Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 04, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Bluerock Residential Growth REIT, Inc. | |
Entity Central Index Key | 1,442,626 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | BRG | |
Entity Common Stock, Shares Outstanding | 19,564,752 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Net Real Estate Investments | ||
Land | $ 87,041 | $ 65,057 |
Buildings and improvements | 589,748 | 474,608 |
Furniture, fixtures and equipment | 20,323 | 17,155 |
Total Gross Real Estate Investments | 697,112 | 556,820 |
Accumulated depreciation | (28,522) | (23,437) |
Total Net Real Estate Investments | 668,590 | 533,383 |
Cash and cash equivalents | 24,019 | 68,960 |
Restricted cash | 8,640 | 11,669 |
Due from affiliates | 905 | 861 |
Accounts receivable, prepaid and other assets | 3,602 | 6,742 |
Investments in unconsolidated real estate joint ventures | 82,082 | 75,223 |
In-place lease intangible assets, net | 2,852 | 2,389 |
Total Assets | 790,690 | 699,227 |
LIABILITIES AND EQUITY | ||
Mortgages payable | 476,708 | 380,102 |
Accounts payable | 770 | 587 |
Other accrued liabilities | 8,653 | 7,013 |
Due to affiliates | 1,363 | 1,485 |
Distributions payable | 3,506 | 3,163 |
Total Liabilities | 491,000 | 392,350 |
Temporary equity carrying amount attributable to parent | 69,290 | 69,165 |
Stockholders' Equity | ||
Additional paid-in-capital | 250,398 | 248,484 |
Distributions in excess of cumulative earnings | (51,586) | (41,496) |
Total Stockholders' Equity | 199,008 | 207,184 |
Noncontrolling Interests | ||
Operating partnership units | 2,757 | 2,908 |
Partially owned properties | 28,635 | 27,620 |
Total Noncontrolling Interests | 31,392 | 30,528 |
Total Equity | 230,400 | 237,712 |
TOTAL LIABILITIES AND EQUITY | 790,690 | 699,227 |
Preferred Stock [Member] | ||
Stockholders' Equity | ||
Preferred stock, $0.01 par value, 238,975,000 shares authorized; none issued and outstanding | 0 | 0 |
Common Class A [Member] | ||
Stockholders' Equity | ||
CommonStockValue | 196 | 192 |
Common Class B-3 [Member] | ||
Stockholders' Equity | ||
CommonStockValue | 0 | 4 |
Redeemable Preferred Stock [Member] | Series B [Member] | ||
LIABILITIES AND EQUITY | ||
Temporary equity carrying amount attributable to parent | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 238,975,000 | 238,975,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Redeemable Preferred Stock [Member] | Series A [Member] | ||
Preferred Stock, Dividend Rate, Percentage | 8.25% | |
Temporary Equity, Liquidation Preference Per Share | $ 25 | $ 25 |
Temporary Equity, Shares Authorized | 10,875,000 | 10,875,000 |
Temporary Equity, Shares Issued | 2,875,000 | 2,875,000 |
Temporary Equity, Shares Outstanding | 2,875,000 | 2,875,000 |
Redeemable Preferred Stock [Member] | Series B [Member] | ||
Temporary Equity, Liquidation Preference Per Share | $ 1,000 | $ 1,000 |
Temporary Equity, Shares Authorized | 150,000 | 150,000 |
Temporary Equity, Shares Issued | 0 | 0 |
Temporary Equity, Shares 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 | 19,564,331 | 19,202,112 |
Common stock, shares outstanding | 19,564,331 | 19,202,112 |
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 | 0 | 353,629 |
Common stock, shares outstanding | 0 | 353,629 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Revenues | |||
Net rental income | $ 15,928 | $ 8,644 | |
Other property revenues | 706 | 392 | |
Total revenues | 16,634 | 9,036 | |
Expenses | |||
Property operating | 6,593 | 3,864 | |
General and administrative | 1,273 | 928 | |
Management fees | 1,214 | 1,450 | |
Acquisition costs | 1,209 | 449 | |
Depreciation and amortization | 7,510 | 2,765 | |
Total expenses | 17,799 | 9,456 | |
Operating loss | (1,165) | (420) | |
Other income (expense) | |||
Other income | 0 | 22 | |
Equity in income of unconsolidated real estate joint ventures | 2,768 | 730 | |
Equity in gain on sale of unconsolidated real estate joint venture interests | 0 | 11,307 | |
Interest expense, net | (4,228) | (2,292) | |
Total other (expense) income | (1,460) | 9,767 | |
Net (loss) income | (2,625) | 9,347 | |
Preferred stock dividends | (1,482) | 0 | |
Preferred stock accretion | (125) | 0 | |
Net (loss) income attributable to noncontrolling interests | |||
Operating partnership units | (62) | 75 | |
Partially-owned properties | (35) | 5,959 | |
Net (loss) income attributable to noncontrolling interests | (97) | 6,034 | |
Net (loss) income attributable to common stockholders | $ (4,135) | $ 3,313 | |
Income (loss) per common share - Diluted | |||
(Loss) income per common share - Basic (in dollars per share) | $ (0.20) | $ 0.26 | |
(Loss) income per common share - Diluted (in dollars per share) | $ (0.20) | $ 0.26 | |
Weighted average basic common shares outstanding (in shares) | [1] | 20,521,596 | 12,547,895 |
Weighted average diluted common shares outstanding (in shares) | 20,521,596 | 12,547,895 | |
[1] | For 2016, amounts relate to shares of the Company’s Class A, B-3 common stock and LTIP Units outstanding. For 2015, amounts relate to shares of Class A, B-1, B-2 and B-3 common stock and LTIP Units outstanding. |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands | Total | Common Class A [Member] | Common Class A [Member]Series A Preferred Stock [Member] | Common Class B-3 [Member] | Common Class B-3 [Member]Series A Preferred Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Series A Preferred Stock [Member] | Cumulative Distributions [Member] | Cumulative Distributions [Member]Series A Preferred Stock [Member] | Net Income (Loss) to Common Stockholders [Member] | Net Income (Loss) to Common Stockholders [Member]Series A Preferred Stock [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member]Series A Preferred Stock [Member] |
Balance at Dec. 31, 2015 | $ 237,712 | $ 192 | $ 4 | $ 248,484 | $ (32,001) | $ (9,495) | $ 30,528 | ||||||
Balance (in shares) at Dec. 31, 2015 | 19,202,112 | 353,629 | |||||||||||
Issuance of Class A common stock, net | 12 | $ 0 | $ 0 | 12 | 0 | 0 | 0 | ||||||
Issuance of Class A common stock, net (in shares) | 1,090 | 0 | |||||||||||
Conversion of Class B-3 into Class A shares | 0 | $ 4 | $ (4) | 0 | 0 | 0 | 0 | ||||||
