Trade Street Residential (TSRE) Inactive 10-Q13 May 142014 Q1 Quarterly reportFinancial data

Company Profile

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
Document And Entity Information	Mar. 31, 2014	9-May-14
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Document Fiscal Period Focus	'Q1	'
Document Period End Date	31-Mar-14	'
Entity Registrant Name	'Trade Street Residential, Inc.	'
Trading Symbol	'tsre	'
Entity Central Index Key	'0001299901	'
Entity Filer Category	'Non-accelerated Filer	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Document Fiscal Year Focus	'2014	'
Entity Common Stock, Shares Outstanding	'	36,576,096

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Real estate:	'	'
Land and improvements	$84,688	$58,560
Buildings and improvements	436,366	272,849
Furniture, fixtures, and equipment	14,751	9,016
Gross investment in operating properties	535,805	340,425
Less accumulated depreciation	-17,363	-14,369
Net investment in operating properties	518,442	326,056
Land held for future development (including $0 and $1,477 of consolidated variable interest entity, respectively)	12,961	31,963
Land held for sale	19,125	'
Net real estate assets	550,528	358,019
Other assets:	'	'
Investment in unconsolidated joint venture	2,337	2,421
Cash and cash equivalents (including $0 and $148 of consolidated variable interest entity, respectively)	15,852	9,037
Restricted cash and lender reserves	8,574	3,203
Deferred financing costs, net	5,234	3,022
Intangible assets, net	3,065	1,571
Prepaid expenses and other assets	1,713	9,560
Due from related parties	78	803
Assets related to land held for sale	555	'
Total other assets	37,408	29,617
TOTAL ASSETS	587,936	387,636
LIABILITIES:	'	'
Indebtedness	316,053	249,584
Accrued interest payable	791	840
Accounts payable and accrued expenses	4,749	6,119
Dividends payable	3,773	1,247
Security deposits, deferred rent and other liabilities	1,856	1,443
Liabilities related to land held for sale	24	'
TOTAL LIABILITIES	327,246	259,233
Commitments & contingencies	'	'
STOCKHOLDERS' EQUITY:	'	'
Class A preferred stock; $0.01 par value; 423 shares authorized, 309 shares issued and outstanding at March 31, 2014 and December 31, 2013	3	3
Common stock, $0.01 par value per share; 1,000,000 authorized; 36,576 and 11,469 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively	366	115
Additional paid-in capital	310,516	162,681
Accumulated deficit	-67,035	-52,053
TOTAL STOCKHOLDERS' EQUITY - TRADE STREET RESIDENTIAL, INC.	243,850	110,746
Noncontrolling interest	16,840	17,657
TOTAL STOCKHOLDERS' EQUITY	260,690	128,403
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$587,936	$387,636

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Land held for future development	$12,961	$31,963
Cash and cash equivalents	15,852	9,037
Preferred stock par value per share	$0.01	$0.01
Preferred stock shares authorized	423,000	423,000
Preferred stock shares issued	309,000	309,000
Preferred stock shares outstanding	309,000	309,000
Common stock par value per share	$0.01	$0.01
Common stock shares authorized	1,000,000,000	1,000,000,000
Common stock shares issued	36,576,000	11,469,000
Common stock shares outstanding	36,576,000	11,469,000
Variable Interest Entity, Primary Beneficiary [Member]	'	'
Land held for future development	0	1,477
Cash and cash equivalents	$0	$148

Condensed_Consolidated_Stateme

Condensed Consolidated Statements Of Operations (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Property revenues	'	'
Rental revenue	$10,266	$4,847
Other property revenues	1,144	438
Total property revenues	11,410	5,285
Property expenses	'	'
Property operations and maintenance	3,370	1,636
Real estate taxes and insurance	1,931	795
Total property expenses	5,301	2,431
Other expenses	'	'
General and administrative	2,095	1,559
Management transition expenses	9,041	'
Interest expense	2,873	1,889
Depreciation and amortization	4,720	2,245
Development and pursuit costs	45	'
Acquisition costs	1,505	222
Amortization of deferred loan costs	316	371
Loss on extinguishment of debt	1,629	815
Total other expenses	22,224	7,101
Other income	43	22
Income (loss) from unconsolidated joint venture	-9	37
Loss from continuing operations	-16,081	-4,188
Discontinued operations	'	'
Loss on operations of rental property	'	-109
Gain from sale of rental property	'	1,596
Income from discontinued operations	'	1,487
Net loss	-16,081	-2,701
Loss allocated to noncontrolling interest holders	1,099	555	[1]
Dividends declared and accreted on preferred stock and units	-228	-254
Extinguishment of equity securities	'	11,716
Adjustments attributable to participating securities	16	-2,521
Net income (loss) attributable to common stockholders	($15,194)	$6,795
Earnings (loss) per common share - basic and diluted:	'	'
Continuing operations	($0.48)	$1.12
Discontinued operations	'	$0.32
Net income (loss) attributable to common stockholders	($0.48)	$1.44
Weighted average number of shares - basic and diluted	31,746	4,717

[1]	Net of $0.04 million income allocated to discontinued operations in the first quarter of 2013.

Condensed_Consolidated_Stateme1

Condensed Consolidated Statement Of Stockholders' Equity (USD $)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Noncontrolling Interest [Member]	Total
Preferred stock, Equity Balance at Dec. 31, 2013	$3,000	'	'	'	'	'
Equity balance at Dec. 31, 2013	'	115,000	162,681,000	-52,053,000	17,657,000	128,403,000
Preferred stock shares balance at Dec. 31, 2013	309,000	'	'	'	'	309,000
Common stock shares balance at Dec. 31, 2013	'	11,469,000	'	'	'	11,469,000
Proceeds from sale of common stock, net	'	249,000	147,036,000	'	'	147,285,000
Proceeds from sale of common stock, net, shares	'	24,882,000	'	'	'	'
Net loss	'	'	'	-14,982,000	-1,099,000	-16,081,000
Distributions to stockholders and unit holders	'	'	-3,550,000	'	-223,000	-3,773,000
Stock compensation - management transition	'	4,000	3,310,000	'	'	3,314,000
Stock compensation - management transition, shares	'	375,000	'	'	'	'
Stock compensation - other	'	'	29,000	'	'	29,000
Surrender of shares to cover tax withholding from stock compensation - management transition	'	-2,000	-938,000	'	'	-940,000
Surrender of shares to cover tax withholding from stock compensation - management transition, shares	'	-150,000	'	'	'	'
Conversion of Class B contingent units into Common OP units	'	'	1,948,000	'	505,000	2,453,000
Preferred stock, Equity Balance at Mar. 31, 2014	3,000	'	'	'	'	'
Equity balance at Mar. 31, 2014	'	$366,000	$310,516,000	($67,035,000)	$16,840,000	$260,690,000
Preferred stock shares balance at Mar. 31, 2014	309,000	'	'	'	'	309,000
Common stock shares balance at Mar. 31, 2014	'	36,576,000	'	'	'	36,576,000

Condensed_Consolidated_Stateme2

Condensed Consolidated Statement Of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities:	'	'
Net loss	($16,081)	($2,701)
(Income) loss from discontinued operations	'	-1,487
Loss from continuing operations	-16,081	-4,188
Adjustments to reconcile net loss to net cash provided by operating activities:	'	'
Depreciation and amortization	4,720	2,245
Amortization of tax abatement	88	'
Amortization of deferred loan costs	316	371
Loss on extinguishment of debt	1,629	815
Non-cash compensation from conversion of contingent B units into common OP units	2,453	'
Non-cash stock compensation	3,343	'
Loss (income) of unconsolidated joint venture	9	-37
Interest accrued on related party receivable	-15	-22
Net changes in assets and liabilities:	'	'
Restricted cash and lender reserves	986	291
Prepaid expenses and other assets	7,846	-3,134
Accounts payable, accrued expenses and accrued interest payable	-2,210	678
Due to related parties	-119	32
Security deposits and deferred rent	533	-4
Net cash used in operating activities - continuing operations	3,498	-2,953
Net cash provided by operating activities - discontinued operations	'	464
Net cash used in operating activities	3,498	-2,489
Cash flows from investing activities:	'	'
Cash distributions received from unconsolidated joint venture	75	50
(Deconsolidation) Consolidation of variable interest entity	-148	148
Acquisitions of communities	-94,598	-3,813
Acquisition of mortgage loan	'	-1,450
Acquisitions of communities	-764	-457
Net cash used in investing activities - continuing operations	-95,435	-5,522
Net cash provided by investing activities - discontinued operations	'	3,998
Net cash used in investing activities	-95,435	-1,524
Cash flows from financing activities:	'	'
Proceeds from issuance of common stock, net of offering costs	147,285	'
Proceeds from indebtedness	92,750	13,000
Repayments of indebtedness	-129,607	-9,116
Payments of deferred loan costs	-3,451	-387
Prepayment fees for early extinguishment of debt	-706	-684
Distributions to stockholders and unitholders	-1,247	-491
Reduction in related party receivable	765	122
Shares surrender for payment of withholding taxes	-125	'
Increase in restricted cash escrow for preferred share repurchase	-6,912	'
Net cash provided by financing activities - continuing operations	98,752	2,444
Net cash used in financing activities - discontinued operations	'	-143
Net cash provided by provided by financing activities	98,752	2,301
Net change in cash and cash equivalents	6,815	-1,712
Cash and cash equivalents at beginning of period	9,037	4,940
Cash and cash equivalents at end of period	15,852	3,228
Supplemental Disclosure of Cash Flow Information:	'	'
Cash paid during the period for interest, net of capitalized interest of $0 million and $0.1 million respectively.	2,923	2,506
Non-Cash Investing & Financing Activities:	'	'
Note payable issued as consideration for purchase of business	103,325	11,437
Stock issued for consideration of business acquisition	'	3,318
Transfer preferred shares/units to permanent equity	'	46,250
Distribution receivable from joint venture	'	50
Stock issued in connection with rights offering	7,500	'
Acquisition consideration payable in preferred stock	294	294
Payable for shares surrendered for payment of withholding taxes	$816	'

Condensed_Consolidated_Stateme3

Condensed Consolidated Statement Of Cash Flows (Parenthetical) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Condensed Consolidated Statements Of Cash Flows [Abstract]	'	'
Capitalized interest	$0	$100,000

Nature_Of_Business_And_Signifi

Nature Of Business And Significant Accounting Policies

3 Months Ended

Mar. 31, 2014

Nature Of Business And Significant Accounting Policies [Abstract]

Nature Of Business And Significant Accounting Policies

TRADE STREET RESIDENTIAL, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE A—NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES

Trade Street Residential, Inc. (formerly Feldman Mall Properties, Inc. (the “Company” or “TSRE”)), is a Maryland corporation that qualifies and has elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purpose. The Company conducts substantially all of its operations through Trade Street Operating Partnership (the “Operating Partnership”). The Company’s condensed consolidated financial statements as of and for the three months ended March 31, 2014 and 2013 reflect the combination of certain real estate entities and management operations that were contributed to the Company in June 2012 in a reverse recapitalization transaction (the “recapitalization”). The transaction was accounted for as a reverse recapitalization, as it was a capital transaction in substance, rather than a business combination. As a reverse recapitalization, no goodwill was recorded. For accounting purposes, the legal acquiree was treated as the continuing reporting entity that acquired the legal acquirer.

The Company completed its initial public offering in May 2013. On January 16, 2014, the Company completed a Rights Offering to the Company’s existing stockholders. (see Note G).

The Company is engaged in the business of acquiring, owning, operating and managing high quality, conveniently located apartment communities in mid-sized cities and suburban submarkets of larger cities primarily in the southeastern United States, including Texas.

As of March 31, 2014, the Company had interests in 4,985 apartment units in 20 communities, including 240 apartment units in one community held through an unconsolidated joint venture in which the Company has a 50% interest (see Note F). In addition, the Company owns four parcels of land that are zoned for multifamily development, as well as one parcel of undeveloped land (collectively the “Land Investments”) on which the Company foreclosed in March 2014 (see Note C). During the first quarter of 2014, the Company classified four of the five Land Investments as land held for sale (see Note L). The Company, through its affiliates, actively manages the acquisition and operations of its real estate investments.

Summary of Significant Accounting Policies

Basis of Presentation: The accompanying condensed consolidated financial statements have been prepared by the Company’s management pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and represent the assets and liabilities and operating results of the Company. Accordingly, these financial statements do not include all information and footnote disclosures required for annual financial statements. While management believes the disclosures presented are adequate for interim reporting, these interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2013. In the opinion of management, all adjustments, consisting of normal and recurring adjustments, necessary for a fair presentation have been included in the condensed consolidated financial statements herein. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results which may be expected for the full year. Additionally, see Note L for information regarding new accounting guidance that the Company adopted during the three months ended March 31, 2014.

Principles of Consolidation: The accompanying condensed consolidated financial statements include the accounts of the Company, the Operating Partnership and their wholly-owned subsidiaries. Until March 2013, certain properties were not wholly owned, resulting in noncontrolling interests. Income (loss) allocations, if any, to noncontrolling interests includes the pro rata share of such properties’ net real estate income (loss). All significant intercompany balances and transactions have been eliminated in consolidation.

Under Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) 810, “Consolidation,” when a reporting entity is the primary beneficiary of an entity that is a variable interest entity (“VIE”) as defined in FASB ASC 810, the VIE must be consolidated into the financial statements of the reporting entity. The determination of which owner is the primary beneficiary of a VIE requires management to make significant estimates and judgments about the rights, obligations, and economic interests of each interest holder in the VIE. A primary beneficiary has both the power to direct the activities that most significantly impact the VIE and the obligation to absorb losses or the right to receive benefits from the VIE. On March 1, 2013, the Company sold its 70% interest in a VIE to its joint venture partner (see Note M). During the first quarter of 2013, the Company began consolidation of another VIE. During the first quarter of 2014, the Company deconsolidated this VIE upon completion of foreclosure proceedings (see Note C).

Unconsolidated joint ventures in which the Company does not have a controlling interest but exercises significant influence are accounted for using the equity method, under which the Company recognizes its proportionate share of the joint venture’s earnings and losses. The Company holds a 50% interest in BSF/BR Augusta JV, LLC (the owner of The Estates at Perimeter, an operating property) which is accounted for under the equity method (see Note F).

Use of Estimates: The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in these condensed consolidated financial statements and accompanying notes. The more significant estimates include those related to whether the carrying values of real estate assets have been impaired and estimates related to the valuation of the Company’s investment in a joint venture. While management believes that the estimates used are reasonable, actual results could differ from the estimates.

Acquisition of Operating Properties: The Company has accounted for acquisitions of its operating properties, consisting of multifamily apartment communities and land held for future development, as business combinations in accordance with GAAP. Estimates of fair value based on future cash flows and other valuation techniques are used to allocate the purchase price between land, buildings, building improvements, equipment, identifiable intangible assets such as in-place leases and tax abatements, and other assets and liabilities. The acquisition of a multifamily apartment community typically qualifies as a business combination.

Transaction costs related to the acquisition of an operating property, such as broker fees, certain transfer taxes, legal, accounting, valuation, and other professional and consulting fees, are expensed as incurred and are included in acquisition costs in the condensed consolidated statements of operations.

Real Estate Assets: Real estate assets are stated at the lower of depreciated cost or fair value, if deemed impaired, as described below. Depreciation on real estate is computed using the straight-line method over the estimated useful lives of the related assets, generally 35 to 50 years for buildings, 2 to 15 years for long-lived improvements and 3 to 7 years for furniture, fixtures and equipment. Ordinary repairs and maintenance costs are expensed. Significant improvements, renovations and replacements that extend the life of the assets are capitalized and depreciated over their estimated useful lives.

