| X | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
| Maryland | 82-2365593 | |||||||
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| Large accelerated filer | ☐ | Accelerated filer | ☐ | ||||||||||||||
| Non-accelerated filer | X | Smaller reporting company | X | ||||||||||||||
| Emerging growth company | X | ||||||||||||||||
| PART I. | ||||||||
| ITEM 1. | ||||||||
| ITEM 2. | ||||||||
| ITEM 3. | ||||||||
| ITEM 4. | ||||||||
| PART II. | ||||||||
| ITEM 1. | ||||||||
| ITEM 1A. | ||||||||
| ITEM 2. | ||||||||
| ITEM 3. | ||||||||
| ITEM 4. | ||||||||
| ITEM 5. | ||||||||
| ITEM 6. | ||||||||
| June 30, 2022 | December 31, 2021 | |||||||||||||
| Assets | ||||||||||||||
| Investments in real estate, net | $ | 1,567,875,163 | $ | 1,065,758,310 | ||||||||||
| Investments in real estate-related loans and securities, net | 123,383,065 | 55,074,378 | ||||||||||||
| Investments in unconsolidated entities | 96,119,013 | 129,671,086 | ||||||||||||
| Intangible assets, net | 48,831,204 | 49,151,909 | ||||||||||||
| Cash and cash equivalents | 93,577,056 | 29,988,565 | ||||||||||||
| Restricted cash | 85,833,626 | 30,795,049 | ||||||||||||
| Accounts and other receivables, net | 6,654,222 | 3,756,111 | ||||||||||||
| Other assets | 28,437,393 | 10,518,031 | ||||||||||||
| Total Assets | $ | 2,050,710,742 | $ | 1,374,713,439 | ||||||||||
| Liabilities and Equity | ||||||||||||||
| Mortgage loans and secured credit facility, net | $ | 1,095,681,190 | $ | 733,793,220 | ||||||||||
| Unsecured revolving credit facility | — | 105,000,000 | ||||||||||||
| Due to affiliates | 47,603,179 | 35,890,147 | ||||||||||||
| Intangible liabilities, net | 28,153,354 | 28,384,385 | ||||||||||||
| Accounts payable, accrued expenses and other liabilities (include stock based compensation) | 30,736,345 | 16,223,191 | ||||||||||||
| Subscriptions received in advance | 77,634,769 | 24,380,740 | ||||||||||||
| Total Liabilities | 1,279,808,837 | 943,671,683 | ||||||||||||
| Commitments and contingencies | — | — | ||||||||||||
| Redeemable non-controlling interests attributable to OP unitholders | 1,005,205 | 200,085,855 | ||||||||||||
| Stockholders’ Equity | ||||||||||||||
Preferred stock, $0.01 par value per share, 50,000,000 shares authorized; no shares issued nor outstanding at June 30, 2022 and December 31, 2021, respectively | — | — | ||||||||||||
Common stock - Class S shares, $0.01 par value per share, 225,000,000 shares authorized; 30,048,463 and 20,045,775 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively | 300,485 | 200,457 | ||||||||||||
Common stock - Class I shares, $0.01 par value per share, 250,000,000 shares authorized; 32,930,126 and 2,825,208 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively | 329,301 | 28,253 | ||||||||||||
Common stock - Class T shares, $0.01 par value per share, 225,000,000 shares authorized; none issued and outstanding as of June 30, 2022 and December 31, 2021. | — | — | ||||||||||||
Common stock - Class D shares, $0.01 par value per share,100,000,000 shares authorized; 2,180 shares issued and outstanding as of June 30, 2022 and none issued and outstanding as of December 31, 2021. | 22 | — | ||||||||||||
Common stock - Class C shares, $0.01 par value per share,100,000,000 shares authorized; 6,992,925 and 1,644,303 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively | 69,929 | 16,443 | ||||||||||||
Common stock - Class E shares, $0.00 par value per share,100,000,000 shares authorized; 2,944,182 and 2,097,971shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively | — | — | ||||||||||||
| Additional paid-in capital | 811,119,171 | 249,426,060 | ||||||||||||
| Accumulated deficit | (46,526,974) | (23,608,973) | ||||||||||||
| Total Stockholders’ Equity | 765,291,934 | 226,062,240 | ||||||||||||
| Non-controlling interests attributable to third party joint ventures | 4,229,766 | 4,518,661 | ||||||||||||
| Non-controlling interests attributable to preferred stockholders | 375,000 | 375,000 | ||||||||||||
| Total Equity | 769,896,700 | 230,955,901 | ||||||||||||
| Total Liabilities and Stockholders' Equity | $ | 2,050,710,742 | $ | 1,374,713,439 | ||||||||||
| June 30, 2022 | December 31, 2021 | ||||||||||
| Assets | |||||||||||
| Investments in real estate, net | $ | 227,441,605 | $ | 230,635,634 | |||||||
| Intangible assets, net | 6,394,744 | 7,311,796 | |||||||||
| Cash and cash equivalents | 2,017,171 | 2,940,040 | |||||||||
| Restricted cash | 6,274,742 | 5,413,888 | |||||||||
| Accounts and other receivables, net | 3,299,672 | 597,673 | |||||||||
| Other assets | 1,069,147 | 2,866,289 | |||||||||
| Total Assets | $ | 246,497,081 | $ | 249,765,320 | |||||||
| Liabilities | |||||||||||
| Mortgage loans, net | $ | 177,220,451 | $ | 177,150,209 | |||||||
| Intangible liabilities, net | 32,596 | 45,019 | |||||||||
| Accounts payable, accrued expenses and other liabilities | 4,328,479 | 4,317,033 | |||||||||
| Total Liabilities | $ | 181,581,526 | $ | 181,512,261 | |||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||
| June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | ||||||||||||||
| Revenues | |||||||||||||||||
| Rental revenues | $ | 27,038,310 | $ | 7,435,941 | $ | 48,698,472 | $ | 14,666,989 | |||||||||
| Other revenues | 2,754,986 | 483,499 | 4,647,578 | 864,943 | |||||||||||||
| Total revenues | 29,793,296 | 7,919,440 | 53,346,050 | 15,531,932 | |||||||||||||
| Expenses | |||||||||||||||||
| Rental property operating | 9,659,416 | 3,428,816 | 17,581,836 | 6,743,843 | |||||||||||||
| General and administrative | 2,483,644 | 1,051,762 | 4,473,832 | 2,067,560 | |||||||||||||
| Management fee | 2,096,456 | 569,389 | 3,292,720 | 1,123,438 | |||||||||||||
| Performance fee | 4,718,028 | 687,265 | 8,231,219 | 1,261,088 | |||||||||||||
| Depreciation and amortization | 15,347,608 | 3,788,243 | 28,542,799 | 8,112,729 | |||||||||||||
| Total expenses | 34,305,152 | 9,525,475 | 62,122,406 | 19,308,658 | |||||||||||||
| Other income (expense) | |||||||||||||||||
| Income from real estate-related loans and securities | 1,418,078 | 1,352,252 | 2,488,785 | 2,554,585 | |||||||||||||
| Interest expense | (8,049,669) | (1,402,408) | (14,772,765) | (2,774,865) | |||||||||||||
| Realized gain on real estate investments, net | — | — | 668,760 | 980,665 | |||||||||||||
| Realized gain on financial instruments | 7,094,071 | — | 7,094,071 | — | |||||||||||||
| Unrealized (loss) gain on investments, net | (7,799,160) | 332,410 | (1,008,236) | 319,983 | |||||||||||||
| Total other income (expense) | (7,336,680) | 282,254 | (5,529,385) | 1,080,368 | |||||||||||||
| Net loss | (11,848,536) | (1,323,781) | (14,305,741) | (2,696,358) | |||||||||||||
| Net loss attributable to non-controlling interests in third party joint ventures | 28,702 | 63,992 | 22,902 | 189,270 | |||||||||||||
| Net loss attributable to redeemable non-controlling interests | 3,673,069 | — | 4,648,093 | — | |||||||||||||
| Net loss attributable to Brookfield REIT stockholders | $ | (8,146,765) | $ | (1,259,789) | $ | (9,634,746) | $ | (2,507,088) | |||||||||
| Per common share data: | |||||||||||||||||
| Net loss per share of common stock - basic and diluted | $ | (0.18) | $ | (0.06) | $ | (0.25) | $ | (0.12) | |||||||||
| Weighted average number of shares outstanding - basic and diluted | 44,702,325 | 22,201,697 | 38,235,177 | 21,742,068 | |||||||||||||
For the Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Par Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common Stock Class I | Common Stock Class S | Common Stock Class C | Common Stock Class E | Common Stock Class D | Additional Paid-In Capital | Accumulated Deficit | Total Stockholders’ Equity | Non-controlling Interests Attributable to Third Party Joint Ventures | Non-controlling Interests Attributable to Preferred Stockholders | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | 38,884 | $ | 246,883 | $ | 34,793 | $ | — | $ | — | $ | 321,874,638 | $ | (29,898,291) | $ | 292,296,907 | $ | 4,400,308 | $ | 375,000 | $ | 297,072,215 | |||||||||||||||||||||||||||||||||||||||||||
| Common stock issued | 292,543 | 58,278 | 35,136 | — | 22 | 534,407,643 | — | 534,793,622 | — | — | 534,793,622 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | — | — | — | 80,625 | — | 80,625 | — | — | 80,625 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Distribution reinvestment | 225 | 1,941 | — | — | — | 3,381,862 | — | 3,384,028 | — | — | 3,384,028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Contributions from non-controlling interests | — | — | — | — | — | — | — | — | 6,093 | — | 6,093 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Distributions | — | — | — | — | — | — | (8,481,918) | (8,481,918) | (147,933) | (24,251) | (8,654,102) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock repurchased | (2,351) | (6,617) | — | — | — | (13,513,257) | — | (13,522,225) | — | — | (13,522,225) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Offering Costs | — | — | — | — | — | (5,976,483) | — | (5,976,483) | — | — | (5,976,483) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net (loss) income | — | — | — | — | — | — | (11,819,834) | (11,819,834) | (28,702) | 24,251 | (11,824,285) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Allocation to redeemable non-controlling interests | — | — | — | — | — | (29,135,857) | 3,673,069 | (25,462,788) | — | — | (25,462,788) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | 329,301 | $ | 300,485 | $ | 69,929 | $ | — | $ | 22 | $ | 811,119,171 | $ | (46,526,974) | $ | 765,291,934 | $ | 4,229,766 | $ | 375,000 | $ | 