Conversion of Class B-3 into Class A shares (in shares) | 353,629 | (353,629) | |||||||||||
Vesting of restricted stock compensation | 117 | $ 0 | $ 0 | 117 | 0 | 0 | 0 | ||||||
Issuance of stock for director compensation | 77 | $ 0 | $ 0 | 77 | 0 | 0 | 0 | ||||||
Issuance of stock for director compensation (in shares) | 7,500 | 0 | |||||||||||
Issuance of Long-Term Incentive Plan ("LTIP") units | 1,272 | $ 0 | $ 0 | 1,272 | 0 | 0 | 0 | ||||||
Issuance of LTIP units for compensation | 436 | $ 0 | $ 0 | 436 | 0 | 0 | 0 | ||||||
Issuance of LTIP units for compensation (in shares) | 0 | 0 | |||||||||||
Contributions, nets | 1,554 | $ 0 | $ 0 | 0 | 0 | 0 | 1,554 | ||||||
Distributions declared | (6,044) | 0 | $ 0 | 0 | $ 0 | 0 | $ 0 | (5,955) | $ (1,482) | 0 | $ 0 | (89) | $ 0 |
Stock accretion | (125) | $ 0 | $ 0 | $ 0 | $ (125) | $ 0 | $ 0 | ||||||
Distributions to noncontrolling interests | (504) | 0 | 0 | 0 | 0 | 0 | (504) | ||||||
Net loss | (2,625) | 0 | 0 | 0 | 0 | (2,528) | (97) | ||||||
Balance at Mar. 31, 2016 | $ 230,400 | $ 196 | $ 0 | $ 250,398 | $ (39,563) | $ (12,023) | $ 31,392 | ||||||
Balance (in shares) at Mar. 31, 2016 | 19,564,331 | 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities | ||
Net (loss) income | $ (2,625) | $ 9,347 |
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 7,692 | 2,817 |
Amortization of fair value adjustments | (91) | (65) |
Equity in income of unconsolidated real estate joint ventures | (2,768) | (730) |
Equity in gain on sale of real estate assets of unconsolidated joint ventures | 0 | (11,307) |
Distributions from unconsolidated real estate joint ventures | 2,709 | 1,093 |
Share-based compensation attributable to directors' stock compensation plan | 194 | 50 |
Share-based compensation to Manager - LTIP Units | 1,708 | 560 |
Changes in operating assets and liabilities: | ||
Due (from) to affiliates, net | (103) | 1,120 |
Accounts receivable, prepaid assets and other assets | (191) | (554) |
Accounts payable and other accrued liabilities | 1,821 | 996 |
Net cash provided by operating activities | 8,346 | 3,327 |
Cash flows from investing activities: | ||
Acquisitions of consolidated real estate investments | (99,907) | (66,640) |
Capital expenditures | (888) | (446) |
Proceeds from sale of unconsolidated real estate joint venture interests | 0 | 15,590 |
Investment in unconsolidated real estate joint venture interests | (6,862) | (8,679) |
Decrease in restricted cash | 3,029 | 8,123 |
Net cash used in investing activities | (104,628) | (52,052) |
Cash flows from financing activities: | ||
Distributions to common stockholders | (6,030) | (3,557) |
Distributions to noncontrolling interests | (504) | (357) |
Distributions to preferred stockholders | (1,153) | 0 |
Noncontrolling equity interest contributions to consolidated real estate investments | 1,554 | 578 |
Borrowings on mortgages payable | 59,552 | 42,641 |
Repayments on mortgages payable | (473) | (355) |
Deferred financing fees | (1,617) | (446) |
Net proceeds from issuance of common stock | 12 | 53,650 |
Net cash provided by financing activities | 51,341 | 92,154 |
Net (decrease) increase in cash and cash equivalents | (44,941) | 43,429 |
Cash and cash equivalents at beginning of period | 68,960 | 23,059 |
Cash and cash equivalents at end of period | 24,019 | 66,488 |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid during the period for interest | 3,827 | 2,320 |
Distributions payable - declared and unpaid | 3,506 | 889 |
Mortgages assumed upon property acquisitions | $ 39,054 | $ 0 |
Organization and Nature of Busi
Organization and Nature of Business | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations [Text Block] | Note 1 Organization and Nature of Business 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. 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 On October 21, 2015, the Company completed an underwritten shelf takedown offering (the “October 2015 Preferred Stock Offering”) of 2,875,000 8.250 0.01 25.00 25.00 69.2 On December 17, 2015, the Company filed a prospectus supplement to the December 2014 Shelf Registration Statement offering a maximum of 150,000 150,000 3,000,000 1,000 On February 22, 2016, the Company’s board of directors authorized the termination of the offering of the Original Series B Preferred Stock in order to revise certain terms thereof, and the reclassification of the Original Series B Preferred Stock. On February 23, 2016, the Company terminated the offering of the Original Series B Preferred Stock, and on February 24, 2016, the Company filed a new prospectus supplement to the December 2014 Shelf Registration Statement offering a maximum of 150,000 150,000 3,000,000 1,000 On March 29, 2016, the Company filed a prospectus supplement to the registration statement on Form S-3 (File No. 333-208956) filed with the SEC on January 12, 2016 and declared effective on January 29, 2016 (the “January 2016 Shelf Registration Statement”) with respect to the offering and sale of up to $ 100,000 As of March 31, 2016, the Company's portfolio consisted of interests in twenty-four properties (seventeen operating properties and seven development properties). The Company’s twenty-four properties contain an aggregate of 7,709 5,660 2,049 95 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016, limited partners other than the Company owned approximately 6.53 1.46 5.07 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 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, 2015 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, 2015 contained in the Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on February 24, 2016. 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, 2015. 