Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 04, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Bluerock Residential Growth REIT, Inc. | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Central Index Key | 1,442,626 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 19,201,565 | |
Common Class B3 [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 353,629 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Net Real Estate Investments | ||
Land | $ 53,335 | $ 37,909 |
Buildings and improvements | 369,496 | 240,074 |
Furniture, fixtures and equipment | 10,910 | 6,481 |
Total Gross Operating Real Estate Investments | 433,741 | 284,464 |
Accumulated depreciation | (19,220) | (10,992) |
Total Net Operating Real Estate Investments | 414,521 | 273,472 |
Operating real estate held for sale, net | 15,185 | 14,939 |
Total Net Real Estate Investments | 429,706 | 288,411 |
Cash and cash equivalents | 64,933 | 23,059 |
Restricted cash | 11,200 | 11,091 |
Due from affiliates | 914 | 570 |
Accounts receivable, prepaid and other assets | 4,015 | 753 |
Investments in unconsolidated real estate joint ventures | 55,326 | 18,331 |
In-place lease intangible assets, net | 1,315 | 745 |
Deferred financing costs, net | 2,953 | 2,199 |
Non-real estate assets associated with operating real estate held for sale | 992 | 927 |
Total Assets | 571,354 | 346,086 |
LIABILITIES AND EQUITY | ||
Mortgages payable | 301,268 | 201,343 |
Mortgage payable associated with operating real estate held for sale | 11,500 | 11,500 |
Accounts payable | 659 | 634 |
Other accrued liabilities | 7,585 | 3,345 |
Due to affiliates | 1,669 | 1,946 |
Distributions payable | 2,000 | 889 |
Liabilities associated with operating real estate held for sale | 387 | 418 |
Total Liabilities | 325,068 | 220,075 |
Stockholders' Equity | ||
Additional paid-in-capital | 248,563 | 113,511 |
Distributions in excess of cumulative earnings | (34,040) | (21,213) |
Total Stockholders' Equity | 214,719 | 92,385 |
Noncontrolling Interests | ||
Operating partnership units | 2,760 | 2,949 |
Partially owned properties | 28,807 | 30,677 |
Total Noncontrolling Interests | 31,567 | 33,626 |
Total Equity | 246,286 | 126,011 |
TOTAL LIABILITIES AND EQUITY | 571,354 | 346,086 |
Preferred Stock [Member] | ||
Stockholders' Equity | ||
Preferred stock, value | 0 | 0 |
Common Class A [Member] | ||
Stockholders' Equity | ||
Common Stock, value | 192 | 75 |
Common Class B-1 [Member] | ||
Stockholders' Equity | ||
Common Stock, value | 0 | 4 |
Common Class B-2 [Member] | ||
Stockholders' Equity | ||
Common Stock, value | 0 | 4 |
Common Class B-3 [Member] | ||
Stockholders' Equity | ||
Common Stock, value | $ 4 | $ 4 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 250,000,000 | 250,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 747,586,185 | 747,586,185 |
Common stock, shares issued | 19,201,450 | 7,531,188 |
Common stock, shares outstanding | 19,201,450 | 7,531,188 |
Common Class B-1 [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 804,605 | 804,605 |
Common stock, shares issued | 0 | 353,630 |
Common stock, shares outstanding | 0 | 353,630 |
Common Class B-2 [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 804,605 | 804,605 |
Common stock, shares issued | 0 | 353,630 |
Common stock, shares outstanding | 0 | 353,630 |
Common Class B-3 [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 804,605 | 804,605 |
Common stock, shares issued | 353,629 | 353,629 |
Common stock, shares outstanding | 353,629 | 353,629 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Revenues | |||||
Net rental income | $ 11,049 | $ 9,185 | $ 29,611 | $ 19,754 | |
Other property revenues | 511 | 371 | 1,454 | 793 | |
Total revenues | 11,560 | 9,556 | 31,065 | 20,547 | |
Expenses | |||||
Property operating | 4,698 | 4,067 | 12,924 | 9,008 | |
General and administrative | 1,246 | 778 | 2,912 | 2,048 | |
Management fees | 896 | 225 | 3,051 | 548 | |
Acquisition costs | 739 | 379 | 1,409 | 3,528 | |
Depreciation and amortization | 3,993 | 4,781 | 10,499 | 9,598 | |
Total expenses | 11,572 | 10,230 | 30,795 | 24,730 | |
Operating (loss) income | (12) | (674) | 270 | (4,183) | |
Other income (expense) | |||||
Other income | 0 | 52 | 62 | 185 | |
Equity in income of unconsolidated real estate joint ventures | 2,366 | 412 | 4,391 | 492 | |
Gain on sale of unconsolidated real estate joint venture interest | 11 | 0 | 11,303 | 0 | |
Interest expense, net | (2,967) | (2,549) | (7,985) | (5,817) | |
Total other (expense) income | (590) | (2,085) | 7,771 | (5,140) | |
Net (loss) income from continuing operations | (602) | (2,759) | 8,041 | (9,323) | |
Discontinued operations | |||||
Income (loss) on operations of rental property | 0 | 114 | 0 | (3) | |
Loss on early extinguishment of debt | 0 | 0 | 0 | (880) | |
Gain on sale of joint venture interest | 0 | 0 | 0 | 1,006 | |
Income from discontinued operations | 0 | 114 | 0 | 123 | |
Net (loss) income | (602) | (2,645) | 8,041 | (9,200) | |
Net (loss) income attributable to noncontrolling interests | |||||
Operating partnership units | (8) | (116) | 57 | (321) | |
Partially-owned properties | (20) | (382) | 5,827 | (1,149) | |
Net (loss) income attributable to noncontrolling interests | (28) | (498) | 5,884 | (1,470) | |
Net (loss) income attributable to common stockholders | $ (574) | $ (2,147) | $ 2,157 | $ (7,730) | |
(Loss) income per common share - Basic | |||||
Continuing operations (in dollars per share) | [1] | $ (0.03) | $ (0.38) | $ 0.13 | $ (1.84) |
Discontinued operations (in dollars per share) | [1] | 0 | 0.02 | 0 | 0.03 |
Income (loss) per common share - Basic Total | [1] | (0.03) | (0.36) | 0.13 | (1.81) |
(Loss) income per common share - Diluted | |||||
Continuing operations (in dollars per share) | [1] | (0.03) | (0.38) | 0.13 | (1.84) |
Discontinued operations (in dollars per share) | [1] | 0 | 0.02 | 0 | 0.03 |
Income (loss) per common share - Diluted Total | [1] | $ (0.03) | $ (0.36) | $ 0.13 | $ (1.81) |
Weighted average basic common shares outstanding (in shares) | [1],[2] | 20,166,384 | 5,877,417 | 16,383,736 | 4,269,378 |
Weighted average diluted common shares outstanding (in shares) | [1] | 20,166,384 | 5,877,417 | 16,396,038 | 4,269,378 |
[1] | Share and per share amounts have been restated to reflect the effects of two reverse stock splits of the Company’s Class B common stock, which occurred during the first quarter of 2014. See Note 1, "Organization and Nature of Business" and Note 11, "Stockholders' Equity" for further discussion. | ||||
[2] | For 2015, amounts relate to shares of the Company’s Class A, B-1, B-2, B-3 common stock and LTIP Units outstanding. For 2014, amounts relate to shares of Class A, B-1, B-2 and B-3 common stock, common shares and LTIP Units outstanding. |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands | Total | Conversion of Class B-1 into Class A shares [Member] | Conversion of Class B-2 into Class A shares [Member] | Common Class A [Member] | Common Class A [Member]Conversion of Class B-1 into Class A shares [Member] | Common Class A [Member]Conversion of Class B-2 into Class A shares [Member] | Common Class B-1 [Member] | Common Class B-1 [Member]Conversion of Class B-1 into Class A shares [Member] | Common Class B-1 [Member]Conversion of Class B-2 into Class A shares [Member] | Common Class B-2 [Member] | Common Class B-2 [Member]Conversion of Class B-1 into Class A shares [Member] | Common Class B-2 [Member]Conversion of Class B-2 into Class A shares [Member] | Common Class B-3 [Member] | Common Class B-3 [Member]Conversion of Class B-1 into Class A shares [Member] | Common Class B-3 [Member]Conversion of Class B-2 into Class A shares [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Conversion of Class B-1 into Class A shares [Member] | Additional Paid-in Capital [Member]Conversion of Class B-2 into Class A shares [Member] | Cumulative Distributions [Member] | Cumulative Distributions [Member]Conversion of Class B-1 into Class A shares [Member] | Cumulative Distributions [Member]Conversion of Class B-2 into Class A shares [Member] | Net Loss to Common Stockholders [Member] | Net Loss to Common Stockholders [Member]Conversion of Class B-1 into Class A shares [Member] | Net Loss to Common Stockholders [Member]Conversion of Class B-2 into Class A shares [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member]Conversion of Class B-1 into Class A shares [Member] | Noncontrolling Interests [Member]Conversion of Class B-2 into Class A shares [Member] |
Balance at Dec. 31, 2014 | $ 126,011 | $ 75 | $ 4 | $ 4 | $ 4 | $ 113,511 | $ (9,930) | $ (11,283) | $ 33,626 | ||||||||||||||||||
Balance (in shares) at Dec. 31, 2014 | 7,531,188 | 353,630 | 353,630 | 353,629 | |||||||||||||||||||||||
Issuance of Class A common stock, net | 131,313 | $ 109 | $ 0 | $ 0 | $ 0 | 131,204 | 0 | 0 | 0 | ||||||||||||||||||
Issuance of Class A common stock, net (in shares) | 10,948,002 | 0 | 0 | 0 | |||||||||||||||||||||||
Conversion of Class B-1 into Class A shares | $ 0 | $ 0 | $ 4 | $ 4 | $ (4) | $ 0 | $ 0 | $ (4) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||
Conversion of Class B-2 into Class A shares (in shares) | 353,630 | 353,630 | (353,630) | 0 | 0 | (353,630) | 0 | 0 | |||||||||||||||||||
Vesting of restricted stock compensation | 102 | $ 0 | $ 0 | $ 0 | $ 0 | 102 | 0 | 0 | 0 | ||||||||||||||||||
Issuance of restricted stock | 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Issuance of restricted stock (in shares) | 15,000 | 0 | 0 | 0 | |||||||||||||||||||||||
Issuance of Long-Term Incentive Plan ("LTIP") units for compensation | 2,964 | $ 0 | $ 0 | $ 0 | $ 0 | 2,964 | 0 | 0 | 0 | ||||||||||||||||||
Vesting of LTIP unit compensation | 1,239 | 0 | 0 | 0 | 0 | 1,239 | 0 | 0 | 0 | ||||||||||||||||||
Capital contributions from noncontrolling interests | 1,334 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,334 | ||||||||||||||||||
Distributions declared | (15,230) | 0 | 0 | 0 | 0 | 0 | (14,984) | 0 | (246) | ||||||||||||||||||
Disposition of noncontrolling interests | (7,409) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (7,409) | ||||||||||||||||||
Changes in additional-paid in capital due to acquisitions | (457) | 0 | 0 | 0 | 0 | (457) | 0 | 0 | 0 | ||||||||||||||||||
Distributions to noncontrolling interests | (1,622) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (1,622) | ||||||||||||||||||
Net income | 8,041 | 0 | 0 | 0 | 0 | 0 | 0 | 2,157 | 5,884 | ||||||||||||||||||
Balance at Sep. 30, 2015 | $ 246,286 | $ 192 | $ 0 | $ 0 | $ 4 | $ 248,563 | $ (24,914) | $ (9,126) | $ 31,567 | ||||||||||||||||||
Balance (in shares) at Sep. 30, 2015 | 19,201,450 | 0 | 0 | 353,629 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities | ||
Net income (loss) | $ 8,041 | $ (9,200) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 10,824 | 10,048 |
Amortization of fair value adjustments on mortgages payable | (204) | (225) |
Equity in income of unconsolidated joint ventures | (4,391) | (492) |
Gain on sale of real estate assets of unconsolidated joint ventures | (11,303) | (1,006) |
Distributions from unconsolidated real estate joint ventures | 6,958 | 383 |
Share-based compensation attributable to directors' stock compensation plan | 102 | 36 |
Share-based compensation to Former Advisor - LTIP Units | 0 | 2,117 |
Share-based compensation to Manager - LTIP Units | 4,203 | 672 |
Changes in operating assets and liabilities: | ||
Due to affiliates, net | 734 | (409) |
Accounts receivable, prepaids and other assets | (3,329) | (862) |
Accounts payable and other accrued liabilities | 4,232 | 3,303 |
Net cash provided by operating activities | 15,867 | 4,365 |
Cash flows from investing activities: | ||
Increase in restricted cash | (112) | (2,275) |
Acquisitions of consolidated real estate investments | (116,952) | (16,850) |
Capital expenditures | (2,470) | (7,435) |
Proceeds from sale of joint venture interests | 0 | 4,985 |
Proceeds from sale of unconsolidated real estate joint venture interests | 15,590 | 0 |
Purchases of interests from noncontrolling members | (7,866) | (15,447) |
Investment in unconsolidated joint venture | (45,192) | (8,512) |
Net cash used in investing activities | (157,002) | (45,534) |
Cash flows from financing activities: | ||
Distributions to common stockholders | (14,119) | (3,396) |
Distributions to noncontrolling interests | (1,622) | (4,977) |
Capital contributions from noncontrolling interests | 1,334 | 4,271 |
Borrowings on mortgages payable | 68,224 | 15,566 |
Repayments on mortgages payable | (1,037) | (238) |
Repayments of line of credit | 0 | (7,571) |
Payments of deferred financing fees | (1,084) | (1,835) |
Net proceeds from issuance of common stock | 131,313 | 43,977 |
Net cash provided by financing activities | 183,009 | 45,797 |
Net increase in cash and cash equivalents | 41,874 | 4,628 |
Cash and cash equivalents at beginning of period | 23,059 | 2,984 |
Cash and cash equivalents at end of period | 64,933 | 7,612 |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid during the period for interest | 7,622 | 5,400 |
Distributions payable - declared and unpaid | 1,111 | 452 |
Accrued offering costs | 0 | 635 |
Mortgages assumed upon property acquisitions | 32,942 | 116,800 |
Class A common stock issued for property acquisitions | 0 | 15,188 |
OP Units issued for property acquisition | $ 0 | $ 4,100 |
Organization and Nature of Busi
Organization and Nature of Business | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations [Text Block] | Bluerock Residential Growth REIT, Inc. (the “Company”) was incorporated as a Maryland corporation on July 25, 2008. The Company’s objective is to maximize long-term stockholder value by acquiring well-located institutional-quality apartment properties in demographically attractive growth markets across the United States. The Company seeks to maximize returns through investments where it believes it can drive substantial growth in its funds from operations and net asset value through one or more of its Core-Plus, Value-Add, Opportunistic and Invest-to-Own investment strategies. The Company has elected to be treated, and currently qualifies, as a real estate investment trust (“REIT”), for federal income tax purposes. As a REIT, the Company generally is not subject to corporate-level income taxes. To maintain its REIT status, the Company is required, among other requirements, to distribute annually at least 90 The Company raised capital in a continuous registered offering, carried out in a manner consistent with offerings of non-listed REITs, from its inception until September 9, 2013, when it terminated the continuous registered offering in connection with the Company’s Board of Directors (the “Board’s”) consideration of strategic alternatives to maximize value to its stockholders. The Company subsequently determined to register shares of newly authorized Class A common stock that were to be offered in a firmly underwritten public offering (the “IPO”), by filing a registration statement on Form S-11 (File No. 333-192610) with the SEC, on November 27, 2013. On March 28, 2014, the SEC declared the registration statement effective and the Company announced the pricing of the IPO of 3,448,276 14.50 50.0 44.0 In connection with the IPO, shares of the Company’s Class A common stock were listed on the NYSE MKT for trading under the symbol “BRG.” Pursuant to the second articles of amendment and restatement to its charter filed on March 26, 2014 (the “Second Charter Amendment”), each share of its common stock outstanding immediately prior to the listing, including shares sold in its continuous registered offering, was changed into one-third of a share of each of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock. Following the filing of the Second Charter Amendment, the Company effected a 2.264881-to-1 reverse stock split of its outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock, and on March 31, 2014, the Company effected an additional 1.0045878-to-1 reverse stock split of its outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock. As of March 31, 2014, the Company was externally managed by Bluerock Multifamily Advisor, LLC, an affiliate of Bluerock (the “Former Advisor”), pursuant to an advisory agreement (the “Advisory Agreement”). In connection with the completion of the IPO, the Company engaged BRG Manager, LLC, also an affiliate of Bluerock (the “Manager”), to provide external management services to us under a new management agreement (the “Management Agreement”), and terminated the Advisory Agreement with the Former Advisor. Substantially concurrently with the completion of the IPO, the Company completed a series of related contribution transactions pursuant to which it acquired indirect equity interests in four apartment properties, and a 100% fee simple interest in a fifth apartment property for an aggregate asset value of $152.3 million (inclusive of Villas at Oak Crest, which is accounted for under the equity method, and Springhouse, in which the Company already owned an interest and which has been reported as consolidated prior to the IPO). The Company subsequently determined to register additional shares of its Class A common stock to be offered in a firmly underwritten public offering, (the “October 2014 Follow-On Offering”), by filing a registration statement on Form S-11 (File No. 333-198770) with the SEC on September 16, 2014. On October 2, 2014, the SEC declared the Registration Statement effective and the Company announced the pricing of the October 2014 Follow-On Offering at a public offering price of $ 11.90 3,035,444 32.9 On January 20, 2015, the Company completed an underwritten shelf takedown offering (the “January 2015 Follow-On Offering”) of 4,600,000 0.01 12.50 53.7 On May 22, 2015, the Company completed an underwritten shelf takedown offering (the “May 2015 Follow-On Offering”) of 6,348,000 0.01 13.00 77.6 As of September 30, 2015, the Company's portfolio consisted of interests in sixteen properties (thirteen operating properties and three development properties). The Company’s sixteen properties contain an aggregate of 4,991 4,097 894 95 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Note 2 Basis of Presentation and Summary of Significant Accounting Policies The Company operates as an umbrella partnership REIT in which Bluerock Residential Holdings, L.P. (its “Operating Partnership”), or its wholly-owned subsidiaries, owns substantially all of the property interests acquired on the Company’s behalf. As of September 30, 2015, limited partners other than the Company owned approximately 5.50 1.37 4.13 Because the Company is the sole general partner of its Operating Partnership and has unilateral control over its management and major operating decisions (even if additional limited partners are admitted to the Operating Partnership), the accounts of the Operating Partnership are consolidated in its consolidated financial statements. The Company consolidates entities in which it controls more than 50% of the voting equity and in which control does not rest with other investors. Investments in real estate joint ventures over which the Company has the ability to exercise significant influence, but for which it does not have financial or operating control, are accounted for using the equity method of accounting. These entities are reflected on the Company’s consolidated financial statements as “Investments in unconsolidated real estate joint ventures.” All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. The Company will consider future joint ventures for consolidation in accordance with the provisions required by the of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810: Consolidation. Certain amounts in prior year financial statement presentation have been reclassified to conform to the current period presentation. The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting, and the instructions to Form 10-Q and Article 10-1 of Regulation S-X. Accordingly, the financial statements for interim reporting do not include all of the information and notes or disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for interim periods should not be considered indicative of the operating results for a full year. The balance sheet at December 31, 2014 has been derived from the audited financial statements at that date, but does not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the financial statements and notes thereto included in our audited consolidated financial statements for the year ended December 31, 2014 contained in the Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on March 4, 2015. There have been no significant changes to the Company’s accounting policies since it filed its audited consolidated financial statements in its Annual Report on Form 10-K for the year ended December 31, 2014. