Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Mar. 20, 2014 | Jun. 30, 2013 |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'Landmark Apartment Trust of America, Inc. | ' | ' |
Entity Central Index Key | '0001347523 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 25,251,833 | ' |
Entity Public Float | ' | ' | $173 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Real estate investments: | ' | ' |
Operating properties, net | $1,410,513 | $725,568 |
Cash and cash equivalents | 4,349 | 2,447 |
Accounts receivable | 1,085 | 1,879 |
Other receivables due from affiliates | 2,544 | 1,613 |
Restricted cash | 29,690 | 9,889 |
Goodwill | 9,679 | ' |
Real estate and escrow deposits | 2,536 | 529 |
Investments in unconsolidated entities | 11,156 | ' |
Identified intangible assets, net | 35,849 | 7,548 |
Other assets, net | 19,289 | 5,543 |
Total assets | 1,526,690 | 755,016 |
Liabilities: | ' | ' |
Mortgage loan payables, net | 838,434 | 479,494 |
Unsecured notes payable to affiliates | 5,784 | ' |
Unsecured note payable | ' | 500 |
Credit facility | 145,200 | ' |
Accounts payable and accrued liabilities | 31,488 | 16,054 |
Other payables due to affiliates | 915 | 183 |
Acquisition contingent consideration | 4,030 | ' |
Security deposits, prepaid rent and other liabilities | 6,954 | 5,970 |
Total liabilities | 1,242,099 | 549,956 |
Stockholders' equity: | ' | ' |
Common stock, $0.01 par value; 300,000,000 shares authorized; 25,182,988 and 20,655,646 shares issued and outstanding as of December 31, 2013 and December 31, 2012, respectively | 252 | 207 |
Additional paid-in capital | 224,340 | 186,546 |
Accumulated other comprehensive loss, net | -178 | -260 |
Accumulated deficit | -165,216 | -125,572 |
Total stockholders' equity | 59,198 | 60,921 |
Redeemable non-controlling interests in operating partnership | 221,497 | 144,139 |
Non-controlling interest partner | 3,896 | ' |
Total equity | 284,591 | 205,060 |
Total liabilities and equity | 1,526,690 | 755,016 |
Series A Preferred Stock | ' | ' |
Liabilities: | ' | ' |
Cumulative non-convertible redeemable preferred stock | ' | 38,204 |
Series B Preferred Stock | ' | ' |
Liabilities: | ' | ' |
Cumulative non-convertible redeemable preferred stock | ' | 9,551 |
Series D Preferred Stock | ' | ' |
Liabilities: | ' | ' |
Cumulative non-convertible redeemable preferred stock | $209,294 | ' |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 25,182,988 | 20,655,646 |
Common stock, shares outstanding | 25,182,988 | 20,655,646 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' |
Rental income | $125,399 | $49,822 | $35,587 |
Other property revenues | 15,919 | 6,530 | 4,424 |
Management fee income | 4,167 | 2,645 | 2,865 |
Reimbursed income | 11,504 | 10,407 | 11,207 |
Total revenues | 156,989 | 69,404 | 54,083 |
Expenses: | ' | ' | ' |
Rental expenses | 63,661 | 25,735 | 18,223 |
Property lease expense | 2,678 | 4,208 | 2,402 |
Reimbursed expense | 11,504 | 10,407 | 11,207 |
General, administrative and other expense | 15,791 | 13,029 | 8,198 |
Acquisition-related expenses | 13,736 | 19,894 | 1,270 |
Loss from unconsolidated entities | 159 | ' | 59 |
Depreciation and amortization | 72,491 | 17,596 | 11,109 |
Impairment loss | ' | 5,397 | 390 |
Total expenses | 180,020 | 96,266 | 52,858 |
Other income/(expense): | ' | ' | ' |
Interest expense, net | -35,651 | -13,369 | -10,287 |
Preferred dividends classified as interest expense | -15,854 | -2,023 | ' |
Disposition right income | 1,757 | ' | ' |
Loss on debt and preferred stock extinguishment | -10,220 | ' | ' |
Loss from continuing operations before income tax | -82,999 | -42,254 | -9,062 |
Income tax benefit | 3,532 | ' | ' |
Loss from continuing operations | -79,467 | -42,254 | -9,062 |
Income from discontinued operations | 10,555 | 659 | 116 |
Net income/loss | -68,912 | -41,595 | -8,946 |
Less: Net loss attributable to redeemable non-controlling interest in operating partnership | 35,285 | 6,735 | ' |
Less : Net loss attributable to non-controlling interest partner | 1,021 | ' | ' |
Net loss attributable to common stockholders | -32,606 | -34,860 | -8,946 |
Other comprehensive loss: | ' | ' | ' |
Change in cash flow hedges attributable to redeemable non-controlling interests in operating partnership | 174 | 50 | ' |
Change in cash flow hedges | -40 | -310 | ' |
Comprehensive loss attributable to common stockholders | ($32,472) | ($35,120) | ($8,946) |
Earnings per weighted average common share - basic and diluted: | ' | ' | ' |
Loss per common share from continuing operations attributable to common stockholders | ($1.66) | ($1.75) | ($0.46) |
Income per common share from discontinued operations | $0.22 | $0.03 | $0.01 |
Net loss per common share attributable to common stockholders - basic and diluted | $1.44 | ($1.72) | ($0.45) |
Weighted average number of common shares outstanding - basic and diluted | 22,689,573 | 20,244,130 | 19,812,886 |
Weighted average number of common units held by non-controlling interests - basic and diluted | 23,526,216 | 3,911,026 | ' |
CONSOLIDATED_STATEMENTS_OF_EQU
CONSOLIDATED STATEMENTS OF EQUITY (USD $) | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Stockholders' Equity | Redeemable Non - Controlling Interests Operating Partnership | Non - Controlling Interest |
In Thousands, except Share data | ||||||||
Balance at Dec. 31, 2010 | $106,158 | $196 | $174,704 | ' | ($68,742) | $106,158 | ' | ' |
Balance (in Shares) at Dec. 31, 2010 | ' | 19,632,818 | ' | ' | ' | ' | ' | ' |
Change in cash flow hedges | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of vested and non vested restricted common stock, Shares | ' | 4,000 | ' | ' | ' | ' | ' | ' |
Issuance of vested and nonvested restricted common stock | 8 | ' | 8 | ' | ' | 8 | ' | ' |
Offering costs | -48 | ' | -48 | ' | ' | -48 | ' | ' |
Issuance of common stock to our former advisor (in shares) | ' | 15,741 | ' | ' | ' | ' | ' | ' |
Issuance of common stock to our former advisor | 141 | ' | 141 | ' | ' | 141 | ' | ' |
Amortization of deferred compensation and LTIP unit compensation | 22 | ' | 22 | ' | ' | 22 | ' | ' |
Issuance of common stock under the DRIP (in shares) | ' | 283,394 | ' | ' | ' | ' | ' | ' |
Issuance of common stock under the DRIP | 2,692 | 3 | 2,689 | ' | ' | 2,692 | ' | ' |
Distributions | -6,904 | ' | ' | ' | -6,904 | -6,904 | ' | ' |
Net loss attributable to redeemable non-controlling interests in operating partnership | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss attributable to non-controlling interest partner | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss attributable to common stockholders | -8,946 | ' | ' | ' | -8,946 | -8,946 | ' | ' |
Balance at Dec. 31, 2011 | 93,123 | 199 | 177,516 | ' | -84,592 | 93,123 | ' | ' |
Balance (in Shares) at Dec. 31, 2011 | ' | 19,935,953 | ' | ' | ' | ' | ' | ' |
Change in cash flow hedges | -310 | ' | ' | ' | ' | ' | ' | ' |
Unrealized loss on cash flow hedges | -310 | ' | ' | -260 | ' | -260 | -50 | ' |
Issuance of common stock (in shares) | ' | 482,655 | ' | ' | ' | ' | ' | ' |
Issuance of common stock | 3,934 | 5 | 3,929 | ' | ' | 3,934 | ' | ' |
Issuance of vested and non vested restricted common stock, Shares | ' | 4,000 | ' | ' | ' | ' | ' | ' |
Issuance of vested and nonvested restricted common stock | 8 | ' | 8 | ' | ' | 8 | ' | ' |
Offering costs | -7 | ' | -7 | ' | ' | -7 | ' | ' |
Issuance of common stock to our former advisor (in shares) | ' | 13,992 | ' | ' | ' | ' | ' | ' |
Issuance of common stock to our former advisor | 126 | ' | 126 | ' | ' | 126 | ' | ' |
Amortization of deferred compensation and LTIP unit compensation | 42 | ' | 42 | ' | ' | 42 | ' | ' |
Issuance of common stock under the DRIP (in shares) | ' | 219,046 | ' | ' | ' | ' | ' | ' |
Issuance of common stock under the DRIP | 1,951 | 3 | 1,948 | ' | ' | 1,951 | ' | ' |
Issuance of LTIP units | 2,984 | ' | 2,984 | ' | ' | 2,984 | ' | ' |
Distributions | -7,505 | ' | ' | ' | -6,120 | -6,120 | -1,385 | ' |
Issuance of limited partnership units for acquisition of properties | 152,309 | ' | ' | ' | ' | ' | 152,309 | ' |
Net loss attributable to redeemable non-controlling interests in operating partnership | -6,735 | ' | ' | ' | ' | ' | -6,735 | ' |
Net loss attributable to non-controlling interest partner | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss attributable to common stockholders | -34,860 | ' | ' | ' | -34,860 | -34,860 | ' | ' |
Balance at Dec. 31, 2012 | 205,060 | 207 | 186,546 | -260 | -125,572 | 60,921 | 144,139 | ' |
Balance (in Shares) at Dec. 31, 2012 | ' | 20,655,646 | ' | ' | ' | ' | ' | ' |
Change in cash flow hedges | -40 | ' | ' | 82 | ' | 82 | -122 | ' |
Issuance of common stock (in shares) | ' | 4,294,026 | ' | ' | ' | ' | ' | ' |
Issuance of common stock | 34,996 | 43 | 34,953 | ' | ' | 34,996 | ' | ' |
Issuance of vested and non vested restricted common stock, Shares | ' | 5,000 | ' | ' | ' | ' | ' | ' |
Issuance of vested and nonvested restricted common stock | 8 | ' | 8 | ' | ' | 8 | ' | ' |
Offering costs | -367 | ' | -367 | ' | ' | -367 | ' | ' |
Issuance of LTIP units | 800 | ' | 800 | ' | ' | 800 | ' | ' |
Amortization of deferred compensation and LTIP unit compensation | 542 | ' | 542 | ' | ' | 542 | ' | ' |
Issuance of common stock under the DRIP (in shares) | ' | 228,316 | ' | ' | ' | ' | ' | ' |
Issuance of common stock under the DRIP | 1,860 | 2 | 1,858 | ' | ' | 1,860 | ' | ' |
Distributions | -14,672 | ' | ' | ' | -7,038 | -7,038 | -7,551 | -83 |
Issuance of limited partnership units for acquisition of properties | 120,316 | ' | ' | ' | ' | ' | 120,316 | ' |
Net loss attributable to redeemable non-controlling interests in operating partnership | -35,285 | ' | ' | ' | ' | ' | -35,285 | ' |
Capital contribution from non-controlling interest partner | 5,000 | ' | ' | ' | ' | ' | ' | 5,000 |
Net loss attributable to non-controlling interest partner | -1,021 | ' | ' | ' | ' | ' | ' | -1,021 |
Net loss attributable to common stockholders | -32,606 | ' | ' | ' | -32,606 | -32,606 | ' | ' |
Balance at Dec. 31, 2013 | $284,591 | $252 | $224,340 | ($178) | ($165,216) | $59,198 | $221,497 | $3,896 |
Balance (in Shares) at Dec. 31, 2013 | ' | 25,182,988 | ' | ' | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Net loss | ($68,912) | ($41,595) | ($8,946) |
Adjustments to reconcile net loss to net cash (used in)/provided by operating activities: | ' | ' | ' |
Depreciation and amortization (including deferred financing costs, debt discount and discontinued operations) | 74,685 | 20,501 | 14,004 |
Gain on sale of operating property | -10,034 | ' | ' |
Disposition right income | -1,757 | ' | ' |
Loss on debt and preferred stock extinguishment | 10,220 | ' | ' |
Deferred income tax benefit | -3,532 | ' | ' |
Accretion expense related to preferred stock | 2,566 | 655 | ' |
Fair value adjustment related to warrant liabilities | -527 | -315 | ' |
Fair value adjustment related to derivative liability | -2,400 | ' | ' |
Fair value adjustment related to acquisition contingent consideration | -715 | ' | ' |
Equity based compensation | 1,350 | 3,160 | 171 |
Issuance of redeemable non-controlling interests in operating partnership for services rendered in the acquisition of properties | 6,693 | ' | ' |
Issuance of common stock for services rendered for the Recapitalization Transaction | ' | 1,834 | ' |
Bad debt expense | 1,323 | 373 | 276 |
Impairment loss | ' | 5,397 | 390 |
Loss from unconsolidated entities | 159 | ' | 59 |
Unconsolidated entity distributions | 49 | ' | ' |
Changes in operating assets and liabilities: | ' | ' | ' |
Increase in operating assets | -9,157 | -2,295 | -42 |
Increase/(decrease) in operating liabilities | 6,731 | 2,469 | -427 |
Net cash provided by/(used in) operating activities | 6,742 | -9,816 | 5,485 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Acquisition of real estate operating properties, net | -368,455 | -62,074 | ' |
Proceeds from the sale of operating properties, net | 48,480 | ' | ' |
Acquisition of consolidated joint venture, net of cash acquired | ' | ' | -129 |
Contributions to unconsolidated entities | ' | ' | -568 |
Cash received from property management termination fees | ' | 173 | 117 |
Acquisition of unconsolidated entities | -216 | ' | ' |
Capital expenditures | -15,969 | -2,671 | -1,328 |
Purchase deposits on real estate acquisitions | -2,007 | -529 | ' |
Change in restricted cash- capital replacement reserves | -14,370 | -1,479 | -167 |
Net cash used in investing activities | -352,537 | -66,580 | -2,075 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Proceeds from the issuance of mortgage loan payables | 140,759 | 45,722 | ' |
Payments on mortgage loan payables | -79,110 | -1,982 | -875 |
Borrowings on unsecured note payable | ' | 500 | ' |
Payments on unsecured note payable | ' | -7,750 | ' |
Borrowings on credit facility | 145,200 | ' | ' |
Proceeds from the issuance of common stock | 16,752 | ' | ' |
Proceeds from the issuance of redeemable preferred stock | 219,763 | 50,000 | ' |
Redemption of preferred stock | -60,000 | ' | ' |
Payment of prepayment penalties and deferred financing costs | -22,790 | -4,128 | ' |
Security deposits | ' | ' | 43 |
Payment of offering costs | -367 | -7 | -58 |
Distributions paid to common stockholders | -4,878 | -4,152 | -4,703 |
Distributions paid to holders of LTIP Units | -195 | ' | ' |
Distributions to non-controlling interest partner | -83 | ' | ' |
Distributions paid to redeemable non-controlling interests in operating partnership | -7,354 | -451 | ' |
Net cash provided by/(used in) financing activities | 347,697 | 77,752 | -5,593 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 1,902 | 1,356 | -2,183 |
CASH AND CASH EQUIVALENTS - Beginning of period | 2,447 | 1,091 | 3,274 |
CASH AND CASH EQUIVALENTS - End of period | 4,349 | 2,447 | 1,091 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ' | ' | ' |
State income taxes | 242 | 327 | 190 |
Financing Activities: | ' | ' | ' |
Mortgage loan payables assumed with the acquisition of properties | 321,438 | 192,712 | ' |
Unsecured notes payable to affiliate | 5,284 | ' | ' |
Issuance of redeemable non-controlling interests in operating partnership for acquisition of properties and the ELRM Transaction including settlement of contingent consideration | 107,184 | 152,309 | ' |
Issuance of common stock to pay down unsecured note payable to affiliate | 5,000 | ' | ' |
Issuance of common stock for the acquisition of properties | 8,244 | 2,100 | ' |
Issuance of common stock related to the purchase of 500,000 Class A units in Timbercreek U.S .Multi-Residential (U.S. Holding L.P. | 16,752 | ' | ' |
Assumption by purchaser of mortgage loan payable on the sale of a property | 21,612 | ' | ' |
Issuance of common stock under the DRIP | 1,860 | 1,951 | 2,692 |
Change in other comprehensive loss | 40 | 310 | ' |
Mortgage Loan Payables | ' | ' | ' |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ' | ' | ' |
Interest paid | 30,915 | 15,069 | 12,215 |
Preferred Stock | ' | ' | ' |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ' | ' | ' |
Interest paid | 14,643 | 281 | ' |
Redeemable Non - Controlling Interests Operating Partnership | ' | ' | ' |
Financing Activities: | ' | ' | ' |
Issuance of redeemable non-controlling interest in operating partnership for the investment in unconsolidated entities | 6,147 | ' | ' |
Issuance of redeemable non-controlling interests in operating partnership due to reinvestment of distribution | 300 | ' | ' |
Contribution from non-controlling interest partner | 5,000 | ' | ' |
Distributions declared but not paid | 836 | 934 | ' |
Common Stock | ' | ' | ' |
Financing Activities: | ' | ' | ' |
Distributions declared but not paid | 630 | 516 | 508 |
LTIP Units | ' | ' | ' |
Financing Activities: | ' | ' | ' |
Distributions declared but not paid | ' | 9 | ' |
Class A Units | ' | ' | ' |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Proceeds from the issuance of common stock | 5,000 | ' | ' |
Financing Activities: | ' | ' | ' |
Issuance of common stock related to the purchase of 500,000 Class A units in Timbercreek U.S .Multi-Residential (U.S. Holding L.P. | $5,000 | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) | Dec. 31, 2013 |
Statement Of Cash Flows [Abstract] | ' |
Number of Common stock purchased | 500,000 |
Organization_and_Description_o
Organization and Description of Business | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Organization and Description of Business | ' | |
1 | Organization and Description of Business | |
Landmark Apartment Trust of America, Inc., a Maryland corporation, was incorporated on December 21, 2005. We conduct substantially all of our operations through Landmark Apartment Trust of America Holdings, LP, or our operating partnership. We are in the business of acquiring, holding and managing a diverse portfolio of quality apartment communities with stable cash flows and growth potential in select metropolitan areas in the Southern United States. We may also acquire and have acquired other real estate-related investments. We focus primarily on investments that produce current income. We are self-administered and self-managed, in that we provide our own investment, administrative and management services internally through our own employees. We have qualified and elected to be taxed as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Code, for federal income tax purposes and we intend to continue to be taxed as a REIT. | ||
Between July 19, 2006 and July 17, 2011, we raised a total of $187.1 million in connection with our continuous offering of shares of our common stock. On February 24, 2011, our board of directors adopted the Second Amended and Restated Distribution Reinvestment Plan, or the DRIP, to be effective as of March 11, 2011. The DRIP is designed to offer our existing stockholders a simple and convenient method of purchasing additional shares of our common stock by reinvesting cash distributions. The DRIP offers up to 10,000,000 shares of our common stock for reinvestment for a maximum offering of up to $95 million. Distributions are reinvested in shares of our common stock at a price equal to the most recently disclosed per share value, as determined by our board of directors. Effective as of August 3, 2012, our board of directors determined that the fair value of our common stock is $8.15 per share. Accordingly, $8.15 is the per share price used for the purchases of shares pursuant to the DRIP until such time as our board of directors provides a new estimate of share value. | ||
As disclosed previously, on August 3, 2012, we and our operating partnership entered into definitive agreements (the agreements and the transactions thereunder collectively referred to as the Recapitalization Transaction) to acquire a total of 22 properties, which included 21 multifamily apartment communities and one parcel of undeveloped land, or the Contributed Properties, containing an aggregate of 6,079 units. The aggregate consideration for the Contributed Properties consisted generally of common units of limited partnership interests in the operating partnership, cash and assumed mortgage indebtedness. As of December 31, 2013, we had completed the acquisition of 21 of the 22 Contributed Properties. | ||
As of December 31, 2013, we consolidated 67 apartment communities, including one property held through a consolidated joint venture, and two parcels of undeveloped land with an aggregate of 19,594 apartment units, which had an aggregate gross carrying value of $1.5 billion. We call these properties our consolidated owned properties. We held a non-controlling interest in two apartment communities with an aggregate of 750 apartment units which are accounted for under the equity method. We also consolidate the operations of one apartment community with 236 apartment units owned by unaffiliated third parties and leased by a wholly-owned subsidiary of our company. We also serve as the third-party manager for an additional 33 properties which have an aggregate of 11,829 apartment units of which we have no ownership interest. These properties are managed by ATA Property Management, LLC, or our Property Manager, which also includes Elco Landmark Residential Holdings, LLC’s, or ELRH, an integrated real estate operating company which we acquired in 2013. | ||
See Note 3, Real Estate Investments — Real Estate Acquisitions, Note 12, Equity — Common Stock, Note 13, Non-Controlling Interest — Redeemable Non-Controlling Interests in Operating Partnership, and Note 15, Business Combinations — 2013 Property Acquisitions, for additional information. | ||
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Summary of Significant Accounting Policies | ' | |||
2 | Summary of Significant Accounting Policies | |||
The summary of significant accounting policies presented below is designed to assist in understanding our consolidated financial statements. Such consolidated financial statements and the accompanying notes thereto are the representations of our management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America, or GAAP, in all material respects, and have been consistently applied in preparing our accompanying consolidated financial statements. | ||||
Certain prior year amounts have been reclassified to conform to the current year presentation due to the breakout of warrant liabilities from our Series A Cumulative Non-Convertible Redeemable Preferred Stock, or our Series A Preferred Stock, and our Series B Cumulative Non-Convertible Redeemable Preferred Stock, or our Series B Preferred Stock, into security deposits, prepaid rent and other liabilities in the consolidated balance sheets, reimbursed revenues and reimbursed expenses related to our Property Manager, and the breakout of impairment loss from depreciation and amortization in the consolidated statements of comprehensive loss. | ||||
Basis of Presentation | ||||
Our accompanying consolidated financial statements include our accounts and those of our operating partnership, the wholly-owned and controlled subsidiaries of our operating partnership. We operate in an umbrella partnership REIT structure in which wholly-owned subsidiaries of our operating partnership own all of our properties we acquire. We are the sole general partner of our operating partnership, and as of December 31, 2013 and 2012 we owned approximately 42.4% and 52.5%, respectively, of the general partnership interest in our operating partnership, and the limited partners owned approximately 57.6% and 47.5%, respectively, of the operating partnership interest. Because we are the sole general partner of our operating partnership and have unilateral control over its management and major operating decisions, the accounts of our operating partnership are consolidated in our consolidated financial statements. All significant intercompany accounts and transactions are eliminated in consolidation. | ||||
Use of Estimates | ||||
The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. These estimates are made and evaluated on an on-going basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates, perhaps in material adverse ways, and those estimates could be different under different assumptions or conditions. | ||||
Cash and Cash Equivalents | ||||
Cash and cash equivalents consist of all highly liquid investments with a maturity of three months or less when purchased. | ||||
Restricted Cash | ||||
Restricted cash is comprised of security deposits, impound reserve accounts for property taxes, insurance and capital improvements and replacements. | ||||
Revenue Recognition | ||||
We recognize revenue in accordance with ASC Topic 605, Revenue Recognition, or ASC Topic 605, and ASC Topic 840, Leases. ASC Topic 605 requires that all four of the following basic criteria be met before revenue is realized or realizable and earned: (1) there is persuasive evidence that an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the seller’s price to the buyer is fixed and determinable; and (4) collectability is reasonably assured. | ||||
We lease multifamily residential apartments under operating leases and substantially all of our apartment leases are for a term of one year or less. Rental income and other property revenues are recorded when due from tenants and is recognized monthly as it is earned pursuant to the terms of the underlying leases. Other property revenues consist primarily of utility rebillings and administrative, application and other fees charged to tenants, including amounts recorded in connection with early lease terminations. Early lease termination amounts are recognized when received and realized. Expense reimbursements are recognized and presented in accordance with ASC Subtopic 605-45, Revenue Recognition — Principal Agent Considerations, or ASC Subtopic 605-45. ASC Subtopic 605-45 requires that these reimbursements be recorded on a gross basis, as we are generally the primary obligor with respect to purchasing goods and services from third-party suppliers, have discretion in selecting the supplier and have credit risk. | ||||
Management fees are recognized when earned in accordance with each management contract. We receive fees for property management and related services provided to third parties. These fees are recognized in management fee income on the consolidated statements of comprehensive loss. Management fees are based on a percentage of revenues for the month as defined in the related property management agreements. We also pay certain payroll and related costs related to the operations of third party properties that we manage. Under terms of the related management agreements, these costs are reimbursed by the third party property owners and recognized by us as revenue as they are characterized by GAAP as “out of pocket” expenses incurred in the performance of a service. A portion of our management fee income and reimbursed income is received from Timbercreek U.S. Multi-Residential Opportunity Fund # 1, or the Timbercreek Fund, and Elco Landmark Residential Management, LLC, or ELRM, which are affiliated entities. | ||||
Properties Held for Sale | ||||
We account for our properties held for sale in accordance with ASC Topic 360, Property, Plant and Equipment, or ASC Topic 360, which addresses financial accounting and reporting for the impairment or disposal of long-lived assets and requires that, in a period in which a component of an entity either has been disposed of or is classified as held for sale, the statements of operations for current and prior periods shall report the results of operations of the component as discontinued operations. For sale transactions meeting the requirements for full accrual profit recognition, we remove the related assets and liabilities from our consolidated balance sheets and record the gain or loss in the period the transaction closes. For sale transactions that do not meet the full accrual sale criteria due to our continuing involvement, we evaluate the nature of the continuing involvement and account for the transaction under an alternate method of accounting. Unless certain limited criteria are met, non-monetary transactions, including property exchanges, are accounted for at fair value. | ||||
In accordance with ASC Topic 360, at such time as a property is held for sale, such property is carried at the lower of (1) its carrying amount or (2) fair value less costs to sell. In addition, a property being held for sale ceases to be depreciated. We classify operating properties as properties held for sale in the period in which all of the following criteria are met: | ||||
• | management, having the authority to approve the action, commits to a plan to sell the asset; | |||
• | the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets; | |||
• | an active program to locate a buyer and other actions required to complete the plan to sell the asset has been initiated; | |||
• | the sale of the asset is probable and the transfer of the asset is expected to qualify for recognition as a completed sale within one year; | |||
• | the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and | |||
• | given the actions required to complete the plan to sell the asset, it is unlikely that significant changes to the plan would be made or that the plan would be withdrawn. | |||
During the year ended December 31, 2013, we disposed of two properties. We did not dispose of any properties during the years ended December 31, 2012 and 2011. As of December 31, 2013 and 2012, we did not have any properties classified as held for sale. For additional information on property disposals, see Note 4, Real Estate Disposition Activities. | ||||
Purchase Price Allocation | ||||
Real Estate Investments | ||||
In accordance with ASC Topic 805, Business Combinations, we, with assistance from independent valuation specialists, allocate the purchase price of acquired properties to tangible and identified intangible assets and liabilities based on their respective fair values. The allocation to tangible assets (building and land) is based upon our determination of the value of the property as if it were to be replaced and vacant using comparable sales, cost data and discounted cash flow models similar to those used by independent appraisers. Allocations are made at the fair market value for furniture, fixtures and equipment on the premises based on a cost approach. | ||||
The value allocable to the above or below market component of the acquired in-place leases is determined based upon the present value (using a discount rate which reflects the risks associated with the acquired leases) of the difference between: (1) the contractual amounts to be paid pursuant to the lease over its remaining term and (2) management’s estimate of the amounts that would be paid using fair market rates over the remaining term of the lease. The amounts allocated to above market leases, if any, would be included in identified intangible assets, net in our accompanying consolidated balance sheets and will be amortized to rental income over the remaining non-cancelable lease term of the acquired leases with each property. The amounts allocated to below market lease values, if any, would be included in security deposits, prepaid rent and other liabilities, net in our accompanying consolidated balance sheets and would be amortized to rental income over the remaining non-cancelable lease term plus below market renewal options, if such renewal options are reasonably assured and deemed bargain renewal options, of the acquired leases with each property. | ||||
The total amount of other intangible assets acquired is further allocated to in-place lease costs and the value of tenant relationships based on management’s evaluation of the specific characteristics of each tenant’s lease and our overall relationship with that respective tenant. Characteristics considered by us in allocating these values include the nature and extent of the credit quality and expectations of lease renewals, among other factors. The amounts allocated to in-place lease costs are included in identified intangible assets, net in our accompanying consolidated balance sheets and are amortized to depreciation and amortization expense over the average remaining non-cancelable lease term of the acquired leases. The amounts allocated to the value of tenant relationships are included in identified intangible assets, net in our accompanying consolidated balance sheets and are amortized to depreciation and amortization expense over the average remaining non-cancelable lease term of the acquired leases. | ||||
The value allocable to above or below market debt is determined based upon the present value of the difference between the cash flow stream of the assumed mortgage and the cash flow stream of a market rate mortgage at the time of assumption. The amounts allocated to above or below market debt are included in mortgage loan payables, net in our accompanying consolidated balance sheets and are amortized to interest expense over the remaining term of the assumed mortgage. | ||||
These allocations are subject to change based on information received within one year of the purchase related to one or more events identified at the time of purchase which confirm the value of an asset or liability received in an acquisition of property. | ||||
Management Company | ||||
The assets and liabilities of businesses acquired are recorded at their respective fair values as of the acquisition date. We obtained third-party valuations of material intangible assets acquired, including tenant relationships, which were based on management’s inputs and assumptions relating primarily to the expected cash flows. The fair values of the intangible assets acquired are based on the expected discounted cash flows of the identified intangible assets. Costs in excess of the net fair values of assets and liabilities acquired are recorded as goodwill. Finite-lived intangible assets are amortized using a method of amortization consistent with our expected future cash flows in the period in which those assets are expected to be received. We do not amortize indefinite lived intangibles and goodwill. | ||||
We through our Property Manager, acquired the property management business of ELRM and certain of its affiliates on March 14, 2013. Results of operations for the property management business are reflected in our consolidated statements of comprehensive loss for the period subsequent to the acquisition date through December 31, 2013. See Note 15, Business Combinations – ELRM Transaction, for more detailed information. | ||||
Goodwill and Identified Intangible Assets, Net | ||||
Goodwill resulting from business combinations is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any non-controlling interests in the acquired business, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill is not amortized, but is tested for impairment on an annual basis or in interim periods if events or circumstances indicate potential impairment. | ||||
We acquired the property management business of ELRM and certain of its affiliates on March 14, 2013, including the in-place workforce, which created approximately $6.8 million of goodwill. We refer to this acquisition as the ELRM Transaction. For the year ended December 31, 2013, we recorded an increase to goodwill of $2.9 million, and a corresponding decrease to acquisition contingent consideration of $600,000, a decrease to identified intangible asset, net of $3.3 million and a decrease of $1 million to deferred liability, net, respectively, as a measurement period adjustment as we obtained the necessary information to quantify the value of intangible assets acquired. Our annual impairment test date was December 31, 2013. No impairment was recorded. As of December 31, 2013 and 2012, we had goodwill of $9.7 and $0 million, respectively, included in our accompanying consolidated balance sheets. For additional information regarding goodwill, see Note 15, Business Combinations. | ||||
Identified intangible assets, net, consists of in-place lease intangibles from property acquisitions; trade name and trademark intangibles and property management contract intangibles from the ELRM Transaction in the first quarter of 2013; and a disposition fee right intangible resulting from the acquisition of the remaining 50% ownership interest in NNN/Mission Residential Holdings, LLC, or NNN/MR Holdings, in the second quarter of 2011. In-place lease intangibles are amortized on a straight-line basis over their respective estimated useful lives and property management contracts are amortized on a basis consistent with estimated cash flows from these intangible assets. Both are evaluated for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable. Trade name and trademarks have an indefinite life and are not amortized. Disposition fee right intangibles are not amortized but are realized in the event that any of the leased apartment communities are sold. During December 31, 2013, we purchased three of the four apartment communities and wrote down $1.3 million of our disposition fee right intangible. We did not have any disposition fee right intangible write downs during 2012 and 2011. | ||||
For the year ended December 31, 2012, there was an impairment loss of $5.4 million resulting from the termination of property management contracts of our Property Manager for 33 properties owned by unaffiliated third parties with no future source of income related to such contacts, using a Level 3 fair value measurement. This event triggered an immediate and full impairment of the goodwill in the amount of $3.8 million and of tenant relationship intangibles, net, and an expected termination fee intangible in the amount of $1.6 million. | ||||
Operating Properties, Net | ||||
We carry our operating properties at historical cost less accumulated depreciation. The cost of operating properties includes the cost of land and completed buildings and related improvements. Expenditures that increase the service life of properties are capitalized and the cost of maintenance and repairs is charged to expense as incurred. The cost of building and improvements is depreciated on a straight-line basis over the estimated useful lives of the buildings and improvements, ranging primarily from 10 to 40 years. Land improvements are depreciated over the estimated useful lives ranging primarily from five to 15 years. Furniture, fixtures and equipment is depreciated over the estimated useful lives ranging primarily from five to 15 years. When depreciable property is retired, replaced or disposed of, the related costs and accumulated depreciation is removed from the accounts and any gain or loss is reflected in operations. | ||||
An operating property is evaluated for potential impairment whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. Impairment losses are recorded on an operating property when indicators of impairment are present and the carrying amount of the asset is greater than the sum of the future undiscounted cash flows expected to result from the use and eventual disposition of the asset. We would recognize an impairment loss to the extent the carrying amount exceeds the fair value of the property. For the years ended December 31, 2013, 2012 and 2011, we recorded no impairment losses to operating properties. | ||||
Fair Value Measurements | ||||
We follow ASC Topic 820, Fair Value Measurements and Disclosures, or ASC Topic 820, to account for the fair value of certain assets and liabilities. ASC Topic 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC Topic 820 applies to reported balances that are required or permitted to be measured at fair value under existing accounting pronouncements; accordingly, the standard does not require any new fair value measurements of reported balances. | ||||
ASC Topic 820 emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC Topic 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). | ||||
Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, that are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. | ||||
Other Assets, Net | ||||
Other assets, net consist primarily of deferred financing costs, prepaid expenses and deposits. Deferred financing costs include amounts paid to lenders and others to obtain financing. Such costs are amortized using the straight-line method over the term of the related loan, which approximates the effective interest rate method. Amortization of deferred financing costs is included in interest expense in our accompanying consolidated statements of comprehensive loss. | ||||
Derivative Financial Instruments | ||||
We utilize derivative financial instruments to manage interest rate risk and generally designate these financial instruments as cash flow hedges. Derivative financial instruments are recorded on our consolidated balance sheets as either an asset or liability and measured quarterly at their fair value. Derivatives that are not designated by us to be a hedge have the change in fair value recorded in interest expense in our accompanying consolidated statements of comprehensive loss. Derivatives that are designated by us to be a hedge have the changes in fair value that are deemed effective reflected in other comprehensive income or loss. The ineffective component of cash flow hedges, if any, is recorded in earnings. | ||||
Other Comprehensive Loss | ||||
Accumulated other comprehensive loss, as reflected in the consolidated statements of equity, reflects the effective portion of the cumulative changes in the fair value of derivatives in qualifying cash flow hedge relationships. | ||||
Advertising Costs | ||||
All advertising costs are expensed as incurred and reported as rental expenses in our accompanying consolidated statements of comprehensive loss. During the years ended December 31, 2013, 2012 and 2011, total advertising expense was $1.7 million, $678,000 and $470,000, respectively. | ||||
Stock Compensation | ||||
We follow ASC Topic 718, Compensation — Stock Compensation, or ASC Topic 718, to account for our stock compensation pursuant to our 2006 Incentive Award Plan, or the 2006 Award Plan, and the 2012 Other Equity-Based Award Plan, or the 2012 Award Plan. See Note 12, Equity — 2006 Incentive Award Plan and 2012 Other Equity-Based Award Plan, for a further discussion of grants under our 2006 Award Plan and the 2012 Award Plan. | ||||
Income Taxes | ||||
For federal income tax purposes, we have elected to be taxed as a REIT under Sections 856 through 860 of the Code beginning with our taxable year ended December 31, 2006, and we intend to continue to be taxed as a REIT. To qualify as a REIT for federal income tax purposes, we must meet certain organizational and operational requirements, including a requirement to pay distributions to our stockholders of at least 90% of our annual taxable income, excluding net capital gains. As a REIT, we generally will not be subject to federal income tax on net income that we distribute to our stockholders. | ||||
The acquisitions of the Contributed Properties are intended to be treated, in whole or in part, for federal income tax purposes as tax-deferred contributions in exchange for limited partnership units in our operating partnership. | ||||
For certain multifamily properties that we have acquired through the issuance of limited partnership units, we have entered into tax protection agreements which are intended to protect the contributing investors against receiving the special allocation of taxable “built-in” gain described above upon a future disposition by the operating partnership of the apartment communities. Under the Code, taxable gain recognized upon a sale of an asset contributed to a partnership must be allocated to the contributing partner in a manner that takes into account the variation between the tax basis and the fair market value of the asset at the time of the contribution | ||||
We are subject to state and local income taxes in some jurisdictions, and in certain circumstances we may also be subject to federal excise taxes on undistributed income. In addition, certain of our activities must be conducted by subsidiaries which elect to be treated as taxable REIT subsidiaries, or TRSs. TRSs are subject to both federal and state income taxes. The tax years 2009-2012 remain open to examination by the major taxing jurisdictions to which we are subject. We recognize tax penalties relating to unrecognized tax benefits as additional tax expense. Interest relating to unrecognized tax benefits is recognized as interest expense. | ||||
Income taxes are provided for under the asset and liability method and consider differences between the tax and financial accounting bases. The tax effects of these differences are reflected on the balance sheet as deferred income taxes and measured using the effective tax rate expected to be in effect when the differences reverse. ASC Topic 740, Income Taxes, or ASC Topic 740, also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion of the deferred tax assets will not be realized. During the first quarter of 2013, we evaluated the ability to realize our deferred tax asset, which was previously offset by a valuation allowance. Due to a deferred tax liability resulting from the ELRM Transaction, we believe it is more likely than not that our deferred tax asset will be realized. | ||||
We follow ASC Topic 740 to recognize, measure, present and disclose in our consolidated financial statements uncertain tax positions that we have taken or expect to take on a tax return. Management has evaluated our income tax positions and concluded that we have no uncertain income tax positions at December 31, 2013 and 2012. We are not currently under audit by any tax jurisdiction. | ||||
Equity Method Investments | ||||
We use the equity method to account for investments in entities that we do not have a controlling financial interest or where we do not own a majority of the economic interest but have the ability to exercise significant influence over the investee. For an investment accounted for under the equity method, our share of net earnings or losses is reflected as income when earned and distributions are credited against our investment as received. | ||||
We continually evaluate our investments in unconsolidated joint ventures when events or changes in circumstances indicate that there may be an other-than-temporary decline in value. We consider various factors to determine if a decrease in the value of the investment is other-than-temporary. These factors include, but are not limited to, age of the venture, our intent and ability to retain our investment in the entity, the financial condition and long-term prospects of the entity, and the relationships with the other joint venture partners and its lenders. If we believe that the decline in fair value is temporary, no impairment is recorded. If we determine that the decrease in the value of the investment is other than temporary, the amount of loss recognized is the excess of the investment’s carrying amount over its estimated fair value. The aforementioned factors are taken as a whole by management in determining the valuation of our investment property. Should the actual results differ from management’s judgment, the valuation could be negatively affected and may result in a negative impact to our consolidated financial statements. | ||||
Segment Disclosure | ||||
ASC Topic 280, Segment Reporting, establishes standards for reporting financial and descriptive information about a public entity’s reportable segments. We have determined that we have one reportable segment, with activities related to investing in and managing apartment communities. Our investments in real estate are geographically diversified and management evaluates operating performance on an individual property level. However, as each of our apartment communities has similar economic characteristics, tenants and products and services, our apartment communities both owned and leased have been aggregated into one reportable segment for the years ended December 31, 2013, 2012 and 2011. The operations of our Property Manager, excluding reimbursed costs, are not material to our consolidated statements of comprehensive loss and therefore, have been aggregated with our apartment communities both owned and leased. | ||||
Recently Issued Accounting Pronouncements | ||||
In February 2013, FASB issued ASU 2013-02, Other Comprehensive Income (Topic 220), or ASU 2013-02. ASU 2013-02 requires companies to report changes in accumulated other comprehensive income, or AOCI. For significant items reclassified out of AOCI to net income in their entirety, reporting is required about the effect of the reclassifications on the respective line items where net income is presented. Additionally, for items that are not reclassified to net income in their entirety, a cross reference to other disclosures is required in the notes. ASU 2013-02 is effective for interim and fiscal years beginning after December 15, 2012, or the first quarter of 2013 for calendar-year companies. The adoption of ASU 2013-02 has no material impact on our consolidated financial statements. |
Real_Estate_Investments
Real Estate Investments | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Real Estate [Abstract] | ' | ||||||||||
Real Estate Investments | ' | ||||||||||
3 | Real Estate Investments | ||||||||||
Our investments in our consolidated owned properties, net consisted of the following as of December 31, 2013 and 2012 (in thousands): | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
Land | $ | 221,595 | $ | 103,159 | |||||||
Land improvements | 118,652 | 61,242 | |||||||||
Building and improvements(1) | 1,129,619 | 609,241 | |||||||||
Furniture, fixtures and equipment | 30,567 | 17,515 | |||||||||
1,500,433 | 791,157 | ||||||||||
Less: accumulated depreciation | (89,920 | ) | (65,589 | ) | |||||||
$ | 1,410,513 | $ | 725,568 | ||||||||
-1 | Includes $10.4 million of direct construction costs for our repositioning activities as of December 31, 2013. We anticipate that the repositioning activities related to these apartment communities will be completed during the first half of 2014. There were no direct construction costs for our repositioning activities as of December 31, 2012. | ||||||||||
Depreciation expense for the years ended December 31, 2013, 2012 and 2011 was $35.1 million $13.7 million, and $10.8 million, respectively. | |||||||||||
Real Estate Acquisitions | |||||||||||
During the year ended December 31, 2013, we completed the acquisition of 38 consolidated apartment communities and one parcel of undeveloped land, as set forth below (in thousands, except unit data): | |||||||||||
Property Description | Date | Number | Total | ||||||||
Acquired | of Units | Purchase | |||||||||
Price per | |||||||||||
Purchase | |||||||||||
Agreement | |||||||||||
Richmond on the Fairway — Lawrenceville, GA | January 31, 2013 | 243 | $ | 10,500 | |||||||
Landmark at Brighton Colony — Charlotte, NC | February 28, 2013 | 276 | 30,000 | ||||||||
Landmark at Greenbrooke Commons — Charlotte, NC | February 28, 2013 | 279 | 34,000 | ||||||||
Landmark at Mallard Creek — Charlotte, NC | 28-Mar-13 | 240 | 18,750 | ||||||||
Monterra Pointe — Arlington, TX | 29-Mar-13 | 200 | 12,088 | ||||||||
Palisades at Bear Creek — Euless, TX | 29-Mar-13 | 120 | 8,050 | ||||||||
Crestmont Reserve — Dallas, TX | 29-Mar-13 | 242 | 18,800 | ||||||||
Kensington Station — Bedford, TX | March 29, 2013 | 238 | 15,150 | ||||||||
Reserve at River Walk — Columbia, SC | 30-Apr-13 | 220 | 15,255 | ||||||||
Victoria Park — Charlotte, NC | 30-Apr-13 | 380 | 20,500 | ||||||||
Landmark at Barton Creek — Austin, TX | 28-Jun-13 | 298 | 37,500 | ||||||||
Landmark at Monaco Gardens — Charlotte, NC | 28-Jun-13 | 276 | 20,881 | ||||||||
Grand Terraces — Charlotte, NC | 1-Jul-13 | 240 | 15,750 | ||||||||
Stanford Reserve — Charlotte, NC | 1-Jul-13 | 310 | 15,100 | ||||||||
Courtyards on the River — Tampa, FL | 1-Jul-13 | 296 | 16,250 | ||||||||
Fountain Oaks — Jacksonville, FL | 1-Jul-13 | 160 | 7,000 | ||||||||
Caveness Farms — Wake Forest, NC | 3-Jul-13 | 288 | 26,675 | ||||||||
Lexington on the Green — Raleigh, NC | 3-Jul-13 | 384 | 23,500 | ||||||||
Landmark at Wynton Pointe — Nashville, TN | 23-Jul-13 | 380 | 32,390 | ||||||||
Landmark at Gleneagles — Dallas, TX | 23-Jul-13 | 590 | 42,250 | ||||||||
Landmark at Prescott Woods — Austin, TX | 23-Jul-13 | 364 | 24,300 | ||||||||
Avondale by the Lakes — St. Petersburg, FL | 25-Jul-13 | 304 | 18,446 | ||||||||
Landmark at Stafford Landing — Ocoee, FL(1) | 31-Jul-13 | 522 | 34,800 | ||||||||
Landmark at Savoy Square — Clearwater, FL | 16-Aug-13 | 182 | 10,000 | ||||||||
Landmark at Ocean Breeze — Melbourne, FL | 16-Aug-13 | 224 | 9,400 | ||||||||
Grand Arbor Reserve — Raleigh, NC | 20-Aug-13 | 297 | 22,750 | ||||||||
Landmark at Battleground Park — Greensboro, NC | September 9, 2013 | 240 | 14,780 | ||||||||
Landmark at Glenview Reserve — Nashville, TN | 9-Sep-13 | 360 | 22,300 | ||||||||
Landmark at Lyncrest Reserve — Nashville, TN | September 20, 2013 | 260 | 21,220 | ||||||||
Landmark at Preston Wood — Richardson, TX | September 20, 2013 | 194 | 12,250 | ||||||||
Landmark at Woodland Trace — Casselberry, FL | 3-Oct-13 | 384 | 26,800 | ||||||||
Landmark at Grayson Park — Tampa, FL | 3-Oct-13 | 408 | 32,000 | ||||||||
Collin Creek — Plano, TX | 10-Oct-13 | 314 | 21,450 | ||||||||
Landmark at Lancaster Place — Calera, AL | 16-Oct-13 | 240 | 17,710 | ||||||||
Lancaster Place Land — Calera, AL | 16-Oct-13 | N/A | 290 | ||||||||
Landmark at Courtyard Villas — Mesquite, TX | 30-Oct-13 | 256 | 21,400 | ||||||||
Landmark at Sutherland Park — Plano, TX | 30-Oct-13 | 480 | 33,370 | ||||||||
Landmark at Avery Place — Tampa, FL | 26-Nov-13 | 264 | 18,400 | ||||||||
Landmark at Deerfield Glen — Hoover, AL | 26-Nov-13 | 320 | 23,000 | ||||||||
Total Acquired Properties | $ | 805,055 | |||||||||
-1 | We own a 60.19% controlling interest in Landmark at Stafford Landing, LLC, the entity that owns the Landmark of Stafford Landing property. The entity is consolidated due to our controlling financial interest in Landmark at Stafford Landing, LLC. |
Real_Estate_Disposition_Activi
Real Estate Disposition Activities | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||
Real Estate Disposition Activities | ' | ||||||||||||
4 | Real Estate Disposition Activities | ||||||||||||
During the year ended December 31, 2013, we sold two apartment communities with an aggregate of 700 apartment units for a combined purchase price of $71.7 million. We received cash proceeds of $24.5 million net of outstanding mortgage notes payable of $45.6 million secured by the apartment communities and other closing costs and adjustments of $1.5 million. As of the date of disposal, the properties had a net carrying value of $60.2 million. | |||||||||||||
The operations have been presented as income from discontinued operations in the accompanying consolidated statements of comprehensive loss. The gain on sale from these properties is classified in income from discontinued operations on the consolidated statements of comprehensive loss. | |||||||||||||
Accordingly, certain reclassifications have been made to prior years to reflect discontinued operations consistent with current year presentation. | |||||||||||||
The following is a summary of income from discontinued operations for the periods presented (dollars in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Rental income | $ | 3,604 | $ | 7,374 | $ | 6,898 | |||||||
Other property revenues | 584 | 991 | 882 | ||||||||||
Total revenues | 4,188 | 8,365 | 7,780 | ||||||||||
Rental expenses | (1,583 | ) | (3,119 | ) | (3,026 | ) | |||||||
Interest expense, net | (1,057 | ) | (2,127 | ) | (2,206 | ) | |||||||
Depreciation and amortization expense | (1,027 | ) | (2,460 | ) | (2,432 | ) | |||||||
Total expenses | (3,667 | ) | (7,706 | ) | (7,664 | ) | |||||||
Income before net gain on the sale of property | 521 | 659 | 116 | ||||||||||
Net gain on the sale of property | 10,034 | — | — | ||||||||||
Income from discontinued operations | $ | 10,555 | $ | 659 | $ | 116 | |||||||
Less: Net income from discontinued operations attributable to redeemable non-controlling interests in operating partnership | 5,486 | 107 | — | ||||||||||
Income from discontinued operations attributable to common stockholders | $ | 5,069 | $ | 552 | $ | 116 | |||||||
We had no real estate dispositions for the years ended December 31, 2012 and 2011. |
Investments_in_Unconsolidated_
Investments in Unconsolidated Entities | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||
Investments in Unconsolidated Entities | ' | ||||||||||||||
5 | Investments in Unconsolidated Entities | ||||||||||||||
As of December 31, 2013, we held non-controlling interests in the following investments which are accounted for under the equity method (in thousands, except unit data): | |||||||||||||||
Investment Description | Date | Number | Total | Percentage | |||||||||||
Acquired | of Units | Investment at | Ownership | ||||||||||||
December 31, | |||||||||||||||
2013 | |||||||||||||||
Landmark at Waverly Place — Melbourne, FL | November 18, 2013 | 208 | $ | 1,158 | 20 | % | |||||||||
The Fountains — Palm Beach Gardens, FL | December 6, 2013 | 542 | 4,998 | 20 | % | ||||||||||
Timbercreek U.S. Multi-Residential (U.S.) Holding L.P. — 500,000 Class A Units | 20-Dec-13 | N/A | 5,000 | 7.5 | % | ||||||||||
Total investments | $ | 11,156 | |||||||||||||
On November 18, 2013, we acquired an interest in the Landmark at Waverly Place property through our joint venture with Elco Landmark at Waverly Place Management LLC. We own a 20% non-controlling interest and our joint venture partner owns an 80% controlling interest in Landmark at Waverly Place, LLC, the entity that owns the Landmark of Waverly Place property. As of November 18, 2013, the difference between the carrying value of our initial investment in Landmark of Waverly Place property and the amount of underlying equity in net assets was $674,500. | |||||||||||||||
On December 6, 2013, we acquired an interest in the Fountains property through our joint venture with Elco Landmark at Garden Square Management, LLC. We own a 20% non-controlling interest and our joint venture partner owns an 80% controlling interest in Landmark at Garden Square, LLC, the entity that owns the Fountains property. As of December 6, 2013, the difference between the carrying value of our initial investment in The Fountains property and the amount of underlying equity in net assets was $2.2 million. | |||||||||||||||
On December 20, 2013, we purchased the 500,000 Class A Units in Timbercreek U.S. Multi-Residential (U.S.) Holding L.P., or Timbercreek, for consideration in the amount of $5 million, therefore, becoming a limited partner in Timbercreek. At December 31, 2013, we owned approximately 7.5% of the limited partnership interest in Timbercreek. |
Identified_Intangible_Assets_N
Identified Intangible Assets, Net | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||
Identified Intangible Assets, Net | ' | ||||||||
6 | Identified Intangible Assets, Net | ||||||||
Identified intangible assets, net consisted of the following as of December 31, 2013 and 2012 (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012(2) | ||||||||
Disposition fee rights(1) | $ | 284 | $ | 1,580 | |||||
In-place leases, net of accumulated amortization of $39.1 million and $3.9 million as of December 31, 2013 and 2012, respectively (with a weighted average remaining life of 3.6 months and 4.7 months as of December 31, 2013 and 2012, respectively) | 16,662 | 5,968 | |||||||
Trade name and trade marks (indefinite lives) | 200 | — | |||||||
Property management contracts, net of accumulated amortization of $2.2 million and $0 as of December 31, 2013 and 2012, respectively (with a weighted average remaining life of 165.3 months and 0 months as of December 31, 2013 and 2012, respectively) | 18,703 | — | |||||||
$ | 35,849 | $ | 7,548 | ||||||
-1 | On March 28, 2013, June 28, 2013 and October 10, 2013, we purchased three apartment communities which were owned by unaffiliated third parties and leased by subsidiaries of NNN/MR Holdings, a wholly owned subsidiary of our company. Pursuant to each master lease, or other operative agreement, between each master tenant subsidiary of NNN/MR Holdings and the respective third-party property owners, NNN/MR Holdings was entitled to a 5% disposition fee of the purchase price in the event that any of the leased properties were sold. We recognized disposition fee right intangibles at the time of our acquisition of NNN/MR Holdings in the aggregate amount of $1.3 million for those three leased properties. Based on the aggregate purchase price we paid for the properties of $61.1 million, the resulting disposition fee due to NNN/MR Holdings was $3.1 million and the consideration paid at acquisition was accordingly reduced by this amount. The excess of the disposition fee over the recorded disposition fee right intangible during the year ended December 31, 2013 was $1.8 million, and was recorded as disposition right income in our consolidated statements of comprehensive loss. | ||||||||
-2 | As of December 31, 2012, there was an impairment loss of $1.6 million of identified intangible assets, resulting from the termination of our property management contracts for 33 multifamily apartment communities owned by unaffiliated third parties during the fourth quarter of 2012. This event triggered an immediate and full impairment of the tenant relationship intangible in the amount of $1.3 million and an expected termination fee intangible totaling $310,000. See Note 2, Summary of Significant Accounting Policies — Goodwill and Identified Intangible Assets, Net, for further discussion. | ||||||||
As of December 31, 2013 and 2012, we had below market lease intangibles, net, of $870,000 and $0, respectively, which are classified as a liability in security deposits, prepaid rent and other liabilities in our consolidated balance sheets. We amortize our net lease above market intangibles on a straight-line basis as an increase to rental income. | |||||||||
Amortization expense recorded on the identified intangible assets, net for the years ended December 31, 2013, 2012 and 2011 was $37.4 million, $3.9 million, and $389,000, respectively. | |||||||||
Estimated amortization expense on the identified intangible assets as of December 31, 2013 is as follows (in thousands): | |||||||||
Year | Amount | ||||||||
2014 | $ | 18,821 | |||||||
2015 | 3,475 | ||||||||
2016 | 3,313 | ||||||||
2017 | 3,169 | ||||||||
2018 | 1,322 | ||||||||
Thereafter | 4,395 | ||||||||
Total | $ | 34,495 | |||||||
Other_Assets_Net
Other Assets, Net | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ||||||||
Other Assets, Net | ' | ||||||||
7 | Other Assets, Net | ||||||||
Other assets, net consisted of the following as of December 31, 2013 and 2012 (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Deferred financing costs, net of accumulated amortization of $4.4 million and $1.8 million as of December 31, 2013 and 2012, respectively | $ | 14,513 | $ | 4,509 | |||||
Prepaid expenses and deposits | 4,298 | 992 | |||||||
Fair value of interest rate cap agreements | 478 | 42 | |||||||
$ | 19,289 | $ | 5,543 | ||||||
Amortization expense recorded on the deferred financing costs for the years ended December 31, 2013, 2012 and 2011 was $3.9 million, $686, 000, and $297,000, respectively. |
Debt
Debt | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Debt | ' | ||||||||||||
8 | Debt | ||||||||||||
Our mortgage loan payables, net, unsecured notes payable to affiliates and variable rate secured credit facility with Bank of America, N.A. and certain other lenders, or the Credit Facility, as of December 31, 2013 and 2012, are summarized below (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Mortgage loan payables — fixed | $ | 652,345 | $ | 353,102 | |||||||||
Mortgage loan payables — variable | 175,120 | 116,719 | |||||||||||
Total secured fixed and variable rate debt | 827,465 | 469,821 | |||||||||||
Premium, net | 10,969 | 9,673 | |||||||||||
Total mortgage loan payables, net | 838,434 | 479,494 | |||||||||||
Credit Facility | 145,200 | — | |||||||||||
Total secured fixed and variable rate debt, net | $ | 983,634 | $ | 479,494 | |||||||||
Unsecured notes payable to affiliates | $ | 5,784 | $ | — | |||||||||
Unsecured note payable | — | 500 | |||||||||||
Total unsecured notes | $ | 5,784 | $ | 500 | |||||||||
Scheduled payments and maturities of mortgage loan payables, net, unsecured notes payable to affiliates and the Credit Facility at December 31, 2013 were as follows (in thousands): | |||||||||||||
Year | Secured notes | Secured notes | Unsecured notes | ||||||||||
payments(1) | maturities | maturities | |||||||||||
2014 | $ | 13,085 | $ | — | $ | — | |||||||
2015 | 10,721 | 311,416 | 500 | ||||||||||
2016 | 9,695 | 96,792 | — | ||||||||||
2017 | 9,056 | 99,725 | — | ||||||||||
2018 | 7,216 | 120,436 | 5,284 | ||||||||||
Thereafter | 13,320 | 281,203 | — | ||||||||||
$ | 63,093 | $ | 909,572 | $ | 5,784 | ||||||||
-1 | Secured note payments are comprised of the principal pay downs for mortgage loan payables and the Credit Facility. | ||||||||||||
Mortgage Loan Payables, Net | |||||||||||||
Mortgage loan payables, net were $838.4 million ($827.5 million, excluding mark to market) and $479.5 million ($469.8 million, excluding mark to market) as of December 31, 2013 and 2012, respectively. As of December 31, 2013, we had 47 fixed rate and ten variable rate mortgage loans with effective interest rates ranging from 2.37% to 6.58% per annum and a weighted average effective interest rate of 4.70% per annum. As of December 31, 2013, we had $663.3 million ($652.3 million, excluding mark to market) of fixed rate debt, or 79.1% of mortgage loan payables, at a weighted average interest rate of 5.18% per annum and $175.1 million of variable rate debt, or 20.9% of mortgage loan payables, at a weighted average effective interest rate of 2.92% per annum. As of December 31, 2012, we had 26 fixed rate and six variable rate mortgage loans with effective interest rates ranging from 2.46% to 6.58% per annum, and a weighted average effective interest rate of 4.66% per annum. As of December 31, 2012, we had $362.7 million ($353.1 million, excluding market to market) of fixed rate debt, or 75.7% of mortgage loan payables, at a weighted average interest rate of 5.21% per annum and $116.7 million of variable rate debt, or 24.3% of mortgage loan payables, at a weighted average effective interest rate of 3.01% per annum. | |||||||||||||
We are required by the terms of certain loan documents to meet certain financial covenants, such as minimum net worth and liquidity amounts, and comply with certain financial reporting requirements. As of December 31, 2013 and 2012, we were in compliance with all such requirements. Most of the mortgage loan payables may be prepaid in whole but not in part, subject to prepayment premiums and certain tax protection agreements that we are a party to. As of December 31, 2013, 16 of our mortgage loan payables had monthly interest-only payments, while 41 of our mortgage loan payables as of December 31, 2013 had monthly principal and interest payments. | |||||||||||||
Unsecured Notes Payable to Affiliates | |||||||||||||
On March 14, 2013, as part of the consideration for the ELRM Transaction, we entered into an unsecured note payable to Elco Landmark Residential Holdings II, or Holdings II, an affiliate of ELRH, in the principal amount of $10 million. On December 20, 2013, we repaid $5 million of the outstanding principal amount on the note by issuing to Holdings II 613,497 shares of restricted common stock. Between May 10, 2013 and September 23, 2013, as part of the earnout consideration in connection with the ELRM Transaction, we also issued to Holdings II unsecured promissory notes in the aggregate principal amount of $284,000. These unsecured notes payable to affiliate mature on the earliest of the fifth anniversary from the applicable date of issuance or the date of our company’s initial public offering on a national securities exchange. Simple interest is payable monthly or can be accrued until maturity at an annual rate of 3% at our option. | |||||||||||||
As of December 31, 2013, the outstanding principal amount under the unsecured note payable to Legacy Galleria, LLC, or the Legacy Unsecured Note, was $500,000. The Legacy Unsecured Note was issued as part of the purchase of the Landmark at Magnolia Glen property on October 19, 2012. The Legacy Unsecured Note matures on August 3, 2015. Interest is payable monthly at an annual rate based on a benchmark index from the limited partnership unit distributions dividend rate or 3.68%. On July 31, 2013, Legacy Galleria, LLC became our affiliate. In connection with the joint venture transaction with Legacy at Stafford Landing, LLC, our joint venture partner, the Legacy Unsecured Note was recorded as an unsecured note payable to affiliates in our consolidated balance sheets as of December 31, 2013. | |||||||||||||
Credit Facility | |||||||||||||
The Credit Facility is in the aggregate maximum principal amount of $130 million and, subject to certain terms and conditions, can be increased by up to an additional $50 million upon approval from the lender and holders of our 8.75% the Series D Cumulative Non-Convertible Preferred Stock, par value $0.01 per share, or our Series D Preferred Stock. The amount available under the Credit Facility is based on the lesser of the following: (i) the aggregate commitments of all lenders and (ii) a percentage of the appraised value for all collateral properties. The credit agreement of the Credit Facility permits multiple term loan draws, which are only available to be drawn for six months following the closing date of the Credit Facility. On October 10, 2013, we exercised our option to increase aggregate borrowings available under the Credit Facility from $130 million to $145.2 million and drew down the amount of $15.2 million to fund the acquisition of one property. As of December 31, 2013, the amount available to be drawn on the incremental facility was $34.8 million and 13 of our properties were pledged as collateral under the Credit Facility. See Note 18, Subsequent Events, for additional information. | |||||||||||||
The Credit Facility will mature on March 7, 2015, subject to an extension of the maturity date to March 7, 2016 if certain conditions are satisfied. Pursuant to the terms of the credit agreement, we and certain of our indirect subsidiaries guaranteed all of the obligations of the operating partnership and each other guarantor under the credit agreement and the related loan documents. From time to time, the operating partnership may cause additional subsidiaries to become guarantors under the credit agreement. | |||||||||||||
All borrowings under the Credit Facility bear interest at an annual rate equal to, at our option, (i) the highest of (A) the federal funds rate, plus one-half of 1% and a margin that fluctuates based on our debt yield, (B) the rate of interest as publicly announced from time to time by Bank of America, N.A. as its prime rate, plus a margin that fluctuates based on our debt yield or (C) the Eurodollar Rate (as defined in the credit agreement) for a one-month interest period plus 1% and a margin that fluctuates based upon our debt yield or (ii) the Eurodollar Rate (as defined in the credit agreement) plus a margin that fluctuates based upon our debt yield. As of December 31, 2013, our current annual interest rate was 3.15% on principal outstanding of $130 million, which represents the Eurodollar Rate, based on a six month interest period plus a margin of 2.75% and 5% on principal outstanding of $15.2 million, which represents the prime rate plus a margin of 1.75%. We are required by the terms of the Credit Facility to meet certain financial covenants, such as minimum net worth and liquidity amounts, and comply with certain financial reporting requirements. As of December 31, 2013, we were in compliance with all such requirements. | |||||||||||||
Loss on Debt Extinguishment | |||||||||||||
The Credit Facility proceeds were used, in part, to refinance existing mortgage loan payables. Certain of the refinanced mortgage loan payables were subject to prepayment penalties and write off of unamortized deferred financing costs that totaled $684,000 during the year ended December 31, 2013. |
Preferred_Stock_and_Warrants_t
Preferred Stock and Warrants to Purchase Common Stock | 12 Months Ended | |
Dec. 31, 2013 | ||
Text Block [Abstract] | ' | |
Preferred Stock and Warrants to Purchase Common Stock | ' | |
9 | Preferred Stock and Warrants to Purchase Common Stock | |
Series A Preferred Stock and Series B Preferred Stock | ||
We previously issued and sold, for cash, 5,000,000 shares of Series A Preferred Stock, at a price of $10.00 per share, and 1,000,000 shares of Series B Preferred Stock, at a price of $10.00 per share. On June 28, 2013, we redeemed all of the issued and outstanding shares of the Series A Preferred Stock and the Series B Preferred Stock using proceeds from our issuance of the Series D Preferred Stock. Accordingly, as of December 31, 2013, no shares of Series A Preferred Stock or Series B Preferred Stock were issued or outstanding. As of December 31, 2012, the aggregate amount in issued shares of the Series A Preferred Stock was $38.2 million, and the aggregate amount in issued shares of the Series B Preferred Stock, was $9.6 million. | ||
Based on the requirement for redemption for cash, the Series A Preferred Stock and the Series B Preferred Stock were classified as a liability in our consolidated balance sheet as of December 31, 2012. The preferred share liability was accreted through June 28, 2013. For the years ended December 31, 2013 and 2012, we recorded $635,000 and $655,000, respectively, in accretion, which was recorded as interest expense in our consolidated statements of comprehensive loss. No accretion was recorded in interest expense in 2011. We redeemed the Series A Preferred Stock and the Series B Preferred Stock in the amounts of $50 million and $10 million, respectively, and wrote off the remaining unamortized discount in the amount of $1.3 million, which is recorded as loss on debt and preferred stock extinguishments in our consolidated statements of comprehensive loss. Refer to Warrants to Purchase Common Stock below. The Series A Preferred Stock and the Series B Preferred Stock were considered equity securities for federal income tax purposes. | ||
The Series A Preferred Stock and the Series B Preferred Stock were entitled to a 9.75% annual distribution based on $10.00 per share recorded as preferred dividends classified as interest expense in consolidated statements of comprehensive loss through June 28, 2013. For the years ended December 31, 2013 and 2012, we incurred $2.7 million and $2 million, respectively, in interest expense to holders of the Series A Preferred Stock and Series B Preferred Stock. As of December 31, 2013 and 2012, there were $0 and $1.7 million, respectively, of aggregate accumulated distributions accrued but not paid to holders of the Series A Preferred Stock and the Series B Preferred Stock. | ||
As of June 28, 2013, in connection with the redemption of the Series A Preferred Stock and the Series B Preferred Stock, we incurred a $9.5 million loss on preferred stock extinguishment consisting of $6.4 million in prepayment penalties, a write off in the amount of $2.5 million in unamortized loan discount and deferred financing costs, and $600,000 in redemption fees, which are recorded in the consolidated statements of comprehensive loss in loss on debt and preferred stock extinguishment. | ||
Series D Preferred Stock | ||
As of December 31, 2013, we had issued an aggregate of 20,976,300 shares of Series D Preferred Stock to iStar Apartment Holdings LLC, or iStar, and BREDS II Q Landmark LLC, or BREDS, at $10.00 per share. Holders of the Series D Preferred Stock are entitled to cumulative cash dividends of 14.47% per annum, compounded monthly. A portion of the cumulative cash dividend equal to 8.75% per annum compounded monthly, or the Current Dividend, is payable in cash on the 15th day of each month while the remaining amount is accrued and must be paid prior to the redemption of the Series D Preferred Stock. The Company, however, may elect to pay up to the full amount of accrued dividends on each dividend payment date. Our failure to pay in full, in cash, any Current Dividend on any applicable payment date will constitute an event of default, which could result in the dividend rate being increased to 19.97% per annum, of which 11% per annum compounded monthly will be due as the Current Dividend on the 15th of each month. Furthermore, we are restricted, subject to certain exceptions, from declaring or paying any distributions (or setting aside any funds for the payment of distributions) on our common stock at an amount greater than the current distribution rate or redeeming, repurchasing or otherwise acquiring shares of our common stock, in either case, unless full cumulative dividends on the Series D Preferred Stock have been or contemporaneously are declared and paid in full in cash for all past dividend periods. Series D Preferred Stock dividends are recorded as preferred dividends classified as interest expense in consolidated statements of comprehensive loss. For the year ended December 31, 2013, we incurred preferred dividends classified as interest expense of $13.1 million related to Series D Preferred Stock. | ||
In addition to other preferential rights upon voluntary or involuntary liquidation, dissolution or winding up of our affairs, each holder of Series D Preferred Stock is entitled to receive liquidating distributions in cash in an amount equal to $10.00 per share plus any accrued and unpaid dividends due under the agreement, before any distribution or payment is made to the holders of our common stock upon any voluntary or involuntary liquidation, dissolution or winding up of our affairs. | ||
We are required to redeem all outstanding shares of Series D Preferred Stock on June 28, 2016, subject to a one year extension, for a cash payment to the holders of the Series D Preferred Stock in an amount per share equal to $10.00 plus any accrued and unpaid dividends due under the agreement. Based on the requirement of redemption for cash, the Series D Preferred Stock is classified as a liability in our consolidated balance sheet as of December 31, 2013. Failure to redeem the Series D Preferred Stock by any mandatory redemption date (as extended) will trigger increases in dividends due under the agreement. If an event of default occurs on our mortgage loan payables, net, the Credit Facility or other indebtedness and is continuing after an applicable cure period, there will then be an event of default on the Series D Preferred Stock. | ||