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 March 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-09, “Compensation Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU-2016-09”). The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. While aimed at reducing the cost and complexity of the accounting for share-based payments, the amendments are expected to impact net income, earnings per share, and the statement of cash flows. ASU No. 2016-09 is effective for annual reporting periods (including interim periods with those periods) beginning after December 15, 2016. Early adoption is permitted. The Company is still in the process of determining the impact that the implementation of ASU 2016-09 will have on the Company’s financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). Under ASU 2016-02, an entity will be required to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. ASU 2016-02 offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. For public companies, ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, and requires a modified retrospective adoption, with early adoption permitted. The Company is in the process of evaluating the future impact of ASU 2016-02 on our consolidated financial position, results of operations and cash flows. 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 became effective for public business entities in the first annual period beginning after December 15, 2015. Beginning in its fiscal year ending December 31, 2016, the Company adopted ASU 2015-03, and retrospectively applied the guidance to its Mortgages Payable for all periods presented Unamortized deferred financing costs, net, of $ 5.0 3.5 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 adoption of ASU 2015-02 did not have a material impact on the Company’s financial position or results of operations. 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 did not 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. |
Sale of Unconsolidated Real Est
Sale of Unconsolidated Real Estate Joint Ventures | 3 Months Ended |
Mar. 31, 2016 | |
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 Sale of Unconsolidated Real Estate Joint Ventures Sale of Joint Venture Equity Interests 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 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 2.7 0.3 |
Investments in Real Estate
Investments in Real Estate | 3 Months Ended |
Mar. 31, 2016 | |
Real Estate [Abstract] | |
Real Estate Disclosure [Text Block] | Note 4 Investments in Real Estate As of March 31, 2016, the Company was invested in seventeen operating real estate properties and seven development properties generally through joint venture partnerships. The following tables provide summary information regarding our operating and development investments, which are either consolidated or presented on the equity method of accounting. % Number of Date Ownership Average Occupied Multifamily Community Name/Location Units Built/Renovated (1) Interest Rent (2) (3) ARIUM at Palmer Ranch, Sarasota, FL 320 2016 95.0 % $ 1,085 97 % ARIUM Grandewood, Orlando, FL 306 2005 95.0 % 1,200 96 % ARIUM Gulfshore, Naples, FL 368 2016 95.0 % 1,071 99 % ARIUM Palms, Orlando, FL 252 2008 95.0 % 1,181 90 % Ashton Reserve, Charlotte, NC 473 2015 100.0 % 1,026 92 % Enders Place at Baldwin Park, Orlando, FL 220 2003 89.5 % 1,609 98 % EOS, Orlando, FL (4) 296 2015 1,211 61 % Fox Hill, Austin, TX 288 2010 94.6 % 1,148 98 % Lansbrook Village, Palm Harbor, FL 609 2004 90.0 % 1,200 92 % MDA Apartment, Chicago, IL 190 2006 35.3 % 2,263 97 % Park & Kingston, Charlotte, NC 168 2015 96.4 % 1,153 96 % Sorrel, Frisco, TX (5) 352 2015 95.0 % 1,288 85 % Sovereign, Fort Worth, TX 322 2015 95.0 % 1,240 93 % Springhouse at Newport News, Newport News, VA 432 1985 75.0 % 839 94 % The Preserve at Henderson Beach, Destin, FL 340 2009 100.0 % 1,252 91 % Village Green of Ann Arbor, Ann Arbor, MI 520 2013 48.6 % 1,173 95 % Whetstone, Durham, NC (4) 204 2015 1,325 80 % Total/Average 5,660 $ 1,189 95 % (1) Represents date of last significant renovation or year built if there were no renovations. (2) Represents the average effective monthly rent per occupied unit for all occupied units for the three months ended March 31, 2016. The average rent for Whetstone, Sorrel and EOS, which are still in lease-up, is pro forma based on underwriting. Total concessions for the three months ended March 31, 2016 amounted to approximately $ 430,000 (3) Percent occupied is calculated as (i) the number of units occupied as of March 31, 2016, divided by (ii) total number of units, expressed as a percentage, excluding Whetstone, Sorrel and EOS, which are still in lease-up. (4) Whetstone and EOS are currently preferred equity investments providing a stated investment return and both properties are in lease-up and actual average rents were $ 1,268 1,107 (5) Sorrel is in lease-up and actual average rents were $ 1,206 Depreciation expense was $ 5.1 2.3 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 $ 2.4 0.5 Planned Anticipated Anticipated Pro Forma Number of Initial Final Units to Average Rent Multifamily Community Name/Location Units Occupancy be Delivered (1) Alexan CityCentre, Houston, TX 340 2Q 2017 4Q 2017 $ 2,144 Alexan Southside Place, Houston, TX 269 4Q 2017 2Q 2018 $ 2,019 Cheshire Bridge, Atlanta, GA 285 1Q 2017 3Q 2017 $ 1,559 Domain, Garland, TX 301 4Q 2017 3Q 2018 $ 1,425 Flagler Village, Ft. Lauderdale, FL 326 2Q 2019 2Q 2020 $ 2,483 Lake Boone Trail, Raleigh, NC 245 1Q 2018 3Q 2018 $ 1,402 West Morehead, Charlotte, NC 283 1Q 2018 4Q 2018 $ 1,601 Total/Average 2,049 $ 1,832 (1) |
Acquisition of Real Estate
Acquisition of Real Estate | 3 Months Ended |
Mar. 31, 2016 | |
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 three months ended March 31, 2016: Acquisition of Summer Wind and Citation Club Apartments On January 5, 2016, the Company, through subsidiaries of its Operating Partnership, completed investments of approximately $ 15.9 13.6 95.0 47.0 32.6 39.3 26.9 Acquisition of The Preserve at Henderson Beach On March 15, 2016, the Company, through subsidiaries of its Operating Partnership, completed an investment of approximately $ 17.2 53.7 37.5 Preliminary Purchase Price Allocations The acquisitions of ARIUM Gulfshore, ARIUM at Palmer Ranch and The Preserve at Henderson Beach have been accounted for as business combinations. The purchase prices were allocated to the acquired assets and assumed 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 $ 21,900 Building 110,637 Building improvements 769 Land improvements 2,875 Furniture and fixtures 2,479 In-place leases 2,868 Total assets acquired $ 141,528 Mortgages assumed $ 37,476 Fair value adjustments 1,578 Total liabilities acquired $ 39,054 In connection with the acquisition of The Preserve at Henderson Beach, the Company assumed mortgage debt with a fair value of approximately $ 39.1 Three Months Ended March 31, Three Months Ended March 31, 2016 2015 Pro-Forma Pro-Forma As Reported Adjustments Pro-Forma As Reported Adjustments Pro-Forma Revenues $ 16,634 $ 1,044 $ 17,678 $ 9,036 $ 7,926 $ 16,962 Net (loss) income $ (2,625) $ (184) $ (2,809) $ 9,347 $ (3,164) $ 6,183 Net (loss) income attributable to common stockholders $ (4,135) $ (182) $ (4,317) $ 3,313 $ (3,027) $ 286 (Loss) earnings per share, basic and diluted (1) $ (0.20) $ (0.21) $ 0.26 $ 0.02 (1) Pro-forma (loss) earnings per share, both basic and diluted, are calculated based on the net (loss) income 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 three months ended March 31, 2016 amounted to $ 8.3 3.2 |