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In April 2015, the FASB issued Accounting Standards Update No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”). The amendments in ASU 2015-03 require that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of that liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU 2015-03. The amendments in ASU 2015-03 become effective for public business entities in the first annual period beginning after December 15, 2015, and interim periods within those fiscal years, with early application permitted. The Company is currently evaluating the impact of this accounting standard. In February 2015, the FASB issued Accounting Standards Update No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis” (“ASU 2015-02”). ASU 2015-02 eliminates specific consolidation guidance for limited partnerships and revises other aspects of consolidation analysis, including how kick-out rights, fee arrangements and related parties are assessed. ASU 2015-02 is effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. The Company is currently evaluating the impact of ASU 2015-02 on the Company’s financial statements. In January 2015, the FASB issued Accounting Standards Update No. 2015-01, “Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items” (“ASU 2015-01”), which eliminates the concept of extraordinary items and require items that are either unusual in nature or infrequently occurring to be reported as a separate component of income from continuing operations or disclosed in the notes to the financial statements. ASU 2015-01 is effective for periods beginning after December 15, 2015, with early adoption permitted. ASU 2015-01 is not expected to have a material impact on the Company's financial statements. In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements - Going Concern” (“ASU 2014-15”), which requires an entity's management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued. ASU 2014-15 is effective for periods beginning after December 15, 2016. ASU 2014-15 is not expected to have a material impact on the Company's financial statements. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). The updated standard is a new comprehensive revenue recognition model that requires revenue to be recognized in a manner that depicts the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. In July 2015, the FASB voted to approve the deferral of the effective date of ASU 2014-09 by one year. Therefore, ASU 2014-09 will become effective for the Company in the first quarter of the fiscal year ending December 31, 2018. Early adoption is permitted, but not earlier than the first quarter of the fiscal year ending December 31, 2017. The ASU allows for either full retrospective or modified retrospective adoption. The Company has not selected a transition method, and is currently evaluating the effect that ASU 2014-09 will have on the consolidated financial statements and related disclosures. |
Real Estate Assets Held for Sal
Real Estate Assets Held for Sale, Discontinued Operations and Sale of Joint Venture Equity Interests | 9 Months Ended |
Sep. 30, 2015 | |
Real Estate Assets Held for Development and Sale [Abstract] | |
Real Estate Assets Held For Sale And Sale Of Joint Venture Interest Disclosure [Text Block] | Note 3 Real Estate Assets Held for Sale, Discontinued Operations and Sale of Joint Venture Equity Interests Real Estate Assets Held for Sale and Discontinued Operations The Company had reported its Creekside property as held for sale in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. On March 28, 2014, the special purpose entity that owned the Creekside property, in which the Company held a 24.7 Property Classified as Discontinued Operations Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2015 2014 2015 2014 Total revenues $ $ $ $ 508 Expenses Property operating 114 (171) Depreciation and amortization (183) Management fees (8) Interest, net (149) Loss on operations of rental property $ $ 114 $ $ (3) Gain on sale of joint venture interest 1,006 Loss on early extinguishment of debt (880) (Loss) Income from discontinued operations $ $ 114 $ $ 123 Sale of Joint Venture Equity Interests On December 10, 2014, the Company through BEMT Augusta, LLC, sold its 25.0 25.0 50.0 26.0 1.7 0.6 On December 9, 2014, the Company, through BEMT Berry Hill, LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Operating Partnership (“BEMT Berry Hill’), entered into a series of transactions and agreements to restructure the ownership of Berry Hill (the “Restructuring Transactions”). Prior to the Restructuring Transactions, the Company held a 25.1 28.4 29.0 17.5 100 100 Following the Restructuring Transactions, as of December 31, 2014, Berry Hill was owned in tenancy-in-common interests, adjusted for the agreed Stonehenge promote interest as follows: (i) BEMT Berry Hill and Fund III, through 23Hundred, held a 42.2 19.8 22.4 22.9 34.8 As a result of the restructuring, the Company no longer controlled Berry Hill through its voting rights. The Company’s investment in Berry Hill has been deconsolidated and was subsequently accounted for under the equity method of accounting as of December 31, 2014. On January 14, 2015, the Company, along with the other two holders of tenant-in-common interests in Berry Hill, sold their respective interests to 2300 Berry Hill General Partnership, an unaffiliated third party. The aggregate purchase price was $ 61.2 7.3 11.3 5.3 0.1 On December 3, 2014, the Company, through BR Waterford Crossing JV, LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Operating Partnership (“BRG Grove”) and Bell HNW Waterford, LLC, a Delaware limited liability company and an unaffiliated third party (“BRG Co-Owner”), owned a 252-unit apartment community located in Hendersonville, Tennessee named the Grove at Waterford, as tenants-in-common. BRG Grove owned a 60.0 40.0 37.7 9.0 3.5 On March 28, 2014, BR Creekside, LLC, a special-purpose entity in which the Company holds a 24.7% indirect equity interest, sold the Creekside property to SIR Creekside, LLC, an unaffiliated third party, for $ 18.9 13.5 0.1 1.2 1.0 |
Investments in Real Estate
Investments in Real Estate | 9 Months Ended |
Sep. 30, 2015 | |
Real Estate [Abstract] | |
Real Estate Disclosure [Text Block] | Note 4 Investments in Real Estate As of September 30, 2015, the Company was invested in thirteen operating real estate properties and three development properties through joint venture partnerships. Operating Properties Multifamily Community Name/Location Number of Units Date Built/Renovated (1) Ownership Interest Average Rent (2) % Occupied (3) ARIUM Grandewood/ Orlando, FL (4) 306 2005 95.00 % $ 1,169 96 % ARIUM Palms/ Orlando, FL 252 2008 95.00 % 1,156 92 % Ashton I/ Charlotte, NC 322 2012 100.0 % 1,022 91 % Enders Place at Baldwin Park/ Orlando, FL 220 2003 89.50 % 1,563 97 % EOS/ Orlando, FL (5) 296 Est. 2015 1,211 30 % Fox Hill/ Austin , TX 288 2010 94.62 % 1,093 99 % Lansbrook Village/ Palm Harbor, FL 601 2004 76.81 % 1,167 93 % MDA Apartment/ Chicago, IL 190 2006 35.31 % 2,244 96 % North Park Towers/ Southfield, MI (6) 313 2000 100.0 % 1,065 95 % Park & Kingston/ Charlotte, NC 153 2014 96.00 % 1,195 98 % Springhouse at Newport News/Newport News, VA 432 1985 75.00 % 826 95 % Village Green of Ann Arbor/ Ann Arbor, MI 520 2013 48.61 % 1,159 95 % Whetstone / Durham, NC (5) 204 2015 1,325 67 % Total/Average 4,097 $ 1,189 95 % (1) (2) (3) (4) (5) (6) Depreciation expense was $3.1 million and $2.6 million for the three months ended September 30, 2015 and 2014, respectively, and $8.2 million and $6.0 million, for the nine months ended September 30, 2015 and 2014, respectively, including amounts in discontinued operations. Intangibles related to the Company’s consolidated investments in real estate consist of the value of in-place leases. In-place leases are amortized over the remaining term of the in-place leases, which is approximately six months. Amortization expense related to the in-place leases was $0.9 million and $2.1 million for the three months ended September 30, 2015 and 2014, respectively, and $2.3 million and $3.8 million for the nine months ended September 30, 2015 and 2014, respectively. Development Properties Multifamily Community Name/Location Number of Units Initial Occupancy Final Units to be Delivered Pro Forma Average Rent (1) Alexan CityCentre / Houston, TX 340 4Q 2016 4Q 2017 $ 2,144 Alexan Southside Place / Houston, TX 269 3Q 2017 2Q 2018 $ 2,019 Cheshire Bridge / Atlanta, GA 285 1Q 2017 3Q 2017 $ 1,559 Total/Average 894 $ 1,921 (1) |
Acquisition of Real Estate
Acquisition of Real Estate | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Note 5 Acquisition of Real Estate The following describes the Company’s significant acquisition activity during the nine months ended September 30, 2015: Acquisition of Interest in Park & Kingston On March 16, 2015, the Company, through a wholly-owned subsidiary of its Operating Partnership, completed an investment of $ 6.3 46.95 The purchase price for the Phase I Units of $ 27.85 15.25 The Company also has the ability to acquire 15 units under development at Park & Kingston (the “Phase II Units”), for a purchase price of $ 2.87 70 In May 2015, the Company invested an additional $ 6.5 46.95 96.0 Acquisition of Interest in Fox Hill On March 26, 2015, the Company, through subsidiaries of its Operating Partnership, completed an investment of $ 10.2 85.27 The purchase price of $ 38.15 26.71 In May 2015, the Company invested an additional $ 1.1 85.27 94.62 Acquisition of Interest in Ashton I On August 19, 2015, the Company, through subsidiaries of its Operating Partnership, completed an investment of $ 13.5 The purchase price of $ 44.75 31.9 In addition, the Company, through a subsidiary of the Operating Partnership, expects to subsequently acquire an additional 151-unit apartment community currently under construction on land immediately adjacent to Ashton I, to be known as Ashton Reserve at Northlake Phase II, or Ashton II. On August 19, 2015, the Company entered into an assignment and assumption of purchase and sale agreement with an unaffiliated third-party, pursuant to which it assumed the obligations under the purchase agreement to acquire Ashton II following completion of construction and stabilization thereof. The Company expects to close on the acquisition of Ashton II for a purchase price of approximately $ 20.6 Acquisition of ARIUM Palms at World Gateway, formerly known as Century Palms at World Gateway On August 20, 2015, the Company, through subsidiaries of its Operating Partnership, completed an investment of $ 13.0 95.0 The purchase price of $ 37.0 25.0 Preliminary Purchase Price Allocations The acquisitions of Park & Kingston, Fox Hill, Ashton I and ARIUM Palms have been accounted for as business combinations. The purchase prices were allocated to the acquired assets and liabilities based on their estimated fair values at the dates of acquisition. The preliminary measurements of fair value reflected below are subject to change. The Company expects to finalize the purchase price allocations as soon as practical, but no later than one year from each property’s respective acquisition date. Preliminary Purchase Price Allocation Land $ 15,270 Building 112,431 Building improvements 8,884 Land improvements 6,265 Furniture and fixtures 3,136 In-place leases 2,806 Total assets acquired $ 148,792 In connection with the acquisition of Ashton I, the Company assumed mortgage debt with a fair value of approximately $ 32.9 The pro-forma information presented below represents the change in consolidated revenue and earnings as if the Company's significant acquisitions of Village Green of Ann Arbor, North Park Towers, Lansbrook Village, ARIUM Grandewood, Fox Hill, Ashton I and ARIUM Palms (collectively, the "Recent Acquisitions"), had occurred on January 1, 2014 (amounts in thousands, except per share amounts). Park & Kingston is excluded from the pro forma information as the property was under development during 2014. Nine Months Ended September 30, Nine Months Ended September 30, 2015 2014 Pro-Forma Pro-Forma As Reported Adjustments Pro-Forma As Reported Adjustments Pro-Forma Revenues $ 31,065 $ 5,811 $ 36,876 $ 20,547 $ 17,292 $ 37,839 Net income (loss) $ 8,041 $ 2,283 $ 10,324 $ (9,200) $ (6,140) $ (15,340) Net income (loss) attributable to BRG $ 2,157 $ 2,173 $ 4,330 $ (7,730) $ (5,521) $ (13,251) Earnings (loss) per share, basic and diluted (1) $ 0.13 $ 0.26 $ (1.81) $ (3.10) (1) Pro-forma earnings (loss) per share, both basic and diluted, are calculated based on the net income (loss) attributable to BRG. Aggregate property level revenues and net loss for the Recent Acquisitions, since the properties’ respective acquisition dates, that are reflected in the Company’s consolidated statement of operations for the nine months ended September 30, 2015 amounted to $ 20.1 1.1 |
Investments in Unconsolidated R
Investments in Unconsolidated Real Estate Joint Ventures | 9 Months Ended |
Sep. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | Note 6 Investments in Unconsolidated Real Estate Joint Ventures Following is a summary of the Company’s ownership interests in the investments reported under the equity method of accounting. September 30, December 31, Property 2015 2014 Alexan CityCentre $ 6,505 $ 6,505 EOS 3,629 3,629 Alexan Southside Place 17,322 - Whetstone 12,231 - Cheshire Bridge 15,639 - 23Hundred Berry Hill - 4,906 Villas at Oak Crest - 3,170 Other - 121 Total $ 55,326 $ 18,331 Current Pay Accrued Total Annualized Annualized Annualized Preferred Preferred Preferred Property Return Return Return Alexan CityCentre 15.0 % 15.0 % EOS 15.0 % 15.0 % Alexan Southside Place 15.0 % 15.0 % Whetstone 15.0 % 15.0 % Cheshire Bridge 15.0 % 15.0 % Three Months Ended September 30, Nine Months Ended September 30, Property 2015 2014 2015 2014 Villas at Oak Crest $ 278 $ 100 $ 489 $ 214 Alexan CityCentre 246 181 730 181 Alexan Southside Place 655 1,341 EOS 137 93 407 93 Whetstone 462 669 Cheshire Bridge 591 787 The Estates at Perimeter/Augusta 38 (1) 4 Other (3) (31) Equity in earnings of unconsolidated joint venture $ 2,366 $ 412 $ 4,391 $ 492 September 30, December 31, 2015 2014 Balance Sheets: Real estate, net of depreciation $ 119,649 $ 55,091 Real estate, net of depreciation, held for sale 31,334 Other assets 22,254 1,193 Other assets, held for sale 2,458 Total assets $ 141,903 $ 90,076 Mortgages payable $ 61,998 $ 19,820 Mortgage payable, held for sale 23,569 Other liabilities 3,680 2,812 Other liabilities, held for sale 1,026 Total liabilities $ 65,678 $ 47,227 Members’ equity 76,225 42,849 Total liabilities and members’ equity $ 141,903 $ 90,076 Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Operating Statement: Rental revenues $ 561 $ 694 $ 1,885 $ 1,992 Operating expenses (695) (264) (2,166) (786) Income before debt service, acquisition costs, and depreciation and amortization (134) 430 (281) 1,206 Interest expense, net (167) (189) (544) (562) Acquisition costs (66) Depreciation and amortization (721) (204) (1,304) (605) Operating (loss) (1,022) 37 (2,195) 39 Gain on sale 29,200 Net (loss) income $ (1,022) $ 37 $ 27,005 $ 39 Acquisition of Alexan Southside Place (formerly referred to as Alexan Blaire House) Interests On January 12, 2015, through BRG Southside, LLC, a wholly-owned subsidiary of its Operating Partnership, the Company made a convertible preferred equity investment in a multi-tiered joint venture, along with Fund II and Fund III, which are affiliates of the Manager, and an affiliate of Trammell Crow Residential, to develop an approximately 269-unit Class A apartment community located in Houston, Texas, to be known as Alexan Southside Place. Alexan Southside Place will be developed upon a tract of land ground leased from Prokop Industries BH, L.P., a Texas limited partnership, by BR Bellaire BLVD, LLC, as tenant under an 85 17.3 100 Alexan Southside Place Construction Financing On April 7, 2015, the Company, through BR Bellaire BLVD, LLC, an indirect subsidiary, entered into a $ 31.8 April 7, 2019 Acquisition of Whetstone Interests On May 20, 2015, through BRG Whetstone Durham, LLC, a wholly-owned subsidiary of its Operating Partnership, the Company made a convertible preferred equity investment in a multi-tiered joint venture, along with Fund III and an affiliate of TriBridge Residential, LLC, to acquire a 204-unit Class A apartment community located in Durham, North Carolina, to be known as Whetstone Apartments. The Company has made a capital commitment of $ 12.2 100 25.2 Acquisition of Cheshire Bridge Interests On May 29, 2015, through BRG Cheshire, LLC, a wholly-owned subsidiary of its Operating Partnership, the Company made a convertible preferred equity investment in a multi-tiered joint venture, along with Fund III and an affiliate of Catalyst Development Partners II, to develop a 285-unit Class A apartment community located in Atlanta, Georgia, to be known as Cheshire Bridge Apartments. The Company has made a capital commitment of $ 15.6 100 Sale of Villas at Oak Crest The controlling member of the joint venture that owned the Villas at Oak Crest apartment community determined to sell the property. The property was sold in September 2015 and upon closing, the Company received a distribution of its original investment plus accrued return. |
Mortgages Payable
