Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 19, 2015 | Jun. 30, 2014 |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | Landmark Apartment Trust, Inc.Landmark Apartment Trust, Inc. | ||
Entity Central Index Key | 1347523 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 25,684,047 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $194.30 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real estate investments: | ||
Operating properties, net | $1,727,505 | $1,410,513 |
Cash and cash equivalents | 8,999 | 4,349 |
Accounts receivable | 5,390 | 1,085 |
Other receivables due from affiliates | 1,627 | 2,544 |
Restricted cash | 28,734 | 29,690 |
Goodwill | 4,579 | 9,679 |
Real estate and escrow deposits | 0 | 2,536 |
Investments in unconsolidated entities | 8,962 | 11,156 |
Identified intangible assets, net | 16,464 | 35,849 |
Other assets, net | 18,089 | 19,289 |
Total assets | 1,820,349 | 1,526,690 |
Liabilities: | ||
Mortgage loan payables, net | 1,021,683 | 838,434 |
Secured credit facility | 159,176 | 145,200 |
Line of credit | 3,902 | 0 |
Unsecured notes payable to affiliates | 6,116 | 5,784 |
Accounts payable and accrued liabilities | 55,386 | 31,488 |
Other payables due to affiliates | 117 | 915 |
Acquisition contingent consideration | 2,900 | 4,030 |
Security deposits, prepaid rent and other liabilities | 7,993 | 6,954 |
Total liabilities | 1,531,231 | 1,242,099 |
Stockholders’ equity: | ||
Common stock, $0.01 par value; 300,000,000 shares authorized; 25,628,526 and 25,182,988 shares issued and outstanding as of December 31, 2014 and December 31, 2013, respectively | 254 | 252 |
Additional paid-in capital | 227,205 | 224,340 |
Accumulated other comprehensive loss | -340 | -178 |
Accumulated deficit | -198,384 | -165,216 |
Total stockholders’ equity | 28,735 | 59,198 |
Redeemable non-controlling interests in operating partnership | 233,652 | 221,497 |
Non-controlling interest partner | 26,731 | 3,896 |
Total equity | 289,118 | 284,591 |
Total liabilities and equity | 1,820,349 | 1,526,690 |
Series D Preferred Stock | ||
Liabilities: | ||
Cumulative non-convertible redeemable preferred stock with derivative | 202,380 | 209,294 |
Series E Preferred Stock | ||
Liabilities: | ||
Cumulative non-convertible redeemable preferred stock with derivative | $71,578 | $0 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares issued (in shares) | 25,628,526 | 25,182,988 |
Common stock, shares outstanding (in shares) | 25,628,526 | 25,182,988 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE OPERATIONS (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Revenues: | ||||
Rental income | $212,093 | $125,399 | $49,822 | |
Other property revenues | 32,680 | 15,919 | 6,530 | |
Management fee income | 4,110 | 4,167 | 2,645 | |
Reimbursed income | 13,325 | 11,504 | 10,407 | |
Total revenues | 262,208 | 156,989 | 69,404 | |
Expenses: | ||||
Rental expenses | 113,234 | 63,661 | 25,735 | |
Property lease expense | 55 | 2,678 | 4,208 | |
Reimbursed expense | 13,325 | 11,504 | 10,407 | |
General, administrative and other expense | 23,303 | 19,433 | 13,344 | |
Change in fair value of preferred stock derivatives/warrants and acquisition contingent consideration | -20,380 | [1] | -3,642 | -315 |
Acquisition-related expenses | 2,366 | 13,736 | 19,894 | |
Depreciation and amortization | 92,670 | 72,491 | 17,596 | |
Restructuring and impairment charges | 7,996 | 0 | 5,397 | |
Total expenses | 232,569 | 179,861 | 96,266 | |
Other income/(expense): | ||||
Interest expense, net | -63,122 | -35,651 | -13,369 | |
Preferred dividends classified as interest expense | -42,370 | -15,854 | -2,023 | |
Gain on sale of operating properties | 10,249 | 0 | 0 | |
Disposition right income | 0 | 1,757 | 0 | |
Loss from unconsolidated entities | -971 | -159 | 0 | |
Loss on debt and preferred stock extinguishment | 0 | -10,220 | 0 | |
Loss from continuing operations before income tax | -66,575 | -82,999 | -42,254 | |
Income tax (expense)/benefit | -163 | 3,532 | 0 | |
Loss from continuing operations | -66,738 | -79,467 | -42,254 | |
Income from discontinued operations | 0 | 10,555 | 659 | |
Net loss | -66,738 | -68,912 | -41,595 | |
Less: Net loss attributable to redeemable non-controlling interest in operating partnership | 40,454 | 35,285 | 6,735 | |
Net loss attributable to non-controlling interest partners | 985 | 1,021 | 0 | |
Net loss attributable to common stockholders | -25,299 | -32,606 | -34,860 | |
Other comprehensive loss: | ||||
Change in cash flow hedges attributable to redeemable non-controlling interests in operating partnership | 288 | 174 | 50 | |
Change in cash flow hedges attributable to non-controlling interest partners | 375 | 0 | 0 | |
Change in cash flow hedges | -825 | -40 | -310 | |
Comprehensive loss attributable to common stockholders | ($25,461) | ($32,472) | ($35,120) | |
Earnings per weighted average common share — basic and diluted: | ||||
Loss per common share from continuing operations (in dollars per share) | ($1) | ($1.66) | ($1.75) | |
Income per common share from discontinued operations (in dollars per share) | $0 | $0.22 | $0.03 | |
Net loss per common share attributable to common stockholders — basic and diluted (in dollars per share) | ($1) | ($1.44) | ($1.72) | |
Weighted average number of common shares outstanding - basic and diluted (in shares) | 25,323,254 | 22,689,573 | 20,244,130 | |
Weighted average number of common units held by non-controlling interests — basic and diluted (in shares) | 39,749,742 | 23,526,216 | 3,911,026 | |
[1] | Reflected in change in fair value of preferred stock derivatives/warrants and acquisition contingent consideration on the consolidated statements of comprehensive operations for the year ended December 31, 2014. |
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 in Operating Partnership | Non-Controlling Interest |
In Thousands, except Share data | ||||||||
Balance at Dec. 31, 2011 | $93,123 | $199 | $177,516 | ($84,592) | $93,123 | |||
Balance (in shares) at Dec. 31, 2011 | 19,935,953 | |||||||
Unrealized loss on cash flow hedges | -310 | -260 | -260 | -50 | ||||
Change in cash flow hedges | -310 | |||||||
Issuance of common stock | 3,934 | 5 | 3,929 | 3,934 | ||||
Issuance of common stock (in shares) | 482,655 | |||||||
Issuance of vested and nonvested restricted common stock | 8 | 8 | 8 | |||||
Issuance of vested and nonvested restricted common stock (in shares) | 4,000 | |||||||
Offering costs | -7 | -7 | -7 | |||||
Issuance of common stock to our former advisor | 126 | 126 | 126 | |||||
Issuance of common stock to our former advisor (in shares) | 13,992 | |||||||
Issuance of LTIP units | 2,984 | 2,984 | 2,984 | |||||
Amortization of nonvested restricted common stock and LTIP unit compensation | 42 | 42 | 42 | |||||
Issuance of common stock under the DRIP | 1,951 | 3 | 1,948 | 1,951 | ||||
Issuance of common stock under the DRIP (in shares) | 219,046 | |||||||
Distributions | -7,505 | -6,120 | -6,120 | -1,385 | ||||
Issuance of OP 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 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 | ||||
Capital contribution from non-controlling interest partner | 5,000 | 5,000 | ||||||
Issuance of common stock | 34,996 | 43 | 34,953 | 34,996 | ||||
Issuance of common stock (in shares) | 4,294,026 | |||||||
Issuance of vested and nonvested restricted common stock | 8 | 8 | 8 | |||||
Issuance of vested and nonvested restricted common stock (in shares) | 5,000 | |||||||
Offering costs | -367 | -367 | -367 | |||||
Issuance of LTIP units | 800 | 800 | 800 | |||||
Amortization of nonvested restricted common stock and LTIP unit compensation | 542 | 542 | 542 | |||||
Issuance of common stock under the DRIP | 1,860 | 2 | 1,858 | 1,860 | ||||
Issuance of common stock under the DRIP (in shares) | 228,316 | |||||||
Distributions | -14,672 | -7,038 | -7,038 | -7,551 | -83 | |||
Issuance of OP units for acquisition of properties | 120,316 | 120,316 | ||||||
Net loss attributable to redeemable non-controlling interests in operating partnership | -35,285 | -35,285 | ||||||
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 | |||||||
Change in cash flow hedges | -825 | -162 | -162 | -288 | -375 | |||
Capital contribution from non-controlling interest partner | 26,655 | 26,655 | ||||||
Issuance of vested and nonvested restricted common stock | 68 | 68 | 68 | |||||
Issuance of vested and nonvested restricted common stock (in shares) | 200,038 | |||||||
Forfeiture of nonvested restricted common stock (in shares) | -800 | |||||||
Offering costs | -14 | -14 | -14 | |||||
Issuance of LTIP units | 801 | 801 | 801 | |||||
Amortization of nonvested restricted common stock and LTIP unit compensation | 474 | 474 | 474 | |||||
Issuance of common stock under the DRIP | 2,004 | 2 | 2,002 | 2,004 | ||||
Issuance of common stock under the DRIP (in shares) | 246,300 | |||||||
Distributions | -22,413 | -7,869 | -7,869 | -12,268 | -2,276 | |||
Issuance of OP units for acquisition of properties | 65,646 | 65,646 | ||||||
Cancellation of OP units | -481 | -481 | ||||||
Acquisition of non-controlling interest | -650 | -466 | -466 | -184 | ||||
Net loss attributable to redeemable non-controlling interests in operating partnership | -40,454 | -40,454 | ||||||
Net loss attributable to non-controlling interest partner | -985 | -985 | ||||||
Net loss attributable to common stockholders | -25,299 | -25,299 | -25,299 | |||||
Balance at Dec. 31, 2014 | $289,118 | $254 | $227,205 | ($340) | ($198,384) | $28,735 | $233,652 | $26,731 |
Balance (in shares) at Dec. 31, 2014 | 25,628,526 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net loss | ($66,738,000) | ($68,912,000) | ($41,595,000) |
Adjustments to reconcile net loss to net cash provided by/(used in) operating activities: | |||
Depreciation and amortization (including deferred financing costs, debt discount and discontinued operations) | 96,029,000 | 74,685,000 | 20,501,000 |
Gain on sale of operating properties | -10,249,000 | -10,034,000 | 0 |
Disposition right income | 0 | -1,757,000 | 0 |
Loss on debt and preferred stock extinguishment | 0 | 10,220,000 | 0 |
Deferred income tax benefit | -435,000 | -3,532,000 | 0 |
Accretion expense related to preferred stock | 6,364,000 | 2,566,000 | 655,000 |
Changes in fair value of preferred stock derivatives/warrants and acquisition contingent consideration | -20,380,000 | -3,642,000 | -315,000 |
Equity based compensation, net of forfeitures | 1,343,000 | 1,350,000 | 3,160,000 |
Issuance of redeemable non-controlling interest in operating partnership for services rendered in the acquisition of communities | 0 | 6,693,000 | 0 |
Issuance of common stock for services rendered for the Recapitalization Transaction | 0 | 0 | 1,834,000 |
Bad debt expense | 2,640,000 | 1,323,000 | 373,000 |
Restructuring and impairment charges | 6,622,000 | 0 | 5,397,000 |
Loss from unconsolidated entities | 971,000 | 159,000 | 0 |
Unconsolidated entity distributions | 0 | 49,000 | 0 |
Changes in operating assets and liabilities: | |||
Increase in operating assets | -13,095,000 | -9,157,000 | -2,295,000 |
Increase in operating liabilities | 18,484,000 | 6,731,000 | 2,469,000 |
Net cash provided by/(used in) operating activities | 21,556,000 | 6,742,000 | -9,816,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Acquisition of properties, net | -130,870,000 | -368,455,000 | -62,074,000 |
Acquisition of non-controlling interest | -650,000 | 0 | 0 |
Proceeds from the sale of operating properties, net | 43,342,000 | 48,480,000 | 0 |
Cash received from property management termination fees | 0 | 0 | 173,000 |
Acquisition of unconsolidated entities | 0 | -216,000 | 0 |
Capital expenditures | -24,191,000 | -15,969,000 | -2,671,000 |
Return of investment from unconsolidated entities | 847,000 | 0 | 0 |
Change in deposits on real estate acquisitions | 2,536,000 | -2,007,000 | -529,000 |
Change in restricted cash — capital replacement reserves | 6,255,000 | -14,370,000 | -1,479,000 |
Net cash used in investing activities | -102,731,000 | -352,537,000 | -66,580,000 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from the issuance of mortgage loan payables | 49,834,000 | 140,759,000 | 45,722,000 |
Payments on mortgage loan payables | -36,942,000 | -79,110,000 | -1,982,000 |
Net proceeds on line of credit | 3,902,000 | 0 | 0 |
Borrowings on unsecured note payable | 0 | 0 | 500,000 |
Payments on unsecured note payable | 0 | 0 | -7,750,000 |
Net proceeds on secured credit facility | 18,420,000 | 145,200,000 | 0 |
Proceeds from the issuance of common stock | 0 | 16,752,000 | 0 |
Proceeds from the issuance of redeemable preferred stock | 74,000,000 | 219,763,000 | 50,000,000 |
Redemption of preferred stock | 0 | -60,000,000 | 0 |
Payment of yield maintenance prepayment penalties and deferred financing costs | -3,423,000 | -22,790,000 | -4,128,000 |
Payment of offering costs | -14,000 | -367,000 | -7,000 |
Distributions paid to common stockholders | -5,619,000 | -4,878,000 | -4,152,000 |
Distributions paid to holders of LTIP Units | -233,000 | -195,000 | 0 |
Distributions to non-controlling interest partner | -2,276,000 | -83,000 | 0 |
Distributions paid to redeemable non-controlling interests in operating partnership | -11,824,000 | -7,354,000 | -451,000 |
Net cash provided by financing activities | 85,825,000 | 347,697,000 | 77,752,000 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 4,650,000 | 1,902,000 | 1,356,000 |
CASH AND CASH EQUIVALENTS — Beginning of period | 4,349,000 | 2,447,000 | 1,091,000 |
CASH AND CASH EQUIVALENTS — End of period | 8,999,000 | 4,349,000 | 2,447,000 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
State income taxes | 598,000 | 242,000 | 327,000 |
Investing Activities: | |||
Accrued capital expenditures | 354,000 | 0 | 0 |
Financing Activities: | |||
Mortgage loan payables assumed with the acquisition of properties, net | 181,118,000 | 321,438,000 | 192,712,000 |
Secured credit facility repayment at time of disposition of property | 4,444,000 | 0 | 0 |
Release of mortgage loan payable on the sale of properties | 7,314,000 | 21,612,000 | 0 |
Unsecured notes payable to affiliate related to the ELRM Transaction | 332,000 | 5,284,000 | 0 |
Issuance of redeemable non-controlling interests in operating partnership for acquisition of properties and the ELRM Transaction including settlement of contingent consideration | 65,402,000 | 107,184,000 | 152,309,000 |
Cancellation of redeemable non-controlling interest in operating partnership related to the ELRM transaction | 481,000 | 0 | 0 |
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. | 0 | 16,752,000 | 0 |
Change in other comprehensive operations | -825,000 | 40,000 | 310,000 |
Preferred Stock | |||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
Interest paid | 26,379,000 | 14,643,000 | 281,000 |
Common Stock | |||
Financing Activities: | |||
Issuance of common stock to pay down unsecured note payable to affiliate | 0 | 5,000,000 | 0 |
Issuance of common stock for the acquisition of properties | 0 | 8,244,000 | 2,100,000 |
Distribution Reinvestment Plan | |||
Financing Activities: | |||
Issuance of common stock under the DRIP | 2,000,000 | 1,900,000 | 2,000,000 |
Distribution Reinvestment Plan | Common Stock | |||
Financing Activities: | |||
Issuance of common stock under the DRIP | 2,004,000 | 1,860,000 | 1,951,000 |
Timbercreek U.S. Multi-Residential Operating L.P. | Common Stock | |||
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from the issuance of common stock | 0 | 5,000,000 | 0 |
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. | 0 | 5,000,000 | 0 |
Redeemable Non-Controlling Interests in Operating Partnership | |||
Financing Activities: | |||
Issuance of redeemable non-controlling interest in operating partnership for the investment in unconsolidated entities | 0 | 6,147,000 | 0 |
Issuance of redeemable non-controlling interests in operating partnership due to reinvestment of distribution | 244,000 | 300,000 | 0 |
Fair value of non-controlling interest partner's interest in acquired properties | 26,655,000 | 5,000,000 | 0 |
Mortgage Loan Payables | |||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
Interest paid | 52,681,000 | 30,915,000 | 15,069,000 |
Dividend Declared | Common Stock | |||
Financing Activities: | |||
Distributions declared but not paid | 641,000 | 630,000 | 516,000 |
Dividend Declared | Long-Term Incentive Units | |||
Financing Activities: | |||
Distributions declared but not paid | 0 | 0 | 9,000 |
Dividend Declared | Redeemable Non-Controlling Interests in Operating Partnership | |||
Financing Activities: | |||
Distributions declared but not paid | $1,036,000 | $836,000 | $934,000 |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (Timbercreek U.S. Multi-Residential Operating L.P., Class A Units) | Dec. 31, 2013 |
Timbercreek U.S. Multi-Residential Operating L.P. | Class A Units | |
Number of stock purchased | 500,000,000 |
Organization_and_Description_o
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Organization and Description of Business | Organization and Description of Business |
Landmark Apartment Trust, Inc., a Maryland corporation, was incorporated on December 21, 2005. We are self-administered and self-managed, and we conduct substantially all of our operations through Landmark Apartment Trust Holdings, LP, or our operating partnership. We are in the business of acquiring, holding and managing a diverse portfolio of quality properties with stable cash flows and growth potential in the Sunbelt region, which comprises the South and certain Southwest regions of the United States. We may acquire and have acquired other real estate-related investments. We focus primarily on investments that produce current income. 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 meet the requirements for qualification and taxation 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 subject to the DRIP 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 properties 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, 2014, we had completed the acquisition of all 22 Contributed Properties. | |
As of December 31, 2014, we consolidated 77 properties, including six properties held through consolidated joint ventures, and two parcels of undeveloped land with an aggregate of 23,978 apartment units, which had an aggregate gross carrying value of $1.9 billion. We refer to these properties as our consolidated owned properties, all of which we manage. | |
As of December 31, 2014, we also managed 26 properties, in two of which we own a direct minority interest (held through unconsolidated joint ventures), and eight of which are owned by Timbercreek U.S. Multi-Residential Operating L.P., or the Timbercreek Fund, in which we own an indirect minority interest through our investment in Timbercreek U.S. Multi-Residential (U.S.) Holding L.P., a Delaware limited partnership, or Timbercreek Holding. Timbercreek Holding is a limited partner in the Timbercreek Fund. We refer to these ten communities as our managed equity investment properties which have an aggregate of 3,446 apartment units at December 31, 2014. The remaining 16 properties which have an aggregate of 5,560 apartment units are owned by one or more third parties, including certain entities affiliated with Elco Landmark Residential Holdings, LLC’s, or ELRH, and we refer to these as our managed third party properties. | |
All of our consolidated and managed properties are managed by LATPM, LLC, or our property manager. | |
See Note 3, Real Estate Investments — Real Estate Acquisitions, Note 11, Equity — Common Stock, Note 12, Non-Controlling Interest — Redeemable Non-Controlling Interests in Operating Partnership, and Note 14, Business Combinations — 2014 Property Acquisitions, for additional information. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 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 preferred dividends from interest expense, net, to preferred dividends classified as interest expense and the breakout of the change in fair value of preferred stock derivatives/warrants and acquisition contingent consideration from general, administrative and other expense. | |
Basis of Presentation | |
Our accompanying consolidated financial statements include our accounts and those of our operating partnership, as well as the wholly-owned and controlled subsidiaries of our operating partnership. We operate in an umbrella partnership REIT structure in which, generally, wholly-owned subsidiaries of our operating partnership own all of our properties we acquire, except those in which we have a joint venture partner. We are the sole general partner of our operating partnership, and as of December 31, 2014 and 2013 we owned approximately 37.8% and 42.4%, respectively, of the general partnership interest in our operating partnership, and the limited partners owned approximately 62.2% and 57.6%, 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 (subject to applicable restrictive covenants in our charter and loan agreements in favor of our preferred equity holders and lenders), 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 accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. | |
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 Accounting Standards Codification, or 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 residents 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 residents, 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 operations. 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 affiliates of the Timbercreek Fund and Elco Landmark Residential Management, LLC, or ELRM, which are affiliated entities. | |
Properties Held for Sale and Discontinued Operations | |
Prior to the adoption of FASB issued Accounting Standards Update, or ASU, 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, or ASU 2014-08, the results of operations for those properties sold during the year or classified as held for sale at the end of the current year are classified as discontinued operations in the prior periods. See Recently Issued Accounting Pronouncements below for further discussion of our adoption of ASU 2014-08. Further, to meet the discontinued operations criteria, we will not have any significant continuing involvement in the ownership or operation of the property after the sale or disposition. Once a property is classified as held for sale, depreciation is no longer recorded. However, if we determine that the property no longer meets the criteria for held for sale, we will recapture any unrecorded depreciation on the property. The assets and liabilities, if any, of properties classified as held for sale are presented separately on the consolidated balance sheets at the lower of their carrying amount or their estimated fair value less the costs to sell the assets. | |
During the year ended December 31, 2013, we disposed of two properties that were classified as discontinued operations. We did not dispose of any properties during the year ended December 31, 2012. As of December 31, 2014 and 2013, 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 at 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. The fair market value for furniture, fixtures and equipment on the premises is 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 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 resident relationships based on management’s evaluation of the specific characteristics of each resident’s lease and our overall relationship with that respective resident. 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 resident 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 assumed 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 resident 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 operations for the period subsequent to the acquisition date through December 31, 2014. See Note 14, 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. Through the ELRM Transaction, as noted above, we acquired a property management business including the in-place workforce, which created approximately $6.8 million of goodwill. During the year ended December 31, 2013, we recorded an increase to goodwill of $2.9 million as a measurement period adjustment as we obtained the necessary information to quantify the value of intangible assets acquired. During the year ended December 31, 2014, we recorded a decrease to goodwill of $481,000, which represents a correction of the original purchase price allocation due to an immaterial error. | |
Our annual impairment test date is December 31. For the year ended December 31, 2014, we recorded $4.6 million of impairment to goodwill which was primarily due to our planned reduction of our third party property management business. In the first quarter of 2015, we received notices of termination for property management contracts for 11 of our 16 managed third party properties. Based on the reduction of future economic benefits related to such contracts, we determined that we had an impairment to goodwill. Utilizing the discounted cash flow method of the income approach, we established a value to measure the impairment to goodwill which is a Level 3 fair value measurement. No impairment was recorded for the year ended December 31, 2013. As of December 31, 2014 and 2013, we had goodwill of $4.6 million and $9.7 million, respectively, included in our accompanying consolidated balance sheets. For additional information regarding goodwill, see Note 14, Business Combinations, Note 16, Restructuring and Impairment Charges, and Note 18, Subsequent Events. | |
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 properties are sold. During the year ended December 31, 2013, we purchased three of the four properties and wrote down $1.3 million of our disposition fee right intangible. During the year ended December 31, 2014, we acquired the fourth property and waived the disposition fee from the sellers of the controlling interest of $284,000. We did not have any disposition fee right intangible write downs during 2012. | |
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 resident 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, 2014, 2013 and 2012, 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). | |
In determining fair value, observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions; preference is given to observable inputs. These two types of inputs create the following fair value hierarchy: | |
Level 1: Quoted prices for identical instruments in active markets. | |
Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. | |
Level 3: Significant inputs to the valuation model are unobservable. | |
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 over the term of the related loan, using the effective interest rate method. Amortization of deferred financing costs is included in interest expense in our accompanying consolidated statements of comprehensive operations. | |
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 operations. Derivatives that are designated by us to be a hedge have the changes in fair value that are deemed effective reflected in accumulated 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 operations. During the years ended December 31, 2014, 2013 and 2012, total advertising expense was $3.4 million, $1.7 million and $678,000, 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 Award Plan and 2012 Award Plan. See Note 11, 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 property acquisitions which were acquired, in part, in exchange for limited partnership units in our operating partnership, or OP units, are intended to be treated, in whole or in part, for federal income tax purposes as tax-deferred contributions. | |
For certain multifamily properties that we have acquired through the issuance of OP 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 properties. 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 2010-2013 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 liability approach and consider differences between the tax and GAAP bases. The tax effects of these differences are reflected on the balance sheet as deferred tax assets and deferred tax liabilities and measured using the effective tax rate expected to be in effect when the temporary differences reverse. ASC Topic 740, Income Taxes, or ASC Topic 740, also requires that deferred tax assets are offset by a valuation allowance if it is more likely than not that some portion of the deferred tax assets will not be realized. During 2014, we evaluated the ability to realize our deferred tax assets, and due to our cumulative loss position, we believe it is more likely than not that our deferred tax assets will not be realized. As such, we recorded a valuation allowance to fully offset our net deferred tax assets. | |
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, 2014 and 2013. 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. We have had no decreases in the value of our equity method investments for the years ended December 31, 2014 and 2013. We did not have equity method investments for the year ended December 31, 2012. | |
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 properties. Our investments in real estate are geographically diversified and management evaluates operating performance on an individual property level. However, as each of our properties has similar economic characteristics, residents and products and services, our properties both owned and leased have been aggregated into one reportable segment for the years ended December 31, 2014, 2013 and 2012. The operations of our property manager, excluding reimbursed costs, are not material to our consolidated statements of comprehensive operations and therefore, have been aggregated with our properties both owned and leased. | |
Recently Issued Accounting Pronouncements | |
In April 2014, FASB issued ASU 2014-08 which incorporates a requirement that a disposition represent a strategic shift in an entity’s operations into the definition of a discontinued operation. In accordance with ASU 2014-08, a discontinued operation represents (i) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (ii) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (i) a separate major line of business, (ii) a separate major geographic area of operations, (iii) a major equity method investment, or (iv) other major parts of an entity. The standard requires prospective application and will be effective for interim and annual periods beginning on or after December 15, 2014 with early adoption permitted. The standard is not applied to components of an entity that were sold or classified as held for sale prior to the adoption of the standard. | |
We have elected to adopt this standard early, effective January 1, 2014, which primarily has the impact of reflecting gains and losses on the sale of operating properties prospectively within continuing operations, and results in not classifying the operations of such operating properties as discontinued operations in all periods presented. During the year ended December 31, 2014, we sold four properties which were subject to the early adoption of ASU 2014-08 and, therefore, the gain on such sales are reported as a gain on sale of operating properties within continuing operations. During the year ended December 31, 2013, we sold two of our properties which were not subject to the early adoption of ASU 2014-08 and, therefore, the gain on such sales and results of operations prior to such sales are reported as discontinued operations for the year ended December 31, 2013 in our consolidated statements of comprehensive operations. | |
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The core principle of ASU 2014-09, is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Certain contracts are excluded from ASU 2014-09, including lease contracts within the scope of the FASB guidance included in Leases. We are currently evaluating to determine the potential impact, if any, the adoption of ASU 2014-09 will have on our financial position and results of operations. | |
In August 2014, the FASB issued ASU 2014-15, "Presentation of Financial Statements – Going Concern (Subtopic 205-40), effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The amendments in this update provide guidance in GAAP about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. We are currently evaluating the potential impact, if any, the adoption of ASU 2014-15 will have on footnote disclosures. |
Real_Estate_Investments
Real Estate Investments | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Real Estate [Abstract] | ||||||||
Real Estate Investments | Real Estate Investments | |||||||
Our investments in our consolidated owned properties, net consisted of the following as of December 31, 2014 and 2013 (in thousands): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Land | $ | 278,885 | $ | 221,595 | ||||
Land improvements | 137,646 | 118,652 | ||||||
Building and improvements(1) | 1,420,815 | 1,129,619 | ||||||
Furniture, fixtures and equipment | 38,457 | 30,567 | ||||||
1,875,803 | 1,500,433 | |||||||
Less: accumulated depreciation | (148,298 | ) | (89,920 | ) | ||||
$ | 1,727,505 | $ | 1,410,513 | |||||
-1 | Includes $2.5 million and $10.4 million of direct construction costs for our repositioning activities in progress as of December 31, 2014 and 2013, respectively. We anticipate that the repositioning activities related to these properties will be completed during the first quarter of 2015. | |||||||
Depreciation expense for the years ended December 31, 2014, 2013 and 2012 was $61.1 million, $35.1 million, and $13.7 million, respectively. | ||||||||
Real Estate Acquisitions | ||||||||
During the year ended December 31, 2014, we completed the acquisition of 14 consolidated properties, as set forth below (in thousands, except unit data): | ||||||||
Property Description | Date | Number | Total | Percentage Ownership | ||||
Acquired | of Units | Purchase | ||||||
Price per | ||||||||
Purchase | ||||||||
Agreement | ||||||||
Landmark at Chesterfield — Pineville, NC(1) | January 7, 2014 | 250 | $19,451 | 61.20% | ||||
Landmark at Coventry Pointe — Lawrenceville, GA(1) | January 7, 2014 | 250 | 27,826 | 61.20% | ||||
Landmark at Grand Oasis — Suwanee, GA(1) | January 7, 2014 | 434 | 48,290 | 61.20% | ||||
Landmark at Rosewood — Dallas, TX(1) | January 7, 2014 | 232 | 12,902 | 61.20% | ||||
Lake Village East — Garland, TX | January 9, 2014 | 329 | 18,547 | 100% | ||||
Lake Village North — Garland, TX | January 9, 2014 | 848 | 59,147 | 100% | ||||
Lake Village West — Garland, TX | January 9, 2014 | 294 | 19,221 | 100% | ||||
Landmark at Laurel Heights — Mesquite, TX | January 9, 2014 | 286 | 20,709 | 100% | ||||
Landmark at Bella Vista — Duluth, GA | January 15, 2014 | 564 | 31,277 | 100% | ||||
Landmark at Maple Glen — Orange Park, FL(1) | January 15, 2014 | 358 | 32,246 | 51.10% | ||||
Landmark at Pine Court — Columbia, SC | January 23, 2014 | 316 | 20,300 | 100% | ||||
Landmark at Spring Creek — Garland, TX(2) | February 6, 2014 & November 6, 2014 | 236 | 10,723 | 100% | ||||
Landmark at Andros Isles — Daytona Beach, FL | June 4, 2014 | 360 | 47,700 | 100% | ||||
Landmark at West Place — Orlando, FL | September 4, 2014 | 342 | 38,500 | 100% | ||||
Total acquired properties | 5,099 | $406,839 | ||||||
-1 | We consolidate entities for which we own less than 100% but we hold the controlling financial interest or have management control. | |||||||
-2 | On February 6, 2014, we acquired a 92.6% interest in Landmark of Spring Creek and on November 6, 2014, we acquired the remaining ownership interest of this property. |
Real_Estate_Disposition_Activi
Real Estate Disposition Activities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||
Real Estate Disposition Activities | Real Estate Disposition Activities | ||||||||
During the year ended December 31, 2014, we sold four properties with an aggregate of 715 apartment units for a combined purchase price of $55.1 million. We received cash proceeds of $26 million, net of outstanding mortgage notes payable of $29.1 million (including $17.4 million of mortgage debt paid directly to lenders, $7.3 million of mortgage debt assumed by the buyer and $4.4 million paid down on the Secured Credit Facility), secured by the properties and other closing costs and adjustments of $2.5 million. As of the date of disposal, the properties had a net carrying value of $42.4 million. Our gain on the sale of the properties was $10.2 million. During the year ended December 31, 2013 , we sold two properties 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 properties 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. These property dispositions were either smaller assets with less operating efficiencies or were not in our key markets. | |||||||||
The operations for any real estate assets sold during the year ended December 31, 2013, have been presented as income from discontinued operations in the accompanying consolidated statements of comprehensive operations. Accordingly, certain reclassifications have been made to prior years to reflect discontinued operations consistent with current year presentation. We had no real estate dispositions for the year ended December 31, 2012. | |||||||||
The following is a summary of income from discontinued operations for the periods presented (dollars in thousands): | |||||||||
Year ended December 31, | |||||||||
2013 | 2012 | ||||||||
Rental income | $ | 3,604 | $ | 7,374 | |||||
Other property revenues | 584 | 991 | |||||||
Total revenues | 4,188 | 8,365 | |||||||
Rental expenses | (1,583 | ) | (3,119 | ) | |||||
Interest expense, net | (1,057 | ) | (2,127 | ) | |||||
Depreciation and amortization expense | (1,027 | ) | (2,460 | ) | |||||
Total expenses | (3,667 | ) | (7,706 | ) | |||||
Income before net gain on the sale of property | 521 | 659 | |||||||
Net gain on the sale of property | 10,034 | — | |||||||
Income from discontinued operations | 10,555 | 659 | |||||||
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 | |||||
Investments_in_Unconsolidated_
Investments in Unconsolidated Entities | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||
Investments in Unconsolidated Entities | Investments in Unconsolidated Entities | |||||||||||||
As of December 31, 2014 and 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 Investment at December 31, | Total Investment at December 31, | Percentage Ownership at December 31, | |||||||||
Acquired | of Units | 2014 | 2013 | 2014 | ||||||||||
Landmark at Waverly Place — Melbourne, FL | November 18, 2013 | 208 | $ | 955 | $ | 1,158 | 20% | |||||||
The Fountains — Palm Beach Gardens, FL | December 6, 2013 | 542 | 3,460 | 4,998 | 20% | |||||||||
Timbercreek U.S. Multi-Residential (U.S.) Holding L.P. — 500,000 Class A Units | December 20, 2013 | N/A | 4,547 | 5,000 | 8.10% | |||||||||
Total investments | $ | 8,962 | $ | 11,156 | ||||||||||
On November 18, 2013, we acquired an equity interest in the Landmark at Waverly Place property from affiliates of ELRH. 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. The difference between the carrying value and underlying equity in the net assets at December 31, 2014 and 2013 was $463,000 and $645,000, respectively. | ||||||||||||||
On December 6, 2013, we acquired an equity interest in the Fountains property from affiliates of ELRH. 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. The difference between the carrying value and underlying equity in the net assets at December 31, 2014 and 2013 was $839,000 and $2 million, respectively. | ||||||||||||||