In addition, in the event of a triggering event as defined in the Series D Preferred Stock agreement, we are obligated to redeem not less than 50% of the shares of the Series D Preferred Stock then outstanding, at a certain premium. This redemption feature meets the requirements to be accounted for separately as a derivative financial instrument. We measured the fair value of this derivative at the issuance date and recorded a liability for approximately $13.5 million with a corresponding discount recorded to the value of the Series D Preferred Stock. As of December 31, 2013, the fair value of this derivative was $11.1 million. The derivative is recorded at fair value for each reporting period, with changes in fair value being recorded through general, administrative and other expense. For the year ended December 31, 2013, the income was $2.4 million. The Series D Preferred Stock discount is accreted to its face value through the redemption date as interest expense. Interest expense recorded for the accretion of the Series D Preferred Stock discount for the year ended December 31, 2013 was $1.9 million. The Series D Preferred Stock and the derivative are presented together in the consolidated balance sheets as Series D cumulative non-convertible redeemable preferred stock with derivative in the amount of $209.3 million as of December 31, 2013. | ||
Warrants to Purchase Common Stock | ||
In connection with the issuances of the Series A Preferred Stock and the Series B Preferred Stock, we issued warrants to purchase an aggregate of $60 million in shares of our common stock at an exercise price per share of common stock equal to: (i) $9.00 if the warrants are being exercised in connection with a “change of control” (as such term is defined in the form of warrant); or (ii) the greater of $9.00 and 80% of the public offering price of our common stock in our first underwritten public offering, in conjunction with which our common stock is listed for trading on the New York Stock Exchange if the warrants are being exercised during the 60-day period following such underwritten public offering. The warrants remained outstanding subsequent to the redemption of the Series A Preferred Stock and the Series B Preferred Stock and will become exercisable at any time and from time to time prior to their expiration following the completion of an underwritten public offering and in connection with a change of control. In general, the August 3, 2012 and February 27, 2013 warrants will immediately expire and cease to be exercisable upon the earliest to occur of: (i) the close of business on the later of August 3, 2015; (ii) the close of business on the date that is 60 days after the completion of the underwritten public offering (or the next succeeding business day); (iii) the consummation of a “Qualified Company Acquisition” (as such term is defined in the form of warrant); and (iv) the cancellation of the warrants by our company, at its option or at the option of the warrant holder, in connection with a change of control (other than a Qualified Company Acquisition). | ||
We measured the fair value of the warrants as of December 31, 2013 and December 31, 2012 resulting in our recording $1.8 million and $1.9 million, respectively, reflected in security deposits, prepaid rent and other liabilities in our consolidated balance sheets. The warrants are recorded at fair value for each reporting period with changes in fair value being recorded in general, administrative and other expense in the consolidated statements of comprehensive loss. See Note 14, Fair Value of Derivatives and Financial Instruments, for further discussion of our fair valuation on a recurring basis. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |
Dec. 31, 2013 | ||
Commitments And Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingencies | ' | |
10 | Commitments and Contingencies | |
Litigation | ||
We are not aware of any material pending legal proceedings other than ordinary routine litigation incidental to our business. | ||
Our general, administrative and other expenses on the consolidated statements of comprehensive loss for the years ended December 31, 2012 and 2011 reflect professional fees of $2.1 million and $1.3 million, respectively, related to litigation in connection with the termination of our proposed purchase of several apartment communities, which the court ruled in our favor and is no longer outstanding. In total, we incurred $3.4 million in fees related to the litigation. We incurred no such expense in the year ended December 31, 2013. | ||
Environmental Matters | ||
We follow a policy of monitoring our properties for the presence of hazardous or toxic substances. While there can be no assurance that a material environmental liability does not exist at our properties, we are not currently aware of any environmental liability with respect to our properties that would have a material effect on our consolidated financial position, results of operations or cash flows. Further, we are not aware of any material environmental liability or any unasserted claim or assessment with respect to an environmental liability that we believe would require additional disclosure or the recording of a loss contingency. | ||
Acquisition Contingent Consideration | ||
We incurred certain contingent consideration in connection with the ELRM Transaction during the first quarter of 2013. In consideration for the contribution to the operating partnership of ELRH’s economic rights to earn property management fees for managing certain real estate assets, the operating partnership agreed to issue up to $10 million in restricted limited partnership units to ELRH. Additionally, ELRH has the opportunity to earn additional consideration in the form of restricted limited partnership units and a promissory note through a contingent consideration arrangement, which is based on projected fees that we would earn in connection with new property management agreements for properties that may be acquired by ELRH and certain of its affiliates. We recorded an estimated fair value of $6.7 million for this contingent consideration on March 14, 2013, which was recorded in acquisition contingent consideration in our condensed consolidated balance sheets as of March 31, 2013. During the year ended December 31, 2013, this liability was reduced by $2 million for achieving the contingency and by an adjustment to the fair value calculation of $715,000. As of December 31, 2013, we determined that the fair value of the acquisition contingent consideration was $4 million. We issued $1.1 million in restricted limited partnership units and we issued promissory notes in the aggregate principal amount of $284,000 to settle a portion of the achieved contingency. The remaining $568,000 in achieved contingencies is recorded in other payables due to affiliates in our consolidated balance sheets and will be paid 50% in restricted limited partnership units and 50% in promissory notes. The change in fair value of $715,000 is recorded in general, administrative and other expense on our consolidated statements of comprehensive loss. See Note 14, Fair Value of Derivatives and Financial Instruments, for further discussion of our fair valuation on a recurring basis. | ||
Omnibus Agreement | ||
On December 31, 2013, we entered into an agreement, or the Omnibus Agreement with ELRH, Elco Holdings Ltd., an Israeli public corporation, or EH, and Elco North America Inc., a Delaware corporation, or ENA. EH is the parent company of ENA. The principal purposes of the Omnibus Agreement and the transactions contemplated thereunder are to (i) enable us to acquire an interest in a total of 26 separate apartment communities from ELRH and certain of its affiliates (10 of which have been acquired as of December 31, 2013, including two apartment communities that we account for under the equity method); and (ii) enable a restructuring transaction of ENA. During January 2014, we acquired ownership or ownership interest in the remaining 16 apartment communities which are further discussed in Note 18, Subsequent Events. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |
Dec. 31, 2013 | ||
Related Party Transactions [Abstract] | ' | |
Related Party Transactions | ' | |
11. Related | Party Transactions | |
The transactions listed below cannot be construed to be at arm’s length and the results of our operations may be different than if such transactions were conducted with non-related parties. | ||
Advisory Agreement with Former Advisor | ||
From February 2011 until August 3, 2012, we were externally advised by ROC REIT Advisors, LLC, or our Former Advisor, pursuant to an advisory agreement. Our Former Advisor is affiliated with us in that two of our executive officers, Stanley J. Olander, Jr. and Gustav G. Remppies, together own a majority interest in our Former Advisor. The advisory agreement was terminated on August 3, 2012 in connection with our Recapitalization Transaction and no advisory fees have been paid since then. | ||
As compensation for services rendered in connection with the management of our assets, we paid a monthly asset management fee to our Former Advisor equal to one-twelfth of 0.30% of our average invested assets as of the last day of the immediately preceding quarter. The asset management fee was payable monthly in arrears in cash equal to 0.25% of our average invested assets and in shares of our common stock equal to 0.05% of our average invested assets. For the years ended December 31, 2012 and 2011, we incurred $678,000 and $944,000, respectively, in asset management fees to our Former Advisor, which is included in general, administrative and other expense in our accompanying consolidated statements of comprehensive loss. Included in asset management fees to our Former Advisor are 13,992 and 15,741 shares of common stock valued at $9.00 per share or $126,000 and $141,000, that were issued to our Former Advisor for its services for the years ended December 31, 2012 and 2011, respectively. The advisory agreement also provided for the payment of certain subordinated performance fees upon the termination of the advisory agreement. For each of the years ended December 31, 2012 and 2011, we did not incur or pay any such fees. | ||
In addition to the compensation paid to our Former Advisor pursuant to the advisory agreement, we paid directly or reimbursed our Former Advisor for all the expenses our Former Advisor paid or incurred in connection with the services provided to us. We reimbursed our Former Advisor $143,000 and $162,000 in operating expenses for the years ended December 31, 2012 and 2011, respectively. Due to the termination of the advisory agreement on August 3, 2012, we do not expect to incur these expenses in the future. | ||
Lease for Principal Executive Offices | ||
In connection with our acquisition of the property management business of ELRM, we, through our operating partnership, entered into a lease agreement with Marlu Associates, Ltd., a Florida limited partnership, as the landlord, for office space located in Jupiter, Florida. Marlu Associates, Ltd. is an affiliated entity with Joseph G. Lubeck, our executive chairman. The lease has a term of five years with an aggregate rental of approximately $165,000 over the term of the lease. See Note 15, Business Combinations – ELRM Transaction, for more information on the acquisition of the property management business of ELRM. | ||
ELRM and Management Support Services Agreement | ||
In connection with the Recapitalization Transaction, on August 3, 2012, our Property Manager entered into a management support services agreement with ELRM. During the period from January 1, 2013 to March 14, 2013, 16 of the 34 properties we owned had management support services performed by ELRM, while 16 of our other properties had accounting services performed by ELRM. Pursuant to the management support services agreement, ELRM was entitled to receive a fee equal to 3% of the gross receipts for each Contributed Property. ELRM also received a fee equal to 2% of the gross receipts for our other properties. The management support services agreement and the additional accounting services provided by ELRM were terminated in connection with the ELRM Transaction on March 14, 2013; accordingly, we no longer pay the management support services and accounting fees to ELRM. See Note 15, Business Combinations — ELRM Transaction, for more information on the acquisition of the property management business of ELRM. | ||
Messrs. Lubeck and Salkind, two of our directors, directly or indirectly, owned a pecuniary interest in ELRM. Although at the time the management support services agreement was negotiated Messrs. Lubeck and Salkind were not related parties, we consider these arrangements to be a related party transaction due to the length of time these services were provided to us by ELRM and the consideration we paid ELRM for such services. We incurred approximately $418,000 in both management support services fees and accounting services performed by ELRM for each of the years ended December 31, 2013 and 2012, which are included in general, administrative and other expense in the consolidated statements of comprehensive loss. From January 1, 2013 through March 14, 2013, ELRM performed management support services and accounting services for 32 of our 34 properties. During 2012, ELRM performed management support services and accounting services for 29 of our 31 properties. As of December 31, 2013 and 2012, we had $915,000 and $183,000, respectively, due to our managed properties as part of the normal operations of our Property Manager and due to ELRH, in connection with the ELRM Transaction and management support services performed by ELRM, which were recorded in other payables due to affiliates in our consolidated balance sheets. | ||
We are also reimbursed between 25% and 100% by ELRH for the salaries we pay to certain of our employees. Amounts reimbursed represent management’s estimate of these employees’ time spent on behalf of ELRH. For the year ended December 31, 2013, we were reimbursed $644,000 by ELRH. | ||
As of December 31, 2013 and 2012, we had $2.5 million and $1.6 million outstanding, respectively, that were recorded in other receivables due from affiliates. The amounts outstanding represented amounts due from our managed properties as part of the normal operations of our Property Manager and due from ELRH related to the acquisition of certain of the Contributed Properties and the ELRM Transaction. | ||
Timbercreek U.S. Multi-Residential Opportunity Fund #1 | ||
As part of the ELRM Transaction, we acquired certain property management contracts and the rights to earn property management fees and back-end participation for managing certain real estate assets acquired by Timbercreek U.S. Multi-Residential Opportunity Fund # 1, or the Timbercreek Fund, an Ontario, Canada limited partnership. Also, during the period from the closing date of the ELRM Transaction and ending on the date that is 18 months thereafter, we had a commitment to purchase 500,000 Class A Units in Timbercreek U.S Multi-Residential (U.S.) Holding, L.P., or Timbercreek, in exchange for consideration of $5 million. On December 20, 2013, we purchased the 500,000 Class A Units in Timbercreek for consideration in the amount of $5 million, therefore, becoming a limited partner is Timbercreek. Timbercreek is a limited partner in the Timbercreek Fund. Mr. Lubeck and our chief investment officer, Elizabeth Troung, serve on the Investment Committee of the Timbercreek Fund. |
Equity
Equity | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Equity [Abstract] | ' | ||||||||
Equity | ' | ||||||||
12 | Equity | ||||||||
Preferred Stock | |||||||||
Our charter authorizes us to issue 50,000,000 shares of our preferred stock, par value $0.01 per share. As of December 31, 2013 we had issued and outstanding 20,976,300 shares of Series D Preferred Stock. As of December 31, 2012, we had issued 4,000,000 shares of Series A Preferred Stock and 1,000,000 shares of Series B Preferred Stock and as of March 31, 2013, we had issued an additional 1,000,000 shares of Series A Preferred Stock, all of which were fully redeemed as of December 31, 2013. See Note 9, Preferred Stock and Warrants to Purchase Common Stock. | |||||||||
Common Stock | |||||||||
Our charter authorizes us to issue up to 300,000,000 shares of our common stock. As of December 31, 2013 and 2012, we had 25,182,988 and 20,655,646 shares, respectively, of our common stock issued and outstanding. | |||||||||
The following are the equity transactions for our common stock during the year ended December 31, 2013: | |||||||||
• | 1,011,817 shares of common stock were issued in connection with the acquisition of two properties. | ||||||||
• | 2,055,215 shares of common stock were issued for cash and used in the acquisition of certain properties. | ||||||||
• | 1,226,994 shares of common stock were issued related to the purchase of 500,000 Class A units in Timbercreek U.S. Multi-Residential (U.S) Holding L.P. and for the repayment of $5 million on our $10 million unsecured note payable to affiliate. | ||||||||
• | 228,316 shares of common stock were issued pursuant to the DRIP. | ||||||||
• | 5,000 shares of restricted common stock were issued to our independent directors pursuant to the terms and conditions of the 2006 Award Plan. | ||||||||
Our distributions are subject to approval by our board of directors. Our common stock distributions for the years ended December 31, 2013, 2012 and 2011 totaled $0.30, $0.30 and $0.35 per share, respectively. | |||||||||
We report earnings (loss) per share pursuant to ASC Topic 260, Earnings Per Share. Basic earnings (loss) per share attributable for all periods presented are computed by dividing net income (loss) attributable to common shares for the period by the weighted average number of common shares outstanding during the period using the two class method. Diluted earnings (loss) per share is calculated by dividing the net income (loss) attributable to common shares for the period by the weighted average number of common and dilutive securities outstanding during the period. Nonvested shares of our restricted common stock give rise to potentially dilutive shares of our common stock. As of December 31, 2013, 2012 and 2011, there were 7,400, 5,400 shares and 6,600 shares, respectively, of nonvested shares of our restricted common stock outstanding, but such shares were excluded from the computation of diluted earnings per share because such shares were anti-dilutive during these periods. The long-term investment plan units, or LTIP Units, could potentially dilute the basis earnings per share in future periods but were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the periods presented. Further, the warrants were not included in the computation of diluted earnings per share and also would have been anti-dilutive for the periods presented. | |||||||||
Limited Partnership Units | |||||||||
As of December 31, 2013 and 2012, we had issued 33,450,957 and 18,688,321 limited partnership units to our non-controlling interest holders, respectively, for a preliminary total consideration of $272.6 million and $152.3 million, respectively, in relation to the acquisition of properties and the ELRM Transaction. In connection with the ELRM Transaction, ELRH and certain of its affiliates can receive up to an additional $5.2 million in limited partnership units based upon the preliminary valuation of these units. The limited partnership units issued as part of the ELRM Transaction are restricted and will vest in equal amounts over a period of five years, subject to certain accelerated vesting and cancellation provisions. See Note 13, Non-Controlling Interest, for additional information on our limited partnership units. | |||||||||
LTIP Units | |||||||||
As of December 31, 2013 and, 2012, we had issued 720,322 and 366,120 LTIP Units under the 2012 Award Plan (as defined below), respectively, to certain of our executive officers as incentive compensation. On March 14, 2013, we issued 256,042 restricted LTIP Units, in connection with the ELRM Transaction. The restricted LTIP Units will vest in equal amounts over a period of three years, subject to certain cancellation provisions. | |||||||||
Second Amended and Restated Distribution Reinvestment Plan | |||||||||
On February 24, 2011, our board of directors adopted the Second Amended and Restated DRIP, which became effective March 11, 2011. The DRIP, which allows participating stockholders to purchase additional shares of our common stock through the reinvestment of distributions, subject to certain conditions, offers up to 10,000,000 shares of our common stock for reinvestment for a maximum offering of up to $95 million. Pursuant to the DRIP, distributions are reinvested in shares of our common stock at a price equal to the most recently disclosed per share value, as determined by our board of directors. Effective as of August 3, 2012, our board of directors determined that the fair value of a share of our common stock is $8.15 per share. Accordingly, $8.15 is the per share price used for the purchases of shares pursuant to the DRIP until such time as our board of directors provides a new estimate of share value. | |||||||||
For the years ended December 31, 2013, 2012 and 2011, $1.9 million, $2 million and $2.7 million, respectively, in distributions were reinvested, and 228,316, 219,046 and 283,394 shares of our common stock, respectively, were issued pursuant to the DRIP. | |||||||||
2006 Incentive Award Plan | |||||||||
We adopted our 2006 Award Plan, pursuant to which our board of directors or a committee of our independent directors may make grants of options, restricted common stock awards, stock purchase rights, stock appreciation rights or other awards to our independent directors, employees and consultants. The maximum number of shares of our common stock that may be issued pursuant to our 2006 Award Plan is 2,000,000, subject to adjustment under specified circumstances. | |||||||||
Shares of restricted common stock may not be sold, transferred, exchanged, assigned, pledged, hypothecated or otherwise encumbered. Such restrictions expire upon vesting. Shares of restricted common stock have full voting rights and rights to dividends. For the years ended December 31, 2013, 2012 and 2011, we recognized compensation expense of $31,000, $50,000 and $30,000, respectively, related to the restricted common stock grants ultimately expected to vest, which has been reduced for estimated forfeitures. ASC Topic 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Stock compensation expense is included in general, administrative and other in our accompanying consolidated statements of comprehensive loss. | |||||||||
As of December 31, 2013 and 2012, there was $54,000 and $44,000, respectively, of total unrecognized compensation expense, net of estimated forfeitures, related to the nonvested shares of our restricted common stock. As of December 31, 2013, this expense is expected to be recognized over a remaining weighted average period of 2.73 years. | |||||||||
As of December 31, 2013 and 2012, the fair value of the nonvested shares of our restricted common stock was $60,310 and $54,000, respectively, based upon an $8.15 and $10.00 weighted average per share price at grant date, respectively. A summary of the status of the nonvested shares of our restricted common stock as of December 31, 2013 and 2012, and the changes for the years ended December 31, 2013 and 2012, is presented below: | |||||||||
Restricted | Weighted | ||||||||
Common | Average Grant | ||||||||
Stock | Date Fair | ||||||||
Value | |||||||||
Balance — December 31, 2011 | 6,600 | $ | 10 | ||||||
Granted | 4,000 | 10 | |||||||
Vested | (5,200 | ) | 10 | ||||||
Balance — December 31, 2012 | 5,400 | $ | 10 | ||||||
Granted | 5,000 | $ | 8.15 | ||||||
Vested | (3,000 | ) | 8.15 | ||||||
Balance — December 31, 2013 | 7,400 | 9 | |||||||
Expected to vest — December 31, 2013 | 7,400 | $ | 8.15 | ||||||
2012 Other Equity-Based Award Plan | |||||||||
In connection with the Recapitalization Transaction, our board of directors adopted the 2012 Award Plan, which is intended to assist our company and its affiliates in recruiting and retaining individuals and other service providers with ability and initiative by enabling such persons or entities to participate in the future success of the Company and its affiliates and to associate their interests with those of the Company and its stockholders. The 2012 Award Plan is also intended to complement the purposes and objectives of the 2006 Award Plan through the grant of “other equity-based awards” under the 2012 Award Plan. | |||||||||
Administration of the 2012 Award Plan. The 2012 Award Plan will be administered by the administrator of our 2006 Award Plan. This summary uses the term “administrator” to refer to our board of directors or the compensation committee of our board of directors, as applicable. The administrator will approve all terms of other equity-based awards under the 2012 Award Plan. The administrator will also approve who will receive other equity-based awards under the 2012 Award Plan and the number of shares of common stock subject to each other equity-based award. | |||||||||
Eligibility. All employees of the Company or any subsidiary of the Company and any member of our board of directors are eligible to participate in the 2012 Award Plan. In addition, any other individual who provides significant services to the Company or a subsidiary of the Company (including any individual who provides services to the Company or a subsidiary of the Company by virtue of employment with, or providing services to, the operating partnership) is eligible to participate in the 2012 Award Plan if the administrator, in its sole discretion, determines that the participation of such individual is in our best interest. | |||||||||
Share Authorization. The maximum aggregate number of shares of the Company’s common stock that may be issued under the 2012 Award Plan, together with the number of shares issued under the 2006 Award Plan, is 2,000,000 shares of common stock. | |||||||||
Reallocation of Shares. If any award or grant under the 2012 Award Plan (including LTIP Units) or the 2006 Award Plan expires, is forfeited or is terminated without having been exercised or is paid in cash without a requirement for the delivery of common stock, then any common stock covered by such lapsed, cancelled, expired, unexercised or cash-settled portion of such award or grant and any forfeited, lapsed, cancelled or expired LTIP Units shall be available for the grant of additional other equity-based awards and other awards under the 2006 Award Plan. Any common stock tendered or withheld to satisfy the grant or exercise price or tax withholding obligation pursuant to any other equity-based award under the 2012 Award Plan will not reduce the number of shares of common stock available under the 2012 Award Plan or the 2006 Award Plan. | |||||||||
Other Equity-Based Awards; LTIP Units. The administrator may grant other equity-based awards under the 2012 Award Plan, including LTIP Units. Other equity-based awards are payable in cash, shares of common stock or other equity, or a combination thereof, as determined by the administrator. The terms and conditions of other equity-based awards are determined by the administrator. | |||||||||
LTIP Units are a special class of partnership interest in the operating partnership. Each LTIP Unit awarded will be deemed equivalent to an award of one share of common stock under the 2012 Award Plan, reducing the aggregate share authorization under the 2012 Award Plan and the 2006 Award Plan on a one-for-one basis (i.e., each such unit shall be treated as an award of common stock). The Company will not receive a tax deduction for the value of any LTIP Units granted to participants. The vesting period and other forfeiture restrictions for any LTIP Units, if any, will be determined at the time of issuance. LTIP Units, whether or not vested, will receive the same periodic per unit distributions as the limited partnership units issued by the operating partnership, which distributions will generally equal per share distributions on shares of the Company’s common stock. | |||||||||
Initially, LTIP Units will not have full parity with the limited partnership units issued by the operating partnership with respect to liquidating distributions. Under the terms of the LTIP Units, the operating partnership will revalue its assets upon the occurrence of certain specified events, and any increase in the operating partnership’s valuation from the time of grant until such event will be allocated first to the holders of LTIP Units to equalize the capital accounts of such holders with the capital accounts of holders of limited partnership units. Upon equalization of the capital accounts of the holders of LTIP Units with the other holders of limited partnership units, the LTIP Units will achieve full parity with the limited partnership units for all purposes, including with respect to liquidating distributions. If such parity is reached, vested LTIP Units may be converted into an equal number of limited partnership units at any time, and thereafter enjoy all the rights of the limited partnership units, including redemption/exchange rights. However, there are circumstances under which such parity would not be reached. Until and unless such parity is reached, the value that a holder of LTIP Units will realize for a given number of vested LTIP Units will be less than the value of an equal number of shares of the Company’s common stock. | |||||||||
Amendment; Duration. Our board of directors may amend or terminate the 2012 Award Plan at any time; provided, however, that no amendment may adversely impair the rights of participants with respect to outstanding other equity-based awards, including holders of LTIP Units. In addition, an amendment will be contingent on approval of the Company’s stockholders if the amendment would materially increase the aggregate number of shares of common stock that may be issued under the 2012 Award Plan together with the number of shares that may be issued under the 2006 Award Plan (except as provided in connection with certain adjustments related to changes in the Company’s capital structure). No other equity-based awards may be granted under the 2012 Award Plan after January 5, 2016, which is the day before the tenth anniversary of the date that the 2006 Award Plan was adopted by our board of directors. Other equity-based awards, including LTIP Units, granted before such date shall remain valid in accordance with their terms. |
Non_Controlling_Interests
Non - Controlling Interests | 12 Months Ended | |
Dec. 31, 2013 | ||
Noncontrolling Interest [Abstract] | ' | |
Non - Controlling Interests | ' | |
13. | Non - Controlling Interests | |
Redeemable Non-Controlling Interests in Operating Partnership | ||
Redeemable non-controlling interests in operating partnership represent the limited partnership interests in our operating partnership held by third party entities. The limited partnership units have the rights and preferences as set forth in our partnership agreement, and may, following a 12-month holding period, become redeemable at the option of the holder, at which time we have the discretion to exchange the limited partnership units for either (i) shares of our common stock on a one-for-one basis or (ii) a cash amount equal to the product of (A) the number of redeemed limited partnership units, multiplied by (B) the “cash amount” (as defined in our partnership agreement). However, if our common stock has not become listed or admitted to trading on any national securities exchange at the time of redemption and we elect to redeem the limited partnership units for cash rather than unrestricted common stock, the cash redemption amount will be $8.15 per redeemed operating partnership unit. These non-controlling interests are recorded as equity in our consolidated balance sheet due to our ability at our sole discretion to redeem limited partnership units for unregistered shares. | ||
As of December 31, 2013, we had issued 33,450,957 limited partnership units for a total consideration of $272.6 million in relation to the acquisition of apartment communities and the ELRM Transaction. If the limited partnership units were to be redeemed, the total redemption value is $272.6 million as of December 31, 2013. | ||
For the years ended December 31, 2013 and 2012, distributions paid on these limited partnership units were in the amount of $7.6 million and $451,000, respectively. | ||
For the years ended December 31, 2013 and 2012, $300,000 and $0, respectively, in distributions were reinvested and 35,738 and 0, respectively, limited partnership units were issued. | ||
Non-Controlling Interest in Joint Venture | ||
Non-controlling interest represents interests of our joint venture partner in one consolidated multifamily property acquired in 2013, and is presented as part of equity in the consolidated balance sheets since these interests are not redeemable. As of December 31, 2013, the amount of non-controlling interest was $3.9 million. During the year ended December 31, 2013, net loss attributable to non-controlling interest was $1.0 million. |
Fair_Value_of_Derivatives_and_
Fair Value of Derivatives and Financial Instruments | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value of Derivatives and Financial Instruments | ' | ||||||||||||||||||||
14. Fair | Value of Derivatives and Financial Instruments | ||||||||||||||||||||
ASC Topic 825, Financial Instruments, requires disclosure of the fair value of financial instruments, whether or not recognized on the face of the balance sheet. Fair value is defined under ASC Topic 820. | |||||||||||||||||||||
We consider the carrying values of cash and cash equivalents, accounts receivable, other receivables due from affiliates, restricted cash, real estate and escrow deposits, accounts payable and accrued liabilities, and other payables due to affiliates to approximate fair value for these financial instruments because of the short period of time between origination of the instruments and their expected realization. | |||||||||||||||||||||
We have entered into interest rate cap agreements which effectively cap the interest rate on five of our variable rate mortgage loans at a weighted cap rate of 3.68%. An interest rate cap involves the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an upfront premium. As of December 31, 2013, the notional aggregate amount of the interest rate cap agreements was $102.1 million with the latest maturity date being July 1, 2018. We have paid total premiums to date of $676,000 in connection with the execution of the interest rate cap agreements. As of December 31, 2013 and 2012, the interest rate cap agreements were recorded at an aggregate net fair value of $478,000 and $42,000, respectively, and were included in other assets, net, in our consolidated balance sheets. The fair value of our rate cap agreement is determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rate rises above the strike rate of the cap and is a Level 2 fair value calculation. These derivatives are not intended by us to be a hedge instrument, and the change in fair value is recorded to interest expense in the consolidated statements of comprehensive loss. For the years ended December 31, 2013, 2012 and 2011, the change in fair value resulted in an increase to interest expense of $142,000, $55,000, and $0, respectively. | |||||||||||||||||||||
We assess the effectiveness of qualifying cash flow hedges both at inception and on an on-going basis. The fair values of the hedging derivatives and non-designated derivatives that are in an asset position are recorded in other assets, net on the accompanying consolidated balance sheets. The fair value of derivatives that are in a liability position are included in security deposits, prepaid rent and other liabilities on the accompanying consolidated balance sheets. | |||||||||||||||||||||
We have entered into interest rate swap agreements, or the hedging derivatives, for interest rate risk management purposes and in conjunction with certain variable rate secured debt to satisfy lender requirements. We do not enter into derivative transactions for trading or other speculative purposes. These swaps were transacted to reduce our exposure to fluctuations in interest rates on future debt issuances. The fair value of our swap agreements is determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rate rises above or below the strike rate of the future floating rate and is a Level 2 fair value calculation. | |||||||||||||||||||||
In October 2012, we entered into three interest rate swaps in the aggregate amount of $12.4 million, in connection with which we agreed to pay a fixed rate of interest in exchange for a floating rate of interest at a future date. On March 7, 2013, we paid off the three related mortgage loan payables using borrowings on our Credit Facility and closed the three interest rate swap agreements for an aggregate of $12.4 million. | |||||||||||||||||||||
On July 31, 2013 and August 16, 2013, we entered into two interest rate swap agreements. We entered into these interest rate swap agreements for the notional amount of $32.1 million, where we have agreed to pay a fixed rate of interest in exchange for a floating rate of interest at a future date. | |||||||||||||||||||||
We have determined that the interest rate swaps qualify as effective cash flow hedges and we have recorded the effective portion of cumulative changes in the fair value of the hedging derivatives in accumulated other comprehensive loss in the consolidated statements of equity. Amounts recorded in accumulated other comprehensive loss will be reclassified into earnings in the periods in which earnings are affected by the hedged cash flow. To adjust the hedging derivatives in qualifying cash flow hedges to their fair value and recognize the impact of hedge accounting, we recorded $(40,000) and $(310,000) in other comprehensive loss for the years ended December 31, 2013 and 2012, respectively. We did not record other comprehensive loss for the year ended December 31, 2011. | |||||||||||||||||||||
The following table summarizes our derivative arrangements and the consolidated hedging derivatives at December 31, 2013 and December 31, 2012, (in thousands, except interest rates): | |||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||
Non- | Cash Flow | Non- | Cash Flow | ||||||||||||||||||
designated | Hedges | designated | Hedges | ||||||||||||||||||
Hedges | Hedges | ||||||||||||||||||||
Interest | Interest | Interest | Interest | ||||||||||||||||||
Rate Caps | Rate Swaps | Rate Caps | Rate Swaps | ||||||||||||||||||
Notional balance | $ | 102,065 | $ | 32,100 | $ | 22,670 | $ | 12,442 | |||||||||||||