Construction and improvement costs incurred in connection with the development of new properties or the redevelopment of existing properties are capitalized to the extent the total carrying value of the property does not exceed the estimated net realizable value of the completed property. Capitalization of these costs begins when the activities and related expenditures commence and ceases when the project is substantially complete and ready for its intended use, at which time the project is placed in service and depreciation commences. Real estate taxes, construction costs, insurance, and interest costs incurred during construction periods are capitalized. Capitalized real estate taxes and interest costs are amortized over periods which are consistent with the constructed assets. If the Company determines the completion of development or redevelopment is no longer probable, it expenses all capitalized costs which are not recoverable.

Land Held for Future Development: Land held for future development represents real estate the Company plans to develop in the future, but on which, as of each period presented, no construction or predevelopment activities were ongoing. In such cases, all predevelopment efforts have been advanced to appropriate states and no further predevelopment activities are ongoing; therefore, interest, property taxes, insurance and all other costs are expensed as incurred and are included in development and pursuit costs in the accompanying condensed statement of operations.

Land Held for Sale: The Company periodically classifies real estate assets, including land, as held for sale. An asset is classified as held for sale after the approval of the Company’s board of directors and after an active program to sell the asset has commenced. Upon the classification of a real estate asset as held for sale, the carrying value of the asset is reduced to the lower of its net book value or its estimated fair value, less costs to sell the asset. Real estate assets held for sale are stated separately on the accompanying condensed consolidated balance sheets. Costs of land held for sale are expensed as incurred and are included in development and pursuit costs in the accompanying condensed statement of operations.

Impairment of Real Estate Assets: The Company periodically evaluates its real estate assets when events or circumstances indicate that the carrying amounts of such assets may not be recoverable. The Company assesses the recoverability of such carrying amounts by comparing the carrying amount of the property to its estimate of the undiscounted future operating cash flows expected to be generated over the holding period of the asset including its eventual disposition. If the carrying amount exceeds the aggregate undiscounted future operating cash flows, an impairment loss is recognized to the extent the carrying amount exceeds the estimated fair value of the property. For real estate owned through unconsolidated real estate joint ventures or other similar real estate investment structures, at each reporting date the Company compares the estimated fair value of its real estate investment to the carrying value, and records an impairment charge to the extent the fair value is less than the carrying amount and the decline in value is determined to be other than a temporary decline. In estimating fair value, management uses appraisals, management estimates, and discounted cash flow calculations, which maximizes inputs from a marketplace participant’s perspective. No impairment was recorded during the three months ended March 31, 2014 and 2013.

Noncontrolling Interests: Through March 1, 2013, the Company, through wholly-owned subsidiaries, was party to operating agreements with third parties in conjunction with the ownership of certain properties. The Company recorded these noncontrolling interests at their historical allocated cost, adjusting the basis prospectively for their share of the respective consolidated investments’ net income or loss or equity contributions and distributions. These noncontrolling interests were not redeemable by the equity holders and were presented as part of permanent equity. Noncontrolling interests also include common units held by certain limited partners in the Operating Partnership other than the Company. Through December 31, 2013, income and losses were allocated to the noncontrolling interest holders based on their economic ownership percentage. For periods beginning January 1, 2014, due to the conversion of all remaining contingent B units into common units of the Operating Partnership as discussed in Note G, the Company allocates income and losses to the noncontrolling interest based on the weighted-average common unit ownership interest in the Operating Partnership, which was 6.82% for the three months ended March 31, 2014.

Intangible Assets: The Company allocates the purchase price of acquired properties to net tangible and identified intangible assets (consisting of the value of in-place leases and any property tax abatement agreements) based on relative fair values. Fair value estimates are based on information obtained from a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property and other market data.

The value of in-place leases is based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued “as-if” vacant. As lease terms are typically one year or less, rates on in-place leases generally approximate market rental rates. Factors considered in the valuation of in-place leases include an estimate of the carrying costs during the expected lease-up period considering current market conditions, nature of the tenancy, and costs to execute similar leases. Carrying costs include estimates of lost rentals at market rates during the expected lease-up period, as well as marketing and other operating expenses. The value of in-place leases is amortized over the remaining initial term of the respective leases, typically a period of six months. The purchase prices of acquired properties are not expected to include allocations to tenant relationships, considering the short terms of the leases and the high expected levels of renewals.

Property tax abatements provide graduated tax relief for five years from the completion of development of the respective property. Amortization of tax abatement intangible assets is recorded based on the actual tax savings in each period and is included in real estate taxes and insurance in the condensed consolidated statements of operations.

See Note C for a detailed discussion of the property acquisitions completed during the three months ended March 31, 2014 and 2013.

Fair Value of Financial Instruments: For financial assets and liabilities recorded at fair value on a recurring basis, fair value is the price the Company would receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction.

In determining fair value, observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect management’s market assumptions; preference is given to observable inputs. These two types of inputs create the following fair value hierarchy:

Level 1: Quoted prices for identical instruments in active markets.

Level 2: Quoted prices for similar instruments in active markets: quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

Level 3: Significant inputs to the valuation model are unobservable.

The following methods and assumptions were used to estimate the fair value of each class of financial instruments:

The carrying amounts reported in the condensed consolidated balance sheets for cash and cash equivalents, restricted cash and lender reserves, amounts due from related parties, accounts payable and accrued expenses, security deposits, deferred rent and other liabilities approximate their fair values due to the short-term nature of these items.

There is no material difference between the carrying amounts and fair values of mortgage notes payable as interest rates and other terms approximate current market rates and terms for similar types of debt instruments available to the Company (Level 2).

Disclosures about the fair value of financial instruments are based on pertinent information available to management as of March 31, 2014 and December 31, 2013.

Non-recurring Fair Value Disclosures: Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances. These assets primarily include long-lived assets, which are recorded at fair value when they are impaired. The fair value methodologies used to measure long-lived assets are described above at “Impairment of Real Estate Assets”. The inputs associated with the valuation of long-lived assets are generally included in Level 3 of the fair value hierarchy.

The following table sets forth by level, within the fair value hierarchy certain land assets of the Company that are measured at fair value on a non-recurring basis as of December 31, 2013 (see Note L):

(in thousands)

Level 1

Level 2

Level 3

Total

Venetian

4,360

Midlothian Town Center - East

4,165

The Estates at Maitland

9,000

17,525

The above land assets were reclassified from land held for future development to land held for sale during the three months ended March 31, 2014.

Prepaid expenses and other assets: As of March 31, 2014, prepaid expenses and other assets primarily consist of deposits made for future acquisitions of real estate assets in the amount of $0.9 million. As of December 31, 2013, prepaid expenses and other assets primarily consist of deferred offering costs in the amount of approximately $2.7 million as well as deposits made for future acquisitions of real estate assets in the amount of $5.9 million.

Reclassifications: Amounts in the 2013 condensed consolidated statements of operations and condensed consolidated statements of cash flows associated with properties disposed of in 2013 have been reclassified to discontinued operations (see Note L).

Recent Accounting Standards: In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes the criteria for determining which disposals qualify to be accounted for as discontinued operations and modifies related reporting and disclosure requirements. This standard is effective for fiscal years beginning after December 15, 2014 and for interim periods within those fiscal years with early adoption permitted. As a result of ASU 2014-08, a disposal of a component of an entity or a group of components is required to be reported in discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. ASU 2014-08 also requires an entity to provide certain disclosures about a disposal of an individually significant component of such entity that does not qualify for discontinued operations presentation in the financial statements. Effective January 1, 2014, the Company elected to adopt this standard on a prospective basis for transactions that may occur after the adoption. The Company’s adoption of ASU 2014-008 did not have a material impact on the Company’s condensed consolidated financial position or results of operations. Under this standard, the Company anticipates that the majority of any future property sales will not be classified as discontinued operations.

Earnings_Per_Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Earnings Per Share	'
	NOTE B—EARNINGS PER SHARE

	The Company reports earnings per share (“EPS”) using the two-class method as required under GAAP. The two-class method is an earnings allocation method for computing EPS when an entity’s capital structure includes either two or more classes of common stock or includes common stock and participating securities. The two-class method calculates EPS based on distributed earnings and undistributed earnings. Undistributed losses are not allocated to participating securities under the two-class method unless the participating security has a contractual obligation to share in losses on a basis that is objectively determinable.

	Potentially dilutive shares of common stock, and the related impact to earnings, are considered when calculating EPS on a diluted basis using the if-converted method. For periods where the Company reports a net loss available for common stockholders, the effect of dilutive shares is excluded from EPS calculations because including such shares would be anti-dilutive. Warrants for 139,215 shares exercisable until May 13, 2015 at a split-adjusted exercise price of $21.60 of the Company’s common stock and 2,343,500 common units of the Operating Partnership convertible into 2,343,500 shares of the Company’s common stock have been excluded since they are anti-dilutive (see Note G). Shares of Class A preferred stock have been excluded from potentially dilutive shares of common stock since their conversion is contingent upon the achievement of future conditions. The Class B contingent units were converted into common OP units in February 2014 and were excluded from potentially dilutive shares of common stock in 2013 since their conversion had been contingent upon the achievement of future conditions.

	As further described in Note G, on January 17, 2013, the Company effected a 1-for-150 reverse stock split of its common stock, which is reflected in the weighted average shares of common stock in the table below.

	A reconciliation of the numerators and denominators of the basic and diluted EPS computations for the three ended March 31, 2014 and 2013 are presented below:






		Three Months Ended March 31,
	(in thousands, except per share amounts)	2014		2013

	Net loss	$	-16,081	$	-2,701
	Loss allocated to noncontrolling interest holders		1,099		555	-1
	Dividends declared and accreted on preferred stock and units		-228		-254
	Extinguishment of equity securities (Note G)		-		11,716
	Adjustments attributable to participating securities		16		-2,521
	Net income (loss) attributable to common stockholders	$	-15,194	$	6,795

	Continuing operations	$	-15,194	$	5,308
	Discontinued operations		-		1,487
	Net income (loss) attributable to common stockholders	$	-15,194	$	6,795

	Earnings (loss) per common share - basic and diluted
	Continuing operations	$	-0.48	$	1.12
	Discontinued operations		-		0.32
	Net income (loss) per share attributable to common stockholders	$	-0.48	$	1.44

	Weighted average number of shares - basic and diluted		31,746		4,717

	(1) Net of $0.04 million income allocated to discontinued
	operations in the first quarter of 2013.

Acquisitions_Of_Multifamily_Ap

Acquisitions Of Multifamily Apartment Communities	3 Months Ended
Acquisitions Of Multifamily Apartment Communities	Mar. 31, 2014
Acquisitions Of Multifamily Apartment Communities [Abstract]	'
Acquisitions Of Multifamily Apartment Communities	'
	NOTE C—ACQUISITIONS OF MULTIFAMILY APARTMENT COMMUNITIES

	During the three months ended March 31, 2014 and 2013, the Company through is Operating Partnership completed various acquisitions of multifamily apartment communities from unrelated, third-party sellers. The acquisitions involved the acquisition of the operating real estate, but no management or other business operations were acquired in such acquisitions. The fair value of the net assets acquired and the related purchase price allocation are summarized below.

	2014 Acquisitions:

	The Avenues of Craig Ranch (“Craig Ranch”) - On March 18, 2014, the Company acquired Craig Ranch, a 334-unit apartment community located in McKinney (Dallas), Texas. The purchase price of $42.4 million was funded with approximately $21.2 million cash proceeds from the net proceeds of the common stock offering and subscription rights granted to TSRE’s existing stockholders (“Rights Offering”) (as more fully described in Note G) and a new mortgage loan in the amount of $21.2 million (see Note D). From the date of acquisition through March 31, 2014, Craig Ranch generated revenue of approximately $0.1 million and a net loss of approximately ($0.1) million.
	Waterstone at Brier Creek (“Brier Creek”) - On March 10, 2014, the Company acquired Brier Creek, a 232-unit apartment community located in Raleigh, North Carolina. The purchase price of $32.7 million was funded with approximately $16.4 million cash proceeds from the Rights Offering and the related transactions and a new mortgage loan in the amount of $16.3 million (see Note D). From the date of acquisition through March 31, 2014, Brier Creek generated revenue of approximately $0.1 million and a net loss of approximately ($0.4) million.
	The Aventine Greenville (“Aventine”) - On February 6, 2014, the Company acquired The Aventine, a 346-unit apartment community located in Greenville, South Carolina. The purchase price of $41.9 million was funded with approximately $20.9 million cash proceeds from the Rights Offering and the related transactions and a new mortgage loan in the amount of $21.0 million (see Note D). From the date of acquisition through March 31, 2014, Aventine generated revenue of approximately $0.5 million and a net loss of approximately ($0.5) million.
	Estates at Wake Forest (“Wake Forest”) - On January 21, 2014, the Company acquired Wake Forest, a 288-unit apartment community located in Wake Forest (Raleigh), North Carolina. The purchase price of $37.3 million was funded with approximately $18.7 million of cash proceeds from the Rights Offering and the related transactions and a new mortgage loan in the amount of $18.6 million (see Note D). From the date of acquisition through March 31, 2014, Aventine generated revenue of approximately $0.4 million and a net loss of approximately ($0.7) million.
	Miller Creek at Germantown (“Miller Creek”) - On January 21, 2014, the Company acquired Miller Creek, a 330-unit apartment community located in Germantown (Memphis), Tennessee. The purchase price of approximately $43.8 million was funded with approximately $17.5 million of cash proceeds from the Rights Offering and the related transactions and a new mortgage loan in the amount of $26.3 million (see Note D). From the date of acquisition through March 31, 2014, Miller Creek generated revenue of approximately $0.8 million and a net loss of approximately ($1.0) million.
	The table below details the total fair values assigned to the assets and liabilities acquired related to the above acquisitions during the three months ended March 31, 2014:



	(in thousands)		Miller Creek			Wake Forest		Aventine		Brier Creek		Craig Ranch		Total

	Fair Value of Net Assets Acquired		$	43,750		$	37,250	$	41,866	$	32,682	$	42,375	$	197,923
	Purchase Price		$	43,750		$	37,250	$	41,866	$	32,682	$	42,375	$	197,923
	Net Assets Acquired/Purchase Price Allocated:
	Land		$	2,173		$	2,677	$	2,888	$	3,031	$	3,444	$	14,213
	Site Improvements			2,460			2,618		1,926		1,681		3,210		11,895
	Building			37,332			30,633		34,720		26,989		33,317		162,991
	Furniture, fixtures and equipment			1,011			860		1,494		679		1,673		5,717
	Intangible assets - in place leases			774			462		838		302		731		3,107
	Total		$	43,750		$	37,250	$	41,866	$	32,682	$	42,375	$	197,923


	2013 Acquisitions:

	Bridge Pointe - On March 4, 2013, the Company acquired Bridge Pointe, (f/k/a Vintage at Madison Crossing), a 178-unit apartment community located in Huntsville, Alabama. The purchase price of $15.3 million was funded by net proceeds of a new mortgage loan of $11.4 million plus cash on hand of $3.8 million. From the date of acquisition through March 31, 2013, Bridge Pointe generated revenue of approximately $0.1 million and a net loss of approximately ($0.3) million.