Mortgages Payable | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable Disclosure [Text Block] | Note 7 Mortgages Payable Outstanding Principal As of September 30, 2015 Property September 30, 2015 December 31, 2014 Interest Rate Fixed/ Floating Maturity Date ARIUM Grandewood $ 29,444 $ 29,444 1.87 % Floating (1) December 1, 2024 ARIUM Palms 24,999 - 2.42 % Floating (2) September 1, 2022 Ashton I 31,900 - 4.67 % Fixed December 1, 2025 Enders Place at Baldwin Park (3) 25,250 25,475 4.30 % Fixed November 1, 2022 Fox Hill 26,705 - 3.57 % Fixed April 1, 2022 Lansbrook Village 43,628 42,357 4.40 % Blended (4) March 31, 2018 MDA Apartments 37,600 37,600 5.35 % Fixed January 1, 2023 Park & Kingston 15,250 - 3.21 % Fixed April 1, 2020 Springhouse at Newport News 22,264 22,515 5.66 % Fixed January 1, 2020 Village Green of Ann Arbor 42,518 43,078 3.92 % Fixed October 1, 2022 Total 299,558 200,469 Fair value adjustments 1,710 874 Total continuing operations 301,268 201,343 North Park Towers - held for sale 11,500 11,500 5.65 % Fixed January 6, 2024 Total $ 312,768 $ 212,843 (1) (2) (3) (4) Lansbrook Village Mortgage Payable On March 21, 2014, the Company, through an indirect subsidiary (the “Lansbrook Borrower”), entered into a $48 million loan with General Electric Capital Corporation, which is secured by Lansbrook Village. The $48.0 million is comprised of a $42.0 million initial advance and an additional $6.0 million of additional borrowing for the acquisition and improvement of additional units. At September 30, 2015, the Lansbrook Borrower has borrowed $1.6 million of the $6.0 million of additional borrowable funds. The loan matures on March 31, 2018 and bears interest at a fixed rate 4.45% per annum, with interest-only payments due until May 1, 2016 and principal payments beginning thereafter based upon a 30-year amortization schedule. Yield maintenance payments will be required to the extent the loan is prepaid before the third month prior to the maturity date and thereafter the loan may be prepaid without penalty. At the time of repayment, whether prepaid or paid at maturity, a $240,000 exit fee is due to the lender. The loan is nonrecourse to the Company and the Lansbrook Borrower, with recourse carve-outs for certain deeds, acts or failures to act on the part of the Lansbrook Borrower or any of its officers, members, managers or employees. Park & Kingston Mortgage Payable On March 16, 2015, the Company, through an indirect subsidiary (the “Park & Kingston Borrower”), entered into a $15.25 million loan with the Federal National Mortgage Association (“Fannie Mae”), which is secured by Park & Kingston. The loan matures on April 1, 2020 and bears interest at a fixed rate of 3.21%, with interest-only payments due for the entire loan term. Yield maintenance payments will be required to the extent prepaid before the sixth month prior to the maturity date; during the period from the sixth month prior to the maturity date to the third month prior to the maturity date, a prepayment premium of 1% of the principal being prepaid will be required, and thereafter the loan may be prepaid without penalty. The loan is nonrecourse to the Park & Kingston Borrower with recourse carve-outs for certain deeds, acts or failures to act on the part of the Park & Kingston Borrower, or any of its officers, members, managers or employees. Fox Hill Mortgage Payable On March 26, 2015, the Company, through an indirect subsidiary (the “Fox Hill Borrower”), entered into a $26.7 million loan with Walker & Dunlop, LLC, which is secured by Fox Hill. The loan was subsequently assigned to Fannie Mae. The loan matures on April 1, 2022 and bears interest at a fixed rate of 3.57%, with interest-only payments due until May 1, 2019 and fixed monthly payments based on 30-year amortization thereafter. During the first 60 months of the term, the loan may be prepaid at any time with at least 30 business days prior notice and the payment of a prepayment premium equal to the greater of (i) 1% of the principal balance and (ii) a yield maintenance amount calculated as set forth in the loan agreement. After the first 60 months of the term through the fourth month prior to the end of the term, the loan may be prepaid at any time with at least 30 business days prior notice and the payment of a prepayment premium equal to 1% of the principal balance, and thereafter, the loan may be prepaid at any time at par. The loan is nonrecourse to the Company and the Fox Hill Borrower with recourse carve-outs for certain deeds, acts or failures to act on the part of the Company and the Fox Hill Borrower, or any of its officers, members, managers or employees. Ashton I Mortgage Payable On August 19, 2015, the Company, through an indirect subsidiary (the “Ashton I Borrower”), assumed a $31.9 million loan with Sun Life Assurance Company of Canada which is secured by Ashton I. The loan matures on December 1, 2025 and bears interest at a fixed rate of 4.67%, with interest-only payments due through December 1, 2016, and fixed monthly payments based on 30-year amortization thereafter. The loan may be prepaid in full at any time with thirty (30) days' prior written notice to the lender, and the payment of a prepayment premium equal to the greater of (i) 1.0% of the unpaid principal balance or (ii) a yield maintenance amount calculated as set forth in the loan documents. The loan is nonrecourse to the Ashton I Borrower with recourse carve-outs for certain deeds, acts or failures to act on the part of the Ashton I Borrower, or any of its officers, members, managers or employees. ARIUM Palms Mortgage Payable On August 20, 2015, the Company, through an indirect subsidiary (the “ARIUM Palms Borrower”), entered into a $25.0 million loan with Jones Long LaSalle Operations, L.L.C., on behalf of Freddie Mac, which is secured by ARIUM Palms. The loan matures on September 1, 2022 and bears interest on a floating basis based on LIBOR plus 2.22%, with interest-only payments due until September 1, 2019 and fixed monthly payments based on 30-year amortization thereafter. The ARIUM Palms Borrower also entered into a three-year interest rate cap agreement with a cap rate of 5.75%. After the first 24 months of the term through the fourth month prior to the end of the term, the loan may be prepaid at any time with at least 30 business days prior notice and the payment of a make whole premium equal to 1% of the principal balance, and thereafter, the loan may be prepaid at any time at par. The loan is nonrecourse to the Company and the ARIUM Palms Borrower with recourse carve-outs for certain deeds, acts or failures to act on the part of the Company and the ARIUM Palms Borrower, or any of its officers, members, managers or employees. As of September 30, 2015, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): Year Total 2015 (October 1-December 31) $ 375 2016 2,762 2017 3,532 2018 45,364 2019 3,888 Thereafter 255,137 $ 311,058 Add: Unamortized fair value debt adjustment 1,710 Total $ 312,768 The net book value of real estate assets providing collateral for these above borrowings were $429.7 million and $288.4 million at September 30, 2015 and December 31, 2014, respectively. |
Line of Credit
Line of Credit | 9 Months Ended |
Sep. 30, 2015 | |
Line Of Credit Facility [Abstract] | |
Line Of Credit Facility [Text Block] | Note 8 Line of Credit As of January 1, 2014, the outstanding balance on the Company's working capital line of credit provided by Fund II and Fund III, both of which are affiliates of our Manager, was $ 7.6 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Note 9 Fair Value of Financial Instruments As of September 30, 2015 and December 31, 2014, the Company believes the carrying value of cash and cash equivalents, accounts receivable, due to and from affiliates, accounts payable, accrued liabilities, and distributions payable approximate their fair value based on their highly-liquid nature and/or short-term maturities. As of September 30, 2015 and December 31, 2014, the approximate fair value of mortgages payable were $ 319.1 215.8 312.8 212.8 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 10 Related Party Transactions In connection with the Company’s investments in the Enders Place at Baldwin Park, Berry Hill and MDA Apartments, it entered into a line of credit agreement with Fund II and Fund III. As of January 1, 2014, the outstanding balance on the Company's working capital line of credit provided by Fund II and Fund III, both of which are affiliates of our Manager, was $ 7.6 In connection with the Company’s acquisition of an interest in the Villas at Oak Crest, the Company assumed a receivable of $ 0.3 0.3 In May 2015, the Company invested an additional $ 6.5 46.95 96.0 . In May 2015, the Company invested an additional $ 1.1 85.27 94.62 As of March 31, 2014, the Company was externally managed by our Former Advisor pursuant to the Advisory Agreement. In connection with the completion of the IPO, the Company terminated the Advisory Agreement with the Former Advisor, and the Company entered into a new management agreement (the “Management Agreement”), with the Manager, on April 2, 2014. The terms and conditions of the Management Agreement, which became effective as of April 2, 2014, and the Advisory Agreement, which was effective for the reported periods prior to April 2, 2014, are described below. Management Agreement The Management Agreement requires the Manager to manage the Company’s business affairs in conformity with the investment guidelines and other policies that are approved and monitored by the Company’s board of directors. The Manager acts under the supervision and direction of the Board. Specifically, the Manager is responsible for (1) the selection, purchase and sale of the Company’s investment portfolio, (2) the Company’s financing activities, and (3) providing the Company with advisory and management services. The Manager provides the Company with a management team, including a chief executive officer, president, chief accounting officer and chief operating officer, along with appropriate support personnel. None of the officers or employees of the Manager are dedicated exclusively to the Company. The Company pays the Manager a base management fee in an amount equal to the sum of: (A) 0.25 1.5 0.9 2.1 0.7 59,077 74,780 11.98 The Company also pays the Manager an incentive fee with respect to each calendar quarter in arrears. The incentive fee is equal to the difference between (1) the product of (x) 20 8 0.15 10,896 0.9 67,837 Management fee expense of $ 0.1 0.7 1.0 179,562 12.43 59,854 On July 2, 2015, the Company issued a grant of LTIP Units under the Amended 2014 Incentive Plans to the Company’s external manager, BRG Manager, LLC. The equity grant consisted of 283,390 0.5 0.5 11.98 The Company is also required to reimburse the Manager for certain expenses and pay all operating expenses, except those specifically required to be borne by the Manager under the Management Agreement. The Manager waived all reimbursements for the three and six months ended June 30, 2015. Reimbursements of $ 0.1 The initial term of the Management Agreement expires on April 2, 2017 (the third anniversary of the closing of the IPO), and will be automatically renewed for a one-year term on each anniversary date thereafter unless previously terminated in accordance with the terms of the Management Agreement. Following the initial term of the Management Agreement, the Management Agreement may be terminated annually upon the affirmative vote of at least two-thirds of the Company’s independent directors, based upon (1) unsatisfactory performance that is materially detrimental to the Company, or (2) the Company’s determination that the fees payable to the Manager are not fair, subject to the Manager’s right to prevent such termination due to unfair fees by accepting a reduction of the fees agreed to by at least two-thirds of the Company’s independent directors. The Company must provide 180 days’ prior notice of any such termination. Unless terminated for cause, as further described in the Management Agreement, the Manager will be paid a termination fee equal to three times the sum of the base management fee and incentive fee earned, in each case, by the Manager during the 12-month period immediately preceding such termination, calculated as of the end of the most recently completed fiscal quarter before the date of termination. The Company may also terminate the Management Agreement at any time, including during the initial term, without the payment of any termination fee, for cause with 30 days’ prior written notice from the Board. During the initial three-year term of the Management Agreement, the Company may not terminate the Management Agreement except as described above or in the following circumstance: At the earlier of (i) April 2, 2017 (three years following the completion of the IPO), and (ii) the date on which the value of the Company’s stockholders’ equity exceeds $ 250.0 The Manager may retain, at its sole cost and expense, the services of such persons and firms as the Manager deems necessary in connection with our management and operations (including accountants, legal counsel and other professional service providers), provided that such expenses are in amounts no greater than those that would be payable to third-party professionals or consultants engaged to perform such services pursuant to agreements negotiated on an arm’s-length basis. The Manager has in the past retained, and going forward may retain Konig & Associates, P.C., a professional corporation wholly-owned by Michael L. Konig, the Company’s Chief Operating Officer, Secretary and General Counsel, to provide transaction based legal services, if the Manager determines that such retention would be less expensive than retaining third party professionals. The Company incurred $ 0.2 25,000 Prior and Terminated Advisory Agreement Prior to the entry by the Company into the Management Agreement upon the completion of the IPO and the concurrent termination of the Advisory Agreement, the Former Advisor performed essentially the same duties and responsibilities as the Company’s new Manager. The Advisory Agreement had a one-year term expiring October 14, 2014, and was renewable for an unlimited number of successive one-year periods upon the mutual consent of the Company and its Advisor. The Former Advisor was entitled to receive a monthly asset management fee for the services it provided pursuant to the Advisory Agreement. For 2013 and subsequent, the monthly asset management fee was one-twelfth of 0.65% of the higher of the cost or the value of each asset, where (A) cost equals the amount actually paid, excluding acquisition fees and expenses, to purchase each asset it acquires, including any debt attributable to the asset (including any debt encumbering the asset after acquisition), provided that, with respect to any properties the Company develops, constructs or improves, cost will include the amount expended by the Company for the development, construction or improvement, and (B) the value of an asset is the value established by the most recent independent valuation report, if available, without reduction for depreciation, bad debts or other non-cash reserves. The asset management fee was based only on the portion of the cost or value attributable to our investment in an asset if the Company did not own all of an asset. Pursuant to the Advisory Agreement, the Former Advisor was entitled to receive an acquisition fee for its services in connection with the investigation, selection, sourcing, due diligence and acquisition of a property or investment. For 2013 and subsequent, the acquisition fee was 2.50 The Former Advisor was also entitled to receive a financing fee for any loan or line of credit, made available to the Company. The Former Advisor was entitled to re-allow some, or all, of this fee to reimburse third parties with whom it subcontracted to procure such financing for the Company. On October 21, 2013, the Company amended its Advisory Agreement to decrease the financing fee from 1.0 0.25 1.5 50 6 1.5 In addition to the fees payable to the Former Advisor, the Company reimbursed the Former Advisor for all reasonable expenses incurred in connection with services provided to the Company, subject to the limitation that it would not reimburse any amount that would cause the Company’s total operating expenses at the end of the four preceding fiscal quarters to exceed the greater of 2 25 2 The Company had issued 1,000 0.01 8 In general, under the Advisory Agreement, the Company contracted property management services for certain properties directly to non-affiliated third parties, in which event it was to pay the Former Advisor an oversight fee equal to 1 All of the Company’s executive officers, and some of its directors, are also executive officers, managers and/or holders of a direct or indirect controlling interest in the Manager and other Bluerock-affiliated entities. As a result, they owe fiduciary duties to each of these entities, their members, limited partners and investors, which fiduciary duties may from time to time conflict with the fiduciary duties that they owe to the Company and its stockholders. Some of the material conflicts that the Manager or its affiliates face are: 1) the determination of whether an investment opportunity should be recommended to us or another Bluerock-sponsored program or Bluerock-advised investor; 2) the allocation of the time of key executive officers, directors, and other real estate professionals among the Company, other Bluerock-sponsored programs and Bluerock-advised investors, and the activities in which they are involved; and 3) the fees received by the Manager and its affiliates. September 30, December 31, 2015 2014 Amounts Payable to the Former Advisor under our Prior and Terminated Advisory Agreement Asset management and oversight fees $ - $ 404 Acquisition fees and disposition fees - 740 Financing fees - 36 Total payable to the Former Advisor - 1,180 Amounts Payable to the Manager under the New Management Agreement Base management fee 896 310 Incentive fee - 146 Other 143 7 Total payable to the Manager 1,039 463 Total amounts payable to Former Advisor and Manager $ 1,039 $ 1,643 The Former Advisor was entitled to the payment of certain fees in compensation for advisory and general management services rendered thereunder for periods prior to the Company’s initial public offering on April 2, 2014, and reimbursements for certain costs and expenses incurred in connection with the provision thereof, in an aggregate amount of $ 1.18 108,119 As of September 30, 2015 and December 31, 2014, we had $ 0.6 0.3 As of September 30, 2015 and December 31, 2014, we had $ 0.9 0.6 Bluerock Property Management, LLC The Company incurred $ 0.05 0.14 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 11 Stockholders’ Equity Net Income (Loss) Per Common Share Basic net income (loss) per common share is computed by dividing net income (loss) attributable to common stockholders, less dividends on restricted stock expected to vest plus gains on redemptions on common stock, by the weighted average number of common shares outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) attributable to common stockholders by the sum of the weighted average number of common shares outstanding and any potential dilutive shares for the period. Net income (loss) attributable to common stockholders is computed by adjusting net income (loss) for the non-forfeitable dividends paid on non-vested restricted stock. The Company considers the requirements of the two-class method when preparing earnings per share. Earnings per share is not affected by the two-class method because the Company’s Class A, B-1, B-2 and B-3 common stock and LTIP Units participate in dividends on a one-for-one basis. Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net (loss) income from continuing operations attributable to common stockholders $ (574) $ (2,261) 2,157 $ (7,853) Dividends on restricted stock expected to vest (4) (1) (12) (6) Basic net (loss) income from continuing operations attributable to common stockholders $ (578) $ (2,262) $ 2,145 $ (7,859) Basic net (loss) income from discontinued operations attributable to common stockholders $ - $ 114 $ - $ 123 Weighted average common shares outstanding (1) 20,166,384 5,877,417 16,383,736 4,269,378 Potential dilutive shares (2) 12,302 Weighted average common shares outstanding and potential dilutive shares (1) 20,166,384 5,877,417 16,396,038 4,269,378 (Loss) income per common share, basic Continuing operations $ (0.03) $ (0.38) $ 0.13 $ (1.84) Discontinued operations $ - $ 0.02 $ - $ 0.03 $ (0.03) $ (0.36) $ 0.13 $ (1.81) (Loss) income per common share, diluted Continuing operations $ (0.03) $ (0.38) $ 0.13 $ (1.84) Discontinued operations $ - $ 0.02 $ - $ 0.03 $ (0.03) $ (0.36) $ 0.13 $ (1.81) The number of shares and per share amounts for the prior period have been retroactively restated to reflect the two reverse stock splits of the Class B common stock discussed below. The effect of the conversion of OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A Common Stock on a one-for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share. (1) For 2015, amounts relate to shares of the Company’s Class A, B-1, B-2, B-3 common stock and LTIP Units outstanding. For 2014, amounts relate to shares of Class A, B-1, B-2 and B-3 common stock, common shares and LTIP Units outstanding. (2) Excludes 15,272 4,794 5,726 Class B Common Stock The Company raised capital in a continuous registered offering, carried out in a manner consistent with offerings of non-listed REITs, from its inception until September 9, 2013, when it terminated the continuous registered offering in connection with the Board’s consideration of strategic alternatives to maximize value to the Company’s stockholders. Through September 9, 2013, the Company had raised an aggregate of $ 22.6 On January 23, 2014, the Company's stockholders approved the second articles of amendment and restatement to our charter (the “Second Charter Amendment”), that provided, among other things, for the designation of a new share class of Class A common stock, and for the change of each existing outstanding share of our common stock into: • 1/3 of a share of our Class B-1 common stock; plus • 1/3 of a share of our Class B-2 common stock; plus • 1/3 of a share of our Class B-3 common stock. This transaction was effective upon filing the Second Charter Amendment with the State Department of Assessments and Taxation of the State of Maryland on March 26, 2014. The Company refers to Class B-1 common stock, Class B-2 common stock and Class B-3 common stock collectively as “Class B” common stock. We listed our Class A common stock on the NYSE MKT on March 28, 2014. Our Class B common stock is identical to our Class A common stock, except that (i) we do not intend to list our Class B common stock on a national securities exchange, and (ii) shares of our Class B common stock convert automatically into shares of Class A common stock at specified times, as follows: • March 23, 2015, in the case of our Class B-1 common stock; • September 19, 2015, in the case of our Class B-2 common stock; and • March 17, 2016, in the case of our Class B-3 common stock. On March 23, 2015, 353,630 353,630 Follow-On Equity Offerings On January 20, 2015, the Company closed its January 2015 Follow-On Offering of 4,600,000 0.01 12.50 53.7 On May 22, 2015, the Company completed an underwritten shelf takedown offering (the “May 2015 Follow-On Offering”) of 6,348,000 0.01 333 13.00 19 77.6 Operating Partnership and Long-Term Incentive Plan Units On April 2, 2014, concurrently with the completion of the IPO, the Company entered into the Second Amended and Restated Agreement of Limited Partnership of its Operating Partnership, Bluerock Residential Holdings, L.P. Pursuant to the amendment, the Company is the sole general partner of the Operating Partnership and may not be removed as general partner by the limited partners with or without cause. The limited partners of the Operating Partnership are Bluerock REIT Holdings, LLC, BR-NPT Springing Entity, LLC (“NPT”), Bluerock Property Management, LLC (“BPM”), our Manager, and Bluerock Multifamily Advisor, LLC (the “Former Advisor”), all of which are affiliates of Bluerock. Prior to the completion of the IPO, the Company owned, directly and indirectly, 100 9.87 4.59 5.28 5.50 1.40 4.10 The Partnership Agreement, as amended, provides, among other things, that the Operating Partnership initially has two classes of limited partnership interests, which are units of limited partnership interest (“OP Units”), and the Operating Partnership’s long-term incentive plan units (“LTIP Units”). In calculating the percentage interests of the partners in the Operating Partnership, LTIP Units are treated as OP Units. In general, LTIP Units will receive the same per-unit distributions as the OP Units. Initially, each LTIP Unit will have a capital account balance of zero and, therefore, will not have full parity with OP Units with respect to any liquidating distributions. However, the Partnership Agreement Amendment provides that “book gain,” or economic appreciation, in the Company’s assets realized by the Operating Partnership as a result of the actual sale of all or substantially all of the Operating Partnership’s assets, or the revaluation of the Operating Partnership’s assets as provided by applicable U.S. Department of Treasury regulations, will be allocated first to the holders of LTIP Units until their capital account per unit is equal to the average capital account per-unit of the Company’s OP Unit holders in the Operating Partnership. We expect that the Operating Partnership will issue OP Units to limited partners, and the Company, in exchange for capital contributions of cash or property, and will issue LTIP Units pursuant to the Company’s 2014 Equity Incentive Plan for Individuals and 2014 Equity Incentive Plan for Entities (collectively, the “Incentive Plans”), to persons who provide services to the Company, including the Company’s officers, directors and employees. Pursuant to the Partnership Agreement, as amended, any holders of OP Units, other than the Company or its subsidiaries, will receive redemption rights which, subject to certain restrictions and limitations, will enable them to cause the Operating Partnership to redeem their OP Units in exchange for cash or, at the Company’s option, shares of the Company’s Class A common stock, on a one-for-one basis. The Company has agreed to file, not earlier than one year after the closing of the IPO, one or more registration statements registering the issuance or resale of shares of its Class A common stock issuable upon redemption of the OP Units issued upon conversion of LTIP Units, which include those issued to the Manager and the Former Advisor. Subject to certain exceptions, the Operating Partnership will pay all expenses in connection with the exercise of registration rights under the Partnership Agreement. Equity Incentive Plans Prior to the Company’s IPO on April 2, 2014, the Company’s independent directors received an automatic grant of 5,000 2,500 20 20 On March 24, 2015, in accordance with the Company’s 2014 Equity Incentive Plan for Individuals (the “2014 Individuals Plan”), the Board authorized and each of the Company’s independent directors received two grants of 2,500 2,500 2,500 On May 28, 2015, the Company’s stockholders approved the amendment and restatement of the 2014 Individuals Plan, or the Amended Individuals Plan, and the 2014 Entities Plan, or the Amended Entities Plan (and together with the Amended Individuals Plan, the Amended 2014 Incentive Plans). The Amended 2014 Incentive Plans allow for the issuance of up to 475,000 Weighted average grant-date Non-Vested shares Shares (1) fair value (1) Balance at January 1, 2015 3,956 $ 90 Granted 15,000 197 Vested (4,480) (78) Forfeited Balance at September 30, 2015 14,476 $ 209 (1) The number of shares and per share amounts for the prior period have been retroactively restated to reflect the two reverse stock splits of the Class B common stock discussed above. At September 30, 2015, there was $ 0.17 2.4 The Company currently uses authorized and unissued shares to satisfy share award grants. Equity Incentive Plans - LTIP Grants On July 2, 2015, the Company issued a grant of LTIP Units under the Amended 2014 Incentive Plans to the Company’s external manager, BRG Manager, LLC. The equity grant consisted of 283,390 0.5 0.5 11.98 LTIP Unit activity Date of Number of LTIP Units Issuance LTIP Units Balance at January 1, 2015 325,578 Fourth quarter 2014 Incentive Fee 2/18/2015 10,896 First quarter 2015 Incentive Fee 5/14/2015 67,837 Equity Incentive Plan Manager Incentive Grant 7/2/2015 283,390 Second quarter 2015 Base Management Fee 8/13/2015 59,077 Former Advisor Obligation 9/14/2015 108,119 Balance at September 30, 2015 854,897 Distributions On October 10, 2014, the Board declared monthly dividends for the fourth quarter of 2014 equal to a quarterly rate of $ 0.29 October 25, 2014 November 25, 2014 December 25, 2014 November 5, 2014 December 5, 2014 January 5, 2015 The declared dividends equal a monthly dividend on the Class A common stock and Class B common stock as follows: $ 0.096666 October 25, 2014 0.096667 November 25, 2014 On January 9, 2015, the Board declared monthly dividends for the first quarter of 2015 equal to a quarterly rate of $ 0.29 January 25, 2015 February 25, 2015 March 25, 2015 February 5, 2015 March 5, 2015 April 5, 2015 The declared dividends equal a monthly dividend on the Class A common stock and Class B common stock as follows: $ 0.096666 January 25, 2015 0.096667 February 25, 2015 On April 10, 2015, the Board declared monthly dividends for the second quarter of 2015 equal to a quarterly rate of $ 0.29 April 25, 2015 May 25, 2015 June 25, 2015 May 5, 2015 June 5, 2015 July 2, 2015 The declared dividends equal a monthly dividend on the Class A common stock and Class B common stock as follows: $ 0.096666 April 25, 2015 0.096667 May 25, 2015 June 25, 2015 On July 10, 2015, the Board declared monthly dividends for the third quarter of 2015 equal to a quarterly rate of $ 0.29 July 25, 2015 August 25, 2015 September 25, 2015 August 5, 2015 September 4, 2015 October 5, 2015 The declared dividends equal a monthly dividend on the Class A common stock and Class B common stock as follows: $ 0.096667 July 25, 2015 August 25, 2015 0.096666 September 25, 2015 A portion of each dividend may constitute a return of capital for tax purposes. There is no assurance that the Company will continue to declare dividends or at this rate. Holders of OP and LTIP Units are entitled to receive "distribution equivalents" at the same time as dividends are paid to holders of the Company's Class A common stock. The Company has a dividend reinvestment plan that allows for participating stockholders to have their dividend distributions automatically invested in additional Class A common shares based on the average price of the shares on the investment date. The Company plans to issue Class A common shares to cover shares required for investment. Distributions 2015 Declared Paid First Quarter Class A Common Stock $ 3,554 $ 3,073 Class B-1 Common Stock 68 103 Class B-2 Common Stock 103 103 Class B-3 Common Stock 103 103 OP Units 82 82 LTIP Units 96 96 Total first quarter 2015 $ 4,006 $ 3,560 Second Quarter Class A Common Stock $ 4,852 $ 4,236 Class B-2 Common Stock 103 103 Class B-3 Common Stock 103 103 OP Units 82 82 LTIP Units 110 104 Total second quarter 2015 $ 5,250 $ 4,628 Third Quarter Class A Common Stock $ 5,500 $ 5,465 Class B-2 Common Stock 68 103 Class B-3 Common Stock 103 103 OP Units 82 82 LTIP Units 221 178 Total third quarter 2015 $ 5,974 $ 5,931 Total nine months ended September 30, 2015 $ 15,230 $ 14,119 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 12 Commitments and Contingencies The Company is subject to various legal actions and claims arising in the ordinary course of business. Although the outcome of any legal matter cannot be predicted with certainty, management does not believe that any of these legal proceedings or matters will have a material adverse effect on the consolidated financial position or results of operations or liquidity of the Company. |
Economic Dependency
Economic Dependency | 9 Months Ended |
Sep. 30, 2015 | |
Economic Dependency Disclosure [Abstract] | |
Economic Dependency Disclosure [Text Block] | Note 13 Economic Dependency The Company is dependent on its Manager, an affiliate of Bluerock, to provide external management services for certain services that are essential to the Company, including the identification, evaluation, negotiation, purchase and disposition of properties and other investments; management of the daily operations of its real estate portfolio; and other general and administrative responsibilities. In the event that the Manager or its affiliates are unable to provide the respective services, the Company will be required to obtain such services from other sources. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Declaration of Dividends On October 7, 2015, the Board declared monthly dividends for the fourth quarter of 2015 equal to a quarterly rate of $ 0.29 0.29 October 25, 2015 November 25, 2015 December 25, 2015 November 5, 2015 December 5, 2015 January 5, 2016 The declared dividends equal a monthly dividend on the Class A common stock and the Class B common stock as follows: $ 0.096666 October 25, 2015 0.096667 November 25, 2015 0.096667 December 25, 2015 Distributions Paid Declaration Distributions Total Shares Date Record Date Date Paid per Share Distribution Class A Common Stock July 10, 2015 September 25, 2015 October 5, 2015 $ 0.096666 $ 1,856 Class B-3 Common Stock July 10, 2015 September 25, 2015 October 5, 2015 $ 0.096666 $ 34 OP Units July 10, 2015 September 25, 2015 October 5, 2015 $ 0.096666 $ 27 LTIP Units July 10, 2015 September 25, 2015 October 5, 2015 $ 0.096666 $ 83 Class A Common Stock October 7, 2015 October 25, 2015 November 5, 2015 $ 0.096666 $ 1,856 Class B-3 Common Stock October 7, 2015 October 25, 2015 November 5, 2015 $ 0.096666 $ 34 OP Units October 7, 2015 October 25, 2015 November 5, 2015 $ 0.096666 $ 27 LTIP Units October 7, 2015 October 25, 2015 November 5, 2015 $ 0.096666 $ 83 Total $ 4,000 October 2015 8.250% Series A Cumulative Redeemable Preferred Stock Offering On October 21, 2015, the Company closed its October 2015 underwritten offering of 2,875,000 8.250 0.01 25.00 25.00 69.2 Sale of North Park Towers On October 16, 2015, the Company closed on the sale of the North Park Towers property, located in Southfield, Michigan. The 100 18.2 11.5 6.6 Acquisition of Phillips Creek and Sovereign Apartments On October 29, 2015, the Company, through subsidiaries of its Operating Partnership, completed investments of approximately $ 17.7 15.2 95.0 The Phillips Creek Property’s purchase price of approximately $ 55.3 38.7 The Sovereign Property’s purchase price of approximately $ 44.4 28.9 |
Basis of Presentation and Sum21
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | The Company operates as an umbrella partnership REIT in which Bluerock Residential Holdings, L.P. (its “Operating Partnership”), or its wholly-owned subsidiaries, owns substantially all of the property interests acquired on the Company’s behalf. As of September 30, 2015, limited partners other than the Company owned approximately 5.50 1.37 4.13 Because the Company is the sole general partner of its Operating Partnership and has unilateral control over its management and major operating decisions (even if additional limited partners are admitted to the Operating Partnership), the accounts of the Operating Partnership are consolidated in its consolidated financial statements. The Company consolidates entities in which it controls more than 50% of the voting equity and in which control does not rest with other investors. Investments in real estate joint ventures over which the Company has the ability to exercise significant influence, but for which it does not have financial or operating control, are accounted for using the equity method of accounting. These entities are reflected on the Company’s consolidated financial statements as “Investments in unconsolidated real estate joint ventures.” All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. The Company will consider future joint ventures for consolidation in accordance with the provisions required by the of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810: Consolidation. Certain amounts in prior year financial statement presentation have been reclassified to conform to the current period presentation. |
Interim Financial Information [Policy Text Block] | Interim Financial Information The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting, and the instructions to Form 10-Q and Article 10-1 of Regulation S-X. Accordingly, the financial statements for interim reporting do not include all of the information and notes or disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for interim periods should not be considered indicative of the operating results for a full year. The balance sheet at December 31, 2014 has been derived from the audited financial statements at that date, but does not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the financial statements and notes thereto included in our audited consolidated financial statements for the year ended December 31, 2014 contained in the Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on March 4, 2015. |