Investments in Unconsolidated R
Investments in Unconsolidated Real Estate Joint Ventures | 3 Months Ended |
Mar. 31, 2016 | |
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. March 31, December 31, Property 2016 2015 Alexan CityCentre $ 6,505 $ 6,505 Alexan Southside Place 17,322 17,322 Cheshire Bridge 16,360 16,360 Domain 3,733 3,806 EOS 3,629 3,629 Flagler Village 8,189 5,451 Lake Boone Trail 9,919 9,919 West Morehead 3,493 Whetstone 12,932 12,231 Total $ 82,082 $ 75,223 As of March 31, 2016, the Company had outstanding preferred equity investments in nine multi-tiered joint ventures, each of which were created to develop a multifamily property. In each case, a wholly-owned subsidiary of the Operating Partnership made a preferred investment in a joint venture, except Flagler Village, which is a common interest. The common interests in these joint ventures, as well as preferred interests in some cases, are owned by affiliates of the Manager. In each case, the Company’s investment in the joint venture generates a preferred return of 15 70 The following provides additional information regarding the Company’s preferred equity investments as of March 31, 2016: Three Months Ended March 31, Property 2016 2015 Alexan CityCentre $ 243 $ 241 Alexan Southside Place 648 261 Cheshire Bridge 612 Domain 138 EOS 136 134 Flagler Village (2) Lake Boone Trail 371 Villas at Oak Crest 105 West Morehead 164 Whetstone 458 Other (11) Equity in income of unconsolidated real estate joint ventures $ 2,768 $ 730 March 31, December 31, 2016 2015 Balance Sheets: Real estate, net of depreciation $ 158,373 $ 132,265 Other assets 19,874 24,737 Total assets $ 178,247 $ 157,002 Mortgages payable $ 70,990 $ 55,066 Other liabilities 5,772 5,018 Total liabilities $ 76,762 $ 60,084 Members’ equity 101,485 96,918 Total liabilities and members’ equity $ 178,247 $ 157,002 Three Months Ended March 31, 2016 2015 Operating Statement: Rental revenues $ 1,146 $ 683 Operating expenses (729) (280) Income before debt service, acquisition costs, and depreciation and amortization 417 403 Interest expense, net (323) (181) Depreciation and amortization (759) (212) Operating (loss) income (665) 10 Gain on sale 29,197 Net (loss) income $ (665) $ 29,207 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 Bluerock Special Opportunity + Income Fund II, LLC, (“Fund II”) and Bluerock Special Opportunity + Income Fund III, LLC (“Fund III”), which are affiliates of the Manager, and an affiliate of Trammell Crow Residential, to develop an approximately 269 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 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 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 16.4 100 Cheshire Bridge Construction Financing On December 16, 2015, the Company, through CB Owner, LLC, an indirect subsidiary, entered into a $ 38.1 Acquisition of Domain Phase 1 Interest On November 20, 2015, through a wholly-owned subsidiary of the Operating Partnership, BRG Domain Phase 1, LLC, the Company made a convertible preferred equity investment in a multi-tiered joint venture along with Fund II, an affiliate of the Manager, and an affiliate of ArchCo Residential, to develop an approximately 301 18.6 100 3.7 Acquisition of Flagler Village Interest On December 18, 2015, through a wholly-owned subsidiary of the Operating Partnership, BRG Flagler Village, LLC, the Company made an investment in a multi-tiered joint venture along with Fund II, an affiliate of the Manager, and an affiliate of ArchCo Residential, to develop an approximately 326 41.5 8.2 Acquisition of Lake Boone Trail On December 18, 2015, through a wholly-owned subsidiary of the Operating Partnership, BRG Lake Boone, LLC, the Company made a convertible preferred equity investment in a multi-tiered joint venture along with Fund II, an affiliate of the Manager, and an affiliate of Tribridge Residential, LLC, to develop an approximately 245 16.8 100 9.9 Acquisition of West Morehead interest On January 6, 2016, through a wholly-owned subsidiary of the Operating Partnership, BRG Morehead NC, LLC, the Company made a convertible preferred equity investment in a multi-tiered joint venture along with Fund II, an affiliate of the Manager, and an affiliate of ArchCo Residential, to develop an approximately 283-unit Class A apartment community located in Charlotte, North Carolina to be known as West Morehead. The Company has made a capital commitment of approximately $ 19 100 3.5 |
Mortgages Payable