	The table below details the total fair values assigned to the assets and liabilities acquired related to the above acquisitions during the three months ended March 31, 2013:



	(in thousands)		Bridge Pointe

	Fair Value of Net Assets Acquired		$	15,250
	Purchase Price		$	15,250
	Net Assets Acquired/Purchase Price Allocated:
	Land		$	1,140
	Site Improvements			943
	Building			12,437
	Furniture, fixtures and equipment			311
	Intangible assets - in place leases			419
	Total		$	15,250


	The Company incurred approximately $1.5 million and $0.2 million of acquisition-related costs during the three months ended March 31, 2014 and 2013, respectively.
	Sunnyside Loan - BSP/Sunnyside, LLC (“Sunnyside”), the owner of undeveloped land located in Panama City, Florida, was a subsidiary of BCOM Real Estate Fund, LLC Liquidating Trust, a successor to one of the contributors of entities in the recapitalization, which is also a stockholder of the Company. Sunnyside was not contributed to the Company in the recapitalization. On October 2, 2012, Sunnyside executed a Settlement Stipulation, which provided Sunnyside or its assignee the option, for a non-refundable fee of $0.2 million, to acquire its delinquent loan (with a principal balance of $4.5 million) from its lender within 120 days of the date of the Settlement Stipulation for the net amount of $1.4 million, after a credit of the $0.2 million paid for the option. On January 30, 2013, the Company exercised its rights under the option and purchased the loan for $1.4 million. As a result of the acquisition of the loan on January 30, 2013, pursuant to ASC 810, the Company was considered the primary beneficiary and, as such, began consolidation of Sunnyside in the Company’s financial statements. The total consideration paid of $1.6 million was not considered a business combination and was allocated as follows to the assets of Sunnyside (in thousands):




	Cash	$	148
	Land	$	1,477

	In December 2013, the Company initiated foreclosure proceedings, which were completed on March 10, 2014, with the Company obtaining title to the Sunnyside asset. As a result of the foreclosure, the Company deconsolidated Sunnyside due to lack of ongoing variable interest. The deconsolidation of Sunnyside did not have a material impact on the consolidated financial statements of the Company. As of March 31, 2014, $1.6 million is included in land held for sale in the accompanying condensed consolidated balance sheets.
	Pro Forma Financial Information:

	The revenues and results of operations of the acquired apartment communities are included in the condensed consolidated financial statements beginning on the date of each respective acquisition. The following unaudited consolidated pro forma information for the three months ended March 31, 2014 and 2013 is presented as if the Company had acquired each apartment community on January 1, 2013.

The information presented below is not necessarily indicative of what the actual results of operations would have been had the Company completed these transactions on January 1, 2013, nor does it purport to represent the Company’s future operations.



(in thousands)		Three Months Ended March 31,
		2014			2013
Unaudited pro forma financial information:
Pro forma revenue		$	12,717		$	5,623
Pro forma loss from continuing operations		$	-16,343		$	-5,401

Indebtedness

Indebtedness	3 Months Ended
Indebtedness	Mar. 31, 2014
Indebtedness [Abstract]	'
Indebtedness	'
	NOTE D—INDEBTEDNESS

	As of March 31, 2014 and December 31, 2013, the Company had total indebtedness of approximately $316.1 million and $249.6 million, respectively. Borrowings relate to individual property mortgages as well as the Company’s new Revolver (as defined below).
	The following is a summary of debt originated during the three months ended March 31, 2014:
	Craig Ranch - On March 18, 2014, in conjunction with the acquisition of Craig Ranch (see Note C above) the Company, through its subsidiary, entered into a mortgage note payable in the amount of $21.2 million, which bears a fixed interest rate of 3.78% and requires monthly payments of interest only for the term of the loan and a payment of the unpaid principal amount due at maturity on April 10, 2021. The mortgage note is secured by The Avenues of Craig Ranch property.
	Brier Creek - On March 10, 2014, in conjunction with the acquisition of Brier Creek (see Note C above) the Company, through its subsidiary, entered into a mortgage note payable in the amount of $16.3 million, which bears a fixed interest rate of 3.70% and requires monthly payments of interest only for the term of the loan and a payment of the unpaid principal amount due at maturity on April 5, 2022. The mortgage note is secured by the Waterstone at Brier Creek property.
	Aventine - On February 6, 2014, in conjunction with the acquisition of Aventine (see Note C above) the Company, through its subsidiary, entered into a mortgage note payable in the amount of $21.0 million, which bears a fixed interest rate of 3.70% and requires monthly payments of interest only for the initial 60 months and monthly payments of principal and interest thereafter based on a 30-year amortization schedule. The loan matures on February 10, 2021. The mortgage note is secured by The Aventine Greenville property.
	Wake Forest - On January 21, 2014, in conjunction with the acquisition at Wake Forest (see Note C above) the Company, through its subsidiary, entered into a mortgage note payable in the amount of $18.6 million, which bears a fixed interest rate of 3.94% and requires monthly payments of interest only for the term of the loan and a payment of the unpaid principal amount due at maturity on February 10, 2021. The mortgage note is secured by the Estates at Wake Forest property.
	Miller Creek - On January 21, 2014, in conjunction with the acquisition of Miller Creek (see Note C above) the Company, through its subsidiary entered into a mortgage note payable in the amount of $26.3 million, which bears a fixed rate interest rate of 4.6% and requires monthly payments of interest only for the initial 36 months and monthly payments of principal and interest thereafter based on a 30-year amortization schedule. The loan matures on February 10, 2024. The mortgage note is secured by the Miller Creek at Germantown property.

	New Revolving Credit Facility

	On January 31, 2014, the Company and the Operating Partnership entered into a Credit Agreement (the “Credit Agreement”) for a $75 million senior secured credit facility (the “Revolver”) with Regions Bank as lead arranger and U.S. Bank National Association as a participant. The Revolver is comprised of an initial $75 million commitment with an accordion feature allowing the Company to increase borrowing capacity to $250 million (the “Revolver Amount”), subject to certain approvals and meeting certain criteria. The Revolver also includes a sublimit for the issuance of standby letters of credit (“Letter of Credit”) for up to the greater of $10.0 million and 10.0% of the Revolver Amount and a sublimit for discretionary swingline loans (“Swingline Loan”) for up to the greater of $10.0 million and 10.0% of the Revolver Amount, in each case subject to borrowing availability under the Revolver. No Swingline Loan may be outstanding for more than ten consecutive business days.

	The Revolver has an initial three-year term that can be extended at the Company's option for up to two additional one-year periods and has a variable interest rate of LIBOR (as defined in the Credit Agreement) plus a spread of 1.75% to 2.75%, depending on the Company’s consolidated leverage ratio. The initial borrowing rate of the Revolver will be LIBOR plus 2.00%. The Revolver is guaranteed by the Company and certain subsidiaries of the Company and is secured by first priority mortgages on designated properties that make up the borrowing base (“Borrowing Base”) as defined in the Credit Agreement. Availability under the Revolver is permitted up to 65% of the value of the Borrowing Base subject to the limitations set forth in the Revolver. The Revolver contains customary affirmative and negative covenants with respect to, among other things, insurance, maintaining at least one class of exchange listed common stock, the guaranty in connection with the Revolver, liens, intercompany transfers, transactions with affiliates, mergers, consolidation and asset sales, ERISA plan assets, modification of organizational documents and material contracts, derivative contracts, environmental matters, and management agreements and fees. In addition, the Operating Partnership pays a commitment fee of 0.20% to 0.30% quarterly in arrears based on the unused portion of the revolving credit commitment. As of March 31, 2014, the commitment fee was 0.30%. As of March 31, 2014 the weighted average interest rate was approximately 2.18%.

	The Revolver requires the Company to satisfy certain financial covenants, including the following:

		·		minimum tangible net worth of at least $158.0 million plus 75% of the proceeds of any future equity issuances by the Operating Partnership or any of its subsidiaries;
		·		maintaining a ratio of funded indebtedness to total asset value of no greater than 0.65 to 1.0;
		·		maintaining a ratio of adjusted EBITDA to fixed charges of no less than (i) 1.3 to 1.0 from the effective date of the Credit Agreement to and including March 31, 2014, (ii) 1.4 to 1.0 from April 1, 2014 to and including June 30, 2014, and (iii) 1.5 to 1.0 from July 1, 2014 and at all times thereafter;
		·		limits on investments in unimproved land, mortgage receivables, interests in unconsolidated affiliates, construction-in-progress on development properties, and marketable securities and non-affiliated entities, in each case, based on the value of such investments relative to total asset value, as set forth in the Credit Agreement; and
		·		restrictions on certain dividend and distribution payments.

	The Company was in compliance with these financial covenants at March 31, 2014.

	In conjunction with the closing of Credit Agreement, the Company borrowed approximately $27.0 million to pay down, in full, indebtedness secured by the Park at Fox Trails ($14.9 million), Mercé Apartments ($5.5 million) and Post Oak ($5.3 million) and to pay fees associated therewith, as these properties serve as collateral on the Revolver. The remainder of the amount borrowed was used for closing costs and other expenses related to the Revolver of approximately $0.9 million and approximately $0.4 million for general corporate and working capital purposes, respectively.

	During the three months ended March 31, 2014, the Company repaid approximately $9.0 million under the Revolver. As of March 31, 2014, the Revolver had an outstanding principal balance of $18.0 million and there remained approximately $19.0 million available for draw on the borrowing base.

	On February 24, 2014, the parties executed a First Amendment to the Credit Agreement with Regions to modify the definition of the components of EBITDA to include non-recurring cash costs in an amount not to exceed $4.0 million incurred during the quarter ended March 31, 2014, in connection with the severance of various officers of the Company.

	See Note M for a description of the Second Amendment to the Credit Agreement which was executed subsequent to March 31, 2014.



	Indebtedness Refinancing and Payoffs

	On February 11, 2014, the Company, through a subsidiary, completed the refinancing of the Estates at Millenia with a mortgage note payable in the amount of $25.0 million with a 7-year term. The mortgage loan bears a fixed interest rate of 3.83% with monthly payments of interest only for the initial 48 months and monthly payments of principal and interest thereafter based on a 30-year amortization schedule. The loan matures on March 5, 2021. The mortgage note is secured by the Estates at Millenia property. In conjunction with obtaining this loan, the Company repaid the existing $35.0 million mortgage note payable with the proceeds from the new mortgage note payable and $10.0 million from cash proceeds from the Company’s Rights Offering and the related transactions. In connection with the refinancing of the mortgage indebtedness, the Company wrote-off of deferred financing costs (net of accumulated amortization) and incurred a prepayment penalty of $0.1 million and $0.2 million, respectively, which are included in loss of early extinguishment of debt in the condensed consolidated statement of operations for the three months ended March 31, 2014.

	On January 23, 2014, the Company, through a subsidiary, completed the refinancing of Fountains Southend with a mortgage note payable in the amount of $23.8 million with a 10-year term. The mortgage loan bears a fixed interest rate of 4.31% with monthly payments of interest only for the initial 36 months and monthly payments of principal and interest thereafter based on a 30-year amortization schedule. The loan matures on February 5, 2024. The mortgage note is secured by the Fountains Southend property. In conjunction with obtaining this loan, the Company repaid the $30.0 million interim mortgage note payable with the proceeds from the new mortgage note payable and $6.2 million from cash proceeds from the Company’s Rights Offering and the related transactions. In connection with the refinancing of the mortgage indebtedness, the Company wrote-off deferred financing costs (net of accumulated amortization) and incurred a prepayment penalty of $0.1 million and $0.3 million, respectively, which are included in loss of early extinguishment of debt in the condensed consolidated statement of operations for the three months ended March 31, 2014.

	On January 21, 2014, the Company, through a subsidiary, paid in full the indebtedness secured by the Estates of Maitland property in the amount of $4.2 million from the cash proceeds from the Company’s Rights Offering and the related transactions.

	On January 17, 2014 the Company, through a subsidiary, paid in full the BMO Harris Bank N.A. secured revolving credit facility indebtedness secured by the Arbors River Oaks in the amount of $9.0 million from the cash proceeds from the Company’s Rights Offering and the related transactions. In connection with the payoff of the indebtedness, the Company wrote-off deferred financing costs (net of accumulated amortization) of $0.2 million, which is included in loss of early extinguishment of debt in the condensed consolidated statement of operations for the three months ended March 31, 2014.

	Predecessor Secured Revolving Credit Facility

	On January 31, 2013, the Operating Partnership entered into a $14.0 million predecessor senior secured revolving credit facility (“Predecessor Credit Facility”) for which BMO Harris Bank N.A. served as sole lead arranger and administrative agent. The Company guaranteed the obligations of the Operating Partnership as the borrower under the predecessor credit facility. The Predecessor Credit Facility had a term of three years and allowed for borrowings of up to $14.0 million, with an accordion feature that allowed the Operating Partnership to increase the availability thereunder by $66.0 million to an aggregate of $80.0 million under certain conditions as additional properties are included in the borrowing base. The Arbors River Oaks property was the only property included in the borrowing base. During the first quarter of 2013, the Operating Partnership used borrowings of $10.5 million drawn on the Predecessor Credit Facility to repay in full a mortgage loan on the Arbors River Oaks property, which had a balance of approximately $9.0 million as of December 31, 2012, as well as to fund prepayment penalties, closing costs and other related fees. The prepayment penalty of $0.7 million is included in loss of extinguishment of early debt in the condensed consolidated statement of operations for the three months ended March 31, 2013. During the first quarter of 2013, the Operating Partnership borrowed an additional $2.5 million under the Predecessor Credit Facility, which was used for general corporate purposes. The Operating Partnership could elect whether interest on the option was calculated either at a base rate plus a margin of 150 basis points to 225 basis points, or at the rate of LIBOR plus a margin of 250 basis points to 325 basis points, in each case depending on the Company’s leverage ratio. As of December 31, 2013, the weighted average interest rate was 3.42%. In addition, the Operating Partnership paid a commitment fee of 0.25% to 0.35% quarterly in arrears based on the unused revolving credit commitment. As of December 31, 2013, the commitment fee was 0.25%.








								Remaining
								Term in
	Property		31-Mar-14			Interest Rate		Years
			(in thousands)
	Fixed Rate Secured Indebtedness
	Lakeshore on the Hill		$	6,708		4.48%		3.75
The Trails of Signal Mountain			8,228		4.92%		4.17
Westmont Commons			17,920		3.84%		8.75
Bridge Pointe			11,437		4.19%		9.00
The Pointe at Canyon Ridge			25,800		4.10%		11.17
St. James at Goose Creek			19,000		3.75%		9.25
Creekstone at RTP			23,250		3.88%		9.19
Talison Row			33,635		4.06%		9.44
Estates at Millenia			25,000		3.83%		6.93
Fountains Southend			23,750		4.31%		9.85
Miller Creek			26,250		4.60%		9.86
Craig Ranch			21,200		3.78%		7.03
Wake Forest			18,625		3.94%		6.86
Aventine			21,000		3.70%		6.86
Brier Creek			16,250		3.70%		8.01
Total fixed rate secured indebtedness			298,053		4.03%		8.49

Variable Rate Secured Indebtedness
Revolver			18,000		2.18%		2.83

Total outstanding indebtedness		$	316,053		3.93%		8.17

The scheduled maturities of outstanding indebtedness as of March 31, 2014 are as follows:





(in thousands)		Amount
Remainder of 2014		$	328
2015			1,211
2016			1,978
2017			27,665
2018			11,462
Thereafter			273,409
		$	316,053

The weighted average interest rate on the indebtedness balance outstanding at March 31, 2014 and December 31, 2013 was 3.93% and 4.42%, respectively. The mortgages notes evidencing the fixed rate secured indebtedness may be prepaid subject to a prepayment penalty equal to a yield-maintenance premium, defeasance, or a percentage of the loan balances as defined in the respective loan agreements.

Intangible_Assets

Intangible Assets	3 Months Ended
Intangible Assets	Mar. 31, 2014
Intangible Assets [Abstract]	'
Intangible Assets	'
	NOTE E – INTANGIBLE ASSETS

	The following table provides gross and net carrying amounts for each major class of intangible assets:




		As of March 31, 2014						As of December 31, 2013
		Gross carrying		Accumulated		Net book		Gross carrying		Accumulated		Net book
	(in thousands)	amount		amortization		Value		amount		amortization		Value
	Intangible assets - in place leases	$	10,508	$	-8,282	$	2,226		7,401	$	-6,757	$	644
	Intangible assets - property
	tax abatement		1,015		-176		839		1,015		-88		927
		$	11,523	$	-8,458	$	3,065	$	8,416	$	-6,845	$	1,571


	Amortization expense related to the in-place leases included in depreciation and amortization expense in the condensed consolidated statements of operations was $1.5 million and $0.8 million for the three months ended March 31, 2014 and 2013, respectively. The remaining unamortized in place leases balance will be fully amortized during the year ending December 31, 2014.