On December 20, 2013, in conjunction with the ELRM Transaction, we purchased 500,000 Class A Units in Timbercreek Holding from Elco Landmark Residential Holdings II, LLC, an affiliate, for consideration in the amount of $5 million consisting of the issuance of 613,497 of shares of our common stock, therefore, becoming a limited partner in Timbercreek Holding. At December 31, 2014, we owned approximately 8.1% of the limited partnership interest in Timbercreek Holding. |
Identified_Intangible_Assets_N
Identified Intangible Assets, Net | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Identified Intangible Assets, Net | Identified Intangible Assets, Net | |||||||
Identified intangible assets, net consisted of the following as of December 31, 2014 and 2013 (in thousands): | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Disposition fee rights(1) | $ | — | $ | 284 | ||||
In-place leases, net of accumulated amortization of $788,000 and $39.1 million as of December 31, 2014 and 2013, respectively (with a weighted average remaining life of 3 months and 3.6 months as of December 31, 2014 and 2013, respectively) | 591 | 16,662 | ||||||
Trade name and trade marks (indefinite lives) | 200 | 200 | ||||||
Property management contracts, net of accumulated amortization of $5.2 million and $2.2 million as of December 31, 2014 and 2013, respectively (with a weighted average remaining life of 80.4 months and 165.3 months as of December 31, 2014 and 2013, respectively) | 15,673 | 18,703 | ||||||
$ | 16,464 | $ | 35,849 | |||||
-1 | On February 6, 2014, we purchased a controlling interest in Landmark at Spring Creek and, therefore, consolidated this apartment community in our consolidated financial statements. Prior to our consolidation, the Landmark at Spring Creek property was owned by unaffiliated third parties and leased by our wholly owned subsidiary, NNN Mission Residential Holdings, LLC, or NNN/MR Holdings. Pursuant to the master lease or other operative agreement between NNN/MR Holdings and the respective third party property owners, our NNN/MR Holdings was entitled to a disposition fee in the event that the leased property was sold. We recognized this as a disposition fee rights intangible of $284,000 for the year ended December 31, 2013. Upon our acquisition of a controlling interest of Landmark at Spring Creek, we waived the disposition fee from the sellers of the controlling interest during the first quarter of 2014. During the last quarter of 2014, we acquired the remaining ownership interest in Landmark at Spring Creek and now own 100% of interest therein. | |||||||
As of December 31, 2014 and 2013, we had below market lease intangibles, net, of $31,000 and $870,000, respectively, which are classified as a liability in security deposits, prepaid rent and other liabilities in our consolidated balance sheets. We amortize our net below market lease 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, 2014, 2013 and 2012 was $31.6 million, $37.4 million, and $3.9 million, respectively. | ||||||||
Estimated amortization expense on the identified intangible assets as of December 31, 2014 is as follows (in thousands): | ||||||||
Year | Amount | |||||||
2015 | $ | 4,033 | ||||||
2016 | 3,451 | |||||||
2017 | 3,145 | |||||||
2018 | 762 | |||||||
2019 | 762 | |||||||
Thereafter | 4,111 | |||||||
Total | $ | 16,264 | ||||||
Debt
Debt | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Debt | Debt | |||||||||||
The following is a summary of our secured and unsecured debt at December 31, 2014 and 2013, (in thousands): | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Mortgage loan payables — fixed | $ | 755,576 | $ | 652,345 | ||||||||
Mortgage loan payables — variable | 257,932 | 175,120 | ||||||||||
Total secured fixed and variable rate debt | 1,013,508 | 827,465 | ||||||||||
Premium, net | 8,175 | 10,969 | ||||||||||
Total mortgage loan payables, net | 1,021,683 | 838,434 | ||||||||||
Secured credit facility | 159,176 | 145,200 | ||||||||||
Line of credit | 3,902 | — | ||||||||||
Total secured fixed and variable rate debt, net | $ | 1,184,761 | $ | 983,634 | ||||||||
Unsecured notes payable to affiliates | $ | 6,116 | $ | 5,784 | ||||||||
Scheduled payments and maturities of secured and unsecured debt at December 31, 2014 were as follows (in thousands): | ||||||||||||
Year | Secured notes | Secured notes | Unsecured notes | |||||||||
payments(1) | maturities | maturities | ||||||||||
2015 | $ | 12,893 | $ | 288,422 | $ | 500 | ||||||
2016 | 11,515 | 234,014 | — | |||||||||
2017 | 10,111 | 99,726 | — | |||||||||
2018 | 8,789 | 105,210 | 5,616 | |||||||||
2019 | 7,397 | 73,278 | — | |||||||||
Thereafter | 40,320 | 284,911 | — | |||||||||
$ | 91,025 | $ | 1,085,561 | $ | 6,116 | |||||||
-1 | Secured note payments are comprised of the principal pay downs for mortgage loan payables and the secured credit facility. | |||||||||||
Mortgage Loan Payables, Net | ||||||||||||
Mortgage loan payables, net were $1.02 billion ($1.01 billion, excluding premium) and $838.4 million ($827.5 million, excluding premium) as of December 31, 2014 and 2013, respectively. As of December 31, 2014, we had 54 fixed rate and 12 variable rate mortgage loans with effective interest rates ranging from 1.76% to 6.58% per annum and a weighted average effective interest rate of 4.53% per annum. As of December 31, 2014, we had $763.8 million ($755.6 million, excluding premium) of fixed rate debt, or 74.8% of mortgage loan payables, net at a weighted average interest rate of 5.22% per annum and $257.9 million of variable rate debt, or 25.2% of mortgage loan payables, net at a weighted average effective interest rate of 2.52% per annum. 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 premium) 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, net at a weighted average effective interest rate of 2.92% 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. 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, 2014, 20 of our mortgage loan payables had monthly interest-only payments, while 46 of our mortgage loan payables as of December 31, 2014 had monthly principal and interest payments. | ||||||||||||
Secured Credit Facility | ||||||||||||
The secured facility with Bank of America, N.A. and certain other lenders, or the Secured Credit Facility, is in the aggregate maximum principal amount of $180 million and the amount available 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 properties. As of December 31, 2014, we had $159.2 million outstanding under the Secured Credit Facility with $20.8 million available to be drawn on the incremental facility and 13 of our properties were pledged as collateral. See Note 18, Subsequent Events, for additional information. | ||||||||||||
The Secured Credit Facility was scheduled to mature on March 7, 2015. On March 6, 2015, the company and the lenders under the Secured Credit Facility entered into an amendment to extend the maturity date of the Secured Credit Facility to March 31, 2015. On March 24, 2015, the Secured Credit Facility was further amended to, among other things, (i) extend the maturity date to January 4, 2016, (ii) amend certain covenants including the consolidated funded indebtedness to total asset value ratio and the consolidated fixed charge coverage ratio, and (iii) waive existing events of default, including the failure to comply with the consolidated funded indebtedness to total asset value ratio for the quarter ended December 31, 2014. We were in compliance with all other ratios during 2014. As amended, the Secured Credit Facility includes certain financial covenants, including a consolidated leverage ratio which requires that consolidated funded indebtedness may not exceed as of the end of each quarter, 75% of total asset value and (ii)a consolidated fixed charge coverage ratio, which as of the end of any quarter shall not be less than(i) 1.05:1.00. We expect to remain in compliance with all covenants for the next 12 months. | ||||||||||||
Pursuant to the terms of the credit agreement governing the terms of the Secured Credit Facility, we and certain of our indirect subsidiaries guaranteed all of the obligations of our 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 Secured 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, 2014, our annual interest rate was 2.92% on principal outstanding of $159.2 million, which represents the Eurodollar Rate, based on a one-month interest period plus a margin of 2.75%. We are required by the terms of the Secured Credit Facility to meet certain financial covenants, such as minimum net worth and liquidity amounts, and comply with certain financial reporting requirements. During 2014, we received a waiver from the lenders under the Secured Credit Facility, including for the consolidated funded indebtedness to total asset value ratio for the quarter ended September 30, 2014. See discussion above related to the fourth quarter waivers related to the amendment to the Secured Credit Facility. | ||||||||||||
Line of Credit | ||||||||||||
On January 22, 2014, we entered into an agreement with Bank Hapoalim, as lender, for a revolving line of credit in the aggregate principal amount of up to $10 million to be used for our working capital and general corporate purposes. Our revolving line of credit, which was originally scheduled to mature on January 22, 2015, was extended until March 6, 2015 and further extended until March 31, 2015. On March 24, 2015, the revolving line of credit was further amended to, among other things, (i) extend the maturity date to January 4, 2016, (ii) amend certain covenants including the consolidated funded indebtedness to total asset value ratio and the consolidated fixed charge coverage ratio, and (iii) waive existing events of default. As amended, the revolving line of credit includes certain financial covenants, including (i) a consolidated leverage ratio which requires that consolidated funded indebtedness may not exceed as of the end of each quarter, 75% of total asset value, (ii) a consolidated fixed charge coverage ratio, which as of the end of any quarter shall not be less than 1.05:1.00 and (iii) a funds from operations covenant which requires the company to achieve funds from operations of at least $1.00 in each fiscal year. We have pledged $1.5 million in cash and equity interest in certain of our subsidiaries as collateral. As of December 31, 2014, we had $3.9 million outstanding under our revolving line of credit with $6.1 million available to be drawn. On February 11, 2015, we drew an additional $6 million on our line of credit leaving $100,000 available to be drawn. Our revolving line of credit bears an annual interest rate equal to the Eurodollar Rate plus a 3.00% margin. As of December 31, 2014, our annual interest rate was 3.16%. | ||||||||||||
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 2013 and October 2014, 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 $616,000. 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 3.00% at our option. | ||||||||||||
As of December 31, 2014, 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, 2014 and 2013. | ||||||||||||
Deferred Financing Cost, Net | ||||||||||||
As of December 31, 2014 and 2013, we had $10.7 million and $14.5 million, respectively, in deferred financing costs, net of accumulated amortization of $10.4 million and $4.4 million, respectively. Amortization expense recorded on the deferred financing costs for the year ended December 31, 2014, 2013, and 2012 was $6.8 million, $3.9 million and $686,000, respectively. | ||||||||||||
Loss on Debt Extinguishment | ||||||||||||
The initial Secured 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, 2014 | |
Equity [Abstract] | |
Preferred Stock and Warrants to Purchase Common Stock | Preferred Stock and Warrants to Purchase Common Stock |
Series D Preferred Stock | |
As of December 31, 2014, we had issued and outstanding an aggregate of 20,976,300 shares of our 8.75% Series D Cumulative Non-Convertible Preferred Stock, par value $0.01 per share, or our 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 Series D 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. On March 1, 2015, the Series D Current Dividend increased from 8.75% to 11% per annum compounded monthly. We may, however, 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 Series D 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 Series D Current Dividend on the 15th of each month. Series D Preferred Stock dividends are recorded as preferred dividends classified as interest expense in our consolidated statements of comprehensive operations. For the year ended December 31, 2014 and 2013, we incurred preferred dividends classified as interest expense of $32 million and $13.1 million, respectively, related to Series D Preferred Stock. We did not incur preferred dividends classified as interest expense for the year ended December 31, 2012, as there were no shares of Series D Preferred Stock outstanding for such period. | |
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 sheets as of December 31, 2014 and 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, the Secured 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. On March 24, 2015, we received a waiver on certain events of default associated with the Secured Credit Facility and the line of credit. | |
In addition, in the event of a triggering event as defined in the Series D Preferred Stock agreements, 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. 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 years ended December 31, 2014 and 2013 was $4.2 million and $1.9 million, respectively. We did not record interest expense related to accretion for the year ended December 31, 2012, as there were no shares of Series D Preferred Stock outstanding for such period. | |
As of December 31, 2014 and 2013, the fair value of this derivative was $0 and $11.1 million, respectively. The derivative is recorded at fair value for each reporting period, with changes in fair value being recorded through change in fair value of preferred stock derivatives/warrants and acquisition contingent consideration in our consolidated statements of comprehensive operations. For the years ended December 31, 2014 and 2013, we recorded a decrease in the fair value of the derivative of $11.1 million and $2.4 million, respectively. We did not record a change in the fair value of the derivative for the year ended December 31, 2012, as there were no shares of Series D Preferred Stock outstanding for such period. The decreases in fair value were due to changes in assumptions used in the valuation of the derivative, primarily, the anticipated timing of the listing of our common shares on a public exchange. 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 $202.4 million and $209.3 million as of December 31, 2014 and 2013, respectively. See Note 13, Fair Value of Derivatives and Financial Instruments, for further discussion of our fair valuation on a recurring basis. | |
Series E Preferred Stock | |
On January 7, 2014, we issued and sold, for cash, an aggregate of 6,800,000 shares of our 9.25% Series E Cumulative Non-Convertible Preferred Stock, par value $0.01 per share, or our Series E Preferred Stock, to iStar and BREDS at a price of $10.00 per share, for an aggregate of $68 million. On June 4, 2014, in accordance with the terms of the Series E Preferred Stock agreements (as defined below), we issued and sold, for cash, an aggregate of 600,000 additional shares of our Series E Preferred Stock to iStar and BREDS 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 used primarily to acquire and renovate additional properties. As of December 31, 2014, we had issued and outstanding an aggregate of 7,400,000 shares of Series E Preferred Stock. | |
Holders of our Series E Preferred Stock are entitled to cumulative cash dividends of 14.47% per annum, compounded monthly. A portion of the cumulative cash dividend equal to 9.25% per annum compounded monthly, or the Series E 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 E Preferred Stock. Beginning the 21st month after the original issuance date, or October 1, 2015, the Series E Current Dividend will increase from 9.25% to 11.25% per annum compounded monthly. We may, however, 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 Series E 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 Series E Current Dividend on the 15th of each month. Series E Preferred Stock dividends are recorded as preferred dividends classified as interest expense in our consolidated statements of comprehensive operations. For the year ended December 31, 2014, we incurred preferred dividends classified as interest expense of $10.4 million related to the Series E Preferred Stock. We did not record preferred dividends classified as interest expense for the years ended December 31, 2013 and 2012, as there were no shares of Series E Preferred Stock outstanding for such periods. | |
We are required to redeem all outstanding shares of Series E Preferred Stock on June 28, 2016, subject to a one-year extension, for a cash payment to the holders of the Series E Preferred Stock in an amount per share equal to $10.00 plus any accrued and unpaid dividends due pursuant to the Series E Preferred Stock agreements. Based on the requirement of redemption for cash, the Series E Preferred Stock is classified as a liability in our consolidated balance sheets as of December 31, 2014 and 2013. Failure to redeem the Series E Preferred Stock by any mandatory redemption date (as extended) will trigger increases in dividends due under the Series E Preferred Stock agreements. If an event of default occurs on our mortgage loan payables, the Secured Credit Facility or other indebtedness and is continuing after an applicable cure period, there will then be an event of default on the Series E Preferred Stock. On March 24, 2015, we received a waiver on certain events of default associated with the Secured Credit Facility and the line of credit. | |
In addition, in the event of a triggering event as described in the Series E Preferred Stock agreements, we are obligated to redeem not less than 50% of the shares of the Series E 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 $6 million with a corresponding discount recorded to the value of the Series E Preferred Stock. The Series E 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 E Preferred Stock discount for the year ended December 31, 2014 was $2.2 million. We did not record accretion expense for the years ended December 31, 2013 and 2012, as there were no shares of Series E Preferred Stock outstanding for such periods. | |
The derivative is recorded at fair value for each reporting period, with changes in fair value being recorded through change in fair value of preferred stock derivatives/warrants and acquisition contingent consideration in our consolidated statements of comprehensive operations. As of December 31, 2014, the fair value of this derivative was $1.4 million, and accordingly, the decrease in fair value for the year ended December 31, 2014 was $4.6 million. The decrease in fair value was due to changes in assumptions used in the valuation of the derivative, primarily, the anticipated timing of the listing of our common shares on a public exchange. The Series E Preferred Stock and the derivative are presented together in our consolidated balance sheets as Series E cumulative non-convertible redeemable preferred stock with derivative in the amount of $71.6 million as of December 31, 2014. See Note 13, Fair Value of Derivatives and Financial Instruments, for further discussion of our fair valuation on a recurring basis. | |
Summary of Rights of Series D Preferred and Series E Preferred Stock | |
The Series D Preferred Stock and the Series E Preferred Stock rank senior to our common stock with respect to distribution rights, redemption rights and rights upon voluntary or involuntary liquidation, dissolution or winding up of our company. In addition to other preferential rights, upon voluntary or involuntary liquidation, dissolution or winding up of our company, each holder of Series D Preferred Stock and Series E Preferred Stock is entitled to receive liquidating distributions in cash of certain expenses 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 company’s common stock. Also, pursuant to the protective provisions of the agreements designating the Series D Preferred Stock, or the Series D Preferred Stock agreements, and Series E Preferred Stock, or the Series E Preferred Stock agreements, we may not, without the prior written consent of iStar and BREDS, take certain corporate actions, including, but not limited to, amending our charter or bylaws or entering into material contracts. In addition, under the terms of the Series D Preferred Stock agreements and Series E Preferred Stock agreements, we are required to use any proceeds from the sale of our properties or loan refinancings to redeem a portion of the Series E Preferred Stock. | |
Holders of the shares of our Series D Preferred Stock and our Series E Preferred Stock will vote together as a single class for the election of the iStar director and the BREDS director. In addition, subject to certain limitations, holders of the shares of our Series D Preferred Stock and Series E Preferred Stock will vote together as a single class with the holders of our company’s common stock on any matter presented to the common stockholders for their action or consideration at any meeting of stockholders or, to the extent permitted, by written consent in lieu of a meeting. Subject to certain limitations, each holder of outstanding shares of our Series D Preferred Stock and Series E Preferred Stock shall be entitled to cast the number of votes equal to the quotient, rounded down to the nearest whole number of votes, obtained by dividing (A) the aggregate liquidation preference of the shares of Preferred Stock held by such holder as of the record date for determining stockholders entitled to vote on such matter by (B) the book value per share (each as defined in our charter). Effectively, the holders of the shares of our Series D Preferred Stock and our Series E Preferred Stock could account for a quorum at any meeting of our company’s shareholders and, to the extent such holders, voted their respective shares in the same manner, such holders could effectively control the outcome of any matter submitted to the shareholders for approval. | |
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, 2014 and 2013, no shares of Series A Preferred Stock or Series B Preferred Stock were issued or outstanding. | |
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, 2013. The preferred share liability was accreted through the redemption date of June 28, 2013. For the years ended December 31, 2014, 2013 and 2012, we recorded $0, $635,000 and $655,000, respectively, in accretion, which was recorded as interest expense in our consolidated statements of comprehensive operations. 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 extinguishment in our consolidated statements of comprehensive operations. 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 operations through June 28, 2013. For the years ended December 31, 2014, 2013 and 2012, we incurred $0, $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, 2014 and 2013, there were no aggregate accumulated distributions accrued but not paid to holders of the Series A Preferred Stock and the Series B Preferred Stock for each period. | |
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 yield maintenance prepayment penalty payments, a write off in the amount of $2.5 million in unamortized loan accretion and deferred financing costs, and $600,000 in redemption fees, which are recorded in the consolidated statements of comprehensive operations in loss on debt and preferred stock extinguishment. We define yield maintenance prepayment penalty payments as the 24 month yield the Series A Preferred Stock and Series B Preferred Stock holders were entitled to, regardless of the date of prepayment within the first 24 month period following the closing. The minimum yield is calculated by taking the monthly dividend multiplied by 24, less any payments paid, plus certain other fees for early redemption. All amounts due were paid at the time of redemption and nothing further is owed. | |
Warrants to Purchase Common Stock | |
In connection with the issuances of the Series A Preferred Stock and the Series B Preferred Stock, which were redeemed in 2013 as noted above, 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, 2014 and 2013 resulting in our recording $663,000 and $1.8 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 change in fair value of preferred stock derivatives/warrants and acquisition contingent consideration in our consolidated statements of comprehensive operations. For the years ended December 31, 2014, 2013 and 2012, we recorded a decrease of $1.1 million, $527,000, and $315,000, respectively. See Note 13, 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, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
Litigation | |
The company and certain of its affiliates are named defendants in a complaint filed on August 12, 2014 in the Superior Court of Orange County, California, styled S. Sidney Mandel et al. v. NNN Realty Investors, LLC et al., alleging that the company, our operating partnership, our Former Advisor and Mr. Olander, our chief executing officer, chief financial officer, chief accounting officer and president, participated in fraudulent transfers of assets from an affiliate of Grubb & Ellis Company, thereby preventing such affiliate from satisfying contractual obligations to certain trusts in which plaintiffs invested. The plaintiffs seek damages and injunctive relief setting aside these alleged transfers. On October 6, 2014, the company, our operating partnership and Mr. Olander filed a motion to quash service of the complaint for lack of personal jurisdiction. On January 5, 2015, before the motion to quash could be heard, the plaintiffs filed a fourth amended complaint that added Mr. Remppies, our chief operating officer and our chief administrative officer, as a defendant. On February 6, 2015, the company, our operating partnership, our Former Advisor and Messrs. Olander and Remppies filed a motion to quash service of the fourth amended complaint for lack of personal jurisdiction. The company believes that the plaintiffs’ claims are without merit and intends to defend the matter vigorously. We have not accrued any amount for the possible outcome of this litigation because management does not believe that a material loss is probable or estimable at this time. | |
In addition to the foregoing, we are subject to various legal proceedings and claims arising in the ordinary course of business. We cannot determine the ultimate liability with respect to such legal proceedings and claims at this time. We believe that such liability, to the extent not provided for through insurance or otherwise, will not have a material adverse effect on our financial condition, results of operations or cash flow. | |
Our general, administrative and other expenses on the consolidated statements of comprehensive operations for the year ended December 31, 2012 reflect professional fees of $2.1 million related to litigation in connection with the termination of our proposed purchase of several properties, 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 years ended December 31, 2014 and 2013. | |
Environmental Matters | |
It is our policy not to purchase any property unless and until we obtain an environment assessment, which consists of, at a minimum, a Phase I review, and generally are satisfied with the environmental condition of the property, as determined by our management. 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 | |
ELRM Transaction | |
We incurred certain contingent consideration in connection with the ELRM Transaction during the first quarter of 2013. In consideration for the contribution to our operating partnership of ELRH’s economic rights to earn property management fees for managing certain real estate assets of Timbercreek, our operating partnership agreed to issue up to $10 million in restricted OP units to ELRH. Additionally, ELRH and certain of its affiliates had the opportunity to earn additional consideration in the form of restricted OP units and a promissory note through a contingent consideration arrangement, which is based on two events: (i) 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 and (ii) funds raised at certain target dates to acquire properties in the Timbercreek Fund. As of December 31, 2014, all potential earnout opportunities available to the ELRM Parties or otherwise pursuant to the ELRM Transaction have been satisfied. | |
Our contingent consideration liability would change based on achieving the contingencies and the quarterly fair valuation. 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 consolidated balance sheets. We achieved contingencies of $2 million and $200,000 for the years ended December 31, 2014 and 2013, respectively. As of December 31, 2014 and 2013, we determined that the fair value of the acquisition contingent consideration was $0 and $4 million, respectively. We had a decrease of $3.8 million and $715,000, respectively, for the years ended December 31, 2014 and 2013 which is recorded in change in fair value of preferred stock derivatives/warrants and acquisition contingent consideration in our consolidated statements of comprehensive operations. For the year ended December 31, 2012, we did not record a change in fair value of the contingent consideration since the transaction did not occur until 2013. See Note 13, Fair Value of Derivatives and Financial Instruments, for further discussion of our fair valuation on a recurring basis. | |
Landmark at Andros Isles | |
On August 3, 2012, we and our operating partnership entered the Recapitalization Transaction to acquire the Contributed Properties. In connection with the Recapitalization Transaction, our operating partnership entered into a definitive agreement for the acquisition of a 360-unit multifamily apartment community known as the Andros Isles property, or the Andros Property, in exchange for aggregate consideration valued at approximately $45 million and acquisition contingent consideration not to exceed $4 million. On June 4, 2014, we completed the acquisition of the Andros Property which included consideration of $10.3 million in OP units, $5.2 million in net cash, $29.5 million of assumed mortgage loan payable, and the estimated fair value of acquisition contingent consideration of $2.7 million. The acquisition contingent consideration is based on a calculation of future net operating income (which includes the payment of principal and interest on the mortgage loan payable as defined in the definitive agreements) over the four-year period subsequent to the acquisition, with a total payout not to exceed $4 million. As of December 31, 2014, the estimated fair value of the acquisition contingent consideration was $2.9 million with an increase in fair value of $200,000. The change in fair value is recorded to change in fair value of preferred stock derivatives/warrants and acquisition contingent consideration on our consolidated statements of comprehensive operations. See Note 13, Fair Value of Derivatives and Financial Instruments, for further discussion of our fair valuation on a recurring basis and Note 14, Business Combinations — 2014 Property Acquisitions, for further discussion of our 2014 acquisitions. | |
Support Payment Agreement | |
On December 20, 2013, the company entered into a support payment agreement with Elco Landmark Residential Holdings II LLC, or ELRH II, an entity affiliated with Mr. Salkind, a member of our board, and Mr. Lubeck, our former executive chairman. The agreement provides a price support mechanism with respect to the aggregate 1,226,994 shares of common stock the company issued to ELRH II in connection with (i) the acquisition of the Class A Units in Timbercreek Holding and (ii) the pay down of $5 million of the $10 million note payable to ELRH II arising from the ELRM Transaction. Upon the completion of a public offering and upon the Company’s capital stock listing on the New York Stock Exchange or The Nasdaq Stock Market, or the IPO, the shares will no longer be subject to transfer restrictions and forfeiture provisions. If the shares are no longer restricted due to the occurrence of an IPO, ELRH II is obligated, for a period of ten business days, to use commercially reasonable efforts to sell the shares at a price above $8.15 per share. Otherwise, ELRH II may request that the company either (i) issue additional shares of common stock of the company in the amount that is equal to the difference between $8.15 per share and the actual gross selling price received by ELRH II upon the sale of the shares or (ii) repurchase the shares for $8.15 per share in cash. In the event an IPO does not take place before March 14, 2018, the company is obligated to repurchase the shares for $8.15 per share in cash. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 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 was affiliated with us in that two of our executive officers, Stanley J. Olander, Jr. and Gustav G. Remppies, together owned 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 year ended December 31, 2012, we incurred $678,000 in asset management fees to our Former Advisor, which is included in general, administrative and other expense in our accompanying consolidated statements of comprehensive operations. Included in asset management fees to our Former Advisor are 13,992 shares of common stock valued at $9.00 per share, or $126,000, that were issued to our Former Advisor for its services for the year ended December 31, 2012. 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, 2014, 2013 and 2012, 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 in operating expenses for the year ended December 31, 2012, respectively. Due to the termination of the advisory agreement on August 3, 2012, we do not expect to incur these expenses in the future. | |
ELRM and Management Support Services Agreement | |
In connection with the acquisition of the Contributed Properties, our Property Manager entered into a management support services agreement with ELRM, who was the property manager of the properties at that time. During the period from January 1, 2013 to March 14, 2013, 32 of our 34 properties we owned had management support services or other accounting services performed by ELRM. During 2012, ELRM performed management support services or other accounting services for 29 of our 31 properties. Pursuant to the management support services agreement, ELRM was entitled to receive a fee equal to 3.00% of the gross receipts for each Contributed Property. ELRM also received a fee equal to 2.00% 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 closing of the ELRM Transaction on March 14, 2013; accordingly, we no longer pay the management support services and accounting fees to ELRM. See Note 14, Business Combinations – ELRM Transaction, for more information on the acquisition of the property management business of ELRM. 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 operations. We incurred no such expense for the year ended December 31, 2014. Joseph G. Lubeck, our former executive chairman, and Mr. Salkind, one of our directors, directly or indirectly, owned an interest in ELRM. See Note 18, Subsequent Events for further discussion of executive officer resignations. | |
At the time the management support services agreement was negotiated Messrs. Lubeck and Salkind were not related parties, however, 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. | |
ELRH pays to us the direct costs of certain employees that perform services on their behalf. For the years ended December 31, 2014 and 2013, we were reimbursed $848,000 and $644,000, respectively, by ELRH. As of December 31, 2014, we no longer had certain employees performing services on the behalf of ELRH, therefore, this reimbursement arrangement ended as of such date. | |
Lease for 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. was an affiliated entity with Mr. Lubeck. The lease has a monthly rental payment of $2,833. On January 21, 2015, the lease agreement between Marlu Associates, Ltd. and our operating partnership was terminated. We made our last lease payment related to this agreement in January 2015 without penalty. | |
Timbercreek U.S. Multi-Residential Opportunity Fund #1 | |
As part of the ELRM Transaction, we acquired the rights to earn property management fees and back-end participation for managing certain real estate assets acquired by the Timbercreek Fund. 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 Holding for consideration in the amount of $5 million. On December 20, 2013, we purchased the 500,000 Class A Units in Timbercreek Holding for consideration in the amount of $5 million, consisting of the issuance of 613,497 shares of our common stock, thereby becoming a limited partner in Timbercreek Holding. Timbercreek Holding is a limited partner in the Timbercreek Fund. Mr. Lubeck and our former chief investment officer, Elizabeth Truong, previously served on the Investment Committee of the Timbercreek Fund prior to their resignations therefrom on January 21, 2015. Mr. Stanley J. Olander and Mr. Gustav Remppies were appointed as replacements and are now serving on the Investment Committee of the Timbercreek Fund. The Timbercreek Fund is fully invested, no longer raising capital and the sole purpose of their investment committee is to make capital decisions at the properties and to oversee future disposition of assets. See Note 18, Subsequent Events for further discussion of executive officer resignations. | |
OP Units Issued in Connection with Acquisitions | |
As of December 31, 2014, we had issued 33,036,180 OP units with an aggregate value of $269.2 million . Such OP units were issued, directly or indirectly, to entities affiliated with Mr. Lubeck, Ms. Truong, and Messrs. Salkind and Kobel, two of our directors, in connection with the acquisition of various properties and the ELRM Transaction. Subsequent to December 31, 2014, after the resignation of Mr. Lubeck and Ms. Truong, we had 12,688,988 OP units with an aggregate value of $103.4 million outstanding to the remaining related parties. See Note 18, Subsequent Events for further discussion of executive officer resignations. | |
Agreement Concerning Reimbursement of Attorneys’ Fees, Costs and Expenses and Indemnification of Future Amounts | |
On August 28, 2012, pursuant to an Interest Contribution Agreement among us, our operating partnership, ELRM and certain persons and entities identified as the contributors in such agreement, we acquired 100% of the interests in Daytona Seabreeze, LLC, a Delaware limited liability company, or Daytona Seabreeze, which owns a multi-family apartment community known as Overlook at Daytona. | |
An action, or the Action, was brought by CJK Daytona Seabreeze, LLC against, among others, Mr. Lubeck, our operating partnership, Daytona Seabreeze and Seabreeze Daytona Marina, LLC, or Daytona Marina. We collectively refer to Daytona Marina, our operating partnership and Daytona Seabreeze as the Indemnified Parties. In connection with the Action, on October 16, 2014, the Indemnified Parties entered into an Agreement Concerning Reimbursement of Attorneys’ Fees, Costs and Expenses, Future Attorneys’ Fees, Costs and Expenses and Indemnification, or the Agreement, with Mr. Lubeck and SFLP Diplomatic, LLC, which we refer to collectively as the Indemnifying Persons. Pursuant to the Agreement, the Indemnifying Persons have agreed to indemnify the Indemnified Parties and certain other related persons and entities against any losses incurred in connection with the Action, including but not limited to attorneys’ fees, costs and any amounts paid in settlement of the Action. The Indemnifying Persons also have reimbursed the Indemnified Parties and certain other related persons and entities for past attorneys’ fees and have agreed to pay future attorneys’ fees incurred in connection with the Action. | |