769,896,700 | |||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Par Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common Stock Class I | Common Stock Class S | Common Stock Class C | Common Stock Class E | Common Stock Class D | Additional Paid-In Capital | Accumulated Deficit | Total Stockholders’ Equity | Non-controlling Interests Attributable to Third Party Joint Ventures | Non-controlling Interests Attributable to Preferred Stockholders | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 62,497 | $ | 143,387 | $ | 740 | $ | — | $ | — | $ | 201,847,118 | $ | (18,811,831) | $ | 183,241,911 | $ | 7,437,441 | $ | — | $ | 190,679,352 | |||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | — | — | — | 17,452 | — | 17,452 | — | — | 17,452 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Distribution reinvestment | 56 | 978 | — | — | — | 1,096,265 | — | 1,097,299 | — | — | 1,097,299 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock issued | 11,240 | 25,312 | 8,404 | — | — | 47,988,024 | — | 48,032,980 | — | — | 48,032,980 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Contributions | — | — | — | — | — | — | — | — | 26,821 | — | 26,821 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Distributions | — | — | — | — | — | — | (2,486,738) | (2,486,738) | (180,701) | — | (2,667,439) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock repurchased | (39,312) | (930) | — | — | — | (40,415,315) | — | (40,455,557) | — | — | (40,455,557) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Offering Costs | — | — | — | — | — | (989,815) | — | (989,815) | — | — | (989,815) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net loss | — | — | — | — | — | — | (1,259,789) | (1,259,789) | (63,992) | — | (1,323,781) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 34,481 | $ | 168,747 | $ | 9,144 | $ | — | $ | — | $ | 209,543,729 | $ | (22,558,358) | $ | 187,197,743 | $ | 7,219,569 | $ | — | $ | 194,417,312 | |||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Par Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common Stock Class I | Common Stock Class S | Common Stock Class C | Common Stock Class E | Common Stock Class D | Additional Paid-In Capital | Accumulated Deficit | Total Stockholders’ Equity | Non-controlling Interests Attributable to Third Party Joint Ventures | Non-controlling Interests Attributable to Preferred Stockholders | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 28,253 | $ | 200,457 | $ | 16,443 | $ | — | $ | — | $ | 249,426,060 | $ | (23,608,973) | $ | 226,062,240 | $ | 4,518,661 | $ | 375,000 | $ | 230,955,901 | |||||||||||||||||||||||||||||||||||||||||||
| Common stock issued | 303,346 | 103,406 | 53,486 | — | 22 | 632,030,687 | — | 632,490,947 | — | — | 632,490,947 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | — | — | — | 80,625 | — | 80,625 | — | — | 80,625 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Distribution reinvestment | 395 | 3,520 | — | — | — | 5,955,414 | — | 5,959,329 | — | — | 5,959,329 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Contributions from non-controlling interests | — | — | — | — | — | — | — | — | 32,590 | — | 32,590 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Distributions | — | — | — | — | — | — | (13,283,255) | (13,283,255) | (298,583) | (24,251) | (13,606,089) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock repurchased | (2,693) | (6,898) | — | — | — | (14,314,713) | — | (14,324,304) | — | — | (14,324,304) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Offering Costs | — | — | — | — | — | (12,052,207) | — | (12,052,207) | — | — | (12,052,207) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net (loss) income | — | — | — | — | — | — | (14,282,839) | (14,282,839) | (22,902) | 24,251 | (14,281,490) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Allocation to redeemable non-controlling interests | — | — | — | — | — | (50,006,695) | 4,648,093 | (45,358,602) | — | — | (45,358,602) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | 329,301 | $ | 300,485 | $ | 69,929 | $ | — | $ | 22 | $ | 811,119,171 | $ | (46,526,974) | $ | 765,291,934 | $ | 4,229,766 | $ | 375,000 | $ | 769,896,700 | |||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Par Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common Stock Class I | Common Stock Class S | Common Stock Class C | Common Stock Class E | Common Stock Class D | Additional Paid-In Capital | Accumulated Deficit | Total Stockholders’ Equity | Non-controlling Interests Attributable to Third Party Joint Ventures | Non-controlling Interests Attributable to Preferred Stockholders | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 74,773 | $ | 130,326 | $ | — | $ | — | $ | — | $ | 200,440,567 | $ | (15,179,566) | $ | 185,466,100 | $ | 7,717,849 | $ | — | $ | 193,183,949 | |||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | 68 | — | — | — | — | 35,240 | — | 35,308 | — | — | 35,308 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Distribution reinvestment | 101 | 1,823 | — | — | — | 2,028,948 | — | 2,030,872 | — | — | 2,030,872 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock issued | 12,655 | 39,474 | 9,144 | — | — | 65,177,309 | — | 65,238,582 | — | — | 65,238,582 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Contributions | — | — | — | — | — | — | — | — | 58,065 | — | 58,065 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Distributions | — | — | — | — | — | — | (4,871,704) | (4,871,704) | (367,075) | — | (5,238,779) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock repurchased | (53,116) | (2,876) | — | — | — | (56,206,253) | — | (56,262,245) | — | — | (56,262,245) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Offering Costs | — | — | — | — | — | (1,932,082) | — | (1,932,082) | — | — | (1,932,082) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net loss | — | — | — | — | — | — | (2,507,088) | (2,507,088) | (189,270) | — | (2,696,358) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 34,481 | $ | 168,747 | $ | 9,144 | $ | — | $ | — | $ | 209,543,729 | $ | (22,558,358) | $ | 187,197,743 | $ | 7,219,569 | $ | — | $ | 194,417,312 | |||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended | |||||||||||
| June 30, 2022 | June 30, 2021 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net loss | $ | (14,305,741) | $ | (2,696,358) | |||||||
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 28,542,799 | 8,112,729 | |||||||||
| Management fees | 3,292,720 | 1,123,438 | |||||||||
| Performance fees | 8,231,219 | — | |||||||||
| Amortization of above and below market leases and lease inducements | (685,500) | 114,711 | |||||||||
| Amortization of restricted stock grants | 80,625 | 35,308 | |||||||||
| Amortization of deferred financing costs | 1,129,696 | 158,681 | |||||||||
| Amortization of origination fees and discount | (111,801) | (83,466) | |||||||||
| Capitalized interest from the real-estate loans | 171,663 | (380,299) | |||||||||
| Realized gain on investments in real estate-related loans and securities | (668,760) | (980,665) | |||||||||
| Unrealized (gain) loss on investments | 1,008,236 | (319,983) | |||||||||
| Changes in assets and liabilities: | |||||||||||
| Increase in lease inducements and origination costs | (259,358) | (81,820) | |||||||||
| Increase (decrease) in other assets | (163,500) | (60,151) | |||||||||
| Increase in accounts and other receivables | (2,898,111) | (161,157) | |||||||||
| Increase in accounts payable, accrued expenses and other liabilities | 8,859,988 | 140,322 | |||||||||
| Increase in due to affiliates | 2,011,162 | (2,320,634) | |||||||||
| Net cash provided by operating activities | 34,235,337 | 2,600,656 | |||||||||
| Cash flows from investing activities | |||||||||||
| Acquisitions of real estate | (522,997,320) | — | |||||||||
| Purchase of real estate-related loans and securities | (73,534,642) | (17,067,418) | |||||||||
| Proceeds from sale of real estate-related loans and securities | 3,086,155 | 5,039,313 | |||||||||
| Proceeds from principal repayments of real estate-related loans | 1,472,020 | 3,689,978 | |||||||||
| Capital improvements to real estate | (4,612,664) | (1,023,447) | |||||||||
| Purchase of trading securities | (14,872,284) | — | |||||||||
| Proceeds from sale of preferred membership interests | 28,831,269 | — | |||||||||
| Net cash used in investing activities | (582,627,466) | (9,361,574) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Proceeds from mortgage loans | 584,960,000 | 108,338 | |||||||||
| Proceeds from secured credit facility | 251,153,273 | — | |||||||||
| Proceeds from affiliate line of credit | 43,000,000 | — | |||||||||
| Proceeds from issuance of OP units | 38,000,000 | — | |||||||||
| Repayment of secured term loan | (214,750,000) | — | |||||||||
| Repayment of secured credit facility | (256,861,000) | — | |||||||||
| Repayments of affiliate line of credit | (148,000,000) | — | |||||||||
| Payment of deferred financing costs | (3,743,999) | — | |||||||||
| Proceeds from issuance of common stock | 321,048,108 | 64,138,625 | |||||||||
| Subscriptions received in advance | 77,634,769 | — | |||||||||
| Repurchases of common stock | (17,957,672) | (48,981,939) | |||||||||
| Payment of offering costs | (2,569,313) | (1,519,218) | |||||||||
| Distributions to non-controlling interests | (298,583) | (367,075) | |||||||||
| Contributions from non-controlling interests | 32,590 | 58,065 | |||||||||
| Distributions | (4,604,725) | (2,780,735) | |||||||||
| Distributions to non-controlling interests attributable to preferred stockholders | (24,251) | — | |||||||||