	Amortization expense pertaining to the tax abatement intangible asset of approximately $0.1 million during the three months ended March 31, 2014 is included in real estate taxes and insurance in the condensed consolidated statements of operations. There was no tax abatement amortization expense during the three months ended March 31, 2013.

	Estimated amortization expense for the next five years related to these intangible assets is as follows:





	(in thousands)	Amount
	Remainder of 2014	$	2,477
	2015		274
	2016		181
	2017		102
	2018		31
	Thereafter		-
		$	3,065

Investment_In_Unconsolidated_J

Investment In Unconsolidated Joint Venture	3 Months Ended
Investment In Unconsolidated Joint Venture	Mar. 31, 2014
Investment In Unconsolidated Joint Venture [Abstract]	'
Investment In Unconsolidated Joint Venture	'
	NOTE F—INVESTMENT IN UNCONSOLIDATED JOINT VENTURE
	The Company owns 50% of the membership interests of BSF/BR Augusta JV, LLC (the “JV”), which owns 100% of the membership interests of BSF/BR Augusta, LLC, a legal entity that was formed for the sole purpose of owning the real property known as The Estates at Perimeter. The Estates at Perimeter is a multifamily apartment community located in Augusta, Georgia. The property contains 240 garden-style apartment units contained in ten three-story residential buildings located on approximately 13 acres of land. The Company, through its subsidiaries, acquired its interest in the JV in September 2010 for $3.8 million. The carrying value of this investment is $2.3 million and $2.4 million as of March 31, 2014 and December 31, 2013, respectively. The following table summarizes the condensed consolidated financial information for this unconsolidated joint venture for the periods presented:



		Three months ended
		March 31,
	(in thousands)	2014		2013
	Total property revenue	$	665	$	682
	Net income (loss)	$	-18	$	75
	Company share of income (loss) from
	unconsolidated joint venture activities	$	-9	$	37


	The JV follows GAAP and its accounting policies are similar to those of the Company. The Company shares in profits and losses of the JV in accordance with the JV operating agreement. The Company received cash distributions for the three months ended March 31, 2014 and 2013 of $0.1 million and $0.1 million respectively. No contributions were made during the three months ended March 31, 2014 and 2013.

Stockholders_Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2014
Stockholders' Equity [Abstract]	'
Stockholders' Equity	'
	NOTE G—STOCKHOLDERS’ EQUITY
	The following table presents the Company’s issued and outstanding preferred stock, common OP units and Class B contingent units in the condensed consolidated balance sheets as of March 31, 2014 and December 31, 2013:






		Optional
		Redemption	Annual	As of		As of
	(in thousands, except share amounts)	Date	Dividend	31-Mar-14		31-Dec-13
	Class A Preferred Stock, cumulative redeemable, liquidation preference $100.00 per share plus all accumulated, accrued and unpaid dividends (if any), 309,130 shares outstanding at March 31, 2014 and December 31, 2013	Jun-19	-1	$	26,700	$	26,624

	Common OP Units, 2,343,500 and 0 units outstanding at March 31, 2014 and December 31, 2013, respectively	Feb-15	-2	$	16,840	$	-

	Class B Contingent Units, 0 and 210,915 units outstanding at March 31, 2014 and December 31, 2013, respectively (4)	Jun-15	-3	$	-	$	17,657

	(1)Cumulative annual cash dividend at the rate of 1% of the liquidation preference per share, which increases to 2% on June 1, 2015 and 3% on June 1, 2016.
	(2)Dividend per common unit is the same as the dividend per share on the Company’s common stock.
	(3)Non-cumulative distribution of 1.5% per annum of the stated value per Class B contingent unit were to be ($0.375 per quarter) until December 31, 2014; 3.0% per annum of the stated value per Class B contingent unit ($0.75 per quarter) from January 1, 2015 through December 31, 2015; and 4.5% per annum of the stated value per Class B contingent unit ($1.125 per quarter) thereafter.
	(4)On February 23, 2014, 210,915 Class B contingent units were converted into 2,343,500 common OP units.
	Class A Preferred Stock

	The Class A preferred stock ranks senior in preference to the Company’s common stock with respect to the payment of dividends and the distribution of assets in the event of liquidation, dissolution or winding up of the Company (but excluding a merger, change of control, sale of substantially all assets or bankruptcy of the Company, upon the occurrence of any of which all shares of Class A preferred stock will be automatically converted). The Class A preferred stock ranks junior to any class or series of stock the terms of which specifically provide that the holders thereof are entitled to receive dividends or amounts distributable upon liquidation, dissolution or winding up of the Company in preference or priority to the holders of shares of Class A preferred stock. The Class A preferred stock ranks on parity with any class or series of stock the terms of which specifically provide that the holders thereof are entitled to receive dividends or amounts distributable upon liquidation, dissolution or winding up of the Company without preference or priority of one over the other. The Class A preferred stock has no voting rights except in certain limited instances.

	On February 23, 2014, the Company entered into a term sheet (the "Term Sheet") with BCOM Real Estate Fund Liquidating Trust and BREF/BUSF Millenia Associates, LLC (the "Trusts"), the holders of all of the 309,130 shares of the Company's outstanding Class A preferred stock. Pursuant to the Term Sheet, the Company agreed to redeem all of the Class A preferred stock for an aggregate of approximately $13.8 million in cash, subject to adjustment based upon the valuation of certain parcels of land held by the Company. The term sheet provided for a definitive agreement and closing to be completed within 45 days. Pursuant to the term sheet, $6.9 million was paid by the Company into an escrow account, to be released upon satisfaction of the conditions set forth in the agreement. See Note M subsequent events for expiration of the term sheet in April 2014.

	On January 14, 2013, the terms of the Class A preferred stock were amended to provide that in calculating the number of shares of common stock to be issued upon conversion of shares of Class A preferred stock, the average market price of the Company’s common stock in the conversion calculation would not be less than $9.00 per share. As amended, shares of the Class A preferred stock are convertible into shares of the Company’s common stock at such time as the last of the properties contributed to the Company to be developed and opened for occupancy has attained 90% physical occupancy or has previously been disposed of by the Company. The shares are convertible at a conversion rate equal to the liquidation preference (as adjusted for certain decreases in value, in any, below June 1, 2012 levels) divided by the average market price of the Company’s common stock for the 20 trading days immediately preceding conversion, subject to a minimum price of $9.00 per share, subject to adjustments for any subsequent stock split, combination or exchange of the common stock after the date of issuance of the Class A preferred stock. The addition of the minimum conversion price of $9.00 per share and other changes in terms related to the Class A preferred stock was accounted for as an extinguishment that resulted in an increase of $3.5 million in net income attributable to common stockholders presented for the quarter ended March 31, 2013 in the accompanying condensed consolidated statement of operations.

	On December 3, 2012, the Company and the Operating Partnership entered into a Contribution Agreement with BREF/BUSF Millenia Associates, LLC (the “Seller”) for the purchase of all of the Seller’s membership interests in Millenia 700, LLC, the owner of the 297 unit apartment community located in Orlando, Florida known as the Estates at Millenia (the “Developed Property”) and the 7-acre development site adjacent to the Developed Property (the “Development Property”) that is currently approved for 403 apartment units. The Developed Property and the Development Property were contributed to the Operating Partnership on December 3, 2012. Consideration for the purchase included 100,000 shares of Class A preferred stock, plus an additional 35,804 shares of Class A preferred stock issued on March 14, 2013, for which a liability of $3.3 million was included in acquisition consideration payable in preferred stock as of December 31, 2012. The issued shares were not registered under the Securities Act, and are, therefore, subject to certain restrictions on transfer. Upon receipt of the final certificate of occupancy for the development property, the Company shall issue to the Seller that number of additional shares of Class A preferred stock equal to 20% of the increase in value of the Development Property, for which a liability for the contingent consideration of $0.3 million has been recorded in the accompanying consolidated condensed balance sheet as of March 31, 2014 and December 31, 2013.

	The Class A preferred stock is redeemable, at the Company’s option, on or after the 7th anniversary of issuance. No shares of Class A preferred stock have been converted or redeemed as of March 31, 2014.

	Common and Preferred OP Units, Contingent B Units

	On February 23, 2014, Amendment No. 1 to the Second Amended and Restated Agreement of Limited Partnership of Trade Street Operating Partnership, LP converted all of the 210,915 Class B contingent units into 2,343,500 common units of limited partnership interest in the Operating Partnership. The common units are redeemable after February 23, 2015 for cash, or at the Company’s option, for shares of the Company’s common stock on a one-for-one basis.

	The exchange of the common units for additional Class B contingent units on March 26, 2013 was accounted for as an extinguishment that reduced noncontrolling interest in the accompanying condensed consolidated balance sheet by approximately $8.2 million, that resulted in an increase of $8.2 million in net income attributable to common stockholders presented for the quarter ended March 31, 2013 in the accompanying condensed consolidated statement of operations. On February 8, 2013, the agreement of limited partnership for the Operating Partnership was amended and restated to combine the 98,304 Class B preferred units and the 98,304 Class C preferred units issued in the recapitalization into a single class of partnership units, designated as Class B contingent units, and to amend certain other terms. The Operating Partnership issued one Class B contingent unit for each outstanding Class C preferred unit and all remaining Class B preferred units became Class B contingent units, resulting in a total of 196,608 Class B contingent units.

	On March 26, 2013, the partners of the Operating Partnership executed the Second Amended and Restated Agreement of Limited Partnership to amend the terms of the Class B contingent units. The 546,132 common units were exchanged for 14,307 additional Class B contingent units. As amended, the Class B contingent units were entitled to non-cumulative quarterly distributions that were preferred with respect to the payment of distributions on common units and pari passu with the payment of distributions on Class A preferred units. The quarterly distributions on the Class B contingent units were to be declared and set aside for payment prior to any distributions being declared on the common units for that quarterly period. The amount of the distributions were to be $0.375 per quarter (1.5% per annum of the stated value per Class B contingent unit) until December 31, 2014, $0.75 per quarter (3.0% per annum of the stated value per Class B contingent unit) from January 1, 2015 through December 31, 2015 and $1.125 per quarter (4.5% per annum of the stated value per Class B contingent unit) thereafter.
	The Class B contingent units were convertible into common units in four tranches based upon the sale or stabilization which was defined as the achievement of 90% physical occupancy, of the Land Investments, as follows (except that all Class B contingent units will be automatically converted into common units upon, among other events, a change of control, sale of substantially all assets or bankruptcy of the company):
	•52,728.75 units upon the earlier to occur of (i) the stabilization of the development property, The Estates at Maitland, and (ii) the sale of The Estates at Maitland.
	•52,728.75 units upon the earlier to occur of (i) the stabilization of the development property, Estates at Millenia—Phase II, and (ii) the sale of Estates at Millenia—Phase II.
	•105,457.50 units upon the earlier to occur of (i) the stabilization of either the development property, Midlothian town Center-East or the development property, Venetian, and (ii) the sale of either Midlothian Town Center-East or Venetian.
	The Class B contingent units were convertible into common units on the schedule set forth above at a conversion rate equal to $100.00 per unit divided by, generally, the average closing price of common stock for the 20 trading days prior to the date of conversion, subject to a minimum price of $9.00 per share (subject to further adjustment for subsequent stock splits, stock dividends, reverse stock splits and other capital changes). The Class B contingent units ranked equally with common units with respect to losses of the Operating Partnership and shared in profits only to the extent of the distributions. The Class B contingent units did not have a preference with respect to distributions upon any liquidation of the Operating Partnership. A total of 546,132 common units were issued in connection with the June 2012 recapitalization.

	The Class B and Class C preferred units were also issued in connection with the June 2012 recapitalization .

	Common Stock Offerings

	On January 16, 2014, the Company completed a transaction, which consisted of an offering of 15,797,789 shares of common stock at $6.33 per share to the holders of subscription rights granted to the Company’s existing stockholders and the related transactions (the "Rights Offering") and a concurrent $50 million private placement (the "Private Placement") of shares of common stock to certain investment entities managed or advised by Senator Investment Group LP (collectively, "Senator") at $6.33 per share. In addition, Senator agreed to purchase all shares not purchased by holders of rights in the Rights Offering (the "Backstop Commitment"). Former executives of the Company agreed to purchase an aggregate of approximately $1.8 million of common stock in the private placement concurrently with the closing of the Rights Offering.

	In addition, the holders of subscription rights in the Rights Offering, including these former executives who acquired their entire allotment in a private placement, acquired an aggregate of 15,565,462 shares for gross proceeds to the Company of approximately $98.5 million, or approximately 98.5% of the shares available in the Rights Offering. Pursuant to its Backstop Commitment, Senator acquired 232,327 shares of common stock for gross proceeds to the Company of approximately $1.5 million, or approximately 1.5% of the shares available in the Rights Offering. Combined with the shares acquired by Senator in the Private Placement and the shares issued to Senator as a fee for Senator's Backstop Commitment and the Private Placement, Senator owned 9,316,055 shares, representing approximately 25.6% of the 36,350,182 shares of outstanding common stock of the Company after the recapitalization.

	Pursuant to a stockholder agreement with Senator (the “Stockholders Agreement”), Senator has a right to seek liquidity with respect to shares of common stock that it owns if, on or after the 3.5-year anniversary of January 16, 2014, the closing of the Rights Offering (the “Liquidity Right Measurement Date”), the closing price of the Company’s common stock has not exceeded $10.00 per share (subject to certain adjustments set forth in the Stockholders Agreement) during any consecutive 10 trading day period during the 180 days prior to the Liquidity Right Measurement Date and Senator continues to own 4.9% or greater of the Company’s outstanding common stock.
	The Company contributed the net cash proceeds from the sale of 24,881,517 shares of the Company’s common stock offered in the Rights Offering and the related transactions of approximately $147.3 million after deducting offering expenses of approximately $2.7 million to the Operating Partnership in exchange for common units of the Operating Partnership. The Operating Partnership used approximately (i) $94.6 million to acquire five communities, (ii) $26.0 million to repay borrowings under the Revolver, (iii) $16.7 million to pay down, in part, certain indebtedness secured by two communities in conjunction with refinancing, and (iv) $4.2 million to pay down certain indebtedness secured by land held for development leaving approximately $5.8 million for working capital and general corporate purposes.

	On May 16, 2013, the Company closed a public offering of 6,250,000 shares of its common stock, $0.01 par value per share, at a public offering price of $10.00 per share. The shares began trading on the NASDAQ Global Market under the symbol “TSRE” on May 14, 2013. The Company received approximately $53.2 million in total net proceeds from the offering after deducting underwriting discounts and commissions and offering expenses payable by the Company, prior to any exercise of the underwriters' over-allotment option. Deferred offering costs, which totaled approximately $5.1 million, were recorded against additional paid-in capital in the statement of stockholders’ equity.

	On June 13, 2013, the Company sold an additional 103,443 shares of its common stock, $0.01 par value per share, at a price per share of $10.00 upon the partial exercise of the underwriters’ over-allotment option (the “Over-Allotment”), generating aggregate gross proceeds of $1.03 million. The proceeds to the Company of the Over-Allotment were $0.97 million, net of the underwriting discounts and commissions.