Other | |
As of December 31, 2014 and 2013, we had $1.6 million and $2.5 million outstanding, respectively, which were recorded in other receivables due from affiliates in our consolidated balance sheets. The amounts outstanding represented amounts due from our managed properties owned by affiliated third parties as part of the normal operations of our Property Manager, which primarily consisted of management fee receivables and payroll reimbursement receivables. | |
As of December 31, 2014 and 2013, we had $117,000 and $915,000, respectively, which were recorded in other payables due to affiliates in our consolidated balance sheets. The amounts outstanding represented amounts due to ELRH in connection with the ELRM Transaction and payables due to our managed properties owned by affiliated third parties as part of the normal operations of our Property Manager. |
Equity
Equity | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Equity [Abstract] | |||||||
Equity | 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, 2014 and 2013, we had issued and outstanding 20,976,300 shares of Series D Preferred Stock. Additionally, as of December 31, 2014, we had issued and outstanding 7,400,000 shares of Series E Preferred Stock. See Note 8, 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, 2014 and 2013, we had 25,628,526 and 25,182,988 shares, respectively, of our common stock issued and outstanding. | |||||||
The following are the equity transactions with respect to our common stock during the year ended December 31, 2014: | |||||||
• | 246,300 shares of common stock were issued pursuant to the DRIP. | ||||||
• | 200,038 shares of restricted common stock were issued to certain of our independent directors pursuant to the terms and conditions of the 2006 Award Plan. | ||||||
• | 800 shares of restricted common stock were forfeited by an independent director upon his resignation from our board of directors. | ||||||
Our distributions are subject to approval by our board of directors. Our common stock distributions for the years ended December 31, 2014, 2013 and 2012 totaled $0.30 per share for each period. | |||||||
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 using the two-class method. Nonvested shares of our restricted common stock give rise to potentially dilutive shares of our common stock. As of December 31, 2014, 2013 and 2012, there were 192,316, 7,400 and 5,400 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. | |||||||
Distribution Reinvestment Plan | |||||||
In the first quarter of 2011, our board of directors adopted the DRIP. The DRIP provides a way to increase stockholders' investment in our company by reinvesting distributions to purchase additional shares of our common stock. The DRIP offers up to 10,000,000 shares of our common stock for reinvestment. 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. | |||||||
Since August 2012, we have done a series of acquisitions and issued common stock or common stock equivalents, or equivalents, at $8.15 per share. This price was determined to be a fair value based on negotiated transactions with advice from professionals. Accordingly, $8.15 is the per share price used for the issuance 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, 2014, 2013 and 2012, $2 million, $1.9 million and $2 million, respectively, in distributions were reinvested, and 246,300, 228,316 and 219,046 shares of our common stock, respectively, were issued pursuant to the DRIP. | |||||||
OP Units | |||||||
As of December 31, 2014 and 2013, we had issued 41,446,746 and 33,450,957 OP units to our non-controlling interest holders, respectively, for consideration of $337.8 million and $272.6 million, respectively, in relation to the acquisition of properties and the ELRM Transaction. The OP 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 12, Non-Controlling Interest, for additional information on our OP units. | |||||||
LTIP Units | |||||||
As of December 31, 2014 and, 2013, we had issued 647,908 and 720,322 LTIP Units under the 2012 Award Plan (as defined below), respectively, to certain of our executive officers as incentive compensation. In December 2014, certain of the company's former executive officers forfeited a total of 170,695 unvested LTIP units in conjunction with their resignations. The forfeiture was recorded effective December 31, 2014 in accordance with ASC Topic 718. See Note 18, Subsequent Events, for discussion on the departure of the executive officers. For the years ended December 31, 2014, 2013 and 2012, we recognized compensation expense of $975,000, $1.3 million and $3 million, respectively, related to the LTIP issued and outstanding. | |||||||
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 or equivalents that may be issued pursuant to our 2006 Award Plan, together with the number of shares of common stock or equivalents issued under the 2012 Award Plan (as defined below), is an aggregate total of 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, 2014, 2013 and 2012, we recognized compensation expense of $368,000, $31,000 and $50,000, 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 operations. | |||||||
As of December 31, 2014 and 2013, there was $1.3 million and $54,000, respectively, of total unrecognized compensation expense, net of estimated forfeitures, related to the nonvested shares of our restricted common stock. As of December 31, 2014, this expense is expected to be recognized over a remaining weighted average period of 3.32 years. | |||||||
As of December 31, 2014 and 2013, the fair value of the nonvested shares of our restricted common stock was $1.6 million and $60,310, respectively, based upon $8.15 at grant date. A summary of the status of the nonvested shares of our restricted common stock as of December 31, 2014 and 2013, and the changes for the years ended December 31, 2014 and 2013, is presented below: | |||||||
Restricted | Weighted | ||||||
Common | Average Grant | ||||||
Stock | Date Fair | ||||||
Value | |||||||
Balance - December 31, 2012 | 5,400 | $ | 10 | ||||
Granted | 5,000 | $ | 8.15 | ||||
Vested | (3,000 | ) | $ | 8.15 | |||
Balance - December 31, 2013 | 7,400 | $ | 9 | ||||
Granted | 200,038 | $ | 8.15 | ||||
Vested | (14,322 | ) | $ | 8.15 | |||
Forfeited | (800 | ) | $ | 8.15 | |||
Balance - December 31, 2014 | 192,316 | $ | 8.18 | ||||
2012 Other Equity-Based Award Plan | |||||||
During 2012, our board of directors adopted our 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. Pursuant to the 2012 Award Plan, our board of directors or the compensation committee of our board of directors may make grants of other equity-based awards to our independent directors, employees and certain consultants. Other equity-based awards are payable in cash, shares of common stock or other equity, or a combination thereof, and the terms and conditions of such other equity-based awards are determined by our board of directors or the compensation committee of our board of directors, as applicable. The maximum aggregate number of shares of our common stock or equivalents that may be issued under the 2012 Award Plan, together with the number of shares of common stock or equivalents issued under the 2006 Award Plan, is an aggregate total of 2,000,000 shares. | |||||||
401(k) Savings Plan | |||||||
We have a 401(k) savings plan, which is a voluntary defined contribution plan. Under the savings plan, every employee is eligible to participate, beginning on the date the employee has completed two months of continuous service with us. Each participant may make contributions to the savings plan by means of a pre-tax salary deferral, which may not be less than 1% or more than 85% of the participant’s compensation, subject to limitations under the federal tax code on the annual amount of salary deferrals which may be made by any participant. The company may make discretionary matching contributions on the participant’s behalf up to a predetermined limit, which was 40% of salary deferrals for the first 5% of eligible compensation. The matching contribution made for the year ended December 31, 2014, was $140,000. The matching contribution for the years ended December 31, 2013 and 2012 were insignificant to the company. A participant’s salary deferral and the company's matched portion is 100% vested and nonforfeitable. Administrative expenses under the savings plan were paid by us and were not significant for all periods presented. |
NonControlling_Interests
Non-Controlling Interests | 12 Months Ended |
Dec. 31, 2014 | |
Noncontrolling Interest [Abstract] | |
Non-Controlling Interests | 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 OP units have the rights and preferences as set forth in our partnership agreement, as amended, 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 OP 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 OP 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 OP units for cash rather than unrestricted common stock, the cash redemption amount will be $8.15 per redeemed OP unit. These non-controlling interests are recorded as equity in our consolidated balance sheet due to our ability at our sole discretion to redeem OP units for unregistered shares. | |
As of December 31, 2014, and 2013, we had issued 41,446,746 and 33,450,957 OP units, respectively, for a total consideration of $337.8 million and $272.6 million, respectively, in relation to the acquisition of properties and the ELRM Transaction. If the OP units were to be redeemed, the total redemption value would have been $337.8 million as of December 31, 2014. The following are the equity transactions for our OP units during the year ended December 31, 2014: | |
29,968 OP units were issued pursuant to reinvestment of the distributions. | |
1,252,245 OP units were issued as partial consideration for the acquisition of Landmark at Chesterfield, Landmark at Coventry Pointe, Landmark at Grand Oasis, and Landmark at Rosewood. | |
3,425,900 OP units were issued as partial consideration for the acquisition of Lake Village East, Lake Village North, Lake Village West, and Landmark at Laurel Heights. | |
894,183 OP units were issued as partial consideration for the acquisition of Landmark at Bella Vista. | |
1,116,976 OP units were issued as partial consideration for the acquisition of Landmark at Maple Glen. | |
1,263,725 OP units were issued as partial consideration for the acquisition of Landmark at Andros Isles. | |
31,087 restricted OP units were issued in connection with the partial settlement of the acquisition contingent consideration related to the ELRM Transaction. | |
58,965 OP units related to the ELRM Transaction consideration were forfeited and cancelled. See Note 14, Business Combinations – ELRM Transaction, for further discussion. | |
40,670 restricted OP units were issued in connection with the final settlement of the acquisition contingent consideration related to the ELRM Transaction. | |
For the years ended December 31, 2014 and 2013, distributions paid on these OP units were in the amount of $12.1 million and $7.6 million, respectively. For the years ended December 31, 2014 and 2013, $244,200 and $300,000, respectively, in distributions were reinvested and 29,968 and 35,738, respectively, OP units were issued. | |
As of December 31, 2014 and 2013, we owned approximately 37.8% and 42.4% of the general partnership interest in our operating partnership, respectively, and the limited partners owned approximately 62.2% and 57.6%, respectively, of the limited partnership interests in our operating partnership. | |
Non-Controlling Interest Partners | |
Non-controlling interest partners represents interests of our joint venture partners in six and one consolidated properties, respectively, as of December 31, 2014 and 2013 and is presented as part of equity in our consolidated balance sheets. We consolidate an entity in which we own less than 100% but for which we hold the controlling financial interest. In addition, we consolidate any joint venture or partnership in which we are the general partner or managing member and the third party does not have the ability to participate substantially in the decision-making process or remove us as general partner or managing member, as the case may be, without cause. | |
As of December 31, 2014 and 2013, the amount of non-controlling interest of our partners was $26.7 million and $3.9 million, respectively. During the years ended December 31, 2014 and 2013, we had net loss attributable to non-controlling interest partners of was $985,000 and $1 million, respectively. |
Fair_Value_of_Derivatives_and_
Fair Value of Derivatives and Financial Instruments | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||
Fair Value of Derivatives and Financial Instruments | 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, Fair Value Measurements and Disclosures. | ||||||||||||||||||||||||
Interest Rate Caps and Interest Rate Swaps | ||||||||||||||||||||||||
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 manage our interest rate risk through the use of derivative financial instruments. We do not enter into derivative transactions for trading or other speculative purposes. The interest rate derivatives that we primarily use are interest rate caps and interest rate swaps. We enter into these interest rate derivative transactions to reduce our exposure to fluctuations in interest rates on future debt issuances. 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. | ||||||||||||||||||||||||
As of December 31, 2014, we had entered into four interest rate cap agreements. 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. 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 operations. For the years ended December 31, 2014, 2013 and 2012, the change in fair value resulted in an increase to interest expense of $384,000, $142,000, and $55,000, respectively. | ||||||||||||||||||||||||
As of December 31, 2014, we had entered into three interest rate swap agreements pursuant to which we have agreed to pay a fixed rate of interest in exchange for a floating rate of interest at a future date and have designated two of these as hedging derivatives and one as a non-designated hedge. 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. | ||||||||||||||||||||||||
For the two interest rate swaps that we have determined qualify as effective cash flow hedges, we have recorded the effective portion of cumulative changes in the fair value of the hedging derivatives in accumulated other comprehensive operations in the consolidated statements of equity. Amounts recorded in accumulated other comprehensive operations 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 $(825,000), $(40,000) and $(310,000) in other comprehensive loss for the years ended December 31, 2014, 2013, and 2012, respectively. The one interest rate swap is 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 operations. For the year ended December 31, 2014, the change in fair value was an increase to interest expense of $244,000. For the years ended December 31, 2013 and 2012, we did not record a change in fair value. | ||||||||||||||||||||||||
The following table summarizes our derivative arrangements and the consolidated hedging derivatives at December 31, 2014 and 2013, (in thousands, except interest rates): | ||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||
Non- | Cash Flow | Non- | Cash Flow | |||||||||||||||||||||
designated | Hedges | designated | Hedges | |||||||||||||||||||||
Hedges | Hedges | |||||||||||||||||||||||
Interest | Interest | Interest | Interest | Interest | ||||||||||||||||||||
Rate Caps | Rate Swaps | Rate Swaps | Rate Caps | Rate Swaps | ||||||||||||||||||||
Notional balance | $ | 77,585 | $ | 58,815 | $ | 32,100 | $ | 102,065 | $ | 32,100 | ||||||||||||||
Weighted average interest rate(1) | 2.69 | % | 1.54 | % | 2.18 | % | 2.81 | % | 2.38 | % | ||||||||||||||
Weighted average capped interest rate | 4.13 | % | N/A | N/A | 3.68 | % | N/A | |||||||||||||||||
Earliest maturity date | 17-Jul | 16-Sep | 20-Jul | 15-Mar | 20-Jul | |||||||||||||||||||
Latest maturity date | 18-Jul | 16-Sep | 20-Aug | 18-Jul | 20-Aug | |||||||||||||||||||
Estimated fair value, asset/(liability) | $ | 94 | $ | (1,112 | ) | $ | (1,175 | ) | $ | 478 | $ | (350 | ) | |||||||||||
-1 | For interest rate caps, this represents the weighted average interest rate on the debt. | |||||||||||||||||||||||
Financial Instruments Measured/Disclosed at Fair Value on a Recurring Basis | ||||||||||||||||||||||||
The table below presents our liabilities measured/disclosed at fair value on a recurring basis as of December 31, 2014, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): | ||||||||||||||||||||||||
Quoted Prices | Significant | Significant | Total Fair Value Estimate at December 31, 2014 | Carrying Value at | ||||||||||||||||||||
in Active | Other | Unobservable | 31-Dec-14 | |||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Mortgage loan payables, net(1) | $ | — | $ | 1,061,988 | $ | — | $ | 1,061,988 | $ | 1,021,683 | ||||||||||||||
Unsecured notes payable to | — | — | 6,116 | 6,116 | 6,116 | |||||||||||||||||||
affiliates(2) | ||||||||||||||||||||||||
Secured Credit Facility(1) | — | 159,207 | — | 159,207 | 159,176 | |||||||||||||||||||
Line of credit(1) | — | 3,903 | — | 3,903 | 3,902 | |||||||||||||||||||
Acquisition contingent | — | — | 2,900 | 2,900 | 2,900 | |||||||||||||||||||
consideration- Andros Isles(3) | ||||||||||||||||||||||||
Warrants(4) | — | — | 663 | 663 | 663 | |||||||||||||||||||
Series E preferred stock derivative(5) | — | — | 1,400 | 1,400 | 1,400 | |||||||||||||||||||
Total liabilities at fair value | $ | — | $ | 1,225,098 | $ | 11,079 | $ | 1,236,177 | $ | 1,195,840 | ||||||||||||||
-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 related primarily to certain net operating income over a four-year period for Landmark at Andros Isles. | |||||||||||||||||||||||
-4 | The fair value of the warrants is estimated using the Monte-Carlo Simulation. | |||||||||||||||||||||||
-5 | The fair value of the Series E Preferred Stock derivative, which relates to the mandatory redemption of 50% of the Series E Preferred Stock outstanding as of the date of a triggering event as described in the Series E Preferred Stock agreements 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 E 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, 2013, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): | ||||||||||||||||||||||||
Quoted Prices | Significant | Significant | Total Fair Value Estimate at December 31, 2013 | Carrying Value at December 31, 2013 | ||||||||||||||||||||
in Active | Other | Unobservable | ||||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Mortgage loan payables, net(1) | $ | — | $ | 858,658 | $ | — | $ | 858,658 | $ | 838,434 | ||||||||||||||
Unsecured notes payable to affiliates(2) | — | — | 5,784 | 5,784 | 5,784 | |||||||||||||||||||
Credit Facility(1) | — | 145,247 | — | 145,247 | 145,200 | |||||||||||||||||||
Acquisition contingent consideration-ELRM Transaction(3) | — | — | 4,030 | 4,030 | 4,030 | |||||||||||||||||||
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 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. During the second quarter of 2014, management determined that the targeted cash flows would not be raised by a certain date which resulted in a complete write off of the acquisition contingent consideration. | |||||||||||||||||||||||
-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 provides a reconciliation of the fair values of acquisition contingent consideration, warrant liability, Series D Preferred Stock derivative and Series E Preferred Stock derivative measured on a recurring basis for which the company has designated as Level 3 (in thousands): | ||||||||||||||||||||||||
Acquisition | Acquisition | Warrants | Series D | Series E | Total | |||||||||||||||||||
Contingent | Contingent | Preferred | Preferred | |||||||||||||||||||||
Consideration - ELRM Transaction | Consideration - Andros Isle | Stock | Stock | |||||||||||||||||||||
Derivative | Derivative | |||||||||||||||||||||||
Balance at December 31, 2013 | $ | 4,030 | $ | — | $ | 1,789 | $ | 11,100 | $ | — | $ | 16,919 | ||||||||||||
Additions | 2,700 | — | — | 6,000 | 8,700 | |||||||||||||||||||
Change due to liability realized | (276 | ) | — | — | — | — | (276 | ) | ||||||||||||||||
Changes in fair value(1) | (3,754 | ) | 200 | (1,126 | ) | (11,100 | ) | (4,600 | ) | (20,380 | ) | |||||||||||||
Balance at December 31, 2014 | $ | — | $ | 2,900 | $ | 663 | $ | — | $ | 1,400 | $ | 4,963 | ||||||||||||
-1 | Reflected in change in fair value of preferred stock derivatives/warrants and acquisition contingent consideration on the consolidated statements of comprehensive operations for the year ended December 31, 2014. | |||||||||||||||||||||||
There were no transfers between Level 1, Level 2 and Level 3 of the fair value hierarchy during the year ended December 31, 2014. |
Business_Combinations
Business Combinations | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Business Combinations [Abstract] | ||||||||
Business Combinations | Business Combinations | |||||||
2014 Property Acquisitions | ||||||||
For the year ended December 31, 2014, we completed the acquisition of 14 consolidated properties, including five properties held through consolidated joint ventures, adding a total of 5,099 apartment units to our property portfolio. The aggregate purchase price was approximately $406.8 million, plus closing costs and acquisition fees of $2.2 million, which are included in acquisition-related expenses in our accompanying consolidated statements of comprehensive operations. 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 operations for the year ended December 31, 2014 for the period subsequent to the acquisition dates. For the period from the acquisition dates through December 31, 2014, we recognized $43.1 million in revenues and $9.1 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 (dollars in thousands): | ||||||||
31-Dec-14 | ||||||||
Land | $ | 65,919 | ||||||
Land improvements | 23,095 | |||||||
Building and improvements | 299,676 | |||||||
Furniture, fixtures and equipment | 7,139 | |||||||
In-place leases | 12,459 | |||||||
(Above)/below market leases | (1,254 | ) | ||||||
Fair market value of assumed debt | (181,118 | ) | ||||||
Acquisition contingent consideration | (2,700 | ) | ||||||
Other assets/liabilities, net | (873 | ) | ||||||
Total | 222,343 | |||||||
Equity/limited partnership unit consideration | (91,473 | ) | ||||||
Net cash consideration | $ | 130,870 | ||||||
In accordance with ASC Topic 805, Business Combinations, or ASC Topic 805, we allocated the purchase price of the 14 properties 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, including the initial estimate of the fair value of acquisition contingent consideration, as of December 31, 2014 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. | ||||||||
2013 Property Acquisitions | ||||||||
For the year ended December 31, 2013, we completed the acquisition of 38 consolidated properties and one undeveloped parcel of 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 operations. | ||||||||
Results of operations for the property acquisitions are reflected in our consolidated statements of comprehensive operations 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 (in thousands): | ||||||||
31-Dec-13 | ||||||||
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 properties and one 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, above/below market leases and assumed debt. The purchase price accounting is final with no adjustments since December 31, 2013. | ||||||||
2012 Property Acquisitions | ||||||||
For the year ended December 31, 2012, we completed the acquisition of 16 consolidated properties and one undeveloped parcel of land, adding a total of 5,048 apartment units to our property portfolio. The aggregate purchase price was $432.8 million, plus closing costs and acquisition fees of $1 million, which are included in acquisition-related expenses in our accompanying consolidated statements of comprehensive operations. | ||||||||
Results of operations for the property acquisitions are reflected in our consolidated statements of comprehensive operations 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): | ||||||||
31-Dec-12 | ||||||||
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 properties and one 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. | ||||||||
ELRM Transaction | ||||||||
In connection with the ELRM Transaction, we acquired certain assets of 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 operations 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 final. 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 | 631 | |||||||
Identified intangible assets, net(1)(3) | 21,070 | |||||||
Goodwill(2)(3)(4) | 9,198 | |||||||
Total purchase price | 30,980 | |||||||
Accounts payable and accrued liabilities | (196 | ) | ||||||
Unsecured notes payable to affiliate | (10,000 | ) | ||||||
OP 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, 2014. | |||||||
-2 | Included as goodwill on the consolidated balance sheets, as of December 31, 2014. Our annual impairment test date was December 31, 2014 and we determined that our goodwill was impaired by $4.6 million which was primarily due to the reduction of our third party property management business. 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. | |||||||
-4 | In the second quarter of 2014, we recorded a decrease to goodwill of $481,000 and a decrease to redeemable non-controlling interests in operating partnerships, which represents a correction of the original purchase price allocation due to an immaterial error. This correction resulted in the forfeiture of 58,965 OP units during the third quarter of 2014 in connection with two property management contracts being terminated in the second quarter of 2013. | |||||||
Pro Forma Financial Data (Unaudited) | ||||||||
Assuming the acquisitions of the 14 consolidated properties, 38 consolidated properties and the ELRM Transaction discussed above that were acquired in 2014 and 2013 had occurred on January 1, 2013 and 2012, respectively, 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, 2014 and 2013 (in thousands, except per share data): | ||||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
Revenues | $ | 267,315 | $ | 256,765 | ||||
Net loss | $ | (52,565 | ) | $ | (42,202 | ) | ||
Net loss attributable to controlling interest | $ | (20,225 | ) | $ | (20,268 | ) | ||
Net loss per common share attributable to controlling interest — basic and diluted | $ | (0.80 | ) | $ | (0.89 | ) | ||
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. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | 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. | ||||||||||||
In the quarter ended June 30, 2014, we determined that it more likely than not that the deferred tax assets will not be realized due to losses incurred by the property manager and recorded a valuation allowance on its deferred tax assets. As of December 31, 2014, the valuation allowance was $1.1 million and at December 31, 2013, there was no valuation allowance necessary. It is expected that any future net deferred tax assets will continue to be offset by a valuation allowance until the property manager becomes consistently profitable. To the extent the property manager generates consistent income, we may reduce the valuation allowance in the period such determination is made. | ||||||||||||
The components of deferred tax assets and liabilities are as follows as of December 31, 2014 and 2013 (in thousands). | ||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||
Deferred tax assets: | ||||||||||||
Goodwill and intangibles | $ | 1,575 | $ | 1,730 | ||||||||
Acquisition costs | 413 | 444 | ||||||||||
Net operating loss | 2,213 | 1,340 | ||||||||||
Other | 109 | 68 | ||||||||||
Total deferred tax assets | 4,310 | 3,582 | ||||||||||
Less valuation allowance | (1,093 | ) | — | |||||||||
Net deferred tax asset | $ | 3,217 | $ | 3,582 | ||||||||
Deferred tax liabilities: | ||||||||||||
ELRM intangibles | $ | (2,691 | ) | $ | (3,587 | ) | ||||||
Depreciation | (18 | ) | (7 | ) | ||||||||
Prepaids | (472 | ) | (423 | ) | ||||||||
Other | (36 | ) | — | |||||||||
Total deferred tax liabilities | (3,217 | ) | (4,017 | ) | ||||||||
Net deferred tax liability | $ | — | $ | (435 | ) | |||||||
As of December 31, 2014 and 2013, we have recorded a net deferred tax liability of $0 and $435,000, respectively, 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 $6.1 million as of December 31, 2014. The net operating loss carry forward will expire beginning 2031. | ||||||||||||
Our tax expense/(benefit) consisted of the following for the years ended December 31, 2014, 2013 and 2012 (in thousands): | ||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-12 | ||||||||||
Amount | Amount | Amount | ||||||||||
Loss from continuing operations | $ | (66,575 | ) | $ | (82,999 | ) | $ | (42,254 | ) | |||
Tax effect at statutory rate | (23,301 | ) | (29,050 | ) | (14,789 | ) | ||||||
REIT and non-controlling interest income | 20,230 | 28,486 | 12,610 | |||||||||
Goodwill impairment | 1,751 | — | — | |||||||||
Valuation allowance | 1,094 | (2,728 | ) | 2,174 | ||||||||
State taxes | 389 | (242 | ) | — | ||||||||
Other | — | 2 | 5 | |||||||||
Total tax expense/(benefit) | $ | 163 | $ | (3,532 | ) | $ | — | |||||
Restructuring_and_Impairment_C
Restructuring and Impairment Charges | 12 Months Ended |
Dec. 31, 2014 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Impairment Charges | Restructuring and Impairment Charges |
In late 2014, our audit committee initiated an investigation into certain operational and financial matters and engaged outside advisors to assist it in connection with the investigation. Upon consideration of the work conducted in the audit committee’s investigation and other factors, our board, upon the recommendation of the audit committee, determined to negotiate and enter into separation agreements with three former executives. In conjunction with this, our board of directors approved a shift in strategic direction of our company subsequent to the determination to enter into separation agreements with our three former executive officers. This shift is geared toward a focus on the long term equity capitalization of the company, an overall corporate expense reduction, and a reduction of our third party property management business. The plan is being accomplished via reassignment of internal operational duties, reduction in staff, elimination of a prior executive office and negotiations with various owners regarding cancellation of various management contracts, changes in personnel, and the elimination of a focus on certain financing activities that were determined to not be in the best long term interests of our shareholders. | |
During the year ended December 31, 2014, we recorded $8 million in charges directly attributable to these changes, including severance incurred in connection with the separation of three former executive officers and other employees of $1.5 million, a $1.4 million write off of costs related to an offering of debt securities which we decided not to pursue as a result of the change in leadership and $500,000 in legal fees related to the investigation and such employee departures. Also included is a goodwill impairment of $4.6 million that was primarily due to the reduction of our third party property management business. These charges are recorded in “restructuring and impairment charges” in our consolidated statements of comprehensive operations. | |
Of the $8 million in restructuring and impairment charges that we expensed, $2 million remains in "accounts payable and accrued liabilities" in our consolidated balance sheets at December 31, 2014, which will be paid in full by February 2016. |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Selected Quarterly Financial Data (Unaudited) | 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 | ||||||||||||||||
31-Dec-14 | September 30, 2014 | June 30, 2014 | March 31, 2014 | |||||||||||||
Revenues | $ | 68,198 | $ | 66,195 | $ | 65,296 | $ | 62,519 | ||||||||
Expenses(1)(2) | (60,509 | ) | (53,171 | ) | (48,842 | ) | (70,047 | ) | ||||||||
Loss/(income) from operations | 7,689 | 13,024 | 16,454 | (7,528 | ) | |||||||||||
Other expense, net(2) | (24,076 | ) | (25,974 | ) | (20,348 | ) | (25,816 | ) | ||||||||
Net loss from continuing operations before tax | (16,387 | ) | (12,950 | ) | (3,894 | ) | (33,344 | ) | ||||||||
Income tax benefit/(expense) | 2 | (388 | ) | (220 | ) | 443 | ||||||||||
Loss from continuing operations | (16,385 | ) | (13,338 | ) | (4,114 | ) | (32,901 | ) | ||||||||
Income from discontinued operations | — | — | — | — | ||||||||||||
Net loss | (16,385 | ) | (13,338 | ) | (4,114 | ) | (32,901 | ) | ||||||||
Less: Net loss attributable to redeemable noncontrolling interests in operating partnership | 10,332 | 8,308 | 2,665 | 19,149 | ||||||||||||
Net loss/(income) attributable to non-controlling interest | (328 | ) | (58 | ) | (112 | ) | 1,483 | |||||||||
Net loss attributable to common stockholders | $ | (6,381 | ) | $ | (5,088 | ) | $ | (1,561 | ) | $ | (12,269 | ) | ||||
Earnings per weighted average common share — basic and diluted: | ||||||||||||||||
Loss from continuing operations | $ | (0.25 | ) | $ | (0.20 | ) | $ | (0.06 | ) | $ | (0.49 | ) | ||||
Income from discontinued operations | — | — | — | — | ||||||||||||
Net loss per common share attributable to common stockholders — basic and diluted | $ | (0.25 | ) | $ | (0.20 | ) | $ | (0.06 | ) | $ | (0.49 | ) | ||||
Weighted average number of common shares outstanding — basic and diluted | 25,415,146 | 25,357,926 | 25,294,650 | 25,218,263 | ||||||||||||
Quarter Ended | ||||||||||||||||
31-Dec-13 | September 30, 2013 | June 30, 2013 | March 31, 2013 | |||||||||||||
Revenues(3) | $ | 53,020 | $ | 44,415 | $ | 34,097 | $ | 25,457 | ||||||||
Expenses(2)(3) | (59,901 | ) | (56,913 | ) | (35,791 | ) | (27,256 | ) | ||||||||
Loss from operations(3) | (6,881 | ) | (12,498 | ) | (1,694 | ) | (1,799 | ) | ||||||||
Other expense, net(2)(3) | (19,740 | ) | (15,840 | ) | (17,281 | ) | (7,266 | ) | ||||||||
Net loss from continuing operations before tax(3) | (26,621 | ) | (28,338 | ) | (18,975 | ) | (9,065 | ) | ||||||||
Income tax benefit/(expense)(3) | 454 | (41 | ) | 286 | 2,833 | |||||||||||
Net loss from continuing operations(3) | (26,167 | ) | (28,379 | ) | (18,689 | ) | (6,232 | ) | ||||||||
Income from discontinued operations(3) | 15 | 3,471 | 218 | 6,851 | ||||||||||||
Net (loss)/income | (26,152 | ) | (24,908 | ) | (18,471 | ) | 619 | |||||||||
Less: Net loss/(income) attributable to redeemable non-controlling 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(3) | — | 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 | ||||||||||||
-1 | In the quarter ended December 31, 2014, we recorded restructuring and impairment changes in the amount of $8 million. | |||||||||||||||
-2 | In the quarter ended December 31, 2014, we began reporting loss from unconsolidated entities in other expenses, net instead of expenses. Amounts for the quarters ended March 31, June 30 and September 30, 2014 and December 31, 2013, will not equal previously reported results due to the reclassification between other expenses, net and expenses. | |||||||||||||||
-3 | Amounts for the quarters ended March 31 and June 30, 2013, 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, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
Redemption of Series D and Series E Preferred Stock | |
On January 23, 2015, the company used $5.9 million of sale proceeds, from the sale of Richmond on Fairway property during 2014, and redeemed 390,048 shares of the Series D Preferred Stock and 137,600 shares of the Series E Preferred Stock and paid all accrued interest related to those shares to iStar and BREDS. Subsequent to the redemption, 20,586,252 and 7,262,400 shares of the Series D Preferred Stock and Series E Preferred Stock, respectively, were outstanding. See Note 4, Real Estate Disposition Activities, for a discussion of sale of apartment communities and Note 8, Preferred Stock and Warrants to Purchase Common Stock, for a discussion of our preferred shares. | |
Extension of our Secured Credit Facility and Revolving Line of Credit | |
The Secured Credit Facility was scheduled to mature on March 7, 2015. On March 6, 2015, the company and the lenders under the Secured Credit Facility entered into an amendment to extend the maturity date of the Secured Credit Facility to March 31, 2015. On March 24, 2015, the Secured Credit Facility was further amended to, among other things: (i) extend the maturity date to January 4, 2016, (ii) amend certain covenants including the consolidated funded indebtedness to total asset value ratio and the consolidated fixed charge coverage ratio, and (iii) waive existing events of default, including the failure to comply with the consolidated funded indebtedness to total asset value ratio for the quarter ended December 31, 2014. | |
Our revolving line of credit, which was originally scheduled to mature on January 22, 2015, was extended until March 6, 2015 and further extended until March 31, 2015. On March 24, 2015, the revolving line of credit was further amended to, among other things: (i) extend the maturity date to January 4, 2016, (ii) amend certain covenants, including the consolidated funded indebtedness to total asset value ratio and the consolidated fixed charge coverage ratio, and (iii) waive existing events of default. On February 11, 2015, we drew an additional $6 million on our line of credit leaving $100,000 available to be drawn. | |
Termination of Property Management Agreements | |
As of February 9, 2015, Mr. Lubeck had notified the company on behalf of the applicable property owners, that the owner would be terminating the property management agreements for 11 of the managed properties as soon as possible, subject to lender approval. The property manager is currently transitioning property management duties accordingly and anticipates that such termination will be effective in the second quarter of 2015. | |
Sale of Properties | |
On March 5, 2015, we sold Avondale by the Lakes, a property consisting of 304 units in St. Petersburg, Florida, for $20.2 million. The net proceeds of $6 million will be used to pay down a portion of our Series D Preferred Stock and Series E Preferred stock in the first quarter of 2015. | |
Departure of Directors or Certain Officers | |
In late 2014, our audit committee initiated an investigation into certain operational and financial matters and engaged outside advisors to assist it in connection with the investigation. Upon consideration of the work conducted in the audit committee’s investigation and other factors, our board, upon the recommendation of the audit committee, determined to negotiate and enter into separation agreements with three former executives. On December 11, 2014, the company entered into a separation agreement with Mr. James Miller, our company’s former chief operating officer and chief accounting officer. Our board and Mr. Joseph Lubeck, our company's former executive chairman, and Ms. Elizabeth Truong, our company’s former chief investment officer, decided to separate in late 2014 with financial terms in accordance with their existing employment agreements. On January 22, 2015, the company finalized other non-financial terms of the separation agreements with Mr. Lubeck and Ms. Truong. Our audit committee’s investigation is now complete, and there was no resulting impact on our company’s financial statements. In connection with their departure, we accrued all severance to be paid directly to, or on their behalf, in the consolidated balance sheets as of December 31, 2014, and in restructuring and impairment charges in the consolidated statements of comprehensive operations for the year ended December 31, 2014. See Note 16, Restructuring and Impairment Charges for additional information related to the departure of these employees. |