Mortgages Payable | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable Disclosure [Text Block] | Note 7 Mortgages Payable Outstanding Principal As of March 31, 2016 December 31, Property March 31, 2016 2015 Interest Rate Fixed/ Floating Maturity Date ARIUM at Palmer Ranch $ 26,925 $ 2.61 % Floating (1) February 1, 2023 ARIUM Grandewood 29,444 29,444 2.11 % Floating (2) December 1, 2024 ARIUM Gulfshore 32,626 2.61 % Floating (3) February 1, 2023 ARIUM Palms 24,999 24,999 2.66 % Floating (4) September 1, 2022 Ashton Reserve I 31,900 31,900 4.67 % Fixed December 1, 2025 Ashton Reserve II 15,270 15,270 3.06 % Floating (5) January 1, 2026 Enders Place at Baldwin Park (6) 25,050 25,155 4.30 % Fixed November 1, 2022 Fox Hill 26,705 26,705 3.57 % Fixed April 1, 2022 Lansbrook Village 43,628 43,628 4.42 % Blended (7) March 31, 2018 MDA Apartments 37,515 37,600 5.35 % Fixed January 1, 2023 Park & Kingston 15,250 15,250 3.21 % Fixed April 1, 2020 Sorrel 38,684 38,684 2.73 % Floating (8) May 1, 2023 Sovereign 28,880 28,880 3.46 % Fixed November 10, 2022 Springhouse at Newport News 22,087 22,176 5.66 % Fixed January 1, 2020 The Preserve at Henderson Beach 37,476 4.65 % Fixed January 5, 2023 Village Green of Ann Arbor 42,132 42,326 3.92 % Fixed October 1, 2022 Total 478,571 382,017 Fair value adjustments 3,106 1,620 Subtotal 481,677 383,637 Deferred financing costs, net (4,969) (3,535) Total $ 476,708 $ 380,102 (1) bears interest at a floating rate of 2.17% plus one-month LIBOR 2.61 (2) ARIUM Grandewood Loan bears interest at a floating rate of 1.67% plus one month LIBOR 2.11 (3) ARIUM Gulfshore loan bears interest at a floating rate of 2.17% plus one month LIBOR 2.61 (4) ARIUM Palms loan bears interest at a floating rate of 2.22% plus one month LIBOR. 2.66 (5) Ashton Reserve II loan bears interest at a floating rate of 2.62% plus one-month LIBOR. 3.06 (6) The principal includes a $ 17.1 3.97 8.0 5.01 (7) The principal balance includes the initial advance of $ 42.0 4.45 1.6 three month LIBOR plus 3.00% 3.63 (8) Sorrel loan bears interest at a floating rate of 2.29% plus one-month LIBOR 2.73 Deferred financing costs Costs incurred in obtaining long-term financing, included in Mortgages Payable in the accompanying Consolidated Balance Sheets, are amortized on a straight-line basis, which approximates the effective interest method, over the terms of the related debt agreements, as applicable. ARIUM Gulfshore Mortgage Payable On January 5, 2016, the Company, through an indirect subsidiary (the “ARIUM Gulfshore Borrower”), entered into an approximately $ 32.6 February 1, 2023 2.17 1 ARIUM at Palmer Ranch Mortgage Payable On January 5, 2016, the Company, through an indirect subsidiary (the “ARIUM at Palmer Ranch Borrower”), entered into an approximately $ 26.9 February 1, 2023 2.17 1 The Preserve at Henderson Beach Mortgage Payable On March 15, 2016, the Company, through an indirect subsidiary (the “Henderson Beach Borrower”), assumed an approximately $ 37.5 January 5, 2023 4.65 1 Year Total 2016 (April 1-December 31) $ 2,631 2017 4,141 2018 46,473 2019 5,046 2020 41,895 Thereafter 378,385 $ 478,571 Add: Unamortized fair value debt adjustment 3,106 Subtract: Deferred financing costs, net (4,969) Total $ 476,708 The net book value of real estate assets providing collateral for these above borrowings were $ 665.8 530.6 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Note 8 Fair Value of Financial Instruments As of March 31, 2015 and December 31, 2015, 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 March 31, 2016 and December 31, 2015, the approximate fair value of mortgages payable were $ 492.8 387.1 481.7 383.6 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 9 Related Party Transactions 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 In December 2015, the Company invested an additional $ 3.7 76.8 90.00 In December 2015, in conjunction with the sale of Villas at Oak Crest, two former joint venture partners, who were related to the Company’s Chief Executive Officer, converted their ownership in Villas at Oak Crest into 22,809 Operating Partnership Units. 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 The Company entered into a 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, 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 0.5 3.3 0.7 59,077 0.9 77,497 1.1 115,304 1.2 111,620 10.88 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% and (y) the difference between (i) the Company’s adjusted funds from operations (“AFFO”), for the previous 12-month period, and (ii) the product of (A) the weighted average of the issue price of equity securities issued in the IPO and in future offerings and transactions, multiplied by the weighted average number of all shares of the Company’s Class A common stock outstanding on a fully-diluted basis (including any restricted stock units, any restricted shares of Class A common stock, LTIP Units, and other shares of common stock underlying awards granted under the Incentive Plans and OP Units) in the previous 12-month period, exclusive of equity securities issued prior to the IPO or in the contribution transactions, and (B) 8%, and (2) the sum of any incentive fee paid to the Manager with respect to the first three calendar quarters of such previous 12-month period; provided, however, that no incentive fee is payable with respect to any calendar quarter unless AFFO is greater than zero for the four most recently completed calendar quarters, or the number of completed calendar quarters since the closing date of the IPO, whichever is less. For purposes of calculating the incentive fee during the first 12 months after completion of the IPO, AFFO will be determined by annualizing the applicable period following completion of the IPO. One half of each quarterly installment of the incentive fee will be payable in LTIP Units, calculated pursuant to the formula above. The remainder of the incentive fee will be payable in cash or in LTIP Units, at the election of the Board, in each case calculated pursuant to the formula above. Incentive fees of $ 0.15 10,896 0.9 67,837 Management fee expense of $ 0.1 0.4 179,562 10.88 11.85 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 0.4 1.0 10.88 11.85 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 through the six months ended June 30, 2015. Reimbursements of $ 0.3 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. 