	Reverse Stock Split

On January 17, 2013, the Company effected a 1-for-150 reverse stock split of its common stock and the common units of the Operating Partnership. All common stock and per share data included in these consolidated financial statements give effect to the reverse stock split and have been adjusted retroactively for all periods presented. Prior to the reverse stock split, the redemption of shares of the Class A preferred stock and the preferred units was not solely within the Company’s control since there were not sufficient shares of common stock available to cover all equity instruments potentially convertible into common stock, and accordingly, the Company classified the shares of common stock and common units as temporary equity in the consolidated balance sheet as of December 31, 2012. As a result of the amendment to the terms of the Class A preferred stock and Class B contingent units to provide for a minimum share price of $9.00 for purposes of the conversion of shares of Class A preferred stock into common stock and Class B contingent units into common units, as well as the reverse stock split, there are sufficient available shares of the Company’s common stock to cover all equity instruments potentially convertible into common stock and, accordingly, $26.8 million for Class A preferred stock and $19.4 million for the Class B and Class C preferred units are included in permanent equity in the condensed consolidated balance sheet as of December 31, 2013.

Dividends Declared

On February 12, 2014, the Company’s board of directors declared a dividend of $0.095 per share and unit, payable to holders of record of common stock and common operating partnership units as of March 31, 2014, which was paid on April 15, 2014. At March 31, 2014, dividends declared and not yet paid for the Company’s common stock, Class A preferred stock and Operating Partnership common units totaling approximately $3.8 million are included in dividends payable in the accompanying condensed consolidated balance sheets.

Also, on December 2, 2013, the Company’s board of directors declared a dividend of $0.095 per share and unit, payable to holders of record of common stock and operating partnership units as of December 31, 2013, which was paid on January 17, 2014. At December 31, 2013, dividends declared and not yet paid for the Company’s common stock, Class A preferred stock and Class B contingent units totaling approximately $1.2 million are included in dividends payable in the accompanying condensed consolidated balance sheets.

There were no dividends in arrears as of March 31, 2014.

Management_Transition_Expenses

Management Transition Expenses And Stock-Based Compensation	3 Months Ended
	Mar. 31, 2014
Management Transition Expenses And Stock-Based Compensation [Abstract]	'
Management Transition Expenses And Stock-Based Compensation	'
	NOTE H – MANAGEMENT TRANSITION EXPENSES AND STOCK-BASED COMPENSATION

	Management Transition Expenses: Pursuant to the terms of a Separation Agreement and Release (the "Baumann Separation Agreement"), effective February 23, 2014, between Michael D. Baumann and the Company, Mr. Baumann resigned his employment as Chief Executive Officer of the Company and as Chairman and a member of the Company's Board of Directors. In consideration of a mutual release of claims against the Company and other related parties, and certain other agreements and covenants, Mr. Baumann received payments totaling approximately $2.4 million pursuant to the terms of the Separation Agreement. In addition, the Separation Agreement provided for the accelerated vesting of 54,338 shares of unvested restricted stock and Mr. Baumann surrendered 14,373 shares to cover tax withholding obligations applicable to the vesting of the shares. The agreement also provided for the conversion of 210,915 Class B contingent units held by Mr. Baumann into 2,343,500 common units in the Operating Partnership, which resulted in a non-cash compensation expense of $2.5 million that has been included in management transition expenses in the condensed consolidated statement of operations for the three months ended March 31, 2014.

	Pursuant to the terms of a Separation Agreement and Release (the "Levin Separation Agreement"), effective March 18, 2014, between the Company and Mr. Levin, Mr. Levin resigned his employment as President and as Vice Chairman and a member of the Company’s Board of Directors. In consideration of a mutual release of claims against the Company and other related parties, and certain other agreements and covenants, pursuant to the terms of the Levin Separation Agreement, Mr. Levin received approximately 375,000 fully vested shares of common stock in a private placement, of which he surrendered 102,563 shares to cover tax withholding obligations applicable to the issuance of the shares. This resulted in a non-cash stock based compensation expense of $2.8 million which is included in management transition expenses in the condensed consolidated statement of operations for the three months ended March 31, 2014.

	During the three months ended March 31, 2014, two additional employees resigned and received cash payments totaling $0.5 million, as well as the vesting of an aggregate of 24,140 shares, reduced by an aggregate of 6,491 shares to cover tax withholding obligations applicable to the vesting of the shares.

	As a result of the above, the Company incurred a total expense of $9.0 million for the three months ended March 31, 2014, which is included as management transition expenses in the accompanying condensed consolidated statement of operations.

	Stock-based Compensation: On January 24, 2013, the Company’s stockholders approved, at the recommendation of the Company’s board of directors, the Trade Street Residential, Inc. 2013 Equity Incentive Plan (the “Equity Incentive Plan”), which is intended to attract and retain independent directors, executive officers and other key employees and individual service providers, including officers and employees of the Company’s affiliates. The Equity Incentive Plan provides for the grant of options to purchase shares of the Company’s common stock, stock awards, stock appreciation rights, performance units, incentive awards and other equity-based awards.

	On May 16, 2013, the Company’s board of directors approved the grant of an aggregate of 301,877 shares of restricted common stock to certain officers and employees of the Company under the Equity Incentive Plan. Compensation cost for restricted common stock grants is based on the market price on the date of grant, net of estimated forfeitures, and is amortized over the vesting period (generally four years). The forfeiture rate is revised, if necessary, in subsequent periods if actual forfeitures differ from estimates. The estimated forfeiture rate was 10% as of March 31, 2014. The shares of restricted common stock are entitled to receive any dividends paid on the Company’s common stock.

	Compensation expense for common stock grants to employees, which is recorded in general and administrative in the condensed consolidated statements of operations was $0.03 million and $0 million for the three months ended March 31, 2014 and 2013, respectively.

	As of March 31, 2014, there was $1.0 million of unrecognized compensation cost related to non-vested restricted stock granted under the Equity Incentive Plan. This cost is expected to be recognized over a period of 3.1 years.

	During the three months ended March 31, 2014, a total of 78,488 shares of restricted stocks to a former executive officer and other key employees were vested in connection with their resignation from the Company, which was treated as a modification of stock based awards, resulting in additional cost of $0.5 million, which is included in management transition expenses in the condensed consolidated statement of operations for the three months ended March 31, 2014.

	Following is a summary of the total restricted stock granted, forfeited and vested to participants with the related weighted average grant date fair value. Of the stock that vested during the three months ended March 31, 2014, the Company withheld 20,864 shares to satisfy the tax obligations for those participants who elected this option, as permitted under the Equity Incentive Plan.


		Three Months Ended
		31-Mar-14
			Weighted
			Average
			Grant Date
		Shares	Fair Value
	Unvested shares as of January 1, 2014	243,011	$	9.8
	Granted	-		-
	Forfeited	-25,659		9.8
	Vested	-78,488		9.8
	Unvested shares as of March 31, 2014	138,864	$	9.8

Transactions_With_Related_Part

Transactions With Related Parties	3 Months Ended
Transactions With Related Parties	Mar. 31, 2014
Transactions With Related Parties [Abstract]	'
Transactions With Related Parties	'
	NOTE I—TRANSACTIONS WITH RELATED PARTIES

	Due From / To Related Parties: Due from related parties as of December 31, 2013 is comprised primarily of a $0.6 million promissory note which the Company acquired from one of the contributors of entities in the June 1, 2012 recapitalization. The note, which was due on demand, bore interest at 12% per annum. Accrued interest included in due from related parties was approximately $0.2 million as of December 31, 2013. The Company received payment in full during the first quarter of 2014. Other receivables from related parties are comprised of various non-interest bearing amounts due from related entities.

Commitments_And_Contingencies

Commitments And Contingencies	3 Months Ended
Commitments And Contingencies	Mar. 31, 2014
Commitments And Contingencies [Abstract]	'
Commitments And Contingencies	'
	NOTE J – COMMITMENTS AND CONTINGENCIES
	Legal Proceedings: The Company may from time to time be involved in legal proceedings arising from the normal course of business. Other than routine litigation arising out of the ordinary course of business, the Company is not presently subject to any litigation nor, to the Company’s knowledge, is any litigation threatened against the Company. As of March 31, 2014, the Company is not aware of any claims or potential liabilities that would need to be accrued or disclosed.
	Due to the nature of the Company’s operations, it is possible that the Company’s existing properties have or properties that the Company will acquire in the future have asbestos or other environmental related liabilities.
	Other Contingencies: In the ordinary course of business, the Company issues letters of intent indicating a willingness to negotiate for acquisitions, dispositions, or joint ventures and also enter into arrangements contemplating various transactions. Such letters of intent and other arrangements are typically non-binding as to either party unless and until a definitive contract is entered into by the parties. Even if definitive contracts relating to the purchase or sale of real property are entered into, these contracts generally provide the purchaser with time to evaluate the property and conduct due diligence, during which periods the purchaser will have the ability to terminate the contracts without penalty or forfeiture of any deposit or earnest money. There can be no assurance definitive contracts will be entered into with respect to any matter covered by letters of intent or the Company will consummate any transaction contemplated by any definitive contract. Furthermore, due diligence periods for real property are frequently extended as needed. An acquisition or sale of real property generally becomes probable at the time the due diligence period expires and the definitive contract has not been terminated. The Company is then at risk under a real property acquisition contract unless the agreement provides for a right of termination, but generally only to the extent of any earnest money deposits associated with the contract, and are obligated to sell under a real property sales contract. As of March 31, 2014, the Company had earnest money deposits of approximately $0.9 million included in prepaid expenses and other assets in the accompanying balance sheets, of which approximately $0.7 million was non-refundable. As of December 31, 2013, the Company had earnest money deposits of approximately $5.9 million included in prepaid expenses and other assets in the accompanying balance sheets, of which approximately $5.4 million was non-refundable.

Income_Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2014
Income Taxes [Abstract]	'
Income Taxes	'
	NOTE K—INCOME TAXES
	The Company has maintained and intends to maintain its election as a REIT under the Internal Revenue Code of 1986, as amended. In order for the Company to continue to qualify as a REIT it must meet a number of organizational and operational requirements, including a requirement to distribute annual dividends to its stockholders equal to a minimum of 90% of our REIT taxable income, computed without regard to the dividends paid deduction and our net capital gains. As a REIT, the Company generally will not be subject to federal income tax on its taxable income at the corporate level to the extent such income is distributed to its stockholders annually. If taxable income exceeds dividends in a tax year, REIT tax rules allow the Company to designate dividends from the subsequent tax year in order to avoid current taxation on undistributed income. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal and state income taxes at regular corporate rates, including any applicable alternative minimum tax. In addition, the Company may not be able to re-qualify as a REIT for the four subsequent taxable years. Historically, the Company has incurred only non-income based state and local taxes. The Company’s Operating Partnership is a flow through entity and is not subject to federal income taxes at the entity level.

	The Company has provided for non-income based state and local taxes in the consolidated statement of operations for the three months ended March 31, 2014. Other tax expense has been recognized related to entity level state and local taxes on certain ventures. The Company accounts for the uncertainty in income taxes in accordance with GAAP, which requires recognition in the financial statements of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following a tax audit. For tax positions meeting the more likely than not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company applied this guidance to its tax positions for the three months ended March 31, 2014. The Company has no material unrecognized tax benefits and no adjustments to its financial position, results of operations or cash flows were required. The Company recognizes accrued interest and penalties related to uncertain tax positions, if any, as income tax expense.

	For certain entities that are part of the Company, tax returns are open for examination by federal and state tax jurisdictions for the years 2010 through 2013. Because many types of transactions are susceptible to varying interpretations under federal and state income tax laws, the amounts reported in the accompanying consolidated financial statements may be subject to change at a later date upon final determination by the respective taxing authorities. No such examination is presently in progress.

Land_Held_For_Sale_And_Discont

Land Held For Sale And Discontinued Operations	3 Months Ended
Land Held For Sale And Discontinued Operations	Mar. 31, 2014
Land Held For Sale And Discontinued Operations [Abstract]	'
Land Held For Sale And Discontinued Operations	'
	NOTE L - LAND HELD FOR SALE AND DISCONTINUED OPERATIONS

	In April 2014, the FASB issued Accounting Standards Update (ASU) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which amends the requirements for reporting discontinued operations. Under ASU 2014-08, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when the component or group of components meets the criteria to be classified as held for sale or when the component or group of components is disposed of by sale or other than by sale. In addition, this ASU requires additional disclosures about both discontinued operations and the disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements. The Company has adopted the provisions of ASU 2014-08 beginning with the three months ended March 31, 2014, and has applied the provisions prospectively.

	Prior to January 1, 2014, the Company accounted for properties as discontinued operations when all of the criteria of ASC 360-45-9 were met. The results of operations and cash flows from discontinued operations are included in the Company’s accompanying condensed consolidated financial statements up to the date of disposition. Accordingly, prior period operating activity to such properties has been reclassified as discontinued operations in the accompanying condensed financial statements for the three months ended March 31, 2013.

	Land held for sale

	The Company’s land held for sale during the three months ended March 31, 2014 included the following:










	Property Name		Location

	Venetian		Fort Myers, Florida
	Midlothian Town Center – East		Midlothian, Virginia
	The Estates at Maitland		Maitland, Florida
	Sunnyside		Panama City, Florida

	In February 2014, the Company agreed to terms for the repurchase of its Class A Preferred Stock (see Note G) for an amount that took into account the fair value of four land assets that had been held for development as of December 31, 2013. The fair value of the land was determined by an independent broker, based on current rents, operating expenses, construction costs, capital market conditions, return thresholds and comparable sales. In connection with this term sheet, the Company decided to sell three of the undeveloped properties that are no longer considered part of the Company’s operating strategy. As a result, the Company wrote these assets down to their net realizable value at December 31, 2013. The Company also decided in March 2014 to sell its Sunnyside property (see Note C). The Company expects to sell these land assets before the end of 2014.

	The real estate assets held for sale and the liabilities related to real estate assets held for sale as of March 31, 2014 were as follows:


	(in thousands)		31-Mar-14
	Land held for sale		$	19,125
	Other assets, primarily restricted cash			555
	Assets held for sale		$	19,680

	Liabilities related to assets held for sale		$	24


	The results of operations of land held for sale are included in development and pursuit costs in the condensed consolidated statement of operations.

	The Company had no real estate held for sale as of December 31, 2013.

	Discontinued Operations

	The Company’s discontinued operations during the three months ended March 31, 2013 included the following:






	Property Name			Location
	Beckanna on Glenwood			Raleigh, North Carolina
	Terrace at River Oaks			San Antonio, Texas
	Oak Resave at Winter Park			Winter Park, Florida
	Fontaine Woods			Chattanooga, Tennessee
	The Estates at Mill Creek			Buford, Georgia

	On March 1, 2013, the Company sold its 70% interest in Fontaine Woods to its joint venture partner for $10.5 million, including the assumption by the buyer of the Company’s 70% portion of a $9.1 million mortgage. The decision to sell this property was made in November 2012. The sale resulted in a gain to the Company of approximately $1.6 million, which has been included in discontinued operations during the three months ended March 31, 2013.

	The following is a summary of results of operations of the properties classified as discontinued operations for the three months ended March 31, 2013:



		Three Months Ended
(in thousands)		31-Mar-13

Property revenues
Rental revenue		$	1,873
Other property revenues			233
Total property revenues			2,106

Property expenses
Property operations and maintenance			982
Real estate taxes and insurance			254
Total property expenses			1,236

Other expenses
Interest expense			689
Depreciation and amortization			268
Other expenses			22
Loss before gain from sale of rental property			-109
Gain from sale of rental property			1,596
Income (loss) from discontinued operations		$	1,487

The Company had no discontinued operations as of March 31, 2014.

Subsequent_Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'

	NOTE M—SUBSEQUENT EVENTS
	Management Changes
	Effective April 28, 2014, the Company’s board of directors appointed Richard H. Ross to the permanent position of chief executive officer, effective immediately, and entered into a new employment agreement with Mr. Ross. Since February 2014, Mr. Ross has served as interim chief executive officer and chief financial officer. Mr. Ross will continue to serve as chief financial officer in an interim role.