| Net cash provided by financing activities | 667,019,197 | 10,656,061 | |||||||||
| Net change in cash and cash-equivalents and restricted cash | 118,627,068 | 3,895,143 | |||||||||
| Cash and cash-equivalents and restricted cash, beginning of period | 60,783,614 | 36,019,225 | |||||||||
| Cash and cash-equivalents and restricted cash, end of period | $ | 179,410,682 | $ | 39,914,368 | |||||||
| Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets: | For the Six Months Ended | ||||||||||
| June 30, 2022 | June 30, 2021 | ||||||||||
| Cash and cash equivalents | $ | 93,577,056 | $ | 35,892,048 | |||||||
| Restricted cash | 85,833,626 | 4,022,320 | |||||||||
| Total cash and cash equivalents and restricted cash | $ | 179,410,682 | $ | 39,914,368 | |||||||
| Supplemental disclosures: | |||||||||||
| Interest paid | $ | 13,259,617 | $ | 2,554,956 | |||||||
| Non-cash investing and financing activities: | |||||||||||
| Conversion of Brookfield REIT OP units to shares | $ | 284,785,172 | $ | — | |||||||
| Issuance of Brookfield REIT OP units as consideration for performance fees | $ | 2,345,920 | $ | — | |||||||
| Accrued distributions | $ | 3,006,035 | $ | 828,618 | |||||||
| Accrued stockholder servicing fee | $ | 9,482,894 | $ | 123,880 | |||||||
| Distributions reinvested | $ | 5,959,329 | $ | 2,030,872 | |||||||
| Management fees paid in shares | $ | 2,276,927 | $ | 1,099,957 | |||||||
| Accrued capital improvements | $ | 45,266 | $ | 44,866 | |||||||
| Allocation to redeemable non-controlling interest | $ | 44,801,500 | $ | — | |||||||
| Reinvested distributions to redeemable non-controlling interest | $ | 7,786,910 | $ | — | |||||||
| Real estate related loan repayment in accounts receivable | $ | — | $ | 199,596 | |||||||
| Accrued repurchases in accounts payable | $ | 4,118,274 | $ | — | |||||||
| Accrued repurchases in due to affiliates | $ | — | $ | 9,917,806 | |||||||
| Description | Depreciable Life | |||||||
| Building | 30-40 years | |||||||
| Building and site improvements | 5-21 years | |||||||
| Furniture, fixtures and equipment | 1-9 years | |||||||
| Tenant improvements | Shorter of estimated useful life or lease term | |||||||
| In-place lease intangibles | Over lease term | |||||||
| Above and below market leases | Over lease term | |||||||
| Lease origination costs | Over lease term | |||||||
| Present value of tax abatement savings | Over tax abatement period | |||||||
| June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||
| Assets: | |||||||||||||||||||||||||||||||||||||||||||||||
| Investments in real estate-related securities | $ | — | $ | 89,295,768 | $ | — | $ | 89,295,768 | $ | — | $ | 19,511,008 | $ | — | $ | 19,511,008 | |||||||||||||||||||||||||||||||
| Investment in unconsolidated entities | — | — | 96,119,013 | 96,119,013 | — | — | 100,839,817 | 100,839,817 | |||||||||||||||||||||||||||||||||||||||
| Trading securities | — | 14,859,040 | — | 14,859,040 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Derivatives | — | 4,355,384 | — | 4,355,384 | — | 1,430,697 | — | 1,430,697 | |||||||||||||||||||||||||||||||||||||||
| Total | $ | — | $ | 108,510,192 | $ | 96,119,013 | $ | 204,629,205 | $ | — | $ | 20,941,705 | $ | 100,839,817 | $ | 121,781,522 | |||||||||||||||||||||||||||||||
| Investment in unconsolidated entities | |||||
Balance as of December 31, 2021 | $ | 100,839,817 | |||
| Included in net loss | |||||
| Impact included in Unrealized loss on investments, net | (4,720,804) | ||||
Balance as of June 30, 2022 | $ | 96,119,013 | |||
| June 30, 2022 | December 31, 2021 | |||||||||||||
| Building and building improvements | $ | 1,294,845,459 | $ | 874,834,206 | ||||||||||
| Land and land improvements | 254,502,944 | 164,901,074 | ||||||||||||
| Tenant improvements | 35,211,087 | 35,591,724 | ||||||||||||
| Furniture, fixtures and equipment | 23,258,902 | 11,061,146 | ||||||||||||
| Accumulated depreciation | (39,943,229) | (20,629,840) | ||||||||||||
| Investments in real estate, net | $ | 1,567,875,163 | $ | 1,065,758,310 | ||||||||||
| Investment | Ownership Interest | Location | Type | Acquisition Date | Square Feet/Units | Purchase Price(1) | ||||||||||||||||||||||||||||||||
| 1110 Key Federal Hill | 100% | Baltimore, MD | Multifamily | September 2021 | 224 | $ | 75,152,886 | |||||||||||||||||||||||||||||||
| Domain | 100% | Orlando, FL | Multifamily | November 2021 | 324 | 74,157,027 | ||||||||||||||||||||||||||||||||
| The Burnham | 100% | Nashville, TN | Multifamily | November 2021 | 328 | 129,057,027 | ||||||||||||||||||||||||||||||||
| 6123-6227 Monroe Ct | 100% | Morton Grove, IL | Logistics | November 2021 | 208,000 | 17,264,728 | ||||||||||||||||||||||||||||||||
| 8400 Westphalia Road | 100% | Upper Marlboro, MD | Logistics | November 2021 | 100,000 | 27,960,931 | ||||||||||||||||||||||||||||||||
| McLane Distribution Center | 100% | Lakeland, FL | Logistics | November 2021 | 211,000 | 26,754,957 | ||||||||||||||||||||||||||||||||
| Flats on Front | 100% | Wilmington , NC | Multifamily | December 2021 | 273 | 97,728,205 | ||||||||||||||||||||||||||||||||
| Verso Apartments | 100% | Beaverton, OR | Multifamily | December 2021 | 172 | 74,215,860 | ||||||||||||||||||||||||||||||||
| DreamWorks Animation Studios | 100% | Glendale, CA | Alternatives | December 2021 | 497,000 | 326,743,229 | ||||||||||||||||||||||||||||||||
| Single-Family Rentals | 100% | Various | Alternatives | Various 2021 | 14 | 3,839,927 | ||||||||||||||||||||||||||||||||
| 2626 South Side Flats | 100% | Pittsburgh, PA | Multifamily | January 2022 | 264 | 92,459,116 | ||||||||||||||||||||||||||||||||
| 2003 Beaver Road | 100% | Landover, MD | Logistics | February 2022 | 38,000 | 9,646,428 | ||||||||||||||||||||||||||||||||
| 187 Bartram Parkway | 100% | Franklin, IN | Logistics | February 2022 | 300,000 | 28,911,945 | ||||||||||||||||||||||||||||||||
| The Parker | 100% | Alexandria, VA | Multifamily | March 2022 | 360 | 136,778,942 | ||||||||||||||||||||||||||||||||
| Briggs & Union | 100% | Mount Laurel, NJ | Multifamily | April 2022 | 490 | 158,647,833 | ||||||||||||||||||||||||||||||||
| Single-Family Rentals | 100% | Various | Alternatives | Various 2022 | 362 | 95,914,289 | ||||||||||||||||||||||||||||||||
| $ | 1,375,233,330 | |||||||||||||||||||||||||||||||||||||
| (1) | Purchase price is inclusive of closing costs. | ||||
| June 30, 2022 | December 31, 2021 | |||||||||||||
| Building and building improvements | $ | 429,914,587 | $ | 660,098,315 | ||||||||||
| Land and land improvements | 73,310,494 | 145,611,087 | ||||||||||||
| Tenant improvements | 1,232,492 | 24,991,410 | ||||||||||||
| Furniture, fixtures and equipment | 9,530,183 | 6,307,805 | ||||||||||||
| In-place lease intangibles | 5,664,090 | 32,518,944 | ||||||||||||
| Lease origination costs | 901,606 | 8,534,907 | ||||||||||||
| Tax abatement intangible | 2,194,578 | 3,054,438 | ||||||||||||
| Above-market lease intangibles | 64,995 | 178,101 | ||||||||||||
| Below-market lease intangibles | (454,469) | (28,420,233) | ||||||||||||
Total purchase price(1) | 522,358,556 | 852,874,774 | ||||||||||||
Assumed debt(2) | — | 132,550,000 | ||||||||||||
| Net purchase price | $ | 522,358,556 | $ | 720,324,774 | ||||||||||
| (1) | Purchase price is inclusive of closing costs. | ||||
| (2) | Refer to Note 9 for additional details on the Company’s mortgage loans and indebtedness. | ||||
| As of June 30, 2022 | As of December 31, 2021 | ||||||||||
| Total Assets | $ | 1,014,968,452 | $ | 1,133,943,189 | |||||||
| Total Liabilities | 579,350,441 | 640,809,702 | |||||||||
| Total Equity | $ | 435,618,011 | $ | 493,133,487 | |||||||
For the three months ended June 30, 2022 | For the six months ended June 30, 2022 | For the period November 2, 2021 through December 31, 2021 | |||||||||||||||
| Total Revenues | $ | 11,393,912 | $ | 24,812,792 | $ | 5,891,879 | |||||||||||
| Total Expenses | 13,045,813 | 26,856,823 | 9,285,693 | ||||||||||||||
| Net Loss | $ | (1,651,901) | $ | (2,044,031) | $ | (3,393,814) | |||||||||||
| Intangible assets: | June 30, 2022 | December 31, 2021 | |||||||||
| In-place lease intangibles | $ | 46,873,839 | $ | 41,209,749 | |||||||
| Lease origination costs | 13,771,698 | 12,610,735 | |||||||||
| Lease inducements | 1,708,038 | 1,708,038 | |||||||||
| Tax intangibles | 5,249,016 | 3,054,438 | |||||||||
| Above-market lease intangibles | 248,849 | 183,854 | |||||||||
| Total intangible assets | 67,851,440 | 58,766,814 | |||||||||
| Accumulated amortization: | |||||||||||
| In-place lease intangibles | (16,342,409) | (8,082,379) | |||||||||
| Lease origination costs | (1,606,515) | (972,556) | |||||||||
| Lease inducements | (660,446) | (533,673) | |||||||||
| Tax intangibles | (386,991) | (20,544) | |||||||||
| Above-market lease intangibles | (23,875) | (5,753) | |||||||||
| Total accumulated amortization | (19,020,236) | (9,614,905) | |||||||||
| Intangible assets, net | $ | 48,831,204 | $ | 49,151,909 | |||||||
| Intangible liabilities: | |||||||||||
| Below-market lease intangibles | $ | (28,975,167) | $ | (28,520,699) | |||||||
| Accumulated amortization | 821,813 | 136,314 | |||||||||
| Intangible liabilities, net | $ | (28,153,354) | $ | (28,384,385) | |||||||
| Amortization | |||||
| For the remainder of 2022 | $ | 4,074,431 | |||
| 2023 | 4,922,230 | ||||
| 2024 | 4,321,381 | ||||
| 2025 | 4,034,750 | ||||
| 2026 | 3,578,254 | ||||
| 2027 | 3,109,141 | ||||
| Thereafter | 24,791,017 | ||||
| Total | $ | 48,831,204 | |||
| Amortization | |||||
| For the remainder of 2022 | $ | (678,020) | |||