SCHEDULE_III_Real_Estate_Opera
SCHEDULE III - Real Estate Operating Properties and Accumulated Depreciation | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||
SCHEDULE III - Real Estate Operating Properties and Accumulated Depreciation | ||||||||||||||||||||||||||||||||||||
Initial Cost to Company | Gross Amount at Which Carried at | |||||||||||||||||||||||||||||||||||
Close of Period | ||||||||||||||||||||||||||||||||||||
Encumbrances | Land | Building, | Cost | Land | Building, | Total(2)(3) | Accumulated | Date | Date | |||||||||||||||||||||||||||
Improvements | Capitalized | Improvements | Depreciation(2)(4) | of Con- | Acquired | |||||||||||||||||||||||||||||||
and | Subsequent to | and | struction | |||||||||||||||||||||||||||||||||
Fixtures | Acquisition(1) | Fixtures | ||||||||||||||||||||||||||||||||||
Towne Crossing Apartments | $ | 13,280 | $ | 2,041 | $ | 19,079 | $ | 682 | $ | 2,041 | $ | 19,761 | $ | 21,802 | $ | (5,678 | ) | 2004 | 8/29/07 | |||||||||||||||||
Villas of El Dorado | 13,600 | 1,622 | 16,741 | 850 | 1,622 | 17,591 | 19,213 | (5,058 | ) | 2002 | 11/2/07 | |||||||||||||||||||||||||
Bella Ruscello Luxury Apartment Homes | 12,434 | 1,620 | 15,510 | 557 | 1,620 | 16,067 | 17,687 | (3,080 | ) | 2008 | 3/24/10 | |||||||||||||||||||||||||
Mission Rock Ridge Apartments | 13,393 | 2,201 | 17,364 | 227 | 2,201 | 17,591 | 19,792 | (3,169 | ) | 2003 | 9/30/10 | |||||||||||||||||||||||||
Landmark at Ridgewood Preserve | — | 1,289 | 6,449 | 142 | 1,289 | 6,591 | 7,880 | (710 | ) | 1979 | 10/22/12 | |||||||||||||||||||||||||
Landmark at Heritage Fields | — | 1,683 | 9,734 | 204 | 1,683 | 9,938 | 11,621 | (984 | ) | 1979 | 10/22/12 | |||||||||||||||||||||||||
Monterra Pointe | — | 1,541 | 10,225 | 200 | 1,541 | 10,425 | 11,966 | (713 | ) | 1984 | 3/29/13 | |||||||||||||||||||||||||
Kensington Station | — | 1,864 | 12,946 | 164 | 1,864 | 13,110 | 14,974 | (816 | ) | 1983 | 3/29/13 | |||||||||||||||||||||||||
Crestmont Reserve | — | 2,274 | 15,928 | 168 | 2,274 | 16,096 | 18,370 | (987 | ) | 1989 | 3/29/13 | |||||||||||||||||||||||||
Palisades at Bear Creek | — | 1,814 | 6,069 | 102 | 1,814 | 6,171 | 7,985 | (455 | ) | 1984 | 3/29/13 | |||||||||||||||||||||||||
Landmark at Gleneagles | 25,985 | 7,249 | 32,631 | 2,645 | 7,249 | 35,276 | 42,525 | (1,940 | ) | 1986 | 7/23/13 | |||||||||||||||||||||||||
Landmark at Preston Wood | 7,891 | 1,765 | 10,132 | 956 | 1,765 | 11,088 | 12,853 | (551 | ) | 1979 | 9/20/13 | |||||||||||||||||||||||||
Landmark at Collin Creek | — | 4,439 | 17,011 | 1,863 | 4,439 | 18,874 | 23,313 | (848 | ) | 1988 | 10/9/13 | |||||||||||||||||||||||||
Landmark at Courtyard Villas | 13,762 | 3,355 | 16,744 | 1,149 | 3,355 | 17,893 | 21,248 | (826 | ) | 1999 | 10/30/13 | |||||||||||||||||||||||||
Landmark at Sutherland Park | 21,450 | 5,872 | 25,210 | 1,907 | 5,872 | 27,117 | 32,989 | (1,198 | ) | 1981 | 10/30/13 | |||||||||||||||||||||||||
Landmark at Rosewood | 6,970 | 2,793 | 9,637 | 53 | 2,793 | 9,690 | 12,483 | (355 | ) | 1980 | 1/7/14 | |||||||||||||||||||||||||
Landmark at Spring Creek | 8,650 | 2,609 | 7,657 | 1,952 | 2,609 | 9,609 | 12,218 | (241 | ) | 1984 | 2/6/2014 & 11/6/2014 | |||||||||||||||||||||||||
Landmark at Lake Village North | 30,217 | 10,541 | 46,855 | 293 | 10,541 | 47,148 | 57,689 | (1,574 | ) | 1983 | 1/9/14 | |||||||||||||||||||||||||
Landmark at Lake Village East | 9,081 | 3,496 | 14,610 | 258 | 3,496 | 14,868 | 18,364 | (529 | ) | 1983 | 1/9/14 | |||||||||||||||||||||||||
Landmark at Lake Village West | 12,992 | 5,543 | 13,361 | 136 | 5,543 | 13,497 | 19,040 | (517 | ) | 1983 | 1/9/14 | |||||||||||||||||||||||||
Landmark at Laurel Heights | 14,026 | 3,679 | 16,544 | 83 | 3,679 | 16,627 | 20,306 | (633 | ) | 1983 | 1/9/14 | |||||||||||||||||||||||||
Dallas, TX | 203,731 | 69,290 | 340,437 | 14,591 | 69,290 | 355,028 | 424,318 | (30,862 | ) | |||||||||||||||||||||||||||
Milana Reserve Apartments | 10,012 | 3,605 | 14,828 | 285 | 3,605 | 15,113 | 18,718 | (1,291 | ) | 1985 | 10/1/12 | |||||||||||||||||||||||||
Landmark at Grand Palms | 20,222 | 10,985 | 30,309 | 376 | 10,985 | 30,685 | 41,670 | (2,928 | ) | 1988 | 10/31/12 | |||||||||||||||||||||||||
Courtyards on the River | 11,510 | 2,607 | 12,356 | 595 | 2,607 | 12,951 | 15,558 | (961 | ) | 1972 | 7/1/13 | |||||||||||||||||||||||||
Avondale by the Lakes | 11,665 | 3,298 | 14,298 | 389 | 3,298 | 14,687 | 17,985 | (847 | ) | 1973 | 7/25/13 | |||||||||||||||||||||||||
Landmark at Savoy Square | 6,733 | 1,797 | 7,769 | 201 | 1,797 | 7,970 | 9,767 | (457 | ) | 1970 | 8/16/13 | |||||||||||||||||||||||||
Landmark at Grayson Park | 15,430 | 4,802 | 25,424 | 193 | 4,802 | 25,617 | 30,419 | (1,508 | ) | 1988 | 10/3/13 | |||||||||||||||||||||||||
Landmark at Avery Place | 9,077 | 3,257 | 14,362 | 119 | 3,257 | 14,481 | 17,738 | (670 | ) | 1981 | 11/26/13 | |||||||||||||||||||||||||
Tampa, FL | 84,649 | 30,351 | 119,346 | 2,158 | 30,351 | 121,504 | 151,855 | (8,662 | ) | |||||||||||||||||||||||||||
Residences at Braemar | 8,415 | 1,564 | 13,718 | 336 | 1,564 | 14,054 | 15,618 | (4,054 | ) | 2005 | 6/29/07 | |||||||||||||||||||||||||
Landmark at Brighton Colony | 24,230 | 2,869 | 26,128 | 102 | 2,869 | 26,230 | 29,099 | (1,528 | ) | 2008/2012 | 2/28/13 | |||||||||||||||||||||||||
Landmark at Greenbrooke Commons | 24,732 | 3,824 | 28,529 | 122 | 3,824 | 28,651 | 32,475 | (1,630 | ) | 2005/2008 | 2/28/13 | |||||||||||||||||||||||||
Landmark at Mallard Creek | 13,883 | 2,591 | 16,120 | 1,095 | 2,591 | 17,215 | 19,806 | (1,161 | ) | 1999 | 3/28/13 | |||||||||||||||||||||||||
Victoria Park | — | 4,730 | 14,612 | 262 | 4,730 | 14,874 | 19,604 | (1,064 | ) | 1990 | 4/30/13 | |||||||||||||||||||||||||
Landmark at Monaco Gardens | 14,600 | 2,963 | 17,917 | 1,168 | 2,963 | 19,085 | 22,048 | (1,311 | ) | 1990 | 6/28/13 | |||||||||||||||||||||||||
Grand Terraces | — | 2,130 | 12,934 | 119 | 2,130 | 13,053 | 15,183 | (775 | ) | 1999/2002 | 7/1/13 | |||||||||||||||||||||||||
Stanford Reserve | 11,252 | 2,546 | 11,541 | 1,018 | 2,546 | 12,559 | 15,105 | (844 | ) | 1984 | 7/1/13 | |||||||||||||||||||||||||
Landmark at Chesterfield | 10,563 | 3,533 | 15,070 | 76 | 3,533 | 15,146 | 18,679 | (598 | ) | 1984 | 1/7/14 | |||||||||||||||||||||||||
Charlotte, NC | 107,675 | 26,750 | 156,569 | 4,298 | 26,750 | 160,867 | 187,617 | (12,965 | ) | |||||||||||||||||||||||||||
Creekside Crossing | 17,000 | 5,233 | 20,699 | 342 | 5,233 | 21,041 | 26,274 | (5,108 | ) | 2003 | 6/26/08 | |||||||||||||||||||||||||
Kedron Village | — | 4,057 | 26,144 | 510 | 4,057 | 26,654 | 30,711 | (7,195 | ) | 2001 | 6/27/08 | |||||||||||||||||||||||||
Landmark at Creekside Grand | 26,634 | 4,127 | 48,455 | 267 | 4,127 | 48,722 | 52,849 | (4,036 | ) | 2005 | 10/4/12 | |||||||||||||||||||||||||
Parkway Grand | 19,097 | 6,142 | 22,803 | 234 | 6,142 | 23,037 | 29,179 | (1,962 | ) | 2002 | 11/8/12 | |||||||||||||||||||||||||
Landmark at Grand Oasis | 28,120 | 6,465 | 40,254 | 110 | 6,465 | 40,364 | 46,829 | (1,378 | ) | 1997 | 1/7/14 | |||||||||||||||||||||||||
Landmark at Coventry Pointe | 16,454 | 3,801 | 23,691 | 130 | 3,801 | 23,821 | 27,622 | (804 | ) | 2002 | 1/7/14 | |||||||||||||||||||||||||
Landmark at Bella Vista | — | 6,556 | 23,752 | 318 | 6,556 | 24,070 | 30,626 | (811 | ) | 1985 | 1/15/14 | |||||||||||||||||||||||||
Atlanta, GA | 107,305 | 36,381 | 205,798 | 1,911 | 36,381 | 207,709 | 244,090 | (21,294 | ) | |||||||||||||||||||||||||||
Landmark at Magnolia Glen | 34,744 | 1,351 | 70,442 | 1,170 | 1,351 | 71,612 | 72,963 | (7,016 | ) | 1996 | 10/19/12 | |||||||||||||||||||||||||
Landmark at Lancaster Place (5) | 10,344 | 538 | 16,315 | 81 | 538 | 16,396 | 16,934 | (699 | ) | 2006 | 10/16/13 | |||||||||||||||||||||||||
Landmark at Deerfield Glen | 13,101 | 2,564 | 18,903 | 222 | 2,564 | 19,125 | 21,689 | (862 | ) | 1972 | 11/26/13 | |||||||||||||||||||||||||
Birmingham, AL | 58,189 | 4,453 | 105,660 | 1,473 | 4,453 | 107,133 | 111,586 | (8,577 | ) | |||||||||||||||||||||||||||
Arboleda Apartments | 16,353 | 4,051 | 25,928 | 387 | 4,051 | 26,315 | 30,366 | (6,019 | ) | 2007 | 3/31/08 | |||||||||||||||||||||||||
Landmark at Barton Creek | 25,447 | 10,201 | 25,718 | 25 | 10,201 | 25,743 | 35,944 | (1,667 | ) | 1980 | 6/28/13 | |||||||||||||||||||||||||
Landmark at Prescott Woods | 14,797 | 7,449 | 15,828 | 1,324 | 7,449 | 17,152 | 24,601 | (909 | ) | 1986 | 7/23/13 | |||||||||||||||||||||||||
Austin, TX | 56,597 | 21,701 | 67,474 | 1,736 | 21,701 | 69,210 | 90,911 | (8,595 | ) | |||||||||||||||||||||||||||
Esplanade Apartments | 8,687 | 1,079 | 14,566 | 368 | 1,079 | 14,934 | 16,013 | (1,312 | ) | 2008 | 9/14/12 | |||||||||||||||||||||||||
Landmark at Stafford Landing | 26,100 | 5,971 | 25,883 | 2,254 | 5,971 | 28,137 | 34,108 | (1,352 | ) | 1997/1999 | 7/31/13 | |||||||||||||||||||||||||
Landmark at Woodland Trace | 14,504 | 3,009 | 20,889 | 173 | 3,009 | 21,062 | 24,071 | (1,130 | ) | 1988/2005 | 10/3/13 | |||||||||||||||||||||||||
Landmark at West Place | 24,584 | 5,626 | 31,567 | 80 | 5,626 | 31,647 | 37,273 | (307 | ) | 2002 | 9/4/14 | |||||||||||||||||||||||||
Orlando, FL | 73,875 | 15,685 | 92,905 | 2,875 | 15,685 | 95,780 | 111,465 | (4,101 | ) | |||||||||||||||||||||||||||
Landmark at Wynton Pointe | 19,233 | 5,653 | 25,654 | 1,572 | 5,653 | 27,226 | 32,879 | (1,343 | ) | 1989 | 7/23/13 | |||||||||||||||||||||||||
Landmark at Glenview Reserve | 14,010 | 2,856 | 17,828 | 2,290 | 2,856 | 20,118 | 22,974 | (855 | ) | 1988/1989 | 9/9/13 | |||||||||||||||||||||||||
Landmark at Lyncrest Reserve | 14,230 | 3,680 | 16,922 | 1,280 | 3,680 | 18,202 | 21,882 | (790 | ) | 1984/1985 | 9/20/13 | |||||||||||||||||||||||||
Nashville, TN | 47,473 | 12,189 | 60,404 | 5,142 | 12,189 | 65,546 | 77,735 | (2,988 | ) | |||||||||||||||||||||||||||
Lexington on the Green | 17,917 | 3,418 | 18,385 | 893 | 3,418 | 19,278 | 22,696 | (1,237 | ) | 1979 | 7/3/13 | |||||||||||||||||||||||||
Caveness Farms | 21,606 | 2,896 | 22,386 | 127 | 2,896 | 22,513 | 25,409 | (1,397 | ) | 1998 | 7/3/13 | |||||||||||||||||||||||||
Grand Arbor Reserve | 16,645 | 3,036 | 18,061 | 246 | 3,036 | 18,307 | 21,343 | (979 | ) | 1968 | 8/20/13 | |||||||||||||||||||||||||
Raleigh, NC | 56,168 | 9,350 | 58,832 | 1,266 | 9,350 | 60,098 | 69,448 | (3,613 | ) | |||||||||||||||||||||||||||
Walker Ranch Apartment Homes | 20,000 | 3,025 | 28,273 | 436 | 3,025 | 28,709 | 31,734 | (8,740 | ) | 2004 | 10/31/06 | |||||||||||||||||||||||||
Hidden Lake Apartment Homes | 19,218 | 3,031 | 29,540 | 825 | 3,031 | 30,365 | 33,396 | (7,552 | ) | 2004 | 12/28/06 | |||||||||||||||||||||||||
San Antonio, TX | 39,218 | 6,056 | 57,813 | 1,261 | 6,056 | 59,074 | 65,130 | (16,292 | ) | |||||||||||||||||||||||||||
Grand Isles at Baymeadows | — | 6,189 | 25,407 | 171 | 6,189 | 25,578 | 31,767 | (2,190 | ) | 1988 | 11/8/12 | |||||||||||||||||||||||||
Fountain Oaks | 5,780 | 803 | 5,754 | 582 | 803 | 6,336 | 7,139 | (538 | ) | 1987 | 7/1/13 | |||||||||||||||||||||||||
Landmark at Maple Glen | 14,195 | 3,689 | 27,888 | 116 | 3,689 | 28,004 | 31,693 | (1,017 | ) | 1988 | 1/15/14 | |||||||||||||||||||||||||
Jacksonville, FL | 19,975 | 10,681 | 59,049 | 869 | 10,681 | 59,918 | 70,599 | (3,745 | ) | |||||||||||||||||||||||||||
Park at Northgate | 10,295 | 1,870 | 14,958 | 708 | 1,870 | 15,666 | 17,536 | (4,875 | ) | 2002 | 6/12/07 | |||||||||||||||||||||||||
Landmark at Emerson Park | 22,670 | 3,802 | 26,032 | 264 | 3,802 | 26,296 | 30,098 | (2,288 | ) | 2008 | 8/30/12 | |||||||||||||||||||||||||
Houston, TX | 32,965 | 5,672 | 40,990 | 972 | 5,672 | 41,962 | 47,634 | (7,163 | ) | |||||||||||||||||||||||||||
Landmark at Grand Meadows | 6,090 | 2,101 | 9,022 | 251 | 2,101 | 9,273 | 11,374 | (998 | ) | 1974 | 10/11/12 | |||||||||||||||||||||||||
Landmark at Ocean Breeze | 6,000 | 1,124 | 7,132 | 114 | 1,124 | 7,246 | 8,370 | (448 | ) | 1985 | 8/16/13 | |||||||||||||||||||||||||
Melbourne, FL | 12,090 | 3,225 | 16,154 | 365 | 3,225 | 16,519 | 19,744 | (1,446 | ) | |||||||||||||||||||||||||||
Reserve at Mill Landing | 12,352 | 2,042 | 20,994 | 308 | 2,042 | 21,302 | 23,344 | (2,126 | ) | 2000 | 11/6/12 | |||||||||||||||||||||||||
Reserve at River Walk | — | 2,262 | 12,392 | 129 | 2,262 | 12,521 | 14,783 | (832 | ) | 1992 | 4/30/13 | |||||||||||||||||||||||||
Landmark at Pine Court | 15,600 | 2,900 | 16,605 | 1,054 | 2,900 | 17,659 | 20,559 | (621 | ) | 1989 | 1/23/14 | |||||||||||||||||||||||||
Columbia, SC | 27,952 | 7,204 | 49,991 | 1,491 | 7,204 | 51,482 | 58,686 | (3,579 | ) | |||||||||||||||||||||||||||
The Heights at Olde Towne | 10,228 | 2,513 | 14,957 | 1,238 | 2,513 | 16,195 | 18,708 | (3,818 | ) | 1972 | 12/21/07 | |||||||||||||||||||||||||
The Myrtles at Olde Towne | 19,625 | 3,698 | 33,319 | 527 | 3,698 | 33,846 | 37,544 | (7,512 | ) | 2004 | 12/21/07 | |||||||||||||||||||||||||
Overlook At Daytona | 15,910 | 4,986 | 17,071 | 366 | 4,986 | 17,437 | 22,423 | (1,386 | ) | 1961 | 8/28/12 | |||||||||||||||||||||||||
Landmark at Battleground Park | 10,477 | 1,675 | 12,624 | 956 | 1,675 | 13,580 | 15,255 | (582 | ) | 1990 | 9/9/13 | |||||||||||||||||||||||||
Andros Isles | 29,406 | 4,635 | 42,529 | 16 | 4,635 | 42,545 | 47,180 | (841 | ) | 2012 | 6/4/14 | |||||||||||||||||||||||||
Other | 85,646 | 17,507 | 120,500 | 3,103 | 17,507 | 123,603 | 141,110 | (14,139 | ) | |||||||||||||||||||||||||||
Seabreeze Daytona Undeveloped Land | — | 2,100 | — | — | 2,100 | — | 2,100 | — | — | 8/28/12 | ||||||||||||||||||||||||||
Lancaster Place Undeveloped Land | — | 290 | — | — | 290 | — | 290 | — | — | 10/16/13 | ||||||||||||||||||||||||||
Corporate | — | — | — | 1,485 | — | 1,485 | 1,485 | (277 | ) | — | 11/5/10 | |||||||||||||||||||||||||
Total | $ | 1,013,508 | $ | 278,885 | $ | 1,551,922 | $ | 44,996 | $ | 278,885 | $ | 1,596,918 | $ | 1,875,803 | $ | (148,298 | ) | |||||||||||||||||||
-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, 2014, 2013 and 2012 are as follows (in thousands): | |||||||||||||||||||||||||||||||||||
Total Real Estate | Accumulated Depreciation | |||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
Acquisitions | 395,829 | — | ||||||||||||||||||||||||||||||||||
Additions | 26,387 | 61,092 | ||||||||||||||||||||||||||||||||||
Dispositions | (46,846 | ) | (2,714 | ) | ||||||||||||||||||||||||||||||||
Balance as of December 31, 2014 | $ | 1,875,803 | $ | 148,298 | ||||||||||||||||||||||||||||||||
-3 | The net tax value of our real estate for federal income tax purposes is estimated to be $1.2 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. | |||||||||||||||||||||||||||||||||||
-5 | Landmark at Lancaster Place had a change in the allocation of the purchase price in the second quarter of 2014 due to information received which confirmed the value of the assets and liabilities assumed in the acquisition. The effect was to increase land by $54,000 and decrease buildings and improvements by $110,000. Total 2014 property acquisitions are affected by this allocation. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Reclassifications | Certain prior year amounts have been reclassified to conform to the current year presentation due to the breakout of preferred dividends from interest expense, net, to preferred dividends classified as interest expense and the breakout of the change in fair value of preferred stock derivatives/warrants and acquisition contingent consideration from general, administrative and other expense. |
Basis of Presentation | Our accompanying consolidated financial statements include our accounts and those of our operating partnership, as well as the wholly-owned and controlled subsidiaries of our operating partnership. We operate in an umbrella partnership REIT structure in which, generally, wholly-owned subsidiaries of our operating partnership own all of our properties we acquire, except those in which we have a joint venture partner. We are the sole general partner of our operating partnership, and as of December 31, 2014 and 2013 we owned approximately 37.8% and 42.4%, respectively, of the general partnership interest in our operating partnership, and the limited partners owned approximately 62.2% and 57.6%, 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 (subject to applicable restrictive covenants in our charter and loan agreements in favor of our preferred equity holders and lenders), 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 accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. |
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 Accounting Standards Codification, or 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 residents 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 residents, 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 operations. 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 affiliates of the Timbercreek Fund and Elco Landmark Residential Management, LLC, or ELRM, which are affiliated entities. | |
Properties Held for Sale and Discontinued Operations | Prior to the adoption of FASB issued Accounting Standards Update, or ASU, 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, or ASU 2014-08, the results of operations for those properties sold during the year or classified as held for sale at the end of the current year are classified as discontinued operations in the prior periods. See Recently Issued Accounting Pronouncements below for further discussion of our adoption of ASU 2014-08. Further, to meet the discontinued operations criteria, we will not have any significant continuing involvement in the ownership or operation of the property after the sale or disposition. Once a property is classified as held for sale, depreciation is no longer recorded. However, if we determine that the property no longer meets the criteria for held for sale, we will recapture any unrecorded depreciation on the property. The assets and liabilities, if any, of properties classified as held for sale are presented separately on the consolidated balance sheets at the lower of their carrying amount or their estimated fair value less the costs to sell the assets. |
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 at 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. The fair market value for furniture, fixtures and equipment on the premises is 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 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 resident relationships based on management’s evaluation of the specific characteristics of each resident’s lease and our overall relationship with that respective resident. 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 resident 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 assumed 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 resident 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 operations for the period subsequent to the acquisition date through December 31, 2014. See Note 14, 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. Through the ELRM Transaction, as noted above, we acquired a property management business including the in-place workforce, which created approximately $6.8 million of goodwill. During the year ended December 31, 2013, we recorded an increase to goodwill of $2.9 million as a measurement period adjustment as we obtained the necessary information to quantify the value of intangible assets acquired. During the year ended December 31, 2014, we recorded a decrease to goodwill of $481,000, which represents a correction of the original purchase price allocation due to an immaterial error. |
Our annual impairment test date is December 31. For the year ended December 31, 2014, we recorded $4.6 million of impairment to goodwill which was primarily due to our planned reduction of our third party property management business. In the first quarter of 2015, we received notices of termination for property management contracts for 11 of our 16 managed third party properties. Based on the reduction of future economic benefits related to such contracts, we determined that we had an impairment to goodwill. Utilizing the discounted cash flow method of the income approach, we established a value to measure the impairment to goodwill which is a Level 3 fair value measurement. No impairment was recorded for the year ended December 31, 2013. As of December 31, 2014 and 2013, we had goodwill of $4.6 million and $9.7 million, respectively, included in our accompanying consolidated balance sheets. For additional information regarding goodwill, see Note 14, Business Combinations, Note 16, Restructuring and Impairment Charges, and Note 18, Subsequent Events. | |
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 properties are sold. | |
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. | |
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). | |
In determining fair value, observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions; preference is given to observable inputs. These two types of inputs create the following fair value hierarchy: | |
Level 1: Quoted prices for identical instruments in active markets. | |
Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. | |
Level 3: Significant inputs to the valuation model are unobservable. | |
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 over the term of the related loan, using the effective interest rate method. Amortization of deferred financing costs is included in interest expense in our accompanying consolidated statements of comprehensive operations. |
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 operations. Derivatives that are designated by us to be a hedge have the changes in fair value that are deemed effective reflected in accumulated 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 operations. |
Stock Compensation | We follow ASC Topic 718, Compensation — Stock Compensation, or ASC Topic 718, to account for our stock compensation pursuant to our 2006 Award Plan and 2012 Award Plan. See Note 11, 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 property acquisitions which were acquired, in part, in exchange for limited partnership units in our operating partnership, or OP units, are intended to be treated, in whole or in part, for federal income tax purposes as tax-deferred contributions. | |
For certain multifamily properties that we have acquired through the issuance of OP 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 properties. 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 2010-2013 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 liability approach and consider differences between the tax and GAAP bases. The tax effects of these differences are reflected on the balance sheet as deferred tax assets and deferred tax liabilities and measured using the effective tax rate expected to be in effect when the temporary differences reverse. ASC Topic 740, Income Taxes, or ASC Topic 740, also requires that deferred tax assets are offset by a valuation allowance if it is more likely than not that some portion of the deferred tax assets will not be realized. During 2014, we evaluated the ability to realize our deferred tax assets, and due to our cumulative loss position, we believe it is more likely than not that our deferred tax assets will not be realized. As such, we recorded a valuation allowance to fully offset our net deferred tax assets. | |
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. | |
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 properties. Our investments in real estate are geographically diversified and management evaluates operating performance on an individual property level. However, as each of our properties has similar economic characteristics, residents and products and services, our properties both owned and leased have been aggregated into one reportable segment for the years ended December 31, 2014, 2013 and 2012. The operations of our property manager, excluding reimbursed costs, are not material to our consolidated statements of comprehensive operations and therefore, have been aggregated with our properties both owned and leased. |
Recently Issued Accounting Pronouncements | In April 2014, FASB issued ASU 2014-08 which incorporates a requirement that a disposition represent a strategic shift in an entity’s operations into the definition of a discontinued operation. In accordance with ASU 2014-08, a discontinued operation represents (i) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (ii) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (i) a separate major line of business, (ii) a separate major geographic area of operations, (iii) a major equity method investment, or (iv) other major parts of an entity. The standard requires prospective application and will be effective for interim and annual periods beginning on or after December 15, 2014 with early adoption permitted. The standard is not applied to components of an entity that were sold or classified as held for sale prior to the adoption of the standard. |
We have elected to adopt this standard early, effective January 1, 2014, which primarily has the impact of reflecting gains and losses on the sale of operating properties prospectively within continuing operations, and results in not classifying the operations of such operating properties as discontinued operations in all periods presented. During the year ended December 31, 2014, we sold four properties which were subject to the early adoption of ASU 2014-08 and, therefore, the gain on such sales are reported as a gain on sale of operating properties within continuing operations. During the year ended December 31, 2013, we sold two of our properties which were not subject to the early adoption of ASU 2014-08 and, therefore, the gain on such sales and results of operations prior to such sales are reported as discontinued operations for the year ended December 31, 2013 in our consolidated statements of comprehensive operations. | |
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The core principle of ASU 2014-09, is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Certain contracts are excluded from ASU 2014-09, including lease contracts within the scope of the FASB guidance included in Leases. We are currently evaluating to determine the potential impact, if any, the adoption of ASU 2014-09 will have on our financial position and results of operations. | |
In August 2014, the FASB issued ASU 2014-15, "Presentation of Financial Statements – Going Concern (Subtopic 205-40), effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The amendments in this update provide guidance in GAAP about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. We are currently evaluating the potential impact, if any, the adoption of ASU 2014-15 will have on footnote disclosures. |
Real_Estate_Investments_Tables
Real Estate Investments (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Real Estate [Abstract] | ||||||||
Schedule of Investments in Consolidated Owned Properties | Our investments in our consolidated owned properties, net consisted of the following as of December 31, 2014 and 2013 (in thousands): | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Land | $ | 278,885 | $ | 221,595 | ||||
Land improvements | 137,646 | 118,652 | ||||||
Building and improvements(1) | 1,420,815 | 1,129,619 | ||||||
Furniture, fixtures and equipment | 38,457 | 30,567 | ||||||
1,875,803 | 1,500,433 | |||||||
Less: accumulated depreciation | (148,298 | ) | (89,920 | ) | ||||
$ | 1,727,505 | $ | 1,410,513 | |||||
-1 | Includes $2.5 million and $10.4 million of direct construction costs for our repositioning activities in progress as of December 31, 2014 and 2013, respectively. We anticipate that the repositioning activities related to these properties will be completed during the first quarter of 2015. | |||||||
Schedule of Real Estate Acquisitions | During the year ended December 31, 2014, we completed the acquisition of 14 consolidated properties, as set forth below (in thousands, except unit data): | |||||||
Property Description | Date | Number | Total | Percentage Ownership | ||||
Acquired | of Units | Purchase | ||||||
Price per | ||||||||
Purchase | ||||||||
Agreement | ||||||||
Landmark at Chesterfield — Pineville, NC(1) | January 7, 2014 | 250 | $19,451 | 61.20% | ||||
Landmark at Coventry Pointe — Lawrenceville, GA(1) | January 7, 2014 | 250 | 27,826 | 61.20% | ||||
Landmark at Grand Oasis — Suwanee, GA(1) | January 7, 2014 | 434 | 48,290 | 61.20% | ||||
Landmark at Rosewood — Dallas, TX(1) | January 7, 2014 | 232 | 12,902 | 61.20% | ||||
Lake Village East — Garland, TX | January 9, 2014 | 329 | 18,547 | 100% | ||||
Lake Village North — Garland, TX | January 9, 2014 | 848 | 59,147 | 100% | ||||
Lake Village West — Garland, TX | January 9, 2014 | 294 | 19,221 | 100% | ||||
Landmark at Laurel Heights — Mesquite, TX | January 9, 2014 | 286 | 20,709 | 100% | ||||
Landmark at Bella Vista — Duluth, GA | January 15, 2014 | 564 | 31,277 | 100% | ||||
Landmark at Maple Glen — Orange Park, FL(1) | January 15, 2014 | 358 | 32,246 | 51.10% | ||||
Landmark at Pine Court — Columbia, SC | January 23, 2014 | 316 | 20,300 | 100% | ||||
Landmark at Spring Creek — Garland, TX(2) | February 6, 2014 & November 6, 2014 | 236 | 10,723 | 100% | ||||
Landmark at Andros Isles — Daytona Beach, FL | June 4, 2014 | 360 | 47,700 | 100% | ||||
Landmark at West Place — Orlando, FL | September 4, 2014 | 342 | 38,500 | 100% | ||||
Total acquired properties | 5,099 | $406,839 | ||||||
-1 | We consolidate entities for which we own less than 100% but we hold the controlling financial interest or have management control. | |||||||
-2 | On February 6, 2014, we acquired a 92.6% interest in Landmark of Spring Creek and on November 6, 2014, we acquired the remaining ownership interest of this property. |
Real_Estate_Disposition_Activi1
Real Estate Disposition Activities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
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 | ||||||||
Rental income | $ | 3,604 | $ | 7,374 | |||||
Other property revenues | 584 | 991 | |||||||
Total revenues | 4,188 | 8,365 | |||||||
Rental expenses | (1,583 | ) | (3,119 | ) | |||||
Interest expense, net | (1,057 | ) | (2,127 | ) | |||||
Depreciation and amortization expense | (1,027 | ) | (2,460 | ) | |||||
Total expenses | (3,667 | ) | (7,706 | ) | |||||
Income before net gain on the sale of property | 521 | 659 | |||||||
Net gain on the sale of property | 10,034 | — | |||||||
Income from discontinued operations | 10,555 | 659 | |||||||
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 | |||||
Investments_in_Unconsolidated_1
Investments in Unconsolidated Entities (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||
Schedule of Non-Controlling Investments Under Equity Method Investments | As of December 31, 2014 and 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 Investment at December 31, | Total Investment at December 31, | Percentage Ownership at December 31, | |||||||||
Acquired | of Units | 2014 | 2013 | 2014 | ||||||||||
Landmark at Waverly Place — Melbourne, FL | November 18, 2013 | 208 | $ | 955 | $ | 1,158 | 20% | |||||||
The Fountains — Palm Beach Gardens, FL | December 6, 2013 | 542 | 3,460 | 4,998 | 20% | |||||||||
Timbercreek U.S. Multi-Residential (U.S.) Holding L.P. — 500,000 Class A Units | December 20, 2013 | N/A | 4,547 | 5,000 | 8.10% | |||||||||
Total investments | $ | 8,962 | $ | 11,156 | ||||||||||
Identified_Intangible_Assets_N1
Identified Intangible Assets, Net (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Schedule of Identified Intangible Assets, Net | Identified intangible assets, net consisted of the following as of December 31, 2014 and 2013 (in thousands): | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Disposition fee rights(1) | $ | — | $ | 284 | ||||
In-place leases, net of accumulated amortization of $788,000 and $39.1 million as of December 31, 2014 and 2013, respectively (with a weighted average remaining life of 3 months and 3.6 months as of December 31, 2014 and 2013, respectively) | 591 | 16,662 | ||||||
Trade name and trade marks (indefinite lives) | 200 | 200 | ||||||
Property management contracts, net of accumulated amortization of $5.2 million and $2.2 million as of December 31, 2014 and 2013, respectively (with a weighted average remaining life of 80.4 months and 165.3 months as of December 31, 2014 and 2013, respectively) | 15,673 | 18,703 | ||||||
$ | 16,464 | $ | 35,849 | |||||
-1 | On February 6, 2014, we purchased a controlling interest in Landmark at Spring Creek and, therefore, consolidated this apartment community in our consolidated financial statements. Prior to our consolidation, the Landmark at Spring Creek property was owned by unaffiliated third parties and leased by our wholly owned subsidiary, NNN Mission Residential Holdings, LLC, or NNN/MR Holdings. Pursuant to the master lease or other operative agreement between NNN/MR Holdings and the respective third party property owners, our NNN/MR Holdings was entitled to a disposition fee in the event that the leased property was sold. We recognized this as a disposition fee rights intangible of $284,000 for the year ended December 31, 2013. Upon our acquisition of a controlling interest of Landmark at Spring Creek, we waived the disposition fee from the sellers of the controlling interest during the first quarter of 2014. During the last quarter of 2014, we acquired the remaining ownership interest in Landmark at Spring Creek and now own 100% of interest therein. | |||||||
Estimated Amortization Expense on the Identified Intangible Assets | Estimated amortization expense on the identified intangible assets as of December 31, 2014 is as follows (in thousands): | |||||||
Year | Amount | |||||||
2015 | $ | 4,033 | ||||||
2016 | 3,451 | |||||||
2017 | 3,145 | |||||||
2018 | 762 | |||||||
2019 | 762 | |||||||
Thereafter | 4,111 | |||||||
Total | $ | 16,264 | ||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Schedule of Debt | The following is a summary of our secured and unsecured debt at December 31, 2014 and 2013, (in thousands): | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Mortgage loan payables — fixed | $ | 755,576 | $ | 652,345 | ||||||||
Mortgage loan payables — variable | 257,932 | 175,120 | ||||||||||
Total secured fixed and variable rate debt | 1,013,508 | 827,465 | ||||||||||
Premium, net | 8,175 | 10,969 | ||||||||||
Total mortgage loan payables, net | 1,021,683 | 838,434 | ||||||||||
Secured credit facility | 159,176 | 145,200 | ||||||||||
Line of credit | 3,902 | — | ||||||||||
Total secured fixed and variable rate debt, net | $ | 1,184,761 | $ | 983,634 | ||||||||
Unsecured notes payable to affiliates | $ | 6,116 | $ | 5,784 | ||||||||
Scheduled Payments and Maturities of Mortgage Loan Payables, Net, Unsecured Note Payables and Secured Credit Facility | Scheduled payments and maturities of secured and unsecured debt at December 31, 2014 were as follows (in thousands): | |||||||||||
Year | Secured notes | Secured notes | Unsecured notes | |||||||||
payments(1) | maturities | maturities | ||||||||||
2015 | $ | 12,893 | $ | 288,422 | $ | 500 | ||||||
2016 | 11,515 | 234,014 | — | |||||||||
2017 | 10,111 | 99,726 | — | |||||||||
2018 | 8,789 | 105,210 | 5,616 | |||||||||
2019 | 7,397 | 73,278 | — | |||||||||
Thereafter | 40,320 | 284,911 | — | |||||||||
$ | 91,025 | $ | 1,085,561 | $ | 6,116 | |||||||
-1 | Secured note payments are comprised of the principal pay downs for mortgage loan payables and the secured credit facility. |
Equity_Tables
Equity (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
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, 2014 and 2013, and the changes for the years ended December 31, 2014 and 2013, is presented below: | ||||||
Restricted | Weighted | ||||||
Common | Average Grant | ||||||
Stock | Date Fair | ||||||
Value | |||||||
Balance - December 31, 2012 | 5,400 | $ | 10 | ||||
Granted | 5,000 | $ | 8.15 | ||||
Vested | (3,000 | ) | $ | 8.15 | |||
Balance - December 31, 2013 | 7,400 | $ | 9 | ||||
Granted | 200,038 | $ | 8.15 | ||||
Vested | (14,322 | ) | $ | 8.15 | |||
Forfeited | (800 | ) | $ | 8.15 | |||
Balance - December 31, 2014 | 192,316 | $ | 8.18 | ||||
Fair_Value_of_Derivatives_and_1
Fair Value of Derivatives and Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
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, 2014 and 2013, (in thousands, except interest rates): | |||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||
Non- | Cash Flow | Non- | Cash Flow | |||||||||||||||||||||
designated | Hedges | designated | Hedges | |||||||||||||||||||||
Hedges | Hedges | |||||||||||||||||||||||
Interest | Interest | Interest | Interest | Interest | ||||||||||||||||||||
Rate Caps | Rate Swaps | Rate Swaps | Rate Caps | Rate Swaps | ||||||||||||||||||||
Notional balance | $ | 77,585 | $ | 58,815 | $ | 32,100 | $ | 102,065 | $ | 32,100 | ||||||||||||||
Weighted average interest rate(1) | 2.69 | % | 1.54 | % | 2.18 | % | 2.81 | % | 2.38 | % | ||||||||||||||
Weighted average capped interest rate | 4.13 | % | N/A | N/A | 3.68 | % | N/A | |||||||||||||||||
Earliest maturity date | 17-Jul | 16-Sep | 20-Jul | 15-Mar | 20-Jul | |||||||||||||||||||
Latest maturity date | 18-Jul | 16-Sep | 20-Aug | 18-Jul | 20-Aug | |||||||||||||||||||
Estimated fair value, asset/(liability) | $ | 94 | $ | (1,112 | ) | $ | (1,175 | ) | $ | 478 | $ | (350 | ) | |||||||||||
-1 | For interest rate caps, this represents the weighted average interest rate on the debt. | |||||||||||||||||||||||
Financial Instruments Measured at Fair Value on a Recurring Basis | The table below presents our liabilities measured/disclosed at fair value on a recurring basis as of December 31, 2014, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): | |||||||||||||||||||||||
Quoted Prices | Significant | Significant | Total Fair Value Estimate at December 31, 2014 | Carrying Value at | ||||||||||||||||||||
in Active | Other | Unobservable | 31-Dec-14 | |||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Mortgage loan payables, net(1) | $ | — | $ | 1,061,988 | $ | — | $ | 1,061,988 | $ | 1,021,683 | ||||||||||||||
Unsecured notes payable to | — | — | 6,116 | 6,116 | 6,116 | |||||||||||||||||||
affiliates(2) | ||||||||||||||||||||||||
Secured Credit Facility(1) | — | 159,207 | — | 159,207 | 159,176 | |||||||||||||||||||
Line of credit(1) | — | 3,903 | — | 3,903 | 3,902 | |||||||||||||||||||
Acquisition contingent | — | — | 2,900 | 2,900 | 2,900 | |||||||||||||||||||
consideration- Andros Isles(3) | ||||||||||||||||||||||||
Warrants(4) | — | — | 663 | 663 | 663 | |||||||||||||||||||
Series E preferred stock derivative(5) | — | — | 1,400 | 1,400 | 1,400 | |||||||||||||||||||
Total liabilities at fair value | $ | — | $ | 1,225,098 | $ | 11,079 | $ | 1,236,177 | $ | 1,195,840 | ||||||||||||||
-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 related primarily to certain net operating income over a four-year period for Landmark at Andros Isles. | |||||||||||||||||||||||
-4 | The fair value of the warrants is estimated using the Monte-Carlo Simulation. | |||||||||||||||||||||||
-5 | The fair value of the Series E Preferred Stock derivative, which relates to the mandatory redemption of 50% of the Series E Preferred Stock outstanding as of the date of a triggering event as described in the Series E Preferred Stock agreements 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 E 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, 2013, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): | ||||||||||||||||||||||||