	Acquisition of Property and Financing

	On April 7, 2014, the Company through its Operating Partnership, completed the purchase of Waterstone at Big Creek, a 270-unit apartment community located in Alpharetta, Georgia for a total purchase price of $40.5 million. The purchase price was funded with cash on hand of approximately $3.5 million and $37.0 million drawn from the Revolver.

	On April 7, 2014, the Company and the Operating Partnership executed a Second Amendment to the Credit Agreement and an Accession Agreement with the participating banks in the Revolver to modify certain terms and conditions of the Revolver related to the addition of new borrowing base properties.

	Expiration of Term Sheet for the Repurchase of Class A Preferred Stock

	On March 31, 2014 BREF/BUSF Millenia Associates, LLC, one of the holders of the Class A Preferred stock, obtained an “Order Maintaining Status Quo” in the Court of Chancery of the State of Delaware prohibiting the Trust from taking any “material action” affecting the Trust or its beneficiaries’ interest therein and thereby precluding the Trust from consummating the sale of the Class A preferred stock to the Company in accordance with the term sheet discussed in Note G. Accordingly, the term sheet expired on April 9, 2014. In conjunction with the expiration of the term sheet, the $6.9 million restricted cash deposited into an escrow account by the Company during the three months ended March 31, 2014 is refundable. On May 1, 2014, the Order Maintaining Status Quo was vacated. The Company may pursue the repurchase of the Class A Preferred stock; however, the Company can provide no assurances it will reach an agreement to repurchase the Class A preferred stock from the Trust or ultimately consummate the repurchase of the Class A preferred stock.

	Dividends Declared
	On May 13, 2014, the Company’s board of directors declared a dividend of $0.095 per share and unit, payable to holders of record of common stock and common operating partnership units as of June 30, 2014 and payable on July 15, 2014.

Nature_Of_Business_And_Signifi1

Nature Of Business And Significant Accounting Policies (Policy)

3 Months Ended

Mar. 31, 2014

Nature Of Business And Significant Accounting Policies [Abstract]

Basis Of Presentation

Principles Of Consolidation

Use Of Estimates

Acquisition Of Real Estate Assets

Real Estate Assets

Land Held For Sale And Future Development

Impairment Of Real Estate Assets

Noncontrolling Interests

Intangible Assets

See Note C for a detailed discussion of the property acquisitions completed during the three months ended March 31, 2014 and 2013.

Fair Value Of Financial Instruments

Level 1: Quoted prices for identical instruments in active markets.

Level 3: Significant inputs to the valuation model are unobservable.

The following methods and assumptions were used to estimate the fair value of each class of financial instruments:

Disclosures about the fair value of financial instruments are based on pertinent information available to management as of March 31, 2014 and December 31, 2013.

Non-Recurring Fair Value Disclosures

(in thousands)

Level 1

Level 2

Level 3

Total

Venetian

4,360

Midlothian Town Center - East

4,165

The Estates at Maitland

9,000

17,525

The above land assets were reclassified from land held for future development to land held for sale during the three months ended March 31, 2014.

Prepaid Expenses And Other Assets

Reclassifications

Recent Accounting Pronouncements

Nature_Of_Business_And_Signifi2

Nature Of Business And Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2014
Nature Of Business And Significant Accounting Policies [Abstract]	'
Assets Measured At Fair Value On A Non-Recurring Basis	'

	(in thousands)	Level 1		Level 2		Level 3		Total
	Venetian	$	-	$	-	$	4,360	$	4,360
	Midlothian Town Center - East		-		-		4,165		4,165
	The Estates at Maitland		-		-		9,000		9,000
		$	-	$	-	$	17,525	$	17,525

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Reconciliation Of Earnings Per Share	'


		Three Months Ended March 31,
	(in thousands, except per share amounts)	2014		2013

	Net loss	$	-16,081	$	-2,701
	Loss allocated to noncontrolling interest holders		1,099		555	-1
	Dividends declared and accreted on preferred stock and units		-228		-254
	Extinguishment of equity securities (Note G)		-		11,716
	Adjustments attributable to participating securities		16		-2,521
	Net income (loss) attributable to common stockholders	$	-15,194	$	6,795

	Continuing operations	$	-15,194	$	5,308
	Discontinued operations		-		1,487
	Net income (loss) attributable to common stockholders	$	-15,194	$	6,795

	Earnings (loss) per common share - basic and diluted
	Continuing operations	$	-0.48	$	1.12
	Discontinued operations		-		0.32
	Net income (loss) per share attributable to common stockholders	$	-0.48	$	1.44

	Weighted average number of shares - basic and diluted		31,746		4,717

	(1) Net of $0.04 million income allocated to discontinued
	operations in the first quarter of 2013.

Acquisitions_Of_Multifamily_Ap1

Acquisitions Of Multifamily Apartment Communities (Tables)	3 Months Ended
Acquisitions Of Multifamily Apartment Communities (Tables)	Mar. 31, 2014
Business Acquisition [Line Items]	'
Schedule Of Business Acquisitions, By Acquisition	'


	(in thousands)		Miller Creek		Wake Forest		Aventine		Brier Creek		Craig Ranch		Total

	Fair Value of Net Assets Acquired		$	43,750	$	37,250	$	41,866	$	32,682	$	42,375	$	197,923
	Purchase Price		$	43,750	$	37,250	$	41,866	$	32,682	$	42,375	$	197,923
	Net Assets Acquired/Purchase Price Allocated:
	Land		$	2,173	$	2,677	$	2,888	$	3,031	$	3,444	$	14,213
	Site Improvements			2,460		2,618		1,926		1,681		3,210		11,895
	Building			37,332		30,633		34,720		26,989		33,317		162,991
	Furniture, fixtures and equipment			1,011		860		1,494		679		1,673		5,717
	Intangible assets - in place leases			774		462		838		302		731		3,107
	Total		$	43,750	$	37,250	$	41,866	$	32,682	$	42,375	$	197,923



Business Acquisition, Pro Forma Information	'

	(in thousands)		Three Months Ended March 31,
			2014		2013
	Unaudited pro forma financial information:
	Pro forma revenue		$	12,717	$	5,623
	Pro forma loss from continuing operations		$	-16,343	$	-5,401


Bridge Point [Member]	'
Business Acquisition [Line Items]	'
Schedule Of Business Acquisitions, By Acquisition	'


	(in thousands)		Bridge Pointe

	Fair Value of Net Assets Acquired		$	15,250
	Purchase Price		$	15,250
	Net Assets Acquired/Purchase Price Allocated:
	Land		$	1,140
	Site Improvements			943
	Building			12,437
	Furniture, fixtures and equipment			311
	Intangible assets - in place leases			419
	Total		$	15,250



BSP/Sunnyside, LLC [Member]	'
Business Acquisition [Line Items]	'
Schedule Of Business Acquisitions, By Acquisition	'


	Cash	$	148
	Land	$	1,477

Indebtedness_Tables

Indebtedness (Tables)	3 Months Ended
Indebtedness (Tables)	Mar. 31, 2014
Indebtedness [Abstract]	'
Summary Of Indebtedness	'



					Remaining
					Term in
	Property	31-Mar-14		Interest Rate	Years
		(in thousands)
	Fixed Rate Secured Indebtedness
	Lakeshore on the Hill	$	6,708	4.48%	3.75
	The Trails of Signal Mountain		8,228	4.92%	4.17
	Westmont Commons		17,920	3.84%	8.75
	Bridge Pointe		11,437	4.19%	9.00
	The Pointe at Canyon Ridge		25,800	4.10%	11.17
	St. James at Goose Creek		19,000	3.75%	9.25
	Creekstone at RTP		23,250	3.88%	9.19
	Talison Row		33,635	4.06%	9.44
	Estates at Millenia		25,000	3.83%	6.93
	Fountains Southend		23,750	4.31%	9.85
	Miller Creek		26,250	4.60%	9.86
	Craig Ranch		21,200	3.78%	7.03
	Wake Forest		18,625	3.94%	6.86
	Aventine		21,000	3.70%	6.86
	Brier Creek		16,250	3.70%	8.01
	Total fixed rate secured indebtedness		298,053	4.03%	8.49

	Variable Rate Secured Indebtedness
	Revolver		18,000	2.18%	2.83

	Total outstanding indebtedness	$	316,053	3.93%	8.17


Schedule Of Maturities Of Outstanding Mortgage Notes Payable	'


	(in thousands)	Amount
	Remainder of 2014	$	328
	2015		1,211
	2016		1,978
	2017		27,665
	2018		11,462
	Thereafter		273,409
		$	316,053

Intangible_Assets_Tables

Intangible Assets (Tables)	3 Months Ended
Intangible Assets (Tables)	Mar. 31, 2014
Intangible Assets [Abstract]	'
Gross And Net Carrying Amounts For Each Major Class Of Intangible Assets	'

		As of March 31, 2014						As of December 31, 2013
		Gross carrying		Accumulated		Net book		Gross carrying		Accumulated		Net book
	(in thousands)	amount		amortization		Value		amount		amortization		Value
	Intangible assets - in place leases	$	10,508	$	-8,282	$	2,226		7,401	$	-6,757	$	644
	Intangible assets - property
	tax abatement		1,015		-176		839		1,015		-88		927
		$	11,523	$	-8,458	$	3,065	$	8,416	$	-6,845	$	1,571



Estimated Amortization Expense For The Next Five Years Related To These Intangible Assets	'

	(in thousands)	Amount
	Remainder of 2014	$	2,477
	2015		274
	2016		181
	2017		102
	2018		31
	Thereafter		-
		$	3,065

Investment_In_Unconsolidated_J1

Investment In Unconsolidated Joint Venture (Tables)	3 Months Ended
Investment In Unconsolidated Joint Venture (Tables)	Mar. 31, 2014
Investment In Unconsolidated Joint Venture [Abstract]	'
Summary Of Financial Information Of Unconsolidated Joint Venture	'

		Three months ended
		March 31,
	(in thousands)	2014		2013
	Total property revenue	$	665	$	682
	Net income (loss)	$	-18	$	75
	Company share of income (loss) from
	unconsolidated joint venture activities	$	-9	$	37

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	3 Months Ended
Stockholders' Equity (Tables)	Mar. 31, 2014
Stockholders' Equity [Abstract]	'
Summary Of Preferred Stock, Preferred Units And Contingent Units	'




		Optional
		Redemption	Annual	As of		As of
	(in thousands, except share amounts)	Date	Dividend	31-Mar-14		31-Dec-13
	Class A Preferred Stock, cumulative redeemable, liquidation preference $100.00 per share plus all accumulated, accrued and unpaid dividends (if any), 309,130 shares outstanding at March 31, 2014 and December 31, 2013	Jun-19	-1	$	26,700	$	26,624

	Common OP Units, 2,343,500 and 0 units outstanding at March 31, 2014 and December 31, 2013, respectively	Feb-15	-2	$	16,840	$	-

	Class B Contingent Units, 0 and 210,915 units outstanding at March 31, 2014 and December 31, 2013, respectively (4)	Jun-15	-3	$	-	$	17,657

	(1)Cumulative annual cash dividend at the rate of 1% of the liquidation preference per share, which increases to 2% on June 1, 2015 and 3% on June 1, 2016.
	(2)Dividend per common unit is the same as the dividend per share on the Company’s common stock.
	(3)Non-cumulative distribution of 1.5% per annum of the stated value per Class B contingent unit were to be ($0.375 per quarter) until December 31, 2014; 3.0% per annum of the stated value per Class B contingent unit ($0.75 per quarter) from January 1, 2015 through December 31, 2015; and 4.5% per annum of the stated value per Class B contingent unit ($1.125 per quarter) thereafter.
	(4)On February 23, 2014, 210,915 Class B contingent units were converted into 2,343,500 common OP units.

Management_Transition_Expenses1

Management Transition Expenses And Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2014
Management Transition Expenses And Stock-Based Compensation [Abstract]	'
Schedule Of Restricted Stock Activity	'

		Three Months Ended
		31-Mar-14
			Weighted
			Average
			Grant Date
		Shares	Fair Value
	Unvested shares as of January 1, 2014	243,011	$	9.8
	Granted	-		-
	Forfeited	-25,659		9.8
	Vested	-78,488		9.8
	Unvested shares as of March 31, 2014	138,864	$	9.8

Land_Held_For_Sale_And_Discont1

Land Held For Sale And Discontinued Operations (Tables)	3 Months Ended
Land Held For Sale And Discontinued Operations (Tables)	Mar. 31, 2014
Land Held For Sale And Discontinued Operations [Abstract]	'
Schedule Of Real Estate Assets Held For Sale	'

	(in thousands)	31-Mar-14
	Land held for sale	$	19,125
	Other assets, primarily restricted cash		555
	Assets held for sale	$	19,680

	Liabilities related to assets held for sale	$	24



Income Statement Disclosures Of Discontinued Operations	'


		Three Months Ended
	(in thousands)	31-Mar-13

	Property revenues
	Rental revenue	$	1,873
	Other property revenues		233
	Total property revenues		2,106

	Property expenses
	Property operations and maintenance		982
	Real estate taxes and insurance		254
	Total property expenses		1,236

	Other expenses
	Interest expense		689
	Depreciation and amortization		268
	Other expenses		22
	Loss before gain from sale of rental property		-109
	Gain from sale of rental property		1,596
	Income (loss) from discontinued operations	$	1,487

Nature_Of_Business_And_Signifi3

Nature Of Business And Significant Accounting Policies (Details) (USD $)	0 Months Ended	1 Months Ended		3 Months Ended
	Jun. 13, 2013	Feb. 28, 2014	Jun. 30, 2012	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
	Jun. 13, 2013	item	Jun. 30, 2012	item	Mar. 31, 2013	Dec. 31, 2013
Real Estate Properties [Line Items]	'	'	'	'	'	'
Goodwill recorded	'	'	$0	'	'	'
Number of apartment units	'	'	'	4,985	'	'
Number of communities	'	'	'	20	'	'
Undeveloped properties	'	3	'	'	'	'
Land held for sale	'	'	'	4	'	'
Land investments	'	'	'	5	'	'
Graduated tax relief period	'	'	'	'5 years	'	'
Net proceeds from offering after deducting underwriting costs and commissions	970,000	'	'	'	'	'
Deffered offering costs	'	'	'	'	'	2,700,000
Earnest money deposits	'	'	'	900,000	'	5,900,000
Ownership interest	'	'	'	70.00%	'	'
Capitalized interest	'	'	'	0	100,000	'
Impairment expense	'	'	'	$0	$0	'
Weighted-average common ownership interest in Operating Partnership	'	'	'	6.82%	'	'
Long-Lived Improvements [Member]	'	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'	'
Property and equipment, useful life	'	'	'	'2 years	'	'
BSF/BR Augusta JV, LLC [Member]	'	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'	'
Membership interest	'	'	'	50.00%	'	'
Unconsolidated Joint Venture [Member]	'	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'	'
Number of apartment units	'	'	'	240	'	'
Number of communities	'	'	'	1	'	'
Undeveloped properties	'	'	'	1	'	'
Percentage of voting stock owned in subsidiary	'	'	'	50.00%	'	'
Minimum [Member] \| Building [Member]	'	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'	'
Property and equipment, useful life	'	'	'	'35 years	'	'
Minimum [Member] \| Furniture and Fixtures [Member]	'	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'	'
Property and equipment, useful life	'	'	'	'3 years	'	'
Maximum [Member] \| Building [Member]	'	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'	'
Property and equipment, useful life	'	'	'	'50 years	'	'
Maximum [Member] \| Long-Lived Improvements [Member]	'	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'	'
Property and equipment, useful life	'	'	'	'15 years	'	'
Maximum [Member] \| Furniture and Fixtures [Member]	'	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'	'
Property and equipment, useful life	'	'	'	'7 years	'	'

Nature_Of_Business_And_Signifi4

Nature Of Business And Significant Accounting Policies (Assets Measured At Fair Value On A Non-Recurring Basis) (Details) (USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Assets, Fair Value Disclosure	$17,525
Venetian [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Assets, Fair Value Disclosure	4,360
Midlothian Town Center - East [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Assets, Fair Value Disclosure	4,165
The Estates At Maitland [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Assets, Fair Value Disclosure	9,000
Level 3 [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Assets, Fair Value Disclosure	17,525
Level 3 [Member] \| Venetian [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Assets, Fair Value Disclosure	4,360
Level 3 [Member] \| Midlothian Town Center - East [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Assets, Fair Value Disclosure	4,165
Level 3 [Member] \| The Estates At Maitland [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Assets, Fair Value Disclosure	$9,000

Earnings_Per_Share_Narrative_D

Earnings Per Share (Narrative) (Details)	0 Months Ended	3 Months Ended
	Jan. 17, 2013	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014
	Jan. 17, 2013	Warrant [Member]	Common Units, Operating Partnership [Member]	Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Anti-dilutive shares excluded	'	139,215	2,343,500	2,343,500
Reverse stock split ratio	150	'	'	'

Earnings_Per_Share_Reconciliat

Earnings Per Share (Reconciliation Of Earnings Per Share) (Details) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Earnings Per Share [Abstract]	'	'
Net loss	($16,081)	($2,701)
Loss allocated to noncontrolling interest holders	1,099	555	[1]
Dividends declared and accreted on preferred stock and units	-228	-254
Extinguishment of equity securities (Note G)	'	11,716
Adjustments attributable to participating securities	16	-2,521
Net income (loss) attributable to common stockholders	-15,194	6,795
Continuing operations	-15,194	5,308
Discontinued operations	'	$1,487
Continuing operations	($0.48)	$1.12
Discontinued operations	'	$0.32
Net income (loss) attributable to common stockholders	($0.48)	$1.44
Weighted average number of shares - basic and diluted	31,746	4,717

[1]	Net of $0.04 million income allocated to discontinued operations in the first quarter of 2013.