| 2023 | (1,348,228) | ||||
| 2024 | (1,344,533) | ||||
| 2025 | (1,339,796) | ||||
| 2026 | (1,332,185) | ||||
| 2027 | (1,327,356) | ||||
| Thereafter | (20,783,236) | ||||
| Total | $ | (28,153,354) | |||
| June 30, 2022 | December 31, 2021 | |||||||||||||
| Real estate-related loans | $ | 34,087,297 | $ | 35,563,370 | ||||||||||
| Real estate-related securities | 89,295,768 | 19,511,008 | ||||||||||||
| Total investments in real estate-related loans and securities | $ | 123,383,065 | $ | 55,074,378 | ||||||||||
As of June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
| Investment | Collateral | Interest Rate(1) | Maturity Date | Payment Terms | Face Amount | Unamortized Discount | Carrying Amount | |||||||||||||||||||||||||||||||||||||
| IMC/AMC Bond Investment | International Markets Center AmericasMart Atlanta | L+6.15% | December 2023 | Principal due at maturity | $ | 25,000,000 | $ | (121,471) | $ | 24,878,529 | ||||||||||||||||||||||||||||||||||
111 Montgomery(2) | The 111 Montgomery Street Condominium Brooklyn, New York | L+7.00% | February 2024 | Principal due at maturity(3) | 1,175,988 | (58,565) | 1,117,423 | |||||||||||||||||||||||||||||||||||||
The Avery Senior Loan(2) | The Avery Condominium San Francisco, California | L+7.30% | February 2024 | Principal due at maturity(3) | 6,551,820 | (35,092) | 6,516,728 | |||||||||||||||||||||||||||||||||||||
The Avery Mezzanine Loan(2) | The Avery Condominium San Francisco, California | L+12.50% | February 2024 | Principal due at maturity(3) | 1,582,488 | (7,871) | 1,574,617 | |||||||||||||||||||||||||||||||||||||
| $ | 34,310,296 | $ | (222,999) | $ | 34,087,297 | |||||||||||||||||||||||||||||||||||||||
| (1) | The term “L” refers to the one-month US dollar-denominated LIBOR. As of June 30, 2022, one-month LIBOR was equal to 1.79%. | ||||
| (2) | The Company’s investment is held through its membership interest in an entity which aggregates the Company’s interest with interests held by other funds managed by the Sub-Adviser. The Company has been allocated its proportionate share of the loan based on its membership interest in the aggregating entity. | ||||
| (3) | The loan agreement requires mandatory prepayments simultaneous with the closing of the sale of any condominium unit. | ||||
As of December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
| Investment | Collateral | Interest Rate(1) | Maturity Date | Payment Terms | Face Amount | Unamortized Discount | Carrying Amount | |||||||||||||||||||||||||||||||||||||
| IMC/AMC Bond Investment | International Markets Center AmericasMart Atlanta | L+6.15% | December 2023 | Principal due at maturity | $ | 25,000,000 | $ | (163,601) | $ | 24,836,399 | ||||||||||||||||||||||||||||||||||
111 Montgomery(2) | The 111 Montgomery Street Condominium Brooklyn, New York | L+7.00% | February 2024 | Principal due at maturity(3) | 1,439,853 | (91,409) | 1,348,444 | |||||||||||||||||||||||||||||||||||||
The Avery Senior Loan(2) | The Avery Condominium San Francisco, California | L+7.30% | February 2024 | Principal due at maturity(3) | 7,655,908 | (65,170) | 7,590,738 | |||||||||||||||||||||||||||||||||||||
The Avery Mezzanine Loan(2) | The Avery Condominium San Francisco, California | L+12.50% | February 2024 | Principal due at maturity(3) | 1,802,408 | (14,619) | 1,787,789 | |||||||||||||||||||||||||||||||||||||
| $ | 35,898,169 | $ | (334,799) | $ | 35,563,370 | |||||||||||||||||||||||||||||||||||||||
| (1) | The term “L” refers to the one-month US dollar-denominated LIBOR. As of December 31, 2021, one-month LIBOR was equal to 0.10%. | ||||
| (2) | The Company’s investment is held through its membership interest in an entity which aggregates the Company’s interest with interests held by other funds managed by the Sub-Adviser. The Company has been allocated its proportionate share of the loan based on its membership interest in the aggregating entity. | ||||
| (3) | The loan agreement requires mandatory prepayments simultaneous with the closing of the sale of any condominium unit. | ||||
| June 30, 2022 | ||||||||||||||||||||||||||||||||||||||
| Type of Security | Number of Positions | Weighted Average Coupon(1) | Weighted Average Maturity Date(2) | Face Amount | Cost Basis | Fair Value | ||||||||||||||||||||||||||||||||
| CMBS - floating | 13 | L+3.89% | December 2025 | $ | 71,622,000 | $ | 68,046,306 | $ | 68,536,233 | |||||||||||||||||||||||||||||
| CMBS - fixed | 3 | 3.65% | September 2024 | 13,794,000 | 12,786,667 | 12,760,464 | ||||||||||||||||||||||||||||||||
| RMBS | 3 | 2.65% | February 2025 | 12,192,000 | 8,018,590 | 7,999,071 | ||||||||||||||||||||||||||||||||
| Total investments in real estate-related securities | 19 | 4.94% | September 2025 | $ | 97,608,000 | $ | 88,851,563 | $ | 89,295,768 | |||||||||||||||||||||||||||||
| December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
| Type of Security | Number of Positions | Weighted Average Coupon(1) | Weighted Average Maturity Date(2) | Face Amount | Cost Basis | Fair Value | ||||||||||||||||||||||||||||||||
| CMBS - floating | 4 | L+4.00% | February 2030 | $ | 19,760,000 | $ | 17,790,125 | $ | 19,511,008 | |||||||||||||||||||||||||||||
| Total investments in real estate-related securities | 4 | L+4.00% | February 2030 | $ | 19,760,000 | $ | 17,790,125 | $ | 19,511,008 | |||||||||||||||||||||||||||||
| (1) | The term “L” refers to the relevant floating benchmark rates, which include USD LIBOR and Secured Overnight Financing Rate (“SOFR”), as applicable to each security and loan. As of June 30, 2022 and December 31, 2021, one-month LIBOR was equal to 1.79% and 0.10%, respectively. As of June 30, 2022 and December 31, 2021, SOFR was equal to 1.50% and 0.05%, respectively. | ||||
| (2) | Weighted average maturity date is based on the fully extended maturity date of the instruments. | ||||
| Receivables | June 30, 2022 | December 31, 2021 | |||||||||
| Accounts receivable | $ | 2,512,829 | $ | 1,258,307 | |||||||
| Straight-line rent receivable | 3,409,671 | 2,252,699 | |||||||||
| Interest receivable | 814,635 | 293,873 | |||||||||
| Allowance for doubtful accounts | (82,913) | (48,768) | |||||||||
| Total accounts and other receivables, net | $ | 6,654,222 | $ | 3,756,111 | |||||||
| Other assets | June 30, 2022 | December 31, 2021 | |||||||||
| Trading securities | $ | 14,859,040 | $ | — | |||||||
| Deposits | 4,709,049 | 6,808,716 | |||||||||
| Prepaid expenses | 2,868,701 | 2,181,765 | |||||||||
| Capitalized fees, net | 7,103 | 13,292 | |||||||||
Derivatives(1) | 4,355,384 | 1,430,697 | |||||||||
| Interest rate caps | 1,638,116 | 83,561 | |||||||||
| Total other assets | $ | 28,437,393 | $ | 10,518,031 | |||||||
| (1) | Derivatives include an interest rate swap contract related to the Two Liberty mortgage loan and a foreign currency swap contract related to the Company’s non-U.S. investment. The interest rate swap has a notional amount of $33.8 million and matures in August 2024. Two Liberty receives a floating rate of one-month USD LIBOR and pays a fixed rate of 0.7225%. The foreign currency swap has a notional amount of £73.3 million GBP and matured in August 2022, at which time the Company entered into a two-year foreign currency swap at the same notional amount. | ||||
| June 30, 2022 | December 31, 2021 | ||||||||||
| Real estate taxes payable | $ | 3,341,604 | $ | 2,350,065 | |||||||
| Accounts payable and accrued expenses | 11,837,161 | 6,615,746 | |||||||||
| Prepaid rent | 945,754 | 1,044,844 | |||||||||
| Accrued interest expense | 2,219,842 | 509,213 | |||||||||
| Tenant security deposits | 2,497,218 | 1,286,365 | |||||||||
| Distribution payable | 4,151,069 | 2,822,987 | |||||||||
| Stock repurchases payable | 5,743,697 | 1,593,971 | |||||||||
| Total accounts payable, accrued expenses and other liabilities | $ | 30,736,345 | $ | 16,223,191 | |||||||
| Principal Balance Outstanding | ||||||||||||||||||||||||||
| Indebtedness | Interest Rate(1) | Maturity Date | June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
| Anzio Apartments mortgage loan | L+1.59% | May 2029 | $ | 44,400,000 | $ | 44,400,000 | ||||||||||||||||||||
| Two Liberty Center mortgage loan | L+1.50% | August 2024 | 62,085,155 | 62,085,155 | ||||||||||||||||||||||
| Lakes at West Covina mortgage loan | L+1.55% | February 2025 | 25,603,855 | 25,603,855 | ||||||||||||||||||||||
| Arbors of Las Colinas mortgage loan | SOFR+2.24% | January 2031 | 45,950,000 | 45,950,000 | ||||||||||||||||||||||
| 1110 Key Federal Hill mortgage loan | 2.34% | October 2028 | 51,520,000 | 51,520,000 | ||||||||||||||||||||||
| Domain mortgage loan | SOFR+1.50% | December 2026 | 48,700,000 | 48,700,000 | ||||||||||||||||||||||
| DreamWorks Animation Studios mortgage loan | 3.20% | March 2029 | 212,200,000 | 214,750,000 | ||||||||||||||||||||||
| Secured Multifamily Term Loan | SOFR+1.70% | March 2025 | 372,760,000 | — | ||||||||||||||||||||||
Secured Credit Facility (2)(3) | SOFR+1.95% | November 2022 | 238,694,094 | 244,401,821 | ||||||||||||||||||||||
| Affiliate Line of Credit | L + 2.25% | November 2022 | — | 105,000,000 | ||||||||||||||||||||||
| Total indebtedness | 1,101,913,104 | 842,410,831 | ||||||||||||||||||||||||
| Less: deferred financing costs, net | (6,231,914) | (3,617,611) | ||||||||||||||||||||||||
| Total indebtedness, net | $ | 1,095,681,190 | $ | 838,793,220 | ||||||||||||||||||||||
| (1) | The term “L” refers to the one-month US dollar-denominated LIBOR. As of June 30, 2022 and December 31, 2021, one-month LIBOR was equal to 1.79% and 0.10%, respectively. The term “SOFR” refers to the Secured Overnight Financing Rate. As of June 30, 2022 and December 31, 2021, SOFR was 1.50% and 0.05%, respectively. | ||||