Basis of Accounting, Policy [Policy Text Block] | Summary of Significant Accounting Policies There have been no significant changes to the Company’s accounting policies since it filed its audited consolidated financial statements in its Annual Report on Form 10-K for the year ended December 31, 2014. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements In April 2015, the FASB issued Accounting Standards Update No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”). The amendments in ASU 2015-03 require that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of that liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU 2015-03. The amendments in ASU 2015-03 become effective for public business entities in the first annual period beginning after December 15, 2015, and interim periods within those fiscal years, with early application permitted. The Company is currently evaluating the impact of this accounting standard. In February 2015, the FASB issued Accounting Standards Update No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis” (“ASU 2015-02”). ASU 2015-02 eliminates specific consolidation guidance for limited partnerships and revises other aspects of consolidation analysis, including how kick-out rights, fee arrangements and related parties are assessed. ASU 2015-02 is effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. The Company is currently evaluating the impact of ASU 2015-02 on the Company’s financial statements. In January 2015, the FASB issued Accounting Standards Update No. 2015-01, “Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items” (“ASU 2015-01”), which eliminates the concept of extraordinary items and require items that are either unusual in nature or infrequently occurring to be reported as a separate component of income from continuing operations or disclosed in the notes to the financial statements. ASU 2015-01 is effective for periods beginning after December 15, 2015, with early adoption permitted. ASU 2015-01 is not expected to have a material impact on the Company's financial statements. In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements - Going Concern” (“ASU 2014-15”), which requires an entity's management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued. ASU 2014-15 is effective for periods beginning after December 15, 2016. ASU 2014-15 is not expected to have a material impact on the Company's financial statements. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). The updated standard is a new comprehensive revenue recognition model that requires revenue to be recognized in a manner that depicts the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. In July 2015, the FASB voted to approve the deferral of the effective date of ASU 2014-09 by one year. Therefore, ASU 2014-09 will become effective for the Company in the first quarter of the fiscal year ending December 31, 2018. Early adoption is permitted, but not earlier than the first quarter of the fiscal year ending December 31, 2017. The ASU allows for either full retrospective or modified retrospective adoption. The Company has not selected a transition method, and is currently evaluating the effect that ASU 2014-09 will have on the consolidated financial statements and related disclosures. |
Real Estate Assets Held for S22
Real Estate Assets Held for Sale, Discontinued Operations and Sale of Joint Venture Equity Interests (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Real Estate Assets Held for Development and Sale [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The following is a summary of the results of operations of the Creekside property classified as discontinued operations for the three and nine months ended September 30, 2014 (amounts in thousands); there were no operations for the three and nine months ended September 30, 2015 as the property was sold on March 28, 2014: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2015 2014 2015 2014 Total revenues $ $ $ $ 508 Expenses Property operating 114 (171) Depreciation and amortization (183) Management fees (8) Interest, net (149) Loss on operations of rental property $ $ 114 $ $ (3) Gain on sale of joint venture interest 1,006 Loss on early extinguishment of debt (880) (Loss) Income from discontinued operations $ $ 114 $ $ 123 |
Investments in Real Estate (Tab
Investments in Real Estate (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Real Estate [Abstract] | |
Schedule Of Equity Method Investments And Consolidation Accounting Investments [Table Text Block] | The following tables provide summary information regarding our operating and development investments, which are either consolidated or presented on the equity method of accounting. Operating Properties Multifamily Community Name/Location Number of Units Date Built/Renovated (1) Ownership Interest Average Rent (2) % Occupied (3) ARIUM Grandewood/ Orlando, FL (4) 306 2005 95.00 % $ 1,169 96 % ARIUM Palms/ Orlando, FL 252 2008 95.00 % 1,156 92 % Ashton I/ Charlotte, NC 322 2012 100.0 % 1,022 91 % Enders Place at Baldwin Park/ Orlando, FL 220 2003 89.50 % 1,563 97 % EOS/ Orlando, FL (5) 296 Est. 2015 1,211 30 % Fox Hill/ Austin , TX 288 2010 94.62 % 1,093 99 % Lansbrook Village/ Palm Harbor, FL 601 2004 76.81 % 1,167 93 % MDA Apartment/ Chicago, IL 190 2006 35.31 % 2,244 96 % North Park Towers/ Southfield, MI (6) 313 2000 100.0 % 1,065 95 % Park & Kingston/ Charlotte, NC 153 2014 96.00 % 1,195 98 % Springhouse at Newport News/Newport News, VA 432 1985 75.00 % 826 95 % Village Green of Ann Arbor/ Ann Arbor, MI 520 2013 48.61 % 1,159 95 % Whetstone / Durham, NC (5) 204 2015 1,325 67 % Total/Average 4,097 $ 1,189 95 % (1) (2) (3) (4) (5) (6) |
Schedule Of Development Properties In Real Estate [Table Text Block] | Development Properties Pro Forma Number of Initial Final Units to Average Rent Multifamily Community Name/Location Units Occupancy be Delivered (1) Alexan CityCentre / Houston, TX 340 4Q 2016 4Q 2017 $ 2,144 Alexan Southside Place / Houston, TX 269 3Q 2017 2Q 2018 $ 2,019 Cheshire Bridge / Atlanta, GA 285 1Q 2017 3Q 2017 $ 1,559 Total/Average 894 $ 1,921 (1) Represents the average pro forma effective monthly rent per occupied unit for all expected occupied units upon stabilization. |
Acquisition of Real Estate (Tab
Acquisition of Real Estate (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Schedule of Purchase Prices Allocations [Table Text Block] | The following table summarizes the assets acquired at the acquisition date. The amounts listed below reflect provisional amounts that will be updated as information becomes available (amounts in thousands): Preliminary Purchase Price Allocation Land $ 15,270 Building 112,431 Building improvements 8,884 Land improvements 6,265 Furniture and fixtures 3,136 In-place leases 2,806 Total assets acquired $ 148,792 |
Business Acquisition, Pro Forma Information [Table Text Block] | The pro-forma information presented below represents the change in consolidated revenue and earnings as if the Company's significant acquisitions of Village Green of Ann Arbor, North Park Towers, Lansbrook Village, ARIUM Grandewood, Fox Hill, Ashton I and ARIUM Palms (collectively, the "Recent Acquisitions"), had occurred on January 1, 2014 (amounts in thousands, except per share amounts). Park & Kingston is excluded from the pro forma information as the property was under development during 2014. Nine Months Ended September 30, Nine Months Ended September 30, 2015 2014 Pro-Forma Pro-Forma As Reported Adjustments Pro-Forma As Reported Adjustments Pro-Forma Revenues $ 31,065 $ 5,811 $ 36,876 $ 20,547 $ 17,292 $ 37,839 Net income (loss) $ 8,041 $ 2,283 $ 10,324 $ (9,200) $ (6,140) $ (15,340) Net income (loss) attributable to BRG $ 2,157 $ 2,173 $ 4,330 $ (7,730) $ (5,521) $ (13,251) Earnings (loss) per share, basic and diluted (1) $ 0.13 $ 0.26 $ (1.81) $ (3.10) (1) Pro-forma earnings (loss) per share, both basic and diluted, are calculated based on the net income (loss) attributable to BRG. |
Investments in Unconsolidated25
Investments in Unconsolidated Real Estate Joint Ventures (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments [Table Text Block] | The carrying amount of the Company’s investments in unconsolidated real estate joint ventures as of September 30, 2015 and December 31, 2014 is summarized in the table below (amounts in thousands): September 30, December 31, Property 2015 2014 Alexan CityCentre $ 6,505 $ 6,505 EOS 3,629 3,629 Alexan Southside Place 17,322 - Whetstone 12,231 - Cheshire Bridge 15,639 - 23Hundred Berry Hill - 4,906 Villas at Oak Crest - 3,170 Other - 121 Total $ 55,326 $ 18,331 |
Preferred Equity Method Investments [Table Text Block] | The Company’s investments in Alexan CityCentre, EOS, Alexan Southside Place, Whetstone and Cheshire Bridge represent preferred equity investments with the following stated returns: Current Pay Accrued Total Annualized Annualized Annualized Preferred Preferred Preferred Property Return Return Return Alexan CityCentre 15.0 % 15.0 % EOS 15.0 % 15.0 % Alexan Southside Place 15.0 % 15.0 % Whetstone 15.0 % 15.0 % Cheshire Bridge 15.0 % 15.0 % |
Equity Income Loss of Joint Ventures [Table Text Block] | The equity in income (loss) of the Company’s unconsolidated real estate joint ventures for the three and nine months ended September 30, 2015 and 2014 is summarized below (amounts in thousands): Three Months Ended September 30, Nine Months Ended September 30, Property 2015 2014 2015 2014 Villas at Oak Crest $ 278 $ 100 $ 489 $ 214 Alexan CityCentre 246 181 730 181 Alexan Southside Place 655 1,341 EOS 137 93 407 93 Whetstone 462 669 Cheshire Bridge 591 787 The Estates at Perimeter/Augusta 38 (1) 4 Other (3) (31) Equity in earnings of unconsolidated joint venture $ 2,366 $ 412 $ 4,391 $ 492 |
Schedule Of Condensed Financial Statements [Table Text Block] | September 30, December 31, 2015 2014 Balance Sheets: Real estate, net of depreciation $ 119,649 $ 55,091 Real estate, net of depreciation, held for sale 31,334 Other assets 22,254 1,193 Other assets, held for sale 2,458 Total assets $ 141,903 $ 90,076 Mortgages payable $ 61,998 $ 19,820 Mortgage payable, held for sale 23,569 Other liabilities 3,680 2,812 Other liabilities, held for sale 1,026 Total liabilities $ 65,678 $ 47,227 Members’ equity 76,225 42,849 Total liabilities and members’ equity $ 141,903 $ 90,076 Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Operating Statement: Rental revenues $ 561 $ 694 $ 1,885 $ 1,992 Operating expenses (695) (264) (2,166) (786) Income before debt service, acquisition costs, and depreciation and amortization (134) 430 (281) 1,206 Interest expense, net (167) (189) (544) (562) Acquisition costs (66) Depreciation and amortization (721) (204) (1,304) (605) Operating (loss) (1,022) 37 (2,195) 39 Gain on sale 29,200 Net (loss) income $ (1,022) $ 37 $ 27,005 $ 39 |
Mortgages Payable (Tables)
Mortgages Payable (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Mortgage Notes Payable [Table Text Block] | Outstanding Principal As of September 30, 2015 Property September 30, 2015 December 31, 2014 Interest Rate Fixed/ Floating Maturity Date ARIUM Grandewood $ 29,444 $ 29,444 1.87 % Floating (1) December 1, 2024 ARIUM Palms 24,999 - 2.42 % Floating (2) September 1, 2022 Ashton I 31,900 - 4.67 % Fixed December 1, 2025 Enders Place at Baldwin Park (3) 25,250 25,475 4.30 % Fixed November 1, 2022 Fox Hill 26,705 - 3.57 % Fixed April 1, 2022 Lansbrook Village 43,628 42,357 4.40 % Blended (4) March 31, 2018 MDA Apartments 37,600 37,600 5.35 % Fixed January 1, 2023 Park & Kingston 15,250 - 3.21 % Fixed April 1, 2020 Springhouse at Newport News 22,264 22,515 5.66 % Fixed January 1, 2020 Village Green of Ann Arbor 42,518 43,078 3.92 % Fixed October 1, 2022 Total 299,558 200,469 Fair value adjustments 1,710 874 Total continuing operations 301,268 201,343 North Park Towers - held for sale 11,500 11,500 5.65 % Fixed January 6, 2024 Total $ 312,768 $ 212,843 (1) (2) (3) (4) |
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | As of September 30, 2015, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): Year Total 2015 (October 1-December 31) $ 375 2016 2,762 2017 3,532 2018 45,364 2019 3,888 Thereafter 255,137 $ 311,058 Add: Unamortized fair value debt adjustment 1,710 Total $ 312,768 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Schedule Of Related Party Transactions [Table Text Block] | Pursuant to the terms of the Advisory Agreement and the Management Agreement, summarized below are the related party amounts payable to our Former Advisor and the Manager, as of September 30, 2015 and December 31, 2014 (in thousands): September 30, December 31, 2015 2014 Amounts Payable to the Former Advisor under our Prior and Terminated Advisory Agreement Asset management and oversight fees $ - $ 404 Acquisition fees and disposition fees - 740 Financing fees - 36 Total payable to the Former Advisor - 1,180 Amounts Payable to the Manager under the New Management Agreement Base management fee 896 310 Incentive fee - 146 Other 143 7 Total payable to the Manager 1,039 463 Total amounts payable to Former Advisor and Manager $ 1,039 $ 1,643 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders Equity Note [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net (loss) income from continuing operations attributable to common stockholders $ (574) $ (2,261) 2,157 $ (7,853) Dividends on restricted stock expected to vest (4) (1) (12) (6) Basic net (loss) income from continuing operations attributable to common stockholders $ (578) $ (2,262) $ 2,145 $ (7,859) Basic net (loss) income from discontinued operations attributable to common stockholders $ - $ 114 $ - $ 123 Weighted average common shares outstanding (1) 20,166,384 5,877,417 16,383,736 4,269,378 Potential dilutive shares (2) 12,302 Weighted average common shares outstanding and potential dilutive shares (1) 20,166,384 5,877,417 16,396,038 4,269,378 (Loss) income per common share, basic Continuing operations $ (0.03) $ (0.38) $ 0.13 $ (1.84) Discontinued operations $ - $ 0.02 $ - $ 0.03 $ (0.03) $ (0.36) $ 0.13 $ (1.81) (Loss) income per common share, diluted Continuing operations $ (0.03) $ (0.38) $ 0.13 $ (1.84) Discontinued operations $ - $ 0.02 $ - $ 0.03 $ (0.03) $ (0.36) $ 0.13 $ (1.81) (1) For 2015, amounts relate to shares of the Company’s Class A, B-1, B-2, B-3 common stock and LTIP Units outstanding. For 2014, amounts relate to shares of Class A, B-1, B-2 and B-3 common stock, common shares and LTIP Units outstanding. (2) Excludes 15,272 4,794 5,726 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of the status of the Company’s non-vested shares as of September 30, 2015 is as follows (amounts in thousands, except share amounts): Weighted average grant-date Non-Vested shares Shares (1) fair value (1) Balance at January 1, 2015 3,956 $ 90 Granted 15,000 197 Vested (4,480) (78) Forfeited Balance at September 30, 2015 14,476 $ 209 (1) The number of shares and per share amounts for the prior period have been retroactively restated to reflect the two reverse stock splits of the Class B common stock discussed above. |
Schedule Of Limited Partners Capital Account [Table Text Block] | Date of Number of LTIP Units Issuance LTIP Units Balance at January 1, 2015 325,578 Fourth quarter 2014 Incentive Fee 2/18/2015 10,896 First quarter 2015 Incentive Fee 5/14/2015 67,837 Equity Incentive Plan Manager Incentive Grant 7/2/2015 283,390 Second quarter 2015 Base Management Fee 8/13/2015 59,077 Former Advisor Obligation 9/14/2015 108,119 Balance at September 30, 2015 854,897 |
Schedule of Distributions Made to Members or Limited Partners, by Distribution [Table Text Block] | Distributions declared and paid for the three and nine months ended September 30, 2015 were as follows (amounts in thousands): Distributions 2015 Declared Paid First Quarter Class A Common Stock $ 3,554 $ 3,073 Class B-1 Common Stock 68 103 Class B-2 Common Stock 103 103 Class B-3 Common Stock 103 103 OP Units 82 82 LTIP Units 96 96 Total first quarter 2015 $ 4,006 $ 3,560 Second Quarter Class A Common Stock $ 4,852 $ 4,236 Class B-2 Common Stock 103 103 Class B-3 Common Stock 103 103 OP Units 82 82 LTIP Units 110 104 Total second quarter 2015 $ 5,250 $ 4,628 Third Quarter Class A Common Stock $ 5,500 $ 5,465 Class B-2 Common Stock 68 103 Class B-3 Common Stock 103 103 OP Units 82 82 LTIP Units 221 178 Total third quarter 2015 $ 5,974 $ 5,931 Total nine months ended September 30, 2015 $ 15,230 $ 14,119 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Schedule of Subsequent Events [Table Text Block] | The following distributions were paid to the Company's holders of Class A, Class B-3 common stock as well as holders of OP and LTIP Units subsequent to September 30, 2015 (amounts in thousands): Declaration Distributions Total Shares Date Record Date Date Paid per Share Distribution Class A Common Stock July 10, 2015 September 25, 2015 October 5, 2015 $ 0.096666 $ 1,856 Class B-3 Common Stock July 10, 2015 September 25, 2015 October 5, 2015 $ 0.096666 $ 34 OP Units July 10, 2015 September 25, 2015 October 5, 2015 $ 0.096666 $ 27 LTIP Units July 10, 2015 September 25, 2015 October 5, 2015 $ 0.096666 $ 83 Class A Common Stock October 7, 2015 October 25, 2015 November 5, 2015 $ 0.096666 $ 1,856 Class B-3 Common Stock October 7, 2015 October 25, 2015 November 5, 2015 $ 0.096666 $ 34 OP Units October 7, 2015 October 25, 2015 November 5, 2015 $ 0.096666 $ 27 LTIP Units October 7, 2015 October 25, 2015 November 5, 2015 $ 0.096666 $ 83 Total $ 4,000 |
Organization and Nature of Bu30
Organization and Nature of Business (Details Textual) $ / shares in Units, $ in Thousands | Oct. 08, 2014USD ($)$ / sharesshares | Sep. 09, 2013USD ($) | May. 22, 2015USD ($)$ / sharesshares | Jan. 20, 2015USD ($)$ / sharesshares | Mar. 28, 2014USD ($)$ / sharesshares | Sep. 30, 2015USD ($)$ / shares | Sep. 30, 2014USD ($) | Dec. 31, 2014$ / shares |
Organization and Nature of Business [Line Items] | ||||||||
Proceeds From Issuance Of Common Stock | $ 32,900 | $ 22,600 | $ 131,313 | $ 43,977 | ||||
Contribution Transactions Completed Description | a series of related contribution transactions pursuant to which it acquired indirect equity interests in four apartment properties, and a 100% fee simple interest in a fifth apartment property for an aggregate asset value of $152.3 million (inclusive of Villas of Oak Crest, which is accounted for under the equity method, and Springhouse, in which the Company already owned an interest and which has been reported as consolidated prior to the IPO). | |||||||
Number of Units in Real Estate Property | 4,991 | |||||||
Annual Distribution Percentage Rate | 90.00% | |||||||
Common Class A [Member] | ||||||||
Organization and Nature of Business [Line Items] | ||||||||
Proceeds From Issuance Of Common Stock | $ 77,600 | $ 53,700 | ||||||
Stock Issued During Period, Shares, New Issues | shares | 3,035,444 | 6,348,000 | 4,600,000 | |||||
Proceeds from Issuance Initial Public Offering | $ 44,000 | |||||||
Stockholders Equity, Reverse Stock Split | Immediately following the filing of the Second Charter Amendment, we effectuated a 2.264881 to 1 reverse stock split of our outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock, and on March 31, 2014, we effected an additional 1.0045878 to 1 reverse stock split of our outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock. | |||||||
Sale of Stock, Price Per Share | $ / shares | $ 11.90 | $ 13 | $ 12.50 | |||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||
IPO [Member] | ||||||||
Organization and Nature of Business [Line Items] | ||||||||
Stockholders Equity, Reverse Stock Split | Following the filing of the Second Charter Amendment, the Company effected a 2.264881-to-1 reverse stock split of its outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock, and on March 31, 2014, the Company effected an additional 1.0045878-to-1 reverse stock split of its outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock. | |||||||
IPO [Member] | Common Class A [Member] | ||||||||
Organization and Nature of Business [Line Items] | ||||||||
Stock Issued During Period, Shares, New Issues | shares | 3,448,276 | |||||||
Shares Issued, Price Per Share | $ / shares | $ 14.50 | |||||||
Proceeds From Issuance Initial Public Offering Gross | $ 50,000 | |||||||
Operating Property [Member] | ||||||||
Organization and Nature of Business [Line Items] | ||||||||