Acquisitions_Of_Multifamily_Ap2

Acquisitions Of Multifamily Apartment Communities (Narrative) (Details) (USD $)

3 Months Ended

0 Months Ended

2 Months Ended

3 Months Ended

0 Months Ended

2 Months Ended

3 Months Ended

0 Months Ended

2 Months Ended

3 Months Ended

0 Months Ended

1 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

1 Months Ended

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Jan. 21, 2014

Mar. 31, 2014

Jan. 21, 2014

Mar. 31, 2014

Feb. 06, 2014

Mar. 31, 2014

Mar. 10, 2014

Mar. 31, 2014

Mar. 18, 2014

Mar. 31, 2014

Mar. 04, 2013

Mar. 31, 2013

item

Variable Interest Entity, Primary Beneficiary [Member]

Miller Creek [Member]

Wake Forest [Member]

Aventine [Member]

Brier Creek [Member]

Craig Ranch [Member]

Bridge Point [Member]

Sunnyside [Member]

item

Business Acquisition [Line Items]

Number of units on property

240

330

288

346

232

334

178

Ownership interest

70.00%

Payments to acquire real estate properties

$197,923,000

$43,800,000

$43,750,000

$37,300,000

$37,250,000

$41,900,000

$41,866,000

$32,700,000

$32,682,000

$42,400,000

$42,375,000

$15,300,000

$15,250,000

Proceeds from sale of common stock, net

147,285,000

Indebtedness

316,053,000

249,584,000

26,300,000

18,600,000

21,000,000

16,300,000

21,200,000

11,400,000

Payments to Acquire Businesses, Gross

94,598,000

3,813,000

17,500,000

18,700,000

20,900,000

16,400,000

21,200,000

3,800,000

Rental revenue

10,266,000

4,847,000

800,000

400,000

500,000

100,000

Net Income (Loss)

-16,081,000

-2,701,000

-1,000,000

-700,000

-500,000

-400,000

-100,000

-300,000

Mortgage Loans on Real Estate, Carrying Amount of Mortgages

4,500,000

Variable Interest Entity, Consolidated, Carrying Amount, Assets

1,600,000

Payments to fund long-term loans to related parties

200,000

Purchase of real estate loan

1,450,000

1,400,000

Land held for sale

19,125,000

1,600,000

Acquisiton related costs

1,500,000

200,000

Class A preferred stock

3,000

Common stock

$366,000

$115,000

Preferred shares issued

309,000

Acquisitions_Of_Multifamily_Ap3

Acquisitions Of Multifamily Apartment Communities (Schedule Of Business Acquisitions, By Acquisition) (Details) (USD $)

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

In Thousands, unless otherwise specified

Mar. 31, 2014

Jan. 21, 2014

Mar. 31, 2014

Jan. 21, 2014

Mar. 31, 2014

Feb. 06, 2014

Mar. 31, 2014

Mar. 10, 2014

Mar. 31, 2014

Mar. 18, 2014

Mar. 31, 2014

Mar. 04, 2013

Mar. 31, 2013

Jan. 30, 2013

In Place Leases [Member]

Miller Creek [Member]

Wake Forest [Member]

Aventine [Member]

Brier Creek [Member]

Craig Ranch [Member]

Bridge Point [Member]

Sunnyside [Member]

In Place Leases [Member]

Business Acquisition [Line Items]

Purchase Price

$197,923

$43,800

$43,750

$37,300

$37,250

$41,900

$41,866

$32,700

$32,682

$42,400

$42,375

$15,300

$15,250

Cash

148

Land

14,213

2,173

2,677

2,888

3,031

3,444

1,140

1,477

Site Improvements

11,895

2,460

2,618

1,926

1,681

3,210

943

Building

162,991

37,332

30,633

34,720

26,989

33,317

12,437

Furniture, fixtures and equipment

5,717

1,011

860

1,494

679

1,673

311

Intangible assets

3,107

774

462

838

302

731

419

Fair Value of Net Assets Acquired

$197,923

$43,750

$37,250

$41,866

$32,682

$42,375

$15,250

Acquisitions_Of_Multifamily_Ap4

Acquisitions Of Multifamily Apartment Communities (Business Acquisition, Pro Forma Information) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Acquisitions Of Multifamily Apartment Communities [Abstract]	'	'
Pro forma revenue	$12,717	$5,623
Pro forma income (loss) from continuing operations	($16,343)	($5,401)

Indebtedness_Narrative_Details

Indebtedness (Narrative) (Details) (USD $)

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Jan. 31, 2014

Mar. 31, 2014

Dec. 31, 2014

Jun. 30, 2014

Jan. 31, 2014

Mar. 31, 2014

Jan. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Jan. 31, 2014

Mar. 31, 2014

Mar. 18, 2014

Mar. 10, 2014

Feb. 06, 2014

Mar. 31, 2014

Jan. 21, 2014

Mar. 31, 2014

Jan. 21, 2014

Jan. 23, 2014

Mar. 31, 2014

Jan. 17, 2014

Mar. 31, 2013

Jan. 17, 2014

Feb. 11, 2014

Mar. 31, 2014

Senior Secured Credit Facility [Member]

Standby Letter Of Credit [Member]

Discretionary Swingline Loans [Member]

Predecessor Senior Secured Revolving Credit Facility [Member]

Craig Ranch [Member]

Brier Creek [Member]

Aventine [Member]

Wake Forest [Member]

Miller Creek [Member]

Park At Fox Trails [Member]

Merce Apartments [Member]

Post Oak [Member]

The Estates At Maitland [Member]

Fountains Southend [Member]

Arbors River Oaks [Member]

Estates At Milenia [Member]

General Corporate [Member]

Scenario, Forecast [Member]

LIBOR [Member]

Minimum [Member]

Maximum [Member]

Minimum [Member]

Maximum [Member]

Senior Secured Credit Facility [Member]

Predecessor Senior Secured Revolving Credit Facility [Member]

LIBOR [Member]

Base Rate [Member]

LIBOR [Member]

Base Rate [Member]

LIBOR [Member]

Debt Instrument [Line Items]

Note payable issued as consideration for purchase of business

$103,325,000

$11,437,000

Total indebtedness

316,053,000

249,584,000

21,200,000

16,300,000

21,000,000

18,600,000

26,300,000

23,800,000

25,000,000

Term of debt

'10 years

'7 years

Interest rate

3.93%

3.78%

3.70%

3.94%

4.60%

4.31%

3.83%

Interest only payment period

'60 months

'36 months

'48 months

Amortization period

'30 years

Mortgage note payable, maturity date

10-Apr-21

5-Apr-22

10-Feb-21

10-Feb-24

5-Feb-24

5-Mar-21

Proceeds from sale of common stock, net

147,285,000

Repayment of debt from cash proceeds

6,200,000

10,000,000

Credit facility

75,000,000

14,000,000

Credit facility accordian feature, additional borrowing capacity

66,000,000

Credit facility accordian feature, maximum borrowing capacity

250,000,000

80,000,000

Line of credit for the issuance of standby letters of credit

10,000,000

Line of credit sublimit, percentage

10.00%

Term credit is outstanding

'10 days

Credit facility borrowings

27,000,000

2,500,000

Repayment of loan

9,000,000

14,900,000

5,500,000

5,300,000

4,200,000

30,000,000

9,000,000

35,000,000

Deferred financing costs, net

5,234,000

3,022,000

900,000

100,000

200,000

100,000

Prepayment penalty

706,000

684,000

300,000

700,000

200,000

Credit facility, outstanding borrowings

18,000,000

10,500,000

Credit facility, amount available

19,000,000

Spread on interest rate

2.00%

1.75%

2.75%

1.50%

2.50%

2.25%

3.25%

Availability permitted

65.00%

Weighted average interest rate

3.93%

4.42%

2.18%

3.42%

Commitment fee

0.30%

0.20%

0.30%

0.25%

0.35%

Maximum total indebtedness to total asset value ratio

0.65%

Minimum adjusted EBITDA to fixed charges ratio

1.30%

1.50%

1.40%

Minimum tangible net worth

158,000,000

Percentage of future equity issuances

75.00%

Maximum non-recurring cash costs

4,000,000

Bridge Loan

10,000,000

Credit for generalcorporate and working capital purposes

$400,000

Indebtedness_Summary_Of_Indebt

Indebtedness (Summary Of Indebtedness) (Details) (USD $)

12 Months Ended

3 Months Ended

In Thousands, unless otherwise specified

Dec. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Jan. 23, 2014

Jan. 21, 2014

Mar. 18, 2014

Jan. 21, 2014

Feb. 06, 2014

Mar. 10, 2014

Mar. 31, 2014

Fountains Southend [Member]

Miller Creek [Member]

Craig Ranch [Member]

Wake Forest [Member]

Aventine [Member]

Brier Creek [Member]

Fixed Rate Secured Indebtdness [Member]

Variable Rate Secured Indebtedness [Member]

Lakeshore On The Hill [Member]

The Trails Of Signal Mountain [Member]

Westmont Common [Member]

Bridge Point [Member]

The Pointe At Canyon Ridge [Member]

St. James At Goose Creek [Member]

Creekstone At RTP [Member]

Talison Row [Member]

Estates At Millenia [Member]

Fountains Southend [Member]

Miller Creek [Member]

Craig Ranch [Member]

Wake Forest [Member]

Aventine [Member]

Brier Creek [Member]

Debt Instrument [Line Items]

Outstanding Balance

$316,053

$249,584

$23,800

$26,300

$21,200

$18,600

$21,000

$16,300

$298,053

$6,708

$8,228

$17,920

$11,437

$25,800

$19,000

$23,250

$33,635

$25,000

$23,750

$26,250

$21,200

$18,625

$21,000

$16,250

$18,000

Interest Rate

3.93%

4.31%

4.60%

3.78%

3.94%

3.70%

4.03%

4.48%

4.92%

3.84%

4.19%

4.10%

3.75%

3.88%

4.06%

3.83%

4.31%

4.60%

3.78%

3.94%

3.70%

2.18%

Remaining Term in Years

'8 years 2 months 1 day

'8 years 5 months 27 days

'3 years 9 months

'4 years 2 months 1 day

'8 years 9 months

'9 years

'11 years 2 months 1 day

'9 years 3 months

'9 years 2 months 9 days

'9 years 5 months 9 days

'6 years 11 months 5 days

'9 years 10 months 6 days

'9 years 10 months 10 days

'7 years 11 days

'6 years 10 months 10 days

'8 years 4 days

'2 years 9 months 29 days

Debt Instrument, Term

'10 years

Indebtedness_Schedule_Of_Matur

Indebtedness (Schedule Of Maturities Of Outstanding Mortgage Notes Payable) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Indebtedness [Abstract]	'	'
Remainder of 2014	$328	'
2015	1,211	'
2016	1,978	'
2017	27,665	'
2018	11,462	'
Thereafter	273,409	'
Outstanding Mortgage Notes Payable	$316,053	$249,584

Intangible_Assets_Narrative_De

Intangible Assets (Narrative) (Details) (USD $)	3 Months Ended
Intangible Assets (Narrative) (Details) (USD $)	Mar. 31, 2014	Mar. 31, 2013
Finite-Lived Intangible Assets [Line Items]	'	'
Remaining amortization	$2,477,000	'
In Place Leases [Member]	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Amortization of intangible assets	1,500,000	800,000
Property Tax Abatement [Member]	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Amortization of intangible assets	$100,000	$0

Intangible_Assets_Gross_And_Ne

Intangible Assets (Gross And Net Carrying Amounts For Each Major Class Of Intangible Assets) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]	'	'
Gross carrying amount	$11,523	$8,416
Accumulated amortization	-8,458	-6,845
Net book Value	3,065	1,571
In Place Leases [Member]	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Gross carrying amount	10,508	7,401
Accumulated amortization	-8,282	-6,757
Net book Value	2,226	644
Property Tax Abatement [Member]	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Gross carrying amount	1,015	1,015
Accumulated amortization	-176	-88
Net book Value	$839	$927

Intangible_Assets_Estimated_Am

Intangible Assets (Estimated Amortization Expense For The Next Five Years Related To These Intangible Assets) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Intangible Assets [Abstract]	'	'
Remainder of 2014	$2,477	'
2015	274	'
2016	181	'
2017	102	'
2018	31	'
Net book Value	$3,065	$1,571

Investment_In_Unconsolidated_J2

Investment In Unconsolidated Joint Venture (Narrative) (Details) (USD $)	3 Months Ended				0 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Mar. 31, 2014	Sep. 30, 2010	Mar. 31, 2014	Dec. 31, 2013
	item			BSF/BR Augusta JV, LLC [Member]	Estates At Perimeter [Member]	Estates At Perimeter [Member]	Estates At Perimeter [Member]
	acre
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'	'	'
Membership interest	'	'	'	50.00%	'	'	'
Related party membership interest	70.00%	'	'	100.00%	'	'	'
Number of units on property	240	'	'	'	'	'	'
Number of buildings on property	10	'	'	'	'	'	'
Height of building	3	'	'	'	'	'	'
Acres of land	13	'	'	'	'	'	'
Payment to acquire interest in joint venture	'	'	'	'	$3,800,000	'	'
Investment in unconsolidated joint venture	2,337,000	'	2,421,000	'	'	2,300,000	2,400,000
Distributions received	100,000	100,000	'	'	'	'	'
Contributions	$0	$0	'	'	'	'	'

Investment_In_Unconsolidated_J3

Investment In Unconsolidated Joint Venture (Summary Of Financial Information Of Inconsolidated Joint Venture) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Investment In Unconsolidated Joint Venture [Abstract]	'	'
Total property revenue	$665	$682
Net income (loss)	-18	75
Company share of income (loss) from unconsolidated joint venture activities	($9)	$37