| (2) | The Company assumed debt totaling $132.6 million in connection with the acquisition of Domain and The Burnham. The debt was refinanced in November 2021 with a $48.7 million mortgage loan secured by Domain and a $83.9 million borrowing on the Secured Credit Facility secured by The Burnham. | ||||
| (3) | As of June 30, 2022, borrowings on the Secured Credit Facility were secured by the following properties: 8400 Westphalia Road, 6123-6227 Monroe Court, McLane Distribution Center, 2003 Beaver Road, 187 Bartram Parkway, Briggs & Union and certain properties in the Single Family Rental Portfolio. As of December 31, 2021, borrowings on the Secured Credit Facility were secured by the following properties: The Burnham, Flats on Front, Verso Apartments, 8400 Westphalia Road, 6123-6227 Monroe Court, and McLane Distribution Center. The facility has a one-year extension option to November 9, 2023, subject to certain conditions. | ||||
| Year | Amount | |||||||
| For the remainder of 2022 | $ | 238,694,094 | ||||||
| 2023 | — | |||||||
| 2024 | 62,490,707 | |||||||
| 2025 | 399,106,941 | |||||||
| 2026 | 50,141,229 | |||||||
| 2027 | 1,564,346 | |||||||
| Thereafter | 349,915,787 | |||||||
| Total | $ | 1,101,913,104 | ||||||
| June 30, 2022 | December 31, 2021 | |||||||||||||
| Accrued stockholder servicing fee | $ | 23,702,152 | $ | 14,219,258 | ||||||||||
| Stock repurchase payable to Oaktree Adviser for management and performance fees | — | 6,682,115 | ||||||||||||
| Advanced organization and offering costs | 12,522,731 | 12,022,148 | ||||||||||||
| Accrued performance fee | 8,231,219 | — | ||||||||||||
| Accrued performance participation allocation | — | 2,345,920 | ||||||||||||
Other(1) | 1,260,906 | — | ||||||||||||
| Accrued management fee | 1,015,793 | 620,706 | ||||||||||||
| Accrued affiliate service provider expenses | 865,173 | — | ||||||||||||
| OP Units Distributions Payable | 5,205 | — | ||||||||||||
| Total | $ | 47,603,179 | $ | 35,890,147 | ||||||||||
| (1) | Represents costs advanced by the Adviser on behalf of the Company for general corporate expenses provided by unaffiliated third parties. | ||||
| Classification | No. of Authorized Shares | Par Value Per Share | |||||||||||||||
| Preferred stock | 50,000,000 | $ | 0.01 | ||||||||||||||
| Class T common stock | 225,000,000 | $ | 0.01 | ||||||||||||||
| Class S common stock | 225,000,000 | $ | 0.01 | ||||||||||||||
| Class D common stock | 100,000,000 | $ | 0.01 | ||||||||||||||
| Class C common stock | 100,000,000 | $ | 0.01 | ||||||||||||||
| Class E common stock | 100,000,000 | $ | 0.00 | ||||||||||||||
| Class I common stock | 250,000,000 | $ | 0.01 | ||||||||||||||
| 1,050,000,000 | |||||||||||||||||
| Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||
| Class S | Class I | Class C | Class E | Class D | Total | ||||||||||||||||||||||||||||||
| December 31, 2021 | 20,045,775 | 2,825,208 | 1,644,303 | 2,097,971 | — | 26,613,257 | |||||||||||||||||||||||||||||
| Common stock issued | 10,340,587 | 30,334,664 | 5,348,622 | 775,957 | 2,180 | 46,802,010 | |||||||||||||||||||||||||||||
| Distribution reinvestment | 351,951 | 39,554 | — | 70,254 | — | 461,759 | |||||||||||||||||||||||||||||
| Common stock repurchased | (689,850) | (269,300) | — | — | — | (959,150) | |||||||||||||||||||||||||||||
| June 30, 2022 | 30,048,463 | 32,930,126 | 6,992,925 | 2,944,182 | 2,180 | 72,917,876 | |||||||||||||||||||||||||||||
| Declaration Date | Class S Shares | Class I Shares | Class C Shares | Class E Shares | Class D Shares | Class T Shares | ||||||||||||||||||||||||||||||||
| January 28, 2022 | $ | 0.0459 | $ | 0.0546 | $ | 0.0547 | $ | 0.0676 | $ | — | $ | — | ||||||||||||||||||||||||||
| March 1, 2022 | 0.0473 | 0.0552 | 0.0553 | 0.0683 | — | — | ||||||||||||||||||||||||||||||||
| March 30, 2022 | 0.0478 | 0.0568 | 0.0569 | 0.0703 | — | — | ||||||||||||||||||||||||||||||||
| April 28, 2022 | 0.0488 | 0.0575 | 0.0577 | 0.0712 | — | — | ||||||||||||||||||||||||||||||||
| May 27, 2022 | 0.0505 | 0.0599 | 0.0601 | 0.0742 | — | — | ||||||||||||||||||||||||||||||||
| June 29, 2022 | 0.0505 | 0.0598 | 0.0601 | 0.0742 | 0.0570 | — | ||||||||||||||||||||||||||||||||
| Total | $ | 0.2908 | $ | 0.3438 | $ | 0.3448 | $ | 0.4258 | $ | 0.0570 | $ | — | ||||||||||||||||||||||||||
| June 30, 2022 | ||||||||
| Balance at beginning of the year | $ | 200,085,855 | ||||||
| Limited Partner Cash Contribution | 38,000,000 | |||||||
| Settlement of prior year performance participation allocation | 2,345,920 | |||||||
| Conversion to Class I shares | (284,785,172) | |||||||
| GAAP Income Allocation | (4,648,093) | |||||||
| Distributions | (7,786,910) | |||||||
| Distributions Reinvested | 7,786,910 | |||||||
| Fair Value Allocation | 50,006,695 | |||||||
| Ending balance | $ | 1,005,205 | ||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||
| Fixed lease payments | $ | 25,611,818 | $ | 7,021,297 | $ | 45,865,005 | $ | 13,871,407 | |||||||||
| Variable lease payments | 1,426,492 | 414,644 | 2,833,467 | 795,582 | |||||||||||||
| Total rental revenues | $ | 27,038,310 | $ | 7,435,941 | $ | 48,698,472 | $ | 14,666,989 | |||||||||
| Year | Future Minimum Rents | |||||||
| 2022 (remaining) | $ | 16,143,050 | ||||||
| 2023 | 31,561,265 | |||||||
| 2024 | 28,389,642 | |||||||
| 2025 | 27,244,226 | |||||||
| 2026 | 24,553,223 | |||||||
| 2027 | 22,300,634 | |||||||
| Thereafter | 141,194,718 | |||||||
| Total | $ | 291,386,758 | ||||||
| June 30, 2022 | December 31, 2021 | ||||||||||
| Multifamily | $ | 963,758,288 | $ | 583,308,458 | |||||||
| Office | 125,480,012 | 126,966,165 | |||||||||
| Logistics | 114,346,566 | 74,038,737 | |||||||||
| Alternatives | 463,397,299 | 332,796,506 | |||||||||
| Investments in unconsolidated entities | 96,119,013 | 129,671,086 | |||||||||
| Real estate-related loans and securities | 138,242,105 | 55,074,378 | |||||||||
| Other (Corporate) | 149,367,459 | 72,858,109 | |||||||||
| Total assets | $ | 2,050,710,742 | $ | 1,374,713,439 | |||||||
| Multifamily | Office | Logistics | Alternatives | Investments in unconsolidated entities | Real estate-related loans and securities | Total | |||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Rental revenues | $ | 16,556,119 | $ | 3,195,775 | $ | 1,760,738 | $ | 5,525,678 | $ | — | $ | — | $ | 27,038,310 | |||||||||
| Other revenues | 2,519,298 | 151,360 | 42 | 84,286 | — | — | 2,754,986 | ||||||||||||||||
| Total revenues | 19,075,417 | 3,347,135 | 1,760,780 | 5,609,964 | — | — | 29,793,296 | ||||||||||||||||
| Expenses: | |||||||||||||||||||||||
| Rental property operating | 6,803,546 | 1,328,156 | 512,987 | 1,002,643 | 12,084 | — | 9,659,416 | ||||||||||||||||
| Total expenses | 6,803,546 | 1,328,156 | 512,987 | 1,002,643 | 12,084 | — | 9,659,416 | ||||||||||||||||
| Segment net operating income (loss) | $ | 12,271,871 | $ | 2,018,979 | $ | 1,247,793 | $ | 4,607,321 | $ | (12,084) | $ | — | $ | 20,133,880 | |||||||||
| Income from real estate-related loans and securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,418,078 | $ | 1,418,078 | |||||||||
| Unrealized gain (loss) on investments | — | — | — | — | (8,659,133) | 859,973 | (7,799,160) | ||||||||||||||||
| Depreciation and amortization | 9,985,267 | 1,661,015 | 1,026,530 | 2,674,796 | — | — | 15,347,608 | ||||||||||||||||
| General and administrative expenses | 2,483,644 | ||||||||||||||||||||||
| Management fee | 2,096,456 | ||||||||||||||||||||||
| Performance fee | 4,718,028 | ||||||||||||||||||||||
| Interest expense | 8,049,669 | ||||||||||||||||||||||
Realized gain on financial instruments | 7,094,071 | ||||||||||||||||||||||
| Net loss | (11,848,536) | ||||||||||||||||||||||
| Net loss attributable to non-controlling interests in third party joint ventures | 28,702 | ||||||||||||||||||||||
| Net loss attributable to redeemable non-controlling interests | 3,673,069 | ||||||||||||||||||||||
| Net loss attributable to stockholders | $ | (8,146,765) | |||||||||||||||||||||
| Multifamily | Office | Logistics | Alternatives | Investments in unconsolidated entities | Real estate-related loans and securities | Total | |||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Rental revenues | $ | 28,719,654 | $ | 6,398,496 | $ | 3,059,844 | $ | 10,520,478 | $ | — | $ | — | $ | 48,698,472 | |||||||||
| Other revenues | 4,212,674 | 331,744 | 54 | 103,106 | — | — | 4,647,578 | ||||||||||||||||
| Total revenues | 32,932,328 | 6,730,240 | 3,059,898 | 10,623,584 | — | — | 53,346,050 | ||||||||||||||||
| Expenses: | |||||||||||||||||||||||
| Rental property operating | 12,185,589 | 2,657,731 | 1,023,524 | 1,690,206 | 24,786 | — | 17,581,836 | ||||||||||||||||
| Total expenses | 12,185,589 | 2,657,731 | 1,023,524 | 1,690,206 | 24,786 | — | 17,581,836 | ||||||||||||||||
| Segment net operating income (loss) | $ | 20,746,739 | $ | 4,072,509 | $ | 2,036,374 | $ | 8,933,378 | $ | (24,786) | $ | — | $ | 35,764,214 | |||||||||
| Income from real estate-related loans and securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,488,785 | $ | 2,488,785 | |||||||||
| Realized gain on real estate investments | — | — | — | — | — | 668,760 | 668,760 | ||||||||||||||||
| Unrealized gain (loss) on investments | — | — | — | — | (4,720,804) | 3,712,568 | (1,008,236) | ||||||||||||||||
| Depreciation and amortization | 18,167,523 | 3,352,138 | 1,937,807 | 5,085,331 | — | — | 28,542,799 | ||||||||||||||||
| General and administrative expenses | 4,473,832 | ||||||||||||||||||||||