Weighted average interest rate(1) | 2.81 | % | 2.38 | % | 2.48 | % | 3.72 | % | |||||||||||||
Weighted average capped interest rate | 3.68 | % | N/A | 5.45 | % | N/A | |||||||||||||||
Earliest maturity date | 15-Mar | 20-Jul | 17-Aug | 19-Oct | |||||||||||||||||
Latest maturity date | 18-Jul | 20-Aug | 17-Aug | 19-Oct | |||||||||||||||||
Estimated fair value, asset/(liability) | $ | 478 | $ | (350 | ) | $ | 42 | $ | (310 | ) | |||||||||||
-1 | For interest rate caps, this represents the weighted average interest rate on the debt. | ||||||||||||||||||||
The table below presents our liabilities measured/disclosed at fair value on a recurring basis as of December 31, 2013, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): | |||||||||||||||||||||
Quoted Prices | Significant | Significant | Total Fair Value | Carrying | |||||||||||||||||
in Active | Other | Unobservable | Estimate at | Value at | |||||||||||||||||
Markets for | Observable | Inputs | December 31, | December 31, | |||||||||||||||||
Identical Assets | Inputs | (Level 3) | 2013 | 2013 | |||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
Liabilities | |||||||||||||||||||||
Mortgage loan payables, net(1) | $ | — | $ | 858,658 | $ | — | $ | 858,658 | $ | 838,434 | |||||||||||
Unsecured notes payable to | — | — | 5,784 | 5,784 | 5,784 | ||||||||||||||||
affiliates(2) | |||||||||||||||||||||
Credit Facility(1) | — | 145,247 | — | 145,247 | 145,200 | ||||||||||||||||
Acquisition contingent | — | — | 4,030 | 4,030 | 4,030 | ||||||||||||||||
consideration(3) | |||||||||||||||||||||
Warrants(4) | — | — | 1,789 | 1,789 | 1,789 | ||||||||||||||||
Series D preferred stock derivative(5) | — | — | 11,100 | 11,100 | 11,100 | ||||||||||||||||
Liabilities at fair value | $ | — | $ | 1,003,905 | $ | 22,703 | $ | 1,026,608 | $ | 1,006,337 | |||||||||||
-1 | The fair value is estimated using borrowing rates available to us for debt instruments with similar terms and maturities. | ||||||||||||||||||||
-2 | The fair value is not determinable due to the related party nature of the unsecured notes payable to affiliates, other than the Legacy Unsecured Note. The fair value of the Legacy Unsecured Note is based on a benchmark index from the limited partnership unit distributions dividend rate; therefore, we consider the fair value of the Legacy Unsecured Note to be equal to the carrying value. | ||||||||||||||||||||
-3 | The fair value is based on management’s inputs and assumptions relating primarily to the expected cash flows, and the timing of such cash flows, from the economic rights we acquired in connection with the ELRM Transaction that enables us to earn property management fees and subordinated participation distributions with respect to certain real estate assets. | ||||||||||||||||||||
-4 | The fair value of the warrants is estimated using the Monte-Carlo Simulation. | ||||||||||||||||||||
-5 | The fair value of the Series D Preferred Stock derivative, which relates to the mandatory redemption of 50% of the Series D Preferred Stock outstanding as of the date of a triggering event as defined in the Series D Preferred Stock agreement for a premium, is determined using a modeling technique based on significant unobservable inputs calculated using a probability-weighted approach. Significant inputs include the expected timing of a triggering event, the expected timing of additional issuances of Series D Preferred Stock, and the discount rate. | ||||||||||||||||||||
The table below presents our liabilities measured/disclosed at fair value on a recurring basis as of December 31, 2012, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): | |||||||||||||||||||||
Quoted Prices | Significant | Significant | Total Fair Value | Carrying | |||||||||||||||||
in Active | Other | Unobservable | Estimate at | Value at | |||||||||||||||||
Markets for | Observable | Inputs | December 31, | December 31, | |||||||||||||||||
Identical Assets | Inputs | (Level 3) | 2012 | 2012 | |||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
Liabilities | |||||||||||||||||||||
Mortgage loan payables, net(1) | $ | — | $ | 498,824 | $ | — | $ | 498,824 | $ | 479,494 | |||||||||||
Unsecured notes payable(2) | — | — | 500 | 500 | 500 | ||||||||||||||||
Warrants(3) | — | — | 1,918 | 1,918 | 1,918 | ||||||||||||||||
Liabilities at fair value | $ | — | $ | 498,824 | $ | 2,418 | $ | 501,242 | $ | 481,912 | |||||||||||
-1 | The fair value is estimated using borrowing rates available to us for debt instruments with similar terms and maturities. | ||||||||||||||||||||
-2 | The fair value of the Legacy Unsecured Note is based on a benchmark index from the limited partnership unit distributions dividend rate; therefore, we consider the fair value of the Legacy Unsecured Note to be equal to the carrying value. | ||||||||||||||||||||
-3 | The fair value of the warrants is estimated using the Monte-Carlo Simulation. | ||||||||||||||||||||
The table below provides a reconciliation of the fair values of acquisition contingent consideration, warrant liability and Series D preferred stock derivative measured on a recurring basis for which the Company has designated as Level 3 (in thousands): | |||||||||||||||||||||
Acquisition | Warrants | Series D | |||||||||||||||||||
Contingent | Preferred | ||||||||||||||||||||
Consideration | Stock | ||||||||||||||||||||
Derivative | |||||||||||||||||||||
Balance at December 31, 2012 | $ | — | $ | 1,918 | $ | — | |||||||||||||||
Additions | 6,737 | 398 | 13,500 | ||||||||||||||||||
Change due to liability realized | (1,992 | ) | — | — | |||||||||||||||||
Changes in fair value(1) | (715 | ) | (527 | ) | (2,400 | ) | |||||||||||||||
Balance at December 31, 2013 | $ | 4,030 | $ | 1,789 | $ | 11,100 | |||||||||||||||
-1 | Reflected in general, administrative and other expense on the consolidated statements of comprehensive loss for the year ended December 31, 2013. | ||||||||||||||||||||
There were no transfers between Level 1, Level 2 and Level 3 of the fair value hierarchy during the year ended December 31, 2013. |
Business_Combinations
Business Combinations | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Business Combinations | ' | ||||||||
15. Business | Combinations | ||||||||
2013 Property Acquisitions | |||||||||
For the year ended December 31, 2013, we completed the acquisition of 38 consolidated apartment communities and one parcel of undeveloped land, including one property held through a consolidated joint venture, adding a total of 11,273 apartment units to our property portfolio. The aggregate purchase price was approximately $805.1 million, plus closing costs and acquisition fees of $12.2 million, which are included in acquisition-related expenses in our accompanying consolidated statements of comprehensive loss. See Note 3, Real Estate Investments — Real Estate Acquisitions, for a listing of the properties acquired and the dates of the acquisitions. | |||||||||
Results of operations for the property acquisitions are reflected in our consolidated statements of comprehensive loss for the year ended December 31, 2013 for the period subsequent to the acquisition dates. For the period from the acquisition dates through December 31, 2013, we recognized $46.3 million in revenues and $31.8 million in net loss for the newly acquired properties. | |||||||||
The following table summarizes the fair value of the assets acquired and liabilities assumed at the time of acquisition (dollars in thousands): | |||||||||
December 31, 2013 | |||||||||
Land | $ | 127,657 | |||||||
Land improvements | 61,317 | ||||||||
Building and improvements | 562,009 | ||||||||
Furniture, fixtures and equipment | 13,799 | ||||||||
In-place leases | 45,879 | ||||||||
(Above)/below market leases | (3,375 | ) | |||||||
Fair market value of assumed debt | (321,438 | ) | |||||||
Other assets/liabilities, net | (12,943 | ) | |||||||
Total | 472,905 | ||||||||
Equity/limited partnership unit consideration | (104,450 | ) | |||||||
Net cash consideration | $ | 368,455 | |||||||
In accordance with ASC Topic 805, we allocated the purchase price of the 38 apartment communities and one parcel of undeveloped land to the fair value of assets acquired and liabilities assumed, including allocating to the intangibles associated with the in-place leases, above/below market leases and assumed debt. Certain allocations as of December 31, 2013 are subject to change based on finalization of the value of consideration paid and information to be received related to one or more events at the time of purchase, which confirm the value of an asset acquired or a liability assumed in an acquisition of a property. The purchase price accounting is final with no adjustments for all property acquisitions prior to March 31, 2013. | |||||||||
2012 Property Acquisitions | |||||||||
For the year ended December 31, 2012, we completed the acquisition of 16 consolidated apartment communities and an undeveloped parcel of land, adding a total of 5,402 apartment units to our property portfolio. The aggregate purchase price was $432.8 million, plus closing costs and acquisition fees of $1.0 million, which are included in acquisition related expenses in our accompanying consolidated statements of comprehensive loss. | |||||||||
Results of operations for the property acquisitions are reflected in our consolidated statements of comprehensive loss for the year ended December 31, 2012 for the period subsequent to the acquisition dates. For the period from the acquisition dates through December 31, 2012, we recognized $10.6 million in revenues and $4.1 million in net loss for the newly acquired properties. | |||||||||
The following table summarizes the fair value of the assets acquired and liabilities assumed at the time of acquisition (in thousands): | |||||||||
December 31, 2012 | |||||||||
Land | $ | 57,412 | |||||||
Land improvements | 36,976 | ||||||||
Building and improvements | 300,736 | ||||||||
Furniture, fixtures and equipment | 5,082 | ||||||||
In-place leases | 9,673 | ||||||||
Fair market value of assumed debt | (192,684 | ) | |||||||
Other assets/liabilities, net | (712 | ) | |||||||
Total | 216,483 | ||||||||
Equity/limited partnership unit consideration | (154,409 | ) | |||||||
Net cash consideration | $ | 62,074 | |||||||
In accordance with ASC Topic 805, we allocated the purchase price of the 16 apartment communities and the undeveloped parcel of land to the fair value of assets acquired and liabilities assumed, including allocating to the intangibles associated with the in-place leases and assumed debt. The purchase price accounting is final with no adjustments since December 31, 2012. | |||||||||
2011 Property Acquisitions | |||||||||
There were no property acquisitions in 2011. | |||||||||
ELRM Transaction | |||||||||
In connection with the ELRM Transaction, we acquired the property management business of ELRH and certain of its affiliates on March 14, 2013. Results of operations for the property management business are reflected in our consolidated statements of comprehensive loss for the period subsequent to the acquisition date through December 31, 2013. For the period from March 14, 2013 through December 31, 2013, we recognized $4 million in revenues and $53,000 in consolidated net loss before income tax benefit, and transaction related costs of approximately $175,000 were recorded as a component of acquisition-related expenses. | |||||||||
The purchase price allocation for the ELRM Transaction is subject to certain adjustments for finalization of the value of consideration paid and information to be received related to one or more events at the time of purchase, which confirm the value of an asset acquired or a liability assumed in a business combination. Our purchase price allocation related to the ELRM Transaction is as follows (in thousands): | |||||||||
Property | |||||||||
Management | |||||||||
Business | |||||||||
Assets: | |||||||||
Furniture, fixtures and equipment | $ | 81 | |||||||
Other assets, net | 150 | ||||||||
Identified intangible assets, net(1)(3) | 21,070 | ||||||||
Goodwill(2)(3) | 9,679 | ||||||||
Total purchase price | 30,980 | ||||||||
Accounts payable and accrued liabilities | (196 | ) | |||||||
Unsecured notes payable to affiliate | (10,000 | ) | |||||||
Limited partnership units | (9,839 | ) | |||||||
Acquisition contingent consideration | (6,734 | ) | |||||||
Deferred tax liability, net | (4,211 | ) | |||||||
Cash paid | $ | 0 | |||||||
-1 | Included in identified intangible assets, net on the consolidated balance sheets, as of December 31, 2013. | ||||||||
-2 | Included as goodwill on the consolidated balance sheets, as of December 31, 2013. Our annual impairment test date was December 31, 2013. Goodwill reflects the value of ELRM’s assembled work force and the deferred tax liability. | ||||||||
-3 | In the third quarter of the year ended December 31, 2013, we recorded an increase to goodwill of $3.3 million and a decrease to identified intangible assets of $3.3 million as a measurement period adjustment as we obtained the necessary information to quantify the value of intangible assets acquired during the quarter. During the fourth quarter of the year ended December 31, 2013 we recorded a decrease of $1 million to goodwill and a decrease of $1 million to deferred tax liability, net. | ||||||||
Pro Forma Financial Data (Unaudited) | |||||||||
Assuming the acquisitions of the 38 consolidated apartment communities and the ELRM Transaction discussed above had occurred on January 1, 2012, pro forma revenues, net loss, net loss attributable to controlling interest and net loss per common share attributable to controlling interest — basic and diluted, would have been as follows for the years ended December 31, 2013 and December 31, 2012 (in thousands, except per share data): | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Revenues | $ | 210,158 | $ | 160,219 | |||||
Net loss | $ | (28,795 | ) | $ | (99,043 | ) | |||
Net loss attributable to controlling interest | $ | (13,829 | ) | $ | (82,998 | ) | |||
Net loss per common share attributable to controlling interest — basic and diluted | $ | (0.61 | ) | $ | (4.10 | ) | |||
The pro forma results are not necessarily indicative of the operating results that would have been obtained had these transactions occurred at the beginning of the periods presented, nor are they necessarily indicative of future operating results. | |||||||||
Joint Venture Acquisition | |||||||||
On December 31, 2010, we, through ATA-Mission, LLC, a wholly-owned subsidiary of our operating partnership, acquired a 50% ownership interest in NNN/MR Holdings, which serves as a holding company for the master tenants of four apartment communities located in Plano and Garland, Texas and Charlotte, North Carolina, with an aggregate of 1,066 units. As of December 31, 2012, the primary assets of NNN/MR Holdings consisted of four master leases through which the master tenants operated the four apartment communities. We were not previously affiliated with NNN/MR Holdings. | |||||||||
On June 17, 2011, we, through ATA-Mission, LLC, acquired the remaining 50% ownership interest in NNN/MR Holdings for $200,000. Accordingly, as of December 31, 2012, we owned an indirect 100% interest in NNN/MR Holdings and each of its subsidiaries and managed the four properties leased by such subsidiaries. | |||||||||
Prior to and until we purchased the remaining 50% ownership interest in NNN/MR Holdings, we accounted for the then unconsolidated joint venture under the equity method of accounting. We recognized earnings or losses from our investment in the unconsolidated joint venture, consisting of our proportionate share of the net earnings or loss of the joint venture. For the year ended December 31, 2011, we recognized $59,000 in expenses, which are included in loss from unconsolidated joint venture on the accompanying consolidated financial statements as of December 31, 2011. After we purchased the remaining ownership interest in NNN/MR Holdings, and became its sole owner, we consolidated it on our accompanying consolidated financial statements. As part of the acquisition of the remaining 50% ownership interest in NNN/MR Holdings, we re-evaluated the initial 50% ownership interest and recognized a loss of $390,000 on the purchase of the remaining interest, which is included in impairment loss on the accompanying consolidated statements of comprehensive loss. | |||||||||
In connection with the acquisition of the remaining 50% ownership interest in NNN/MR Holdings, we also recognized a disposition fee right intangible of approximately $1.6 million that is included in identified intangible assets, net on the accompanying consolidated balance sheets, and an above market lease obligation of approximately $1.2 million that is included in security deposits, prepaid rent and other liabilities on the accompanying consolidated balance sheets. Pursuant to each master lease, or other operative agreement, between each master tenant subsidiary of NNN/MR Holdings and the respective third-party property owners, NNN/MR Holdings was entitled to a 5% disposition fee of the purchase price in the event that any of the leased properties were sold. On March 28, 2013, June 28, 2013 and October 10, 2013, three of the leased apartment communities were sold to our company. We recognized disposition fee right intangibles at the time of our acquisition in the amount of $1.6 million, of which $1.3 million related to these three apartment communities. Based on the aggregate purchase price we paid for these three apartment communities of $61.1 million, the resulting disposition fee due to NNN/MR Holdings was $3.1 million and the consideration paid at acquisition was accordingly reduced by this amount. The excess of the disposition fee over the recorded disposition fee right intangible during the year ended December 31, 2013 was $1.8 million, and was recorded as disposition right income in our consolidated statements of comprehensive loss. | |||||||||
Results of operations for the joint venture acquisition are reflected in our consolidated statements of comprehensive loss for the year ended December 31, 2011 for the period subsequent to June 17, 2011. For the period from June 17, 2011 through December 31, 2011, we recognized approximately $4.6 million in revenues and $255,000 in net loss related to NNN/MR Holdings. | |||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
16. Income | Taxes | ||||||||||||
We have qualified and elected to be taxed as a REIT under the Code for federal income tax purposes and we intend to continue to be taxed as a REIT. To qualify as a REIT for federal income tax purposes, we must meet certain organizational and operational requirements, including a requirement to pay distributions to our stockholders of at least 90% of our annual taxable income, excluding net capital gains. As a REIT, we generally will not be subject to federal income tax on net income that we distribute to our stockholders. We are subject to state and local income taxes in some jurisdictions, and in certain circumstances we may also be subject to federal excise taxes on undistributed income. In addition, certain of our activities must be conducted by subsidiaries which elect to be treated as a TRS, which is subject to both federal and state income taxes. | |||||||||||||
Our Property Manager is organized as a TRS and accordingly is subject to income taxation. The Property Manager has incurred taxable losses since inception and did not have an income tax provision or benefit prior to December 31, 2013 due to the recording of a full valuation allowance against its deferred tax assets. During the first quarter of 2013, we evaluated the ability to realize our deferred tax asset, which was previously offset by a full valuation allowance. Due to a deferred tax liability resulting from the ELRM Transaction, we determined it is more likely than not that our deferred tax asset will be realized. Accordingly, an income tax benefit of $3.5 million was recognized for the year ended December 31, 2013, which includes a reversal of the prior valuation allowance of $2.7 million. | |||||||||||||
The components of deferred tax assets and liabilities are as follows as of December 31, 2013 and 2012 (in thousands). | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Goodwill and intangibles | $ | 1,730 | $ | 1,884 | |||||||||
Acquisition costs | 444 | 468 | |||||||||||
Net operating loss | 1,340 | 469 | |||||||||||
Other | 68 | — | |||||||||||
Total deferred tax assets | 3,582 | 2,821 | |||||||||||
Less valuation allowance | — | (2,728 | ) | ||||||||||
Net deferred tax asset | $ | 3,582 | $ | 93 | |||||||||
Deferred tax liabilities: | |||||||||||||
ELRM intangibles | $ | (3,587 | ) | $ | — | ||||||||
Depreciation | (7 | ) | (5 | ) | |||||||||
Prepaids | (423 | ) | (4 | ) | |||||||||
Other | — | (84 | ) | ||||||||||
Total deferred tax liabilities | (4,017 | ) | (93 | ) | |||||||||
Net deferred tax liability | $ | (435 | ) | $ | — | ||||||||
As of December 31, 2013, we have recorded a net deferred tax liability of $400,000, which is classified in security deposits, prepaid rent and other liabilities in the consolidated balance sheets. Total net operating loss carry forward for federal income tax purposes was approximately $3.6 million as of December 31, 2013. The net operating loss carry forward will expire beginning 2031. | |||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | |||||||||||
Amount | Amount | Amount | |||||||||||
Loss from continuing operations | $ | (82,999 | ) | $ | (42,254 | ) | $ | (9,062 | ) | ||||
Tax effect at statutory rate | (29,050 | ) | (14,789 | ) | (3,172 | ) | |||||||
REIT income | 15,990 | 10,253 | 3,102 | ||||||||||
Non-controlling interests | 12,496 | 2,357 | — | ||||||||||
Valuation allowance | (2,728 | ) | 2,174 | 65 | |||||||||
State taxes | (242 | ) | — | — | |||||||||
Other | 2 | 5 | 5 | ||||||||||
Total tax benefit | $ | (3,532 | ) | $ | — | $ | — | ||||||
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Selected Quarterly Financial Data (Unaudited) | ' | ||||||||||||||||
17 | Selected Quarterly Financial Data (Unaudited) | ||||||||||||||||
Set forth below is the unaudited selected quarterly financial data. We believe that all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to present fairly, and in accordance with GAAP, the unaudited selected quarterly financial data when read in conjunction with our consolidated financial statements (in thousands, except share and per share data). | |||||||||||||||||
Quarter Ended | |||||||||||||||||
December 31, 2013 | September 30, 2013 | June 30, 2013 | March 31, 2013 | ||||||||||||||
Revenues(1) | $ | 53,020 | $ | 44,415 | $ | 34,097 | $ | 25,457 | |||||||||
Expenses(1) | (60,060 | ) | (56,913 | ) | (35,791 | ) | (27,256 | ) | |||||||||
Loss from operations(1) | (7,040 | ) | (12,498 | ) | (1,694 | ) | (1,799 | ) | |||||||||
Other expense, net(1) | (19,581 | ) | (15,840 | ) | (17,281 | ) | (7,266 | ) | |||||||||
Net loss from continuing operations before tax(1) | (26,621 | ) | (28,338 | ) | (18,975 | ) | (9,065 | ) | |||||||||
Income tax benefit/(expense)(1) | 454 | (41 | ) | 286 | 2,833 | ||||||||||||
Loss from continuing operations(1) | (26,167 | ) | (28,379 | ) | (18,689 | ) | (6,232 | ) | |||||||||
Income from discontinued operations(1) | 15 | 3,471 | 218 | 6,851 | |||||||||||||
Net (loss)/income | (26,152 | ) | (24,908 | ) | (18,471 | ) | 619 | ||||||||||
Less: Net loss/(income) attributable to redeemable noncontrolling interests in operating partnership | 13,803 | 12,640 | 9,137 | (295 | ) | ||||||||||||
Net loss attributable to non-controlling interest | 599 | 422 | — | — | |||||||||||||
Net (loss)/income attributable to common stockholders | $ | (11,750 | ) | $ | (11,846 | ) | $ | (9,334 | ) | $ | 324 | ||||||
Earnings per weighted average common share — basic and diluted: | |||||||||||||||||
Loss from continuing operations | $ | (0.49 | ) | $ | (0.57 | ) | $ | (0.43 | ) | $ | (0.13 | ) | |||||
Income from discontinued operations(1) | — | 0.07 | — | 0.15 | |||||||||||||
Net (loss)/income per common share attributable to common stockholders — basic and diluted | $ | (0.49 | ) | $ | (0.50 | ) | $ | (0.43 | ) | $ | 0.02 | ||||||
Weighted average number of common shares outstanding — basic and diluted | 24,073,724 | 23,847,912 | 21,755,583 | 21,034,949 | |||||||||||||
Quarter Ended | |||||||||||||||||
December 31, 2012 | September 30, 2012 | June 30, 2012 | March 31, 2012 | ||||||||||||||
Revenues(1) | $ | 23,964 | $ | 16,267 | $ | 14,622 | $ | 14,551 | |||||||||
Expenses(1) | (33,157 | ) | (33,478 | ) | (14,964 | ) | (14,667 | ) | |||||||||
Loss from operations(1) | (9,193 | ) | (17,211 | ) | (342 | ) | (116 | ) | |||||||||
Other expense, net(1) | (6,086 | ) | (4,232 | ) | (2,537 | ) | (2,537 | ) | |||||||||
Net loss from continuing operations before tax(1) | (15,279 | ) | (21,443 | ) | (2,879 | ) | (2,653 | ) | |||||||||
Income tax (expense)/benefit(1) | — | — | — | — | |||||||||||||
Net loss from continuing operations(1) | (15,279 | ) | (21,443 | ) | (2,879 | ) | (2,653 | ) | |||||||||
Income from discontinued operations(1) | 140 | 203 | 213 | 103 | |||||||||||||
Net loss | (15,139 | ) | (21,240 | ) | (2,666 | ) | (2,550 | ) | |||||||||
Less: Net loss attributable to non-controlling interests | 6,489 | 246 | — | — | |||||||||||||
Net loss attributable to common stockholders | $ | (8,650 | ) | $ | (20,994 | ) | $ | (2,666 | ) | $ | (2,550 | ) | |||||
Earnings per weighted average common share — basic and diluted: | |||||||||||||||||
Loss from continuing operations | $ | (0.43 | ) | $ | (1.04 | ) | $ | (0.14 | ) | $ | (0.13 | ) | |||||
Income from discontinued operations(1) | 0.01 | 0.01 | 0.01 | — | |||||||||||||
Net loss per common share attributable to common stockholders — basic and diluted | $ | (0.42 | ) | $ | (1.03 | ) | $ | (0.13 | ) | $ | (0.13 | ) | |||||
Weighted average number of common shares outstanding — basic and diluted | 20,634,664 | 20,331,515 | 20,030,624 | 19,974,467 | |||||||||||||
-1 | Amounts for the quarters ended March 31 and June 30, 2013 and 2012, will not equal previously reported results due to reclassification between income from continuing operations and income from discontinued operations. |
Subsequent_Events
Subsequent Events | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Subsequent Events [Abstract] | ' | ||||||||||||||||||
Subsequent Events | ' | ||||||||||||||||||
18 | Subsequent Events | ||||||||||||||||||
Series E Preferred Stock | |||||||||||||||||||
On January 7, 2014, our company and the operating partnership entered into a series of definitive agreements which collectively set forth the terms and conditions pursuant to which we agreed to issue and sell for cash to iStar and BREDS, an aggregate of up to $74.0 million in shares of 9.25% Series E Cumulative Non-Convertible Preferred Stock, par value $0.01 per share, or the Series E Preferred Stock, a new series of our preferred stock. We also entered into a Securities Purchase Agreement with the investors, pursuant to which we issued and sold, and iStar purchased, for cash, 933,438 shares of Series E Preferred Stock, at a price of $10.00 per share, for an aggregate of $9.3 million, and BREDS purchased, for cash, 5,866,562 shares of Series E Preferred Stock, at a price of $10.00 per share, for an aggregate of $58.7 million. In addition, during a period of up to six months and subject to certain conditions, we can require the investors to purchase, on the same pro rata basis as their initial purchase of shares of Series E Preferred Stock, up to an aggregate of 600,000 additional shares of Series E Preferred Stock for cash at a price of $10.00 per share, for an aggregate of $6 million. The proceeds from the sale of the Series E Preferred Stock have been or will be used primarily to acquire and renovate additional apartment communities. | |||||||||||||||||||
Real Estate Acquisitions | |||||||||||||||||||
Subsequent to December 31, 2013, we acquired the following properties (in thousands, except number of units and percentages). | |||||||||||||||||||
Property Description(1) | Date Acquired | Number | Total | Encumbrances | Percentage | ||||||||||||||
of Units | Purchase | Ownership | |||||||||||||||||
Price | |||||||||||||||||||
Landmark at Chesterfield — Pineville, NC(2) | January 7, 2014 | 250 | $ | 19,250 | $ | 10,600 | 61.2 | % | |||||||||||
Landmark at Coventry Pointe — Lawrenceville, GA(2) | 7-Jan-14 | 250 | 26,250 | 16,500 | 61.2 | % | |||||||||||||
Landmark at Grand Oasis — Suwanee, GA(2) | 7-Jan-14 | 434 | 45,570 | 28,200 | 61.2 | % | |||||||||||||
Landmark at Rosewood — Dallas, TX(2) | 7-Jan-14 | 232 | 12,760 | 7,000 | 61.2 | % | |||||||||||||
Lake Village East — Garland, TX(2)(3) | 9-Jan-14 | 329 | 18,900 | 9,200 | 100 | % | |||||||||||||
Lake Village North — Garland, TX(2)(4) | 9-Jan-14 | 847 | 60,670 | 30,200 | 100 | % | |||||||||||||
Lake Village West — Garland, TX(2)(5) | 9-Jan-14 | 294 | 18,900 | 13,000 | 100 | % | |||||||||||||
Landmark at Laurel Heights — Mesquite, TX(2)(6) | 9-Jan-14 | 286 | 21,160 | 14,000 | 100 | % | |||||||||||||
Landmark at Bella Vista — Duluth, GA(2) | January 15, 2014 | 564 | 31,854 | — | 100 | % | |||||||||||||
Landmark at Maple Glen — Orange Park, FL(2) | 15-Jan-14 | 358 | 29,800 | 14,400 | 51.1 | % | |||||||||||||
Landmark at Pine Court — Columbia, SC | 23-Jan-14 | 316 | 20,300 | 15,600 | 100 | % | |||||||||||||
Landmark at Spring Creek — Garland, TX | 6-Feb-14 | 236 | 10,300 | 7,800 | 92.6 | % | |||||||||||||
-1 | We have not completed the purchase accounting for these properties. | ||||||||||||||||||
-2 | Included in the Omnibus Agreement. | ||||||||||||||||||
-3 | Includes Lakeshore Lakeview Apartments, Lakeway Harbor Apartments and Lakeway Point Apartments. We consolidated these into one property called Lake Village East. | ||||||||||||||||||
-4 | Includes Lakeway 36 Apartments, Lakeway Place Apartments, Lakeway Trace Apartments and Lakeway Meadows Apartments. We consolidated these into one property called Lake Village North. | ||||||||||||||||||
-5 | Includes Lakeway Colony Apartments. | ||||||||||||||||||
-6 | Includes Windridge Apartments and Highlands at Galloway Apartments. We consolidated these into one property called Landmark at Laurel Heights. | ||||||||||||||||||
Credit Facility Increase | |||||||||||||||||||
On January 15, 2014, we exercised our option to increase the aggregate borrowings available under the Credit Facility from $145.2 million to $165.9 million and drew down the amount of $20.7 million to fund the acquisition of the Bella Vista Property. Additionally, we and the other loan parties entered into a Fourth Amendment and Waiver to the Credit Agreement. | |||||||||||||||||||
Bank Hapoalim Line of Credit | |||||||||||||||||||
On January 22, 2014, we entered into an agreement with Bank Hapoalim to extend to us a revolving line of credit in the aggregate principal amount of up to $10 million to be used for working capital and general corporate uses. Our revolving line of credit will mature due on January 22, 2015, subject to an extension of the maturity date to January 22, 2016 if certain conditions are satisfied and we have pledged $1.5 million in cash and equity interest in certain of our subsidiaries as collateral. Our revolving line of credit bears an annual interest rate equal to the Eurodollar Rate plus a 3.00% margin. | |||||||||||||||||||
REAL_ESTATE_OPERATING_PROPERTI
REAL ESTATE OPERATING PROPERTIES AND ACCUMULATED DEPRECIATION | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Real Estate And Accumulated Depreciation Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
REAL ESTATE OPERATING PROPERTIES AND ACCUMULATED DEPRECIATION | ' | ||||||||||||||||||||||||||||||||||||||||
LANDMARK APARTMENT TRUST OF AMERICA, INC. | |||||||||||||||||||||||||||||||||||||||||
SCHEDULE III — REAL ESTATE OPERATING PROPERTIES AND | |||||||||||||||||||||||||||||||||||||||||
ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | Gross Amount at Which Carried at | ||||||||||||||||||||||||||||||||||||||||
Close of Period | |||||||||||||||||||||||||||||||||||||||||
Encumbrances | Land | Building, | Cost Capitalized | Land | Building, | Total(2) | Accumulated | Date of | Date | ||||||||||||||||||||||||||||||||
Improvements | Subsequent to | Improvements | Depreciation(2)(4) | Construction | Acquired | ||||||||||||||||||||||||||||||||||||
and | Acquisition(1) | and | |||||||||||||||||||||||||||||||||||||||
Fixtures | Fixtures | ||||||||||||||||||||||||||||||||||||||||
Towne Crossing Apartments | $ | 13,622 | $ | 2,041 | $ | 19,079 | $ | 589 | $ | 2,041 | $ | 19,668 | $ | 21,709 | $ | (5,082 | ) | 2004 | 8/29/07 | ||||||||||||||||||||||
Villas of El Dorado | 13,600 | 1,622 | 16,741 | 788 | 1,622 | 17,529 | 19,151 | (4,575 | ) | 2002 | 11/2/07 | ||||||||||||||||||||||||||||||
Bella Ruscello Luxury Apartment Homes | 12,640 | 1,620 | 15,510 | 497 | 1,620 | 16,007 | 17,627 | (2,391 | ) | 2008 | 3/24/10 | ||||||||||||||||||||||||||||||
Mission Rock Ridge Apartments | 13,633 | 2,201 | 17,364 | 171 | 2,201 | 17,535 | 19,736 | (2,409 | ) | 2003 | 9/30/10 | ||||||||||||||||||||||||||||||
Landmark at Ridgewood Preserve | — | 1,289 | 6,449 | 112 | 1,289 | 6,561 | 7,850 | (376 | ) | 1979 | 10/22/12 | ||||||||||||||||||||||||||||||
Landmark at Heritage Fields | — | 1,683 | 9,734 | 117 | 1,683 | 9,851 | 11,534 | (520 | ) | 1979 | 10/22/12 | ||||||||||||||||||||||||||||||
Manchester Park | — | 1,104 | 3,820 | 117 | 1,104 | 3,937 | 5,041 | (209 | ) | 1983 | 10/22/12 | ||||||||||||||||||||||||||||||
Monterra Pointe | — | 1,541 | 10,225 | 26 | 1,541 | 10,251 | 11,792 | (316 | ) | 1984 | 3/29/13 | ||||||||||||||||||||||||||||||
Kensington Station | — | 1,864 | 12,946 | 122 | 1,864 | 13,068 | 14,932 | (362 | ) | 1983 | 3/29/13 | ||||||||||||||||||||||||||||||
Crestmont Reserve | — | 2,274 | 15,928 | 100 | 2,274 | 16,028 | 18,302 | (440 | ) | 1989 | 3/29/13 | ||||||||||||||||||||||||||||||
Palisades at Bear Creek | — | 1,814 | 6,069 | 79 | 1,814 | 6,148 | 7,962 | (201 | ) | 1984 | 3/29/13 | ||||||||||||||||||||||||||||||
Landmark at Gleneagles | 26,374 | 7,249 | 32,631 | 1,680 | 7,249 | 34,311 | 41,560 | (547 | ) | 1986 | 7/23/13 | ||||||||||||||||||||||||||||||
Landmark at Preston Wood | 8,024 | 1,765 | 10,132 | 413 | 1,765 | 10,545 | 12,310 | (94 | ) | 1979 | 9/20/13 | ||||||||||||||||||||||||||||||
Collin Creek | — | 4,439 | 17,011 | 322 | 4,439 | 17,333 | 21,772 | (109 | ) | 1988 | 10/9/13 | ||||||||||||||||||||||||||||||
Landmark at Courtyard Villas | 13,979 | 3,355 | 16,744 | 193 | 3,355 | 16,937 | 20,292 | (110 | ) | 1999 | 10/30/13 | ||||||||||||||||||||||||||||||
Landmark at Sutherland Park | 21,744 | 5,872 | 25,210 | 354 | 5,872 | 25,564 | 31,436 | (158 | ) | 1981 | 10/30/13 | ||||||||||||||||||||||||||||||
Dallas, TX | 123,616 | 41,733 | 235,593 | 5,680 | 41,733 | 241,273 | 283,006 | (17,899 | ) | ||||||||||||||||||||||||||||||||
Milana Reserve Apartments | 10,201 | 3,605 | 14,828 | 136 | 3,605 | 14,964 | 18,569 | (700 | ) | 1985 | 10/1/12 | ||||||||||||||||||||||||||||||
Lofton Meadows Apartments | 7,416 | 2,187 | 8,730 | 95 | 2,187 | 8,825 | 11,012 | (509 | ) | 1986 | 10/10/12 | ||||||||||||||||||||||||||||||
Landmark at Grand Palms | 20,538 | 10,985 | 30,309 | 188 | 10,985 | 30,497 | 41,482 | (1,556 | ) | 1988 | 10/31/12 | ||||||||||||||||||||||||||||||
Courtyards on the River | 11,730 | 2,607 | 12,356 | 296 | 2,607 | 12,652 | 15,259 | (305 | ) | 1972 | 7/1/13 | ||||||||||||||||||||||||||||||
Avondale by the Lakes | 11,884 | 3,298 | 14,298 | 121 | 3,298 | 14,419 | 17,717 | (247 | ) | 1973 | 7/25/13 | ||||||||||||||||||||||||||||||
Landmark at Savoy Square | 6,842 | 1,797 | 7,769 | 71 | 1,797 | 7,840 | 9,637 | (120 | ) | 1970 | 8/16/13 | ||||||||||||||||||||||||||||||
Landmark at Grayson Park | 15,840 | 4,802 | 25,424 | 51 | 4,802 | 25,475 | 30,277 | (213 | ) | 1988 | 10/3/13 | ||||||||||||||||||||||||||||||
Landmark at Avery Place | 9,077 | 3,257 | 14,362 | 14 | 3,257 | 14,376 | 17,633 | (51 | ) | 1981 | 11/26/13 | ||||||||||||||||||||||||||||||
Tampa, FL | 93,528 | 32,538 | 128,076 | 972 | 32,538 | 129,048 | 161,586 | (3,701 | ) | ||||||||||||||||||||||||||||||||
Residences at Braemar | 8,629 | 1,564 | 13,718 | 308 | 1,564 | 14,026 | 15,590 | (3,484 | ) | 2005 | 6/29/07 | ||||||||||||||||||||||||||||||
Landmark at Brighton Colony | 24,105 | 2,869 | 26,128 | 76 | 2,869 | 26,204 | 29,073 | (693 | ) | 2008/2012 | 2/28/13 | ||||||||||||||||||||||||||||||
Landmark at Greenbrooke Commons | 25,179 | 3,824 | 28,529 | 80 | 3,824 | 28,609 | 32,433 | (738 | ) | 2005/2008 | 2/28/13 | ||||||||||||||||||||||||||||||
Landmark at Mallard Creek | 14,065 | 2,591 | 16,120 | 407 | 2,591 | 16,527 | 19,118 | (481 | ) | 1999 | 3/28/13 | ||||||||||||||||||||||||||||||
Victoria Park | — | 4,730 | 14,612 | 117 | 4,730 | 14,729 | 19,459 | (416 | ) | 1990 | 4/30/13 | ||||||||||||||||||||||||||||||
Landmark at Monaco Gardens | 14,600 | 2,963 | 17,917 | 512 | 2,963 | 18,429 | 21,392 | (407 | ) | 1990 | 6/28/13 | ||||||||||||||||||||||||||||||
Grand Terraces | — | 2,130 | 12,934 | 60 | 2,130 | 12,994 | 15,124 | (255 | ) | 1999/2002 | 7/1/13 | ||||||||||||||||||||||||||||||
Stanford Reserve | 11,519 | 2,546 | 11,541 | 310 | 2,546 | 11,851 | 14,397 | (262 | ) | 1984 | 7/1/13 | ||||||||||||||||||||||||||||||
Charlotte, NC | 98,097 | 23,217 | 141,499 | 1,870 | 23,217 | 143,369 | 166,586 | (6,736 | ) | ||||||||||||||||||||||||||||||||
Creekside Crossing | 17,000 | 5,233 | 20,699 | 283 | 5,233 | 20,982 | 26,215 | (4,520 | ) | 2003 | 6/26/08 | ||||||||||||||||||||||||||||||
Kedron Village | — | 4,057 | 26,144 | 418 | 4,057 | 26,562 | 30,619 | (6,058 | ) | 2001 | 6/27/08 | ||||||||||||||||||||||||||||||
Landmark at Creekside Grand | 27,119 | 4,127 | 48,455 | 110 | 4,127 | 48,565 | 52,692 | (2,220 | ) | 2005 | 10/4/12 | ||||||||||||||||||||||||||||||
Parkway Grand | 19,370 | 6,142 | 22,803 | 121 | 6,142 | 22,924 | 29,066 | (1,035 | ) | 2002 | 11/8/12 | ||||||||||||||||||||||||||||||
Richmond on the Fairway | 8,142 | 2,699 | 7,455 | 1,373 | 2,699 | 8,828 | 11,527 | (262 | ) | 1977 | 1/31/13 | ||||||||||||||||||||||||||||||
Atlanta, GA | 71,631 | 22,258 | 125,556 | 2,305 | 22,258 | 127,861 | 150,119 | (14,095 | ) | ||||||||||||||||||||||||||||||||
Landmark at Magnolia Glen | 35,224 | 1,351 | 70,442 | 764 | 1,351 | 71,206 | 72,557 | (3,765 | ) | 1996 | 10/19/12 | ||||||||||||||||||||||||||||||
Landmark at Lancaster Place | 10,540 | 484 | 16,425 | 12 | 484 | 16,437 | 16,921 | (98 | ) | 2006 | 10/16/13 | ||||||||||||||||||||||||||||||
Landmark at Deerfield Glen | 13,200 | 2,564 | 18,903 | 9 | 2,564 | 18,912 | 21,476 | (64 | ) | 1972 | 11/26/13 | ||||||||||||||||||||||||||||||
Birmingham, AL | 58,964 | 4,399 | 105,770 | 785 | 4,399 | 106,555 | 110,954 | (3,927 | ) | ||||||||||||||||||||||||||||||||
Arboleda Apartments | 16,746 | 4,051 | 25,928 | 344 | 4,051 | 26,272 | 30,323 | (5,097 | ) | 2007 | 3/31/08 | ||||||||||||||||||||||||||||||
Landmark at Barton Creek | 26,018 | 10,201 | 25,718 | 861 | 10,201 | 26,579 | 36,780 | (558 | ) | 1980 | 6/28/13 | ||||||||||||||||||||||||||||||