Quoted Prices | Significant | Significant | Total Fair Value Estimate at December 31, 2013 | Carrying Value at December 31, 2013 | ||||||||||||||||||||
in Active | Other | Unobservable | ||||||||||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Mortgage loan payables, net(1) | $ | — | $ | 858,658 | $ | — | $ | 858,658 | $ | 838,434 | ||||||||||||||
Unsecured notes payable to affiliates(2) | — | — | 5,784 | 5,784 | 5,784 | |||||||||||||||||||
Credit Facility(1) | — | 145,247 | — | 145,247 | 145,200 | |||||||||||||||||||
Acquisition contingent consideration-ELRM Transaction(3) | — | — | 4,030 | 4,030 | 4,030 | |||||||||||||||||||
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 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. During the second quarter of 2014, management determined that the targeted cash flows would not be raised by a certain date which resulted in a complete write off of the acquisition contingent consideration. | |||||||||||||||||||||||
-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. | |||||||||||||||||||||||
Schedule of Fair Value of Level 3 Liabilities Measured on a Recurring Basis | The table below provides a reconciliation of the fair values of acquisition contingent consideration, warrant liability, Series D Preferred Stock derivative and Series E Preferred Stock derivative measured on a recurring basis for which the company has designated as Level 3 (in thousands): | |||||||||||||||||||||||
Acquisition | Acquisition | Warrants | Series D | Series E | Total | |||||||||||||||||||
Contingent | Contingent | Preferred | Preferred | |||||||||||||||||||||
Consideration - ELRM Transaction | Consideration - Andros Isle | Stock | Stock | |||||||||||||||||||||
Derivative | Derivative | |||||||||||||||||||||||
Balance at December 31, 2013 | $ | 4,030 | $ | — | $ | 1,789 | $ | 11,100 | $ | — | $ | 16,919 | ||||||||||||
Additions | 2,700 | — | — | 6,000 | 8,700 | |||||||||||||||||||
Change due to liability realized | (276 | ) | — | — | — | — | (276 | ) | ||||||||||||||||
Changes in fair value(1) | (3,754 | ) | 200 | (1,126 | ) | (11,100 | ) | (4,600 | ) | (20,380 | ) | |||||||||||||
Balance at December 31, 2014 | $ | — | $ | 2,900 | $ | 663 | $ | — | $ | 1,400 | $ | 4,963 | ||||||||||||
-1 | Reflected in change in fair value of preferred stock derivatives/warrants and acquisition contingent consideration on the consolidated statements of comprehensive operations for the year ended December 31, 2014. |
Business_Combinations_Tables
Business Combinations (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Proforma Financial Data (Unaudited) | Assuming the acquisitions of the 14 consolidated properties, 38 consolidated properties and the ELRM Transaction discussed above that were acquired in 2014 and 2013 had occurred on January 1, 2013 and 2012, respectively, 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, 2014 and 2013 (in thousands, except per share data): | |||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
Revenues | $ | 267,315 | $ | 256,765 | ||||
Net loss | $ | (52,565 | ) | $ | (42,202 | ) | ||
Net loss attributable to controlling interest | $ | (20,225 | ) | $ | (20,268 | ) | ||
Net loss per common share attributable to controlling interest — basic and diluted | $ | (0.80 | ) | $ | (0.89 | ) | ||
2014 Property Acquisitions | ||||||||
Schedule of Assets Acquired and Liabilities Assumed | The following table summarizes the fair value of the assets acquired and liabilities assumed at the time of acquisition (dollars in thousands): | |||||||
31-Dec-14 | ||||||||
Land | $ | 65,919 | ||||||
Land improvements | 23,095 | |||||||
Building and improvements | 299,676 | |||||||
Furniture, fixtures and equipment | 7,139 | |||||||
In-place leases | 12,459 | |||||||
(Above)/below market leases | (1,254 | ) | ||||||
Fair market value of assumed debt | (181,118 | ) | ||||||
Acquisition contingent consideration | (2,700 | ) | ||||||
Other assets/liabilities, net | (873 | ) | ||||||
Total | 222,343 | |||||||
Equity/limited partnership unit consideration | (91,473 | ) | ||||||
Net cash consideration | $ | 130,870 | ||||||
2013 Property Acquisitions | ||||||||
Schedule of Assets Acquired and Liabilities Assumed | The following table summarizes the fair value of the assets acquired and liabilities assumed at the time of acquisition (in thousands): | |||||||
31-Dec-13 | ||||||||
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 | ||||||||
Schedule of Assets Acquired and Liabilities Assumed | The following table summarizes the fair value of the assets acquired and liabilities assumed at the time of acquisition (in thousands): | |||||||
31-Dec-12 | ||||||||
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 | ||||||
ELRM | ||||||||
Schedule of Assets Acquired and Liabilities Assumed | 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 | 631 | |||||||
Identified intangible assets, net(1)(3) | 21,070 | |||||||
Goodwill(2)(3)(4) | 9,198 | |||||||
Total purchase price | 30,980 | |||||||
Accounts payable and accrued liabilities | (196 | ) | ||||||
Unsecured notes payable to affiliate | (10,000 | ) | ||||||
OP 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, 2014. | |||||||
-2 | Included as goodwill on the consolidated balance sheets, as of December 31, 2014. Our annual impairment test date was December 31, 2014 and we determined that our goodwill was impaired by $4.6 million which was primarily due to the reduction of our third party property management business. 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. | |||||||
-4 | In the second quarter of 2014, we recorded a decrease to goodwill of $481,000 and a decrease to redeemable non-controlling interests in operating partnerships, which represents a correction of the original purchase price allocation due to an immaterial error. This correction resulted in the forfeiture of 58,965 OP units during the third quarter of 2014 in connection with two property management contracts being terminated in the second quarter of 2013. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Components of Deferred Tax Assets and Liabilities | The components of deferred tax assets and liabilities are as follows as of December 31, 2014 and 2013 (in thousands). | |||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||
Deferred tax assets: | ||||||||||||
Goodwill and intangibles | $ | 1,575 | $ | 1,730 | ||||||||
Acquisition costs | 413 | 444 | ||||||||||
Net operating loss | 2,213 | 1,340 | ||||||||||
Other | 109 | 68 | ||||||||||
Total deferred tax assets | 4,310 | 3,582 | ||||||||||
Less valuation allowance | (1,093 | ) | — | |||||||||
Net deferred tax asset | $ | 3,217 | $ | 3,582 | ||||||||
Deferred tax liabilities: | ||||||||||||
ELRM intangibles | $ | (2,691 | ) | $ | (3,587 | ) | ||||||
Depreciation | (18 | ) | (7 | ) | ||||||||
Prepaids | (472 | ) | (423 | ) | ||||||||
Other | (36 | ) | — | |||||||||
Total deferred tax liabilities | (3,217 | ) | (4,017 | ) | ||||||||
Net deferred tax liability | $ | — | $ | (435 | ) | |||||||
Schedule of Tax Expense (Benefit) | Our tax expense/(benefit) consisted of the following for the years ended December 31, 2014, 2013 and 2012 (in thousands): | |||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-12 | ||||||||||
Amount | Amount | Amount | ||||||||||
Loss from continuing operations | $ | (66,575 | ) | $ | (82,999 | ) | $ | (42,254 | ) | |||
Tax effect at statutory rate | (23,301 | ) | (29,050 | ) | (14,789 | ) | ||||||
REIT and non-controlling interest income | 20,230 | 28,486 | 12,610 | |||||||||
Goodwill impairment | 1,751 | — | — | |||||||||
Valuation allowance | 1,094 | (2,728 | ) | 2,174 | ||||||||
State taxes | 389 | (242 | ) | — | ||||||||
Other | — | 2 | 5 | |||||||||
Total tax expense/(benefit) | $ | 163 | $ | (3,532 | ) | $ | — | |||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
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 | ||||||||||||||||
31-Dec-14 | September 30, 2014 | June 30, 2014 | March 31, 2014 | |||||||||||||
Revenues | $ | 68,198 | $ | 66,195 | $ | 65,296 | $ | 62,519 | ||||||||
Expenses(1)(2) | (60,509 | ) | (53,171 | ) | (48,842 | ) | (70,047 | ) | ||||||||
Loss/(income) from operations | 7,689 | 13,024 | 16,454 | (7,528 | ) | |||||||||||
Other expense, net(2) | (24,076 | ) | (25,974 | ) | (20,348 | ) | (25,816 | ) | ||||||||
Net loss from continuing operations before tax | (16,387 | ) | (12,950 | ) | (3,894 | ) | (33,344 | ) | ||||||||
Income tax benefit/(expense) | 2 | (388 | ) | (220 | ) | 443 | ||||||||||
Loss from continuing operations | (16,385 | ) | (13,338 | ) | (4,114 | ) | (32,901 | ) | ||||||||
Income from discontinued operations | — | — | — | — | ||||||||||||
Net loss | (16,385 | ) | (13,338 | ) | (4,114 | ) | (32,901 | ) | ||||||||
Less: Net loss attributable to redeemable noncontrolling interests in operating partnership | 10,332 | 8,308 | 2,665 | 19,149 | ||||||||||||
Net loss/(income) attributable to non-controlling interest | (328 | ) | (58 | ) | (112 | ) | 1,483 | |||||||||
Net loss attributable to common stockholders | $ | (6,381 | ) | $ | (5,088 | ) | $ | (1,561 | ) | $ | (12,269 | ) | ||||
Earnings per weighted average common share — basic and diluted: | ||||||||||||||||
Loss from continuing operations | $ | (0.25 | ) | $ | (0.20 | ) | $ | (0.06 | ) | $ | (0.49 | ) | ||||
Income from discontinued operations | — | — | — | — | ||||||||||||
Net loss per common share attributable to common stockholders — basic and diluted | $ | (0.25 | ) | $ | (0.20 | ) | $ | (0.06 | ) | $ | (0.49 | ) | ||||
Weighted average number of common shares outstanding — basic and diluted | 25,415,146 | 25,357,926 | 25,294,650 | 25,218,263 | ||||||||||||
Quarter Ended | ||||||||||||||||
31-Dec-13 | September 30, 2013 | June 30, 2013 | March 31, 2013 | |||||||||||||
Revenues(3) | $ | 53,020 | $ | 44,415 | $ | 34,097 | $ | 25,457 | ||||||||
Expenses(2)(3) | (59,901 | ) | (56,913 | ) | (35,791 | ) | (27,256 | ) | ||||||||
Loss from operations(3) | (6,881 | ) | (12,498 | ) | (1,694 | ) | (1,799 | ) | ||||||||
Other expense, net(2)(3) | (19,740 | ) | (15,840 | ) | (17,281 | ) | (7,266 | ) | ||||||||
Net loss from continuing operations before tax(3) | (26,621 | ) | (28,338 | ) | (18,975 | ) | (9,065 | ) | ||||||||
Income tax benefit/(expense)(3) | 454 | (41 | ) | 286 | 2,833 | |||||||||||
Net loss from continuing operations(3) | (26,167 | ) | (28,379 | ) | (18,689 | ) | (6,232 | ) | ||||||||
Income from discontinued operations(3) | 15 | 3,471 | 218 | 6,851 | ||||||||||||
Net (loss)/income | (26,152 | ) | (24,908 | ) | (18,471 | ) | 619 | |||||||||
Less: Net loss/(income) attributable to redeemable non-controlling 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(3) | — | 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 | ||||||||||||
-1 | In the quarter ended December 31, 2014, we recorded restructuring and impairment changes in the amount of $8 million. | |||||||||||||||
-2 | In the quarter ended December 31, 2014, we began reporting loss from unconsolidated entities in other expenses, net instead of expenses. Amounts for the quarters ended March 31, June 30 and September 30, 2014 and December 31, 2013, will not equal previously reported results due to the reclassification between other expenses, net and expenses. | |||||||||||||||
-3 | Amounts for the quarters ended March 31 and June 30, 2013, will not equal previously reported results due to reclassification between income from continuing operations and income from discontinued operations. |
Organization_and_Description_o1
Organization and Description of Business - Additional Information (Detail) (USD $) | 12 Months Ended | 60 Months Ended | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Jul. 17, 2011 | Dec. 31, 2014 | Aug. 03, 2012 | Feb. 24, 2011 | |
Property | Property | |||||
Organization and Nature of Operations [Line Items] | ||||||
Issuance of common stock | $34,996,000 | $3,934,000 | $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 | |||||
Carrying value of properties | 1,500,433,000 | 1,875,803,000 | ||||
Consolidated Properties | Non-Controlling Interest | Consolidated Joint Venture | ||||||
Organization and Nature of Operations [Line Items] | ||||||
Number of properties | 1 | 6 | ||||
Unconsolidated Properties | ||||||
Organization and Nature of Operations [Line Items] | ||||||
Number of properties | 26 | |||||
Unconsolidated Properties | Timbercreek U.S. Multi-Residential Operating L.P. | ||||||
Organization and Nature of Operations [Line Items] | ||||||
Number of properties | 8 | |||||
Unconsolidated Properties | Non-Controlling Interest | Unconsolidated Joint Venture | ||||||
Organization and Nature of Operations [Line Items] | ||||||
Number of properties | 2 | |||||
Consolidated Owned Properties | Consolidated Properties | ||||||
Organization and Nature of Operations [Line Items] | ||||||
Number of properties | 77 | |||||
Parcel of undeveloped land | 2 | |||||
Number of apartment units | 23,978 | |||||
Carrying value of properties | $1,900,000,000 | |||||
Managed Equity Investment Properties | Unconsolidated Properties | ||||||
Organization and Nature of Operations [Line Items] | ||||||
Number of properties | 10 | |||||
Number of apartment units | 3,446 | |||||
Managed Third Party Properties | Unconsolidated Properties | ||||||
Organization and Nature of Operations [Line Items] | ||||||
Number of properties | 16 | |||||
Number of apartment units | 5,560 | |||||
Number of related parties (or more) | 1 | |||||
Recapitalization Transaction | Operating Partnership | ||||||
Organization and Nature of Operations [Line Items] | ||||||
Parcel of undeveloped land | 1 | |||||
Number of apartment units | 6,079 | |||||
Recapitalization Transaction | Operating Partnership | Acquisition One | ||||||
Organization and Nature of Operations [Line Items] | ||||||
Number of properties | 22 | 22 | ||||
Recapitalization Transaction | Operating Partnership | Multifamily Properties | ||||||
Organization and Nature of Operations [Line Items] | ||||||
Number of properties | 21 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information 1 (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Lease term (or less) | 1 year | ||
Properties held for sale | $0 | $0 | |
General partnership ownership rate | 37.80% | 42.40% | |
Limited partnership ownership rate | 62.20% | 57.60% | |
Discontinued Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of properties | 2 | 0 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information 2 (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 14, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2011 | ||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Increase (decrease) in goodwill | ($481,000) | $2,900,000 | |||||||
Impairment of goodwill | 4,600,000 | 0 | |||||||
Goodwill | 4,579,000 | 4,579,000 | 9,679,000 | 9,679,000 | |||||
Write down of disposition fee right intangible | 284,000 | ||||||||
Termination fee intangible | 6,622,000 | 0 | 5,397,000 | ||||||
NNN/MR Holdings | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Write down of disposition fee right intangible | 1,300,000 | 0 | |||||||
Number of real estate properties acquired | 3 | ||||||||
Number of apartment communities | 4 | 4 | |||||||
Percentage ownership | 50.00% | ||||||||
ELRM | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Goodwill acquired | 6,800,000 | ||||||||
Increase (decrease) in goodwill | -1,000,000 | 3,300,000 | |||||||
Impairment of goodwill | 4,600,000 | ||||||||
Goodwill | 9,198,000 | [1],[2],[3] | |||||||
Multifamily Properties | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Impairment of goodwill | 5,400,000 | ||||||||
Multifamily Properties | Tenant relationships - expected termination fees | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Impairment of goodwill | 3,800,000 | ||||||||
Number of properties owned by unaffiliated third parties | 33 | ||||||||
Termination fee intangible | $1,600,000 | ||||||||
Unconsolidated Properties | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Number of properties | 26 | 26 | |||||||
Unconsolidated Properties | Managed Third Party Properties | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Number of properties | 16 | 16 | |||||||
Unconsolidated Properties | Managed Third Party Properties | Contract Termination | |||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||
Number of properties | 11 | 11 | |||||||
[1] | Included as goodwill on the consolidated balance sheets, as of December 31, 2014. Our annual impairment test date was December 31, 2014 and we determined that our goodwill was impaired by $4.6 million which was primarily due to the reduction of our third party property management business. Goodwill reflects the value of ELRM’s assembled work force and the deferred tax liability. | ||||||||
[2] | 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. | ||||||||
[3] | In the second quarter of 2014, we recorded a decrease to goodwill of $481,000 and a decrease to redeemable non-controlling interests in operating partnerships, which represents a correction of the original purchase price allocation due to an immaterial error. This correction resulted in the forfeiture of 58,965 OP units during the third quarter of 2014 in connection with two property management contracts being terminated in the second quarter of 2013. |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Additional Information 3 (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment | Segment | Segment | |
Summary Of Significant Accounting Policies [Line Items] | |||
Decrease in equity method investments | $0 | $0 | |
Equity method investments | 0 | ||
Total advertising expense | $3,400,000 | $1,700,000 | $678,000 |
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 |
Minimum | Direct construction costs | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Operating properties useful life | 10 years | ||
Minimum | Land Improvements | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Operating properties useful life | 5 years | ||
Minimum | Furniture, Fixtures and Equipment | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Operating properties useful life | 5 years | ||
Maximum | Direct construction costs | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Operating properties useful life | 40 years | ||
Maximum | Land Improvements | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Operating properties useful life | 15 years | ||
Maximum | Furniture, Fixtures and Equipment | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Operating properties useful life | 15 years | ||
Discontinued Operations | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of properties | 2 | 0 | |
Accounting Standards Update 2014-08 | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of properties | 4 |
Real_Estate_Investments_Additi
Real Estate Investments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Real Estate [Abstract] | |||
Depreciation expense | $61.10 | $35.10 | $13.70 |
Real_Estate_Investments_Schedu
Real Estate Investments - Schedule of Investments in Consolidated Owned Properties (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
Property, Plant and Equipment [Line Items] | ||||
Land | $278,885,000 | $221,595,000 | ||
Land improvements | 137,646,000 | 118,652,000 | ||
Building and improvements | 1,420,815,000 | [1] | 1,129,619,000 | [1] |
Furniture, fixtures and equipment | 38,457,000 | 30,567,000 | ||
Real estate investments, gross | 1,875,803,000 | 1,500,433,000 | ||
Less: accumulated depreciation | -148,298,000 | -89,920,000 | ||
Real estate investments, net | 1,727,505,000 | 1,410,513,000 | ||
Construction Cost | ||||
Property, Plant and Equipment [Line Items] | ||||
Buildings and improvements | $2,500,000 | $10,400,000 | ||
[1] | Includes $2.5 million and $10.4 million of direct construction costs for our repositioning activities in progress as of December 31, 2014 and 2013, respectively. We anticipate that the repositioning activities related to these properties will be completed during the first quarter of 2015. |
Real_Estate_Investments_Schedu1
Real Estate Investments - Schedule of Real Estate Acquisitions (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Aug. 03, 2012 | Feb. 06, 2014 | |
Property | ||||
Acquisitions in 2014 | ||||
Business Acquisition [Line Items] | ||||
Number of properties acquired | 14 | |||
Number of Units | 5,099,000 | |||
Total Purchase Price per Purchase Agreement | $406,839 | |||
Landmark at Chesterfield | ||||
Business Acquisition [Line Items] | ||||
Date Acquired | 7-Jan-14 | [1] | ||
Number of Units | 250,000 | [1] | ||
Total Purchase Price per Purchase Agreement | 19,451 | [1] | ||
Percentage Ownership | 61.20% | [1] | ||
Landmark at Coventry Pointe | ||||
Business Acquisition [Line Items] | ||||
Date Acquired | 7-Jan-14 | [1] | ||
Number of Units | 250,000 | [1] | ||
Total Purchase Price per Purchase Agreement | 27,826 | [1] | ||
Percentage Ownership | 61.20% | [1] | ||
Landmark at Grand Oasis | ||||
Business Acquisition [Line Items] | ||||
Date Acquired | 7-Jan-14 | [1] | ||
Number of Units | 434,000 | [1] | ||
Total Purchase Price per Purchase Agreement | 48,290 | [1] | ||
Percentage Ownership | 61.20% | [1] | ||
Landmark at Rosewood | ||||
Business Acquisition [Line Items] | ||||
Date Acquired | 7-Jan-14 | [1] | ||
Number of Units | 232,000 | [1] | ||
Total Purchase Price per Purchase Agreement | 12,902 | [1] | ||
Percentage Ownership | 61.20% | [1] | ||
Lake Village East — Garland, TX | ||||
Business Acquisition [Line Items] | ||||
Date Acquired | 9-Jan-14 | |||
Number of Units | 329,000 | |||
Total Purchase Price per Purchase Agreement | 18,547 | |||
Percentage Ownership | 100.00% | |||
Lake Village North — Garland, TX | ||||
Business Acquisition [Line Items] | ||||
Date Acquired | 9-Jan-14 | |||
Number of Units | 848,000 | |||
Total Purchase Price per Purchase Agreement | 59,147 | |||
Percentage Ownership | 100.00% | |||
Lake Village West — Garland, TX | ||||
Business Acquisition [Line Items] | ||||
Date Acquired | 9-Jan-14 | |||
Number of Units | 294,000 | |||
Total Purchase Price per Purchase Agreement | 19,221 | |||
Percentage Ownership | 100.00% | |||
Landmark at Laurel Heights — Mesquite, TX | ||||
Business Acquisition [Line Items] | ||||
Date Acquired | 9-Jan-14 | |||
Number of Units | 286,000 | |||
Total Purchase Price per Purchase Agreement | 20,709 | |||
Percentage Ownership | 100.00% | |||
Landmark at Bella Vista — Duluth, GA | ||||
Business Acquisition [Line Items] | ||||
Date Acquired | 15-Jan-14 | |||
Number of Units | 564,000 | |||
Total Purchase Price per Purchase Agreement | 31,277 | |||
Percentage Ownership | 100.00% | |||
Landmark at Maple Glen | ||||
Business Acquisition [Line Items] | ||||
Date Acquired | 15-Jan-14 | [1] | ||
Number of Units | 358,000 | [1] | ||
Total Purchase Price per Purchase Agreement | 32,246 | [1] | ||
Percentage Ownership | 51.10% | [1] | ||
Landmark at Pine Court — Columbia, SC | ||||
Business Acquisition [Line Items] | ||||
Date Acquired | 23-Jan-14 | |||
Number of Units | 316,000 | |||
Total Purchase Price per Purchase Agreement | 20,300 | |||
Percentage Ownership | 100.00% | |||
Landmark at Spring Creek | ||||
Business Acquisition [Line Items] | ||||
Number of Units | 236,000 | [2] | ||
Total Purchase Price per Purchase Agreement | 10,723 | [2] | ||
Percentage Ownership | 100.00% | [2] | 92.60% | |
Landmark at Spring Creek | Maximum | ||||
Business Acquisition [Line Items] | ||||
Date Acquired | 6-Nov-14 | [2] | ||
Landmark at Spring Creek | Minimum | ||||
Business Acquisition [Line Items] | ||||
Date Acquired | 6-Feb-14 | [2] | ||
Landmark at Andros Isles — Daytona Beach, FL | ||||
Business Acquisition [Line Items] | ||||
Date Acquired | 4-Jun-14 | |||
Number of Units | 360,000 | 360 | ||
Total Purchase Price per Purchase Agreement | 47,700 | 45,000 | ||
Percentage Ownership | 100.00% | |||
Landmark at West Place — Orlando, FL | ||||
Business Acquisition [Line Items] | ||||
Date Acquired | 4-Sep-14 | |||
Number of Units | 342,000 | |||
Total Purchase Price per Purchase Agreement | $38,500 | |||
Percentage Ownership | 100.00% | |||
[1] | We consolidate entities for which we own less than 100% but we hold the controlling financial interest or have management control. | |||
[2] | n February 6, 2014, we acquired a 92.6% interest in Landmark of Spring Creek and on November 6, 2014, we acquired the remaining ownership interest of this property. |
Real_Estate_Disposition_Activi2
Real Estate Disposition Activities - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Payments on mortgage loan payables | ($36,942,000) | ($79,110,000) | ($1,982,000) |
Secured credit facility repayment at time of disposition of property | 4,444,000 | 0 | 0 |
Gain on sale of operating properties | 10,249,000 | 0 | 0 |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2014 Dispositions | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of properties | 4 | ||
Number of apartment units | 715 | ||
Combined purchase price | 55,100,000 | ||
Cash proceeds | 26,000,000 | ||
Settlement of mortgage note payable | 29,100,000 | ||
Payments on mortgage loan payables | -17,400,000 | ||
Mortgage debt assumed by the buyer | 7,300,000 | ||
Secured credit facility repayment at time of disposition of property | 4,400,000 | ||
Amount secured by apartment communities and other closing costs and adjustments | 2,500,000 | ||
Net carrying value of property sold | 42,400,000 | ||
Gain on sale of operating properties | 10,200,000 | ||
Discontinued Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of properties | 2 | 0 | |
Discontinued Operations | 2013 Dispositions | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of properties | 2 | ||
Number of apartment units | 700 | ||
Combined purchase price | 71,700,000 | ||
Cash proceeds | 24,500,000 | ||
Settlement of mortgage note payable | 45,600,000 | ||
Amount secured by apartment communities and other closing costs and adjustments | 1,500,000 | ||
Net carrying value of property sold | $60,200,000 | ||
Discontinued Operations | 2012 Dispositions | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of properties | 0 |
Real_Estate_Disposition_Activi3
Real Estate Disposition Activities - Schedule of Income Loss from Discontinued Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||
Rental income | $3,604 | $7,374 | |||||||||||||
Other property revenues | 584 | 991 | |||||||||||||
Total revenues | 4,188 | 8,365 | |||||||||||||
Rental expenses | -1,583 | -3,119 | |||||||||||||
Interest expense, net | -1,057 | -2,127 | |||||||||||||
Depreciation and amortization expense | -1,027 | -2,460 | |||||||||||||
Total expenses | -3,667 | -7,706 | |||||||||||||
Income before net gain on the sale of property | 521 | 659 | |||||||||||||
Net gain on the sale of property | 10,034 | 0 | |||||||||||||
Income from discontinued operations | 0 | 0 | 0 | 0 | 15 | [1] | 3,471 | [1] | 218 | [1] | 6,851 | [1] | 0 | 10,555 | 659 |
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 | |||||||||||||
[1] | Amounts for the quarters ended March 31 and June 30, 2013, will not equal previously reported results due to reclassification between income from continuing operations and income from discontinued operations. |
Investments_in_Unconsolidated_2
Investments in Unconsolidated Entities - Additional Information (Detail) (USD $) | 0 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Dec. 20, 2013 | Dec. 06, 2013 | Nov. 18, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Equity Method Investments [Line Items] | |||||
Percentage ownership | 20.00% | 20.00% | |||
Number of Common stock purchased | 500,000 | ||||
Consolidated Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Percentage ownership | 80.00% | 80.00% | |||
Landmark at Waverly Place, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Decrease in equity method investments | $463 | $645 | |||
Landmark at Garden Square, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Decrease in equity method investments | 839 | 2,000 | |||
Timbercreek U.S. Multi-Residential Operating L.P. | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Percentage ownership | 8.10% | ||||
Timbercreek U.S. Multi-Residential Operating L.P. | Common Stock | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of Common stock purchased | 500,000 | ||||
Timbercreek U.S. Multi-Residential Operating L.P. | Equity Method Investments | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total Investment | $5,000 | ||||
Issuance of common stock | 613,497 |
Investments_in_Unconsolidated_3
Investments in Unconsolidated Entities - Schedule of Non-Controlling Investments Under Equity Method Investments (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 06, 2013 | Nov. 18, 2013 |
Property | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Investment | $8,962 | $11,156 | ||
Percentage ownership | 20.00% | 20.00% | ||
Landmark at Waverly Place — Melbourne, FL | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Units | 208 | |||
Total Investment | 955 | 1,158 | ||
Percentage ownership | 20.00% | |||
Date Acquired | 18-Nov-13 | |||
The Fountains — Palm Beach Gardens, FL | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Units | 542 | |||
Total Investment | 3,460 | 4,998 | ||
Percentage ownership | 20.00% | |||
Date Acquired | 6-Dec-13 | |||
Timbercreek U.S. Multi-Residential (U.S.) Holding L.P. — 500,000 Class A Units | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total Investment | $4,547 | $5,000 | ||
Percentage ownership | 8.10% | |||
Date Acquired | 20-Dec-13 |
Identified_Intangible_Assets_N2
Identified Intangible Assets, Net - Schedule of Identified Intangible Assets, Net (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Finite-Lived Intangible Assets [Line Items] | ||||||
Identified finite-lived intangible assets, net | 16,264 | $16,264 | ||||
Total Identified intangible assets, net | 16,464 | 16,464 | 35,849 | |||
Landmark at Spring Creek | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Percentage ownership | 100.00% | |||||
Trade name and Trade marks | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Identified indefinite-lived intangible assets, net | 200 | 200 | 200 | |||
Disposition Fee Rights | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Identified finite-lived intangible assets, net | 0 | [1] | 0 | [1] | 284 | [1] |
Disposition Fee Rights | Landmark at Spring Creek | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Identified finite-lived intangible assets, net | 284 | |||||
In-Place Leases | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Identified finite-lived intangible assets, net | 591 | 591 | 16,662 | |||
Accumulated amortization | 788,000 | 788,000 | 39,100 | |||
Weighted average remaining life | 3 months | 3 months 18 days | ||||
Property Management Contracts | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Identified finite-lived intangible assets, net | 15,673 | 15,673 | 18,703 | |||
Accumulated amortization | 5,200 | $5,200 | $2,200 | |||
Weighted average remaining life | 155 months 6 days | 165 months 9 days | ||||
[1] | On February 6, 2014, we purchased a controlling interest in Landmark at Spring Creek and, therefore, consolidated this apartment community in our consolidated financial statements. Prior to our consolidation, the Landmark at Spring Creek property was owned by unaffiliated third parties and leased by our wholly owned subsidiary, NNN Mission Residential Holdings, LLC, or NNN/MR Holdings. Pursuant to the master lease or other operative agreement between NNN/MR Holdings and the respective third party property owners, our NNN/MR Holdings was entitled to a disposition fee in the event that the leased property was sold. We recognized this as a disposition fee rights intangible of $284,000 for the year ended December 31, 2013. Upon our acquisition of a controlling interest of Landmark at Spring Creek, we waived the disposition fee from the sellers of the controlling interest during the first quarter of 2014. During the last quarter of 2014, we acquired the remaining ownership interest in Landmark at Spring Creek and now own 100% of interest therein. |
Identified_Intangible_Assets_N3
Identified Intangible Assets, Net - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | $31,600,000 | $37,400,000 | $3,900,000 |
Security Deposits, Prepaid Rent and Other Liabilities | |||
Finite-Lived Intangible Assets [Line Items] | |||
Below market lease intangibles, net | $31,000 | $870,000 |
Identified_Intangible_Assets_N4
Identified Intangible Assets, Net - Estimated Amortization Expense on the Identified Intangible Assets (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2015 | $4,033 |
2016 | 3,451 |
2017 | 3,145 |
2018 | 762 |
2019 | 762 |
Thereafter | 4,111 |
Total | $16,264 |
Debt_Schedule_of_Debt_Details
Debt - Schedule of Debt (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total mortgage loan payables, net | $1,021,683 | $838,434 |
Secured credit facility | 159,176 | 145,200 |
Line of credit | 3,902 | 0 |
Total secured fixed and variable rate debt, net | 1,184,761 | 983,634 |
Secured Debt | ||
Debt Instrument [Line Items] | ||
Mortgage loan payables | 1,013,508 | 827,465 |
Premium, net | 8,175 | 10,969 |
Total mortgage loan payables, net | 1,021,683 | 838,434 |
Secured Debt | Fixed Rate Mortgage Debt | ||
Debt Instrument [Line Items] | ||
Mortgage loan payables | 755,576 | 652,345 |
Secured Debt | Variable Rate Mortgage Debt | ||
Debt Instrument [Line Items] | ||
Mortgage loan payables | 257,932 | 175,120 |
Secured Debt | Line of Credit | ||
Debt Instrument [Line Items] | ||
Line of credit | 3,902 | 0 |
Unsecured Debt | Unsecured Notes Payable to Affiliates | ||
Debt Instrument [Line Items] | ||
Unsecured notes payable to affiliates | 6,116 | 5,784 |
Secured Debt | Secured Credit Facility | ||
Debt Instrument [Line Items] | ||
Secured credit facility | $159,176 | $145,200 |
Debt_Scheduled_Payments_and_Ma
Debt - Scheduled Payments and Maturities (Details) (USD $) | Dec. 31, 2014 | |
In Thousands, unless otherwise specified | ||
Secured Notes Payments | ||
Debt Instrument [Line Items] | ||
2015 | $12,893 | [1] |
2016 | 11,515 | [1] |
2017 | 10,111 | [1] |
2018 | 8,789 | [1] |
2019 | 7,397 | [1] |
Thereafter | 40,320 | [1] |
Total | 91,025 | [1] |
Secured Notes Maturities | ||
Debt Instrument [Line Items] | ||
2015 | 288,422 | |
2016 | 234,014 | |
2017 | 99,726 | |
2018 | 105,210 | |
2019 | 73,278 | |
Thereafter | 284,911 | |
Total | 1,085,561 | |
Unsecured Notes Maturities | ||
Debt Instrument [Line Items] | ||
2015 | 500 | |
2016 | 0 | |
2017 | 0 | |
2018 | 5,616 | |
2019 | 0 | |
Thereafter | 0 | |
Total | $6,116 | |
[1] | Secured note payments are comprised of the principal pay downs for mortgage loan payables and the secured credit facility. |
Debt_Mortgage_Loans_Payable_Ne
Debt - Mortgage Loans Payable, Net (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage loan payables, net of discount or mark to market | $1,021,683 | $838,434 |
Secured Debt | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage loan payables, net of discount or mark to market | 1,021,683 | 838,434 |
Mortgage loan payables, gross | 1,013,508 | 827,465 |
Interest rate, minimum | 1.76% | 2.37% |
Interest rate, maximum | 6.58% | 6.58% |
Weighted average interest rate | 4.53% | 4.70% |
Secured Debt | Monthly Interest-Only Payment | ||
Mortgage Loans on Real Estate [Line Items] | ||
Number of mortgage loans | 20 | |
Secured Debt | Monthly Principal and Interest Payments | ||
Mortgage Loans on Real Estate [Line Items] | ||
Number of mortgage loans | 46 | |
Secured Debt | Fixed Rate Mortgage Debt | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage loan payables, gross | 755,576 | 652,345 |
Secured Debt | Fixed Rate Mortgage Debt | Fixed Rate Mortgage Debt | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage loan payables, net of discount or mark to market | 755,600 | 652,300 |
Mortgage loan payables, gross | 763,800 | 663,300 |
Number of mortgage loans | 54 | 47 |
Weighted average interest rate | 5.22% | 5.18% |
Percentage of mortgage loans payable | 74.80% | 79.10% |
Secured Debt | Variable Rate Mortgage Debt | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage loan payables, gross | 257,932 | 175,120 |
Secured Debt | Variable Rate Mortgage Debt | Variable Rate Debt | ||
Mortgage Loans on Real Estate [Line Items] | ||
Mortgage loan payables, net of discount or mark to market | 257,900 | |
Mortgage loan payables, gross | $175,100 | |
Number of mortgage loans | 12 | 10 |
Weighted average interest rate | 2.52% | 2.92% |
Percentage of mortgage loans payable | 25.20% | 20.90% |
Debt_Secured_Credit_Facility_D
Debt - Secured Credit Facility (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Property | ||
Short-term Debt [Line Items] | ||
Secured credit facility | $159,176,000 | $145,200,000 |
Line of credit | 3,902,000 | 0 |
Secured Debt | Secured Credit Facility | ||
Short-term Debt [Line Items] | ||
Aggregate maximum principal amount | 180,000,000 | |
Secured credit facility | 159,176,000 | 145,200,000 |
Properties pledged as collateral under credit agreement | 13 | |
Credit Agreement, maturity date | 7-Mar-15 | |
Credit Agreement, maturity date if extended | 31-Mar-15 | |
Maximum consolidated funded indebtedness to total assets | 75.00% | |
Consolidated fixed coverage ratio prior to the extension period | 1.05 | |
Annual interest rate | 2.92% | |
Secured Debt | Federal Funds Rate | Secured Credit Facility | ||
Short-term Debt [Line Items] | ||
One-month interest period plus, interest rate | 0.50% | |
Secured Debt | Eurodollar | Secured Credit Facility | ||
Short-term Debt [Line Items] | ||
One-month interest period plus, interest rate | 1.00% | |
Annual interest rate | 2.75% | |
Secured Debt | Incremental Credit Facility | Secured Credit Facility | ||
Short-term Debt [Line Items] | ||
Line of credit facility, available borrowing capacity | $20,800,000 |
Debt_Line_of_Credit_Details
Debt - Line of Credit (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||||
Feb. 11, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 22, 2014 | Mar. 22, 2015 | Jan. 22, 2015 | |
Line of Credit Facility [Line Items] | ||||||
Line of credit | 3,902,000 | $0 | ||||
Line of Credit | Secured Debt | ||||||
Line of Credit Facility [Line Items] | ||||||
Aggregate maximum principal amount | 10,000,000 | |||||
Line of credit | 3,902,000 | 0 | ||||
Revolving line of credit available | 6,100,000 | |||||
Annual interest rate | 3.16% | |||||
Line of Credit | Secured Debt | Subsequent Event | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum consolidated funded indebtedness to total assets | 75.00% | |||||
Consolidated fixed charge coverage ratio (at least) | 1.05 | |||||
Minimum funds from operations (at least) | 1 | |||||
Cash and equity interests in subsidiaries pledged as collateral | 1,500,000 | |||||
Revolving line of credit available | 100,000 | |||||
Additional borrowings | $6,000,000 | |||||
Line of Credit | Secured Debt | Eurodollar | ||||||
Line of Credit Facility [Line Items] | ||||||
Interest rate, basis spread | 3.00% |
Debt_Unsecured_Notes_Payable_t
Debt - Unsecured Notes Payable to Affiliates (Details) (USD $) | 12 Months Ended | 0 Months Ended | 18 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 20, 2013 | Oct. 31, 2014 | Mar. 14, 2013 | |
Debt Instrument [Line Items] | ||||||
Payments on unsecured note payable | $0 | $0 | $7,750,000 | |||
Unsecured Notes Payable to Affiliates | Elrm Transaction Unsecured Note Payable To Affiliate | Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable | 10,000,000 | |||||
Payments on unsecured note payable | 5,000,000 | |||||
Interest rate on unsecured promissory note | 3.00% | |||||