| Management fee | 3,292,720 | ||||||||||||||||||||||
| Performance fee | 8,231,219 | ||||||||||||||||||||||
| Interest expense | 14,772,765 | ||||||||||||||||||||||
Realized gain on financial instruments | 7,094,071 | ||||||||||||||||||||||
| Net loss | (14,305,741) | ||||||||||||||||||||||
| Net loss attributable to non-controlling interests in third party joint ventures | 22,902 | ||||||||||||||||||||||
| Net loss attributable to redeemable non-controlling interests | 4,648,093 | ||||||||||||||||||||||
| Net loss attributable to stockholders | $ | (9,634,746) | |||||||||||||||||||||
| Multifamily | Office | Real estate-related loans and securities | Total | |||||||||||
| Revenues: | ||||||||||||||
| Rental revenues | $ | 4,343,804 | $ | 3,092,137 | $ | — | $ | 7,435,941 | ||||||
| Other revenues | 332,773 | 150,726 | — | 483,499 | ||||||||||
| Total revenues | 4,676,577 | 3,242,863 | — | 7,919,440 | ||||||||||
| Expenses: | ||||||||||||||
| Rental property operating | 2,137,288 | 1,291,528 | — | 3,428,816 | ||||||||||
| Total expenses | 2,137,288 | 1,291,528 | — | 3,428,816 | ||||||||||
| Segment net operating income | $ | 2,539,289 | $ | 1,951,335 | $ | — | $ | 4,490,624 | ||||||
| Income from real estate-related loans and securities | $ | — | $ | — | $ | 1,352,252 | $ | 1,352,252 | ||||||
| Realized gain on real estate investments | — | — | — | — | ||||||||||
| Unrealized gain on investments | 10,457 | — | 321,953 | 332,410 | ||||||||||
| Depreciation and amortization | 2,089,587 | 1,698,656 | — | 3,788,243 | ||||||||||
| General and administrative expenses | 1,051,762 | |||||||||||||
| Management fee | 569,389 | |||||||||||||
| Performance fee | 687,265 | |||||||||||||
| Interest expense | 1,402,408 | |||||||||||||
| Net loss | (1,323,781) | |||||||||||||
| Net loss attributable to non-controlling interests | 63,992 | |||||||||||||
| Net loss attributable to stockholders | $ | (1,259,789) | ||||||||||||
| Multifamily | Office | Real estate-related loans and securities | Total | |||||||||||
| Revenues: | ||||||||||||||
| Rental revenues | $ | 8,585,211 | $ | 6,081,778 | $ | — | $ | 14,666,989 | ||||||
| Other revenues | 611,024 | 253,919 | — | 864,943 | ||||||||||
| Total revenues | 9,196,235 | 6,335,697 | — | 15,531,932 | ||||||||||
| Expenses: | ||||||||||||||
| Rental property operating | 4,133,814 | 2,610,029 | — | 6,743,843 | ||||||||||
| Total expenses | 4,133,814 | 2,610,029 | — | 6,743,843 | ||||||||||
| Segment net operating income | $ | 5,062,421 | $ | 3,725,668 | $ | — | $ | 8,788,089 | ||||||
| Income from real estate-related loans and securities | $ | — | $ | — | $ | 2,554,585 | $ | 2,554,585 | ||||||
| Realized gain on real estate investments | — | — | 980,665 | 980,665 | ||||||||||
| Unrealized gain (loss) on investments | 403,682 | — | (83,699) | 319,983 | ||||||||||
| Depreciation and amortization | 4,673,736 | 3,438,993 | — | 8,112,729 | ||||||||||
| General and administrative expenses | 2,067,560 | |||||||||||||
| Management fee | 1,123,438 | |||||||||||||
| Performance fee | 1,261,088 | |||||||||||||
| Interest expense | 2,774,865 | |||||||||||||
| Net loss | (2,696,358) | |||||||||||||
| Net loss attributable to non-controlling interests | 189,270 | |||||||||||||
| Net loss attributable to stockholders | $ | (2,507,088) | ||||||||||||
Investment(1) | Location | Type | Acquisition Date | Ownership Percentage(2) | Purchase Price(3) | Square Feet / Number of Units | Occupancy Rate(4) | ||||||||||||||||
| Anzio Apartments | Atlanta, GA | Multifamily | April 2019 | 90.0% | $ | 59.2 | 448 | 93% | |||||||||||||||
| Arbors of Las Colinas | Dallas, TX | Multifamily | December 2020 | 90.0% | 63.5 | 408 | 95% | ||||||||||||||||
| 1110 Key Federal Hill | Baltimore, MD | Multifamily | September 2021 | 100.0% | 73.6 | 224 | 100% | ||||||||||||||||
| Domain | Orlando, FL | Multifamily | November 2021 | 100.0% | 74.1 | 324 | 98% | ||||||||||||||||
| The Burnham | Nashville, TN | Multifamily | November 2021 | 100.0% | 129.0 | 328 | 92% | ||||||||||||||||
| Flats on Front | Wilmington , NC | Multifamily | December 2021 | 100.0% | 97.5 | 273 | 99% | ||||||||||||||||
| Verso Apartments | Beaverton, OR | Multifamily | December 2021 | 100.0% | 74.0 | 172 | 98% | ||||||||||||||||
| 2626 South Side Flats | Pittsburgh, PA | Multifamily | January 2022 | 100.0% | 90.0 | 264 | 98% | ||||||||||||||||
| The Parker | Alexandria, VA | Multifamily | March 2022 | 100.0% | 136.0 | 360 | 96% | ||||||||||||||||
| Briggs & Union | Mount Laurel, NJ | Multifamily | April 2022 | 100.0% | 158.0 | 490 | 96% | ||||||||||||||||
| Two Liberty Center | Arlington, VA | Office | August 2019 | 96.5% | 91.2 | 179,000 | 97% | ||||||||||||||||
| Lakes at West Covina | Los Angeles, CA | Office | February 2020 | 95.0% | 41.0 | 177,000 | 90% | ||||||||||||||||
Principal Place(5) | London, UK | Office | November 2021 | 20.0% | 99.8 | 644,000 | 100% | ||||||||||||||||
| 6123-6227 Monroe Ct | Morton Grove, IL | Logistics | November 2021 | 100.0% | 17.2 | 208,000 | 100% | ||||||||||||||||
| 8400 Westphalia Road | Upper Marlboro, MD | Logistics | November 2021 | 100.0% | 27.0 | 100,000 | 100% | ||||||||||||||||
| McLane Distribution Center | Lakeland, FL | Logistics | November 2021 | 100.0% | 26.7 | 211,000 | 100% | ||||||||||||||||
| 2003 Beaver Road | Landover, MD | Logistics | February 2022 | 100.0% | 9.4 | 38,000 | 100% | ||||||||||||||||
| 187 Bartram Parkway | Franklin, IN | Logistics | February 2022 | 100.0% | 28.8 | 300,000 | 100% | ||||||||||||||||
| DreamWorks Animation Studios | Glendale, CA | Alternatives | December 2021 | 100.0% | 326.5 | 497,000 | 100% | ||||||||||||||||
| Single-Family Rentals | Various | Alternatives | Various | 100.0% | 99.0 | 376 | 100% | ||||||||||||||||
| Total | $ | 1,721.5 | |||||||||||||||||||||
| (1) | Investments in real properties includes our consolidated property investments and our unconsolidated investment in Principal Place. | ||||
| (2) | The joint venture agreements entered into by the Company (other than the Principal Place joint venture) provide the other partner a profits interest based on achieving certain internal rate of return hurdles. Such investments are consolidated by us and any profits interest due to the other partners is reported within non-controlling interests. | ||||
| (3) | Purchase price is presented in millions and excludes acquisition costs. | ||||
| (4) | Occupancy rates as of June 30, 2022. For multifamily investments, occupancy represents the percentage of all leased units divided by the total available units as of the date indicated. For office and logistics investments, occupancy represents the percentage of all leased square footage divided by the total available square footage as of the date indicated. | ||||
| (5) | Purchase price represents our initial equity investment in the joint venture of £73.3 million GBP converted to USD using the spot rate on the acquisition date. | ||||
| Investment | Collateral | Interest Rate(1) | Maturity Date | Payment Terms | Face Amount | Unamortized Discount | Carrying Amount | |||||||||||||||||||||||||||||||||||||
| IMC/AMC Bond Investment | International Markets Center AmericasMart Atlanta | L+6.15% | December 2023 | Principal due at maturity | $ | 25,000,000 | $ | (121,471) | $ | 24,878,529 | ||||||||||||||||||||||||||||||||||
111 Montgomery(2) | The 111 Montgomery Street Condominium Brooklyn, New York | L+7.00% | February 2024 | Principal due at maturity(3) | 1,175,988 | (58,565) | 1,117,423 | |||||||||||||||||||||||||||||||||||||
The Avery Senior Loan(2) | The Avery Condominium San Francisco, California | L+7.30% | February 2024 | Principal due at maturity(3) | 6,551,820 | (35,092) | 6,516,728 | |||||||||||||||||||||||||||||||||||||
The Avery Mezzanine Loan(2) | The Avery Condominium San Francisco, California | L+12.50% | February 2024 | Principal due at maturity(3) | 1,582,488 | (7,871) | 1,574,617 | |||||||||||||||||||||||||||||||||||||
| $ | 34,310,296 | $ | (222,999) | $ | 34,087,297 | |||||||||||||||||||||||||||||||||||||||
| (1) | The term “L” refers to the one-month US dollar-denominated London Interbank Offer Rate ("LIBOR"). As of June 30, 2022, one-month LIBOR was equal to 1.79%. | ||||
| (2) | The Company’s investment is held through its membership interest in an entity which aggregates the Company’s interest with interests held by other funds managed by the Sub-Adviser. The Company has been allocated its proportionate share of the loan based on its membership interest in the aggregating entity. | ||||
| (3) | The loan agreement requires mandatory prepayments simultaneous with the closing of the sale of any condominium unit. | ||||
| Type of Security | Number of Positions | Weighted Average Coupon(1) | Weighted Average Maturity Date(2) | Face Amount | Cost Basis | Fair Value | ||||||||||||||||||||||||||||||||
| CMBS - floating | 13 | L+3.89% | December 2025 | $ | 71,622,000 | $ | 68,046,306 | $ | 68,536,233 | |||||||||||||||||||||||||||||
| CMBS - fixed | 3 | 3.65% | September 2024 | 13,794,000 | 12,786,667 | 12,760,464 | ||||||||||||||||||||||||||||||||
| RMBS | 3 | 2.65% | February 2025 | 12,192,000 | 8,018,590 | 7,999,071 | ||||||||||||||||||||||||||||||||
| Total investments in real estate-related securities | 19 | 4.94% | September 2025 | $ | 97,608,000 | $ | 88,851,563 | $ | 89,295,768 | |||||||||||||||||||||||||||||
| (1) | The term “L” refers to the relevant floating benchmark rates, which include LIBOR and Secured Overnight Financing Rate (“SOFR”), as applicable to each security and loan. As of June 30, 2022, LIBOR was equal to 1.79% and SOFR was equal to 1.50%. | ||||