Landmark at Prescott Woods | 14,976 | 7,449 | 15,828 | 852 | 7,449 | 16,680 | 24,129 | (260 | ) | 1986 | 7/23/13 | ||||||||||||||||||||||||||||||
Austin, TX | 57,740 | 21,701 | 67,474 | 2,057 | 21,701 | 69,531 | 91,232 | (5,915 | ) | ||||||||||||||||||||||||||||||||
Esplanade Apartments | 8,849 | 1,079 | 14,566 | 287 | 1,079 | 14,853 | 15,932 | (738 | ) | 2008 | 9/14/12 | ||||||||||||||||||||||||||||||
Landmark at Stafford Landing | 26,100 | 5,971 | 25,883 | 1,875 | 5,971 | 27,758 | 33,729 | (405 | ) | 1997/1999 | 7/31/13 | ||||||||||||||||||||||||||||||
Landmark at Woodland Trace | 14,757 | 3,009 | 20,889 | 42 | 3,009 | 20,931 | 23,940 | (159 | ) | 1988/2005 | 10/3/13 | ||||||||||||||||||||||||||||||
Orlando, FL | 49,706 | 10,059 | 61,338 | 2,204 | 10,059 | 63,542 | 73,601 | (1,302 | ) | ||||||||||||||||||||||||||||||||
Landmark at Wynton Pointe | 19,498 | 5,653 | 25,654 | 429 | 5,653 | 26,083 | 31,736 | (391 | ) | 1989 | 7/23/13 | ||||||||||||||||||||||||||||||
Landmark at Glenview Reserve | 14,189 | 2,856 | 17,828 | 535 | 2,856 | 18,363 | 21,219 | (150 | ) | 1988/1989 | 9/9/13 | ||||||||||||||||||||||||||||||
Landmark at Lyncrest Reserve | 14,447 | 3,680 | 16,922 | 288 | 3,680 | 17,210 | 20,890 | (138 | ) | 1984/1985 | 9/20/13 | ||||||||||||||||||||||||||||||
Nashville, TN | 48,134 | 12,189 | 60,404 | 1,252 | 12,189 | 61,656 | 73,845 | (679 | ) | ||||||||||||||||||||||||||||||||
Lexington on the Green | 18,212 | 3,418 | 18,385 | 199 | 3,418 | 18,584 | 22,002 | (384 | ) | 1979 | 7/3/13 | ||||||||||||||||||||||||||||||
Caveness Farms | 21,947 | 2,896 | 22,386 | 47 | 2,896 | 22,433 | 25,329 | (460 | ) | 1998 | 7/3/13 | ||||||||||||||||||||||||||||||
Grand Arbor Reserve | 16,926 | 3,036 | 18,061 | 68 | 3,036 | 18,129 | 21,165 | (258 | ) | 1968 | 8/20/13 | ||||||||||||||||||||||||||||||
Raleigh, NC | 57,085 | 9,350 | 58,832 | 314 | 9,350 | 59,146 | 68,496 | (1,102 | ) | ||||||||||||||||||||||||||||||||
Walker Ranch Apartment Homes | 20,000 | 3,025 | 28,273 | 377 | 3,025 | 28,650 | 31,675 | (7,627 | ) | 2004 | 10/31/06 | ||||||||||||||||||||||||||||||
Hidden Lake Apartment Homes | 19,218 | 3,031 | 29,540 | 730 | 3,031 | 30,270 | 33,301 | (6,545 | ) | 2004 | 12/28/06 | ||||||||||||||||||||||||||||||
San Antonio, TX | 39,218 | 6,056 | 57,813 | 1,107 | 6,056 | 58,920 | 64,976 | (14,172 | ) | ||||||||||||||||||||||||||||||||
Grand Isles at Baymeadows | — | 6,189 | 25,407 | 129 | 6,189 | 25,536 | 31,725 | (1,145 | ) | 1988 | 11/8/12 | ||||||||||||||||||||||||||||||
Fountain Oaks | 5,400 | 803 | 5,754 | 235 | 803 | 5,989 | 6,792 | (171 | ) | 1987 | 7/1/13 | ||||||||||||||||||||||||||||||
Jacksonville, FL | 5,400 | 6,992 | 31,161 | 364 | 6,992 | 31,525 | 38,517 | (1,316 | ) | ||||||||||||||||||||||||||||||||
Park at Northgate | 10,295 | 1,870 | 14,958 | 622 | 1,870 | 15,580 | 17,450 | (4,299 | ) | 2002 | 6/12/07 | ||||||||||||||||||||||||||||||
Landmark at Emerson Park | 22,670 | 3,802 | 26,032 | 190 | 3,802 | 26,222 | 30,024 | (1,293 | ) | 2008 | 8/30/12 | ||||||||||||||||||||||||||||||
Houston, TX | 32,965 | 5,672 | 40,990 | 812 | 5,672 | 41,802 | 47,474 | (5,592 | ) | ||||||||||||||||||||||||||||||||
Landmark at Grand Meadows | 6,100 | 2,101 | 9,022 | 151 | 2,101 | 9,173 | 11,274 | (528 | ) | 1974 | 10/11/12 | ||||||||||||||||||||||||||||||
Landmark at Ocean Breeze | 6,000 | 1,124 | 7,132 | 20 | 1,124 | 7,152 | 8,276 | (120 | ) | 1985 | 8/16/13 | ||||||||||||||||||||||||||||||
Melbourne, FL | 12,100 | 3,225 | 16,154 | 171 | 3,225 | 16,325 | 19,550 | (648 | ) | ||||||||||||||||||||||||||||||||
Reserve at Mill Landing | 12,615 | 2,042 | 20,994 | 229 | 2,042 | 21,223 | 23,265 | (1,125 | ) | 2000 | 11/6/12 | ||||||||||||||||||||||||||||||
Reserve at River Walk | — | 2,262 | 12,392 | 62 | 2,262 | 12,454 | 14,716 | (327 | ) | 1992 | 4/30/13 | ||||||||||||||||||||||||||||||
Columbia, SC | 12,615 | 4,304 | 33,386 | 291 | 4,304 | 33,677 | 37,981 | (1,452 | ) | ||||||||||||||||||||||||||||||||
The Heights at Olde Towne | 10,359 | 2,513 | 14,957 | 742 | 2,513 | 15,699 | 18,212 | (3,248 | ) | 1972 | 12/21/07 | ||||||||||||||||||||||||||||||
The Myrtles at Olde Towne | 19,878 | 3,698 | 33,319 | 425 | 3,698 | 33,744 | 37,442 | (6,402 | ) | 2004 | 12/21/07 | ||||||||||||||||||||||||||||||
Overlook At Daytona | 16,420 | 4,986 | 17,071 | 230 | 4,986 | 17,301 | 22,287 | (772 | ) | 1961 | 8/28/12 | ||||||||||||||||||||||||||||||
Bay Breeze Villas — Cape Coral | 9,375 | 2,640 | 14,132 | 182 | 2,640 | 14,314 | 16,954 | (757 | ) | 2000 | 8/30/12 | ||||||||||||||||||||||||||||||
Landmark at Battleground Park | 10,634 | 1,675 | 12,624 | 452 | 1,675 | 13,076 | 14,751 | (103 | ) | 1990 | 9/9/13 | ||||||||||||||||||||||||||||||
Other | 66,666 | 15,512 | 92,103 | 2,031 | 15,512 | 94,134 | 109,646 | (11,282 | ) | ||||||||||||||||||||||||||||||||
Seabreeze Daytona Undeveloped Land | — | 2,100 | — | — | 2,100 | — | 2,100 | — | — | 8/28/12 | |||||||||||||||||||||||||||||||
Lancaster Place Undeveloped Land | — | 290 | — | — | 290 | — | 290 | — | — | 10/16/13 | |||||||||||||||||||||||||||||||
Corporate | — | — | — | 474 | — | 474 | 474 | (102 | ) | — | 11/5/10 | ||||||||||||||||||||||||||||||
Total | $ | 827,465 | $ | 221,595 | $ | 1,256,149 | $ | 22,689 | $ | 221,595 | $ | 1,278,838 | $ | 1,500,433 | (3) | $ | (89,920 | ) | |||||||||||||||||||||||
-1 | The cost capitalized subsequent to acquisition is net of dispositions. | ||||||||||||||||||||||||||||||||||||||||
-2 | The changes in total real estate and accumulated depreciation for the years ended December 31, 2013, 2012 and 2011 are as follows (in thousands): | ||||||||||||||||||||||||||||||||||||||||
Total Real Estate | Accumulated Depreciation | ||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2010 | $ | 386,972 | $ | 36,302 | |||||||||||||||||||||||||||||||||||||
Additions | 1,328 | 13,152 | |||||||||||||||||||||||||||||||||||||||
Dispositions | (19 | ) | (19 | ) | |||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2011 | $ | 388,281 | $ | 49,435 | |||||||||||||||||||||||||||||||||||||
Acquisitions | 400,206 | — | |||||||||||||||||||||||||||||||||||||||
Additions | 2,670 | 16,154 | |||||||||||||||||||||||||||||||||||||||
Dispositions | — | — | |||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 791,157 | $ | 65,589 | |||||||||||||||||||||||||||||||||||||
Acquisitions | 764,782 | — | |||||||||||||||||||||||||||||||||||||||
Additions | 16,961 | 36,597 | |||||||||||||||||||||||||||||||||||||||
Dispositions | (72,467 | ) | (12,266 | ) | |||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 1,500,433 | $ | 89,920 | |||||||||||||||||||||||||||||||||||||
-3 | The aggregate cost of our real estate for federal income tax purposes is estimated to be $1.1 billion. | ||||||||||||||||||||||||||||||||||||||||
-4 | The cost of building and improvements is depreciated on a straight-line basis over the estimated useful lives of the buildings and improvements, ranging primarily from 10 to 40 years. Land improvements are depreciated over the estimated useful lives ranging primarily from five to 15 years. Furniture, fixtures and equipment is depreciated over the estimated useful lives ranging primarily from five to 15 years. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Basis of Presentation | ' | |||
Basis of Presentation | ||||
Our accompanying consolidated financial statements include our accounts and those of our operating partnership, the wholly-owned and controlled subsidiaries of our operating partnership. We operate in an umbrella partnership REIT structure in which wholly-owned subsidiaries of our operating partnership own all of our properties we acquire. We are the sole general partner of our operating partnership, and as of December 31, 2013 and 2012 we owned approximately 42.4% and 52.5%, respectively, of the general partnership interest in our operating partnership, and the limited partners owned approximately 57.6% and 47.5%, respectively, of the operating partnership interest. Because we are the sole general partner of our operating partnership and have unilateral control over its management and major operating decisions, the accounts of our operating partnership are consolidated in our consolidated financial statements. All significant intercompany accounts and transactions are eliminated in consolidation. | ||||
Use of Estimates | ' | |||
Use of Estimates | ||||
The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. These estimates are made and evaluated on an on-going basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates, perhaps in material adverse ways, and those estimates could be different under different assumptions or conditions. | ||||
Cash and Cash Equivalents | ' | |||
Cash and Cash Equivalents | ||||
Cash and cash equivalents consist of all highly liquid investments with a maturity of three months or less when purchased. | ||||
Restricted Cash | ' | |||
Restricted Cash | ||||
Restricted cash is comprised of security deposits, impound reserve accounts for property taxes, insurance and capital improvements and replacements. | ||||
Revenue Recognition | ' | |||
Revenue Recognition | ||||
We recognize revenue in accordance with ASC Topic 605, Revenue Recognition, or ASC Topic 605, and ASC Topic 840, Leases. ASC Topic 605 requires that all four of the following basic criteria be met before revenue is realized or realizable and earned: (1) there is persuasive evidence that an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the seller’s price to the buyer is fixed and determinable; and (4) collectability is reasonably assured. | ||||
We lease multifamily residential apartments under operating leases and substantially all of our apartment leases are for a term of one year or less. Rental income and other property revenues are recorded when due from tenants and is recognized monthly as it is earned pursuant to the terms of the underlying leases. Other property revenues consist primarily of utility rebillings and administrative, application and other fees charged to tenants, including amounts recorded in connection with early lease terminations. Early lease termination amounts are recognized when received and realized. Expense reimbursements are recognized and presented in accordance with ASC Subtopic 605-45, Revenue Recognition — Principal Agent Considerations, or ASC Subtopic 605-45. ASC Subtopic 605-45 requires that these reimbursements be recorded on a gross basis, as we are generally the primary obligor with respect to purchasing goods and services from third-party suppliers, have discretion in selecting the supplier and have credit risk. | ||||
Management fees are recognized when earned in accordance with each management contract. We receive fees for property management and related services provided to third parties. These fees are recognized in management fee income on the consolidated statements of comprehensive loss. Management fees are based on a percentage of revenues for the month as defined in the related property management agreements. We also pay certain payroll and related costs related to the operations of third party properties that we manage. Under terms of the related management agreements, these costs are reimbursed by the third party property owners and recognized by us as revenue as they are characterized by GAAP as “out of pocket” expenses incurred in the performance of a service. A portion of our management fee income and reimbursed income is received from Timbercreek U.S. Multi-Residential Opportunity Fund # 1, or the Timbercreek Fund, and Elco Landmark Residential Management, LLC, or ELRM, which are affiliated entities. | ||||
Properties Held for Sale | ' | |||
Properties Held for Sale | ||||
We account for our properties held for sale in accordance with ASC Topic 360, Property, Plant and Equipment, or ASC Topic 360, which addresses financial accounting and reporting for the impairment or disposal of long-lived assets and requires that, in a period in which a component of an entity either has been disposed of or is classified as held for sale, the statements of operations for current and prior periods shall report the results of operations of the component as discontinued operations. For sale transactions meeting the requirements for full accrual profit recognition, we remove the related assets and liabilities from our consolidated balance sheets and record the gain or loss in the period the transaction closes. For sale transactions that do not meet the full accrual sale criteria due to our continuing involvement, we evaluate the nature of the continuing involvement and account for the transaction under an alternate method of accounting. Unless certain limited criteria are met, non-monetary transactions, including property exchanges, are accounted for at fair value. | ||||
In accordance with ASC Topic 360, at such time as a property is held for sale, such property is carried at the lower of (1) its carrying amount or (2) fair value less costs to sell. In addition, a property being held for sale ceases to be depreciated. We classify operating properties as properties held for sale in the period in which all of the following criteria are met: | ||||
• | management, having the authority to approve the action, commits to a plan to sell the asset; | |||
• | the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets; | |||
• | an active program to locate a buyer and other actions required to complete the plan to sell the asset has been initiated; | |||
• | the sale of the asset is probable and the transfer of the asset is expected to qualify for recognition as a completed sale within one year; | |||
• | the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and | |||
• | given the actions required to complete the plan to sell the asset, it is unlikely that significant changes to the plan would be made or that the plan would be withdrawn. | |||
During the year ended December 31, 2013, we disposed of two properties. We did not dispose of any properties during the years ended December 31, 2012 and 2011. As of December 31, 2013 and 2012, we did not have any properties classified as held for sale. For additional information on property disposals, see Note 4, Real Estate Disposition Activities. | ||||
Purchase Price Allocation | ' | |||
Purchase Price Allocation | ||||
Real Estate Investments | ||||
In accordance with ASC Topic 805, Business Combinations, we, with assistance from independent valuation specialists, allocate the purchase price of acquired properties to tangible and identified intangible assets and liabilities based on their respective fair values. The allocation to tangible assets (building and land) is based upon our determination of the value of the property as if it were to be replaced and vacant using comparable sales, cost data and discounted cash flow models similar to those used by independent appraisers. Allocations are made at the fair market value for furniture, fixtures and equipment on the premises based on a cost approach. | ||||
The value allocable to the above or below market component of the acquired in-place leases is determined based upon the present value (using a discount rate which reflects the risks associated with the acquired leases) of the difference between: (1) the contractual amounts to be paid pursuant to the lease over its remaining term and (2) management’s estimate of the amounts that would be paid using fair market rates over the remaining term of the lease. The amounts allocated to above market leases, if any, would be included in identified intangible assets, net in our accompanying consolidated balance sheets and will be amortized to rental income over the remaining non-cancelable lease term of the acquired leases with each property. The amounts allocated to below market lease values, if any, would be included in security deposits, prepaid rent and other liabilities, net in our accompanying consolidated balance sheets and would be amortized to rental income over the remaining non-cancelable lease term plus below market renewal options, if such renewal options are reasonably assured and deemed bargain renewal options, of the acquired leases with each property. | ||||
The total amount of other intangible assets acquired is further allocated to in-place lease costs and the value of tenant relationships based on management’s evaluation of the specific characteristics of each tenant’s lease and our overall relationship with that respective tenant. Characteristics considered by us in allocating these values include the nature and extent of the credit quality and expectations of lease renewals, among other factors. The amounts allocated to in-place lease costs are included in identified intangible assets, net in our accompanying consolidated balance sheets and are amortized to depreciation and amortization expense over the average remaining non-cancelable lease term of the acquired leases. The amounts allocated to the value of tenant relationships are included in identified intangible assets, net in our accompanying consolidated balance sheets and are amortized to depreciation and amortization expense over the average remaining non-cancelable lease term of the acquired leases. | ||||
The value allocable to above or below market debt is determined based upon the present value of the difference between the cash flow stream of the assumed mortgage and the cash flow stream of a market rate mortgage at the time of assumption. The amounts allocated to above or below market debt are included in mortgage loan payables, net in our accompanying consolidated balance sheets and are amortized to interest expense over the remaining term of the assumed mortgage. | ||||
These allocations are subject to change based on information received within one year of the purchase related to one or more events identified at the time of purchase which confirm the value of an asset or liability received in an acquisition of property. | ||||
Management Company | ||||
The assets and liabilities of businesses acquired are recorded at their respective fair values as of the acquisition date. We obtained third-party valuations of material intangible assets acquired, including tenant relationships, which were based on management’s inputs and assumptions relating primarily to the expected cash flows. The fair values of the intangible assets acquired are based on the expected discounted cash flows of the identified intangible assets. Costs in excess of the net fair values of assets and liabilities acquired are recorded as goodwill. Finite-lived intangible assets are amortized using a method of amortization consistent with our expected future cash flows in the period in which those assets are expected to be received. We do not amortize indefinite lived intangibles and goodwill. | ||||
We through our Property Manager, acquired the property management business of ELRM and certain of its affiliates on March 14, 2013. Results of operations for the property management business are reflected in our consolidated statements of comprehensive loss for the period subsequent to the acquisition date through December 31, 2013. See Note 15, Business Combinations – ELRM Transaction, for more detailed information. | ||||
Goodwill and Identified Intangible Assets, Net | ' | |||
Goodwill and Identified Intangible Assets, Net | ||||
Goodwill resulting from business combinations is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any non-controlling interests in the acquired business, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill is not amortized, but is tested for impairment on an annual basis or in interim periods if events or circumstances indicate potential impairment. | ||||
We acquired the property management business of ELRM and certain of its affiliates on March 14, 2013, including the in-place workforce, which created approximately $6.8 million of goodwill. We refer to this acquisition as the ELRM Transaction. For the year ended December 31, 2013, we recorded an increase to goodwill of $2.9 million, and a corresponding decrease to acquisition contingent consideration of $600,000, a decrease to identified intangible asset, net of $3.3 million and a decrease of $1 million to deferred liability, net, respectively, as a measurement period adjustment as we obtained the necessary information to quantify the value of intangible assets acquired. Our annual impairment test date was December 31, 2013. No impairment was recorded. As of December 31, 2013 and 2012, we had goodwill of $9.7 and $0 million, respectively, included in our accompanying consolidated balance sheets. For additional information regarding goodwill, see Note 15, Business Combinations. | ||||
Identified intangible assets, net, consists of in-place lease intangibles from property acquisitions; trade name and trademark intangibles and property management contract intangibles from the ELRM Transaction in the first quarter of 2013; and a disposition fee right intangible resulting from the acquisition of the remaining 50% ownership interest in NNN/Mission Residential Holdings, LLC, or NNN/MR Holdings, in the second quarter of 2011. In-place lease intangibles are amortized on a straight-line basis over their respective estimated useful lives and property management contracts are amortized on a basis consistent with estimated cash flows from these intangible assets. Both are evaluated for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable. Trade name and trademarks have an indefinite life and are not amortized. Disposition fee right intangibles are not amortized but are realized in the event that any of the leased apartment communities are sold. During December 31, 2013, we purchased three of the four apartment communities and wrote down $1.3 million of our disposition fee right intangible. We did not have any disposition fee right intangible write downs during 2012 and 2011. | ||||
For the year ended December 31, 2012, there was an impairment loss of $5.4 million resulting from the termination of property management contracts of our Property Manager for 33 properties owned by unaffiliated third parties with no future source of income related to such contacts, using a Level 3 fair value measurement. This event triggered an immediate and full impairment of the goodwill in the amount of $3.8 million and of tenant relationship intangibles, net, and an expected termination fee intangible in the amount of $1.6 million. | ||||
Operating Properties, Net | ' | |||
Operating Properties, Net | ||||
We carry our operating properties at historical cost less accumulated depreciation. The cost of operating properties includes the cost of land and completed buildings and related improvements. Expenditures that increase the service life of properties are capitalized and the cost of maintenance and repairs is charged to expense as incurred. The cost of building and improvements is depreciated on a straight-line basis over the estimated useful lives of the buildings and improvements, ranging primarily from 10 to 40 years. Land improvements are depreciated over the estimated useful lives ranging primarily from five to 15 years. Furniture, fixtures and equipment is depreciated over the estimated useful lives ranging primarily from five to 15 years. When depreciable property is retired, replaced or disposed of, the related costs and accumulated depreciation is removed from the accounts and any gain or loss is reflected in operations. | ||||
An operating property is evaluated for potential impairment whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. Impairment losses are recorded on an operating property when indicators of impairment are present and the carrying amount of the asset is greater than the sum of the future undiscounted cash flows expected to result from the use and eventual disposition of the asset. We would recognize an impairment loss to the extent the carrying amount exceeds the fair value of the property. For the years ended December 31, 2013, 2012 and 2011, we recorded no impairment losses to operating properties. | ||||
Fair Value Measurements | ' | |||
Fair Value Measurements | ||||
We follow ASC Topic 820, Fair Value Measurements and Disclosures, or ASC Topic 820, to account for the fair value of certain assets and liabilities. ASC Topic 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC Topic 820 applies to reported balances that are required or permitted to be measured at fair value under existing accounting pronouncements; accordingly, the standard does not require any new fair value measurements of reported balances. | ||||
ASC Topic 820 emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC Topic 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). | ||||
Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, that are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. | ||||
Other Assets, Net | ' | |||
Other Assets, Net | ||||
Other assets, net consist primarily of deferred financing costs, prepaid expenses and deposits. Deferred financing costs include amounts paid to lenders and others to obtain financing. Such costs are amortized using the straight-line method over the term of the related loan, which approximates the effective interest rate method. Amortization of deferred financing costs is included in interest expense in our accompanying consolidated statements of comprehensive loss. | ||||
Derivative Financial Instruments | ' | |||
Derivative Financial Instruments | ||||
We utilize derivative financial instruments to manage interest rate risk and generally designate these financial instruments as cash flow hedges. Derivative financial instruments are recorded on our consolidated balance sheets as either an asset or liability and measured quarterly at their fair value. Derivatives that are not designated by us to be a hedge have the change in fair value recorded in interest expense in our accompanying consolidated statements of comprehensive loss. Derivatives that are designated by us to be a hedge have the changes in fair value that are deemed effective reflected in other comprehensive income or loss. The ineffective component of cash flow hedges, if any, is recorded in earnings. | ||||
Other Comprehensive Loss | ' | |||
Other Comprehensive Loss | ||||
Accumulated other comprehensive loss, as reflected in the consolidated statements of equity, reflects the effective portion of the cumulative changes in the fair value of derivatives in qualifying cash flow hedge relationships. | ||||
Advertising Costs | ' | |||
Advertising Costs | ||||
All advertising costs are expensed as incurred and reported as rental expenses in our accompanying consolidated statements of comprehensive loss. During the years ended December 31, 2013, 2012 and 2011, total advertising expense was $1.7 million, $678,000 and $470,000, respectively. | ||||
Stock Compensation | ' | |||
Stock Compensation | ||||
We follow ASC Topic 718, Compensation — Stock Compensation, or ASC Topic 718, to account for our stock compensation pursuant to our 2006 Incentive Award Plan, or the 2006 Award Plan, and the 2012 Other Equity-Based Award Plan, or the 2012 Award Plan. See Note 12, Equity — 2006 Incentive Award Plan and 2012 Other Equity-Based Award Plan, for a further discussion of grants under our 2006 Award Plan and the 2012 Award Plan. | ||||
Income Taxes | ' | |||
Income Taxes | ||||
For federal income tax purposes, we have elected to be taxed as a REIT under Sections 856 through 860 of the Code beginning with our taxable year ended December 31, 2006, and we intend to continue to be taxed as a REIT. To qualify as a REIT for federal income tax purposes, we must meet certain organizational and operational requirements, including a requirement to pay distributions to our stockholders of at least 90% of our annual taxable income, excluding net capital gains. As a REIT, we generally will not be subject to federal income tax on net income that we distribute to our stockholders. | ||||
The acquisitions of the Contributed Properties are intended to be treated, in whole or in part, for federal income tax purposes as tax-deferred contributions in exchange for limited partnership units in our operating partnership. | ||||
For certain multifamily properties that we have acquired through the issuance of limited partnership units, we have entered into tax protection agreements which are intended to protect the contributing investors against receiving the special allocation of taxable “built-in” gain described above upon a future disposition by the operating partnership of the apartment communities. Under the Code, taxable gain recognized upon a sale of an asset contributed to a partnership must be allocated to the contributing partner in a manner that takes into account the variation between the tax basis and the fair market value of the asset at the time of the contribution | ||||
We are subject to state and local income taxes in some jurisdictions, and in certain circumstances we may also be subject to federal excise taxes on undistributed income. In addition, certain of our activities must be conducted by subsidiaries which elect to be treated as taxable REIT subsidiaries, or TRSs. TRSs are subject to both federal and state income taxes. The tax years 2009-2012 remain open to examination by the major taxing jurisdictions to which we are subject. We recognize tax penalties relating to unrecognized tax benefits as additional tax expense. Interest relating to unrecognized tax benefits is recognized as interest expense. | ||||
Income taxes are provided for under the asset and liability method and consider differences between the tax and financial accounting bases. The tax effects of these differences are reflected on the balance sheet as deferred income taxes and measured using the effective tax rate expected to be in effect when the differences reverse. ASC Topic 740, Income Taxes, or ASC Topic 740, also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion of the deferred tax assets will not be realized. During the first quarter of 2013, we evaluated the ability to realize our deferred tax asset, which was previously offset by a valuation allowance. Due to a deferred tax liability resulting from the ELRM Transaction, we believe it is more likely than not that our deferred tax asset will be realized. | ||||
We follow ASC Topic 740 to recognize, measure, present and disclose in our consolidated financial statements uncertain tax positions that we have taken or expect to take on a tax return. Management has evaluated our income tax positions and concluded that we have no uncertain income tax positions at December 31, 2013 and 2012. We are not currently under audit by any tax jurisdiction. | ||||
Equity Method Investments | ' | |||
Equity Method Investments | ||||
We use the equity method to account for investments in entities that we do not have a controlling financial interest or where we do not own a majority of the economic interest but have the ability to exercise significant influence over the investee. For an investment accounted for under the equity method, our share of net earnings or losses is reflected as income when earned and distributions are credited against our investment as received. | ||||
We continually evaluate our investments in unconsolidated joint ventures when events or changes in circumstances indicate that there may be an other-than-temporary decline in value. We consider various factors to determine if a decrease in the value of the investment is other-than-temporary. These factors include, but are not limited to, age of the venture, our intent and ability to retain our investment in the entity, the financial condition and long-term prospects of the entity, and the relationships with the other joint venture partners and its lenders. If we believe that the decline in fair value is temporary, no impairment is recorded. If we determine that the decrease in the value of the investment is other than temporary, the amount of loss recognized is the excess of the investment’s carrying amount over its estimated fair value. The aforementioned factors are taken as a whole by management in determining the valuation of our investment property. Should the actual results differ from management’s judgment, the valuation could be negatively affected and may result in a negative impact to our consolidated financial statements. | ||||
Segment Disclosure | ' | |||
Segment Disclosure | ||||
ASC Topic 280, Segment Reporting, establishes standards for reporting financial and descriptive information about a public entity’s reportable segments. We have determined that we have one reportable segment, with activities related to investing in and managing apartment communities. Our investments in real estate are geographically diversified and management evaluates operating performance on an individual property level. However, as each of our apartment communities has similar economic characteristics, tenants and products and services, our apartment communities both owned and leased have been aggregated into one reportable segment for the years ended December 31, 2013, 2012 and 2011. The operations of our Property Manager, excluding reimbursed costs, are not material to our consolidated statements of comprehensive loss and therefore, have been aggregated with our apartment communities both owned and leased. | ||||
Recently Issued Accounting Pronouncements | ' | |||
Recently Issued Accounting Pronouncements | ||||
In February 2013, FASB issued ASU 2013-02, Other Comprehensive Income (Topic 220), or ASU 2013-02. ASU 2013-02 requires companies to report changes in accumulated other comprehensive income, or AOCI. For significant items reclassified out of AOCI to net income in their entirety, reporting is required about the effect of the reclassifications on the respective line items where net income is presented. Additionally, for items that are not reclassified to net income in their entirety, a cross reference to other disclosures is required in the notes. ASU 2013-02 is effective for interim and fiscal years beginning after December 15, 2012, or the first quarter of 2013 for calendar-year companies. The adoption of ASU 2013-02 has no material impact on our consolidated financial statements. |
Real_Estate_Investments_Tables
Real Estate Investments (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Real Estate [Abstract] | ' | ||||||||||
Investments in Consolidated Owned Properties | ' | ||||||||||
Our investments in our consolidated owned properties, net consisted of the following as of December 31, 2013 and 2012 (in thousands): | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
Land | $ | 221,595 | $ | 103,159 | |||||||
Land improvements | 118,652 | 61,242 | |||||||||
Building and improvements(1) | 1,129,619 | 609,241 | |||||||||
Furniture, fixtures and equipment | 30,567 | 17,515 | |||||||||
1,500,433 | 791,157 | ||||||||||
Less: accumulated depreciation | (89,920 | ) | (65,589 | ) | |||||||
$ | 1,410,513 | $ | 725,568 | ||||||||
-1 | Includes $10.4 million of direct construction costs for our repositioning activities as of December 31, 2013. We anticipate that the repositioning activities related to these apartment communities will be completed during the first half of 2014. There were no direct construction costs for our repositioning activities as of December 31, 2012. | ||||||||||
Investment of Contributed Parties at Time of Acquisition | ' | ||||||||||
During the year ended December 31, 2013, we completed the acquisition of 38 consolidated apartment communities and one parcel of undeveloped land, as set forth below (in thousands, except unit data): | |||||||||||
Property Description | Date | Number | Total | ||||||||
Acquired | of Units | Purchase | |||||||||
Price per | |||||||||||
Purchase | |||||||||||
Agreement | |||||||||||
Richmond on the Fairway — Lawrenceville, GA | January 31, 2013 | 243 | $ | 10,500 | |||||||
Landmark at Brighton Colony — Charlotte, NC | February 28, 2013 | 276 | 30,000 | ||||||||
Landmark at Greenbrooke Commons — Charlotte, NC | February 28, 2013 | 279 | 34,000 | ||||||||
Landmark at Mallard Creek — Charlotte, NC | 28-Mar-13 | 240 | 18,750 | ||||||||
Monterra Pointe — Arlington, TX | 29-Mar-13 | 200 | 12,088 | ||||||||
Palisades at Bear Creek — Euless, TX | 29-Mar-13 | 120 | 8,050 | ||||||||
Crestmont Reserve — Dallas, TX | 29-Mar-13 | 242 | 18,800 | ||||||||
Kensington Station — Bedford, TX | March 29, 2013 | 238 | 15,150 | ||||||||
Reserve at River Walk — Columbia, SC | 30-Apr-13 | 220 | 15,255 | ||||||||
Victoria Park — Charlotte, NC | 30-Apr-13 | 380 | 20,500 | ||||||||
Landmark at Barton Creek — Austin, TX | 28-Jun-13 | 298 | 37,500 | ||||||||
Landmark at Monaco Gardens — Charlotte, NC | 28-Jun-13 | 276 | 20,881 | ||||||||
Grand Terraces — Charlotte, NC | 1-Jul-13 | 240 | 15,750 | ||||||||
Stanford Reserve — Charlotte, NC | 1-Jul-13 | 310 | 15,100 | ||||||||
Courtyards on the River — Tampa, FL | 1-Jul-13 | 296 | 16,250 | ||||||||
Fountain Oaks — Jacksonville, FL | 1-Jul-13 | 160 | 7,000 | ||||||||
Caveness Farms — Wake Forest, NC | 3-Jul-13 | 288 | 26,675 | ||||||||
Lexington on the Green — Raleigh, NC | 3-Jul-13 | 384 | 23,500 | ||||||||
Landmark at Wynton Pointe — Nashville, TN | 23-Jul-13 | 380 | 32,390 | ||||||||
Landmark at Gleneagles — Dallas, TX | 23-Jul-13 | 590 | 42,250 | ||||||||
Landmark at Prescott Woods — Austin, TX | 23-Jul-13 | 364 | 24,300 | ||||||||
Avondale by the Lakes — St. Petersburg, FL | 25-Jul-13 | 304 | 18,446 | ||||||||
Landmark at Stafford Landing — Ocoee, FL(1) | 31-Jul-13 | 522 | 34,800 | ||||||||
Landmark at Savoy Square — Clearwater, FL | 16-Aug-13 | 182 | 10,000 | ||||||||
Landmark at Ocean Breeze — Melbourne, FL | 16-Aug-13 | 224 | 9,400 | ||||||||
Grand Arbor Reserve — Raleigh, NC | 20-Aug-13 | 297 | 22,750 | ||||||||
Landmark at Battleground Park — Greensboro, NC | September 9, 2013 | 240 | 14,780 | ||||||||
Landmark at Glenview Reserve — Nashville, TN | 9-Sep-13 | 360 | 22,300 | ||||||||
Landmark at Lyncrest Reserve — Nashville, TN | September 20, 2013 | 260 | 21,220 | ||||||||
Landmark at Preston Wood — Richardson, TX | September 20, 2013 | 194 | 12,250 | ||||||||
Landmark at Woodland Trace — Casselberry, FL | 3-Oct-13 | 384 | 26,800 | ||||||||
Landmark at Grayson Park — Tampa, FL | 3-Oct-13 | 408 | 32,000 | ||||||||
Collin Creek — Plano, TX | 10-Oct-13 | 314 | 21,450 | ||||||||
Landmark at Lancaster Place — Calera, AL | 16-Oct-13 | 240 | 17,710 | ||||||||
Lancaster Place Land — Calera, AL | 16-Oct-13 | N/A | 290 | ||||||||
Landmark at Courtyard Villas — Mesquite, TX | 30-Oct-13 | 256 | 21,400 | ||||||||
Landmark at Sutherland Park — Plano, TX | 30-Oct-13 | 480 | 33,370 | ||||||||
Landmark at Avery Place — Tampa, FL | 26-Nov-13 | 264 | 18,400 | ||||||||
Landmark at Deerfield Glen — Hoover, AL | 26-Nov-13 | 320 | 23,000 | ||||||||
Total Acquired Properties | $ | 805,055 | |||||||||
-1 | We own a 60.19% controlling interest in Landmark at Stafford Landing, LLC, the entity that owns the Landmark of Stafford Landing property. The entity is consolidated due to our controlling financial interest in Landmark at Stafford Landing, LLC. |