Percent of Real Estate Properties Occupied | 95.00% | |||||||
Operating Units [Member] | ||||||||
Organization and Nature of Business [Line Items] | ||||||||
Number of Units in Real Estate Property | 4,097 | |||||||
Under Development [Member] | ||||||||
Organization and Nature of Business [Line Items] | ||||||||
Number of Units in Real Estate Property | 894 |
Basis of Presentation and Sum31
Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Accounting Policies [Line Items] | ||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 42.20% | |
OP LTIP unit [Member] | ||
Accounting Policies [Line Items] | ||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 5.50% | |
OP Unit [Member] | ||
Accounting Policies [Line Items] | ||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 1.37% | |
LTIP Unit [Member] | ||
Accounting Policies [Line Items] | ||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 4.13% |
Real Estate Assets Held for S32
Real Estate Assets Held for Sale, Discontinued Operations and Sale of Joint Venture Equity Interests (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Expenses | ||||
Management fees | $ (896) | $ (225) | $ (3,051) | $ (548) |
Loss on early extinguishment of debt | 0 | 0 | 0 | (880) |
Income from discontinued operations | 0 | 114 | 0 | 123 |
Discontinued Operations [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 508 |
Expenses | ||||
Property operating | 0 | 114 | 0 | (171) |
Depreciation and amortization | 0 | 0 | 0 | (183) |
Management fees | 0 | 0 | 0 | (8) |
Interest, net | 0 | 0 | 0 | (149) |
Loss on operations of rental property | 0 | 114 | 0 | (3) |
Gain on sale of joint venture interest | 0 | 0 | 0 | 1,006 |
Loss on early extinguishment of debt | 0 | 0 | 0 | (880) |
Income from discontinued operations | $ 0 | $ 114 | $ 0 | $ 123 |
Real Estate Assets Held for S33
Real Estate Assets Held for Sale, Discontinued Operations and Sale of Joint Venture Equity Interests (Details Textual) - USD ($) $ in Millions | Jan. 14, 2015 | Dec. 10, 2014 | Dec. 18, 2014 | Mar. 28, 2014 | Sep. 30, 2015 | Dec. 31, 2014 |
Real Estate Assets Held for Development and Sale [Line Items] | ||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 42.20% | |||||
Prior To Restructuring [Member] | ||||||
Real Estate Assets Held for Development and Sale [Line Items] | ||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 100.00% | |||||
Berry Hill [Member] | ||||||
Real Estate Assets Held for Development and Sale [Line Items] | ||||||
Sale of joint venture ownership percentage | 25.10% | |||||
Fund III [Member] | ||||||
Real Estate Assets Held for Development and Sale [Line Items] | ||||||
Sale of joint venture ownership percentage | 28.40% | |||||
Fund III [Member] | Restructuring [Member] | ||||||
Real Estate Assets Held for Development and Sale [Line Items] | ||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 22.40% | |||||
Bemt Berry Hill [Member] | Restructuring [Member] | ||||||
Real Estate Assets Held for Development and Sale [Line Items] | ||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 19.80% | |||||
BR Creekside [Member] | ||||||
Real Estate Assets Held for Development and Sale [Line Items] | ||||||
Sale of joint venture ownership percentage | 24.70% | |||||
Disposition Fees | $ 0.1 | |||||
Proceeds from Sale of Real Estate Gross | 18.9 | |||||
Payments for Mortgage on Real Estate Sold | 13.5 | |||||
Proceeds from Sale of Real Estate | 1.2 | |||||
Deferred Gain on Sale of Property | $ 1 | |||||
BEMT Augusta, LLC [Member] | ||||||
Real Estate Assets Held for Development and Sale [Line Items] | ||||||
Sale of joint venture ownership percentage | 25.00% | |||||
Estates at Perimeter/Augusta [Member] | ||||||
Real Estate Assets Held for Development and Sale [Line Items] | ||||||
Net Proceeds From Divestiture Of Interest In Joint Venture | $ 1.7 | |||||
Gain On Sale Of Equity Interests | $ 0.6 | |||||
BRG Co-Owner [Member] | ||||||
Real Estate Assets Held for Development and Sale [Line Items] | ||||||
Sale of joint venture ownership percentage | 50.00% | 40.00% | ||||
Waypoint Residential Services [Member] | ||||||
Real Estate Assets Held for Development and Sale [Line Items] | ||||||
Sale Of Joint Venture Equity Interest For Unaffiliate | $ 26 | |||||
BRG Grove [Member] | ||||||
Real Estate Assets Held for Development and Sale [Line Items] | ||||||
Sale of joint venture ownership percentage | 60.00% | |||||
BGF’s subsidiary BGF 23Hundred, LLC [Member] | Restructuring [Member] | ||||||
Real Estate Assets Held for Development and Sale [Line Items] | ||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 22.90% | |||||
SH 23Hundred TIC, LLC [Member] | Restructuring [Member] | ||||||
Real Estate Assets Held for Development and Sale [Line Items] | ||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 34.80% | |||||
Bluerock Growth Fund, LLC [Member] | Prior To Restructuring [Member] | ||||||
Real Estate Assets Held for Development and Sale [Line Items] | ||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 29.00% | |||||
Un Affiliated Third Party [Member] | Prior To Restructuring [Member] | ||||||
Real Estate Assets Held for Development and Sale [Line Items] | ||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 17.50% | |||||
BR Stonehenge 23Hundred JV, LLC [Member] | Prior To Restructuring [Member] | ||||||
Real Estate Assets Held for Development and Sale [Line Items] | ||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 100.00% | |||||
Fund II LLC [Member] | ||||||
Real Estate Assets Held for Development and Sale [Line Items] | ||||||
Sale of joint venture ownership percentage | 25.00% | |||||
Bel Hendersonville [Member] | ||||||
Real Estate Assets Held for Development and Sale [Line Items] | ||||||
Sale Of Joint Venture Equity Interest For Unaffiliate | $ 37.7 | |||||
Waterford [Member] | ||||||
Real Estate Assets Held for Development and Sale [Line Items] | ||||||
Proceeds from Divestiture of Interest in Joint Venture | 9 | |||||
Gain On Sale Of Equity Interests | $ 3.5 | |||||
Berry Hill General Partnership [Member] | ||||||
Real Estate Assets Held for Development and Sale [Line Items] | ||||||
Disposition Fees | $ 0.1 | |||||
Sale Of Joint Venture Equity Interest For Unaffiliate | $ 61.2 | |||||
Net Proceeds From Divestiture Of Interest In Joint Venture | 7.3 | |||||
Gain On Sale Of Equity Interests | $ 11.3 | |||||
Gain On Sale Of Equity Investments Pro Rata Basis | $ 5.3 |
Investments in Real Estate (Det
Investments in Real Estate (Details) | 9 Months Ended | |
Sep. 30, 2015USD ($)Number | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | Number | 894 | |
Pro Forma Average Rent | $ 1,921 | [1] |
Alexan CityCentre [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | Number | 340 | |
Pro Forma Average Rent | $ 2,144 | [1] |
Final Units to be Delivered | 4Q 2017 | |
Initial Occupancy | 4Q 2016 | |
Alexan Southside Place / Houston, TX [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | Number | 269 | |
Pro Forma Average Rent | $ 2,019 | [1] |
Final Units to be Delivered | 2Q 2018 | |
Initial Occupancy | 3Q 2017 | |
Cheshire Bridge / Atlanta, GA [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | Number | 285 | |
Pro Forma Average Rent | $ 1,559 | [1] |
Final Units to be Delivered | 3Q 2017 | |
Initial Occupancy | 1Q 2017 | |
MDA Apartment [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 190 | |
Date Build/Renovated | 2,006 | [2] |
Ownership Interest | 35.31% | |
Pro Forma Average Rent | $ 2,244 | [3] |
% Occupied | 96.00% | [4] |
Enders at Baldwin Park [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 220 | |
Date Build/Renovated | 2,003 | [2] |
Ownership Interest | 89.50% | |
Pro Forma Average Rent | $ 1,563 | [3] |
% Occupied | 97.00% | [4] |
Whetstone Durham N C [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 204 | [5] |
Date Build/Renovated | 2,015 | [2],[5] |
Ownership Interest | 0.00% | [5] |
Pro Forma Average Rent | $ 1,325 | [3],[5] |
% Occupied | 67.00% | [4],[5] |
Park Kingston, Charlotte [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 153 | |
Date Build/Renovated | 2,014 | [2] |
Ownership Interest | 96.00% | |
Pro Forma Average Rent | $ 1,195 | [3] |
% Occupied | 98.00% | [4] |
Lansbrook Village [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 601 | |
Date Build/Renovated | 2,004 | [2] |
Ownership Interest | 76.81% | |
Pro Forma Average Rent | $ 1,167 | [3] |
% Occupied | 93.00% | [4] |
ARIUM Grandewood [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 306 | [6] |
Date Build/Renovated | 2,005 | [2],[6] |
Ownership Interest | 95.00% | [6] |
Pro Forma Average Rent | $ 1,169 | [3],[6] |
% Occupied | 96.00% | [4],[6] |
Village Green of Ann Arbor [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 520 | |
Date Build/Renovated | 2,013 | [2] |
Ownership Interest | 48.61% | |
Pro Forma Average Rent | $ 1,159 | [3] |
% Occupied | 95.00% | [4] |
Fox Hill, Austin [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 288 | |
Date Build/Renovated | 2,010 | [2] |
Ownership Interest | 94.62% | |
Pro Forma Average Rent | $ 1,093 | [3] |
% Occupied | 99.00% | [4] |
North Park Towers [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 313 | [7] |
Date Build/Renovated | 2,000 | [2],[7] |
Ownership Interest | 100.00% | [7] |
Pro Forma Average Rent | $ 1,065 | [3],[7] |
% Occupied | 95.00% | [4],[7] |
Springhouse at Newport News [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 432 | |
Date Build/Renovated | 1,985 | [2] |
Ownership Interest | 75.00% | |
Pro Forma Average Rent | $ 826 | [3] |
% Occupied | 95.00% | [4] |
Average [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 4,097 | |
Pro Forma Average Rent | $ 1,189 | [3] |
% Occupied | 95.00% | [4] |
EOS Orlando F L [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 296 | [5] |
Date Build/Renovated | Est. 2015 | [2],[5] |
Ownership Interest | 0.00% | [5] |
Pro Forma Average Rent | $ 1,211 | [3],[5] |
% Occupied | 30.00% | [4],[5] |
ARIUM Palms Orlando, FL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 252 | |
Date Build/Renovated | 2,008 | [2] |
Ownership Interest | 95.00% | |
Pro Forma Average Rent | $ 1,156 | [3] |
% Occupied | 92.00% | [4] |
Ashton I Charlotte, NC [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 322 | |
Date Build/Renovated | 2,012 | [2] |
Ownership Interest | 100.00% | |
Pro Forma Average Rent | $ 1,022 | [3] |
% Occupied | 91.00% | [4] |
[1] | Represents the average pro forma effective monthly rent per occupied unit for all expected occupied units upon stabilization. | |
[2] | Represents date of last significant renovation or year built if there were no renovations. | |
[3] | Represents the average effective monthly rent per occupied unit for all occupied units for the three months ended September 30, 2015, excluding Whetstone and EOS which are still in lease-up. Total concessions for the three months ended September 30, 2015 amounted to approximately $91,000. | |
[4] | Percent occupied is calculated as (i) the number of units occupied as of September 30, 2015, divided by (ii) total number of units, expressed as a percentage, excluding Whetstone and EOS which are still in lease-up. | |
[5] | Whetstone and EOS are currently preferred equity investments providing a stated investment return and both properties are in leaseup and actual average rents were $966 and $1,174, respectively, net of upfront leaseup concessions. | |
[6] | ARIUM Grandewood was formerly called ARIUM Grande Lakes. | |
[7] | This property is classified as held for sale as of September 30, 2015 and accounted for on a consolidated basis based on our 100% ownership in the property. Amounts related to this investment are classified as held for sale assets/liabilities on the Company’s consolidated balance sheet. |
Investments in Real Estate (D35
Investments in Real Estate (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Real Estate Property [Line Items] | ||||
Concessions Costs | $ 91,000 | |||
SEC Schedule III, Real Estate Accumulated Depreciation, Depreciation Expense | $ 3,100,000 | $ 2,600,000 | 8,200,000 | $ 6,000,000 |
Amortization of Deferred Leasing Fees | $ 900,000 | $ 2,100,000 | 2,300,000 | $ 3,800,000 |
Operating Leases, Rent Expense, Net, Total | 966 | |||
Payments for Rent | $ 1,174 |
Acquisition of Real Estate (Det
Acquisition of Real Estate (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Preliminary Purchase Price Allocation | |
Land | $ 15,270 |
Building | 112,431 |
Building improvements | 8,884 |
Land improvements | 6,265 |
Furniture and fixtures | 3,136 |
In-place leases | 2,806 |
Total assets acquired | $ 148,792 |
Acquisition of Real Estate (D37
Acquisition of Real Estate (Details1) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Business Acquisition [Line Items] | |||||
Revenues | $ 11,560 | $ 9,556 | $ 31,065 | $ 20,547 | |
Net income (loss) | (602) | (2,645) | 8,041 | (9,200) | |
Net income (loss) attributable to BRG | $ (574) | $ (2,147) | 2,157 | (7,730) | |
Scenario, Previously Reported [Member] | |||||
Business Acquisition [Line Items] | |||||
Revenues | 31,065 | 20,547 | |||
Net income (loss) | 8,041 | (9,200) | |||
Net income (loss) attributable to BRG | $ 2,157 | $ (7,730) | |||
Earnings (loss) per share, basic and diluted (in dollars per share) | [1] | $ 0.13 | $ (1.81) | ||
Scenario, Adjustment [Member] | |||||
Business Acquisition [Line Items] | |||||
Revenues | $ 5,811 | $ 17,292 | |||
Net income (loss) | 2,283 | (6,140) | |||
Net income (loss) attributable to BRG | 2,173 | (5,521) | |||
Pro Forma [Member] | |||||
Business Acquisition [Line Items] | |||||
Revenues | 36,876 | 37,839 | |||
Net income (loss) | 10,324 | (15,340) | |||
Net income (loss) attributable to BRG | $ 4,330 | $ (13,251) | |||
Earnings (loss) per share, basic and diluted (in dollars per share) | [1] | $ 0.26 | $ (3.10) | ||
[1] | Pro-forma earnings (loss) per share, both basic and diluted, are calculated based on the net income (loss) attributable to BRG. |
Acquisition of Real Estate (D38
Acquisition of Real Estate (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | |||||||
Aug. 20, 2015 | May. 31, 2015 | May. 26, 2015 | May. 16, 2015 | Mar. 26, 2015 | Mar. 16, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Aug. 19, 2015 | |
Business Acquisition [Line Items] | |||||||||
Aggregate Property Level Revenues And Recent Acquisitions | $ 20,100 | ||||||||
Aggregate Property Level Net Income And Recent Acquisitions | 1,100 | ||||||||
Maximum Percentage Of Appraised Value In Supplemental Financing | 70.00% | ||||||||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 32,942 | $ 116,800 | |||||||
Park Kingston Phase I Units [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 46.95% | ||||||||
Business Acquisition Indirect Ownership, Amount | $ 6,500 | $ 6,300 | |||||||
Park Kingston Phase I Units [Member] | Phase I [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition Indirect Ownership, Amount | 27,850 | ||||||||
Park Kingston Phase I Units [Member] | Minimum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 46.95% | 96.00% | |||||||
Park Kingston Phase I Units [Member] | Maximum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 96.00% | 46.95% | |||||||
Park Kingston Phase I Units [Member] | Senior Secured Mortgage Loan [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition Indirect Ownership, Amount | 15,250 | ||||||||
Park Kingston Phase II Units [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition Indirect Ownership, Amount | $ 2,870 | ||||||||
Fox Hill [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 85.27% | ||||||||
Business Acquisition Indirect Ownership, Amount | $ 1,100 | $ 10,200 | |||||||
Fox Hill [Member] | Minimum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 85.27% | 94.62% | |||||||
Fox Hill [Member] | Maximum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 94.62% | 85.27% | |||||||
Business Acquisition Indirect Ownership, Amount | 38,150 | ||||||||
Fox Hill [Member] | Senior Secured Mortgage Loan [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition Indirect Ownership, Amount | $ 26,710 | ||||||||
Ashton I [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition Indirect Ownership, Amount | $ 13,500 | ||||||||
Ashton I [Member] | Maximum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition Indirect Ownership, Amount | 44,750 | ||||||||
Ashton I [Member] | Senior Secured Mortgage Loan [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition Indirect Ownership, Amount | 31,900 | ||||||||
ARIUM Palms [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 95.00% | ||||||||
Business Acquisition Indirect Ownership, Amount | $ 13,000 | ||||||||
ARIUM Palms [Member] | Maximum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition Indirect Ownership, Amount | 37,000 | ||||||||
ARIUM Palms [Member] | Senior Secured Mortgage Loan [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition Indirect Ownership, Amount | $ 25,000 | ||||||||
Ashton II [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition Indirect Ownership, Amount | $ 20,600 |
Investments in Unconsolidated39
Investments in Unconsolidated Real Estate Joint Ventures (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 55,326 | $ 18,331 |
Villas at Oak Crest [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 0 | 3,170 |
Alexan CityCentre [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 6,505 | 6,505 |
EOS [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 3,629 | 3,629 |
Hundred Berry Hill [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 0 | 4,906 |
Alexan Southside Place [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 17,322 | 0 |
Whetstone [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 12,231 | 0 |
Cheshire Bridge [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 15,639 | 0 |
Others [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 0 | $ 121 |
Investments in Unconsolidated40
Investments in Unconsolidated Real Estate Joint Ventures (Details 1) | Sep. 30, 2015 |
Alexan CityCentre [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Current Pay Annualized Preferred Return Percentage | 15.00% |
Accrued Annualized Preferred Return Percentage | 0.00% |
Annualized Preferred Return, Total Percentage | 15.00% |
EOS [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Current Pay Annualized Preferred Return Percentage | 15.00% |
Accrued Annualized Preferred Return Percentage | 0.00% |
Annualized Preferred Return, Total Percentage | 15.00% |
Alexan Southside Place [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Current Pay Annualized Preferred Return Percentage | 15.00% |
Accrued Annualized Preferred Return Percentage | 0.00% |
Annualized Preferred Return, Total Percentage | 15.00% |
Whetstone [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Current Pay Annualized Preferred Return Percentage | 15.00% |
Accrued Annualized Preferred Return Percentage | 0.00% |
Annualized Preferred Return, Total Percentage | 15.00% |
Cheshire Bridge [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Current Pay Annualized Preferred Return Percentage | 15.00% |
Accrued Annualized Preferred Return Percentage | 0.00% |
Annualized Preferred Return, Total Percentage | 15.00% |
Investments in Unconsolidated41