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 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 1.18 on September 4, 2015, the Former Advisor The Manager 108,119 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. March 31, December 31, 2016 2015 Amounts Payable to the Manager under the Management Agreement Base management fee $ 1,214 $ 1,133 Operating expense reimbursements and direct expense reimbursements 148 218 Total amounts payable to Manager $ 1,362 $ 1,351 As of March 31, 2016 and December 31, 2015, the Company had no amounts and $ 0.1 As of March 31, 2016 and December 31, 2015, the Company had $ 0.9 0.9 Bluerock Property Management, LLC The Company incurred $ 0.05 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 10 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 March 31, 2016 2015 Net (loss) income from operations attributable to common stockholders $ (4,135) $ 3,313 Dividends on restricted stock expected to vest (3) (2) Basic net (loss) income from operations attributable to common stockholders $ (4,138) $ 3,311 Weighted average common shares outstanding (1) 20,521,596 12,547,895 Potential dilutive shares (2) Weighted average common shares outstanding and potential dilutive shares (1) 20,521,596 12,547,895 (Loss) income per common share, basic $ (0.20) $ 0.26 (Loss) income per common share, diluted $ (0.20) $ 0.26 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 2016, amounts relate to shares of the Company’s Class A, B-3 common stock and LTIP Units outstanding. For 2015, amounts relate to shares of Class A, B-1, B-2 and B-3 common stock and LTIP Units outstanding. (2) Excludes 13,378 3,956 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 the Company’s charter (the “Second Charter Amendment”), which 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 the Company’s common stock into: • 1/3 of a share of Class B-1 common stock; plus • 1/3 of a share of Class B-2 common stock; plus • 1/3 of a share of 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. Immediately following the filing of the Second Charter Amendment, the Company effectuated 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. 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. The Company listed its Class A common stock on the NYSE MKT on March 28, 2014. The Class B common stock is identical to the Class A common stock, except that (i) the Company does not intend to list the Class B common stock on a national securities exchange, and (ii) shares of the 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 the Class B-1 common stock; • September 19, 2015, in the case of the Class B-2 common stock; and • March 17, 2016, in the case of the Class B-3 common stock. On March 23, 2015, 353,630 353,630 353,629 Follow-On Equity Offerings On January 20, 2015, the Company completed the January 2015 Follow-On Offering of 4,600,000 0.01 12.50 53.7 On May 22, 2015, the Company completed the May 2015 Follow-On Offering of 6,348,000 0.01 13.00 77.6 October 2015 offering of 8.250% Series A Cumulative Redeemable Preferred Stock On October 21, 2015, the Company completed an underwritten offering of 2,875,000 8.250 0.01 25.00 25.00 69.2 The Series A Preferred Stock ranks senior to common stock and on parity with the Series B Preferred Stock. The Series A Preferred Stock is entitled to priority cumulative dividends to be paid quarterly, in arrears, when, as and if authorized by the board of directors. Commencing October 21, 2022, the annual dividend rate will increase by 2.0 25.00 At the date of issuance, the carrying amount of the Series A Preferred Stock was less than the redemption value. As a result of the Company’s determination that redemption is probable, the carrying value will be increased by periodic accretions so that the carrying value will equal the redemption amount at the earliest redemption date. Such accretion is recorded as a preferred stock dividend on the Statement of Stockholders’ Equity. Termination of Original Series B Preferred Stock Offering, Reclassification of Original Series B Preferred Stock, and Filing of New Prospectus Supplement for Offering of Reclassified Series B Preferred Stock On December 17, 2015, the Company filed a prospectus supplement to the December 2014 Shelf Registration Statement offering a maximum of 150,000 150,000 3,000,000 1,000 On February 22, 2016, the Company’s board of directors authorized the termination of the offering of the Original Series B Preferred Stock in order to revise certain terms thereof, and the reclassification of the Original Series B Preferred Stock. On February 23, 2016, the Company terminated the offering of the Original Series B Preferred Stock, and on February 24, 2016, the Company filed a new prospectus supplement to the December 2014 Shelf Registration Statement offering a maximum of 150,000 3,000,000 1,000 The Series B Preferred Stock ranks senior to common stock and on parity with the Series A Preferred Stock. The Series B Preferred Stock is entitled to priority cumulative dividends to be paid monthly, in arrears, when, as and if authorized by the board of directors. Holders may, at their option, elect to have the Company redeem their shares through the first year from issuance subject to a 13 10 5 3 At-the-Market Offering of Series A Cumulative Redeemable Preferred Stock On March 29, 2016, the Company, its Operating Partnership and its Manager entered into an At Market Issuance Sales Agreement (the “Sales Agreement”) with FBR Capital Markets & Co. (“FBR”), and MLV & Co. LLC (“MLV”). Pursuant to the Sales Agreement, FBR and MLV will act as distribution agents with respect to the offering and sale of up to $ 100,000 Shelf Registration Statements On January 12, 2016, the Company filed, and on January 29, 2016, the SEC declared effective, a shelf registration statement that expires in January 2019 (the “January 2016 Shelf Registration Statement”). The securities covered by the January 2016 Shelf Registration Statement cannot exceed $ 1,000,000,000 On January 13, 2016, the Company filed, and on January 29, 2016, the SEC declared effective, a resale shelf registration statement that expires in January 2019 (the “Resale Registration Statement”). The Resale Registration Statement provides that selling stockholders named therein may offer for sale up to 2,262,621 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 9.87 282,759 4.59 325,578 5.28 6.53 305,568 1.46 1,061,836 5.07 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. The Company expects 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 Amended and Restated 2014 Equity Incentive Plan for Individuals and Amended and Restated 2014 Equity Incentive Plan for Entities (collectively, the “Amended 2014 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. The Resale Shelf Registration Statement covers all such OP Units and LTIP Units issued prior to January 18, 2016. 