Real_Estate_Disposition_Activi1
Real Estate Disposition Activities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||
Schedule of Income Loss from Discontinued Operations | ' | ||||||||||||
The following is a summary of income from discontinued operations for the periods presented (dollars in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Rental income | $ | 3,604 | $ | 7,374 | $ | 6,898 | |||||||
Other property revenues | 584 | 991 | 882 | ||||||||||
Total revenues | 4,188 | 8,365 | 7,780 | ||||||||||
Rental expenses | (1,583 | ) | (3,119 | ) | (3,026 | ) | |||||||
Interest expense, net | (1,057 | ) | (2,127 | ) | (2,206 | ) | |||||||
Depreciation and amortization expense | (1,027 | ) | (2,460 | ) | (2,432 | ) | |||||||
Total expenses | (3,667 | ) | (7,706 | ) | (7,664 | ) | |||||||
Income before net gain on the sale of property | 521 | 659 | 116 | ||||||||||
Net gain on the sale of property | 10,034 | — | — | ||||||||||
Income from discontinued operations | $ | 10,555 | $ | 659 | $ | 116 | |||||||
Less: Net income from discontinued operations attributable to redeemable non-controlling interests in operating partnership | 5,486 | 107 | — | ||||||||||
Income from discontinued operations attributable to common stockholders | $ | 5,069 | $ | 552 | $ | 116 | |||||||
Investments_in_Unconsolidated_1
Investments in Unconsolidated Entities (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||
Schedule of Non Controlling Investments Under Equity Method Investments | ' | ||||||||||||||
As of December 31, 2013, we held non-controlling interests in the following investments which are accounted for under the equity method (in thousands, except unit data): | |||||||||||||||
Investment Description | Date | Number | Total | Percentage | |||||||||||
Acquired | of Units | Investment at | Ownership | ||||||||||||
December 31, | |||||||||||||||
2013 | |||||||||||||||
Landmark at Waverly Place — Melbourne, FL | November 18, 2013 | 208 | $ | 1,158 | 20 | % | |||||||||
The Fountains — Palm Beach Gardens, FL | December 6, 2013 | 542 | 4,998 | 20 | % | ||||||||||
Timbercreek U.S. Multi-Residential (U.S.) Holding L.P. — 500,000 Class A Units | 20-Dec-13 | N/A | 5,000 | 7.5 | % | ||||||||||
Total investments | $ | 11,156 | |||||||||||||
Identified_Intangible_Assets_N1
Identified Intangible Assets, Net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||
Identified Intangible Assets, Net | ' | ||||||||
Identified intangible assets, net consisted of the following as of December 31, 2013 and 2012 (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012(2) | ||||||||
Disposition fee rights(1) | $ | 284 | $ | 1,580 | |||||
In-place leases, net of accumulated amortization of $39.1 million and $3.9 million as of December 31, 2013 and 2012, respectively (with a weighted average remaining life of 3.6 months and 4.7 months as of December 31, 2013 and 2012, respectively) | 16,662 | 5,968 | |||||||
Trade name and trade marks (indefinite lives) | 200 | — | |||||||
Property management contracts, net of accumulated amortization of $2.2 million and $0 as of December 31, 2013 and 2012, respectively (with a weighted average remaining life of 165.3 months and 0 months as of December 31, 2013 and 2012, respectively) | 18,703 | — | |||||||
$ | 35,849 | $ | 7,548 | ||||||
-1 | On March 28, 2013, June 28, 2013 and October 10, 2013, we purchased three apartment communities which were owned by unaffiliated third parties and leased by subsidiaries of NNN/MR Holdings, a wholly owned subsidiary of our company. Pursuant to each master lease, or other operative agreement, between each master tenant subsidiary of NNN/MR Holdings and the respective third-party property owners, NNN/MR Holdings was entitled to a 5% disposition fee of the purchase price in the event that any of the leased properties were sold. We recognized disposition fee right intangibles at the time of our acquisition of NNN/MR Holdings in the aggregate amount of $1.3 million for those three leased properties. Based on the aggregate purchase price we paid for the properties of $61.1 million, the resulting disposition fee due to NNN/MR Holdings was $3.1 million and the consideration paid at acquisition was accordingly reduced by this amount. The excess of the disposition fee over the recorded disposition fee right intangible during the year ended December 31, 2013 was $1.8 million, and was recorded as disposition right income in our consolidated statements of comprehensive loss. | ||||||||
-2 | As of December 31, 2012, there was an impairment loss of $1.6 million of identified intangible assets, resulting from the termination of our property management contracts for 33 multifamily apartment communities owned by unaffiliated third parties during the fourth quarter of 2012. This event triggered an immediate and full impairment of the tenant relationship intangible in the amount of $1.3 million and an expected termination fee intangible totaling $310,000. See Note 2, Summary of Significant Accounting Policies — Goodwill and Identified Intangible Assets, Net, for further discussion. | ||||||||
Estimated Amortization Expense on the Identified Intangible Assets | ' | ||||||||
Estimated amortization expense on the identified intangible assets as of December 31, 2013 is as follows (in thousands): | |||||||||
Year | Amount | ||||||||
2014 | $ | 18,821 | |||||||
2015 | 3,475 | ||||||||
2016 | 3,313 | ||||||||
2017 | 3,169 | ||||||||
2018 | 1,322 | ||||||||
Thereafter | 4,395 | ||||||||
Total | $ | 34,495 | |||||||
Other_Assets_Net_Tables
Other Assets, Net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ||||||||
Other Assets, Net | ' | ||||||||
Other assets, net consisted of the following as of December 31, 2013 and 2012 (in thousands): | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Deferred financing costs, net of accumulated amortization of $4.4 million and $1.8 million as of December 31, 2013 and 2012, respectively | $ | 14,513 | $ | 4,509 | |||||
Prepaid expenses and deposits | 4,298 | 992 | |||||||
Fair value of interest rate cap agreements | 478 | 42 | |||||||
$ | 19,289 | $ | 5,543 | ||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Mortgage Loan Payable, Net | ' | ||||||||||||
Our mortgage loan payables, net, unsecured notes payable to affiliates and variable rate secured credit facility with Bank of America, N.A. and certain other lenders, or the Credit Facility, as of December 31, 2013 and 2012, are summarized below (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Mortgage loan payables — fixed | $ | 652,345 | $ | 353,102 | |||||||||
Mortgage loan payables — variable | 175,120 | 116,719 | |||||||||||
Total secured fixed and variable rate debt | 827,465 | 469,821 | |||||||||||
Premium, net | 10,969 | 9,673 | |||||||||||
Total mortgage loan payables, net | 838,434 | 479,494 | |||||||||||
Credit Facility | 145,200 | — | |||||||||||
Total secured fixed and variable rate debt, net | $ | 983,634 | $ | 479,494 | |||||||||
Unsecured notes payable to affiliates | $ | 5,784 | $ | — | |||||||||
Unsecured note payable | — | 500 | |||||||||||
Total unsecured notes | $ | 5,784 | $ | 500 | |||||||||
Scheduled Payments and Maturities of Mortgage Loan Payables, Net, Unsecured Note Payables and Credit Facility | ' | ||||||||||||
Scheduled payments and maturities of mortgage loan payables, net, unsecured notes payable to affiliates and the Credit Facility at December 31, 2013 were as follows (in thousands): | |||||||||||||
Year | Secured notes | Secured notes | Unsecured notes | ||||||||||
payments(1) | maturities | maturities | |||||||||||
2014 | $ | 13,085 | $ | — | $ | — | |||||||
2015 | 10,721 | 311,416 | 500 | ||||||||||
2016 | 9,695 | 96,792 | — | ||||||||||
2017 | 9,056 | 99,725 | — | ||||||||||
2018 | 7,216 | 120,436 | 5,284 | ||||||||||
Thereafter | 13,320 | 281,203 | — | ||||||||||
$ | 63,093 | $ | 909,572 | $ | 5,784 | ||||||||
-1 | Secured note payments are comprised of the principal pay downs for mortgage loan payables and the Credit Facility. |
Equity_Tables
Equity (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Equity [Abstract] | ' | ||||||||
Status of Nonvested Shares of Restricted Common Stock | ' | ||||||||
A summary of the status of the nonvested shares of our restricted common stock as of December 31, 2013 and 2012, and the changes for the years ended December 31, 2013 and 2012, is presented below: | |||||||||
Restricted | Weighted | ||||||||
Common | Average Grant | ||||||||
Stock | Date Fair | ||||||||
Value | |||||||||
Balance — December 31, 2011 | 6,600 | $ | 10 | ||||||
Granted | 4,000 | 10 | |||||||
Vested | (5,200 | ) | 10 | ||||||
Balance — December 31, 2012 | 5,400 | $ | 10 | ||||||
Granted | 5,000 | $ | 8.15 | ||||||
Vested | (3,000 | ) | 8.15 | ||||||
Balance — December 31, 2013 | 7,400 | 9 | |||||||
Expected to vest — December 31, 2013 | 7,400 | $ | 8.15 | ||||||
Fair_Value_of_Derivatives_and_1
Fair Value of Derivatives and Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Summary of Derivative Arrangements and Consolidated Hedging Derivatives | ' | ||||||||||||||||||||
The following table summarizes our derivative arrangements and the consolidated hedging derivatives at December 31, 2013 and December 31, 2012, (in thousands, except interest rates): | |||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||
Non- | Cash Flow | Non- | Cash Flow | ||||||||||||||||||
designated | Hedges | designated | Hedges | ||||||||||||||||||
Hedges | Hedges | ||||||||||||||||||||
Interest | Interest | Interest | Interest | ||||||||||||||||||
Rate Caps | Rate Swaps | Rate Caps | Rate Swaps | ||||||||||||||||||
Notional balance | $ | 102,065 | $ | 32,100 | $ | 22,670 | $ | 12,442 | |||||||||||||
Weighted average interest rate(1) | 2.81 | % | 2.38 | % | 2.48 | % | 3.72 | % | |||||||||||||
Weighted average capped interest rate | 3.68 | % | N/A | 5.45 | % | N/A | |||||||||||||||
Earliest maturity date | 15-Mar | 20-Jul | 17-Aug | 19-Oct | |||||||||||||||||
Latest maturity date | 18-Jul | 20-Aug | 17-Aug | 19-Oct | |||||||||||||||||
Estimated fair value, asset/(liability) | $ | 478 | $ | (350 | ) | $ | 42 | $ | (310 | ) | |||||||||||
-1 | For interest rate caps, this represents the weighted average interest rate on the debt. | ||||||||||||||||||||
Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||
The table below presents our liabilities measured/disclosed at fair value on a recurring basis as of December 31, 2013, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): | |||||||||||||||||||||
Quoted Prices | Significant | Significant | Total Fair Value | Carrying | |||||||||||||||||
in Active | Other | Unobservable | Estimate at | Value at | |||||||||||||||||
Markets for | Observable | Inputs | December 31, | December 31, | |||||||||||||||||
Identical Assets | Inputs | (Level 3) | 2013 | 2013 | |||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
Liabilities | |||||||||||||||||||||
Mortgage loan payables, net(1) | $ | — | $ | 858,658 | $ | — | $ | 858,658 | $ | 838,434 | |||||||||||
Unsecured notes payable to | — | — | 5,784 | 5,784 | 5,784 | ||||||||||||||||
affiliates(2) | |||||||||||||||||||||
Credit Facility(1) | — | 145,247 | — | 145,247 | 145,200 | ||||||||||||||||
Acquisition contingent | — | — | 4,030 | 4,030 | 4,030 | ||||||||||||||||
consideration(3) | |||||||||||||||||||||
Warrants(4) | — | — | 1,789 | 1,789 | 1,789 | ||||||||||||||||
Series D preferred stock derivative(5) | — | — | 11,100 | 11,100 | 11,100 | ||||||||||||||||
Liabilities at fair value | $ | — | $ | 1,003,905 | $ | 22,703 | $ | 1,026,608 | $ | 1,006,337 | |||||||||||
-1 | The fair value is estimated using borrowing rates available to us for debt instruments with similar terms and maturities. | ||||||||||||||||||||
-2 | The fair value is not determinable due to the related party nature of the unsecured notes payable to affiliates, other than the Legacy Unsecured Note. The fair value of the Legacy Unsecured Note is based on a benchmark index from the limited partnership unit distributions dividend rate; therefore, we consider the fair value of the Legacy Unsecured Note to be equal to the carrying value. | ||||||||||||||||||||
-3 | The fair value is based on management’s inputs and assumptions relating primarily to the expected cash flows, and the timing of such cash flows, from the economic rights we acquired in connection with the ELRM Transaction that enables us to earn property management fees and subordinated participation distributions with respect to certain real estate assets. | ||||||||||||||||||||
-4 | The fair value of the warrants is estimated using the Monte-Carlo Simulation. | ||||||||||||||||||||
-5 | The fair value of the Series D Preferred Stock derivative, which relates to the mandatory redemption of 50% of the Series D Preferred Stock outstanding as of the date of a triggering event as defined in the Series D Preferred Stock agreement for a premium, is determined using a modeling technique based on significant unobservable inputs calculated using a probability-weighted approach. Significant inputs include the expected timing of a triggering event, the expected timing of additional issuances of Series D Preferred Stock, and the discount rate. | ||||||||||||||||||||
The table below presents our liabilities measured/disclosed at fair value on a recurring basis as of December 31, 2012, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): | |||||||||||||||||||||
Quoted Prices | Significant | Significant | Total Fair Value | Carrying | |||||||||||||||||
in Active | Other | Unobservable | Estimate at | Value at | |||||||||||||||||
Markets for | Observable | Inputs | December 31, | December 31, | |||||||||||||||||
Identical Assets | Inputs | (Level 3) | 2012 | 2012 | |||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
Liabilities | |||||||||||||||||||||
Mortgage loan payables, net(1) | $ | — | $ | 498,824 | $ | — | $ | 498,824 | $ | 479,494 | |||||||||||
Unsecured notes payable(2) | — | — | 500 | 500 | 500 | ||||||||||||||||
Warrants(3) | — | — | 1,918 | 1,918 | 1,918 | ||||||||||||||||
Liabilities at fair value | $ | — | $ | 498,824 | $ | 2,418 | $ | 501,242 | $ | 481,912 | |||||||||||
-1 | The fair value is estimated using borrowing rates available to us for debt instruments with similar terms and maturities. | ||||||||||||||||||||
-2 | The fair value of the Legacy Unsecured Note is based on a benchmark index from the limited partnership unit distributions dividend rate; therefore, we consider the fair value of the Legacy Unsecured Note to be equal to the carrying value. | ||||||||||||||||||||
-3 | The fair value of the warrants is estimated using the Monte-Carlo Simulation. | ||||||||||||||||||||
Reconciliation of Fair Value of Acquisition Contingent Consideration and Warrant Liability Measured on Recurring Basis | ' | ||||||||||||||||||||
The table below provides a reconciliation of the fair values of acquisition contingent consideration, warrant liability and Series D preferred stock derivative measured on a recurring basis for which the Company has designated as Level 3 (in thousands): | |||||||||||||||||||||
Acquisition | Warrants | Series D | |||||||||||||||||||
Contingent | Preferred | ||||||||||||||||||||
Consideration | Stock | ||||||||||||||||||||
Derivative | |||||||||||||||||||||
Balance at December 31, 2012 | $ | — | $ | 1,918 | $ | — | |||||||||||||||
Additions | 6,737 | 398 | 13,500 | ||||||||||||||||||
Change due to liability realized | (1,992 | ) | — | — | |||||||||||||||||
Changes in fair value(1) | (715 | ) | (527 | ) | (2,400 | ) | |||||||||||||||
Balance at December 31, 2013 | $ | 4,030 | $ | 1,789 | $ | 11,100 | |||||||||||||||
-1 | Reflected in general, administrative and other expense on the consolidated statements of comprehensive loss for the year ended December 31, 2013. |
Business_Combinations_Tables
Business Combinations (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Fair Value of Property Management Business | ' | ||||||||
Our purchase price allocation related to the ELRM Transaction is as follows (in thousands): | |||||||||
Property | |||||||||
Management | |||||||||
Business | |||||||||
Assets: | |||||||||
Furniture, fixtures and equipment | $ | 81 | |||||||
Other assets, net | 150 | ||||||||
Identified intangible assets, net(1)(3) | 21,070 | ||||||||
Goodwill(2)(3) | 9,679 | ||||||||
Total purchase price | 30,980 | ||||||||
Accounts payable and accrued liabilities | (196 | ) | |||||||
Unsecured notes payable to affiliate | (10,000 | ) | |||||||
Limited partnership units | (9,839 | ) | |||||||
Acquisition contingent consideration | (6,734 | ) | |||||||
Deferred tax liability, net | (4,211 | ) | |||||||
Cash paid | $ | 0 | |||||||
-1 | Included in identified intangible assets, net on the consolidated balance sheets, as of December 31, 2013. | ||||||||
-2 | Included as goodwill on the consolidated balance sheets, as of December 31, 2013. Our annual impairment test date was December 31, 2013. Goodwill reflects the value of ELRM’s assembled work force and the deferred tax liability. | ||||||||
-3 | In the third quarter of the year ended December 31, 2013, we recorded an increase to goodwill of $3.3 million and a decrease to identified intangible assets of $3.3 million as a measurement period adjustment as we obtained the necessary information to quantify the value of intangible assets acquired during the quarter. During the fourth quarter of the year ended December 31, 2013 we recorded a decrease of $1 million to goodwill and a decrease of $1 million to deferred tax liability, net. | ||||||||
Proforma Revenues, Net Loss, Net Loss Attributable to Controlling Interest and Net Loss Per Common Share Attributable to Controlling Interest - Basic and Diluted | ' | ||||||||
Assuming the acquisitions of the 38 consolidated apartment communities and the ELRM Transaction discussed above had occurred on January 1, 2012, pro forma revenues, net loss, net loss attributable to controlling interest and net loss per common share attributable to controlling interest — basic and diluted, would have been as follows for the years ended December 31, 2013 and December 31, 2012 (in thousands, except per share data): | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Revenues | $ | 210,158 | $ | 160,219 | |||||
Net loss | $ | (28,795 | ) | $ | (99,043 | ) | |||
Net loss attributable to controlling interest | $ | (13,829 | ) | $ | (82,998 | ) | |||
Net loss per common share attributable to controlling interest — basic and diluted | $ | (0.61 | ) | $ | (4.10 | ) | |||
2013 Property Acquisitions | ' | ||||||||
Fair Value of Assets Acquired and Liabilities Assumed at Time of Acquisition | ' | ||||||||
The following table summarizes the fair value of the assets acquired and liabilities assumed at the time of acquisition (dollars in thousands): | |||||||||
December 31, 2013 | |||||||||
Land | $ | 127,657 | |||||||
Land improvements | 61,317 | ||||||||
Building and improvements | 562,009 | ||||||||
Furniture, fixtures and equipment | 13,799 | ||||||||
In-place leases | 45,879 | ||||||||
(Above)/below market leases | (3,375 | ) | |||||||
Fair market value of assumed debt | (321,438 | ) | |||||||
Other assets/liabilities, net | (12,943 | ) | |||||||
Total | 472,905 | ||||||||
Equity/limited partnership unit consideration | (104,450 | ) | |||||||
Net cash consideration | $ | 368,455 | |||||||
2012 Property Acquisitions | ' | ||||||||
Fair Value of Assets Acquired and Liabilities Assumed at Time of Acquisition | ' | ||||||||
The following table summarizes the fair value of the assets acquired and liabilities assumed at the time of acquisition (in thousands): | |||||||||
December 31, 2012 | |||||||||
Land | $ | 57,412 | |||||||
Land improvements | 36,976 | ||||||||
Building and improvements | 300,736 | ||||||||
Furniture, fixtures and equipment | 5,082 | ||||||||
In-place leases | 9,673 | ||||||||
Fair market value of assumed debt | (192,684 | ) | |||||||
Other assets/liabilities, net | (712 | ) | |||||||
Total | 216,483 | ||||||||
Equity/limited partnership unit consideration | (154,409 | ) | |||||||
Net cash consideration | $ | 62,074 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Deferred Income Tax Assets and Liabilities | ' | ||||||||||||
The components of deferred tax assets and liabilities are as follows as of December 31, 2013 and 2012 (in thousands). | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Goodwill and intangibles | $ | 1,730 | $ | 1,884 | |||||||||
Acquisition costs | 444 | 468 | |||||||||||
Net operating loss | 1,340 | 469 | |||||||||||
Other | 68 | — | |||||||||||
Total deferred tax assets | 3,582 | 2,821 | |||||||||||
Less valuation allowance | — | (2,728 | ) | ||||||||||
Net deferred tax asset | $ | 3,582 | $ | 93 | |||||||||
Deferred tax liabilities: | |||||||||||||
ELRM intangibles | $ | (3,587 | ) | $ | — | ||||||||
Depreciation | (7 | ) | (5 | ) | |||||||||
Prepaids | (423 | ) | (4 | ) | |||||||||
Other | — | (84 | ) | ||||||||||
Total deferred tax liabilities | (4,017 | ) | (93 | ) | |||||||||
Net deferred tax liability | $ | (435 | ) | $ | — | ||||||||
Net Operating Loss Carry Forward for Federal Income Tax Purposes | ' | ||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | |||||||||||
Amount | Amount | Amount | |||||||||||
Loss from continuing operations | $ | (82,999 | ) | $ | (42,254 | ) | $ | (9,062 | ) | ||||
Tax effect at statutory rate | (29,050 | ) | (14,789 | ) | (3,172 | ) | |||||||
REIT income | 15,990 | 10,253 | 3,102 | ||||||||||
Non-controlling interests | 12,496 | 2,357 | — | ||||||||||
Valuation allowance | (2,728 | ) | 2,174 | 65 | |||||||||
State taxes | (242 | ) | — | — | |||||||||
Other | 2 | 5 | 5 | ||||||||||
Total tax benefit | $ | (3,532 | ) | $ | — | $ | — | ||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Data | ' | ||||||||||||||||
Set forth below is the unaudited selected quarterly financial data. We believe that all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to present fairly, and in accordance with GAAP, the unaudited selected quarterly financial data when read in conjunction with our consolidated financial statements (in thousands, except share and per share data). | |||||||||||||||||
Quarter Ended | |||||||||||||||||
December 31, 2013 | September 30, 2013 | June 30, 2013 | March 31, 2013 | ||||||||||||||
Revenues(1) | $ | 53,020 | $ | 44,415 | $ | 34,097 | $ | 25,457 | |||||||||
Expenses(1) | (60,060 | ) | (56,913 | ) | (35,791 | ) | (27,256 | ) | |||||||||
Loss from operations(1) | (7,040 | ) | (12,498 | ) | (1,694 | ) | (1,799 | ) | |||||||||
Other expense, net(1) | (19,581 | ) | (15,840 | ) | (17,281 | ) | (7,266 | ) | |||||||||
Net loss from continuing operations before tax(1) | (26,621 | ) | (28,338 | ) | (18,975 | ) | (9,065 | ) | |||||||||
Income tax benefit/(expense)(1) | 454 | (41 | ) | 286 | 2,833 | ||||||||||||
Loss from continuing operations(1) | (26,167 | ) | (28,379 | ) | (18,689 | ) | (6,232 | ) | |||||||||
Income from discontinued operations(1) | 15 | 3,471 | 218 | 6,851 | |||||||||||||
Net (loss)/income | (26,152 | ) | (24,908 | ) | (18,471 | ) | 619 | ||||||||||
Less: Net loss/(income) attributable to redeemable noncontrolling interests in operating partnership | 13,803 | 12,640 | 9,137 | (295 | ) | ||||||||||||
Net loss attributable to non-controlling interest | 599 | 422 | — | — | |||||||||||||
Net (loss)/income attributable to common stockholders | $ | (11,750 | ) | $ | (11,846 | ) | $ | (9,334 | ) | $ | 324 | ||||||
Earnings per weighted average common share — basic and diluted: | |||||||||||||||||
Loss from continuing operations | $ | (0.49 | ) | $ | (0.57 | ) | $ | (0.43 | ) | $ | (0.13 | ) | |||||
Income from discontinued operations(1) | — | 0.07 | — | 0.15 | |||||||||||||
Net (loss)/income per common share attributable to common stockholders — basic and diluted | $ | (0.49 | ) | $ | (0.50 | ) | $ | (0.43 | ) | $ | 0.02 | ||||||
Weighted average number of common shares outstanding — basic and diluted | 24,073,724 | 23,847,912 | 21,755,583 | 21,034,949 | |||||||||||||
Quarter Ended | |||||||||||||||||
December 31, 2012 | September 30, 2012 | June 30, 2012 | March 31, 2012 | ||||||||||||||
Revenues(1) | $ | 23,964 | $ | 16,267 | $ | 14,622 | $ | 14,551 | |||||||||
Expenses(1) | (33,157 | ) | (33,478 | ) | (14,964 | ) | (14,667 | ) | |||||||||
Loss from operations(1) | (9,193 | ) | (17,211 | ) | (342 | ) | (116 | ) | |||||||||
Other expense, net(1) | (6,086 | ) | (4,232 | ) | (2,537 | ) | (2,537 | ) | |||||||||
Net loss from continuing operations before tax(1) | (15,279 | ) | (21,443 | ) | (2,879 | ) | (2,653 | ) | |||||||||
Income tax (expense)/benefit(1) | — | — | — | — | |||||||||||||
Net loss from continuing operations(1) | (15,279 | ) | (21,443 | ) | (2,879 | ) | (2,653 | ) | |||||||||
Income from discontinued operations(1) | 140 | 203 | 213 | 103 | |||||||||||||
Net loss | (15,139 | ) | (21,240 | ) | (2,666 | ) | (2,550 | ) | |||||||||
Less: Net loss attributable to non-controlling interests | 6,489 | 246 | — | — | |||||||||||||
Net loss attributable to common stockholders | $ | (8,650 | ) | $ | (20,994 | ) | $ | (2,666 | ) | $ | (2,550 | ) | |||||
Earnings per weighted average common share — basic and diluted: | |||||||||||||||||
Loss from continuing operations | $ | (0.43 | ) | $ | (1.04 | ) | $ | (0.14 | ) | $ | (0.13 | ) | |||||
Income from discontinued operations(1) | 0.01 | 0.01 | 0.01 | — | |||||||||||||
Net loss per common share attributable to common stockholders — basic and diluted | $ | (0.42 | ) | $ | (1.03 | ) | $ | (0.13 | ) | $ | (0.13 | ) | |||||
Weighted average number of common shares outstanding — basic and diluted | 20,634,664 | 20,331,515 | 20,030,624 | 19,974,467 | |||||||||||||
-1 | Amounts for the quarters ended March 31 and June 30, 2013 and 2012, will not equal previously reported results due to reclassification between income from continuing operations and income from discontinued operations. | ||||||||||||||||
Subsequent_Events_Tables
Subsequent Events (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Subsequent Events [Abstract] | ' | ||||||||||||||||||
Properties Acquired | ' | ||||||||||||||||||
Subsequent to December 31, 2013, we acquired the following properties (in thousands, except number of units and percentages). | |||||||||||||||||||
Property Description(1) | Date Acquired | Number | Total | Encumbrances | Percentage | ||||||||||||||
of Units | Purchase | Ownership | |||||||||||||||||
Price | |||||||||||||||||||
Landmark at Chesterfield — Pineville, NC(2) | January 7, 2014 | 250 | $ | 19,250 | $ | 10,600 | 61.2 | % | |||||||||||
Landmark at Coventry Pointe — Lawrenceville, GA(2) | 7-Jan-14 | 250 | 26,250 | 16,500 | 61.2 | % | |||||||||||||
Landmark at Grand Oasis — Suwanee, GA(2) | 7-Jan-14 | 434 | 45,570 | 28,200 | 61.2 | % | |||||||||||||
Landmark at Rosewood — Dallas, TX(2) | 7-Jan-14 | 232 | 12,760 | 7,000 | 61.2 | % | |||||||||||||
Lake Village East — Garland, TX(2)(3) | 9-Jan-14 | 329 | 18,900 | 9,200 | 100 | % | |||||||||||||
Lake Village North — Garland, TX(2)(4) | 9-Jan-14 | 847 | 60,670 | 30,200 | 100 | % | |||||||||||||
Lake Village West — Garland, TX(2)(5) | 9-Jan-14 | 294 | 18,900 | 13,000 | 100 | % | |||||||||||||
Landmark at Laurel Heights — Mesquite, TX(2)(6) | 9-Jan-14 | 286 | 21,160 | 14,000 | 100 | % | |||||||||||||
Landmark at Bella Vista — Duluth, GA(2) | January 15, 2014 | 564 | 31,854 | — | 100 | % | |||||||||||||
Landmark at Maple Glen — Orange Park, FL(2) | 15-Jan-14 | 358 | 29,800 | 14,400 | 51.1 | % | |||||||||||||
Landmark at Pine Court — Columbia, SC | 23-Jan-14 | 316 | 20,300 | 15,600 | 100 | % | |||||||||||||
Landmark at Spring Creek — Garland, TX | 6-Feb-14 | 236 | 10,300 | 7,800 | 92.6 | % | |||||||||||||
-1 | We have not completed the purchase accounting for these properties. | ||||||||||||||||||
-2 | Included in the Omnibus Agreement. | ||||||||||||||||||
-3 | Includes Lakeshore Lakeview Apartments, Lakeway Harbor Apartments and Lakeway Point Apartments. We consolidated these into one property called Lake Village East. | ||||||||||||||||||
-4 | Includes Lakeway 36 Apartments, Lakeway Place Apartments, Lakeway Trace Apartments and Lakeway Meadows Apartments. We consolidated these into one property called Lake Village North. | ||||||||||||||||||
-5 | Includes Lakeway Colony Apartments. | ||||||||||||||||||
-6 | Includes Windridge Apartments and Highlands at Galloway Apartments. We consolidated these into one property called Landmark at Laurel Heights. | ||||||||||||||||||
Organization_and_Description_o1
Organization and Description of Business - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||||
Aug. 03, 2012 | Jul. 17, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 24, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 03, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 03, 2012 | Oct. 10, 2013 | Jun. 28, 2013 | Mar. 28, 2013 | |
Property | Property | Consolidated joint venture | ELRM | NNN/MR Holdings | NNN/MR Holdings | NNN/MR Holdings | Non - Controlling Interest | Non - Controlling Interest | Acquisition One | Acquisition One | Multifamily Properties | Multifamily Properties | Multifamily Properties | Multifamily Properties | Multifamily Properties | ||||||
Property | Property | Community | Property | Property | JointVentures | ELRM | Property | Property | Property | Property | NNN/MR Holdings | NNN/MR Holdings | NNN/MR Holdings | ||||||||
Property | Property | Property | Property | Property | |||||||||||||||||
Organization and Nature of Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued in public offerings | ' | 187,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued in public offerings, distribution reinvestment plan | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amended and Restated DRIP maximum offering | ' | ' | ' | ' | ' | $95,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amended and restated distribution reinvestment plan common stock share price | $8.15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of real estate properties acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | 22 | ' | ' | ' | 3 | 3 | 3 |
Number of properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 4 | ' | ' | ' | ' | ' | 21 | ' | ' | ' |
Parcel of undeveloped land | 1 | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of units in real estate properties | 6,079 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,066 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of total properties | ' | ' | 1 | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | 21 | 38 | ' | ' | ' | ' |
Number of properties | ' | ' | 67 | ' | ' | ' | ' | ' | 33 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of properties | ' | ' | $1,500,433,000 | $791,157,000 | $388,281,000 | ' | $386,972,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non controlling interest in unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of apartment units | ' | ' | 19,594 | ' | ' | ' | ' | ' | ' | 236 | ' | ' | ' | 750 | ' | ' | ' | ' | ' | ' | ' |
Number of Units, Managed Properties | ' | ' | ' | ' | ' | ' | ' | ' | 11,829 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information 1 (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property | Property | Property | |
Accounting Policies [Abstract] | ' | ' | ' |
General partnership interest rate | 42.40% | 52.50% | ' |
Limited partnership interest rate | 57.60% | 47.50% | ' |
Property Sold | 2 | 0 | 0 |
Properties held for sale | $0 | $0 | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information 2 (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2011 | Mar. 14, 2013 | Dec. 31, 2012 | Oct. 10, 2013 | Jun. 28, 2013 | Mar. 28, 2013 | |
Tenant relationships - expected termination fees | NNN/MR Holdings | NNN/MR Holdings | NNN/MR Holdings | NNN/MR Holdings | ELRM | Multifamily Properties | Multifamily Properties | Multifamily Properties | Multifamily Properties | |||||||
Community | Tenant relationships - expected termination fees | NNN/MR Holdings | NNN/MR Holdings | NNN/MR Holdings | ||||||||||||
Property | Property | Property | Property | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,800,000 | ' | ' | ' | ' |
Increase (decrease) in goodwill | -1,000,000 | 3,300,000 | ' | 2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease to acquisition contingent consideration | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease to identified intangible assets | ' | 3,300,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease to deferred liability, net | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 9,679,000 | ' | ' | 9,679,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of ownership interest in subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' |
Number of apartment communities | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties purchased | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | 3 | 3 | 3 |
Disposition fee intangible assets | ' | ' | ' | ' | ' | ' | ' | 1,300,000 | 0 | 0 | ' | ' | ' | ' | ' | ' |
Impairment loss of identified intangible assets | ' | ' | ' | ' | 5,397,000 | 390,000 | 310,000 | ' | ' | ' | ' | ' | 1,600,000 | ' | ' | ' |
Number of properties terminated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33 | ' | ' | ' |
Impairment of goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,400,000 | ' | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Additional Information 3 (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment | Segment | Segment | |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Total advertising expense | $1,700 | $678 | $470 |
Distributions from taxable income percentage required to qualify as a REIT for federal income tax purposes | 90.00% | ' | ' |
Number of reportable segments | 1 | 1 | 1 |
Building and Improvements | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Property plant and equipment estimated useful live | '10 to 40 years | ' | ' |
Land Improvements | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Property plant and equipment estimated useful live | '5 to 15 years | ' | ' |
Furniture, Fixtures and Equipment | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Property plant and equipment estimated useful live | '5to 15 years | ' | ' |
Investments_in_Consolidated_Ow
Investments in Consolidated Owned Properties (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Investments in consolidated properties | ' | ' | ||
Land | $221,595 | $103,159 | ||
Land improvements | 118,652 | 61,242 | ||
Building and improvements | 1,129,619 | [1] | 609,241 | [1] |
Furniture, fixtures and equipment | 30,567 | 17,515 | ||
Real estate investments, gross | 1,500,433 | 791,157 | ||
Less: accumulated depreciation | -89,920 | -65,589 | ||
Real estate investments, net | $1,410,513 | $725,568 | ||
[1] | Includes $10.4 million of direct construction costs for our repositioning activities as of December 31, 2013. We anticipate that the repositioning activities related to these apartment communities will be completed during the first half of 2014. There were no direct construction costs for our repositioning activities as of December 31, 2012. |
Investments_in_Consolidated_Ow1
Investments in Consolidated Owned Properties (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Real Estate [Line Items] | ' | ' | ||
Direct construction cost | $1,129,619 | [1] | $609,241 | [1] |
Building and Improvements | ' | ' | ||
Real Estate [Line Items] | ' | ' | ||
Direct construction cost | $10,400 | $0 | ||
[1] | Includes $10.4 million of direct construction costs for our repositioning activities as of December 31, 2013. We anticipate that the repositioning activities related to these apartment communities will be completed during the first half of 2014. There were no direct construction costs for our repositioning activities as of December 31, 2012. |
Real_Estate_Investments_Additi
Real Estate Investments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Real Estate [Abstract] | ' | ' | ' |
Depreciation expense | $35.10 | $13.70 | $10.80 |
Investment_of_Contributed_Part
Investment of Contributed Parties at Time of Acquisition (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Property | |
Business Acquisition [Line Items] | ' |
Total Purchase Price per Purchase Agreement | $805,055 |
Richmond on the Fairway - Lawrenceville, GA | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 31-Jan-13 |
Number of Units | 243 |
Total Purchase Price per Purchase Agreement | 10,500 |
Landmark at Brighton Colony - Charlotte, NC | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 28-Feb-13 |
Number of Units | 276 |
Total Purchase Price per Purchase Agreement | 30,000 |
Landmark at Greenbrooke Commons - Charlotte, NC | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 28-Feb-13 |
Number of Units | 279 |
Total Purchase Price per Purchase Agreement | 34,000 |
Landmark at Mallard Creek - Charlotte, NC | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 28-Mar-13 |
Number of Units | 240 |
Total Purchase Price per Purchase Agreement | 18,750 |
Monterra Pointe | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 29-Mar-13 |
Number of Units | 200 |
Total Purchase Price per Purchase Agreement | 12,088 |
Palisades at Bear Creek - Euless, TX | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 29-Mar-13 |
Number of Units | 120 |
Total Purchase Price per Purchase Agreement | 8,050 |
Crestmont Reserve - Dallas, TX | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 29-Mar-13 |
Number of Units | 242 |
Total Purchase Price per Purchase Agreement | 18,800 |
Kensington Station - Bedford, TX | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 29-Mar-13 |
Number of Units | 238 |
Total Purchase Price per Purchase Agreement | 15,150 |
Reserve at River Walk - Columbia, SC | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 30-Apr-13 |
Number of Units | 220 |
Total Purchase Price per Purchase Agreement | 15,255 |
Victoria Park - Charlotte, NC | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 30-Apr-13 |
Number of Units | 380 |
Total Purchase Price per Purchase Agreement | 20,500 |
Landmark at Barton Creek - Austin, TX | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 28-Jun-13 |
Number of Units | 298 |
Total Purchase Price per Purchase Agreement | 37,500 |
Landmark at Monaco Gardens - Charlotte, NC | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 28-Jun-13 |
Number of Units | 276 |
Total Purchase Price per Purchase Agreement | 20,881 |
Grand Terraces - Charlotte, NC | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 1-Jul-13 |
Number of Units | 240 |
Total Purchase Price per Purchase Agreement | 15,750 |
Stanford Reserve - Charlotte, NC | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 1-Jul-13 |
Number of Units | 310 |
Total Purchase Price per Purchase Agreement | 15,100 |
Courtyards on the River | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 1-Jul-13 |
Number of Units | 296 |
Total Purchase Price per Purchase Agreement | 16,250 |
Fountain Oaks - Jacksonville Fl | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 1-Jul-13 |