Unsecured Notes Payable to Affiliates | ELRM | Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Business acquisition, contingent consideration payable | 616,000 | |||||
Unsecured Notes Payable to Affiliates | Legacy Galleria, LLC | Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Notes payable | $500,000 | |||||
Notes payable maturity date | 3-Aug-15 | |||||
Interest margin rate | 3.68% | |||||
Unsecured Notes Payable to Affiliates | Restricted Common Stock | Elrm Transaction Unsecured Note Payable To Affiliate | Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Payments on unsecured note payable, shares | 613,497 |
Debt_Additional_Information_De
Debt - Additional Information (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | |||
Deferred financing costs, net of accumulated amortization | $10,700,000 | $14,500,000 | |
Accumulated amortization | 10,400,000 | 4,400,000 | |
Amortization expense of deferred financing costs | 6,800,000 | 3,900,000 | 686,000 |
Secured Debt | |||
Debt Instrument [Line Items] | |||
Write off of unamortized deferred financing costs | $684,000 |
Preferred_Stock_and_Warrants_t1
Preferred Stock and Warrants to Purchase Common Stock - Series D Preferred Stock (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 28, 2016 | Mar. 01, 2015 | |
Class of Stock [Line Items] | |||||
Preferred stock par value (in dollars per share) | $0.01 | $0.01 | |||
Accretion expense | $6,364,000 | $2,566,000 | $655,000 | ||
8.75% Series D Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred stock, shares issued | 20,976,300 | 20,976,300 | |||
Preferred stock outstanding | 20,976,300 | 20,976,300 | 0 | ||
Percentage of annual distributions on preferred shares | 14.47% | ||||
Percentage of annual distributions on preferred shares compounded monthly | 8.75% | ||||
Day of month dividend is payable | 15 days | ||||
Percentage of annual distributions on preferred shares in event of default | 19.97% | ||||
Day of month dividend is payable in event of default | 15 days | ||||
Liquidation preference of preferred stock | $10 | ||||
Preferred stock redemption percentage (not less than) | 50.00% | 50.00% | |||
Fair value of derivative liability | 13,500,000 | ||||
Fair value, derivative | 0 | 11,100,000 | |||
Changes in fair value | 11,100,000 | 2,400,000 | 0 | ||
Cumulative non-convertible redeemable preferred stock with derivative | 202,380,000 | 209,294,000 | |||
8.75% Series D Preferred Stock | Current Dividend | |||||
Class of Stock [Line Items] | |||||
Percentage of annual distributions on preferred shares compounded monthly in event of default | 11.00% | ||||
8.75% Series D Preferred Stock | Interest Expense, net | |||||
Class of Stock [Line Items] | |||||
Preferred stock dividends | 32,000,000 | 13,100,000 | 0 | ||
Accretion expense | $4,200,000 | $1,900,000 | $0 | ||
iStar and BREDS | 8.75% Series D Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred stock, shares issued | 20,976,300 | ||||
Preferred stock outstanding | 20,976,300 | ||||
Preferred stock par value (in dollars per share) | $0.01 | ||||
Share price | $10 | ||||
Scenario, Forecast | 8.75% Series D Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Percentage of annual distributions on preferred shares compounded monthly | 11.00% | ||||
Preferred stock, extension period | 1 year | ||||
Redemption price per share | $10 |
Preferred_Stock_and_Warrants_t2
Preferred Stock and Warrants to Purchase Common Stock - Series E Preferred Stock (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 28, 2016 | Jan. 07, 2014 | Jun. 04, 2014 | |||
Class of Stock [Line Items] | ||||||||
Preferred stock par value (in dollars per share) | $0.01 | $0.01 | ||||||
Accretion expense | $6,364,000 | $2,566,000 | $655,000 | |||||
9.25% Series E Preferred Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred stock, shares issued | 7,400,000 | |||||||
Preferred stock outstanding | 7,400,000 | 0 | 0 | |||||
Percentage of annual distributions on preferred shares compounded monthly | 9.25% | |||||||
Percentage of annual distributions on preferred shares | 14.47% | |||||||
Day of month dividend is payable | 15 days | |||||||
Number of months after issuance dividend will increase | 21 months | |||||||
Percentage of annual distributions on preferred shares increase after initial period | 11.25% | |||||||
Percentage of annual distributions on preferred shares in event of default | 19.97% | |||||||
Percentage of annual distributions on preferred shares compounded monthly in event of default | 11.00% | |||||||
Day of month dividend is payable in event of default | 15 days | |||||||
Preferred stock redemption percentage (not less than) | 50.00% | |||||||
Fair value of derivative liability | 1,400,000 | [1] | 6,000,000 | [1] | ||||
Changes in fair value | 4,600,000 | [2] | ||||||
Cumulative non-convertible redeemable preferred stock with derivative | 71,578,000 | 0 | ||||||
iStar and BREDS | 9.25% Series E Preferred Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred stock, shares issued | 6,800,000 | 600,000 | ||||||
Preferred stock outstanding | 7,400,000 | |||||||
Preferred stock par value (in dollars per share) | $0.01 | |||||||
Share price | $10 | |||||||
Preferred stock issued, amount | 68,000,000 | 6,000,000 | ||||||
Interest Expense, net | 9.25% Series E Preferred Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred stock dividends | 10,400,000 | 0 | 0 | |||||
Accretion expense | $2,200,000 | $0 | $0 | |||||
Scenario, Forecast | 9.25% Series E Preferred Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Share price | $10 | |||||||
Preferred stock, extension period | 1 year | |||||||
[1] | The fair value of the Series E Preferred Stock derivative, which relates to the mandatory redemption of 50% of the Series E Preferred Stock outstanding as of the date of a triggering event as described in the Series E Preferred Stock agreements 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 E Preferred Stock, and the discount rate. | |||||||
[2] | Reflected in change in fair value of preferred stock derivatives/warrants and acquisition contingent consideration on the consolidated statements of comprehensive operations for the year ended December 31, 2014. |
Preferred_Stock_and_Warrants_t3
Preferred Stock and Warrants to Purchase Common Stock - Series A Preferred Stock and Series B Preferred Stock (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 28, 2013 | Jun. 28, 2013 | |
Class of Stock [Line Items] | |||||
Accretion expense | $6,364,000 | $2,566,000 | $655,000 | ||
Interest expense | 63,122,000 | 35,651,000 | 13,369,000 | ||
Series A and B Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Percentage of annual distributions on preferred shares | 9.75% | ||||
Liquidation preference of preferred stock | $10 | $10 | |||
Interest expense | 0 | 2,700,000 | 2,000,000 | ||
Accumulated distribution accrued | 0 | 0 | |||
Period for prepayments of yielded amount | 24 months | ||||
Prepayment penalty payment minimum yield amount, multiple | 24 months | ||||
Series A Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred stock, shares issued | 0 | 0 | 5,000,000 | ||
Share price | $10 | ||||
Preferred stock outstanding | 0 | 0 | |||
Redemption of preferred stock | 50,000,000 | 50,000,000 | |||
Series B Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred stock, shares issued | 0 | 0 | 1,000,000 | ||
Share price | $10 | ||||
Preferred stock outstanding | 0 | 0 | |||
Redemption of preferred stock | 10,000,000 | 10,000,000 | |||
Interest Expense, net | Series A and B Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Accretion expense | 0 | 635,000 | 655,000 | ||
Loss on Debt and Preferred Stock Extinguishment | Series A and B Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Accretion expense write-off | 1,300,000 | ||||
Loss on extinguishment of preferred stock | 9,500,000 | ||||
Extinguishment of preferred stock, prepayment penalty | 6,400,000 | 6,400,000 | |||
Extinguishment of preferred stock, write off of unamortized financing costs | 2,500,000 | ||||
Extinguishment of preferred stock, redemption fee | $600,000 | $600,000 |
Preferred_Stock_and_Warrants_t4
Preferred Stock and Warrants to Purchase Common Stock - Warrants to Purchase Common Stock (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Equity [Abstract] | |||
Issued non-detachable warrants to purchase aggregate shares of common stock | $60,000,000 | ||
Exercise price of warrants (greater of) | 9 | ||
Percentage of public offering price of common stock | 80.00% | ||
Warrant exercisable period | 60 days | ||
Close of business date after the completion of IPO | 60 days | ||
Security Deposits, Prepaid Rent and Other Liabilities | |||
Class of Stock [Line Items] | |||
Liability related to non-detachable warrants | 663,000 | 1,800,000 | |
Other Comprehensive Loss | Warrants | |||
Class of Stock [Line Items] | |||
Changes in fair value | $1,126,000 | $527,000 | $315,000 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 14, 2013 | Jun. 04, 2014 | Aug. 03, 2012 | Dec. 20, 2013 | Mar. 31, 2013 | |
contingent_consideration_event | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Litigation fees | $0 | $0 | ||||||
Number of contingent consideration events | 2 | |||||||
Net cash consideration | 130,870,000 | 368,455,000 | 62,074,000 | |||||
Payments on unsecured note payable | 0 | 0 | 7,750,000 | |||||
ELRM | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Contingent consideration liability | 0 | 4,000,000 | 6,700,000 | |||||
Net cash consideration | 0 | |||||||
Andros Property | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Contingent consideration liability | 2,900,000 | 4,000,000 | ||||||
Increase (decrease) in contingent consideration fair value | 200,000 | |||||||
Number of Units | 360,000 | 360 | ||||||
Consideration transferred | 47,700,000 | 45,000,000 | ||||||
Net cash consideration | 5,200,000 | |||||||
Consideration transferred, assumed mortgage loan payable | 29,500,000 | |||||||
Consideration transferred, fair value of acquisition consideration | 2,700,000 | |||||||
General, administrative and other expenses | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Professional fees | 2,100,000 | |||||||
Litigation fees | 3,400,000 | |||||||
Change in Fair Value of Preferred Stock Derivatives/Warrants and Acquisition Contingent Consideration | ELRM | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Increase (decrease) in contingent consideration fair value | -3,800,000 | -715,000 | 0 | |||||
Operating Partnership Units | Andros Property | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Consideration transferred, operating partnership units | 10,300,000 | |||||||
Restricted Limited Partnership Units | Operating Partnership | ELRM | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Contingent consideration liability | 10,000,000 | |||||||
Elrm Transaction Unsecured Note Payable To Affiliate | Management Support Services Agreement | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Issuance of common stock | 1,226,994 | |||||||
Elrm Transaction Unsecured Note Payable To Affiliate | Unsecured Debt | Unsecured Notes Payable to Affiliates | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Payments on unsecured note payable | 5,000,000 | |||||||
Notes payable | 10,000,000 | |||||||
Elrm Transaction Unsecured Note Payable To Affiliate | Unsecured Debt | Unsecured Notes Payable to Affiliates | Management Support Services Agreement | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Payments on unsecured note payable | 5,000,000 | |||||||
Notes payable | $10,000,000 | |||||||
Share Price Guarantee | Elrm Transaction Unsecured Note Payable To Affiliate | Management Support Services Agreement | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Share price | 8.15 | |||||||
Share Price of Repurchase Obligation if No IPO before March 14, 2018 | Elrm Transaction Unsecured Note Payable To Affiliate | Management Support Services Agreement | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Share price | 8.15 |
Related_Party_Transactions_Adv
Related Party Transactions - Advisory Agreement with Former Advisor (Detail) (USD $) | 12 Months Ended | 18 Months Ended |
Dec. 31, 2012 | Aug. 03, 2012 | |
owner | ||
Related Party Transaction [Line Items] | ||
Percentage of monthly management fee on average invested assets | 0.03% | |
Advisory Agreement | ||
Related Party Transaction [Line Items] | ||
Reimbursement of operating expenses | 143,000 | |
Advisory Agreement | Former Advisor | ||
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 | |
Advisory Agreement | Former Advisor | Common Stock | ||
Related Party Transaction [Line Items] | ||
Asset management fees incurred | 126,000 | |
Asset management fees paid in shares | 13,992 | |
Common stock price per share | 9 | |
Advisory Agreement | Executive Officer | Former Advisor | ||
Related Party Transaction [Line Items] | ||
Number of owners in advisory group | 2 |
Related_Party_Transactions_ELR
Related Party Transactions - ELRM and Management Support Services Agreement (Detail) (USD $) | 12 Months Ended | ||||
Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 20, 2013 | Mar. 14, 2013 | |
Property | |||||
Related Party Transaction [Line Items] | |||||
Other payables due to affiliates | $117,000 | $915,000 | |||
Other receivables due from affiliates | 1,627,000 | 2,544,000 | |||
Number of stock units purchased | 500,000 | ||||
Percentage of monthly management fee on average invested assets | 0.03% | ||||
ELRM | |||||
Related Party Transaction [Line Items] | |||||
Other payables due to affiliates | 117,000 | 915,000 | |||
Other receivables due from affiliates | 1,600,000 | 2,500,000 | |||
General, administrative and other expenses | ELRM | |||||
Related Party Transaction [Line Items] | |||||
Management support fees | 418,000 | 0 | |||
Management Support Services Agreement | |||||
Related Party Transaction [Line Items] | |||||
Number of properties | 31 | ||||
Management Support Services Agreement | ELRM | |||||
Related Party Transaction [Line Items] | |||||
Number of properties | 29 | ||||
Costs reimbursed | 848,000 | 644,000 | |||
Management Support Services Agreement | Contributed Properties | |||||
Related Party Transaction [Line Items] | |||||
Number of properties | 34 | ||||
Percentage of fees equal to gross receipts | 3.00% | ||||
Management Support Services Agreement | Non-contributed Properties | ELRM | |||||
Related Party Transaction [Line Items] | |||||
Number of properties | 32 | ||||
Management Support Services Agreement | Other Properties | |||||
Related Party Transaction [Line Items] | |||||
Percentage of fees equal to gross receipts | 2.00% | ||||
Management Support Services Agreement | General, administrative and other expenses | ELRM | |||||
Related Party Transaction [Line Items] | |||||
Management support fees | $418,000 | ||||
Management Support Services Agreement | Director | ELRM | |||||
Related Party Transaction [Line Items] | |||||
Number of directors owning pecuniary interest in related party | 1 |
Related_Party_Transactions_Lea
Related Party Transactions - Lease for Offices (Detail) (Marlu Associates, Ltd., Lease Agreement, USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Marlu Associates, Ltd. | Lease Agreement | |
Related Party Transaction [Line Items] | |
Monthly rental payment | $2,833 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2013 | Dec. 20, 2013 | Dec. 31, 2014 | Aug. 28, 2012 | Jan. 22, 2015 | |
Related Party Transaction [Line Items] | |||||
Number of Common stock purchased | 500,000 | ||||
Operating partnership units outstanding, value | 272,600,000 | $337,800,000 | |||
Due from Affiliates | 2,544,000 | 1,627,000 | |||
Other payables due to affiliates | 915,000 | 117,000 | |||
Operating Units Issued Related to Acquisitions | |||||
Related Party Transaction [Line Items] | |||||
Operating partnership units issued | 33,036,180 | ||||
Value of operating partnership units issued | 269,200,000 | ||||
Timbercreek U.S. Multi-Residential Operating L.P. | |||||
Related Party Transaction [Line Items] | |||||
Commitment expiration period | 18 months | ||||
ELRM | |||||
Related Party Transaction [Line Items] | |||||
Due from Affiliates | 2,500,000 | 1,600,000 | |||
Other payables due to affiliates | 915,000 | 117,000 | |||
Common Stock | Timbercreek U.S. Multi-Residential Operating L.P. | |||||
Related Party Transaction [Line Items] | |||||
Common stock issued in connection with acquisition | 613,497 | ||||
Class A Units | Timbercreek U.S. Multi-Residential Operating L.P. | |||||
Related Party Transaction [Line Items] | |||||
Number of Common stock purchased | 500,000 | ||||
Amount of consideration paid | 5,000,000 | ||||
Class A Units | Commitments | Timbercreek U.S. Multi-Residential Operating L.P. | |||||
Related Party Transaction [Line Items] | |||||
Number of Common stock purchased | 500,000 | ||||
Amount of consideration paid | 5,000,000 | ||||
Seabreeze Daytona Undeveloped Land | |||||
Related Party Transaction [Line Items] | |||||
Percentage Ownership | 100.00% | ||||
Director | ELRM | Operating Units Issued Related to Acquisitions | |||||
Related Party Transaction [Line Items] | |||||
Number of directors owning pecuniary interest in related party | 2 | ||||
Subsequent Event | Operating Units Issued Related to Acquisitions | |||||
Related Party Transaction [Line Items] | |||||
Operating partnership units outstanding | 12,688,988 | ||||
Operating partnership units outstanding, value | $103,400,000 |
Equity_Additional_Information_
Equity - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2012 | Mar. 31, 2011 | |
Stockholders Equity Note Disclosure [Line Items] | |||||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | |||
Preferred stock, par value | $0.01 | $0.01 | |||
Common stock, shares authorized | 300,000,000 | 300,000,000 | |||
Common stock, shares issued | 25,628,526 | 25,182,988 | |||
Shares excluded from computation of diluted earnings per share | 192,316 | 7,400 | 5,400 | ||
Operating partnership units outstanding, value | $337,800,000 | $272,600,000 | |||
Grant date fair valued (in dollars per share) | $8.15 | $8.15 | |||
Common stock, shares outstanding | 25,628,526 | 25,182,988 | |||
Redeemable Non-Controlling Interests in Operating Partnership | |||||
Stockholders Equity Note Disclosure [Line Items] | |||||
Operating partnership units issued | 41,446,746 | 33,450,957 | |||
Restricted Common Stock | |||||
Stockholders Equity Note Disclosure [Line Items] | |||||
Fair value of nonvested shares | 1,600,000 | 60,310 | |||
Grant date fair valued (in dollars per share) | $8.15 | ||||
Long-Term Incentive Program | |||||
Stockholders Equity Note Disclosure [Line Items] | |||||
Compensation expense of restricted stock | 975,000 | 1,300,000 | 3,000,000 | ||
Series D Preferred Stock | |||||
Stockholders Equity Note Disclosure [Line Items] | |||||
Preferred stock, shares issued | 20,976,300 | 20,976,300 | |||
Preferred stock outstanding (in shares) | 20,976,300 | 20,976,300 | 0 | ||
Series E Preferred Stock | |||||
Stockholders Equity Note Disclosure [Line Items] | |||||
Preferred stock, shares issued | 7,400,000 | ||||
Preferred stock outstanding (in shares) | 7,400,000 | 0 | 0 | ||
Common Stock | |||||
Stockholders Equity Note Disclosure [Line Items] | |||||
Common stock, shares authorized | 300,000,000 | ||||
Common stock, shares issued | 25,628,526 | 25,182,988 | |||
Common stock distributions per share (in dollars per share) | $0.30 | $0.30 | 0.3 | ||
2006 Award Plan and 2012 Award Plan | |||||
Stockholders Equity Note Disclosure [Line Items] | |||||
Number of shares authorized for issuance | 2,000,000 | ||||
2006 Award Plan | |||||
Stockholders Equity Note Disclosure [Line Items] | |||||
Number of shares authorized for issuance | 2,000,000 | ||||
2006 Award Plan | Restricted Common Stock | |||||
Stockholders Equity Note Disclosure [Line Items] | |||||
Compensation expense of restricted stock | 368,000 | 31,000 | 50,000 | ||
Unrecognized compensation expense | 1,300,000 | 54,000 | |||
Unrecognized compensation expense, recognition period | 3 years 3 months 25 days | ||||
2006 Award Plan | Common Stock | Restricted Common Stock | Independent Directors | |||||
Stockholders Equity Note Disclosure [Line Items] | |||||
Common stock, shares issued | 200,038 | ||||
Common stock, shares forfeited | 800 | ||||
2012 Award Plan | Long-Term Incentive Program | |||||
Stockholders Equity Note Disclosure [Line Items] | |||||
Number of LTIP units issued | 647,908 | 720,322 | |||
Number of LTIP units forfeited | 170,695 | ||||
Distribution Reinvestment Plan | |||||
Stockholders Equity Note Disclosure [Line Items] | |||||
Common stock distributions reinvestment, shares | 246,300 | 228,316 | 219,046 | ||
Common stock price per share | $8.15 | $8.15 | |||
Common stock distributions reinvestment, amount | 2,000,000 | 1,900,000 | 2,000,000 | ||
Distribution Reinvestment Plan | Common Stock | |||||
Stockholders Equity Note Disclosure [Line Items] | |||||
Common stock, shares issued | 246,300 | ||||
Common stock distributions reinvestment, shares | 10,000,000 | ||||
Common stock distributions reinvestment, amount | 2,004,000 | 1,860,000 | 1,951,000 | ||
ELRM | |||||
Stockholders Equity Note Disclosure [Line Items] | |||||
Number of years operating partnership units are subject to vesting and cancellation | 5 years | ||||
401(k) Savings Plan | Other Postretirement Benefit Plan | |||||
Stockholders Equity Note Disclosure [Line Items] | |||||
Savings plan required service period | 2 months | ||||
Contributions per employee, percent (not less than) | 1.00% | ||||
Contributions per employee, percent (not more than) | 85.00% | ||||
Employer matching contribution of salary deferrals | 40.00% | ||||
Employer matching contribution percentage of eligible compensation | 5.00% | ||||
Employer contribution, amount | $140,000 | ||||
Company's matched portion, percentage vested and nonforfeitable | 100.00% |
Equity_Status_of_Nonvested_Sha
Equity - Status of Nonvested Shares of Restricted Common Stock (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Common Stock | ||
Restricted common stock, beginning balance (in shares) | 7,400 | 5,400 |
Granted (in shares) | 200,038 | 5,000 |
Vested (in shares) | -14,322 | -3,000 |
Forfeited (in shares) | -800 | |
Restricted common stock, ending balance (in shares) | 192,316 | 7,400 |
Weighted Average Grant Date Fair Value | ||
Weighted average grant date fair value, beginning balance (in dollars per share) | $9 | $10 |
Granted (in dollars per share) | $8.15 | $8.15 |
Vested (in dollars per share) | $8.15 | $8.15 |
Forfeited (in dollars per share) | $8.15 | |
Weighted average grant date fair value, ending balance (in dollars per share) | $8.18 | $9 |
NonControlling_Interests_Detai
Non-Controlling Interests (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Noncontrolling Interest [Line Items] | |||||||||||
Distributions paid on operating partnership units | $12,100,000 | $7,600,000 | |||||||||
Non-controlling interest partner | 26,731,000 | 3,896,000 | 26,731,000 | 3,896,000 | |||||||
Net loss attributable to non-controlling interest partner | -328,000 | -58,000 | -112,000 | 1,483,000 | 599,000 | 422,000 | 0 | 0 | 985,000 | 1,021,000 | 0 |
Percentage ownership by parent | 37.80% | 42.40% | 37.80% | 42.40% | |||||||
Percentage ownership by limited partners | 62.20% | 57.60% | 62.20% | 57.60% | |||||||
Redeemable Non-Controlling Interests in Operating Partnership | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Redemption holding period | 12 months | ||||||||||
Cash redemption per unit (in dollars per share) | $8.15 | ||||||||||
Partners' Capital Account, Units, Acquisitions | 41,446,746 | 33,450,957 | |||||||||
Operating partnership units, total consideration | 337,800,000 | 272,600,000 | |||||||||
Total redemption value | 337,800,000 | 337,800,000 | |||||||||
Consolidated Properties | Consolidated Joint Venture | Non - Controlling Interest | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Number of properties | 6 | 1 | 6 | 1 | |||||||
Distribution Reinvestment Plan | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Partners' capital account units issued in period | 29,968 | 35,738 | |||||||||
Distributions of operating partnership units reinvested | $244,200 | $300,000 | |||||||||
ELRM | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Partners' Capital Account, Units, Acquisitions | 31,087 | ||||||||||
Operating partnership units forfeited and cancelled | 58,965 | 58,965 | 58,965 | ||||||||
Landmark at Chesterfield, Landmark at Coventry Pointe, Landmark at Grand Oasis, and Landmark at Rosewood | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Partners' Capital Account, Units, Acquisitions | 1,252,245 | ||||||||||
Lake Village East, Lake Village North, Lake Village West, and Landmark at Laurel Heights | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Partners' Capital Account, Units, Acquisitions | 3,425,900 | ||||||||||
Landmark at Bella Vista — Duluth, GA | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Partners' Capital Account, Units, Acquisitions | 894,183 | ||||||||||
Landmark at Maple Glen | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Partners' Capital Account, Units, Acquisitions | 1,116,976 | ||||||||||
Andros Property | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Partners' Capital Account, Units, Acquisitions | 1,263,725 | ||||||||||
Restricted Limited Partnership Units | ELRM | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Partners' Capital Account, Units, Acquisitions | 40,670 |
Fair_Value_of_Derivatives_and_2
Fair Value of Derivatives and Financial Instruments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers between level 1, level 2 and level 3 | $0 | ||
Interest Rate Swap Agreement | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Number of interest rate swap agreements | 3 | ||
Interest Expense, net | Interest Rate Cap Agreement | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loss on interest rate agreement in interest expense | 384,000 | 142,000 | 55,000 |
Designated as Hedging Instrument | Interest Rate Swap Agreement | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Number of interest rate swap agreements | 2 | ||
Not Designated as Hedging Instrument | Interest Rate Swap Agreement | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Number of interest rate swap agreements | 1 | ||
Not Designated as Hedging Instrument | Interest Rate Cap Agreement | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Number of interest rate swap agreements | 4 | ||
Effective Cash Flow Hedge | Designated as Hedging Instrument | Interest Rate Swap Agreement | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Number of interest rate swap agreements | 2 | ||
Loss on interest rate agreement in interest expense | -244,000 | 0 | 0 |
Other Comprehensive Loss | Effective Cash Flow Hedge | Designated as Hedging Instrument | Interest Rate Swap Agreement | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gain (loss) on interest rate agreement in other comprehensive loss | ($825,000) | ($40,000) | ($310,000) |
Fair_Value_of_Derivatives_and_3
Fair Value of Derivatives and Financial Instruments - Summary of Derivative Arrangements and Consolidated Hedging Derivatives (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Not Designated as Hedging Instrument | Interest Rate Cap Agreement | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Notional balance | 77,585 | 102,065 | ||
Weighted average interest rate | 2.69% | [1] | 2.81% | [1] |
Weighted average capped interest rate | 4.13% | 3.68% | ||
Estimated fair value, asset/(liability) | 94 | 478 | ||
Not Designated as Hedging Instrument | Interest Rate Swap Agreement | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Notional balance | 58,815 | |||
Weighted average interest rate | 1.54% | [1] | ||
Estimated fair value, asset/(liability) | -1,112 | |||
Cash Flow Hedge | Designated as Hedging Instrument | Interest Rate Swap Agreement | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Notional balance | 32,100 | 32,100 | ||
Weighted average interest rate | 2.18% | [1] | 2.38% | [1] |
Estimated fair value, asset/(liability) | -1,175 | -350 | ||
Minimum | Not Designated as Hedging Instrument | Interest Rate Cap Agreement | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Maturity date | 31-Jul-17 | 31-Mar-15 | ||
Minimum | Not Designated as Hedging Instrument | Interest Rate Swap Agreement | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Maturity date | 30-Sep-16 | |||
Minimum | Cash Flow Hedge | Designated as Hedging Instrument | Interest Rate Swap Agreement | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Maturity date | 31-Jul-20 | 31-Jul-20 | ||
Maximum | Not Designated as Hedging Instrument | Interest Rate Cap Agreement | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Maturity date | 31-Jul-18 | 31-Jul-18 | ||
Maximum | Not Designated as Hedging Instrument | Interest Rate Swap Agreement | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Maturity date | 30-Sep-16 | |||
Maximum | Cash Flow Hedge | Designated as Hedging Instrument | Interest Rate Swap Agreement | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Maturity date | 31-Aug-20 | 31-Aug-20 | ||
[1] | For interest rate caps, this represents the weighted average interest rate on the debt. |
Fair_Value_of_Derivatives_and_4
Fair Value of Derivatives and Financial Instruments - Financial Instruments Measured at Fair Value on a Recurring Basis (Details) (USD $) | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 07, 2014 | Mar. 14, 2013 | Aug. 03, 2012 | |||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Mortgage loans payable, net | $0 | [1] | 0 | [1] | ||||
Unsecured notes payable to affiliates | 0 | [2] | 0 | [3] | ||||
Secured Credit Facility | 0 | [1] | ||||||
Line of Credit | 0 | [1] | 0 | [1] | ||||
Warrants | 0 | [4] | 0 | [4] | ||||
Liabilities at fair value | 0 | 0 | ||||||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Mortgage loans payable, net | 1,061,988 | [1] | 858,658 | [1] | ||||
Unsecured notes payable to affiliates | 0 | [2] | 0 | [3] | ||||
Secured Credit Facility | 159,207 | [1] | ||||||
Line of Credit | 3,903 | [1] | 145,247 | [1] | ||||
Warrants | 0 | [4] | 0 | [4] | ||||
Liabilities at fair value | 1,225,098 | 1,003,905 | ||||||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Mortgage loans payable, net | 0 | [1] | 0 | [1] | ||||
Unsecured notes payable to affiliates | 6,116 | [2] | 5,784 | [3] | ||||
Secured Credit Facility | 0 | [1] | ||||||
Line of Credit | 0 | [1] | 0 | [1] | ||||
Warrants | 663 | [4] | 1,789 | [4] | ||||
Liabilities at fair value | 11,079 | 22,703 | ||||||
Series D Preferred Stock | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Preferred stock derivative | 13,500 | |||||||
Preferred stock redemption percentage | 50.00% | 50.00% | ||||||
Series D Preferred Stock | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Preferred stock derivative | 0 | [5] | ||||||
Series D Preferred Stock | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Preferred stock derivative | 0 | [5] | ||||||
Series D Preferred Stock | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Preferred stock derivative | 11,100 | [5] | ||||||
Series E Preferred Stock | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Preferred stock derivative | 1,400 | [6] | 6,000 | [6] | ||||
Preferred stock redemption percentage | 50.00% | |||||||
Series E Preferred Stock | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Preferred stock derivative | 0 | [6] | ||||||
Series E Preferred Stock | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Preferred stock derivative | 0 | [6] | ||||||
Series E Preferred Stock | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Preferred stock derivative | 1,400 | [6] | ||||||
Fair Value Estimate | Fair Value, Measurements, Recurring | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Mortgage loans payable, net | 1,061,988 | [1] | 858,658 | [1] | ||||
Unsecured notes payable to affiliates | 6,116 | [2] | 5,784 | [3] | ||||
Secured Credit Facility | 159,207 | [1] | ||||||
Line of Credit | 3,903 | [1] | 145,247 | [1] | ||||
Warrants | 663 | [4] | 1,789 | [4] | ||||
Liabilities at fair value | 1,236,177 | 1,026,608 | ||||||
Fair Value Estimate | Series D Preferred Stock | Fair Value, Measurements, Recurring | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Preferred stock derivative | 11,100 | [5] | ||||||
Fair Value Estimate | Series E Preferred Stock | Fair Value, Measurements, Recurring | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Preferred stock derivative | 1,400 | [6] | ||||||
Carrying Value | Fair Value, Measurements, Recurring | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Mortgage loans payable, net | 1,021,683 | [1] | 838,434 | [1] | ||||
Unsecured notes payable to affiliates | 6,116 | [2] | 5,784 | [3] | ||||
Secured Credit Facility | 159,176 | [1] | ||||||
Line of Credit | 3,902 | [1] | 145,200 | [1] | ||||
Warrants | 663 | [4] | 1,789 | [4] | ||||
Liabilities at fair value | 1,195,840 | 1,006,337 | ||||||
Carrying Value | Series D Preferred Stock | Fair Value, Measurements, Recurring | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Preferred stock derivative | 11,100 | [5] | ||||||
Carrying Value | Series E Preferred Stock | Fair Value, Measurements, Recurring | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Preferred stock derivative | 1,400 | [6] | ||||||
ELRM | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Contingent consideration liability | 0 | 4,000 | 6,700 | |||||
ELRM | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Contingent consideration liability | 0 | [7] | ||||||
ELRM | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Contingent consideration liability | 0 | [7] | ||||||
ELRM | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Contingent consideration liability | 4,030 | [7] | ||||||
ELRM | Fair Value Estimate | Fair Value, Measurements, Recurring | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Contingent consideration liability | 4,030 | [7] | ||||||
ELRM | Carrying Value | Fair Value, Measurements, Recurring | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Contingent consideration liability | 4,030 | [7] | ||||||
Andros Property | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Contingent consideration liability | 2,900 | 4,000 | ||||||
Period of fair value assumption | 4 years | |||||||
Andros Property | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Contingent consideration liability | 0 | [8] | ||||||
Andros Property | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Contingent consideration liability | 0 | [8] | ||||||
Andros Property | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Contingent consideration liability | 2,900 | [8] | ||||||
Andros Property | Fair Value Estimate | Fair Value, Measurements, Recurring | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Contingent consideration liability | 2,900 | [8] | ||||||
Andros Property | Carrying Value | Fair Value, Measurements, Recurring | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Contingent consideration liability | $2,900 | [8] | ||||||
[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 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. | |||||||
[6] | The fair value of the Series E Preferred Stock derivative, which relates to the mandatory redemption of 50% of the Series E Preferred Stock outstanding as of the date of a triggering event as described in the Series E Preferred Stock agreements 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 E Preferred Stock, and the discount rate. | |||||||
[7] | 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. During the second quarter of 2014, management determined that the targeted cash flows would not be raised by a certain date which resulted in a complete write off of the acquisition contingent consideration. | |||||||
[8] | The fair value is based on management’s inputs and assumptions related primarily to certain net operating income over a four-year period for Landmark at Andros Isles. |
Fair_Value_of_Derivatives_and_5
Fair Value of Derivatives and Financial Instruments - Schedule of Fair Value of Level 3 Liabilities Measured on a Recurring Basis (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $16,919 | |||
Additions | 8,700 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Due to Liability Realized | -276 | |||
Changes in fair value | -20,380 | [1] | -3,642 | -315 |
Ending balance | 4,963 | 16,919 | ||
Other Comprehensive Loss | Warrants | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 1,789 | |||
Additions | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Due to Liability Realized | 0 | |||
Changes in fair value | -1,126 | [1] | ||
Ending balance | 663 | |||
ELRM | Contingent Consideration | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 4,030 | |||
Additions | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Due to Liability Realized | -276 | |||
Changes in fair value | -3,754 | [1] | ||
Ending balance | 0 | |||
Andros Property | Contingent Consideration | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 0 | |||
Additions | 2,700 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Due to Liability Realized | 0 | |||
Changes in fair value | 200 | [1] | ||
Ending balance | 2,900 | |||
Series D Preferred Stock | Other Comprehensive Loss | Preferred Stock Derivative | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 11,100 | |||
Additions | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Due to Liability Realized | 0 | |||
Changes in fair value | -11,100 | [1] | ||
Ending balance | 0 | |||
Series E Preferred Stock | Other Comprehensive Loss | Preferred Stock Derivative | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 0 | |||
Additions | 6,000 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Due to Liability Realized | 0 | |||
Changes in fair value | -4,600 | [1] | ||
Ending balance | $1,400 | |||
[1] | Reflected in change in fair value of preferred stock derivatives/warrants and acquisition contingent consideration on the consolidated statements of comprehensive operations for the year ended December 31, 2014. |
Business_Combinations_Addition
Business Combinations - Additional Information (Detail) (USD $) | 12 Months Ended | 10 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
contingent_consideration_event | ||||
Business Acquisition [Line Items] | ||||
Acquisition-related expense | $2,366,000 | $13,736,000 | $19,894,000 | |
Revenues | 267,315,000 | 256,765,000 | ||
Net loss | 52,565,000 | 42,202,000 | ||
Impairment of goodwill | 4,600,000 | 0 | ||
Number of contingent consideration events | 2 | |||
2014 Property Acquisitions | ||||
Business Acquisition [Line Items] | ||||
Number of properties | 14 | |||
Number of Units | 5,099,000 | |||
Consideration transferred | 406,839,000 | |||
Acquisition-related expense | 2,200,000 | |||
Revenues | 43,100,000 | |||
Net loss | 9,100,000 | |||
Number of contingent consideration events | 0 | |||
2013 Property Acquisitions | ||||
Business Acquisition [Line Items] | ||||
Purchase price accounting adjustment | 0 | |||
Consideration transferred | 805,100,000 | |||
Acquisition-related expense | 12,200,000 | |||
Revenues | 46,300,000 | |||
Net loss | -31,800,000 | |||
2012 Property Acquisitions | ||||
Business Acquisition [Line Items] | ||||
Purchase price accounting adjustment | 0 | |||
Consideration transferred | 432,800,000 | |||
Acquisition-related expense | 1,000,000 | |||
Revenues | 10,600,000 | |||
Net loss | -4,100,000 | |||
ELRM Acquisition | ||||
Business Acquisition [Line Items] | ||||
Acquisition-related expense | 175,000 | |||
Revenues | 4,000,000 | |||
Net loss | ($53,000) | |||
Consolidated Properties | 2014 Property Acquisitions | ||||
Business Acquisition [Line Items] | ||||
Number of properties | 14 | |||