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 February 22, 2016, the board reviewed peer REIT compensation practices for independent directors, and found that equity awards for peer REITs generally vest either on the grant date, or after one year. In order to normalize compensation practices with peer REITs, on February 22, 2016, the board approved the amendment of each of the 2014-2015 Stock Award Agreements, effective as of March 24, 2016, such that the Stock Awards that did not vest on the grant date of March 24, 2015 vested on the one-year anniversary of such grant date. As a result, (i) 1,666 shares of the 2014 Stock Award to each independent director, and (ii) all 2,500 shares of the 2015 Stock Award to each independent director, became vested and nonforfeitable on March 24, 2016. The expense for the accelerated vesting was approximately $0.1 million which was recorded in the three months ended March 31, 2016. On May 28, 2015, the Company’s stockholders approved the amendment and restatement of the 2014 Individuals Plan (the “Amended 2014 Individuals Plan”), and the Company’s 2014 Entities Plan (the “Amended 2014 Entities Plan” and together with the Amended 2014 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, 2016 14,476 $ 209 Granted 7,500 78 Vested (19,998) (242) Forfeited Balance at March 31, 2016 1,978 $ 45 (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 March 31, 2016, there was $ 0.03 1.3 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 0.4 10.88 Payable to stockholders Declaration Date of record as of Amount Date Paid Class A common stock October 7, 2015 December 25, 2015 $ 0.096667 January 5, 2016 January 13, 2016 January 25, 2016 $ 0.096666 February 5, 2016 January 13, 2016 February 25, 2016 $ 0.096667 March 5, 2016 January 13, 2016 March 24 2016 $ 0.096667 April 5, 2016 April 8, 2016 April 25, 2016 $ 0.096666 May 5, 2016 April 8, 2016 May 25, 2016 $ 0.096667 June 6, 2016 April 8, 2016 June 24, 2016 $ 0.096667 July 5, 2016 Class B-3 common stock October 7, 2015 December 25, 2015 $ 0.096667 January 5, 2016 January 13, 2016 January 25, 2016 $ 0.096666 February 5, 2016 January 13, 2016 February 25, 2016 $ 0.096667 March 5, 2016 Series A Preferred Stock December 14, 2015 December 24, 2015 $ 0.401000 January 5, 2016 March 11, 2016 March 24, 2016 $ 0.515625 April 5, 2016 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 2016 Declared Paid First Quarter Class A Common Stock $ 5,604 $ 5,569 Class B-3 Common Stock 68 102 Series A Preferred Stock 1,482 1,153 OP Units 89 89 LTIP Units 283 270 Total first quarter 2016 $ 7,526 $ 7,183 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 11 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. On March 15, 2016, the Company, through its Operating Partnership and several affiliated unconsolidated co-borrowers that are accounted for on the equity method of accounting, entered into an approximately $ 14.9 10.4 3.75 2.75 10.4 |
Economic Dependency
Economic Dependency | 3 Months Ended |
Mar. 31, 2016 | |
Economic Dependency Disclosure [Abstract] | |
Economic Dependency Disclosure [Text Block] | Note 12 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 | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 13 Subsequent Events Payable to stockholders Declaration Date of record as of Amount Payable Date Class A common stock April 8, 2016 April 25, 2016 $ 0.096666 May 5, 2016 April 8, 2016 May 25, 2016 $ 0.096667 June 6, 2016 April 8, 2016 June 24, 2016 $ 0.096667 July 5, 2016 Series B Preferred Stock April 15, 2016 April 25, 2016 $ 5.00 May 5, 2016 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. 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. Distributions Paid Declaration Distributions Total Shares Date Record Date Date Paid per Share Distribution Class A Common Stock January 13, 2016 March 25, 2016 April 5, 2016 $ 0.096667 $ 1,891 Series A Preferred Stock March 11, 2016 March 25, 2016 April 5, 2016 $ 0.515625 $ 1,482 OP Units January 13, 2016 March 25, 2016 April 5, 2016 $ 0.096667 $ 30 LTIP Units January 13, 2016 March 25, 2016 April 5, 2016 $ 0.096667 $ 103 Class A Common Stock April 8, 2016 April 25, 2016 May 5, 2016 $ 0.096666 $ 1,891 Series B Preferred Stock April 15, 2016 April 25, 2016 May 5, 2016 $ 5.000000 $ 3 OP Units April 8, 2016 April 25, 2016 May 5, 2016 $ 0.096666 $ 30 LTIP Units April 8, 2016 April 25, 2016 May 5, 2016 $ 0.096666 $ 103 Total $ 5,533 At-the-Market Series A Cumulative Redeemable Preferred Stock Offering Since March 31, 2016, the Company has sold 146,460 April 2016 Offering of 8.250% Series A Cumulative Redeemable Preferred Stock On April 25, 2016, the Company completed an underwritten offering of 2,300,000 8.250 0.01 25.00 25.00 55.3 |
Basis of Presentation and Sum20
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation and Basis of Presentation 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 March 31, 2016, limited partners other than the Company owned approximately 6.53 1.46 5.07 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 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, 2015 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, 2015 contained in the Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on February 24, 2016. |
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, 2015. |