| (2) | Weighted average maturity date is based on the fully extended maturity date of the instruments. | ||||
| Year | Number of Expiring Leases | Annualized Base Rent(1) | % of Total Annualized Base Rent Expiring | Approximate Gross Leasable Square Footage of Expiring Leases | % of Total Square Feet Expiring | ||||||||||||
| 2022 | 6 | $ | 695,380 | 2% | 17,287 | 1% | |||||||||||
| 2023 | 13 | 4,009,103 | 11% | 88,564 | 5% | ||||||||||||
| 2024 | 6 | 501,779 | 1% | 52,525 | 3% | ||||||||||||
| 2025 | 15 | 3,275,155 | 9% | 110,309 | 7% | ||||||||||||
| 2026 | 7 | 2,718,371 | 7% | 91,650 | 6% | ||||||||||||
| 2027 | 2 | 1,010,895 | 3% | 53,206 | 3% | ||||||||||||
| 2028 | 4 | 981,878 | 3% | 31,362 | 2% | ||||||||||||
| 2029 | 4 | 1,834,077 | 5% | 140,225 | 9% | ||||||||||||
| 2030 | 2 | 404,898 | 1% | 42,716 | 3% | ||||||||||||
| 2031 | 1 | 295,058 | 1% | 38,144 | 2% | ||||||||||||
| Thereafter | 4 | 20,676,609 | 57% | 974,534 | 59% | ||||||||||||
| Total | 64 | $ | 36,403,203 | 100% | 1,640,522 | 100% | |||||||||||
| (1) | Annualized base rent is determined from the annualized June 30, 2022 base rent per leased square foot of the applicable year and excludes tenant recoveries, straight-line rent, and above-market and below-market lease amortization. | ||||
| Three Months Ended | Change | Six Months Ended | Change | ||||||||||||||||||||||||||||||||
| June 30, 2022 | June 30, 2021 | $ | June 30, 2022 | June 30, 2021 | $ | ||||||||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||||||||
| Rental revenues | $ | 27,038,310 | $ | 7,435,941 | $ | 19,602,369 | $ | 48,698,472 | $ | 14,666,989 | $ | 34,031,483 | |||||||||||||||||||||||
| Other revenues | 2,754,986 | 483,499 | 2,271,487 | 4,647,578 | 864,943 | 3,782,635 | |||||||||||||||||||||||||||||
| Total revenues | 29,793,296 | 7,919,440 | 21,873,856 | 53,346,050 | 15,531,932 | 37,814,118 | |||||||||||||||||||||||||||||
| Expenses | |||||||||||||||||||||||||||||||||||
| Rental property operating | 9,659,416 | 3,428,816 | 6,230,600 | 17,581,836 | 6,743,843 | 10,837,993 | |||||||||||||||||||||||||||||
| General and administrative | 2,483,644 | 1,051,762 | 1,431,882 | 4,473,832 | 2,067,560 | 2,406,272 | |||||||||||||||||||||||||||||
| Management fee | 2,096,456 | 569,389 | 1,527,067 | 3,292,720 | 1,123,438 | 2,169,282 | |||||||||||||||||||||||||||||
| Performance fee | 4,718,028 | 687,265 | 4,030,763 | 8,231,219 | 1,261,088 | 6,970,131 | |||||||||||||||||||||||||||||
| Depreciation and amortization | 15,347,608 | 3,788,243 | 11,559,365 | 28,542,799 | 8,112,729 | 20,430,070 | |||||||||||||||||||||||||||||
| Total expenses | 34,305,152 | 9,525,475 | 24,779,677 | 62,122,406 | 19,308,658 | 42,813,748 | |||||||||||||||||||||||||||||
| Other income (expense) | |||||||||||||||||||||||||||||||||||
| Income from real estate-related loans and securities | 1,418,078 | 1,352,252 | 65,826 | 2,488,785 | 2,554,585 | (65,800) | |||||||||||||||||||||||||||||
| Interest expense | (8,049,669) | (1,402,408) | (6,647,261) | (14,772,765) | (2,774,865) | (11,997,900) | |||||||||||||||||||||||||||||
| Realized gain on real estate investments, net | — | — | — | 668,760 | 980,665 | (311,905) | |||||||||||||||||||||||||||||
| Realized gain on financial instruments | 7,094,071 | — | 7,094,071 | 7,094,071 | — | 7,094,071 | |||||||||||||||||||||||||||||
| Unrealized (loss) gain on investments, net | (7,799,160) | 332,410 | (8,131,570) | (1,008,236) | 319,983 | (1,328,219) | |||||||||||||||||||||||||||||
| Total other income (expense) | (7,336,680) | 282,254 | (7,618,934) | (5,529,385) | 1,080,368 | (6,609,753) | |||||||||||||||||||||||||||||
| Net loss | $ | (11,848,536) | $ | (1,323,781) | $ | (10,524,755) | $ | (14,305,741) | $ | (2,696,358) | $ | (11,609,383) | |||||||||||||||||||||||
| Net loss attributable to non-controlling interests in third party joint ventures | 28,702 | 63,992 | (35,290) | 22,902 | 189,270 | (166,368) | |||||||||||||||||||||||||||||
| Net loss attributable to redeemable non-controlling interests | 3,673,069 | — | 3,673,069 | 4,648,093 | — | 4,648,093 | |||||||||||||||||||||||||||||
| Net loss attributable to Brookfield REIT stockholders | $ | (8,146,765) | $ | (1,259,789) | $ | (6,886,976) | $ | (9,634,746) | $ | (2,507,088) | $ | (7,127,658) | |||||||||||||||||||||||
| Per common share data: | |||||||||||||||||||||||||||||||||||
| Net loss per share of common stock - basic and diluted | $ | (0.18) | $ | (0.06) | $ | (0.12) | $ | (0.25) | $ | (0.12) | $ | (0.13) | |||||||||||||||||||||||
| Weighted average number of shares outstanding - basic and diluted | 44,702,325 | 22,201,697 | 22,500,628 | 38,235,177 | 21,742,068 | 16,493,109 | |||||||||||||||||||||||||||||
| Three Months Ended | Change | Six Months Ended | Change | ||||||||||||||||||||||||||||||||
| June 30, 2022 | June 30, 2021 | $ | June 30, 2022 | June 30, 2021 | $ | ||||||||||||||||||||||||||||||
| Rental revenue | $ | 25.6 | $ | 7.0 | $ | 18.6 | $ | 45.4 | $ | 13.8 | $ | 31.6 | |||||||||||||||||||||||
| Tenant reimbursements | 1.4 | 0.4 | 1.0 | 3.3 | 0.8 | 2.5 | |||||||||||||||||||||||||||||
| Ancillary income and fees | 2.8 | 0.5 | 2.3 | 4.6 | 0.9 | 3.7 | |||||||||||||||||||||||||||||
| Total revenue | $ | 29.8 | $ | 7.9 | $ | 21.9 | $ | 53.3 | $ | 15.5 | $ | 37.8 | |||||||||||||||||||||||
| Indebtedness | Interest Rate(1) | Maturity Date | Maximum Facility Size | Principal Balance Outstanding | ||||||||||||||||||||||
| Anzio Apartments mortgage loan | L+1.59% | May 2029 | $ | 44,400,000 | ||||||||||||||||||||||
| Two Liberty Center mortgage loan | L+1.50% | August 2024 | 62,085,155 | |||||||||||||||||||||||
| Lakes at West Covina mortgage loan | L+1.55% | February 2025 | 25,603,855 | |||||||||||||||||||||||
| Arbors of Las Colinas mortgage loan | SOFR+2.24% | January 2031 | 45,950,000 | |||||||||||||||||||||||
| 1110 Key Federal Hill mortgage loan | 2.34% | October 2028 | 51,520,000 | |||||||||||||||||||||||
| Domain mortgage loan | SOFR+1.50% | December 2026 | 48,700,000 | |||||||||||||||||||||||
| DreamWorks Animation Studios mortgage loan | 3.20% | March 2029 | 212,200,000 | |||||||||||||||||||||||
Secured Multifamily Term Loan(2) | SOFR+1.70% | March 2025 | 372,760,000 | |||||||||||||||||||||||
Secured Credit Facility(3) | SOFR+1.95% | November 2022 | $ | 500,000,000 | 238,694,094 | |||||||||||||||||||||
| Affiliate Line of Credit | L+2.25% | November 2022 | $ | 125,000,000 | — | |||||||||||||||||||||
| Total Indebtedness | $ | 1,101,913,104 | ||||||||||||||||||||||||
| (1) | The term “L” refers to the one-month US dollar-denominated LIBOR. As of June 30, 2022, one-month LIBOR was equal to 1.79%. As of June 30, 2022, SOFR was equal to 1.50%. | ||||
| (2) | As of June 30, 2022, borrowings on the Secured Multifamily Term Loan are secured by The Burnham, Flats on Front, Verso Apartments, 2626 South Side Flats and The Parker. The Secured Multifamily Term Loan matures on March 21, 2025, and has two one-year extension options to March 2026 and 2027, subject to certain conditions. | ||||
| (3) | As of June 30, 2022, borrowings on the Secured Credit Facility are secured by the following properties: 8400 Westphalia Road, 6123-6227 Monroe Court, McLane Distribution Center, 2003 Beaver Road, 187 Bartram Parkway, Briggs & Union and certain properties in the Single Family Rental Portfolio. The facility has a one-year extension option to November 9, 2023, subject to certain conditions. | ||||
For the six months ended June 30, 2022 | For the six months ended June 30, 2021 | ||||||||||
| Net cash provided by operating activities | $ | 34,235,337 | $ | 2,600,656 | |||||||
| Net cash used in investing activities | (582,627,466) | (9,361,574) | |||||||||
| Net cash provided by financing activities | 667,019,197 | 10,656,061 | |||||||||
| Net change in cash and cash equivalents and restricted cash | $ | 118,627,068 | $ | 3,895,143 | |||||||
| Components of NAV | June 30, 2022 | |||||||
| Investments in real properties | $ | 1,788,082,635 | ||||||
| Investments in real estate-related loans and securities | 123,541,399 | |||||||
| Investments in unconsolidated entities | 96,119,013 | |||||||
| Cash and cash equivalents | 93,577,056 | |||||||
| Restricted cash | 85,833,626 | |||||||
| Other assets | 35,016,857 | |||||||
| Debt obligations | (1,080,075,078) | |||||||
| Accrued performance fee | (8,231,219) | |||||||
Accrued stockholder servicing fees(1) | (279,908) | |||||||
| Management fee payable | (1,015,793) | |||||||
| Dividend payable | (4,157,652) | |||||||
| Subscriptions received in advance | (77,634,769) | |||||||
| Other liabilities | (25,356,469) | |||||||
| Non-controlling interests in joint ventures | (21,089,484) | |||||||
| Net asset value | $ | 1,004,330,214 | ||||||
| Number of shares/units outstanding | 72,988,027 | |||||||
| (1) | Stockholder servicing fees only apply to Class S, Class T and Class D shares. For purposes of NAV, we recognize the stockholder servicing fee as a reduction of NAV on a monthly basis as such fee is paid. Under GAAP, we accrue the full cost of the stockholder servicing fee as an offering cost at the time we sell Class S, Class T and Class D shares of our common stock. As of June 30, 2022, we have accrued under GAAP approximately $23.7 million of stockholder servicing fees. | ||||
| NAV Per Share/Unit | Class S Shares | Class I Shares | Class T Shares | Class D Shares | Class C Shares(1) | Class E Shares(1) | Third-party Operating Partnership Units(2) | Total | ||||||||||||||||||||||||||||||||||||||||||