Number of Units | 5,099 | |||
Consolidated Properties | 2013 Property Acquisitions | ||||
Business Acquisition [Line Items] | ||||
Number of properties | 38 | 38 | ||
Number of Units | 11,273 | 11,273 | ||
Parcel of undeveloped land | 1 | |||
Consolidated Properties | 2013 Property Acquisitions | Consolidated Joint Venture | ||||
Business Acquisition [Line Items] | ||||
Parcel of undeveloped land | 1 | |||
Consolidated Properties | 2012 Property Acquisitions | ||||
Business Acquisition [Line Items] | ||||
Number of properties | 16 | |||
Number of Units | 5,048 | |||
Parcel of undeveloped land | 1 | |||
Consolidated Properties | Non-Controlling Interest | Consolidated Joint Venture | ||||
Business Acquisition [Line Items] | ||||
Number of properties | 6 | 1 | 1 | |
Consolidated Properties | Non-Controlling Interest | 2014 Property Acquisitions | Consolidated Joint Venture | ||||
Business Acquisition [Line Items] | ||||
Number of properties | 5 |
Business_Combinations_Schedule
Business Combinations - Schedule of Assets Acquired and Liabilities Assumed (2014 Property Acquisitions) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition [Line Items] | |||
Net cash consideration | $130,870 | $368,455 | $62,074 |
2014 Property Acquisitions | |||
Business Acquisition [Line Items] | |||
Land | 65,919 | ||
Land improvements | 23,095 | ||
Building and improvements | 299,676 | ||
Furniture, fixtures and equipment | 7,139 | ||
In-place leases | 12,459 | ||
(Above)/below market leases | -1,254 | ||
Unsecured notes payable to affiliate | -181,118 | ||
Acquisition contingent consideration | -2,700 | ||
Other assets/liabilities, net | -873 | ||
Total | 222,343 | ||
Equity/limited partnership unit consideration | -91,473 | ||
Net cash consideration | $130,870 |
Business_Combinations_Schedule1
Business Combinations - Schedule of Assets Acquired and Liabilities Assumed (2013 Property Acquisitions) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition [Line Items] | |||
Net cash consideration | $130,870 | $368,455 | $62,074 |
2013 Property Acquisitions | |||
Business Acquisition [Line Items] | |||
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 | ||
Unsecured notes payable to affiliate | -321,438 | ||
Other assets/liabilities, net | -12,943 | ||
Total | 472,905 | ||
Equity/limited partnership unit consideration | -104,450 | ||
Net cash consideration | $368,455 |
Business_Combinations_Schedule2
Business Combinations - Schedule of Assets Acquired and Liabilities Assumed (2012 Property Acquisitions) (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 14, 2013 |
Business Acquisition [Line Items] | ||||
Net cash consideration | $130,870 | $368,455 | $62,074 | |
ELRM | ||||
Business Acquisition [Line Items] | ||||
Furniture, fixtures and equipment | 81 | |||
Unsecured notes payable to affiliate | -10,000 | |||
Net cash consideration | 0 | |||
2012 Property Acquisitions | ||||
Business Acquisition [Line Items] | ||||
Land | 57,412 | |||
Land improvements | 36,976 | |||
Building and improvements | 300,736 | |||
Furniture, fixtures and equipment | 5,082 | |||
In-place leases | 9,673 | |||
Unsecured notes payable to affiliate | -192,684 | |||
Other assets/liabilities, net | -712 | |||
Total | 216,483 | |||
Equity/limited partnership unit consideration | -154,409 | |||
Net cash consideration | $62,074 |
Business_Combinations_Schedule3
Business Combinations - Schedule of Assets Acquired and Liabilities Assumed (ELRM) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 14, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2014 | ||
contract | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | $4,579,000 | $4,579,000 | $9,679,000 | $9,679,000 | ||||||
Net cash consideration | 130,870,000 | 368,455,000 | 62,074,000 | |||||||
Impairment of goodwill | 4,600,000 | 0 | ||||||||
Increase (decrease) in goodwill | -481,000 | 2,900,000 | ||||||||
ELRM | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Furniture, fixtures and equipment | 81,000 | |||||||||
Other assets, net | 631,000 | |||||||||
Identified intangible assets, net | 21,070,000 | [1],[2] | ||||||||
Goodwill | 9,198,000 | [1],[3],[4] | ||||||||
Total purchase price | 30,980,000 | |||||||||
Accounts payable and accrued liabilities | -196,000 | |||||||||
Unsecured notes payable to affiliate | -10,000,000 | |||||||||
OP units | -9,839,000 | |||||||||
Acquisition contingent consideration | -6,734,000 | |||||||||
Deferred tax liability, net | -4,211,000 | |||||||||
Net cash consideration | 0 | |||||||||
Impairment of goodwill | 4,600,000 | |||||||||
Increase (decrease) in goodwill | -1,000,000 | 3,300,000 | ||||||||
Decrease to identified intangible assets, net | 3,300,000 | |||||||||
Decrease in deferred tax liability, net | $1,000,000 | |||||||||
Operating partnership units forfeited and cancelled | 58,965 | 58,965 | 58,965 | |||||||
Number of contracts terminated | 2 | |||||||||
[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. | |||||||||
[2] | Included in identified intangible assets, net on the consolidated balance sheets, as of December 31, 2014. | |||||||||
[3] | Included as goodwill on the consolidated balance sheets, as of December 31, 2014. Our annual impairment test date was December 31, 2014 and we determined that our goodwill was impaired by $4.6 million which was primarily due to the reduction of our third party property management business. Goodwill reflects the value of ELRM’s assembled work force and the deferred tax liability. | |||||||||
[4] | In the second quarter of 2014, we recorded a decrease to goodwill of $481,000 and a decrease to redeemable non-controlling interests in operating partnerships, which represents a correction of the original purchase price allocation due to an immaterial error. This correction resulted in the forfeiture of 58,965 OP units during the third quarter of 2014 in connection with two property management contracts being terminated in the second quarter of 2013. |
Business_Combinations_Proforma
Business Combinations - Proforma Financial Data (Unaudited) (Details) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ||
Revenues | $267,315 | $256,765 |
Net loss | -52,565 | -42,202 |
Net loss attributable to controlling interest | -20,225 | -20,268 |
Net loss per common share attributable to controlling interest — basic and diluted | ($0.80) | ($0.89) |
2014 Property Acquisitions | ||
Business Acquisition [Line Items] | ||
Number of properties | 14 | |
Revenues | 43,100 | |
Net loss | -9,100 | |
2013 Property Acquisitions | ||
Business Acquisition [Line Items] | ||
Revenues | 46,300 | |
Net loss | $31,800 | |
Consolidated Properties | 2014 Property Acquisitions | ||
Business Acquisition [Line Items] | ||
Number of properties | 14 | |
Consolidated Properties | 2013 Property Acquisitions | ||
Business Acquisition [Line Items] | ||
Number of properties | 38 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||
Income Tax Disclosure [Abstract] | |||||||||||||||
Percentage of distributions from taxable income required to qualify as a REIT for federal income tax purposes | 90.00% | ||||||||||||||
Income tax (expense)/benefit | $2,000 | ($388,000) | ($220,000) | $443,000 | $454,000 | [1] | ($41,000) | [1] | $286,000 | [1] | $2,833,000 | [1] | ($163,000) | $3,532,000 | $0 |
Valuation allowance | 1,093,000 | 0 | 1,093,000 | 0 | |||||||||||
Total net operating loss carry forward for federal income tax purposes | 6,100,000 | 6,100,000 | |||||||||||||
Components Of Deferred Tax Assets And Liabilities [Line Items] | |||||||||||||||
Net deferred tax liability | 0 | 435,000 | 0 | 435,000 | |||||||||||
Valuation Allowance | -1,094,000 | 2,728,000 | -2,174,000 | ||||||||||||
Security Deposits, Prepaid Rent and Other Liabilities | |||||||||||||||
Components Of Deferred Tax Assets And Liabilities [Line Items] | |||||||||||||||
Net deferred tax liability | 0 | 435,000 | 0 | 435,000 | |||||||||||
ELRM | |||||||||||||||
Components Of Deferred Tax Assets And Liabilities [Line Items] | |||||||||||||||
Valuation Allowance | $2,700,000 | ||||||||||||||
[1] | Amounts for the quarters ended March 31 and June 30, 2013, will not equal previously reported results due to reclassification between income from continuing operations and income from discontinued operations. |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Goodwill and intangibles | $1,575 | $1,730 |
Acquisition costs | 413 | 444 |
Net operating loss | 2,213 | 1,340 |
Other | 109 | 68 |
Total deferred tax assets | 4,310 | 3,582 |
Less valuation allowance | -1,093 | 0 |
Net deferred tax asset | 3,217 | 3,582 |
Deferred tax liabilities: | ||
ELRM intangibles | -2,691 | -3,587 |
Depreciation | -18 | -7 |
Prepaids | -472 | -423 |
Other | -36 | 0 |
Total deferred tax liabilities | -3,217 | -4,017 |
Net deferred tax liability | $0 | ($435) |
Income_Taxes_Schedule_of_Tax_E
Income Taxes - Schedule of Tax Expense (Benefit) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Income Tax Disclosure [Abstract] | |||||||||||||||
Loss from continuing operations | ($16,387) | ($12,950) | ($3,894) | ($33,344) | ($26,621) | [1] | ($28,338) | [1] | ($18,975) | [1] | ($9,065) | [1] | ($66,575) | ($82,999) | ($42,254) |
Tax effect at statutory rate | -23,301 | -29,050 | -14,789 | ||||||||||||
REIT and non-controlling interest income | 20,230 | 28,486 | 12,610 | ||||||||||||
Goodwill impairment | 1,751 | 0 | 0 | ||||||||||||
Valuation allowance | 1,094 | -2,728 | 2,174 | ||||||||||||
State taxes | 389 | -242 | 0 | ||||||||||||
Other | 0 | 2 | 5 | ||||||||||||
Total tax expense/(benefit) | ($2) | $388 | $220 | ($443) | ($454) | [1] | $41 | [1] | ($286) | [1] | ($2,833) | [1] | $163 | ($3,532) | $0 |
[1] | Amounts for the quarters ended March 31 and June 30, 2013, will not equal previously reported results due to reclassification between income from continuing operations and income from discontinued operations. |
Restructuring_and_Impairment_C1
Restructuring and Impairment Charges (Details) (USD $) | 12 Months Ended | 2 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 22, 2015 | |
employee | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Impairment of goodwill | $4,600,000 | $0 | ||
Legal fees | 0 | 0 | ||
Restructuring and Impairment Charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 8,000,000 | |||
Severance charges | 1,500,000 | |||
Extinguishment of preferred stock, write off of unamortized financing costs | 1,400,000 | |||
Legal fees | 500,000 | |||
Accounts Payable and Accrued Liabilities | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accrual for restructuring | 2,000,000 | |||
ELRM | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Impairment of goodwill | $4,600,000 | |||
Subsequent Event | Executive Officer | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Number of resigned executives | 3 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Unaudited) - Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Revenues | $68,198 | $66,195 | $65,296 | $62,519 | $53,020 | [1] | $44,415 | [1] | $34,097 | [1] | $25,457 | [1] | $262,208 | $156,989 | $69,404 | ||||
Expenses | -60,509 | [2],[3] | -53,171 | [2],[3] | -48,842 | [2],[3] | -70,047 | [2],[3] | -59,901 | [1],[2] | -56,913 | [1],[2] | -35,791 | [1],[2] | -27,256 | [1],[2] | -232,569 | -179,861 | -96,266 |
Loss/(income) from operations | 7,689 | 13,024 | 16,454 | -7,528 | -6,881 | [1] | -12,498 | [1] | -1,694 | [1] | -1,799 | [1] | |||||||
Other expense, net(2) | -24,076 | [2] | -25,974 | [2] | -20,348 | [2] | -25,816 | [2] | -19,740 | [1],[2] | -15,840 | [1],[2] | -17,281 | [1],[2] | -7,266 | [1],[2] | |||
Loss from continuing operations before income tax | -16,387 | -12,950 | -3,894 | -33,344 | -26,621 | [1] | -28,338 | [1] | -18,975 | [1] | -9,065 | [1] | -66,575 | -82,999 | -42,254 | ||||
Income tax benefit/(expense) | 2 | -388 | -220 | 443 | 454 | [1] | -41 | [1] | 286 | [1] | 2,833 | [1] | -163 | 3,532 | 0 | ||||
Loss from continuing operations | -16,385 | -13,338 | -4,114 | -32,901 | -26,167 | [1] | -28,379 | [1] | -18,689 | [1] | -6,232 | [1] | -66,738 | -79,467 | -42,254 | ||||
Income from discontinued operations | 0 | 0 | 0 | 0 | 15 | [1] | 3,471 | [1] | 218 | [1] | 6,851 | [1] | 0 | 10,555 | 659 | ||||
Net loss | -16,385 | -13,338 | -4,114 | -32,901 | -26,152 | -24,908 | -18,471 | 619 | -66,738 | -68,912 | -41,595 | ||||||||
Less: Net loss attributable to redeemable non-controlling interest in operating partnership | 10,332 | 8,308 | 2,665 | 19,149 | 13,803 | 12,640 | 9,137 | -295 | 40,454 | 35,285 | 6,735 | ||||||||
Net loss attributable to non-controlling interest partners | -328 | -58 | -112 | 1,483 | 599 | 422 | 0 | 0 | 985 | 1,021 | 0 | ||||||||
Net loss attributable to common stockholders | ($6,381) | ($5,088) | ($1,561) | ($12,269) | ($11,750) | ($11,846) | ($9,334) | $324 | ($25,299) | ($32,606) | ($34,860) | ||||||||
Earnings per weighted average common share — basic and diluted: | |||||||||||||||||||
Loss from continuing operations (in dollars per share) | ($0.25) | ($0.20) | ($0.06) | ($0.49) | ($0.49) | ($0.57) | ($0.43) | ($0.13) | ($1) | ($1.66) | ($1.75) | ||||||||
Income from discontinued operations (in dollars per share) | $0 | $0 | $0 | $0 | $0 | [1] | $0.07 | [1] | $0 | [1] | $0.15 | [1] | $0 | $0.22 | $0.03 | ||||
Net loss per common share attributable to common stockholders — basic and diluted (in dollars per share) | ($0.25) | ($0.20) | ($0.06) | ($0.49) | ($0.49) | ($0.50) | ($0.43) | $0.02 | ($1) | ($1.44) | ($1.72) | ||||||||
Weighted average number of common shares outstanding — basic and diluted (in shares) | 25,415,146 | 25,357,926 | 25,294,650 | 25,218,263 | 24,073,724 | 23,847,912 | 21,755,583 | 21,034,949 | 25,323,254 | 22,689,573 | 20,244,130 | ||||||||
[1] | Amounts for the quarters ended March 31 and June 30, 2013, will not equal previously reported results due to reclassification between income from continuing operations and income from discontinued operations. | ||||||||||||||||||
[2] | In the quarter ended December 31, 2014, we began reporting loss from unconsolidated entities in other expenses, net instead of expenses. Amounts for the quarters ended March 31, June 30 and September 30, 2014 and December 31, 2013, will not equal previously reported results due to the reclassification between other expenses, net and expenses. | ||||||||||||||||||
[3] | In the quarter ended December 31, 2014, we recorded restructuring and impairment changes in the amount of $8 million. |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 2 Months Ended | |||||
Jan. 23, 2015 | Mar. 05, 2015 | Feb. 11, 2015 | Dec. 31, 2014 | Jan. 22, 2015 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 09, 2015 | |
employee | Property | |||||||
Series D Preferred Stock | ||||||||
Subsequent Event [Line Items] | ||||||||
Preferred stock outstanding (in shares) | 20,976,300 | 20,976,300 | 0 | |||||
Series E Preferred Stock | ||||||||
Subsequent Event [Line Items] | ||||||||
Preferred stock outstanding (in shares) | 7,400,000 | 0 | 0 | |||||
Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Sale proceeds used for redemption | 5,900,000 | |||||||
Subsequent Event | Series D Preferred Stock | ||||||||
Subsequent Event [Line Items] | ||||||||
Preferred stock outstanding (in shares) | 20,586,252 | |||||||
Subsequent Event | Series E Preferred Stock | ||||||||
Subsequent Event [Line Items] | ||||||||
Preferred stock outstanding (in shares) | 7,262,400 | |||||||
Istar Apartment Holdings LLC and Bredsii Landmark LLC | Subsequent Event | Series D Preferred Stock | ||||||||
Subsequent Event [Line Items] | ||||||||
Preferred stock redeemed (in shares) | 390,048 | |||||||
Istar Apartment Holdings LLC and Bredsii Landmark LLC | Subsequent Event | Series E Preferred Stock | ||||||||
Subsequent Event [Line Items] | ||||||||
Preferred stock redeemed (in shares) | 137,600 | |||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Avondale by the Lakes | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of Units | 304 | |||||||
Purchase price | 20,200,000 | |||||||
Cash proceeds | 6,000,000 | |||||||
Secured Debt | Line of Credit | ||||||||
Subsequent Event [Line Items] | ||||||||
Revolving line of credit available | 6,100,000 | |||||||
Secured Debt | Line of Credit | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Additional borrowings | 6,000,000 | |||||||
Revolving line of credit available | $100,000 | |||||||
Management Support Services Agreement | ELRM | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of managed properties associated with termination of property management agreements | 11 | |||||||
Secured Debt | Secured Credit Facility | ||||||||
Subsequent Event [Line Items] | ||||||||
Credit Agreement, maturity date | 7-Mar-15 | |||||||
Executive Officer | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of resigned executives | 3 |
SCHEDULE_III_Real_Estate_Opera1
SCHEDULE III - Real Estate Operating Properties and Accumulated Depreciation 1 (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | $1,013,508 | ||||
Initial cost to company, land | 278,885 | ||||
Initial cost to company, building, improvements and fixtures | 1,551,922 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 44,996 | [1] | |||
Gross Amount at which carried at close of period, land | 278,885 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 1,596,918 | ||||
Gross amount at which carried at close of period, total | 1,875,803 | [2],[3] | 1,500,433 | 791,157 | 388,281 |
Accumulated depreciation | -148,298 | [3],[4] | -89,920 | -65,589 | -49,435 |
Date acquired | 4-Jun-14 | ||||
Corporate | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 0 | ||||
Initial cost to company, land | 0 | ||||
Initial cost to company, building, improvements and fixtures | 0 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 1,485 | [1] | |||
Gross Amount at which carried at close of period, land | 0 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 1,485 | ||||
Gross amount at which carried at close of period, total | 1,485 | [2],[3] | |||
Accumulated depreciation | -277 | [3],[4] | |||
Date acquired | 5-Nov-10 | ||||
Towne Crossing Apartments | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 13,280 | ||||
Initial cost to company, land | 2,041 | ||||
Initial cost to company, building, improvements and fixtures | 19,079 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 682 | [1] | |||
Gross Amount at which carried at close of period, land | 2,041 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 19,761 | ||||
Gross amount at which carried at close of period, total | 21,802 | [2],[3] | |||
Accumulated depreciation | -5,678 | [3],[4] | |||
Date of construction | 2004 | ||||
Date acquired | 29-Aug-07 | ||||
Villas of El Dorado | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 13,600 | ||||
Initial cost to company, land | 1,622 | ||||
Initial cost to company, building, improvements and fixtures | 16,741 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 850 | [1] | |||
Gross Amount at which carried at close of period, land | 1,622 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 17,591 | ||||
Gross amount at which carried at close of period, total | 19,213 | [2],[3] | |||
Accumulated depreciation | -5,058 | [3],[4] | |||
Date of construction | 2002 | ||||
Date acquired | 2-Nov-07 | ||||
Bella Ruscello Luxury Apartment Homes | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 12,434 | ||||
Initial cost to company, land | 1,620 | ||||
Initial cost to company, building, improvements and fixtures | 15,510 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 557 | [1] | |||
Gross Amount at which carried at close of period, land | 1,620 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 16,067 | ||||
Gross amount at which carried at close of period, total | 17,687 | [2],[3] | |||
Accumulated depreciation | -3,080 | [3],[4] | |||
Date of construction | 2008 | ||||
Date acquired | 24-Mar-10 | ||||
Mission Rock Ridge Apartments | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 13,393 | ||||
Initial cost to company, land | 2,201 | ||||
Initial cost to company, building, improvements and fixtures | 17,364 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 227 | [1] | |||
Gross Amount at which carried at close of period, land | 2,201 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 17,591 | ||||
Gross amount at which carried at close of period, total | 19,792 | [2],[3] | |||
Accumulated depreciation | -3,169 | [3],[4] | |||
Date of construction | 2003 | ||||
Date acquired | 30-Sep-10 | ||||
Landmark at Ridgewood Preserve | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 0 | ||||
Initial cost to company, land | 1,289 | ||||
Initial cost to company, building, improvements and fixtures | 6,449 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 142 | [1] | |||
Gross Amount at which carried at close of period, land | 1,289 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 6,591 | ||||
Gross amount at which carried at close of period, total | 7,880 | [2],[3] | |||
Accumulated depreciation | -710 | [3],[4] | |||
Date of construction | 1979 | ||||
Date acquired | 22-Oct-12 | ||||
Landmark at Heritage Fields | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 0 | ||||
Initial cost to company, land | 1,683 | ||||
Initial cost to company, building, improvements and fixtures | 9,734 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 204 | [1] | |||
Gross Amount at which carried at close of period, land | 1,683 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 9,938 | ||||
Gross amount at which carried at close of period, total | 11,621 | [2],[3] | |||
Accumulated depreciation | -984 | [3],[4] | |||
Date of construction | 1979 | ||||
Date acquired | 22-Oct-12 | ||||
Monterra Pointe | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 0 | ||||
Initial cost to company, land | 1,541 | ||||
Initial cost to company, building, improvements and fixtures | 10,225 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 200 | [1] | |||
Gross Amount at which carried at close of period, land | 1,541 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 10,425 | ||||
Gross amount at which carried at close of period, total | 11,966 | [2],[3] | |||
Accumulated depreciation | -713 | [3],[4] | |||
Date of construction | 1984 | ||||
Date acquired | 29-Mar-13 | ||||
Kensington Station | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 0 | ||||
Initial cost to company, land | 1,864 | ||||
Initial cost to company, building, improvements and fixtures | 12,946 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 164 | [1] | |||
Gross Amount at which carried at close of period, land | 1,864 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 13,110 | ||||
Gross amount at which carried at close of period, total | 14,974 | [2],[3] | |||
Accumulated depreciation | -816 | [3],[4] | |||
Date of construction | 1983 | ||||
Date acquired | 29-Mar-13 | ||||
Crestmont Reserve | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 0 | ||||
Initial cost to company, land | 2,274 | ||||
Initial cost to company, building, improvements and fixtures | 15,928 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 168 | [1] | |||
Gross Amount at which carried at close of period, land | 2,274 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 16,096 | ||||
Gross amount at which carried at close of period, total | 18,370 | [2],[3] | |||
Accumulated depreciation | -987 | [3],[4] | |||
Date of construction | 1989 | ||||
Date acquired | 29-Mar-13 | ||||
Palisades at Bear Creek | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 0 | ||||
Initial cost to company, land | 1,814 | ||||
Initial cost to company, building, improvements and fixtures | 6,069 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 102 | [1] | |||
Gross Amount at which carried at close of period, land | 1,814 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 6,171 | ||||
Gross amount at which carried at close of period, total | 7,985 | [2],[3] | |||
Accumulated depreciation | -455 | [3],[4] | |||
Date of construction | 1984 | ||||
Date acquired | 29-Mar-13 | ||||
Landmark at Gleneagles | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 25,985 | ||||
Initial cost to company, land | 7,249 | ||||
Initial cost to company, building, improvements and fixtures | 32,631 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 2,645 | [1] | |||
Gross Amount at which carried at close of period, land | 7,249 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 35,276 | ||||
Gross amount at which carried at close of period, total | 42,525 | [2],[3] | |||
Accumulated depreciation | -1,940 | [3],[4] | |||
Date of construction | 1986 | ||||
Date acquired | 23-Jul-13 | ||||
Landmark at Preston Wood | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 7,891 | ||||
Initial cost to company, land | 1,765 | ||||
Initial cost to company, building, improvements and fixtures | 10,132 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 956 | [1] | |||
Gross Amount at which carried at close of period, land | 1,765 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 11,088 | ||||
Gross amount at which carried at close of period, total | 12,853 | [2],[3] | |||
Accumulated depreciation | -551 | [3],[4] | |||
Date of construction | 1979 | ||||
Date acquired | 20-Sep-13 | ||||
Landmark at Collin Creek | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 0 | ||||
Initial cost to company, land | 4,439 | ||||
Initial cost to company, building, improvements and fixtures | 17,011 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 1,863 | [1] | |||
Gross Amount at which carried at close of period, land | 4,439 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 18,874 | ||||
Gross amount at which carried at close of period, total | 23,313 | [2],[3] | |||
Accumulated depreciation | -848 | [3],[4] | |||
Date of construction | 1988 | ||||
Date acquired | 9-Oct-13 | ||||
Landmark at Courtyard Villas | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 13,762 | ||||
Initial cost to company, land | 3,355 | ||||
Initial cost to company, building, improvements and fixtures | 16,744 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 1,149 | [1] | |||
Gross Amount at which carried at close of period, land | 3,355 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 17,893 | ||||
Gross amount at which carried at close of period, total | 21,248 | [2],[3] | |||
Accumulated depreciation | -826 | [3],[4] | |||
Date of construction | 1999 | ||||
Date acquired | 30-Oct-13 | ||||
Landmark at Sutherland Park | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 21,450 | ||||
Initial cost to company, land | 5,872 | ||||
Initial cost to company, building, improvements and fixtures | 25,210 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 1,907 | [1] | |||
Gross Amount at which carried at close of period, land | 5,872 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 27,117 | ||||
Gross amount at which carried at close of period, total | 32,989 | [2],[3] | |||
Accumulated depreciation | -1,198 | [3],[4] | |||
Date of construction | 1981 | ||||
Date acquired | 30-Oct-13 | ||||
Landmark at Rosewood | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 6,970 | ||||
Initial cost to company, land | 2,793 | ||||
Initial cost to company, building, improvements and fixtures | 9,637 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 53 | [1] | |||
Gross Amount at which carried at close of period, land | 2,793 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 9,690 | ||||
Gross amount at which carried at close of period, total | 12,483 | [2],[3] | |||
Accumulated depreciation | -355 | [3],[4] | |||
Date of construction | 1980 | ||||
Date acquired | 7-Jan-14 | ||||
Landmark at Spring Creek | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 8,650 | ||||
Initial cost to company, land | 2,609 | ||||
Initial cost to company, building, improvements and fixtures | 7,657 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 1,952 | [1] | |||
Gross Amount at which carried at close of period, land | 2,609 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 9,609 | ||||
Gross amount at which carried at close of period, total | 12,218 | [2],[3] | |||
Accumulated depreciation | -241 | [3],[4] | |||
Date of construction | 1984 | ||||
Landmark at Spring Creek | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Date acquired | 6-Feb-14 | ||||
Landmark at Spring Creek | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Date acquired | 6-Nov-14 | ||||
Landmark at Lake Village North | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 30,217 | ||||
Initial cost to company, land | 10,541 | ||||
Initial cost to company, building, improvements and fixtures | 46,855 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 293 | [1] | |||
Gross Amount at which carried at close of period, land | 10,541 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 47,148 | ||||
Gross amount at which carried at close of period, total | 57,689 | [2],[3] | |||
Accumulated depreciation | -1,574 | [3],[4] | |||
Date of construction | 1983 | ||||
Date acquired | 9-Jan-14 | ||||
Landmark at Lake Village East | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 9,081 | ||||
Initial cost to company, land | 3,496 | ||||
Initial cost to company, building, improvements and fixtures | 14,610 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 258 | [1] | |||
Gross Amount at which carried at close of period, land | 3,496 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 14,868 | ||||
Gross amount at which carried at close of period, total | 18,364 | [2],[3] | |||
Accumulated depreciation | -529 | [3],[4] | |||
Date of construction | 1983 | ||||
Date acquired | 9-Jan-14 | ||||
Landmark at Lake Village West | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 12,992 | ||||
Initial cost to company, land | 5,543 | ||||
Initial cost to company, building, improvements and fixtures | 13,361 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 136 | [1] | |||
Gross Amount at which carried at close of period, land | 5,543 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 13,497 | ||||
Gross amount at which carried at close of period, total | 19,040 | [2],[3] | |||
Accumulated depreciation | -517 | [3],[4] | |||
Date of construction | 1983 | ||||
Date acquired | 9-Jan-14 | ||||
Landmark at Laurel Heights | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 14,026 | ||||
Initial cost to company, land | 3,679 | ||||
Initial cost to company, building, improvements and fixtures | 16,544 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 83 | [1] | |||
Gross Amount at which carried at close of period, land | 3,679 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 16,627 | ||||
Gross amount at which carried at close of period, total | 20,306 | [2],[3] | |||
Accumulated depreciation | -633 | [3],[4] | |||
Date of construction | 1983 | ||||
Date acquired | 9-Jan-14 | ||||
Dallas, TX | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 203,731 | ||||
Initial cost to company, land | 69,290 | ||||
Initial cost to company, building, improvements and fixtures | 340,437 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 14,591 | [1] | |||
Gross Amount at which carried at close of period, land | 69,290 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 355,028 | ||||
Gross amount at which carried at close of period, total | 424,318 | [2],[3] | |||
Accumulated depreciation | -30,862 | [3],[4] | |||
Milana Reserve Apartments | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 10,012 | ||||
Initial cost to company, land | 3,605 | ||||
Initial cost to company, building, improvements and fixtures | 14,828 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 285 | [1] | |||
Gross Amount at which carried at close of period, land | 3,605 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 15,113 | ||||
Gross amount at which carried at close of period, total | 18,718 | [2],[3] | |||
Accumulated depreciation | -1,291 | [3],[4] | |||
Date of construction | 1985 | ||||
Date acquired | 1-Oct-12 | ||||
Landmark at Grand Palms | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 20,222 | ||||
Initial cost to company, land | 10,985 | ||||
Initial cost to company, building, improvements and fixtures | 30,309 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 376 | [1] | |||
Gross Amount at which carried at close of period, land | 10,985 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 30,685 | ||||
Gross amount at which carried at close of period, total | 41,670 | [2],[3] | |||
Accumulated depreciation | -2,928 | [3],[4] | |||
Date of construction | 1988 | ||||
Date acquired | 31-Oct-12 | ||||
Courtyards on the River | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 11,510 | ||||
Initial cost to company, land | 2,607 | ||||
Initial cost to company, building, improvements and fixtures | 12,356 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 595 | [1] | |||
Gross Amount at which carried at close of period, land | 2,607 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 12,951 | ||||
Gross amount at which carried at close of period, total | 15,558 | [2],[3] | |||
Accumulated depreciation | -961 | [3],[4] | |||
Date of construction | 1972 | ||||
Date acquired | 1-Jul-13 | ||||
Avondale by the Lakes | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 11,665 | ||||
Initial cost to company, land | 3,298 | ||||
Initial cost to company, building, improvements and fixtures | 14,298 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 389 | [1] | |||
Gross Amount at which carried at close of period, land | 3,298 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 14,687 | ||||
Gross amount at which carried at close of period, total | 17,985 | [2],[3] | |||
Accumulated depreciation | -847 | [3],[4] | |||
Date of construction | 1973 | ||||
Date acquired | 25-Jul-13 | ||||
Landmark at Savoy Square | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 6,733 | ||||
Initial cost to company, land | 1,797 | ||||
Initial cost to company, building, improvements and fixtures | 7,769 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 201 | [1] | |||
Gross Amount at which carried at close of period, land | 1,797 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 7,970 | ||||
Gross amount at which carried at close of period, total | 9,767 | [2],[3] | |||
Accumulated depreciation | -457 | [3],[4] | |||
Date of construction | 1970 | ||||
Date acquired | 16-Aug-13 | ||||
Landmark at Grayson Park | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 15,430 | ||||
Initial cost to company, land | 4,802 | ||||
Initial cost to company, building, improvements and fixtures | 25,424 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 193 | [1] | |||
Gross Amount at which carried at close of period, land | 4,802 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 25,617 | ||||
Gross amount at which carried at close of period, total | 30,419 | [2],[3] | |||
Accumulated depreciation | -1,508 | [3],[4] | |||
Date of construction | 1988 | ||||
Date acquired | 3-Oct-13 | ||||
Landmark at Avery Place | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 9,077 | ||||
Initial cost to company, land | 3,257 | ||||
Initial cost to company, building, improvements and fixtures | 14,362 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 119 | [1] | |||
Gross Amount at which carried at close of period, land | 3,257 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 14,481 | ||||
Gross amount at which carried at close of period, total | 17,738 | [2],[3] | |||
Accumulated depreciation | -670 | [3],[4] | |||
Date of construction | 1981 | ||||
Date acquired | 26-Nov-13 | ||||
Tampa, FL | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 84,649 | ||||
Initial cost to company, land | 30,351 | ||||
Initial cost to company, building, improvements and fixtures | 119,346 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 2,158 | [1] | |||
Gross Amount at which carried at close of period, land | 30,351 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 121,504 | ||||
Gross amount at which carried at close of period, total | 151,855 | [2],[3] | |||
Accumulated depreciation | -8,662 | [3],[4] | |||
Residences at Braemar | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 8,415 | ||||
Initial cost to company, land | 1,564 | ||||
Initial cost to company, building, improvements and fixtures | 13,718 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 336 | [1] | |||
Gross Amount at which carried at close of period, land | 1,564 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 14,054 | ||||
Gross amount at which carried at close of period, total | 15,618 | [2],[3] | |||
Accumulated depreciation | -4,054 | [3],[4] | |||
Date of construction | 2005 | ||||
Date acquired | 29-Jun-07 | ||||
Landmark at Brighton Colony | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 24,230 | ||||
Initial cost to company, land | 2,869 | ||||
Initial cost to company, building, improvements and fixtures | 26,128 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 102 | [1] | |||
Gross Amount at which carried at close of period, land | 2,869 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 26,230 | ||||
Gross amount at which carried at close of period, total | 29,099 | [2],[3] | |||
Accumulated depreciation | -1,528 | [3],[4] | |||
Date acquired | 28-Feb-13 | ||||
Landmark at Brighton Colony | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Date of construction | 2008 | ||||
Landmark at Brighton Colony | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Date of construction | 2012 | ||||
Landmark at Greenbrooke Commons | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 24,732 | ||||
Initial cost to company, land | 3,824 | ||||
Initial cost to company, building, improvements and fixtures | 28,529 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 122 | [1] | |||
Gross Amount at which carried at close of period, land | 3,824 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 28,651 | ||||
Gross amount at which carried at close of period, total | 32,475 | [2],[3] | |||
Accumulated depreciation | -1,630 | [3],[4] | |||
Date acquired | 28-Feb-13 | ||||
Landmark at Greenbrooke Commons | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Date of construction | 2005 | ||||
Landmark at Greenbrooke Commons | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Date of construction | 2008 | ||||
Landmark at Mallard Creek | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 13,883 | ||||
Initial cost to company, land | 2,591 | ||||
Initial cost to company, building, improvements and fixtures | 16,120 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 1,095 | [1] | |||
Gross Amount at which carried at close of period, land | 2,591 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 17,215 | ||||
Gross amount at which carried at close of period, total | 19,806 | [2],[3] | |||
Accumulated depreciation | -1,161 | [3],[4] | |||
Date of construction | 1999 | ||||
Date acquired | 28-Mar-13 | ||||
Victoria Park | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 0 | ||||
Initial cost to company, land | 4,730 | ||||
Initial cost to company, building, improvements and fixtures | 14,612 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 262 | [1] | |||
Gross Amount at which carried at close of period, land | 4,730 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 14,874 | ||||
Gross amount at which carried at close of period, total | 19,604 | [2],[3] | |||
Accumulated depreciation | -1,064 | [3],[4] | |||
Date of construction | 1990 | ||||
Date acquired | 30-Apr-13 | ||||
Landmark at Monaco Gardens | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 14,600 | ||||
Initial cost to company, land | 2,963 | ||||
Initial cost to company, building, improvements and fixtures | 17,917 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 1,168 | [1] | |||