Investments in Unconsolidated Real Estate Joint Ventures (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||||
Income (Loss) From Equity Method Investments | $ 2,366 | $ 412 | $ 4,391 | $ 492 |
Villas at Oak Crest [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Income (Loss) From Equity Method Investments | 278 | 100 | 489 | 214 |
Alexan CityCentre [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Income (Loss) From Equity Method Investments | 246 | 181 | 730 | 181 |
Alexan Southside Place [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Income (Loss) From Equity Method Investments | 655 | 0 | 1,341 | 0 |
EOS [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Income (Loss) From Equity Method Investments | 137 | 93 | 407 | 93 |
Whetstone [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Income (Loss) From Equity Method Investments | 462 | 0 | 669 | 0 |
Cheshire Bridge [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Income (Loss) From Equity Method Investments | 591 | 0 | 787 | 0 |
The Estates at Perimeter/Augusta [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Income (Loss) From Equity Method Investments | 0 | 38 | (1) | 4 |
Other [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Income (Loss) From Equity Method Investments | $ (3) | $ 0 | $ (31) | $ 0 |
Investments in Unconsolidated42
Investments in Unconsolidated Real Estate Joint Ventures (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Balance Sheets: | |||||
Real estate, net of depreciation | $ 119,649 | $ 119,649 | $ 55,091 | ||
Real estate, net of depreciation, held for sale | 0 | 0 | 31,334 | ||
Other assets | 22,254 | 22,254 | 1,193 | ||
Other assets, held for sale | 0 | 0 | 2,458 | ||
Total assets | 141,903 | 141,903 | 90,076 | ||
Mortgages payable | 61,998 | 61,998 | 19,820 | ||
Mortgage payable, held for sale | 0 | 0 | 23,569 | ||
Other liabilities | 3,680 | 3,680 | 2,812 | ||
Other liabilities, held for sale | 0 | 0 | 1,026 | ||
Total liabilities | 65,678 | 65,678 | 47,227 | ||
Members' equity | 76,225 | 76,225 | 42,849 | ||
Total liabilities and members' equity | 141,903 | 141,903 | $ 90,076 | ||
Operating Statement: | |||||
Rental revenues | 561 | $ 694 | 1,885 | $ 1,992 | |
Operating expenses | (695) | (264) | (2,166) | (786) | |
Income before debt service, acquisition costs, and depreciation and amortization | (134) | 430 | (281) | 1,206 | |
Interest expense, net | (167) | (189) | (544) | (562) | |
Acquisition costs | 0 | 0 | (66) | 0 | |
Depreciation and amortization | (721) | (204) | (1,304) | (605) | |
Operating (loss) | (1,022) | 37 | (2,195) | 39 | |
Gain on sale | 0 | 0 | 29,200 | 0 | |
Net (loss) income | $ (1,022) | $ 37 | $ 27,005 | $ 39 |
Investments in Unconsolidated43
Investments in Unconsolidated Real Estate Joint Ventures (Details Textual) - USD ($) $ in Millions | Apr. 07, 2015 | May. 20, 2015 | Sep. 30, 2015 |
Equity Method Investment And Joint Venture [Line Items] | |||
Ground Lease Term | 85 years | ||
Debt Instrument, Description of Variable Rate Basis | base rate plus 1.25% or LIBOR plus 2.25%. | LIBOR plus 2.0%. | |
BRG Southside, LLC [Member] | |||
Equity Method Investment And Joint Venture [Line Items] | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | $ 17.3 | ||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 100.00% | ||
BRG Whetstone Durham LLC [Member] | |||
Equity Method Investment And Joint Venture [Line Items] | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | $ 12.2 | ||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 100.00% | ||
Bridge Loan | $ 25.2 | ||
BRG Cheshire LLC [Member] | |||
Equity Method Investment And Joint Venture [Line Items] | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | $ 15.6 | ||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 100.00% | ||
Bank of America [Member] | |||
Equity Method Investment And Joint Venture [Line Items] | |||
Debt Instrument, Face Amount | $ 31.8 | ||
Debt Instrument, Maturity Date, Description | April 7, 2019 |
Mortgages Payable (Details)
Mortgages Payable (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2014 | ||
Mortgages [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 299,558 | $ 200,469 | |
Fair value adjustments | 1,710 | 874 | |
Total continuing operations | 301,268 | 201,343 | |
Total | 312,768 | 212,843 | |
Spring House [Member] | Mortgages [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 22,264 | 22,515 | |
Interest Rate | 5.66% | ||
Fixed/Floating | Fixed | ||
Maturity Date | Jan. 1, 2020 | ||
Enders Place at Baldwin Park [Member] | Mortgages [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | [1] | $ 25,250 | 25,475 |
Interest Rate | [1] | 4.30% | |
Fixed/Floating | [1] | Fixed | |
Maturity Date | [1] | Nov. 1, 2022 | |
MDA Apartments [Member] | Mortgages [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 37,600 | 37,600 | |
Interest Rate | 5.35% | ||
Fixed/Floating | Fixed | ||
Maturity Date | Jan. 1, 2023 | ||
Village Green Ann Arbor [Member] | Mortgages [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 42,518 | 43,078 | |
Interest Rate | 3.92% | ||
Fixed/Floating | Fixed | ||
Maturity Date | Oct. 1, 2022 | ||
Lansbrook Village [Member] | Mortgages [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 43,628 | 42,357 | |
Interest Rate | 4.40% | ||
Fixed/Floating | [2] | Blended | |
Maturity Date | Mar. 31, 2018 | ||
ARIUM Grandewood [Member] | |||
Line of Credit Facility [Line Items] | |||
Interest Rate | 1.87% | ||
ARIUM Grandewood [Member] | Mortgages [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 29,444 | 29,444 | |
Interest Rate | 1.87% | ||
Fixed/Floating | [3] | Floating | |
Maturity Date | Dec. 1, 2024 | ||
North Park Towers [Member] | Mortgages [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 11,500 | 11,500 | |
Interest Rate | 5.65% | ||
Fixed/Floating | Fixed | ||
Maturity Date | Jan. 6, 2024 | ||
Fox Hills [Member] | Mortgages [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 26,705 | 0 | |
Interest Rate | 3.57% | ||
Fixed/Floating | Fixed | ||
Maturity Date | Apr. 1, 2022 | ||
Park Kingston [Member] | Mortgages [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 15,250 | 0 | |
Interest Rate | 3.21% | ||
Fixed/Floating | Fixed | ||
Maturity Date | Apr. 1, 2020 | ||
ARIUM Palms [Member] | |||
Line of Credit Facility [Line Items] | |||
Interest Rate | 2.42% | ||
ARIUM Palms [Member] | Mortgages [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 24,999 | 0 | |
Interest Rate | 2.42% | ||
Fixed/Floating | [4] | Floating | |
Maturity Date | Sep. 1, 2022 | ||
Ashton I [Member] | Mortgages [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 31,900 | $ 0 | |
Interest Rate | 4.67% | ||
Fixed/Floating | Fixed | ||
Maturity Date | Dec. 1, 2025 | ||
[1] | The principal includes a $17.3 million loan at a 3.97% interest rate and an $8.0 million supplemental loan at a 5.01% interest rate. | ||
[2] | The principal balance includes the initial advance of $42.0 million at a fixed rate of 4.45% and an additional advance of $1.6 million that bears interest at a floating rate of three month LIBOR plus 3.00%, as of September 30, 2015, the additional advance had an interest rate of 3.31%. | ||
[3] | ARIUM Grandewood Senior Loan bears interest at a floating rate of 1.67% plus one month LIBOR. At September 30, 2015, the interest rate was 1.87%. | ||
[4] | ARIUM Palms loan bears interest at a floating rate of 2.22% plus one month LIBOR. At September 30, 2015, the interest rate was 2.42%. |
Mortgages Payable (Details 1)
Mortgages Payable (Details 1) $ in Thousands | Sep. 30, 2015USD ($) |
Debt Disclosure [Abstract] | |
2015 (October 1-December 31) | $ 375 |
2,016 | 2,762 |
2,017 | 3,532 |
2,018 | 45,364 |
2,019 | 3,888 |
Thereafter | 255,137 |
Long-term Debt | 311,058 |
Add: Unamortized fair value debt adjustment | 1,710 |
Total | $ 312,768 |
Mortgages Payable (Details Text
Mortgages Payable (Details Textual) - USD ($) | Apr. 07, 2015 | Aug. 20, 2015 | Aug. 19, 2015 | May. 20, 2015 | Mar. 16, 2015 | Sep. 30, 2015 | Mar. 26, 2015 | Dec. 31, 2014 | Mar. 21, 2014 |
Line of Credit Facility [Line Items] | |||||||||
Debt Instrument, Description of Variable Rate Basis | base rate plus 1.25% or LIBOR plus 2.25%. | LIBOR plus 2.0%. | |||||||
Real Estate Investments, Net, Total | $ 429,706,000 | $ 288,411,000 | |||||||
Enders [Member] | Loans Payable [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 17,300,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.97% | ||||||||
Enders [Member] | Supplemental Loan [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 8,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.01% | ||||||||
Lansbrook [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Secured Long-term Debt, Noncurrent | $ 1,600,000 | $ 48,000,000 | |||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.45% | ||||||||
Debt Instrument, Fee Amount | 240,000 | ||||||||
Lansbrook [Member] | Initial Advance [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Secured Long-term Debt, Noncurrent | 42,000,000 | ||||||||
Lansbrook [Member] | Additional borrowing [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Secured Long-term Debt, Noncurrent | $ 6,000,000 | $ 6,000,000 | |||||||
Lansbrook [Member] | Mortgages [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.40% | ||||||||
ARIUM Grandewood [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.87% | ||||||||
Debt Instrument, Interest Rate During Period | 1.67% | ||||||||
ARIUM Grandewood [Member] | Mortgages [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.87% | ||||||||
Park Kingston [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Secured Long-term Debt, Noncurrent | $ 15,250,000 | ||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.21% | ||||||||
Percentage Of Unpaid Outstanding Principal Balance | 1.00% | ||||||||
Park Kingston [Member] | Mortgages [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.21% | ||||||||
Fox Hills [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Secured Long-term Debt, Noncurrent | $ 26,700,000 | ||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.57% | ||||||||
Percentage Of Unpaid Outstanding Principal Balance | 1.00% | ||||||||
Long-term Debt, Description | During the first 60 months of the term, the loan may be prepaid at any time with at least 30 business days prior notice and the payment of a prepayment premium equal to the greater of (i) 1% of the principal balance and (ii) a yield maintenance amount calculated as set forth in the loan agreement. After the first 60 months of the term through the fourth month prior to the end of the term, the loan may be prepaid at any time with at least 30 business days prior notice and the payment of a prepayment premium equal to 1% of the principal balance, and thereafter, the loan may be prepaid at any time at par. The loan is nonrecourse to the Company and the Fox Hill Borrower with recourse carve-outs for certain deeds, acts or failures to act on the part of the Company and the Fox Hill Borrower, or any of its officers, members, managers or employees. | ||||||||
Fox Hills [Member] | Mortgages [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.57% | ||||||||
ARIUM Palms [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.42% | ||||||||
Secured Long-term Debt, Noncurrent | $ 25,000,000 | ||||||||
Debt Instrument, Description of Variable Rate Basis | loan bears interest at a floating rate of 2.22% plus one month LIBOR | ||||||||
Percentage Of Unpaid Outstanding Principal Balance | 1.00% | ||||||||
Interest Cap Rate of Description | The ARIUM Palms Borroweralso entered into a three-year interest rate cap agreement with a cap rate of 5.75 | ||||||||
ARIUM Palms [Member] | Mortgages [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.42% | ||||||||
Debt Instrument, Description of Variable Rate Basis | interest on a floating basis based on LIBOR plus 2.22% | ||||||||
Ashton I Charlotte, NC [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Secured Long-term Debt, Noncurrent | $ 31,900,000 | ||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.67% | ||||||||
Percentage Of Unpaid Outstanding Principal Balance | 1.00% |
Line of Credit (Details Textual
Line of Credit (Details Textual) $ in Millions | Jan. 02, 2014USD ($) |
Line of Credit Facility [Line Items] | |
Line Of Credit, Current | $ 7.6 |
Fair Value of Financial Instr48
Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage Payable At Carrying Value | $ 312.8 | $ 212.8 |
Mortgage Payable At Fair Value | $ 319.1 | $ 215.8 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | ||
Total related-party amounts payable | $ 1,039 | $ 1,643 |
Formar Advisor [Member] | ||
Related Party Transaction [Line Items] | ||
Total related-party amounts payable | 0 | 1,180 |
Manager [Member] | ||
Related Party Transaction [Line Items] | ||
Total related-party amounts payable | 1,039 | 463 |
Asset Management and Oversight Fees [Member] | Formar Advisor [Member] | ||
Related Party Transaction [Line Items] | ||
Total related-party amounts payable | 0 | 404 |
Acquisition Fees and Disposition Fees [Member] | Formar Advisor [Member] | ||
Related Party Transaction [Line Items] | ||
Total related-party amounts payable | 0 | 740 |
Financing Fees [Member] | Formar Advisor [Member] | ||
Related Party Transaction [Line Items] | ||
Total related-party amounts payable | 0 | 36 |
Base Management Fee [Member] | Manager [Member] | ||
Related Party Transaction [Line Items] | ||
Total related-party amounts payable | 896 | 310 |
Incentive fee [Member] | Manager [Member] | ||
Related Party Transaction [Line Items] | ||
Total related-party amounts payable | 0 | 146 |
Others [Member] | Manager [Member] | ||
Related Party Transaction [Line Items] | ||
Total related-party amounts payable | $ 143 | $ 7 |
Related Party Transactions (D50
Related Party Transactions (Details Textual) - USD ($) | Sep. 14, 2015 | Aug. 13, 2015 | Jul. 02, 2015 | May. 14, 2015 | Apr. 30, 2015 | Feb. 18, 2015 | Oct. 21, 2013 | Sep. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | May. 31, 2015 | Mar. 26, 2015 | Mar. 16, 2015 | Jan. 02, 2014 |
Related Party Transaction [Line Items] | |||||||||||||||||
Line of credit outstanding | $ 7,600,000 | ||||||||||||||||
Sales Price Percentage | 1.50% | ||||||||||||||||
Selling Commission Percentage | 50.00% | ||||||||||||||||
Percentage Exceed In Contract Sales Price | 6.00% | ||||||||||||||||
Percentage Exceed Relates To Operating Expenses | 2.00% | 2.00% | |||||||||||||||
Percentage Determined For Net Income | 25.00% | ||||||||||||||||
Oversight Fee Percentage | 1.00% | ||||||||||||||||
Related Party Transaction Acquisition Fee Percentage | 2.50% | ||||||||||||||||
Base Management Fee Expense | $ 900,000 | $ 2,100,000 | |||||||||||||||
Preferred Stock, Shares Issued | 0 | 0 | 0 | 0 | |||||||||||||
Preferred Stock, Par Or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||
Preferred Stock, Dividend Rate, Percentage | 8.00% | ||||||||||||||||
Due From Affiliates Excluding Former Advisor | $ 900,000 | $ 600,000 | $ 900,000 | $ 600,000 | |||||||||||||
Compensation Percent Of Stockholders Equity | 0.25% | 0.25% | |||||||||||||||
Management Agreement, Agreement Termination Minimum Stockholders Equity | $ 250,000,000 | $ 250,000,000 | |||||||||||||||
Compensation Incentive Fee Product Percentage | 20.00% | 20.00% | |||||||||||||||
Compensation Incentive Fee Base Percentage | 8.00% | 8.00% | |||||||||||||||
Due to Affiliates Excluding Manager and Former Advisor | $ 600,000 | 300,000 | $ 600,000 | 300,000 | |||||||||||||
Incentive Fee Expense | 700,000 | 150,000 | |||||||||||||||
Management Fee Expense | $ 100,000 | $ 700,000 | |||||||||||||||
Long Term Incentive Plan Units Issued | 67,837 | 10,896 | |||||||||||||||
Share Price | $ 11.98 | $ 11.98 | |||||||||||||||
Long Term Incentive Plan Units Vested | 59,854 | ||||||||||||||||
Due to Related Parties | $ 1,039,000 | 1,643,000 | $ 1,039,000 | 1,643,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 283,390 | ||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures, Total | 100,000 | ||||||||||||||||
General and Administrative Expense [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Due to Related Parties | 1,180,000 | 1,180,000 | |||||||||||||||
Allocated Share-based Compensation Expense | $ 500,000 | $ 500,000 | |||||||||||||||
Long-term Incentive Plan Units [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Management Fee Expense | $ 1,000,000 | ||||||||||||||||
Common Stock Closing Share Price | $ 12.43 | ||||||||||||||||
Long Term Incentive Plan Units Granted | 179,562 | ||||||||||||||||
Share Price | $ 11.98 | $ 11.98 | |||||||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 74,780 | 59,077 | |||||||||||||||
Partners' Capital Account, Units, Sale of Units, Total | 108,119 | 108,119 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 59,077 | ||||||||||||||||
October 2014 Follow-On Offering [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 200,000 | ||||||||||||||||
Costs and Expenses, Related Party | 25,000 | ||||||||||||||||
Manager [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Incentive Fee Expense | $ 900,000 | ||||||||||||||||
Due to Related Parties | $ 1,039,000 | $ 463,000 | $ 1,039,000 | $ 463,000 | |||||||||||||
Villas at Oak Crest [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | 300,000 | ||||||||||||||||
Park Kingston Phase I Units [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Business Acquisition Indirect Ownership, Amount | $ 6,500,000 | $ 6,300,000 | |||||||||||||||
Fox Hill [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Business Acquisition Indirect Ownership, Amount | $ 1,100,000 | $ 10,200,000 | |||||||||||||||
North Park Towers [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Management Fee Expense | $ 50,000 | $ 140,000 | |||||||||||||||
Advisory Agreement [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Sales Price Percentage | 1.50% | ||||||||||||||||
Preferred Stock, Shares Issued | 1,000 | 1,000 | |||||||||||||||
Preferred Stock, Par Or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | |||||||||||||||
Fund II [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Repayments of Related Party Debt | $ 300,000 | ||||||||||||||||
Common Class A [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Compensation Percent Of Stockholders Equity | 1.50% | 1.50% | |||||||||||||||
Minimum [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Percentage Of Financing Fees Receivable | 0.25% | ||||||||||||||||
Maximum [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Percentage Of Financing Fees Receivable | 1.00% | ||||||||||||||||
Maximum [Member] | Fox Hill [Member] | |||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||
Business Acquisition Indirect Ownership, Amount | $ 38,150,000 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||
Net (loss) income from continuing operations attributable to common stockholders | $ (574) | $ (2,261) | $ 2,157 | $ (7,853) | |
Dividends on restricted stock expected to vest | (4) | (1) | (12) | (6) | |
Basic net (loss) income from continuing operations attributable to common stockholders | (578) | (2,262) | 2,145 | (7,859) | |
Basic net (loss) income from discontinued operations attributable to common stockholders | $ 0 | $ 114 | $ 0 | $ 123 | |
