oxford Kingson Lending, LLC | Delaware | ||||
Oxford Kingson Capital Lending, LLC | Delaware | ||||
PAC 5 Oaks, LLC | Delaware | ||||
PAC Adara, LLC | Delaware | ||||
PAC Aldridge at Town Village, LLC | Delaware | ||||
PAC Artisan at Viera, LLC | Delaware | ||||
PAC Blake, LLC | Delaware | ||||
PAC Brookwood Center, LLC | Delaware | ||||
PAC Carveout, LLC | Delaware | ||||
PAC Chestnut Farm Lending, LLC | Delaware | ||||
PAC Citilakes, LLC | Delaware | ||||
PAC Citrus Village, LLC | Delaware | ||||
PAC Citypark View, LP | Delaware | ||||
PAC Citypark View GP, LLC | Delaware | ||||
PAC City Park View II, LP | Delaware | ||||
PAC City Vista Apartments, LLC | Delaware |
PAC Crosstown Walk, LLC | Delaware | ||||
PAC Cumming Lending, LLC | Delaware | ||||
PAC Cypress, LLC | Delaware | ||||
PAC Finance, LLC | Delaware | ||||
PAC Founders Village, LLC | Delaware | ||||
PAC Galleria 75, LLC | Delaware | ||||
PAC Galleria 75 II, LLC | Delaware | ||||
PAC Green Park, LLC | Delaware | ||||
PAC Hidden River, LLC | Delaware | ||||
PAC Hidden River Capital Lending II, LLC | Delaware | ||||
PAC Hidden River Lending II, LLC | Delaware | ||||
PAC Hudson Lending, LLC | Delaware | ||||
PAC Lending, LLC | Delaware | ||||
PAC Lenox, LLC | Delaware | ||||
PAC Lenox Regent, LLC | Delaware | ||||
PAC Lenox Retreat, LLC | Delaware | ||||
PAC Lenox Village, LLC | Delaware | ||||
PAC Luxe, LLC | Delaware | ||||
PAC MBS, LLC | Delaware | ||||
PAC Menlo, LLC | Delaware | ||||
PAC Midlothian, LLC | Delaware | ||||
PAC Naples, LLC | Delaware | ||||
PAC NC GP, LLC | Delaware | ||||
PAC Newport Kennesaw Lending, LLC | Delaware | ||||
PAC Northpointe, LLC | Delaware | ||||
PAC Overlook at Crosstown Walk, LLC | Delaware | ||||
PAC Overton Rise, LLC | Delaware | ||||
PAC Parkside at the Beach, LLC | Delaware | ||||
PAC POGF Investor, LLC | Delaware | ||||
PAC Reserve at Summit Crossing, LLC | Delaware | ||||
PAC Retreat at Greystone, LLC | Delaware | ||||
PAC Sarasota, LLC | Delaware | ||||
PAC Sorrel, LLC | Delaware | ||||
PAC Sorrel II, LLC | Delaware | ||||
PAC Summit Crossing, LLC | Georgia | ||||
PAC Summit Crossing II, LLC | Delaware | ||||
PAC Vestavia, LLC | Delaware | ||||
PAC Vineyards, LLC | Delaware | ||||
PAC Vintage Destin Lending, LLC | Delaware | ||||
PAC Vintage Horizon Lending, LLC | Delaware | ||||
PAC Vintage Jones Franklin Lending, LLC | Delaware | ||||
PAC Wiregrass Ranch, LLC | Delaware | ||||
PACOP Special Member, Inc. | Delaware | ||||
Parkway Centre, LLC | Delaware | ||||
Parkway Town Centre, LLC | Delaware | ||||
POP 150 Fayetteville, LP | Delaware | ||||
POP 150 GP, LLC | Delaware |
POP 251 Armour Yards, LLC | Delaware | ||||
POP 3 Ravinia, LLC | Delaware | ||||
POP 4208 Six Forks Road, LP | Delaware | ||||
POP 8 West Mezzanine Lending, LLC | Delaware | ||||
POP Armour Yards, LLC | Delaware | ||||
POP Brevard Street, LLC | Delaware | ||||
POP Brevard Street GP, LLC | Delaware | ||||
POP Capitol Towers, LP | Delaware | ||||
POP CapTrust GP, LLC | Delaware | ||||
POP Carveout, LLC | Delaware | ||||
POP Morrocroft GP, LLC | Delaware | ||||
POP Morrocroft, LP | Delaware | ||||
POP NC GP, LLC | Delaware | ||||
POP Westridge, LLC | Delaware | ||||
Powder Springs-Macland Retail, LLC | Delaware | ||||
Preferred Apartment Advisors, LLC | Delaware | ||||
Preferred Apartment Communities Operating Partnership, L.P. | Delaware | ||||
Preferred Office Fund Manager, LLC | Delaware | ||||
Preferred Office Growth Fund, LLC | Delaware | ||||
Preferred Office Growth REIT, LLC | Delaware | ||||
Preferred Office Properties, LLC | Maryland | ||||
Salem Cove, LLC | Delaware | ||||
SE Grocery LLC | Delaware | ||||
Spring Hill Plaza, LLC | Delaware | ||||
Stone Rise Apartments, LLC | Delaware | ||||
Sunbelt Retail, LLC | Delaware | ||||
Sweetgrass Corner, LLC | Delaware | ||||
Woodstock Crossing Center, LLC | Georgia |
Date: March 1, 2021
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/s/ Joel T. Murphy | ||||
Joel T. Murphy
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Chief Executive Officer |
•Date: March 1, 2021
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/s/ John A. Isakson
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John A. Isakson | |||||
Chief Financial Officer |
Date: March 1, 2021
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/s/ Joel T. Murphy | |||||||
Joel T. Murphy
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Chief Executive Officer |
Date: March 1, 2021
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/s/ John A. Isakson
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John A. Isakson | ||||||||
Chief Financial Officer |