Gross Amount at which carried at close of period, land | 2,963 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 19,085 | ||||
Gross amount at which carried at close of period, total | 22,048 | [2],[3] | |||
Accumulated depreciation | -1,311 | [3],[4] | |||
Date of construction | 1990 | ||||
Date acquired | 28-Jun-13 | ||||
Grand Terraces | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 0 | ||||
Initial cost to company, land | 2,130 | ||||
Initial cost to company, building, improvements and fixtures | 12,934 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 119 | [1] | |||
Gross Amount at which carried at close of period, land | 2,130 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 13,053 | ||||
Gross amount at which carried at close of period, total | 15,183 | [2],[3] | |||
Accumulated depreciation | -775 | [3],[4] | |||
Date acquired | 1-Jul-13 | ||||
Grand Terraces | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Date of construction | 1999 | ||||
Grand Terraces | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Date of construction | 2002 | ||||
Stanford Reserve | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 11,252 | ||||
Initial cost to company, land | 2,546 | ||||
Initial cost to company, building, improvements and fixtures | 11,541 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 1,018 | [1] | |||
Gross Amount at which carried at close of period, land | 2,546 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 12,559 | ||||
Gross amount at which carried at close of period, total | 15,105 | [2],[3] | |||
Accumulated depreciation | -844 | [3],[4] | |||
Date of construction | 1984 | ||||
Date acquired | 1-Jul-13 | ||||
Landmark at Chesterfield | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 10,563 | ||||
Initial cost to company, land | 3,533 | ||||
Initial cost to company, building, improvements and fixtures | 15,070 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 76 | [1] | |||
Gross Amount at which carried at close of period, land | 3,533 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 15,146 | ||||
Gross amount at which carried at close of period, total | 18,679 | [2],[3] | |||
Accumulated depreciation | -598 | [3],[4] | |||
Date of construction | 1984 | ||||
Date acquired | 7-Jan-14 | ||||
Charlotte, NC | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 107,675 | ||||
Initial cost to company, land | 26,750 | ||||
Initial cost to company, building, improvements and fixtures | 156,569 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 4,298 | [1] | |||
Gross Amount at which carried at close of period, land | 26,750 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 160,867 | ||||
Gross amount at which carried at close of period, total | 187,617 | [2],[3] | |||
Accumulated depreciation | -12,965 | [3],[4] | |||
Creekside Crossing | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 17,000 | ||||
Initial cost to company, land | 5,233 | ||||
Initial cost to company, building, improvements and fixtures | 20,699 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 342 | [1] | |||
Gross Amount at which carried at close of period, land | 5,233 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 21,041 | ||||
Gross amount at which carried at close of period, total | 26,274 | [2],[3] | |||
Accumulated depreciation | -5,108 | [3],[4] | |||
Date of construction | 2003 | ||||
Date acquired | 26-Jun-08 | ||||
Kedron Village | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 0 | ||||
Initial cost to company, land | 4,057 | ||||
Initial cost to company, building, improvements and fixtures | 26,144 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 510 | [1] | |||
Gross Amount at which carried at close of period, land | 4,057 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 26,654 | ||||
Gross amount at which carried at close of period, total | 30,711 | [2],[3] | |||
Accumulated depreciation | -7,195 | [3],[4] | |||
Date of construction | 2001 | ||||
Date acquired | 27-Jun-08 | ||||
Landmark at Creekside Grand | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 26,634 | ||||
Initial cost to company, land | 4,127 | ||||
Initial cost to company, building, improvements and fixtures | 48,455 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 267 | [1] | |||
Gross Amount at which carried at close of period, land | 4,127 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 48,722 | ||||
Gross amount at which carried at close of period, total | 52,849 | [2],[3] | |||
Accumulated depreciation | -4,036 | [3],[4] | |||
Date of construction | 2005 | ||||
Date acquired | 4-Oct-12 | ||||
Parkway Grand | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 19,097 | ||||
Initial cost to company, land | 6,142 | ||||
Initial cost to company, building, improvements and fixtures | 22,803 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 234 | [1] | |||
Gross Amount at which carried at close of period, land | 6,142 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 23,037 | ||||
Gross amount at which carried at close of period, total | 29,179 | [2],[3] | |||
Accumulated depreciation | -1,962 | [3],[4] | |||
Date of construction | 2002 | ||||
Date acquired | 8-Nov-12 | ||||
Landmark at Grand Oasis | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 28,120 | ||||
Initial cost to company, land | 6,465 | ||||
Initial cost to company, building, improvements and fixtures | 40,254 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 110 | [1] | |||
Gross Amount at which carried at close of period, land | 6,465 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 40,364 | ||||
Gross amount at which carried at close of period, total | 46,829 | [2],[3] | |||
Accumulated depreciation | -1,378 | [3],[4] | |||
Date of construction | 1997 | ||||
Date acquired | 7-Jan-14 | ||||
Landmark at Coventry Pointe | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 16,454 | ||||
Initial cost to company, land | 3,801 | ||||
Initial cost to company, building, improvements and fixtures | 23,691 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 130 | [1] | |||
Gross Amount at which carried at close of period, land | 3,801 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 23,821 | ||||
Gross amount at which carried at close of period, total | 27,622 | [2],[3] | |||
Accumulated depreciation | -804 | [3],[4] | |||
Date of construction | 2002 | ||||
Date acquired | 7-Jan-14 | ||||
Landmark at Bella Vista — Duluth, GA | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 0 | ||||
Initial cost to company, land | 6,556 | ||||
Initial cost to company, building, improvements and fixtures | 23,752 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 318 | [1] | |||
Gross Amount at which carried at close of period, land | 6,556 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 24,070 | ||||
Gross amount at which carried at close of period, total | 30,626 | [2],[3] | |||
Accumulated depreciation | -811 | [3],[4] | |||
Date of construction | 1985 | ||||
Date acquired | 15-Jan-14 | ||||
Atlanta, GA | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 107,305 | ||||
Initial cost to company, land | 36,381 | ||||
Initial cost to company, building, improvements and fixtures | 205,798 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 1,911 | [1] | |||
Gross Amount at which carried at close of period, land | 36,381 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 207,709 | ||||
Gross amount at which carried at close of period, total | 244,090 | [2],[3] | |||
Accumulated depreciation | -21,294 | [3],[4] | |||
Landmark at Magnolia Glen | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 34,744 | ||||
Initial cost to company, land | 1,351 | ||||
Initial cost to company, building, improvements and fixtures | 70,442 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 1,170 | [1] | |||
Gross Amount at which carried at close of period, land | 1,351 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 71,612 | ||||
Gross amount at which carried at close of period, total | 72,963 | [2],[3] | |||
Accumulated depreciation | -7,016 | [3],[4] | |||
Date of construction | 1996 | ||||
Date acquired | 19-Oct-12 | ||||
Landmark at Lancaster Place (5) | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 10,344 | [5] | |||
Initial cost to company, land | 538 | [5] | |||
Initial cost to company, building, improvements and fixtures | 16,315 | [5] | |||
Initial cost to company, cost to capitalized subsequent to acquisition | 81 | [1],[5] | |||
Gross Amount at which carried at close of period, land | 538 | [5] | |||
Gross amount at which carried at close of period, building, improvements and fixtures | 16,396 | [5] | |||
Gross amount at which carried at close of period, total | 16,934 | [2],[3],[5] | |||
Accumulated depreciation | -699 | [3],[4],[5] | |||
Date of construction | 2006 | [5] | |||
Date acquired | 16-Oct-13 | [5] | |||
Landmark at Deerfield Glen | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 13,101 | ||||
Initial cost to company, land | 2,564 | ||||
Initial cost to company, building, improvements and fixtures | 18,903 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 222 | [1] | |||
Gross Amount at which carried at close of period, land | 2,564 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 19,125 | ||||
Gross amount at which carried at close of period, total | 21,689 | [2],[3] | |||
Accumulated depreciation | -862 | [3],[4] | |||
Date of construction | 1972 | ||||
Date acquired | 26-Nov-13 | ||||
Birmingham, AL | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 58,189 | ||||
Initial cost to company, land | 4,453 | ||||
Initial cost to company, building, improvements and fixtures | 105,660 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 1,473 | [1] | |||
Gross Amount at which carried at close of period, land | 4,453 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 107,133 | ||||
Gross amount at which carried at close of period, total | 111,586 | [2],[3] | |||
Accumulated depreciation | -8,577 | [3],[4] | |||
Arboleda Apartments | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 16,353 | ||||
Initial cost to company, land | 4,051 | ||||
Initial cost to company, building, improvements and fixtures | 25,928 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 387 | [1] | |||
Gross Amount at which carried at close of period, land | 4,051 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 26,315 | ||||
Gross amount at which carried at close of period, total | 30,366 | [2],[3] | |||
Accumulated depreciation | -6,019 | [3],[4] | |||
Date of construction | 2007 | ||||
Date acquired | 31-Mar-08 | ||||
Landmark at Barton Creek | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 25,447 | ||||
Initial cost to company, land | 10,201 | ||||
Initial cost to company, building, improvements and fixtures | 25,718 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 25 | [1] | |||
Gross Amount at which carried at close of period, land | 10,201 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 25,743 | ||||
Gross amount at which carried at close of period, total | 35,944 | [2],[3] | |||
Accumulated depreciation | -1,667 | [3],[4] | |||
Date of construction | 1980 | ||||
Date acquired | 28-Jun-13 | ||||
Landmark at Prescott Woods | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 14,797 | ||||
Initial cost to company, land | 7,449 | ||||
Initial cost to company, building, improvements and fixtures | 15,828 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 1,324 | [1] | |||
Gross Amount at which carried at close of period, land | 7,449 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 17,152 | ||||
Gross amount at which carried at close of period, total | 24,601 | [2],[3] | |||
Accumulated depreciation | -909 | [3],[4] | |||
Date of construction | 1986 | ||||
Date acquired | 23-Jul-13 | ||||
Austin, TX | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 56,597 | ||||
Initial cost to company, land | 21,701 | ||||
Initial cost to company, building, improvements and fixtures | 67,474 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 1,736 | [1] | |||
Gross Amount at which carried at close of period, land | 21,701 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 69,210 | ||||
Gross amount at which carried at close of period, total | 90,911 | [2],[3] | |||
Accumulated depreciation | -8,595 | [3],[4] | |||
Esplanade Apartments | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 8,687 | ||||
Initial cost to company, land | 1,079 | ||||
Initial cost to company, building, improvements and fixtures | 14,566 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 368 | [1] | |||
Gross Amount at which carried at close of period, land | 1,079 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 14,934 | ||||
Gross amount at which carried at close of period, total | 16,013 | [2],[3] | |||
Accumulated depreciation | -1,312 | [3],[4] | |||
Date of construction | 2008 | ||||
Date acquired | 14-Sep-12 | ||||
Landmark at Stafford Landing | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 26,100 | ||||
Initial cost to company, land | 5,971 | ||||
Initial cost to company, building, improvements and fixtures | 25,883 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 2,254 | [1] | |||
Gross Amount at which carried at close of period, land | 5,971 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 28,137 | ||||
Gross amount at which carried at close of period, total | 34,108 | [2],[3] | |||
Accumulated depreciation | -1,352 | [3],[4] | |||
Date acquired | 31-Jul-13 | ||||
Landmark at Stafford Landing | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Date of construction | 1997 | ||||
Landmark at Stafford Landing | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Date of construction | 1999 | ||||
Landmark at Woodland Trace | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 14,504 | ||||
Initial cost to company, land | 3,009 | ||||
Initial cost to company, building, improvements and fixtures | 20,889 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 173 | [1] | |||
Gross Amount at which carried at close of period, land | 3,009 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 21,062 | ||||
Gross amount at which carried at close of period, total | 24,071 | [2],[3] | |||
Accumulated depreciation | -1,130 | [3],[4] | |||
Date acquired | 3-Oct-13 | ||||
Landmark at Woodland Trace | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Date of construction | 1988 | ||||
Landmark at Woodland Trace | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Date of construction | 2005 | ||||
Landmark at West Place | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 24,584 | ||||
Initial cost to company, land | 5,626 | ||||
Initial cost to company, building, improvements and fixtures | 31,567 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 80 | [1] | |||
Gross Amount at which carried at close of period, land | 5,626 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 31,647 | ||||
Gross amount at which carried at close of period, total | 37,273 | [2],[3] | |||
Accumulated depreciation | -307 | [3],[4] | |||
Date of construction | 2002 | ||||
Date acquired | 4-Sep-14 | ||||
Orlando, FL | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 73,875 | ||||
Initial cost to company, land | 15,685 | ||||
Initial cost to company, building, improvements and fixtures | 92,905 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 2,875 | [1] | |||
Gross Amount at which carried at close of period, land | 15,685 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 95,780 | ||||
Gross amount at which carried at close of period, total | 111,465 | [2],[3] | |||
Accumulated depreciation | -4,101 | [3],[4] | |||
Landmark at Wynton Pointe | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 19,233 | ||||
Initial cost to company, land | 5,653 | ||||
Initial cost to company, building, improvements and fixtures | 25,654 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 1,572 | [1] | |||
Gross Amount at which carried at close of period, land | 5,653 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 27,226 | ||||
Gross amount at which carried at close of period, total | 32,879 | [2],[3] | |||
Accumulated depreciation | -1,343 | [3],[4] | |||
Date of construction | 1989 | ||||
Date acquired | 23-Jul-13 | ||||
Landmark at Glenview Reserve | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 14,010 | ||||
Initial cost to company, land | 2,856 | ||||
Initial cost to company, building, improvements and fixtures | 17,828 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 2,290 | [1] | |||
Gross Amount at which carried at close of period, land | 2,856 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 20,118 | ||||
Gross amount at which carried at close of period, total | 22,974 | [2],[3] | |||
Accumulated depreciation | -855 | [3],[4] | |||
Date acquired | 9-Sep-13 | ||||
Landmark at Glenview Reserve | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Date of construction | 1988 | ||||
Landmark at Glenview Reserve | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Date of construction | 1989 | ||||
Landmark at Lyncrest Reserve | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 14,230 | ||||
Initial cost to company, land | 3,680 | ||||
Initial cost to company, building, improvements and fixtures | 16,922 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 1,280 | [1] | |||
Gross Amount at which carried at close of period, land | 3,680 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 18,202 | ||||
Gross amount at which carried at close of period, total | 21,882 | [2],[3] | |||
Accumulated depreciation | -790 | [3],[4] | |||
Date acquired | 20-Sep-13 | ||||
Landmark at Lyncrest Reserve | Minimum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Date of construction | 1984 | ||||
Landmark at Lyncrest Reserve | Maximum | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Date of construction | 1985 | ||||
Nashville, TN | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 47,473 | ||||
Initial cost to company, land | 12,189 | ||||
Initial cost to company, building, improvements and fixtures | 60,404 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 5,142 | [1] | |||
Gross Amount at which carried at close of period, land | 12,189 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 65,546 | ||||
Gross amount at which carried at close of period, total | 77,735 | [2],[3] | |||
Accumulated depreciation | -2,988 | [3],[4] | |||
Lexington on the Green | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 17,917 | ||||
Initial cost to company, land | 3,418 | ||||
Initial cost to company, building, improvements and fixtures | 18,385 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 893 | [1] | |||
Gross Amount at which carried at close of period, land | 3,418 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 19,278 | ||||
Gross amount at which carried at close of period, total | 22,696 | [2],[3] | |||
Accumulated depreciation | -1,237 | [3],[4] | |||
Date of construction | 1979 | ||||
Date acquired | 3-Jul-13 | ||||
Caveness Farms | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 21,606 | ||||
Initial cost to company, land | 2,896 | ||||
Initial cost to company, building, improvements and fixtures | 22,386 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 127 | [1] | |||
Gross Amount at which carried at close of period, land | 2,896 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 22,513 | ||||
Gross amount at which carried at close of period, total | 25,409 | [2],[3] | |||
Accumulated depreciation | -1,397 | [3],[4] | |||
Date of construction | 1998 | ||||
Date acquired | 3-Jul-13 | ||||
Grand Arbor Reserve | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 16,645 | ||||
Initial cost to company, land | 3,036 | ||||
Initial cost to company, building, improvements and fixtures | 18,061 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 246 | [1] | |||
Gross Amount at which carried at close of period, land | 3,036 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 18,307 | ||||
Gross amount at which carried at close of period, total | 21,343 | [2],[3] | |||
Accumulated depreciation | -979 | [3],[4] | |||
Date of construction | 1968 | ||||
Date acquired | 20-Aug-13 | ||||
Raleigh, NC | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 56,168 | ||||
Initial cost to company, land | 9,350 | ||||
Initial cost to company, building, improvements and fixtures | 58,832 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 1,266 | [1] | |||
Gross Amount at which carried at close of period, land | 9,350 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 60,098 | ||||
Gross amount at which carried at close of period, total | 69,448 | [2],[3] | |||
Accumulated depreciation | -3,613 | [3],[4] | |||
Walker Ranch Apartment Homes | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 20,000 | ||||
Initial cost to company, land | 3,025 | ||||
Initial cost to company, building, improvements and fixtures | 28,273 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 436 | [1] | |||
Gross Amount at which carried at close of period, land | 3,025 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 28,709 | ||||
Gross amount at which carried at close of period, total | 31,734 | [2],[3] | |||
Accumulated depreciation | -8,740 | [3],[4] | |||
Date of construction | 2004 | ||||
Date acquired | 31-Oct-06 | ||||
Hidden Lake Apartment Homes | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 19,218 | ||||
Initial cost to company, land | 3,031 | ||||
Initial cost to company, building, improvements and fixtures | 29,540 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 825 | [1] | |||
Gross Amount at which carried at close of period, land | 3,031 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 30,365 | ||||
Gross amount at which carried at close of period, total | 33,396 | [2],[3] | |||
Accumulated depreciation | -7,552 | [3],[4] | |||
Date of construction | 2004 | ||||
Date acquired | 28-Dec-06 | ||||
San Antonio, TX | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 39,218 | ||||
Initial cost to company, land | 6,056 | ||||
Initial cost to company, building, improvements and fixtures | 57,813 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 1,261 | [1] | |||
Gross Amount at which carried at close of period, land | 6,056 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 59,074 | ||||
Gross amount at which carried at close of period, total | 65,130 | [2],[3] | |||
Accumulated depreciation | -16,292 | [3],[4] | |||
Grand Isles at Baymeadows | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 0 | ||||
Initial cost to company, land | 6,189 | ||||
Initial cost to company, building, improvements and fixtures | 25,407 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 171 | [1] | |||
Gross Amount at which carried at close of period, land | 6,189 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 25,578 | ||||
Gross amount at which carried at close of period, total | 31,767 | [2],[3] | |||
Accumulated depreciation | -2,190 | [3],[4] | |||
Date of construction | 1988 | ||||
Date acquired | 8-Nov-12 | ||||
Fountain Oaks | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 5,780 | ||||
Initial cost to company, land | 803 | ||||
Initial cost to company, building, improvements and fixtures | 5,754 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 582 | [1] | |||
Gross Amount at which carried at close of period, land | 803 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 6,336 | ||||
Gross amount at which carried at close of period, total | 7,139 | [2],[3] | |||
Accumulated depreciation | -538 | [3],[4] | |||
Date of construction | 1987 | ||||
Date acquired | 1-Jul-13 | ||||
Landmark at Maple Glen | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 14,195 | ||||
Initial cost to company, land | 3,689 | ||||
Initial cost to company, building, improvements and fixtures | 27,888 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 116 | [1] | |||
Gross Amount at which carried at close of period, land | 3,689 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 28,004 | ||||
Gross amount at which carried at close of period, total | 31,693 | [2],[3] | |||
Accumulated depreciation | -1,017 | [3],[4] | |||
Date of construction | 1988 | ||||
Date acquired | 15-Jan-14 | ||||
Jacksonville, FL | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 19,975 | ||||
Initial cost to company, land | 10,681 | ||||
Initial cost to company, building, improvements and fixtures | 59,049 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 869 | [1] | |||
Gross Amount at which carried at close of period, land | 10,681 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 59,918 | ||||
Gross amount at which carried at close of period, total | 70,599 | [2],[3] | |||
Accumulated depreciation | -3,745 | [3],[4] | |||
Park at Northgate | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 10,295 | ||||
Initial cost to company, land | 1,870 | ||||
Initial cost to company, building, improvements and fixtures | 14,958 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 708 | [1] | |||
Gross Amount at which carried at close of period, land | 1,870 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 15,666 | ||||
Gross amount at which carried at close of period, total | 17,536 | [2],[3] | |||
Accumulated depreciation | -4,875 | [3],[4] | |||
Date of construction | 2002 | ||||
Date acquired | 12-Jun-07 | ||||
Landmark at Emerson Park | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 22,670 | ||||
Initial cost to company, land | 3,802 | ||||
Initial cost to company, building, improvements and fixtures | 26,032 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 264 | [1] | |||
Gross Amount at which carried at close of period, land | 3,802 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 26,296 | ||||
Gross amount at which carried at close of period, total | 30,098 | [2],[3] | |||
Accumulated depreciation | -2,288 | [3],[4] | |||
Date of construction | 2008 | ||||
Date acquired | 30-Aug-12 | ||||
Houston, TX | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 32,965 | ||||
Initial cost to company, land | 5,672 | ||||
Initial cost to company, building, improvements and fixtures | 40,990 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 972 | [1] | |||
Gross Amount at which carried at close of period, land | 5,672 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 41,962 | ||||
Gross amount at which carried at close of period, total | 47,634 | [2],[3] | |||
Accumulated depreciation | -7,163 | [3],[4] | |||
Landmark at Grand Meadows | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 6,090 | ||||
Initial cost to company, land | 2,101 | ||||
Initial cost to company, building, improvements and fixtures | 9,022 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 251 | [1] | |||
Gross Amount at which carried at close of period, land | 2,101 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 9,273 | ||||
Gross amount at which carried at close of period, total | 11,374 | [2],[3] | |||
Accumulated depreciation | -998 | [3],[4] | |||
Date of construction | 1974 | ||||
Date acquired | 11-Oct-12 | ||||
Landmark at Ocean Breeze | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 6,000 | ||||
Initial cost to company, land | 1,124 | ||||
Initial cost to company, building, improvements and fixtures | 7,132 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 114 | [1] | |||
Gross Amount at which carried at close of period, land | 1,124 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 7,246 | ||||
Gross amount at which carried at close of period, total | 8,370 | [2],[3] | |||
Accumulated depreciation | -448 | [3],[4] | |||
Date of construction | 1985 | ||||
Date acquired | 16-Aug-13 | ||||
Melbourne, FL | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 12,090 | ||||
Initial cost to company, land | 3,225 | ||||
Initial cost to company, building, improvements and fixtures | 16,154 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 365 | [1] | |||
Gross Amount at which carried at close of period, land | 3,225 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 16,519 | ||||
Gross amount at which carried at close of period, total | 19,744 | [2],[3] | |||
Accumulated depreciation | -1,446 | [3],[4] | |||
Reserve at Mill Landing | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 12,352 | ||||
Initial cost to company, land | 2,042 | ||||
Initial cost to company, building, improvements and fixtures | 20,994 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 308 | [1] | |||
Gross Amount at which carried at close of period, land | 2,042 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 21,302 | ||||
Gross amount at which carried at close of period, total | 23,344 | [2],[3] | |||
Accumulated depreciation | -2,126 | [3],[4] | |||
Date of construction | 2000 | ||||
Date acquired | 6-Nov-12 | ||||
Reserve at River Walk | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 0 | ||||
Initial cost to company, land | 2,262 | ||||
Initial cost to company, building, improvements and fixtures | 12,392 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 129 | [1] | |||
Gross Amount at which carried at close of period, land | 2,262 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 12,521 | ||||
Gross amount at which carried at close of period, total | 14,783 | [2],[3] | |||
Accumulated depreciation | -832 | [3],[4] | |||
Date of construction | 1992 | ||||
Date acquired | 30-Apr-13 | ||||
Landmark at Pine Court | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 15,600 | ||||
Initial cost to company, land | 2,900 | ||||
Initial cost to company, building, improvements and fixtures | 16,605 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 1,054 | [1] | |||
Gross Amount at which carried at close of period, land | 2,900 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 17,659 | ||||
Gross amount at which carried at close of period, total | 20,559 | [2],[3] | |||
Accumulated depreciation | -621 | [3],[4] | |||
Date of construction | 1989 | ||||
Date acquired | 23-Jan-14 | ||||
Columbia, SC | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 27,952 | ||||
Initial cost to company, land | 7,204 | ||||
Initial cost to company, building, improvements and fixtures | 49,991 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 1,491 | [1] | |||
Gross Amount at which carried at close of period, land | 7,204 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 51,482 | ||||
Gross amount at which carried at close of period, total | 58,686 | [2],[3] | |||
Accumulated depreciation | -3,579 | [3],[4] | |||
The Heights at Olde Towne | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 10,228 | ||||
Initial cost to company, land | 2,513 | ||||
Initial cost to company, building, improvements and fixtures | 14,957 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 1,238 | [1] | |||
Gross Amount at which carried at close of period, land | 2,513 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 16,195 | ||||
Gross amount at which carried at close of period, total | 18,708 | [2],[3] | |||
Accumulated depreciation | -3,818 | [3],[4] | |||
Date of construction | 1972 | ||||
Date acquired | 21-Dec-07 | ||||
The Myrtles at Olde Towne | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 19,625 | ||||
Initial cost to company, land | 3,698 | ||||
Initial cost to company, building, improvements and fixtures | 33,319 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 527 | [1] | |||
Gross Amount at which carried at close of period, land | 3,698 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 33,846 | ||||
Gross amount at which carried at close of period, total | 37,544 | [2],[3] | |||
Accumulated depreciation | -7,512 | [3],[4] | |||
Date of construction | 2004 | ||||
Date acquired | 21-Dec-07 | ||||
Overlook At Daytona | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 15,910 | ||||
Initial cost to company, land | 4,986 | ||||
Initial cost to company, building, improvements and fixtures | 17,071 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 366 | [1] | |||
Gross Amount at which carried at close of period, land | 4,986 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 17,437 | ||||
Gross amount at which carried at close of period, total | 22,423 | [2],[3] | |||
Accumulated depreciation | -1,386 | [3],[4] | |||
Date of construction | 1961 | ||||
Date acquired | 28-Aug-12 | ||||
Landmark at Battleground Park | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 10,477 | ||||
Initial cost to company, land | 1,675 | ||||
Initial cost to company, building, improvements and fixtures | 12,624 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 956 | [1] | |||
Gross Amount at which carried at close of period, land | 1,675 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 13,580 | ||||
Gross amount at which carried at close of period, total | 15,255 | [2],[3] | |||
Accumulated depreciation | -582 | [3],[4] | |||
Date of construction | 1990 | ||||
Date acquired | 9-Sep-13 | ||||
Andros Isles | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 29,406 | ||||
Initial cost to company, land | 4,635 | ||||
Initial cost to company, building, improvements and fixtures | 42,529 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 16 | [1] | |||
Gross Amount at which carried at close of period, land | 4,635 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 42,545 | ||||
Gross amount at which carried at close of period, total | 47,180 | [2],[3] | |||
Accumulated depreciation | -841 | [3],[4] | |||
Date of construction | 2012 | ||||
Other | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 85,646 | ||||
Initial cost to company, land | 17,507 | ||||
Initial cost to company, building, improvements and fixtures | 120,500 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 3,103 | [1] | |||
Gross Amount at which carried at close of period, land | 17,507 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 123,603 | ||||
Gross amount at which carried at close of period, total | 141,110 | [2],[3] | |||
Accumulated depreciation | -14,139 | [3],[4] | |||
Seabreeze Daytona Undeveloped Land | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 0 | ||||
Initial cost to company, land | 2,100 | ||||
Initial cost to company, building, improvements and fixtures | 0 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 0 | [1] | |||
Gross Amount at which carried at close of period, land | 2,100 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 0 | ||||
Gross amount at which carried at close of period, total | 2,100 | [2],[3] | |||
Accumulated depreciation | 0 | [3],[4] | |||
Date acquired | 28-Aug-12 | ||||
Lancaster Place Undeveloped Land | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial cost to company, encumbrances | 0 | ||||
Initial cost to company, land | 290 | ||||
Initial cost to company, building, improvements and fixtures | 0 | ||||
Initial cost to company, cost to capitalized subsequent to acquisition | 0 | [1] | |||
Gross Amount at which carried at close of period, land | 290 | ||||
Gross amount at which carried at close of period, building, improvements and fixtures | 0 | ||||
Gross amount at which carried at close of period, total | 290 | [2],[3] | |||
Accumulated depreciation | $0 | [3],[4] | |||
Date acquired | 16-Oct-13 | ||||
[1] | The cost capitalized subsequent to acquisition is net of dispositions. | ||||
[2] | The net tax value of our real estate for federal income tax purposes is estimated to be $1.2 billion. | ||||
[3] | The changes in total real estate and accumulated depreciation for the years ended December 31, 2014, 2013 and 2012 are as follows (in thousands): Total Real Estate Accumulated DepreciationBalance as of December 31, 2011$388,281 $49,435Acquisitions400,206 —Additions2,670 16,154Dispositions— —Balance as of December 31, 2012$791,157 $65,589Acquisitions764,782 —Additions16,961 36,597Dispositions(72,467) (12,266)Balance as of December 31, 2013$1,500,433 $89,920Acquisitions395,829 —Additions26,387 61,092Dispositions(46,846) (2,714)Balance as of December 31, 2014$1,875,803 $148,298 | ||||
[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 40Â years. Land improvements are depreciated over the estimated useful lives ranging primarily from five to 15Â years. Furniture, fixtures and equipment is depreciated over the estimated useful lives ranging primarily from five to 15Â years. | ||||
[5] | Landmark at Lancaster Place had a change in the allocation of the purchase price in the second quarter of 2014 due to information received which confirmed the value of the assets and liabilities assumed in the acquisition. The effect was to increase land by $54,000 and decrease buildings and improvements by $110,000. Total 2014 property acquisitions are affected by this allocation. |
SCHEDULE_III_Real_Estate_Opera2
SCHEDULE III - Real Estate Operating Properties and Accumulated Depreciation 2 (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Real estate, beginning balance | $1,500,433,000 | $791,157,000 | $388,281,000 | ||
Acquisitions | 395,829,000 | 764,782,000 | 400,206,000 | ||
Additions | 26,387,000 | 16,961,000 | 2,670,000 | ||
Dispositions | -46,846,000 | -72,467,000 | 0 | ||
Real estate, ending balance | 1,875,803,000 | [1],[2] | 1,500,433,000 | 791,157,000 | |
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Accumulated depreciation, beginning balance | 89,920,000 | 65,589,000 | 49,435,000 | ||
Additions | 61,092,000 | 36,597,000 | 16,154,000 | ||
Dispositions | -2,714,000 | -12,266,000 | 0 | ||
Accumulated depreciation, ending balance | 148,298,000 | [2],[3] | 89,920,000 | 65,589,000 | |
Aggregate cost of real estate for federal income tax purposes | 1,200,000,000 | ||||
Minimum | Building and Improvements | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Estimated useful lives, range | 10 years | ||||
Minimum | Land Improvements | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Estimated useful lives, range | 5 years | ||||
Minimum | Furniture, Fixtures and Equipment | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Estimated useful lives, range | 5 years | ||||
Maximum | Building and Improvements | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Estimated useful lives, range | 40 years | ||||
Maximum | Land Improvements | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Estimated useful lives, range | 15 years | ||||
Maximum | Furniture, Fixtures and Equipment | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Estimated useful lives, range | 15 years | ||||
Landmark at Lancaster Place (5) | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Adjustment to allocation of purchase price, increase in land | 54,000 | ||||
Adjustment to allocation of purchase price, decrease to building and improvements | $110,000 | ||||
[1] | The net tax value of our real estate for federal income tax purposes is estimated to be $1.2 billion. | ||||
[2] | The changes in total real estate and accumulated depreciation for the years ended December 31, 2014, 2013 and 2012 are as follows (in thousands): Total Real Estate Accumulated DepreciationBalance as of December 31, 2011$388,281 $49,435Acquisitions400,206 —Additions2,670 16,154Dispositions— —Balance as of December 31, 2012$791,157 $65,589Acquisitions764,782 —Additions16,961 36,597Dispositions(72,467) (12,266)Balance as of December 31, 2013$1,500,433 $89,920Acquisitions395,829 —Additions26,387 61,092Dispositions(46,846) (2,714)Balance as of December 31, 2014$1,875,803 $148,298 | ||||
[3] | 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 40Â years. Land improvements are depreciated over the estimated useful lives ranging primarily from five to 15Â years. Furniture, fixtures and equipment is depreciated over the estimated useful lives ranging primarily from five to 15Â years. |