Stockholders_Equity_Class_A_Pr

Stockholders' Equity (Class A Preferred Stock) (Narrative) (Details) (USD $)	0 Months Ended			1 Months Ended	3 Months Ended
	Jan. 14, 2014	Mar. 14, 2013	Dec. 03, 2012	Jan. 31, 2014	Mar. 31, 2014		Mar. 31, 2013	Feb. 23, 2014	Dec. 31, 2013
Schedule Of Stockholders' Equity [Line Items]	'	'	'	'	'		'	'	'
Shares outstanding	'	'	'	'	309,000		'	'	309,000
Increase in net income from extinguishment of debt	'	'	'	'	'		$11,716,000	'	'
Number of units on property	'	'	'	'	240		'	'	'
Stock Issued During Period, Value, Acquisitions	'	'	'	'	'		3,318,000	'	'
Shares converted or redeemed	'	'	'	'	309,000		'	'	309,000
Class A Preferred Stock [Member]	'	'	'	'	'		'	'	'
Schedule Of Stockholders' Equity [Line Items]	'	'	'	'	'		'	'	'
Shares outstanding	'	'	'	'	309,130	[1]	'	309,130	309,130	[1]
Redemption of stock	'	'	'	'	'		'	13,800,000	'
Definitive agreement term	'	'	'	'45 days	'		'	'	'
Escrow	'	'	'	'	'		'	6,900,000	'
Stock conversion, minimum share price	$9	'	'	'	'		'	'	'
Stock conversion, minimum physical occupancy rate of contributed proeprties	90.00%	'	'	'	'		'	'	'
Stock conversion, threshold of trading days	'	'	'	'	'20 days		'	'	'
Increase in net income from extinguishment of debt	'	'	'	'	'		3,500,000	'	'
Consideration issued for purchase	'	35,804	100,000	'	'		'	'	'
Shares issuable as a percentage of increase in property value	'	20.00%	'	'	'		'	'	'
Contingent consideration liability	'	$3,300,000	'	'	$300,000		'	'	$300,000
Shares converted or redeemed	'	'	'	'	0		'	'	'
Estates At Milenia [Member]	'	'	'	'	'		'	'	'
Schedule Of Stockholders' Equity [Line Items]	'	'	'	'	'		'	'	'
Number of units on property	'	'	297	'	'		'	'	'
Area of property	'	'	7	'	'		'	'	'
Development Property [Member]	'	'	'	'	'		'	'	'
Schedule Of Stockholders' Equity [Line Items]	'	'	'	'	'		'	'	'
Number of units on property	'	'	403	'	'		'	'	'

[1]	Cumulative annual cash dividend at the rate of 1% of the liquidation preference per share, which increases to 2% on June 1, 2015 and 3% on June 1, 2016.

Stockholders_Equity_Common_And

Stockholders' Equity (Common And Preferred Partnership Units And Class B Contingent Units) (Narrative) (Details) (USD $)

3 Months Ended

0 Months Ended

3 Months Ended

12 Months Ended

0 Months Ended

3 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Feb. 08, 2013

Feb. 23, 2014

Mar. 26, 2013

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2012

Jun. 30, 2012

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Feb. 23, 2014

Mar. 26, 2013

Mar. 31, 2014

Noncontrolling Interest [Member]

Class B And Class C Preferred Units [Member]

Class B Preferred Units [Member]

Class C Preferred Units [Member]

Class B Contingent Units [Member]

Common Units [Member]

The Estates At Maitland [Member]

Estates At Milenia - Phase II [Member]

Midlothian Town Center - East Or Venetian [Member]

Scenario, Forecast [Member]

Class B Contingent Units [Member]

Schedule Of Stockholders' Equity [Line Items]

Shares issued

36,576,000

11,469,000

196,608

98,304

546,132

Preferred shares issued

309,000

Distribution amount

$1.13

$0.75

$0.38

Per annum distribution rate

4.50%

3.00%

1.50%

Units converted

210,915

14,307

2,343,500

546,132

Stock conversion, minimum physical occupancy rate of contributed proeprties

90.00%

Number of units converted upon stabilization or sale

52,728.75

105,457.50

Conversion price

$100

Stock conversion, threshold of trading days

'20 days

Stock conversion, minimum share price

Reduction of noncontrolling interest

$8,200,000

Increase in net income

$2,453,000

$505,000

$8,200,000

Stockholders_Equity_Common_Sto

Stockholders' Equity (Common Stock Offerings) (Narrative) (Details) (USD $)

0 Months Ended

3 Months Ended

0 Months Ended

Jun. 13, 2013

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Jan. 16, 2014

16-May-13

Jan. 16, 2014

Senator [Member]

Private Placement [Member]

Rights Offering [Member]

Public Offering [Member]

Five Communities [Member]

Two Communities [Member]

New Secured Revolving Credit Facility [Member]

Secured By Two Communities [Member]

Secured By Land Held For Use [Member]

Former Chairman And Chief Executive Officer And former President And Vice Chairman [Member]

Minimum [Member]

Baumann And Levin [Member]

Senator [Member]

item

Private Placement [Member]

Senator [Member]

Schedule Of Stockholders' Equity [Line Items]

Public offering of common stock, shares

103,443

15,797,789

15,565,462

232,327

24,881,517

6,250,000

Common stock par value per share

$0.01

Public offering of common stock, price per share

$10

$6.33

$10

Proceeds from sale of common stock, net

$147,285,000

$50,000,000

$98,500,000

$1,500,000

$147,300,000

$53,200,000

$1,800,000

Percentage of offering

98.50%

1.50%

Ownership of common shares

9,316,055

Percentage of common shares

25.60%

4.90%

Common stock shares outstanding

36,576,000

11,469,000

36,350,182

Deferred financing costs, net

5,234,000

3,022,000

Additional paid-in capital, deferred offering costs

2,700,000

5,100,000

Term after anniversary

'3 years 6 months

Consecutive trading period

'10 days

Period prior to offering

'180 days

Net proceeds from offering after deducting underwriting costs and commissions

970,000

Payments to acquire real estate properties

197,923,000

94,600,000

Number Of Communities

Repayment of loan

16,700,000

26,000,000

4,200,000

Credit for generalcorporate and working capital purposes

5,800,000

Proceeds from issuance of common stock, net of offering costs

$1,030,000

$147,285,000

Stockholders_Equity_Reverse_St

Stockholders' Equity (Reverse Stock Split) (Narrative) (Details) (USD $)	0 Months Ended	12 Months Ended		3 Months Ended	12 Months Ended
In Millions, except Per Share data, unless otherwise specified	Jan. 17, 2013	Dec. 31, 2013	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2012
	Jan. 17, 2013	Class A Preferred Stock [Member]	Class B And Class C Preferred Units [Member]	Class B Contingent Units [Member]	Class B Contingent Units [Member]
Schedule Of Stockholders' Equity [Line Items]	'	'	'	'	'
Reverse stock split ratio	150	'	'	'	'
Stock conversion, minimum share price	'	'	'	$9	$9
Transfer of stock and units to permanent equity	'	$26.80	$19.40	'	'

Stockholders_Equity_Dividends_

Stockholders' Equity (Dividends Declared) (Narrative) (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Stockholders' Equity [Abstract]	'	'	'
Dividends declared per common share	$0.10	'	$0.10
Dividends payable	$3,773,000	'	$1,247,000
Distributions to shareholders	1,247,000	491,000	'
Preffered dividends	$0	'	'

Stockholders_Equity_Summary_Of

Stockholders' Equity (Summary Of Preferred Stock, Preferred Units And Contingent Units) (Details) (USD $)

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Feb. 23, 2014

Dec. 31, 2013

Feb. 23, 2014

Mar. 31, 2014

Dec. 31, 2013

Feb. 23, 2014

Mar. 26, 2013

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

In Thousands, except Share data, unless otherwise specified

Class A Preferred Stock [Member]

Common Units, Operating Partnership [Member]

Class B Contingent Units [Member]

Scenario, Forecast [Member]

Class B Contingent Units [Member]

Schedule Of Stockholders' Equity [Line Items]

Optional Redemption Date

1-Jun-19

[1]

1-Feb-15

[2]

1-Jun-15

[3],[4]

Outstanding

$26,700

[1]

$26,624

[1]

$16,840

[2]

$17,657

[3],[4]

Liquidation preference

$100

[1]

Liquidation preference percentage

1.00%

Shares outstanding

309,000

309,130

[1]

309,130

[1]

Units issued

2,343,500

[2]

[3],[4]

210,915

[3],[4]

Annual dividend increase on third anniversary of issuance

2.00%

Annual dividend increase on fourth anniversary of issuance

3.00%

Distribution rate

4.50%

3.00%

1.50%

Distribution amount

$1.13

$0.75

$0.38

Units converted

2,343,500

210,915

14,307

[1]

Cumulative annual cash dividend at the rate of 1% of the liquidation preference per share, which increases to 2% on June 1, 2015 and 3% on June 1, 2016.

[2]

Dividend per common unit is the same as the dividend per share on the Companybs common stock.

[3]

Non-cumulative distribution of 1.5% per annum of the stated value per Class B contingent unit were to be ($0.375 per quarter) until December 31, 2014; 3.0% per annum of the stated value per Class B contingent unit ($0.75 per quarter) from January 1, 2015 through December 31, 2015; and 4.5% per annum of the stated value per Class B contingent unit ($1.125 per quarter) thereafter.

[4]

On February 23, 2014, 210,915 Class B contingent units were converted into 2,343,500 common OP units.

Management_Transition_Expenses2

Management Transition Expenses And Stock-Based Compensation (Management Transition Expenses) (Details) (USD $)	3 Months Ended		0 Months Ended	3 Months Ended	0 Months Ended	3 Months Ended	0 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Feb. 23, 2014	Mar. 31, 2014	Mar. 18, 2014	Mar. 31, 2014	Feb. 23, 2014
			Chief Executive Officer [Member]	Chief Executive Officer [Member]	President And Vice Chairman [Member]	Additional Employees [Member]	Class B Contingent Units [Member]
							Chief Executive Officer [Member]
Management Transition Expenses And Stock-Based Compensation [Line Items]	'	'	'	'	'	'	'
Seperation Agreement payment	'	'	$2,400,000	'	'	'	'
Shares vested	78,488	'	54,338	'	'	24,140	'
shares issued	'	'	'	'	375,000	'	'
Shares surrendered	25,659	'	14,373	'	102,563	6,491	'
Number of units converted upon stabilization or sale	'	'	'	'	'	'	210,915
shares issued during conversion	'	'	'	'	'	'	2,343,500
Compensation expense during the period	29,000	0	'	2,500,000	2,800,000	'	'
Cash payments	'	'	'	'	'	500,000	'
Employee expense	'	'	'	'	'	$9,000,000	'

Management_Transition_Expenses3

Management Transition Expenses And Stock-Based Compensation (Stock-Based Compensation) (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	16-May-14
Stock-Based Compensation And Benefit Plan [Line Items]	'	'	'
Common stock authorized	'	'	301,877
Vesting period	'4 years	'	'
estimated forfeiture rate	10.00%	'	'
Stock compensation - other	$29,000	$0	'
Unrecognized compensation cost	1,000,000	'	'
Period recognized	'3 years 1 month 6 days	'	'
Stock vested during the period	78,488	'	'
Restricted Stock [Member]	'	'	'
Stock-Based Compensation And Benefit Plan [Line Items]	'	'	'
Shares withheld for tax obligations	20,864	'	'
Former Executive Officer [Member] \| Restricted Stock [Member]	'	'	'
Stock-Based Compensation And Benefit Plan [Line Items]	'	'	'
Stock compensation - other	$500,000	'	'
Stock vested during the period	78,488	'	'

Management_Transition_Expenses4

Management Transition Expenses And Stock-Based Compensation (Schedule Of Restricted Stock Activity) (Details) (USD $)	3 Months Ended
	Mar. 31, 2014
Management Transition Expenses And Stock-Based Compensation [Abstract]	'
Shares, Unvested shares, at January 1, 2014	243,011
Shares, Granted	'
Shares, Forfeited	-25,659
Shares, Vested	-78,488
Shares, Unvested shares as of March 31, 2014	138,864
Weighted Average Grant price, Unvested shares, at January 1, 2014	$9.80
Weighted Average Grant price, Granted	'
Weighted Average Grant price, Forfeited	$9.80
Weighted Average Grant price, Vested	$9.80
Weighted Average Grant price, Unvested shares as of March 31, 2014	$9.80

Transactions_With_Related_Part1

Transactions With Related Parties (Details) (USD $)	Dec. 31, 2013
In Millions, unless otherwise specified	Dec. 31, 2013
Transactions With Related Parties [Abstract]	'
Due from related parties, promissory note	$0.60
Promissory note interest rate	12.00%
Accrued interest	$0.20

Commitments_And_Contingencies_

Commitments And Contingencies (Narrative) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Commitments And Contingencies [Abstract]	'	'
Earnest money deposits	$0.90	$5.90
Non-refundable earnest money deposits	$0.70	$5.40

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended
Income Taxes (Details) (USD $)	Mar. 31, 2014
Income Taxes [Abstract]	'
Annual dividend distribution percentage to shareholders to qualify as real estate investment trust	90.00%
Unrecognized tax benefits	$0
Tax adjustments	$0

Land_Held_For_Sale_And_Discont2

Land Held For Sale And Discontinued Operations (Narrative) (Details) (USD $)	1 Months Ended	3 Months Ended			0 Months Ended
	Feb. 28, 2014	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Mar. 01, 2014	Mar. 31, 2013
	item	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Fontaine Woods [Member]	Fontaine Woods [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'	'	'	'	'
Land assets held for development	4	'	'	'	'	'
Undeveloped properties	3	'	'	'	'	'
Real estate held for sale	'	$19,680,000	'	$0	'	'
Percent of ownership sold	'	'	'	'	70.00%	'
Consideration received from divestiture of interest in subsidiaries and affiliates	'	'	'	'	10,500,000	'
Assumption of mortgage	'	'	'	'	9,100,000	'
Gain on sale	'	'	'	'	'	1,600,000
Discontinued operations	'	'	$1,487,000	'	'	'

Land_Held_For_Sale_And_Discont3

Land Held For Sale And Discontinued Operations (Schedule Of Real Estate Assets Held For Sale) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Long Lived Assets Held-for-sale [Line Items]	'	'
Assets held for sale	$19,680,000	$0
Liabilities related to assets held for sale	24,000	'
Land Held For Sale [Member]	'	'
Long Lived Assets Held-for-sale [Line Items]	'	'
Assets held for sale	19,125,000	'
Other Assets, Primarily Restricted Cash [Member]	'	'
Long Lived Assets Held-for-sale [Line Items]	'	'
Assets held for sale	$555,000	'

Land_Held_For_Sale_And_Discont4

Land Held For Sale And Discontinued Operations (Income Statement Disclosures Of Discontinued Operations) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Land Held For Sale And Discontinued Operations [Abstract]	'	'
Rental revenue	'	$1,873
Other property revenues	'	233
Total property revenues	'	2,106
Property operations and maintenance	'	982
Real estate taxes and insurance	'	254
Total property expenses	'	1,236
Interest expense	'	689
Depreciation and amortization	'	268
Other expenses	'	22
Loss before gain from sale of rental property	'	-109
Gain from sale of rental property	'	1,596
Income from discontinued operations	'	$1,487

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	3 Months Ended	12 Months Ended	0 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	13-May-14	Apr. 07, 2014
	item		Subsequent Event [Member]	Subsequent Event [Member]
				Waterstone At Big Creek [Member]
				item
Subsequent Event [Line Items]	'	'	'	'
Number of units on property	240	'	'	270
Payments to acquire real estate properties	$197,923,000	'	'	$3,500,000
Indebtedness	316,053,000	249,584,000	'	37,000,000
Assets acquired	'	'	'	$40,500,000
Dividends declared per common share	$0.10	$0.10	$0.10	'