Number of Units | 160 |
Total Purchase Price per Purchase Agreement | 7,000 |
Caveness Farms - Wake Forest, NC | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 3-Jul-13 |
Number of Units | 288 |
Total Purchase Price per Purchase Agreement | 26,675 |
Lexington on the Green - Raleigh, NC | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 3-Jul-13 |
Number of Units | 384 |
Total Purchase Price per Purchase Agreement | 23,500 |
Landmark at Wynton Pointe - Nashville, TN | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 23-Jul-13 |
Number of Units | 380 |
Total Purchase Price per Purchase Agreement | 32,390 |
Landmark at Gleneagles - Dallas, TX | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 23-Jul-13 |
Number of Units | 590 |
Total Purchase Price per Purchase Agreement | 42,250 |
Landmark at Prescott Woods - Austin, TX | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 23-Jul-13 |
Number of Units | 364 |
Total Purchase Price per Purchase Agreement | 24,300 |
Avondale by the Lakes - St. Petersburg, FL | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 25-Jul-13 |
Number of Units | 304 |
Total Purchase Price per Purchase Agreement | 18,446 |
Landmark at Stafford Landing - Ocoee, FL | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 31-Jul-13 |
Number of Units | 522 |
Total Purchase Price per Purchase Agreement | 34,800 |
Landmark at Savoy Square - Clearwater, FL | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 16-Aug-13 |
Number of Units | 182 |
Total Purchase Price per Purchase Agreement | 10,000 |
Landmark at Ocean Breeze - Melbourne, FL | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 16-Aug-13 |
Number of Units | 224 |
Total Purchase Price per Purchase Agreement | 9,400 |
Grand Arbor Reserve - Raleigh, NC | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 20-Aug-13 |
Number of Units | 297 |
Total Purchase Price per Purchase Agreement | 22,750 |
Landmark at Battleground Park - Greensboro, NC | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 9-Sep-13 |
Number of Units | 240 |
Total Purchase Price per Purchase Agreement | 14,780 |
Landmark at Glenview Reserve - Nashville, TN | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 9-Sep-13 |
Number of Units | 360 |
Total Purchase Price per Purchase Agreement | 22,300 |
Landmark at Lyncrest Reserve - Nashville, TN | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 20-Sep-13 |
Number of Units | 260 |
Total Purchase Price per Purchase Agreement | 21,220 |
Landmark at Preston Wood - Richardson, TX | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 20-Sep-13 |
Number of Units | 194 |
Total Purchase Price per Purchase Agreement | 12,250 |
Landmark at Woodland Trace | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 3-Oct-13 |
Number of Units | 384 |
Total Purchase Price per Purchase Agreement | 26,800 |
Landmark at Grayson Park | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 3-Oct-13 |
Number of Units | 408 |
Total Purchase Price per Purchase Agreement | 32,000 |
Collin Creek | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 10-Oct-13 |
Number of Units | 314 |
Total Purchase Price per Purchase Agreement | 21,450 |
Landmark at Lancaster Place | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 16-Oct-13 |
Number of Units | 240 |
Total Purchase Price per Purchase Agreement | 17,710 |
Lancaster Place Land Calera AL | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 16-Oct-13 |
Total Purchase Price per Purchase Agreement | 290 |
Landmark at Courtyard Villas | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 30-Oct-13 |
Number of Units | 256 |
Total Purchase Price per Purchase Agreement | 21,400 |
Landmark at Sutherland Park | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 30-Oct-13 |
Number of Units | 480 |
Total Purchase Price per Purchase Agreement | 33,370 |
Landmark at Avery Place | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 26-Nov-13 |
Number of Units | 264 |
Total Purchase Price per Purchase Agreement | 18,400 |
Landmark at Deerfield Glen | ' |
Business Acquisition [Line Items] | ' |
Date Acquired | 26-Nov-13 |
Number of Units | 320 |
Total Purchase Price per Purchase Agreement | $23,000 |
Investment_of_Contributed_Part1
Investment of Contributed Parties at Time of Acquisition (Parenthetical) (Detail) (Landmark at Stafford Landing - Ocoee, FL) | Dec. 31, 2013 |
Landmark at Stafford Landing - Ocoee, FL | ' |
Business Acquisition [Line Items] | ' |
Controlling interest by controlling owners | 60.19% |
Real_Estate_Disposition_Activi2
Real Estate Disposition Activities - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property | Property | Property | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Property Sold | 2 | 0 | 0 |
Dispositions | $72,467,000 | ' | $19,000 |
Cash proceeds from sale of real estate | 24,500,000 | ' | ' |
Settlement of mortgage note payable | 45,600,000 | ' | ' |
Net carrying value of operating property | 60,200,000 | ' | ' |
The apartment communities and other closing costs and adjustments | $1,500,000 | ' | ' |
Real Estate | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Number of Apartment units | 700 | ' | ' |
Schedule_of_Income_Loss_from_D
Schedule of Income Loss from Discontinued Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Statement Of Financial Position [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Rental income | ' | ' | ' | ' | ' | ' | ' | ' | $3,604 | $7,374 | $6,898 | ||||||||
Other property revenues | ' | ' | ' | ' | ' | ' | ' | ' | 584 | 991 | 882 | ||||||||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 4,188 | 8,365 | 7,780 | ||||||||
Rental expenses | ' | ' | ' | ' | ' | ' | ' | ' | -1,583 | -3,119 | -3,026 | ||||||||
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -1,057 | -2,127 | -2,206 | ||||||||
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | -1,027 | -2,460 | -2,432 | ||||||||
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | -3,667 | -7,706 | -7,664 | ||||||||
Income before net gain on the sale of property | ' | ' | ' | ' | ' | ' | ' | ' | 521 | 659 | 116 | ||||||||
Net gain on the sale of property | ' | ' | ' | ' | ' | ' | ' | ' | 10,034 | ' | ' | ||||||||
Income from discontinued operations | 15 | [1] | 3,471 | [1] | 218 | [1] | 6,851 | [1] | 140 | [1] | 203 | [1] | 213 | [1] | 103 | [1] | 10,555 | 659 | 116 |
Less: Net income from discontinued operations attributable to redeemable non-controlling interests in operating partnership | ' | ' | ' | ' | ' | ' | ' | ' | 5,486 | 107 | ' | ||||||||
Income from discontinued operations attributable to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | $5,069 | $552 | $116 | ||||||||
[1] | Amounts for the quarters ended March 31 and June 30, 2013 and 2012, will not equal previously reported results due to reclassification between income from continuing operations and income from discontinued operations. |
Schedule_of_Non_Controlling_In
Schedule of Non Controlling Investments Under Equity Method Investments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Landmark at Waverly Place - Melbourne, FL | The Fountains - Palm Beach Gardens, FL | Timbercreek U.S. Multi-Residential (U.S.) Holding L.P | ||
Property | Property | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Date Acquired | ' | ' | 18-Nov-13 | 6-Dec-13 | 20-Dec-13 |
Number of apartment communities | ' | ' | 208 | 542 | ' |
Equity method investments, cash considerations | $11,156 | ' | $1,158 | $4,998 | $5,000 |
Percentage Ownership | ' | ' | 20.00% | 20.00% | 7.50% |
Investments_in_Unconsolidated_2
Investments in Unconsolidated Entities - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2103 | Dec. 31, 2013 | Nov. 18, 2013 | Dec. 06, 2013 | Dec. 20, 2013 | Dec. 31, 2013 |
Landmark at Waverly Place, LLC | The Fountains - Palm Beach Gardens, FL | Elco Landmark | Elco Landmark at Garden Square Management, LLC | Common Stock | Equity Method Investments | |||
Landmark at Waverly Place, LLC | Landmark at Garden Square, LLC | |||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Difference between carrying value of initial investment and underlying equity | ' | ' | $674,500 | $2,200,000 | ' | ' | ' | ' |
Percentage of partnership interest | 7.50% | ' | ' | ' | ' | ' | ' | ' |
Equity method investments, cash considerations | $11,156,000 | ' | ' | $4,998,000 | ' | ' | ' | $5,000,000 |
Number of Common stock purchased | 500,000 | ' | ' | ' | ' | ' | 500,000 | ' |
Controlling interest ownership percentage | ' | ' | ' | ' | 8.00% | 8.00% | ' | ' |
Identified_Intangible_Assets_N2
Identified Intangible Assets, Net (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 10, 2013 | Jun. 28, 2013 | Mar. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | NNN/MR Holdings | NNN/MR Holdings | NNN/MR Holdings | Trade names and Trade marks | Disposition fee rights | Disposition fee rights | In-place leases | In-place leases | Property Management Contracts | Property Management Contracts | ||
Landmark at Mallard Creek - Charlotte, NC | Landmark at Mallard Creek - Charlotte, NC | Landmark at Mallard Creek - Charlotte, NC | ||||||||||
Community | Community | Community | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Identified intangible assets, net | $34,495 | ' | ' | ' | ' | ' | $284 | $1,580 | $16,662 | $5,968 | $18,703 | $0 |
Identified indefinite intangible assets, net | ' | ' | ' | ' | ' | 200 | ' | ' | ' | ' | ' | ' |
Total | $35,849 | $7,548 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of apartment communities purchased | ' | ' | 3 | 3 | 3 | ' | ' | ' | ' | ' | ' | ' |
Identified_Intangible_Assets_N3
Identified Intangible Assets, Net (Parenthetical) (Detail) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 03, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
In-place leases | In-place leases | Property Management Contracts | Property Management Contracts | Tenant relationships - expected termination fees | Tenant relationships | Landmark at Mallard Creek - Charlotte, NC | Multifamily Properties | Multifamily Properties | Multifamily Properties | Multifamily Properties | Landmark at Monaco Gardens - Charlotte, NC | Landmark at Monaco Gardens - Charlotte, NC | ||||
Property | Unaffiliated third parties | Tenant relationships - expected termination fees | Tenant relationships - expected termination fees | Landmark at Mallard Creek - Charlotte, NC | Landmark at Mallard Creek - Charlotte, NC | |||||||||||
Community | Unaffiliated third parties | Disposition fee rights | ||||||||||||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated amortization | ' | ' | ' | $39,100,000 | $3,900,000 | $2,200,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining life | ' | ' | ' | '3 months 18 days | '4 months 21 days | '165 months 9 days | '0 months | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of disposition fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' |
Aggregate purchase price | 805,055,000 | ' | ' | ' | ' | ' | ' | ' | ' | 18,750,000 | ' | ' | ' | ' | 1,300,000 | ' |
Disposition fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 61,100,000 | ' |
Excess of disposition fee over disposition fee right | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,100,000 | ' | ' | ' | ' | ' | ' |
Disposition fee right intangible | 1,757,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 |
Impairment loss identified intangible assets | ' | $5,397,000 | $390,000 | ' | ' | ' | ' | $310,000 | $1,300,000 | ' | ' | ' | $1,600,000 | $1,600,000 | ' | ' |
Number of properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21 | 33 | ' | ' | ' | ' |
Identified_Intangible_Assets_N4
Identified Intangible Assets, Net - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Net Lease intangibles liability | $870,000 | $0 | ' |
Amortization expense | $37,400,000 | $3,900,000 | $389,000 |
Estimated_Amortization_Expense
Estimated Amortization Expense on Identified Intangible Assets (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
2014 | $18,821 |
2015 | 3,475 |
2016 | 3,313 |
2017 | 3,169 |
2018 | 1,322 |
Thereafter | 4,395 |
Total | $34,495 |
Other_Assets_Net_Detail
Other Assets, Net (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ' |
Deferred financing costs, net of accumulated amortization | $14,513 | $4,509 |
Prepaid expenses and deposits | 4,298 | 992 |
Fair value of interest rate cap agreements | 478 | 42 |
Other assets, net | $19,289 | $5,543 |
Other_Assets_Net_Parenthetical
Other Assets, Net (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ' |
Deferred financing costs, accumulated amortization | $4.40 | $1.80 |
Other_Assets_Net_Additional_In
Other Assets, Net - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ' | ' |
Amortization expense of deferred financing costs | $3,900 | $686 | $297 |
Mortgage_Loan_Payable_Net_Deta
Mortgage Loan Payable, Net (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Participating Mortgage Loans [Line Items] | ' | ' |
Mortgage loan payables | $827,465 | $469,821 |
Premium | 10,969 | 9,673 |
Total mortgage loan payables, net | 838,434 | 479,494 |
Credit facility | 145,200 | ' |
Total secured fixed and variable rate debt, net | 983,634 | 479,494 |
Unsecured notes payable to affiliate | 5,784 | ' |
Unsecured note payable | ' | 500 |
Total unsecured notes | 5,784 | 500 |
Fixed Rate Mortgage Debt | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Mortgage loan payables | 652,345 | 353,102 |
Variable Rate Mortgage Debt | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' |
Mortgage loan payables | $175,120 | $116,719 |
Scheduled_Payments_and_Maturit
Scheduled Payments and Maturities of Mortgage Loan Payables, Net, Unsecured Note Payables and Credit Facility (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Notes payable and other borrowings [Line Items] | ' | ' |
Unsecured notes maturities, Total | $5,784 | $500 |
Secured Notes Maturities | ' | ' |
Notes payable and other borrowings [Line Items] | ' | ' |
2014 | ' | ' |
2015 | 311,416 | ' |
2016 | 96,792 | ' |
2017 | 99,725 | ' |
2018 | 120,436 | ' |
Thereafter | 281,203 | ' |
Secured notes maturities, Total | 909,572 | ' |
Secured Notes Payment | ' | ' |
Notes payable and other borrowings [Line Items] | ' | ' |
2014 | 13,085 | ' |
2015 | 10,721 | ' |
2016 | 9,695 | ' |
2017 | 9,056 | ' |
2018 | 7,216 | ' |
Thereafter | 13,320 | ' |
Secured Note Payments, Total | 63,093 | ' |
Unsecured Notes Maturities | ' | ' |
Notes payable and other borrowings [Line Items] | ' | ' |
2014 | ' | ' |
2015 | 500 | ' |
2016 | ' | ' |
2017 | ' | ' |
2018 | 5,284 | ' |
Thereafter | ' | ' |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2014 | Dec. 20, 2013 | Mar. 14, 2013 | Dec. 20, 2013 | Mar. 14, 2013 | Sep. 23, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
MortgageLoan | MortgageLoan | Unsecured Notes Payable | Eurodollar | London Interbank Offered Rate | Prime Rate [Member] | Elrm Transaction Unsecured Note Payable To Affiliate | Elrm Transaction Unsecured Note Payable To Affiliate | Elrm Transaction Unsecured Note Payable To Affiliate | Elrm Transaction Unsecured Note Payable To Affiliate | ELRM | Variable Rate Secured Credit Facility | Variable Rate Secured Credit Facility | Variable Rate Secured Credit Facility | Variable Rate Secured Credit Facility | Variable Rate Secured Credit Facility | Fixed Rate Mortgage Debt | Fixed Rate Mortgage Debt | Variable Rate Debt | Variable Rate Debt | Monthly Interest-Only Payment | Monthly Principal and Interest Payments | |
Restricted Common Stock | Unsecured Promissory Note | Unsecured Promissory Note | Property | Federal Fund Rate | Eurodollar | Cumulative Non Convertible Series D Preferred Stock [Member] | Incremental Credit Facility | MortgageLoan | MortgageLoan | |||||||||||||
CreditFacility | ||||||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage loan payables before discount | $827,465,000 | $469,821,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $663,300,000 | $362,700,000 | $169,200,000 | $116,700,000 | ' | ' |
Mortgage loan payables, net of discount or mark to market | 838,434,000 | 479,494,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 652,300,000 | 353,100,000 | 175,100,000 | ' | ' | ' |
Number of mortgage loans, fixed rate | 47 | 26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of mortgage loans, variable rate | '10 | '6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate, minimum | 2.37% | 2.46% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate, maximum | 6.58% | 6.58% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate | 4.70% | 4.66% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.18% | 5.21% | 2.92% | 3.01% | ' | ' |
Percentage of Mortgage loans payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 79.10% | 75.70% | 20.90% | 24.30% | ' | ' |
Number of mortgage loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16 | 41 |
Interest rate on unsecured promissory note | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes Payable | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition Contingent Consideration Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 284,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments on unsecured note payable | ' | 7,750,000 | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments on unsecured note payable, shares | ' | ' | ' | ' | ' | ' | ' | ' | 613,497 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured note payable | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest margin rate | 1.75% | ' | 3.68% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Agreement, maturity date | ' | ' | 3-Aug-15 | ' | ' | ' | ' | ' | ' | ' | ' | 7-Mar-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured credit agreement terms | 'The amount available under the Credit Facility is based on the lesser of the following (i) the aggregate commitments of all lenders and (ii) a percentage of the appraised value for all collateral properties. The credit agreement of the Credit Facility permits multiple term loan draws, which are only available to be drawn for six months following the closing date of the Credit Facility. As of December 31, 2013, 13 of our properties were pledged as collateral under the Credit Facility. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Properties pledged as collateral under credit agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured credit amount utilized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate maximum principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 130,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility outstanding amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 130,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate increased maximum principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 145,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, available borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,800,000 | ' | ' | ' | 34,800,000 | ' | ' | ' | ' | ' | ' |
Number of credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, par value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Agreement, maturity date if extended | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7-Mar-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured credit interest rate description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'All borrowings under the credit agreement bear interest at an annual rate equal to, at our option, (i) the highest of (A) the federal funds rate, plus one-half of 1.0% and a margin that fluctuates based on our debt yield, (B) the rate of interest as publicly announced from time to time by Bank of America, N.A. as its prime rate, plus a margin that fluctuates based on our debt yield or (C) the Eurodollar Rate (as defined in the credit agreement) for a one-month interest period plus 1.0% and a margin that fluctuates based upon our debt yield or (ii) the Eurodollar Rate (as defined in the credit agreement) plus a margin that fluctuates based upon our debt yield. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
One-month interest period plus | 5.00% | ' | ' | ' | ' | 2.75% | ' | ' | ' | ' | ' | ' | 0.50% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Annual interest rate | ' | ' | ' | 3.15% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal outstanding | 15,200,000 | ' | ' | ' | 130,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment penalties on mortgage loan | $684,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred_Stock_and_Warrants_t1
Preferred Stock and Warrants to Purchase Common Stock - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
Jun. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Preferred Securities And Warrants [Line Items] | ' | ' | ' | ' |
Accretion expense | ' | $2,566,000 | $655,000 | ' |
Write off of accretion expense | ' | 1,300,000 | ' | ' |
Accretion recorded on interest expense | ' | ' | ' | 0 |
Accumulated distribution accrued | ' | 0 | 1,700,000 | ' |
Interest expense related to preferred shares distribution | ' | 2,700,000 | 2,000,000 | ' |
Percentage of annual distributions on preferred shares | ' | 9.75% | ' | ' |
Liquidation preference of preferred stock | ' | $10 | ' | ' |
Preferred dividends classified as interest expense | ' | 15,854,000 | 2,023,000 | ' |
Income | ' | 15,791,000 | 13,029,000 | 8,198,000 |
Loss on extinguishment of preferred stock | 9,500,000 | ' | ' | ' |
Issued non-detachable warrants to purchase aggregate shares of common stock | ' | 60,000,000 | ' | ' |
Class of warrant or right, exercise Price of warrants or rights | ' | 9 | ' | ' |
Public offering price of common stock | ' | 80.00% | ' | ' |
Warrant exercisable period | ' | '60 days | ' | ' |
Close of business date after the completion of IPO | ' | '60 days | ' | ' |
Liability related to non-detachable warrants | ' | 1,800,000 | 1,900,000 | ' |
Preferred Stock | ' | ' | ' | ' |
Preferred Securities And Warrants [Line Items] | ' | ' | ' | ' |
Extinguishment of preferred stock, prepayment penalty | 6,400,000 | ' | ' | ' |
Extinguishment of preferred stock, write off of unamortized financing costs | 2,500,000 | ' | ' | ' |
Extinguishment of preferred stock, redemption fee | 600,000 | ' | ' | ' |
Series D Preferred Stock | ' | ' | ' | ' |
Preferred Securities And Warrants [Line Items] | ' | ' | ' | ' |
Accretion expense | ' | 1,900,000 | ' | ' |
Preferred Stock Cumulative Dividend Rate Per Annum | ' | 14.47% | ' | ' |
Preferred Stock Dividend Rate Percentage Increase | ' | 19.97% | ' | ' |
Preferred dividends classified as interest expense | ' | 13,100,000 | ' | ' |
Entitlement to liquidation distributions | ' | $10 | ' | ' |
Redemption price per share | ' | $10 | ' | ' |
Preferred stock redemption percentage | ' | 50.00% | ' | ' |
Fair value of derivative liability | ' | 13,500,000 | ' | ' |
Fair value, derivative | ' | 11,100,000 | ' | ' |
Cumulative non-convertible redeemable preferred stock | ' | 209,294,000 | ' | ' |
Series D Preferred Stock | Minimum | ' | ' | ' | ' |
Preferred Securities And Warrants [Line Items] | ' | ' | ' | ' |
Preferred stock redemption percentage | ' | 50.00% | ' | ' |
Series D Preferred Stock | Current Dividend | ' | ' | ' | ' |
Preferred Securities And Warrants [Line Items] | ' | ' | ' | ' |
Preferred Stock Cumulative Dividend Rate Per Annum | ' | 8.75% | ' | ' |
Preferred Stock Dividend Rate Percentage Increase | ' | 11.00% | ' | ' |
Series D Preferred Stock | Derivative [Member] | ' | ' | ' | ' |
Preferred Securities And Warrants [Line Items] | ' | ' | ' | ' |
Income | ' | 2,400,000 | ' | ' |
Series D Preferred Stock | iStar and BREDS | ' | ' | ' | ' |
Preferred Securities And Warrants [Line Items] | ' | ' | ' | ' |
Preferred stock issued | ' | 20,976,300 | ' | ' |
Price per share | ' | $10 | ' | ' |
Series A Preferred Stock | ' | ' | ' | ' |
Preferred Securities And Warrants [Line Items] | ' | ' | ' | ' |
Preferred stock issued | ' | 5,000,000 | ' | ' |
Price per share | ' | $10 | ' | ' |
Preferred stock shares, Outstanding | ' | 0 | ' | ' |
Preferred stock, value outstanding | ' | ' | 38,200,000 | ' |
Preferred stock redeemed | ' | 50,000,000 | ' | ' |
Cumulative non-convertible redeemable preferred stock | ' | ' | 38,204,000 | ' |
Series B Preferred Stock | ' | ' | ' | ' |
Preferred Securities And Warrants [Line Items] | ' | ' | ' | ' |
Preferred stock issued | ' | 1,000,000 | ' | ' |
Price per share | ' | $10 | ' | ' |
Preferred stock shares, Outstanding | ' | 0 | ' | ' |
Preferred stock, value outstanding | ' | ' | 9,600,000 | ' |
Preferred stock redeemed | ' | 10,000,000 | ' | ' |
Cumulative non-convertible redeemable preferred stock | ' | ' | 9,551,000 | ' |
Series A and B Preferred Stock | ' | ' | ' | ' |
Preferred Securities And Warrants [Line Items] | ' | ' | ' | ' |
Accretion expense | ' | $635,000 | $655,000 | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 14, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 01, 2014 | Dec. 31, 2013 | |
Other Payable Due To Affiliate [Member] | Restricted Limited Partnership Units | ELRM | Elco Landmark Residential Holdings, Llc [Member] | Elco Landmark Residential Holdings, Llc [Member] | Elco Landmark Residential Holdings, Llc [Member] | |||||
Promissory note payable in operating Partnership | Subsequent Event | Equity Method Investments | ||||||||
Commitments and Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Professional fees | ' | $2,100,000 | $1,300,000 | ' | ' | ' | ' | ' | ' | ' |
Litigation expense | 0 | ' | 3,400,000 | ' | ' | ' | ' | ' | ' | ' |
Operating partnership | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' |
Estimated fair value | 0 | ' | ' | 6,700,000 | ' | ' | ' | ' | ' | ' |
Acquisition contingent consideration reduced | 2,000,000 | ' | ' | ' | 568,000 | 1,100,000 | ' | ' | ' | ' |
Percentage of consideration paid in restricted limited partnership units | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of consideration paid in promissory notes | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustment to fair value of contingent consideration | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in fair value recorded in general, administrative and other expenses | $715,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total number of apartments to be acquired | ' | ' | ' | ' | ' | ' | ' | 26 | ' | ' |
Number of apartments Acquired | ' | ' | ' | ' | ' | ' | ' | 10 | 16 | 2 |
Related_Party_Transactions_Adv
Related Party Transactions - Advisory Agreement with Former Advisor - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||
Feb. 24, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Former Advisor | Former Advisor | Former Advisor | Former Advisor | Former Advisor | ||||
Common Shares | Common Shares | |||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Payment of monthly asset management fee of average invested assets | ' | ' | ' | ' | ' | 'One-twelfth of 0.30% | ' | ' |
Percentage of asset management fee payable in cash on average invested assets | ' | ' | ' | 0.25% | ' | ' | ' | ' |
Percentage of asset management fee payable in shares on average invested assets | ' | ' | ' | 0.05% | ' | ' | ' | ' |
Asset management fees incurred | ' | ' | ' | $678,000 | $944,000 | ' | $126,000 | $141,000 |
Asset management fees paid in shares | ' | ' | ' | ' | ' | ' | 13,992 | 15,741 |
Common stock price per share | $8.15 | ' | ' | ' | ' | ' | $9 | $9 |
Reimbursement of operating expenses | ' | $143,000 | $162,000 | ' | ' | ' | ' | ' |
Related_Party_Transactions_Lea
Related Party Transactions - Lease for Principal Executive Offices - Additional Information (Detail) (USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Nov. 19, 2010 |
Related Party Transactions [Abstract] | ' |
Lease term | '5 years |
Aggregate lease rental | $165 |
Related_Party_Transactions_ELR
Related Party Transactions - ELRM and Management Support Services Agreement - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Property | ||
Related Party Transaction [Line Items] | ' | ' |
Number of properties | 67 | ' |
Management support fees | $418,000 | $418,000 |
Other receivable due from affiliates | 2,544,000 | 1,613,000 |
Number of stock units purchased | 500,000 | ' |
Class A Units | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Number of stock units purchased | 500,000 | ' |
Amount of consideration paid | 5,000,000 | ' |
ELRM | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Accounts payable due to affiliates, net | 915,000 | 183,000 |
Number of properties | 32 | 29 |
ELRM | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Number of properties | 33 | ' |
Costs reimbursed | 644,000 | ' |
Other receivable due from affiliates | 2,500,000 | 1,600,000 |
Commitments | Class A Units | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Number of stock units purchased | 500,000 | ' |
Amount of consideration paid | $5,000,000 | ' |
Contributed Properties | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Number of properties | 16 | ' |
Percentage of fees equal to gross receipts | 3.00% | ' |
Non-contributed Properties | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Number of properties | 16 | ' |
Other Properties [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Percentage of fees equal to gross receipts | 2.00% | ' |
Maximum | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Number of properties | 34 | ' |
Number of properties | 34 | 31 |
Maximum | ELRM | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Reimbursement percentage | 100.00% | ' |
Minimum | ELRM | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Reimbursement percentage | 25.00% | ' |
Equity_Additional_Information_
Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||
Feb. 24, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Mar. 14, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | |
Unsecured Notes Payable | Former Advisor | Follow-on offering | Redeemable Non - Controlling Interests Operating Partnership | Redeemable Non - Controlling Interests Operating Partnership | Affiliated Properties | Restricted Common Stock | Restricted Common Stock | Restricted Common Stock | Restricted LTIP Units | Series A Preferred Stock | Series A Preferred Stock | Series B Preferred Stock | Series D Preferred Stock | Class A Units | 2006 Incentive Award Plan | 2006 Incentive Award Plan | 2006 Incentive Award Plan | 2006 Incentive Award Plan | 2006 Award Plan and 2012 Award Plan | Distribution Reinvestment Plan | |||||
Independent Directors | Subsequent Event | Restricted Common Stock | Restricted Common Stock | Restricted Common Stock | Property | ||||||||||||||||||||
Stockholders Equity Note Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | ' | 50,000,000 | 50,000,000 | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, par value | ' | $0.01 | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | 1,000,000 | 20,976,300 | ' | ' | ' | ' | ' | ' | ' |
Additional Preferred shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock Shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | 1,000,000 | 20,976,300 | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | ' | 300,000,000 | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | ' | 25,182,988 | 20,655,646 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares outstanding | ' | 25,182,988 | 20,655,646 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,226,994 | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,011,817 |
Properties Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 |
Common stock issued in connection with acquisition | ' | ' | ' | ' | ' | 2,055,215 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Common stock purchased | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' |
Repayment of unsecured note payable | ' | ' | ' | ' | $5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured note payable to affiliate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock distributions reinvestment, shares | ' | 228,316 | 219,046 | 283,394 | ' | ' | 228,316 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock distributions per share | ' | $0.30 | $0.30 | $0.35 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares excluded from computation of diluted earnings per share | ' | 7,400 | 5,400 | 6,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Limited Partnership Units issued | ' | ' | ' | ' | ' | ' | ' | 33,450,957 | 18,688,321 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limited partnership units for a total consideration | ' | 272,600,000 | 152,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional limited partnership units to The Elco Parties | ' | 5,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of years restricted limited partnership subject to vesting and cancellation | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term incentive plan issued | ' | 720,322 | 366,120 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 256,042 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum DRIP reinvestment shares | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum proceeds from reinvestment | 95,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price for shares under the Amended and Restated DRIP | $8.15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amendment effective date | ' | 'March 11, 2011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock distributions reinvestment, amount | ' | 1,860,000 | 1,951,000 | 2,692,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | 2,000,000 | ' |
Compensation expense of restricted stock | ' | 1,350,000 | 3,160,000 | 171,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,000 | 50,000 | 30,000 | ' | ' |
Unrecognized compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,000 | 44,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense, recognition period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 8 months 23 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of restricted common stock | ' | $60,310 | $54,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average price per share of restricted stock | ' | $8.15 | $10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Status_of_Nonvested_Shares_of_
Status of Nonvested Shares of Restricted Common Stock (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Equity [Abstract] | ' | ' |
Restricted Common Stock, Beginning Balance | 5,400 | 6,600 |
Restricted Common Stock, Granted | 5,000 | 4,000 |
Restricted Common Stock, Vested | -3,000 | -5,200 |
Restricted Common Stock, Ending Balance | 7,400 | 5,400 |
Weighted Average Grant Date Fair Value, Beginning Balance | $10 | $10 |
Restricted Common Stock, Expected to vest, Ending Balance | 7,400 | ' |
Weighted Average Grant Date Fair Value, Granted | $8.15 | $10 |
Weighted Average Grant Date Fair Value, Vested | $8.15 | $10 |
Weighted Average Grant Date Fair Value, Ending Balance | $9 | $10 |
Expected to vest, Ending Balance | $8.15 | ' |
NonControlling_Interests_Addit
Non-Controlling Interests - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Distributions paid on these limited partnership units | ' | ' | ' | ' | $7,600,000 | $451,000 | ' |
Capital accounts distribution reinvested | ' | ' | ' | ' | 300,000 | 0 | ' |
Capital accounts distribution units issued | ' | ' | ' | ' | 35,738 | 0 | ' |
Non-controlling interest | 3,896,000 | ' | ' | ' | 3,896,000 | ' | ' |
Net loss attributable to non-controlling interests | 599,000 | 422,000 | 6,489,000 | 246,000 | 1,021,000 | ' | ' |
Redeemable Non - Controlling Interests Operating Partnership | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Partnership agreement holding period | ' | ' | ' | ' | '12 months | ' | ' |
Cash redemption amount | ' | ' | ' | ' | $8.15 | ' | ' |
Number of Limited Partnership Units issued | 33,450,957 | ' | 18,688,321 | ' | 33,450,957 | 18,688,321 | ' |
Limited partnership units for a total consideration | 272,600,000 | ' | ' | ' | 272,600,000 | ' | ' |
Limited partnership units redemption value | $272,600,000 | ' | ' | ' | $272,600,000 | ' | ' |
Controlling ownership interest percent | 57.50% | ' | 52.50% | ' | 57.50% | 52.50% | ' |
Non-Controlling ownership interest percent | 42.50% | ' | 47.50% | ' | 42.50% | 47.50% | ' |
Fair_Value_of_Derivatives_and_2
Fair Value of Derivatives and Financial Instruments - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 07, 2013 | Dec. 31, 2013 | Aug. 16, 2013 | Jul. 31, 2013 | Mar. 07, 2013 | Oct. 31, 2012 | Dec. 31, 2013 | |
Derivative | Interest Rate Swaps | Interest Rate Swaps | Interest Rate Swaps | Interest Rate Swaps | Interest Rate Swaps | Interest Rate Caps | ||||
Derivative | Derivative | MortgageLoan | Derivative | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average capped rate | 3.68% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate cap agreements notional amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | $102,100,000 |
Interest rate cap agreements maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7-Jan-18 |
Premiums in connection with the execution of the interest rate cap agreements | 676,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of cap rate agreements | 478,000 | 42,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Expense in Fair Value | 142,000 | 55,000 | 0 | ' | ' | ' | ' | ' | ' | ' |
Interest rate swap agreement | ' | ' | ' | ' | ' | 2 | 2 | ' | 3 | ' |
Notional amounts of interest rate agreements | ' | ' | ' | ' | 32,100,000 | ' | ' | ' | 12,400,000 | ' |
Number of Interest rate swap agreement closed | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' |
Number of mortgage loan closed | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Interest rate swap agreement closed amount | ' | ' | ' | 12,400,000 | ' | ' | ' | ' | ' | ' |
Gains losses on hedging derivatives qualifying as cash flow hedges | ($40,000,000) | ($310,000,000) | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Derivative_Arrangem
Summary of Derivative Arrangements and Consolidated Hedging Derivatives (Detail) (USD $) | Dec. 31, 2013 | Oct. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
In Thousands, unless otherwise specified | Interest Rate Swaps | Interest Rate Swaps | Non-designated Hedges | Non-designated Hedges | Non-designated Hedges | Non-designated Hedges | Non-designated Hedges | Non-designated Hedges | Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | ||||
Interest Rate Caps | Interest Rate Caps | Interest Rate Caps | Interest Rate Caps | Interest Rate Caps | Interest Rate Caps | Interest Rate Swaps | Interest Rate Swaps | Interest Rate Swaps | Interest Rate Swaps | Interest Rate Swaps | Interest Rate Swaps | |||||||
Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | |||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Notional balance | $32,100 | $12,400 | $102,065 | $22,670 | ' | ' | ' | ' | $32,100 | $12,442 | ' | ' | ' | ' | ||||
Weighted average interest rate | ' | ' | 2.81% | [1] | 2.48% | [1] | ' | ' | ' | ' | 2.38% | [1] | 3.72% | [1] | ' | ' | ' | ' |
Weighted average capped interest rate | ' | ' | 3.68% | 5.45% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Maturity date | ' | ' | ' | ' | '2015-03 | '2017-08 | '2018-07 | '2017-08 | ' | ' | '2020-07 | '2019-10 | '2020-08 | '2019-10 | ||||