Weighted average common shares outstanding (in shares) | [1],[2] | 20,166,384 | 5,877,417 | 16,383,736 | 4,269,378 |
Potential dilutive shares (in shares) | [3] | 0 | 0 | 12,302 | 0 |
Weighted average common shares outstanding and potential dilutive shares (in shares) | [1] | 20,166,384 | 5,877,417 | 16,396,038 | 4,269,378 |
(Loss) income per common share, basic | |||||
Continuing operations (in dollars per share) | [2] | $ (0.03) | $ (0.38) | $ 0.13 | $ (1.84) |
Discontinued operations (in dollars per share) | [2] | 0 | 0.02 | 0 | 0.03 |
Income (loss) per common share, basic (in dollars per share) | [2] | (0.03) | (0.36) | 0.13 | (1.81) |
(Loss) income per common share, diluted | |||||
Continuing operations (in dollars per share) | [2] | (0.03) | (0.38) | 0.13 | (1.84) |
Discontinued operations (in dollars per share) | [2] | 0 | 0.02 | 0 | 0.03 |
Income (loss) per common share, diluted (in dollars per share) | [2] | $ (0.03) | $ (0.36) | $ 0.13 | $ (1.81) |
[1] | For 2015, amounts relate to shares of the Company’s Class A, B-1, B-2, B-3 common stock and LTIP Units outstanding. For 2014, amounts relate to shares of Class A, B-1, B-2 and B-3 common stock, common shares and LTIP Units outstanding. | ||||
[2] | Share and per share amounts have been restated to reflect the effects of two reverse stock splits of the Company’s Class B common stock, which occurred during the first quarter of 2014. See Note 1, "Organization and Nature of Business" and Note 11, "Stockholders' Equity" for further discussion. | ||||
[3] | Excludes 15,272 shares of common stock, for the three months ended September 30, 2015 and 4,794 and 5,726 shares of common stock, for the three and nine months ended September 30, 2014, related to non-vested restricted stock, as the effect would be anti-dilutive. |
Stockholders' Equity (Details 1
Stockholders' Equity (Details 1) | 9 Months Ended | |
Sep. 30, 2015$ / sharesshares | [1] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Non Vested shares, Balance (in shares) | 3,956 | |
Non Vested shares, Granted (in shares) | 15,000 | |
Non Vested shares, Vested (in shares) | (4,480) | |
Non Vested shares, Forfeited (in shares) | 0 | |
Non Vested shares, Balance (in shares) | 14,476 | |
Weighted average grant-date fair value, Balance (in dollars) | $ / shares | $ 90 | |
Weighted average grant-date fair value, Granted (in dollars) | $ / shares | 197 | |
Weighted average grant-date fair value, Vested (in dollars) | $ / shares | (78) | |
Weighted average grant-date fair value, Forfeited (in dollars) | $ / shares | 0 | |
Weighted average grant-date fair value, Balance (in dollars) | $ / shares | $ 209 | |
[1] | The number of shares and per share amounts for the prior period have been retroactively restated to reflect the two reverse stock splits of the Class B common stock discussed above. |
Stockholders' Equity (Details 2
Stockholders' Equity (Details 2) - shares | Sep. 14, 2015 | Aug. 13, 2015 | Jul. 02, 2015 | May. 14, 2015 | Feb. 18, 2015 | Sep. 30, 2015 |
Balance at January 1, 2015 | 325,578 | |||||
Long Term Incentive Plan Units Issued | 67,837 | 10,896 | ||||
Equity Incentive Plan Manager Incentive Grant | 283,390 | |||||
Balance at September 30, 2015 | 854,897 | |||||
Long-term Incentive Plan Units [Member] | ||||||
Equity Incentive Plan Manager Incentive Grant | 59,077 | |||||
Partners' Capital Account, Units, Sale of Units, Total | 108,119 | 108,119 |
Stockholders' Equity (Details 3
Stockholders' Equity (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2015 | |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ||||
Distributions Declared | $ 5,974 | $ 5,250 | $ 4,006 | $ 15,230 |
Distributions Paid | 5,931 | 4,628 | 3,560 | $ 14,119 |
Common Class A [Member] | ||||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ||||
Distributions Declared | 5,500 | 4,852 | 3,554 | |
Distributions Paid | 5,465 | 4,236 | 3,073 | |
Common Class B-1 [Member] | ||||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ||||
Distributions Declared | 68 | |||
Distributions Paid | 103 | |||
Common Class B-2 [Member] | ||||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ||||
Distributions Declared | 68 | 103 | 103 | |
Distributions Paid | 103 | 103 | 103 | |
Common Class B-3 [Member] | ||||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ||||
Distributions Declared | 103 | 103 | 103 | |
Distributions Paid | 103 | 103 | 103 | |
Operating Partnership Units [Member] | ||||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ||||
Distributions Declared | 82 | 82 | 82 | |
Distributions Paid | 82 | 82 | 82 | |
Long-term Incentive Plan Units [Member] | ||||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ||||
Distributions Declared | 221 | 110 | 96 | |
Distributions Paid | $ 178 | $ 104 | $ 96 |
Stockholders' Equity (Details T
Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jul. 10, 2015 | Apr. 10, 2015 | Jan. 09, 2015 | Oct. 10, 2014 | Oct. 08, 2014 | Sep. 09, 2013 | Aug. 05, 2013 | Sep. 19, 2015 | May. 22, 2015 | Mar. 24, 2015 | Mar. 23, 2015 | Jan. 20, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | May. 28, 2015 | Apr. 02, 2014 | |
Class of Stock [Line Items] | ||||||||||||||||||||
Share- Based Compensation Restricted Stock Issued To Directors (in shares) | 2,500 | 5,000 | ||||||||||||||||||
Restricted Stock Vested Percentage One | 20.00% | |||||||||||||||||||
Restricted Stock Vested Percentage Two | 20.00% | |||||||||||||||||||
Unrecognized Stock Based Compensation | $ 170 | |||||||||||||||||||
Proceeds From Issuance Of Common Stock | $ 32,900 | $ 22,600 | $ 131,313 | $ 43,977 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | [1] | 15,000 | ||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 4 months 24 days | |||||||||||||||||||
General Partners' Capital Account, Units Outstanding | 0.01 | |||||||||||||||||||
Limited Partners' Capital Account, Units Outstanding | 854,897 | 854,897 | 325,578 | 333 | ||||||||||||||||
Share Price | $ 11.98 | $ 11.98 | ||||||||||||||||||
General and Administrative Expense [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Allocated Share-based Compensation Expense | $ 500 | $ 500 | ||||||||||||||||||
Bluerock Residential Growth REIT, Inc [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 100.00% | |||||||||||||||||||
OP And LTIP Unit holders [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 5.50% | 9.87% | ||||||||||||||||||
OP Unit holders [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 1.40% | 4.59% | ||||||||||||||||||
LTIP Unit holders [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 4.10% | 5.28% | ||||||||||||||||||
Common Class A One [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.29 | $ 0.29 | $ 0.29 | $ 0.29 | ||||||||||||||||
Dividends Payable, Date of Record | Jul. 25, 2015 | Apr. 25, 2015 | Jan. 25, 2015 | Oct. 25, 2014 | Sep. 25, 2015 | |||||||||||||||
Dividends Payable, Date to be Paid | Aug. 5, 2015 | May 5, 2015 | Feb. 5, 2015 | Nov. 5, 2014 | Oct. 5, 2015 | |||||||||||||||
Common Class A One [Member] | Monthly Dividends [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.096667 | $ 0.096666 | $ 0.096666 | $ 0.096666 | $ 0.096666 | |||||||||||||||
Dividends Payable, Date of Record | Jul. 25, 2015 | Apr. 25, 2015 | Jan. 25, 2015 | Oct. 25, 2014 | Oct. 25, 2015 | |||||||||||||||
Common Class A Two [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Dividends Payable, Date of Record | Aug. 25, 2015 | May 25, 2015 | Feb. 25, 2015 | Nov. 25, 2014 | Oct. 25, 2015 | |||||||||||||||
Dividends Payable, Date to be Paid | Sep. 4, 2015 | Jun. 5, 2015 | Mar. 5, 2015 | Dec. 5, 2014 | Nov. 5, 2015 | |||||||||||||||
Common Class A Two [Member] | Monthly Dividends [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.096667 | |||||||||||||||||||
Dividends Payable, Date of Record | Aug. 25, 2015 | May 25, 2015 | Feb. 25, 2015 | Nov. 25, 2014 | Nov. 25, 2015 | |||||||||||||||
Common Class B One [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Dividends Payable, Date of Record | Sep. 25, 2015 | Jun. 25, 2015 | Mar. 25, 2015 | Dec. 25, 2014 | ||||||||||||||||
Dividends Payable, Date to be Paid | Oct. 5, 2015 | Jul. 2, 2015 | Apr. 5, 2015 | Jan. 5, 2015 | ||||||||||||||||
Conversion of Stock, Shares Converted | 353,630 | |||||||||||||||||||
Common Class B One [Member] | Monthly Dividends [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.096666 | $ 0.096667 | $ 0.096667 | $ 0.096667 | $ 0.096667 | |||||||||||||||
Dividends Payable, Date of Record | Sep. 25, 2015 | Jun. 25, 2015 | Mar. 25, 2015 | Dec. 25, 2014 | Dec. 25, 2015 | |||||||||||||||
Common Class B Two [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Conversion of Stock, Shares Converted | 353,630 | |||||||||||||||||||
Common Class A [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Proceeds From Issuance Of Common Stock | $ 77,600 | $ 53,700 | ||||||||||||||||||
Stockholders' Equity, Reverse Stock Split | Immediately following the filing of the Second Charter Amendment, we effectuated a 2.264881 to 1 reverse stock split of our outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock, and on March 31, 2014, we effected an additional 1.0045878 to 1 reverse stock split of our outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock. | |||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 3,035,444 | 6,348,000 | 4,600,000 | |||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||
Sale of Stock, Price Per Share | $ 11.90 | $ 13 | $ 12.50 | |||||||||||||||||
2014 Restricted Stock Award [Member] | Common Class A [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 2,500 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | The vesting schedule for each 2014 Restricted Stock Award is as follows: (i) 834 shares as of March 24, 2015, (ii) 833 shares on March 24, 2016, and (iii) 833 shares on March 24, 2017. | |||||||||||||||||||
2015 Restricted Stock Award [Member] | Common Class A [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 2,500 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | The vesting schedule for each 2015 Restricted Stock Award is as follows: (i) 834 shares as of March 24, 2016, (ii) 833 shares on March 24, 2017, and (iii) 833 shares on March 24, 2018. | |||||||||||||||||||
2014 Individuals Plan [Member] | Common Class A [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 2,500 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 475,000 | |||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 15,272 | 4,794 | 5,726 | |||||||||||||||||
[1] | The number of shares and per share amounts for the prior period have been retroactively restated to reflect the two reverse stock splits of the Class B common stock discussed above. |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 10, 2015 | Apr. 10, 2015 | Jan. 09, 2015 | Oct. 10, 2014 | Sep. 30, 2015 |
Subsequent Event [Line Items] | |||||
Dividends, Total Distribution | $ 4,000 | ||||
Class A Common Stock One [Member] | |||||
Subsequent Event [Line Items] | |||||
Dividends, Declaration Date | Jul. 10, 2015 | ||||
Dividends, Record Date | Jul. 25, 2015 | Apr. 25, 2015 | Jan. 25, 2015 | Oct. 25, 2014 | Sep. 25, 2015 |
Dividends, Date paid | Aug. 5, 2015 | May 5, 2015 | Feb. 5, 2015 | Nov. 5, 2014 | Oct. 5, 2015 |
Dividends, Distributions per Share (in dollars per share) | $ 0.096666 | ||||
Dividends, Total Distribution | $ 1,856 | ||||
Class B-3 Common Stock One [Member] | |||||
Subsequent Event [Line Items] | |||||
Dividends, Declaration Date | Jul. 10, 2015 | ||||
Dividends, Record Date | Sep. 25, 2015 | ||||
Dividends, Date paid | Oct. 5, 2015 | ||||
Dividends, Distributions per Share (in dollars per share) | $ 0.096666 | ||||
Dividends, Total Distribution | $ 34 | ||||
Operating Partnership Units One [Member] | |||||
Subsequent Event [Line Items] | |||||
Dividends, Declaration Date | Jul. 10, 2015 | ||||
Dividends, Record Date | Sep. 25, 2015 | ||||
Dividends, Date paid | Oct. 5, 2015 | ||||
Dividends, Distributions per Share (in dollars per share) | $ 0.096666 | ||||
Dividends, Total Distribution | $ 27 | ||||
Long-term Incentive Plan Units One [Member] | |||||
Subsequent Event [Line Items] | |||||
Dividends, Declaration Date | Jul. 10, 2015 | ||||
Dividends, Record Date | Sep. 25, 2015 | ||||
Dividends, Date paid | Oct. 5, 2015 | ||||
Dividends, Distributions per Share (in dollars per share) | $ 0.096666 | ||||
Dividends, Total Distribution | $ 83 | ||||
Class A Common Stock Two [Member] | |||||
Subsequent Event [Line Items] | |||||
Dividends, Declaration Date | Oct. 7, 2015 | ||||
Dividends, Record Date | Aug. 25, 2015 | May 25, 2015 | Feb. 25, 2015 | Nov. 25, 2014 | Oct. 25, 2015 |
Dividends, Date paid | Sep. 4, 2015 | Jun. 5, 2015 | Mar. 5, 2015 | Dec. 5, 2014 | Nov. 5, 2015 |
Dividends, Distributions per Share (in dollars per share) | $ 0.096666 | ||||
Dividends, Total Distribution | $ 1,856 | ||||
Class B-3 Common Stock Two [Member] | |||||
Subsequent Event [Line Items] | |||||
Dividends, Declaration Date | Oct. 7, 2015 | ||||
Dividends, Record Date | Oct. 25, 2015 | ||||
Dividends, Date paid | Nov. 5, 2015 | ||||
Dividends, Distributions per Share (in dollars per share) | $ 0.096666 | ||||
Dividends, Total Distribution | $ 34 | ||||
Operating Partnership Units Two [Member] | |||||
Subsequent Event [Line Items] | |||||
Dividends, Declaration Date | Oct. 7, 2015 | ||||
Dividends, Record Date | Oct. 25, 2015 | ||||
Dividends, Date paid | Nov. 5, 2015 | ||||
Dividends, Distributions per Share (in dollars per share) | $ 0.096666 | ||||
Dividends, Total Distribution | $ 27 | ||||
Long-term Incentive Plan Units Two [Member] | |||||
Subsequent Event [Line Items] | |||||
Dividends, Declaration Date | Oct. 7, 2015 | ||||
Dividends, Record Date | Oct. 25, 2015 | ||||
Dividends, Date paid | Nov. 5, 2015 | ||||
Dividends, Distributions per Share (in dollars per share) | $ 0.096666 | ||||
Dividends, Total Distribution | $ 83 |
Subsequent Events (Details Text
Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Oct. 07, 2015 | Jul. 10, 2015 | Apr. 10, 2015 | Jan. 09, 2015 | Oct. 10, 2014 | Oct. 31, 2015 | Oct. 21, 2015 | Oct. 16, 2015 | Sep. 30, 2015 | Oct. 29, 2015 |
Subsequent Event [Line Items] | ||||||||||
Stock Issued During Period, Value, New Issues | $ 131,313 | |||||||||
Preferred Stock, Dividend Rate, Percentage | 8.00% | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.29% | |||||||||
Sovereign Property [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.46% | |||||||||
Common Class A One [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Dividends Payable, Date of Record | Jul. 25, 2015 | Apr. 25, 2015 | Jan. 25, 2015 | Oct. 25, 2014 | Sep. 25, 2015 | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.29 | $ 0.29 | $ 0.29 | $ 0.29 | ||||||
Dividends Payable, Date to be Paid | Aug. 5, 2015 | May 5, 2015 | Feb. 5, 2015 | Nov. 5, 2014 | Oct. 5, 2015 | |||||
Common Class A Two [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Dividends Payable, Date of Record | Aug. 25, 2015 | May 25, 2015 | Feb. 25, 2015 | Nov. 25, 2014 | Oct. 25, 2015 | |||||
Dividends Payable, Date to be Paid | Sep. 4, 2015 | Jun. 5, 2015 | Mar. 5, 2015 | Dec. 5, 2014 | Nov. 5, 2015 | |||||
Common Class B One [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Dividends Payable, Date of Record | Sep. 25, 2015 | Jun. 25, 2015 | Mar. 25, 2015 | Dec. 25, 2014 | ||||||
Dividends Payable, Date to be Paid | Oct. 5, 2015 | Jul. 2, 2015 | Apr. 5, 2015 | Jan. 5, 2015 | ||||||
Series A Cumulative Redeemable Preferred Stock | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Preferred Stock, Dividend Rate, Percentage | 8.25% | |||||||||
Monthly Dividends [Member] | Common Class A One [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Dividends Payable, Date of Record | Jul. 25, 2015 | Apr. 25, 2015 | Jan. 25, 2015 | Oct. 25, 2014 | Oct. 25, 2015 | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.096667 | $ 0.096666 | $ 0.096666 | $ 0.096666 | $ 0.096666 | |||||
Monthly Dividends [Member] | Common Class A Two [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Dividends Payable, Date of Record | Aug. 25, 2015 | May 25, 2015 | Feb. 25, 2015 | Nov. 25, 2014 | Nov. 25, 2015 | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.096667 | |||||||||
Monthly Dividends [Member] | Common Class B One [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Dividends Payable, Date of Record | Sep. 25, 2015 | Jun. 25, 2015 | Mar. 25, 2015 | Dec. 25, 2014 | Dec. 25, 2015 | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.096666 | $ 0.096667 | $ 0.096667 | $ 0.096667 | $ 0.096667 | |||||
Subsequent Event [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Equity Method Investment, Ownership Percentage | 95.00% | |||||||||
Subsequent Event [Member] | Public Offering [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Stock Issued During Period, Value, New Issues | $ 69,200 | |||||||||
Shares Issued, Price Per Share | $ 25 | |||||||||
Subsequent Event [Member] | North Park Towers [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Equity Method Investment, Ownership Percentage | 100.00% | |||||||||
Proceeds from Sale of Property Held-for-sale | $ 6,600 | |||||||||
Mortgage Notes Payable Gross | 11,500 | |||||||||
Sale of Owned Property | $ 18,200 | |||||||||
Subsequent Event [Member] | Phillip Creek Property [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Maximum Purchase Price In Purchase Agreement | $ 55,300 | |||||||||
Long-term Investments, Total | 17,700 | |||||||||
Subsequent Event [Member] | Phillip Creek Property [Member] | Senior Mortgage Loan [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Mortgage Notes Payable Gross | 38,700 | |||||||||
Subsequent Event [Member] | Sovereign Property [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Maximum Purchase Price In Purchase Agreement | 44,400 | |||||||||
Long-term Investments, Total | 15,200 | |||||||||
Subsequent Event [Member] | Sovereign Property [Member] | Senior Mortgage Loan [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Mortgage Notes Payable Gross | $ 28,900 | |||||||||
Subsequent Event [Member] | Series A Cumulative Redeemable Preferred Stock | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Stock Issued During Period, Shares, New Issues | 2,875,000 | |||||||||
Preferred Stock, Liquidation Preference Per Share | $ 25 | |||||||||
Shares Issued, Price Per Share | $ 0.01 | |||||||||
Subsequent Event [Member] | Monthly Dividends [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Dividends Payable, Date of Record | Dec. 25, 2015 | |||||||||
Dividends Payable, Date to be Paid | Jan. 5, 2016 | |||||||||
Subsequent Event [Member] | Monthly Dividends [Member] | Common Class A One [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Dividends Payable, Date of Record | Oct. 25, 2015 | |||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.29 | |||||||||
Dividends Payable, Date to be Paid | Nov. 5, 2015 | |||||||||
Subsequent Event [Member] | Monthly Dividends [Member] | Common Class A Two [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Dividends Payable, Date of Record | Nov. 25, 2015 | |||||||||
Dividends Payable, Date to be Paid | Dec. 5, 2015 | |||||||||
Subsequent Event [Member] | Monthly Dividends [Member] | Common Class B One [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.29 |