| Net asset value | $ | 412,308,735 | $ | 454,799,441 | $ | — | $ | 29,897 | $ | 94,565,755 | $ | 41,634,362 | $ | 992,024 | $ | 1,004,330,214 | ||||||||||||||||||||||||||||||||||
| Number of shares/units outstanding | 30,048,463 | 32,930,126 | — | 2,180 | 6,992,925 | 2,944,182 | 70,151 | 72,988,027 | ||||||||||||||||||||||||||||||||||||||||||
NAV Per Share/Unit as of June 30, 2022 | $ | 13.7215 | $ | 13.8110 | $ | — | $ | 13.7142 | $ | 13.5231 | $ | 14.1412 | $ | 14.1413 | ||||||||||||||||||||||||||||||||||||
| (1) | Class C and Class E shares of our common stock are offered to investors pursuant to private offerings. | ||||
| (2) | Includes the partnership interests of the Operating Partnership held by parties other than the Company. | ||||
| Property Type | Discount Rate | Exit Capitalization Rate | ||||||||||||
| Multifamily | 6.2% | 4.8% | ||||||||||||
| Office | 7.7% | 6.7% | ||||||||||||
| Logistics | 5.8% | 4.9% | ||||||||||||
| Alternatives | 5.0% | 4.8% | ||||||||||||
| Input | Hypothetical Change | Multifamily Investment Values | Office Investment Values | Logistics Investment Values | Alternatives Investment Values | |||||||||||||||||||||||||||
| Discount Rate | .25% Decrease | 2.0% | 2.0% | 2.1% | 2.1% | |||||||||||||||||||||||||||
| (weighted average) | .25% Increase | (1.9)% | (1.8)% | (2.1)% | (1.8)% | |||||||||||||||||||||||||||
| Exit Capitalization Rate | .25% Decrease | 3.6% | 2.5% | 3.8% | 3.6% | |||||||||||||||||||||||||||
| (weighted average) | .25% Increase | (3.2)% | (2.3)% | (3.3)% | (3.0)% | |||||||||||||||||||||||||||
Reconciliation of Stockholders’ Equity to NAV | June 30, 2022 | |||||||
| Stockholders' equity under U.S. GAAP | $ | 765,291,934 | ||||||
| Redeemable non-controlling interest | 1,005,205 | |||||||
| Total partners' capital of Operating Partnership under GAAP | 766,297,139 | |||||||
| Adjustments: | ||||||||
| Accrued stockholder servicing fee | 23,422,245 | |||||||
| Deferred rent | (3,409,671) | |||||||
| Advanced organizational and offering costs | 12,522,731 | |||||||
| Selling commissions and dealer manager fees | 4,437,825 | |||||||
| Unrealized net real estate appreciation | 140,133,552 | |||||||
| Accumulated amortization of discount | (241,305) | |||||||
| Accumulated depreciation and amortization | 61,167,698 | |||||||
| NAV | $ | 1,004,330,214 | ||||||
For the six months ended June 30, 2022 | For the six months ended June 30, 2021 | ||||||||||
| Net loss attributable to stockholders and redeemable non-controlling interests | $ | (14,282,839) | $ | (2,507,088) | |||||||
| Adjustments to arrive at FFO: | |||||||||||
| Depreciation and amortization | 28,542,799 | 8,112,729 | |||||||||
| Amount attributed to non-controlling interests of third party joint ventures for above adjustments | (375,981) | (611,156) | |||||||||
| FFO attributable to stockholders and redeemable non-controlling interests | $ | 13,883,979 | $ | 4,994,485 | |||||||
| Adjustments to arrive at AFFO: | |||||||||||
| Straight-line rental income | (1,156,972) | (114,882) | |||||||||
| Amortization of above and below market leases and lease inducements | 685,500 | 114,351 | |||||||||
| Amortization of mortgage premium/discount | (42,363) | (42,363) | |||||||||
| Amortization of restricted stock awards | 80,625 | 35,308 | |||||||||
| Unrealized (gain) loss on investments | 1,008,236 | (319,983) | |||||||||
| Non-cash performance fee and performance participation allocation | 8,231,219 | 1,261,088 | |||||||||
| Amount attributed to non-controlling interests of third party joint ventures for above adjustments | (1,253) | 3,485 | |||||||||
| AFFO attributable to stockholders and redeemable non-controlling interests | 22,688,971 | 5,931,489 | |||||||||
| Adjustments to arrive at FAD: | |||||||||||
| Realized gains on real estate-related loans and securities | (668,760) | (980,665) | |||||||||
| Non-cash management fee | 3,292,720 | 1,123,438 | |||||||||
| Stockholder servicing fees | (1,361,795) | (656,666) | |||||||||
| FAD attributable to stockholders and redeemable non-controlling interests | $ | 23,951,136 | $ | 5,417,596 | |||||||
| Declaration Date | Class S Shares | Class I Shares | Class C Shares | Class E Shares | Class T Shares | Class D Shares | ||||||||||||||||||||||||||||||||
| January 28, 2022 | $ | 0.0459 | $ | 0.0546 | $ | 0.0547 | $ | 0.0676 | $ | — | $ | — | ||||||||||||||||||||||||||
| March 1, 2022 | 0.0473 | 0.0552 | 0.0553 | 0.0683 | — | — | ||||||||||||||||||||||||||||||||
| March 30, 2022 | 0.0478 | 0.0568 | 0.0569 | 0.0703 | — | — | ||||||||||||||||||||||||||||||||
| April 28, 2022 | 0.0488 | 0.0575 | 0.0577 | 0.0712 | — | — | ||||||||||||||||||||||||||||||||
| May 27, 2022 | 0.0505 | 0.0599 | 0.0601 | 0.0742 | — | — | ||||||||||||||||||||||||||||||||
| June 29, 2022 | 0.0505 | 0.0598 | 0.0601 | 0.0742 | — | 0.0570 | ||||||||||||||||||||||||||||||||
| Total | $ | 0.2908 | $ | 0.3438 | $ | 0.3448 | $ | 0.4258 | $ | — | $ | 0.0570 | ||||||||||||||||||||||||||
For the three months ended June 30, 2022 | For the three months ended June 30, 2021 | ||||||||||||||||||||||
| Amount | Percentage | Amount | Percentage | ||||||||||||||||||||
| Distributions | |||||||||||||||||||||||
| Payable in cash | $ | 5,097,890 | 60 | % | $ | 1,292,443 | 51 | % | |||||||||||||||
| Reinvested in shares | 3,384,028 | 40 | % | 1,232,260 | 49 | % | |||||||||||||||||
| Total distributions | $ | 8,481,918 | 100 | % | $ | 2,524,703 | 100 | % | |||||||||||||||
| Sources of Distributions | |||||||||||||||||||||||
| Cash flows from operating activities from current period | $ | 8,481,918 | 100 | % | $ | 253,655 | 10 | % | |||||||||||||||
| Cash flows from investment gains | — | — | % | 980,665 | 39 | % | |||||||||||||||||
| Undistributed cash flows from operating activities from prior periods | — | — | % | 1,290,383 | 51 | % | |||||||||||||||||
| Total sources of distributions | $ | 8,481,918 | 100 | % | $ | 2,524,703 | 100 | % | |||||||||||||||
| Cash flows from operating activities | $ | 23,777,746 | $ | 218,961 | |||||||||||||||||||
| Funds from Operations | $ | 2,258,893 | $ | 2,248,657 | |||||||||||||||||||
For the six months ended June 30, 2022 | For the six months ended June 30, 2021 | ||||||||||||||||||||||
| Amount | Percentage | Amount | Percentage | ||||||||||||||||||||
| Distributions | |||||||||||||||||||||||
| Payable in cash | $ | 7,323,926 | 55 | % | $ | 2,705,871 | 56 | % | |||||||||||||||
| Reinvested in shares | 5,959,329 | 45 | % | 2,165,833 | 44 | % | |||||||||||||||||
| Total distributions | $ | 13,283,255 | 100 | % | $ | 4,871,704 | 100 | % | |||||||||||||||
| Sources of Distributions | |||||||||||||||||||||||
| Cash flows from operating activities from current period | $ | 13,247,255 | 100 | % | $ | 2,600,656 | 54 | % | |||||||||||||||
| Cash flows from investment gains | — | — | % | 980,665 | 20 | % | |||||||||||||||||
| Undistributed cash flows from operating activities from prior periods | — | — | 1,290,383 | 26 | % | ||||||||||||||||||
| Total sources of distributions | $ | 13,247,255 | 100 | % | $ | 4,871,704 | 100 | % | |||||||||||||||
| Cash flows from operating activities | $ | 34,235,337 | $ | 2,600,656 | |||||||||||||||||||
| Funds from Operations | $ | 13,883,979 | $ | 4,994,485 | |||||||||||||||||||
| Month of: | Total Number of Shares Repurchased | Repurchases as a Percentage of Shares Outstanding | Average Price Paid Per Share | Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares Pending Repurchase Pursuant to Publicly Announced Plans or Programs(1) | |||||||||||||||||||||||||||
| April 2022 | 87,310 | 0.23 | % | $ | 13.0903 | 87,310 | — | |||||||||||||||||||||||||
| May 2022 | 417,276 | 0.99 | % | $ | 13.6266 | 417,276 | — | |||||||||||||||||||||||||
| June 2022 | 388,093 | 0.53 | % | $ | 13.8722 | 388,093 | — | |||||||||||||||||||||||||
| Total | 892,679 | 892,679 | ||||||||||||||||||||||||||||||
| (1) | Repurchases are limited as described above. | ||||
Exhibit Number | Description | |||||||
| 101.INS | Inline XBRL Instance Document | |||||||
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
| 101.SCH | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |||||||
| + | This exhibit shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act or the Exchange Act. | ||||
| * | Filed herewith. | ||||
| Brookfield Real Estate Income Trust Inc. | ||||||||
| August 12, 2022 | /s/ Zachary B. Vaughan | |||||||
| Date | Zachary B. Vaughan | |||||||
| Chief Executive Officer | ||||||||
| (Principal Executive Officer) | ||||||||
| August 12, 2022 | /s/ Dana E. Petitto | |||||||
| Date | Dana E. Petitto | |||||||
| Chief Financial Officer | ||||||||
| (Principal Financial Officer) | ||||||||
| August 12, 2022 | /s/ Theodore C. Hanno | |||||||
| Date | Theodore C. Hanno | |||||||
| Chief Accounting Officer | ||||||||
| (Principal Accounting Officer) | ||||||||
| BROOKFIELD REAL ESTATE INCOME | ||
| TRUST INC. | ||
| BROOKFIELD REIT OPERATING | ||
| PARTNERSHIP L.P. | ||
| BROOKFIELD REIT ADVISER LLC | ||
| /s/ Zachary B. Vaughan | ||
| Zachary B. Vaughan | ||
| Chief Executive Officer | ||
| /s/ Dana E. Petitto | ||
| Dana E. Petitto | ||
| Chief Financial Officer | ||
| 1 | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and | |||||||
| 2 | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. | |||||||
| /s/ Zachary B. Vaughan | |||||
| Zachary B. Vaughan | |||||
| Chief Executive Officer | |||||
| August 12, 2022 | |||||
| 1 | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and | |||||||
| 2 | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. | |||||||
| /s/ Dana E. Petitto | |||||
| Dana E. Petitto | |||||
| Chief Financial Officer | |||||
| August 12, 2022 | |||||