Estimated fair value, asset/(liability) | ' | ' | $478 | $42 | ' | ' | ' | ' | ($350) | ($310) | ' | ' | ' | ' | ||||
[1] | For interest rate caps, this represents the weighted average interest rate on the debt. |
Liabilities_Measured_at_Fair_V
Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items] | ' | ' | ||
Mortgage loan payables, net | $838,434 | $479,494 | ||
Quoted Prices In Active Markets For Identical Assets (Level 1) | ' | ' | ||
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items] | ' | ' | ||
Mortgage loan payables, net | ' | [1] | ' | [1] |
Unsecured notes payable to affiliates | ' | [2] | ' | |
Unsecured notes payable | ' | ' | [3] | |
Credit facility | ' | [1] | ' | |
Acquisition contingent consideration | ' | [4] | ' | |
Warrants | ' | [5] | ' | [5] |
Liabilities at fair value | ' | ' | ||
Liabilities at fair value | ' | ' | ||
Quoted Prices In Active Markets For Identical Assets (Level 1) | Series D Preferred Stock | ' | ' | ||
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items] | ' | ' | ||
Series D preferred stock derivative | ' | [6] | ' | |
Significant Other Observable Inputs (Level 2) | ' | ' | ||
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items] | ' | ' | ||
Mortgage loan payables, net | 858,658 | [1] | 498,824 | [1] |
Unsecured notes payable to affiliates | ' | [2] | ' | |
Unsecured notes payable | ' | ' | [3] | |
Credit facility | 145,247 | [1] | ' | |
Acquisition contingent consideration | ' | [4] | ' | |
Warrants | ' | [5] | ' | [5] |
Liabilities at fair value | ' | 498,824 | ||
Liabilities at fair value | 1,003,905 | ' | ||
Significant Other Observable Inputs (Level 2) | Series D Preferred Stock | ' | ' | ||
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items] | ' | ' | ||
Series D preferred stock derivative | ' | [6] | ' | |
Significant Unobservable Inputs (Level 3) | ' | ' | ||
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items] | ' | ' | ||
Mortgage loan payables, net | ' | [1] | ' | [1] |
Unsecured notes payable to affiliates | 5,784 | [2] | ' | |
Unsecured notes payable | ' | 500 | [3] | |
Credit facility | ' | [1] | ' | |
Acquisition contingent consideration | 4,030 | [4] | ' | |
Warrants | 1,789 | [5] | 1,918 | [5] |
Liabilities at fair value | ' | 2,418 | ||
Liabilities at fair value | 22,703 | ' | ||
Significant Unobservable Inputs (Level 3) | Series D Preferred Stock | ' | ' | ||
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items] | ' | ' | ||
Series D preferred stock derivative | '11100 | [6] | ' | |
Fair Value Estimate | ' | ' | ||
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items] | ' | ' | ||
Mortgage loan payables, net | 858,658 | [1] | 498,824 | [1] |
Unsecured notes payable to affiliates | 5,784 | [2] | ' | |
Unsecured notes payable | ' | 500 | [3] | |
Credit facility | 145,247 | [1] | ' | |
Acquisition contingent consideration | 4,030 | [4] | ' | |
Warrants | 1,789 | [5] | 1,918 | [5] |
Liabilities at fair value | ' | 501,242 | ||
Liabilities at fair value | 1,026,608 | ' | ||
Fair Value Estimate | Series D Preferred Stock | ' | ' | ||
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items] | ' | ' | ||
Series D preferred stock derivative | '11100 | [6] | ' | |
Carrying Value | ' | ' | ||
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items] | ' | ' | ||
Mortgage loan payables, net | 838,434 | [1] | 479,494 | [1] |
Unsecured notes payable to affiliates | 5,784 | [2] | ' | |
Unsecured notes payable | ' | 500 | [3] | |
Credit facility | 145,200 | [1] | ' | |
Acquisition contingent consideration | 4,030 | [4] | ' | |
Warrants | 1,789 | [5] | 1,918 | [5] |
Liabilities at fair value | ' | 481,912 | ||
Liabilities at fair value | $1,006,337 | ' | ||
Carrying Value | Series D Preferred Stock | ' | ' | ||
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items] | ' | ' | ||
Series D preferred stock derivative | '11100 | [6] | ' | |
[1] | The fair value is estimated using borrowing rates available to us for debt instruments with similar terms and maturities. | |||
[2] | The fair value is not determinable due to the related party nature of the unsecured notes payable to affiliates, other than the Legacy Unsecured Note. The fair value of the Legacy Unsecured Note is based on a benchmark index from the limited partnership unit distributions dividend rate; therefore, we consider the fair value of the Legacy Unsecured Note to be equal to the carrying value. | |||
[3] | The fair value of the Legacy Unsecured Note is based on a benchmark index from the limited partnership unit distributions dividend rate; therefore, we consider the fair value of the Legacy Unsecured Note to be equal to the carrying value. | |||
[4] | The fair value is based on management's inputs and assumptions relating primarily to the expected cash flows, and the timing of such cash flows, from the economic rights we acquired in connection with the ELRM Transaction that enables us to earn property management fees and subordinated participation distributions with respect to certain real estate assets. | |||
[5] | The fair value of the warrants is estimated using the Monte-Carlo Simulation. | |||
[6] | The fair value of the Series D Preferred Stock derivative, which relates to the mandatory redemption of 50% of the Series D Preferred Stock outstanding as of the date of a triggering event as defined in the Series D Preferred Stock agreement for a premium, is determined using a modeling technique based on significant unobservable inputs calculated using a probability-weighted approach. Significant inputs include the expected timing of a triggering event, the expected timing of additional issuances of Series D Preferred Stock, and the discount rate. |
Liabilities_Measured_at_Fair_V1
Liabilities Measured at Fair Value on Recurring Basis (Parenthetical) (Detail) (Series D Preferred Stock) | 12 Months Ended |
Dec. 31, 2013 | |
Series D Preferred Stock | ' |
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items] | ' |
Redemption of Series D Preferred Stock | 50.00% |
Reconciliation_of_Fair_Value_o
Reconciliation of Fair Value of Acquisition Contingent Consideration and Warrant Liability Measured on Recurring Basis (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | |
Warrants | ' | |
Fair Value Measurement [Line Items] | ' | |
Balance at December 31, 2012 | $1,918 | |
Additions | 398 | |
Change due to liability realized | ' | |
Changes in fair value | -527 | [1] |
Balance at December 31, 2013 | 1,789 | |
Acquisition Contingent Consideration | ' | |
Fair Value Measurement [Line Items] | ' | |
Balance at December 31, 2012 | ' | |
Additions | 6,737 | |
Change due to liability realized | -1,992 | |
Changes in fair value | -715 | [1] |
Balance at December 31, 2013 | 4,030 | |
Series D Preferred Stock Derivative | ' | |
Fair Value Measurement [Line Items] | ' | |
Balance at December 31, 2012 | ' | |
Additions | 13,500 | |
Change due to liability realized | ' | |
Changes in fair value | -2,400 | [1] |
Balance at December 31, 2013 | $11,100 | |
[1] | Reflected in general, administrative and other expense on the consolidated statements of comprehensive loss for the year ended December 31, 2013. |
Business_Combinations_Addition
Business Combinations - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 10 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 03, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 17, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Mar. 28, 2013 | Mar. 28, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Aug. 03, 2012 | Oct. 10, 2013 | Jun. 28, 2013 | Mar. 28, 2013 | Mar. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | |
Property | Property | Disposition fee rights | Disposition fee rights | NNN/MR Holdings | NNN/MR Holdings | NNN/MR Holdings | NNN/MR Holdings | NNN/MR Holdings | NNN/MR Holdings | NNN/MR Holdings | NNN/MR Holdings | NNN/MR Holdings | Multifamily Properties | Multifamily Properties | Multifamily Properties | Multifamily Properties | Multifamily Properties | Multifamily Properties | Consolidated Joint Ventures | Property portfolio | Property Acquisitions | ELRM Acquisition | ELRM Acquisition | 2013 Property Acquisitions | 2013 Property Acquisitions | 2012 Property Acquisitions | |||
Community | Property | Property | Disposition fee rights | Disposition fee rights | Property | Property | NNN/MR Holdings | NNN/MR Holdings | NNN/MR Holdings | NNN/MR Holdings | Property | Property | Property | ||||||||||||||||
Property | Property | Property | Property | Disposition fee rights | |||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of total properties | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38 | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | 16 |
Additions of apartment units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,273 | ' | ' | ' | ' | ' | 5,402 |
Aggregate purchase price | $805,055,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $61,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $805,100,000 | ' | ' | ' | ' | $432,800,000 |
Acquisition-related expense | 13,736,000 | 19,894,000 | 1,270,000 | ' | ' | ' | ' | ' | ' | ' | 59,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 175,000 | 12,200,000 | ' | ' | 1,000,000 |
Revenue | 210,158,000 | 160,219,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | 46,300,000 | 10,600,000 | ' |
Net Income (loss) | -28,795,000 | -99,043,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53,000 | ' | 31,800,000 | 4,100,000 | ' |
Acquisition of ownership interest in subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | 4 | ' | ' | ' | ' | 21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rentable square units | ' | ' | ' | 6,079 | ' | ' | ' | ' | ' | ' | ' | 1,066 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of master leases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining ownership interest acquired | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash consideration for ownership interest in subsidiary | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indirect interest percentage, owned | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss recognized on purchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 390,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Disposition fee on right intangibles | 34,495,000 | ' | ' | ' | 284,000 | 1,580,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | ' | ' | ' | ' | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Market lease obligation | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | 1,200,000 | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Disposition fee of purchase price | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of multifamily apartment properties purchased | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 3 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Disposition fee due consideration paid at acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Disposition right income | 1,757,000 | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss, joint venture acquisition | ' | ' | ' | ' | ' | ' | ' | 255,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues, joint venture acquisition | ' | ' | ' | ' | ' | ' | ' | $4,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_of_Assets_Acquired_
Fair Value of Assets Acquired and Liabilities Assumed at Time of Acquisition (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | 2013 Property Acquisitions | 2012 Property Acquisitions |
Business Acquisition [Line Items] | ' | ' |
Land | $127,657 | $57,412 |
Land improvements | 61,317 | 36,976 |
Building and improvements | 562,009 | 300,736 |
Furniture, fixtures and equipment | 13,799 | 5,082 |
In-place leases | 45,879 | 9,673 |
(Above)/below market leases | -3,375 | ' |
Fair market value of assumed debt | -321,438 | -192,684 |
Other assets/liabilities, net | -12,943 | -712 |
Total | 472,905 | 216,483 |
Equity/limited partnership unit consideration | -104,450 | -154,409 |
Net cash consideration | $368,455 | $62,074 |
Fair_Value_of_Property_Managem
Fair Value of Property Management Business (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 14, 2013 | |
Property Management Business | ||||
Business Acquisition [Line Items] | ' | ' | ' | |
Furniture, fixtures and equipment | ' | ' | $81,000 | |
Other assets, net | ' | ' | 150,000 | |
Identified intangible assets, net | ' | ' | 21,070,000 | [1] |
Goodwill | ' | ' | 9,679,000 | [1] |
Total purchase price | 805,055,000 | ' | 30,980,000 | |
Accounts payable and accrued liabilities | ' | ' | -196,000 | |
Unsecured notes payable to affiliate | ' | ' | -10,000,000 | |
Limited partnership units | ' | ' | -9,839,000 | |
Acquisition contingent consideration | -4,030,000 | ' | -6,734,000 | |
Deferred tax liability | ' | ' | -4,211,000 | |
Cash paid | ' | ' | $0 | |
[1] | In the third quarter of the year ended December 31, 2013, we recorded an increase to goodwill of $3.3 million and a decrease to identified intangible assets of $3.3 million as a measurement period adjustment as we obtained the necessary information to quantify the value of intangible assets acquired during the quarter. During the fourth quarter of the year ended December 31, 2013 we recorded a decrease of $1 million to goodwill and a decrease of $1 million to deferred tax liability, net. |
Fair_Value_of_Property_Managem1
Fair Value of Property Management Business (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | |
Business Combinations [Abstract] | ' | ' | ' |
Increase (decrease) in goodwill | ($1,000,000) | $3,300,000 | $2,900,000 |
Decrease to identified intangible assets | ' | 3,300,000 | 0 |
Decrease in deferred tax liability, net | ($1,000,000) | ' | ($1,000,000) |
Pro_Forma_Revenues_Net_Loss_Ne
Pro Forma Revenues, Net Loss, Net Loss Attributable to Controlling Interest and Net Loss Per Common Share Attributable to Controlling Interest - Basic and Diluted (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Business Combinations [Abstract] | ' | ' |
Revenues | $210,158 | $160,219 |
Net loss | -28,795 | -99,043 |
Net loss attributable to controlling interest | ($13,829) | ($82,998) |
Net loss per common share attributable to controlling interest - basic and diluted | ($0.61) | ($4.10) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Percentage of distributions from taxable income required to qualify as a REIT for federal income tax purposes | ' | ' | ' | ' | 90.00% | ' | ' |
Valuation Allowance | ' | ' | ' | ' | $2,728,000 | ($2,174,000) | ($65,000) |
Net deferred tax liablity | -435,000 | ' | ' | ' | -435,000 | ' | ' |
Income Tax Expense (Benefit) | -454,000 | 41,000 | -286,000 | -2,833,000 | -3,532,000 | ' | ' |
Total net operating loss carry forward for federal income tax purposes | $3,600,000 | ' | ' | ' | $3,600,000 | ' | ' |
Deferred_Income_Tax_Assets_and
Deferred Income Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Goodwill and intangibles | $1,730 | $1,884 |
Acquisition costs | 444 | 468 |
Net operating loss | 1,340 | 469 |
Other | 68 | ' |
Total deferred tax assets | 3,582 | 2,821 |
Less valuation allowance | ' | -2,728 |
Net deferred tax asset | 3,582 | 93 |
Deferred tax liabilities: | ' | ' |
Depreciation | -7 | -5 |
Prepaids | -423 | -4 |
Other | ' | -84 |
Total deferred tax liabilities | -4,017 | -93 |
Net deferred tax liability | -435 | ' |
ELRM | ' | ' |
Deferred tax liabilities: | ' | ' |
ELRM intangibles | ($3,587) | ' |
Net_Operating_Loss_Carry_Forwa
Net Operating Loss Carry Forward for Federal Income Tax Purposes (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Loss from continuing operations | ($26,621) | [1] | ($28,338) | [1] | ($18,975) | [1] | ($9,065) | [1] | ($15,279) | [1] | ($21,443) | [1] | ($2,879) | [1] | ($2,653) | [1] | ($82,999) | ($42,254) | ($9,062) |
Tax effect at statutory rate | ' | ' | ' | ' | ' | ' | ' | ' | -29,050 | -14,789 | -3,172 | ||||||||
REIT income | ' | ' | ' | ' | ' | ' | ' | ' | 15,990 | 10,253 | 3,102 | ||||||||
Non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | 12,496 | 2,357 | ' | ||||||||
Valuation allowance | ' | ' | ' | ' | ' | ' | ' | ' | -2,728 | 2,174 | 65 | ||||||||
State taxes | ' | ' | ' | ' | ' | ' | ' | ' | -242 | ' | ' | ||||||||
Other | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 5 | 5 | ||||||||
Total tax (benefit) | ($454) | $41 | ($286) | ($2,833) | ' | ' | ' | ' | ($3,532) | ' | ' | ||||||||
[1] | Amounts for the quarters ended March 31 and June 30, 2013 and 2012, will not equal previously reported results due to reclassification between income from continuing operations and income from discontinued operations. |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Unaudited) - Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Revenues | $53,020 | [1] | $44,415 | [1] | $34,097 | [1] | $25,457 | [1] | $23,964 | [1] | $16,267 | [1] | $14,622 | [1] | $14,551 | [1] | $156,989 | $69,404 | $54,083 |
Expenses | -60,060 | [1] | -56,913 | [1] | -35,791 | [1] | -27,256 | [1] | -33,157 | [1] | -33,478 | [1] | -14,964 | [1] | -14,667 | [1] | -180,020 | -96,266 | -52,858 |
Loss from operations | -7,040 | [1] | -12,498 | [1] | -1,694 | [1] | -1,799 | [1] | -9,193 | [1] | -17,211 | [1] | -342 | [1] | -116 | [1] | ' | ' | ' |
Other expense, net | -19,581 | [1] | -15,840 | [1] | -17,281 | [1] | -7,266 | [1] | -6,086 | [1] | -4,232 | [1] | -2,537 | [1] | -2,537 | [1] | ' | ' | ' |
Loss from continuing operations before income tax | -26,621 | [1] | -28,338 | [1] | -18,975 | [1] | -9,065 | [1] | -15,279 | [1] | -21,443 | [1] | -2,879 | [1] | -2,653 | [1] | -82,999 | -42,254 | -9,062 |
Income tax (expense)/benefit | 454 | -41 | 286 | 2,833 | ' | ' | ' | ' | 3,532 | ' | ' | ||||||||
Loss from continuing operations | -26,167 | [1] | -28,379 | [1] | -18,689 | [1] | -6,232 | [1] | -15,279 | [1] | -21,443 | [1] | -2,879 | [1] | -2,653 | [1] | -79,467 | -42,254 | -9,062 |
Income from discontinued operations | 15 | [1] | 3,471 | [1] | 218 | [1] | 6,851 | [1] | 140 | [1] | 203 | [1] | 213 | [1] | 103 | [1] | 10,555 | 659 | 116 |
Net (loss)/income | -26,152 | -24,908 | -18,471 | 619 | -15,139 | -21,240 | -2,666 | -2,550 | -68,912 | -41,595 | -8,946 | ||||||||
Less: Net loss/(income) attributable to redeemable noncontrolling interests in operating partnership | 13,803 | 12,640 | 9,137 | -295 | ' | ' | ' | ' | 35,285 | 6,735 | ' | ||||||||
Less : Net loss attributable to non-controlling interest partner | 599 | 422 | ' | ' | 6,489 | 246 | ' | ' | 1,021 | ' | ' | ||||||||
Net (loss)/income attributable to common stockholders | ($11,750) | ($11,846) | ($9,334) | $324 | ($8,650) | ($20,994) | ($2,666) | ($2,550) | ($32,606) | ($34,860) | ($8,946) | ||||||||
Earnings per weighted average common share - basic and diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Loss from continuing operations | ($0.49) | [1] | ($0.57) | [1] | ($0.43) | [1] | ($0.13) | [1] | ($0.43) | [1] | ($1.04) | [1] | ($0.14) | [1] | ($0.13) | [1] | ($1.66) | ($1.75) | ($0.46) |
Income from discontinued operations | ' | $0.07 | [1] | ' | $0.15 | [1] | $0.01 | [1] | $0.01 | [1] | $0.01 | [1] | ' | $0.22 | $0.03 | $0.01 | |||
Net (loss)/income per common share attributable to common stockholders - basic and diluted | ($0.49) | ($0.50) | ($0.43) | $0.02 | ($0.42) | ($1.03) | ($0.13) | ($0.13) | $1.44 | ($1.72) | ($0.45) | ||||||||
Weighted average number of common shares outstanding - basic and diluted | 24,073,724 | 23,847,912 | 21,755,583 | 21,034,949 | 20,634,664 | 20,331,515 | 20,030,624 | 19,974,467 | 22,689,573 | 20,244,130 | 19,812,886 | ||||||||
[1] | Amounts for the quarters ended March 31 and June 30, 2013 and 2012, will not equal previously reported results due to reclassification between income from continuing operations and income from discontinued operations. |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | ||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Jan. 22, 2014 | Jan. 15, 2014 | Jan. 15, 2014 | Jan. 15, 2014 | Jan. 22, 2014 | Jan. 07, 2014 | Jan. 22, 2014 | Jan. 22, 2014 | Jan. 07, 2014 | Jan. 07, 2014 | |
Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | iStar | BREDS | |||
Minimum | Maximum | Line of Credit [Member] | Lakeways Portfolio | Series E Preferred Stock | Without Extension, Certain Conditions Not Satisfied [Member] | With Extension, Conditions Satisfied [Member] | Subsequent Event | Subsequent Event | ||||
Series E Preferred Stock | Series E Preferred Stock | |||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued, value | ' | ' | ' | ' | ' | ' | ' | $74,000,000 | ' | ' | $9,300,000 | $58,700,000 |
Shares issuable under agreement | 5,200,000 | ' | ' | ' | ' | ' | ' | 6,000,000 | ' | ' | ' | ' |
Preferred stock annual distribution percentage | 9.75% | ' | ' | ' | ' | ' | ' | 9.25% | ' | ' | ' | ' |
Preferred stock par value | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' | ' | ' |
Stock issued, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 933,438 | 5,866,562 |
Shares issuable under agreement, value | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' |
Share price | ' | ' | ' | ' | ' | ' | ' | $10 | ' | ' | $10 | $10 |
Pledged in cash and equity interest in our subsidiaries | 29,690,000 | 9,889,000 | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' |
Annual interest rate | 5.00% | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' |
Increase the aggregate borrowings available under credit facility | ' | ' | ' | 145,200,000 | 165,900,000 | ' | ' | ' | ' | ' | ' | ' |
Increased monthly amortization payment | ' | ' | ' | 225,000 | 258,000 | ' | ' | ' | ' | ' | ' | ' |
Acquisition of Bella vista Property | ' | ' | ' | ' | ' | 20,700,000 | ' | ' | ' | ' | ' | ' |
Line of credit maximum amount | ' | ' | $10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit due | ' | ' | ' | ' | ' | ' | ' | ' | 22-Jan-15 | 22-Jan-16 | ' | ' |
Properties_Acquired_Detail
Properties Acquired (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | |
Business Acquisition [Line Items] | ' | |
Total Purchase Price | $805,055 | |
Initial Cost to Company, Encumbrances | 827,465 | |
Subsequent Event | Landmark at Chesterfield - Pineville, NC | ' | |
Business Acquisition [Line Items] | ' | |
Date Acquired | 7-Jan-14 | [1] |
Number of Units | 250 | [1] |
Total Purchase Price | 19,250 | [1] |
Initial Cost to Company, Encumbrances | 10,600 | [1] |
Percentage Ownership | 61.20% | [1] |
Subsequent Event | Landmark at Coventry Pointe - Lawrenceville, GA | ' | |
Business Acquisition [Line Items] | ' | |
Date Acquired | 7-Jan-14 | [1] |
Number of Units | 250 | [1] |
Total Purchase Price | 26,250 | [1] |
Initial Cost to Company, Encumbrances | 16,500 | [1] |
Percentage Ownership | 61.20% | [1] |
Subsequent Event | Landmark at Grand Oasis - Suwanee, GA | ' | |
Business Acquisition [Line Items] | ' | |
Date Acquired | 7-Jan-14 | [1] |
Number of Units | 434 | [1] |
Total Purchase Price | 45,570 | [1] |
Initial Cost to Company, Encumbrances | 28,200 | [1] |
Percentage Ownership | 61.20% | [1] |
Subsequent Event | Landmark at Rosewood - Dallas, TX | ' | |
Business Acquisition [Line Items] | ' | |
Date Acquired | 7-Jan-14 | [1] |
Number of Units | 232 | [1] |
Total Purchase Price | 12,760 | [1] |
Initial Cost to Company, Encumbrances | 7,000 | [1] |
Percentage Ownership | 61.20% | [1] |
Subsequent Event | Lake Village East - Garland, TX | ' | |
Business Acquisition [Line Items] | ' | |
Date Acquired | 9-Jan-14 | [1],[2] |
Number of Units | 329 | [1],[2] |
Total Purchase Price | 18,900 | [1],[2] |
Initial Cost to Company, Encumbrances | 9,200 | [1],[2] |
Percentage Ownership | 100.00% | [1],[2] |
Subsequent Event | Lake Village North - Garland, TX | ' | |
Business Acquisition [Line Items] | ' | |
Date Acquired | 9-Jan-14 | [1],[3] |
Number of Units | 847 | [1],[3] |
Total Purchase Price | 60,670 | [1],[3] |
Initial Cost to Company, Encumbrances | 30,200 | [1],[3] |
Percentage Ownership | 100.00% | [1],[3] |
Subsequent Event | Lake Village West - Garland, TX | ' | |
Business Acquisition [Line Items] | ' | |
Date Acquired | 9-Jan-14 | [1],[4] |
Number of Units | 294 | [1],[4] |
Total Purchase Price | 18,900 | [1],[4] |
Initial Cost to Company, Encumbrances | 13,000 | [1],[4] |
Percentage Ownership | 100.00% | [1],[4] |
Subsequent Event | Landmark at Laurel Heights - Mesquite, TX | ' | |
Business Acquisition [Line Items] | ' | |
Date Acquired | 9-Jan-14 | [1],[5] |
Number of Units | 286 | [1],[5] |
Total Purchase Price | 21,160 | [1],[5] |
Initial Cost to Company, Encumbrances | 14,000 | [1],[5] |
Percentage Ownership | 100.00% | [1],[5] |
Subsequent Event | Landmark at Bella Vista - Duluth, GA | ' | |
Business Acquisition [Line Items] | ' | |
Date Acquired | 15-Jan-14 | [1] |
Number of Units | 564 | [1] |
Total Purchase Price | 31,854 | [1] |
Percentage Ownership | 100.00% | [1] |
Subsequent Event | Landmark at Maple Glen - Orange Park, FL | ' | |
Business Acquisition [Line Items] | ' | |
Date Acquired | 15-Jan-14 | [1] |
Number of Units | 358 | [1] |
Total Purchase Price | 29,800 | [1] |
Initial Cost to Company, Encumbrances | 14,400 | [1] |
Percentage Ownership | 51.10% | [1] |
Subsequent Event | Landmark at Pine Court - Columbia, SC | ' | |
Business Acquisition [Line Items] | ' | |
Date Acquired | 23-Jan-14 | [6] |
Number of Units | 316 | [6] |
Total Purchase Price | 20,300 | [6] |
Initial Cost to Company, Encumbrances | 15,600 | [6] |
Percentage Ownership | 100.00% | [6] |
Subsequent Event | Landmark at Spring Creek - Garland, TX | ' | |
Business Acquisition [Line Items] | ' | |
Date Acquired | 6-Jan-14 | [6] |
Number of Units | 236 | [6] |
Total Purchase Price | 10,300 | [6] |
Initial Cost to Company, Encumbrances | $7,800 | [6] |
Percentage Ownership | 92.60% | [6] |
[1] | Included in the Omnibus Agreement. | |
[2] | Includes Lakeshore Lakeview Apartments, Lakeway Harbor Apartments and Lakeway Point Apartments. We consolidated these into one property called Lake Village East. | |
[3] | Includes Lakeway 36 Apartments, Lakeway Place Apartments, Lakeway Trace Apartments and Lakeway Meadows Apartments. We consolidated these into one property called Lake Village North. | |
[4] | Includes Lakeway Colony Apartments. | |
[5] | Includes Windridge Apartments and Highlands at Galloway Apartments. We consolidated these into one property called Landmark at Laurel Heights. | |
[6] | We have not completed the purchase accounting for these properties. |
Recovered_Sheet1
Real Estate Operating Properties and Accumulated Depreciation (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Corporate | Towne Crossing Apartments (Residential) | Villas of El Dorado | Bella Ruscello Luxury Apartment Homes | Mission Rock Ridge Apartments | Landmark at Ridgewood Preserve | Landmark at Heritage Fields | Manchester Park | Monterra Pointe | Kensington Station | Crestmont Reserve | Palisades at Bear Creek | Landmark At Gleneagles | Landmark at Preston Wood | Collin Creek | Landmark at Courtyard Villas | Landmark at Sutherland Park | Dallas, TX | Milana Reserve Apartments | Lofton Meadows Apartments | Landmark at Grand Palms | Courtyards on the River | Esplanade Apartments | Landmark at Stafford Landing | Landmark at Stafford Landing | Landmark at Stafford Landing | Landmark at Woodland Trace | Landmark at Woodland Trace | Landmark at Woodland Trace | Orlando, FL | Landmark at Wynton Pointe | Landmark at Glenview Reserve | Landmark at Glenview Reserve | Landmark at Glenview Reserve | Landmark at Lyncrest Reserve | Landmark at Lyncrest Reserve | Landmark at Lyncrest Reserve | Nashville, TN | Lexington on the Green | Caveness Farms | Grand Arbor Reserve - Raleigh, NC | Raleigh, NC | Walker Ranch Apartment Homes | Hidden Lake Apartment Homes | San Antonio, TX | Grand Isles at Baymeadows | Fountain Oaks - Jacksonville Fl | Jacksonville, FL | Park at Northgate | Landmark at Emerson Park | Houston, TX | Landmark at Grand Meadows | Landmark at Ocean Breeze - Melbourne, FL | Melbourne, FL | Reserve at Mill Landing | Reserve at River Walk - Columbia, SC | Columbia, SC | The Heights at Olde Towne | The Myrtles at Olde Towne | Overlook At Daytona | Bay Breeze Villas - Cape Coral | Landmark At Battleground Park | Other | Seabreeze Daytona Marina | Lancaster Place Undeveloped Land | Lakes | Landmark at Savoy Square | Landmark at Grayson Park | Landmark at Avery Place | Tampa, FL | Residences at Braemar | Landmark at Brighton Colony | Landmark at Brighton Colony | Landmark at Brighton Colony | Landmark at Greenbrooke Commons | Landmark at Mallard Creek - Charlotte, NC | Victoria Park - Charlotte, NC | Landmark At Monaco Gardens | Grand Terraces - Charlotte, NC | Grand Terraces - Charlotte, NC | Grand Terraces - Charlotte, NC | Stanford Reserve - Charlotte, NC | Charlotte North Carolina [Member] | Creekside Crossing | Kedron Village | Landmark at Creekside Grand | Parkway Grand | Richmond on the Fairway | Atlanta, GA | Landmark at Magnolia Glen | Landmark at Lancaster Place | Landmark at Deerfield Glen | Birmingham, AL | Arboleda Apartments | Landmark at Barton Creek | Landmark at Prescott Woods - Austin, TX | Austin, TX | ||||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial Cost to Company, Encumbrances | $827,465 | ' | ' | ' | ' | $13,622 | $13,600 | $12,640 | $13,633 | ' | ' | ' | ' | ' | ' | ' | $26,374 | $8,024 | ' | $13,979 | $21,744 | $123,616 | $10,201 | $7,416 | $20,538 | $11,730 | $8,849 | $26,100 | ' | ' | $14,757 | ' | ' | $49,706 | $19,498 | $14,189 | ' | ' | $14,447 | ' | ' | $48,134 | $18,212 | $21,947 | $16,926 | $57,085 | $20,000 | $19,218 | $39,218 | ' | $5,400 | $5,400 | $10,295 | $22,670 | $32,965 | $6,100 | $6,000 | $12,100 | $12,615 | ' | $12,615 | $10,359 | $19,878 | $16,420 | $9,375 | $10,634 | $66,666 | ' | ' | $11,884 | $6,842 | $15,840 | $9,077 | $93,528 | $8,625 | $24,105 | ' | ' | $25,179 | $14,065 | ' | $14,600 | ' | ' | ' | $11,519 | $98,097 | $17,000 | ' | $27,119 | $19,370 | $8,142 | $71,631 | $35,224 | $10,540 | $13,200 | $58,964 | $16,746 | $26,018 | $14,976 | $57,740 |
Initial Cost to Company, Land | 221,595 | ' | ' | ' | ' | 2,041 | 1,622 | 1,620 | 2,201 | 1,289 | 1,683 | 1,104 | 1,541 | 1,864 | 2,274 | 1,814 | 7,249 | 1,765 | 4,439 | 3,355 | 5,872 | 41,733 | 3,605 | 2,187 | 10,985 | 2,607 | 1,079 | 5,971 | ' | ' | 3,009 | ' | ' | 10,059 | 5,653 | 2,856 | ' | ' | 3,680 | ' | ' | 12,189 | 3,418 | 2,896 | 3,036 | 9,350 | 3,025 | 3,031 | 6,056 | 6,189 | 803 | 6,992 | 1,870 | 3,802 | 5,672 | 2,101 | 1,124 | 3,225 | 2,042 | 2,262 | 4,304 | 2,513 | 3,698 | 4,986 | 2,640 | 1,675 | 15,512 | 2,100 | 290 | 3,298 | 1,797 | 4,802 | 3,257 | 32,538 | 1,564 | 2,869 | ' | ' | 3,824 | 2,591 | 4,730 | 2,963 | 2,130 | ' | ' | 2,546 | 23,217 | 5,233 | 4,057 | 4,127 | 6,142 | 2,699 | 22,258 | 1,351 | 484 | 2,564 | 4,399 | 4,051 | 10,201 | 7,449 | 21,701 |
Initial Cost to Company, Building, Improvements and Fixtures | 1,256,149 | ' | ' | ' | ' | 19,079 | 16,741 | 15,510 | 17,364 | 6,449 | 9,734 | 3,820 | 10,225 | 12,946 | 15,928 | 6,069 | 32,631 | 10,132 | 17,011 | 16,744 | 25,210 | 235,593 | 14,828 | 8,730 | 30,309 | 12,356 | 14,566 | 25,883 | ' | ' | 20,889 | ' | ' | 61,338 | 25,654 | 17,828 | ' | ' | 16,922 | ' | ' | 60,404 | 18,385 | 22,386 | 18,061 | 58,832 | 28,273 | 29,540 | 57,813 | 25,407 | 5,754 | 31,161 | 14,958 | 26,032 | 40,990 | 9,022 | 7,132 | 16,154 | 20,994 | 12,392 | 33,386 | 14,957 | 33,319 | 17,071 | 14,132 | 12,624 | 92,103 | ' | ' | 14,298 | 7,769 | 25,424 | 14,362 | 128,076 | 13,718 | 26,128 | ' | ' | 28,529 | 16,120 | 14,612 | 17,917 | 12,934 | ' | ' | 11,541 | 141,499 | 20,699 | 26,144 | 48,455 | 22,803 | 7,455 | 125,556 | 70,442 | 16,425 | 18,903 | 105,770 | 25,928 | 25,718 | 15,828 | 67,474 |
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition | 22,689 | ' | ' | ' | 474 | 589 | 788 | 497 | 171 | 112 | 117 | 117 | 26 | 122 | 100 | 79 | 1,680 | 413 | 322 | 193 | 354 | 5,680 | 136 | 95 | 188 | 296 | 287 | 1,875 | ' | ' | 42 | ' | ' | 2,204 | 429 | 535 | ' | ' | 288 | ' | ' | 1,252 | 199 | 47 | 68 | 314 | 377 | 730 | 1,107 | 129 | 235 | 364 | 622 | 190 | 812 | 151 | 20 | 171 | 229 | 62 | 291 | 742 | 425 | 230 | 182 | 452 | 2,031 | ' | ' | 121 | 71 | 51 | 14 | 972 | 308 | 76 | ' | ' | 80 | 407 | 117 | 512 | 60 | ' | ' | 310 | 1,870 | 283 | 418 | 110 | 121 | 1,373 | 2,305 | 764 | 12 | 9 | 785 | 344 | 861 | 852 | 2,057 |
Gross Amount at which carried at close of period, Land | 221,595 | ' | ' | ' | ' | 2,041 | 1,622 | 1,620 | 2,201 | 1,289 | 1,683 | 1,104 | 1,541 | 1,864 | 2,274 | 1,814 | 7,249 | 1,765 | 4,439 | 3,355 | 5,872 | 41,733 | 3,605 | 2,187 | 10,985 | 2,607 | 1,079 | 5,971 | ' | ' | 3,009 | ' | ' | 10,059 | 5,653 | 2,856 | ' | ' | 3,680 | ' | ' | 12,189 | 3,418 | 2,896 | 3,036 | 9,350 | 3,025 | 3,031 | 6,056 | 6,189 | 803 | 6,992 | 1,870 | 3,802 | 5,672 | 2,101 | 1,124 | 3,225 | 2,042 | 2,262 | 4,304 | 2,513 | 3,698 | 4,986 | 2,640 | 1,675 | 15,512 | 2,100 | 290 | 3,298 | 1,797 | 4,802 | 3,257 | 32,538 | 1,564 | 2,869 | ' | ' | 3,824 | 2,591 | 4,730 | 2,963 | 2,130 | ' | ' | 2,546 | 23,217 | 5,233 | 4,057 | 4,127 | 6,142 | 2,699 | 22,258 | 1,351 | 484 | 2,564 | 4,399 | 4,051 | 10,201 | 7,449 | 21,701 |
Gross amount at which Carried at close of Period, Building, Improvements and Fixtures | 1,278,838 | ' | ' | ' | 474 | 19,668 | 17,529 | 16,007 | 17,535 | 6,561 | 9,851 | 3,937 | 10,251 | 13,068 | 16,028 | 6,148 | 34,311 | 10,545 | 17,333 | 16,937 | 25,564 | 241,273 | 14,964 | 8,825 | 30,497 | 12,652 | 14,853 | 27,758 | ' | ' | 20,931 | ' | ' | 63,542 | 26,083 | 18,363 | ' | ' | 17,210 | ' | ' | 61,656 | 18,584 | 22,433 | 18,129 | 59,146 | 28,650 | 30,270 | 58,920 | 25,536 | 5,989 | 31,525 | 15,580 | 26,222 | 41,802 | 9,173 | 7,152 | 16,325 | 21,223 | 12,454 | 33,677 | 15,699 | 33,744 | 17,301 | 14,314 | 13,076 | 94,134 | ' | ' | 14,419 | 7,840 | 25,475 | 14,376 | 129,048 | 14,026 | 26,204 | ' | ' | 28,609 | 16,527 | 14,729 | 18,429 | 12,994 | ' | ' | 11,851 | 143,369 | 20,982 | 26,562 | 48,565 | 22,924 | 8,828 | 127,861 | 71,206 | 16,437 | 18,912 | 106,555 | 26,272 | 26,579 | 16,680 | 69,531 |
Gross amount at which Carried at close of Period, total | 1,500,433 | 791,157 | 388,281 | 386,972 | 474 | 21,709 | 19,151 | 17,627 | 19,736 | 7,850 | 11,534 | 5,041 | 11,792 | 14,932 | 18,302 | 7,962 | 41,560 | 12,310 | 21,772 | 20,292 | 31,436 | 283,006 | 18,569 | 11,012 | 41,482 | 15,259 | 15,932 | 33,729 | ' | ' | 23,940 | ' | ' | 73,601 | 31,736 | 21,219 | ' | ' | 20,890 | ' | ' | 73,845 | 22,002 | 25,329 | 21,165 | 68,496 | 31,675 | 33,301 | 64,976 | 31,725 | 6,792 | 38,517 | 17,450 | 30,024 | 47,474 | 11,274 | 8,276 | 19,550 | 23,265 | 14,716 | 37,981 | 18,212 | 37,442 | 22,287 | 16,954 | 14,751 | 109,646 | 2,100 | 290 | 17,717 | 9,637 | 30,277 | 17,633 | 161,586 | 15,590 | 29,073 | ' | ' | 32,433 | 19,118 | 19,459 | 21,392 | 15,124 | ' | ' | 14,397 | 166,586 | 26,215 | 30,619 | 52,692 | 29,066 | 11,527 | 150,119 | 72,557 | 16,921 | 21,476 | 110,954 | 30,323 | 36,780 | 24,129 | 91,232 |
Accumulated Depreciation | ($89,920) | ($65,589) | ($49,435) | ($36,302) | ($102) | ($5,082) | ($4,575) | ($2,391) | ($2,409) | ($376) | ($520) | ($209) | ($316) | ($362) | ($440) | ($201) | ($547) | ($94) | ($109) | ($110) | ($158) | ($17,899) | ($700) | ($509) | ($1,556) | ($305) | ($738) | ($405) | ' | ' | ($159) | ' | ' | ($1,302) | ($391) | ($150) | ' | ' | ($138) | ' | ' | ($679) | ($384) | ($460) | ($258) | ($1,102) | ($7,627) | ($6,545) | ($14,172) | ($1,145) | ($171) | ($1,316) | ($4,299) | ($1,293) | ($5,592) | ($528) | ($120) | ($648) | ($1,125) | ($327) | ($1,452) | ($3,248) | ($6,402) | ($772) | ($757) | ($103) | ($11,282) | ' | ' | ($247) | ($120) | ($213) | ($51) | ($3,701) | ($3,484) | ($693) | ' | ' | ($738) | ($481) | ($416) | ($407) | ($255) | ' | ' | ($262) | ($6,736) | ($4,520) | ($6,058) | ($2,220) | ($1,035) | ($262) | ($14,095) | ($3,765) | ($98) | ($64) | ($3,927) | ($5,097) | ($558) | ($260) | ($5,915) |
Date of Construction | ' | ' | ' | ' | ' | '2004 | '2002 | '2008 | '2003 | '1979 | '1979 | '1983 | '1984 | '1983 | '1989 | '1984 | '1986 | '1979 | '1988 | '1999 | '1981 | ' | '1985 | '1986 | '1988 | '1972 | '2008 | ' | '1997 | '1999 | ' | '1988 | '2005 | ' | '1989 | ' | '1988 | '1989 | ' | '1984 | '1985 | ' | '1979 | '1998 | '1968 | ' | '2004 | '2004 | ' | '1988 | '1987 | ' | '2002 | '2008 | ' | '1974 | '1985 | ' | '2000 | '1992 | ' | '1972 | '2004 | '1961 | '2000 | '1990 | ' | ' | ' | '1973 | '1970 | '1988 | '1981 | ' | '2005 | ' | '2008 | '2012 | '2005 | '1999 | '1990 | '1990 | ' | '1999 | '2002 | '1984 | ' | '2003 | '2001 | '2005 | '2002 | '1977 | ' | '1996 | '2006 | '1972 | ' | '2007 | '1980 | '1986 | ' |
Date Acquired | ' | ' | ' | ' | 5-Nov-10 | 29-Aug-07 | 11-Feb-07 | 24-Mar-10 | 30-Sep-10 | 22-Oct-12 | 22-Oct-12 | 22-Oct-12 | 29-Mar-13 | 29-Mar-13 | 29-Mar-13 | 29-Mar-13 | 23-Jul-13 | 20-Sep-13 | 9-Oct-13 | 30-Oct-13 | 30-Oct-13 | ' | 10-Jan-12 | 10-Oct-12 | 31-Oct-12 | 1-Jul-13 | 14-Sep-12 | 31-Jul-13 | ' | ' | 3-Oct-13 | ' | ' | ' | 23-Jul-13 | 9-Sep-13 | ' | ' | 20-Sep-13 | ' | ' | ' | 3-Jul-13 | 3-Jul-13 | 20-Aug-13 | ' | 31-Oct-06 | 28-Dec-06 | ' | 8-Nov-12 | 1-Jul-13 | ' | 12-Jun-07 | 30-Aug-12 | ' | 11-Oct-12 | 16-Aug-13 | ' | 6-Nov-12 | 30-Apr-13 | ' | 21-Dec-07 | 21-Dec-07 | 28-Aug-12 | 30-Aug-12 | 9-Sep-13 | ' | 28-Aug-12 | 16-Oct-13 | 25-Jul-13 | 16-Aug-13 | 3-Oct-13 | 26-Nov-13 | ' | 29-Jun-07 | 28-Feb-13 | ' | ' | 28-Feb-13 | 28-Mar-13 | 30-Apr-13 | 28-Jun-13 | 1-Jul-13 | ' | ' | 1-Jul-13 | ' | 26-Jun-08 | 27-Jun-08 | 4-Oct-12 | 11-Aug-12 | 31-Jan-13 | ' | 19-Oct-12 | 16-Oct-13 | 26-Nov-13 | ' | 31-Mar-08 | 28-Jun-13 | 23-Jul-13 | ' |
Real_Estate_Operating_Properti1
Real Estate Operating Properties and Accumulated Depreciation (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Real estate, beginning balance | $791,157 | $388,281 | $386,972 |
Acquisitions | 764,782 | 400,206 | ' |
Additions | 16,961 | 2,670 | 1,328 |
Dispositions | -72,467 | ' | -19 |
Real estate, ending balance | 1,500,433 | 791,157 | 388,281 |
Accumulated depreciation, beginning balance | 65,589 | 49,435 | 36,302 |
Aggregate cost of real estate for federal income tax purposes | 1,100,000 | ' | ' |
Additions | 36,597 | 16,154 | 13,152 |
Dispositions | -12,166 | ' | -19 |
Accumulated depreciation, ending balance | $89,920 | $65,589 | $49,435 |
Minimum | Building and Improvements | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Estimated useful lives, range | '10 years | ' | ' |
Minimum | Land Improvements | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Estimated useful lives, range | '5 years | ' | ' |
Minimum | Furniture, Fixtures and Equipment | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Estimated useful lives, range | '5 years | ' | ' |
Maximum | Building and Improvements | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Estimated useful lives, range | '40 years | ' | ' |
Maximum | Land Improvements | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Estimated useful lives, range | '15 years | ' | ' |
Maximum | Furniture, Fixtures and Equipment | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' |
Estimated useful lives, range | '15 years | ' | ' |