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 March 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-09, “Compensation Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU-2016-09”). The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. While aimed at reducing the cost and complexity of the accounting for share-based payments, the amendments are expected to impact net income, earnings per share, and the statement of cash flows. ASU No. 2016-09 is effective for annual reporting periods (including interim periods with those periods) beginning after December 15, 2016. Early adoption is permitted. The Company is still in the process of determining the impact that the implementation of ASU 2016-09 will have on the Company’s financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). Under ASU 2016-02, an entity will be required to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. ASU 2016-02 offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. For public companies, ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, and requires a modified retrospective adoption, with early adoption permitted. The Company is in the process of evaluating the future impact of ASU 2016-02 on our consolidated financial position, results of operations and cash flows. 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 became effective for public business entities in the first annual period beginning after December 15, 2015. Beginning in its fiscal year ending December 31, 2016, the Company adopted ASU 2015-03, and retrospectively applied the guidance to its Mortgages Payable for all periods presented Unamortized deferred financing costs, net, of $ 5.0 3.5 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 adoption of ASU 2015-02 did not have a material impact on the Company’s financial position or results of operations. 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 did not 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. |
Investments in Real Estate (Tab
Investments in Real Estate (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Real Estate [Abstract] | |
Schedule Of Equity Method Investments And Consolidation Accounting Investments [Table Text Block] | Operating Properties % Number of Date Ownership Average Occupied Multifamily Community Name/Location Units Built/Renovated (1) Interest Rent (2) (3) ARIUM at Palmer Ranch, Sarasota, FL 320 2016 95.0 % $ 1,085 97 % ARIUM Grandewood, Orlando, FL 306 2005 95.0 % 1,200 96 % ARIUM Gulfshore, Naples, FL 368 2016 95.0 % 1,071 99 % ARIUM Palms, Orlando, FL 252 2008 95.0 % 1,181 90 % Ashton Reserve, Charlotte, NC 473 2015 100.0 % 1,026 92 % Enders Place at Baldwin Park, Orlando, FL 220 2003 89.5 % 1,609 98 % EOS, Orlando, FL (4) 296 2015 1,211 61 % Fox Hill, Austin, TX 288 2010 94.6 % 1,148 98 % Lansbrook Village, Palm Harbor, FL 609 2004 90.0 % 1,200 92 % MDA Apartment, Chicago, IL 190 2006 35.3 % 2,263 97 % Park & Kingston, Charlotte, NC 168 2015 96.4 % 1,153 96 % Sorrel, Frisco, TX (5) 352 2015 95.0 % 1,288 85 % Sovereign, Fort Worth, TX 322 2015 95.0 % 1,240 93 % Springhouse at Newport News, Newport News, VA 432 1985 75.0 % 839 94 % The Preserve at Henderson Beach, Destin, FL 340 2009 100.0 % 1,252 91 % Village Green of Ann Arbor, Ann Arbor, MI 520 2013 48.6 % 1,173 95 % Whetstone, Durham, NC (4) 204 2015 1,325 80 % Total/Average 5,660 $ 1,189 95 % (1) Represents date of last significant renovation or year built if there were no renovations. (2) Represents the average effective monthly rent per occupied unit for all occupied units for the three months ended March 31, 2016. The average rent for Whetstone, Sorrel and EOS, which are still in lease-up, is pro forma based on underwriting. Total concessions for the three months ended March 31, 2016 amounted to approximately $ 430,000 (3) Percent occupied is calculated as (i) the number of units occupied as of March 31, 2016, divided by (ii) total number of units, expressed as a percentage, excluding Whetstone, Sorrel and EOS, which are still in lease-up. (4) Whetstone and EOS are currently preferred equity investments providing a stated investment return and both properties are in lease-up and actual average rents were $ 1,268 1,107 (5) Sorrel is in lease-up and actual average rents were $ 1,206 |
Schedule Of Development Properties In Real Estate [Table Text Block] | Development Properties Planned Anticipated Anticipated Pro Forma Number of Initial Final Units to Average Rent Multifamily Community Name/Location Units Occupancy be Delivered (1) Alexan CityCentre, Houston, TX 340 2Q 2017 4Q 2017 $ 2,144 Alexan Southside Place, Houston, TX 269 4Q 2017 2Q 2018 $ 2,019 Cheshire Bridge, Atlanta, GA 285 1Q 2017 3Q 2017 $ 1,559 Domain, Garland, TX 301 4Q 2017 3Q 2018 $ 1,425 Flagler Village, Ft. Lauderdale, FL 326 2Q 2019 2Q 2020 $ 2,483 Lake Boone Trail, Raleigh, NC 245 1Q 2018 3Q 2018 $ 1,402 West Morehead, Charlotte, NC 283 1Q 2018 4Q 2018 $ 1,601 Total/Average 2,049 $ 1,832 (1) |
Acquisition of Real Estate (Tab
Acquisition of Real Estate (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of Purchase Prices Allocations [Table Text Block] | The following table summarizes the assets acquired and liabilities assumed 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 $ 21,900 Building 110,637 Building improvements 769 Land improvements 2,875 Furniture and fixtures 2,479 In-place leases 2,868 Total assets acquired $ 141,528 Mortgages assumed $ 37,476 Fair value adjustments 1,578 Total liabilities acquired $ 39,054 |
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 Park & Kingston, Fox Hill, Ashton Reserve, ARIUM Palms, Sorrel, Sovereign, ARIUM Gulfshore, ARIUM at Palmer Ranch and The Preserve at Henderson Beach (collectively, the "Recent Acquisitions"), had occurred on January 1, 2015 (amounts in thousands, except per share amounts). Three Months Ended March 31, Three Months Ended March 31, 2016 2015 Pro-Forma Pro-Forma As Reported Adjustments Pro-Forma As Reported Adjustments Pro-Forma Revenues $ 16,634 $ 1,044 $ 17,678 $ 9,036 $ 7,926 $ 16,962 Net (loss) income $ (2,625) $ (184) $ (2,809) $ 9,347 $ (3,164) $ 6,183 Net (loss) income attributable to common stockholders $ (4,135) $ (182) $ (4,317) $ 3,313 $ (3,027) $ 286 (Loss) earnings per share, basic and diluted (1) $ (0.20) $ (0.21) $ 0.26 $ 0.02 (1) Pro-forma (loss) earnings per share, both basic and diluted, are calculated based on the net (loss) income attributable to BRG. |
Investments in Unconsolidated23
Investments in Unconsolidated Real Estate Joint Ventures (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015 is summarized in the table below (amounts in thousands): March 31, December 31, Property 2016 2015 Alexan CityCentre $ 6,505 $ 6,505 Alexan Southside Place 17,322 17,322 Cheshire Bridge 16,360 16,360 Domain 3,733 3,806 EOS 3,629 3,629 Flagler Village 8,189 5,451 Lake Boone Trail 9,919 9,919 West Morehead 3,493 Whetstone 12,932 12,231 Total $ 82,082 $ 75,223 |
Equity Income Loss of Joint Ventures [Table Text Block] | The equity in income of the Company’s unconsolidated real estate joint ventures for the three months ended March 31, 2016 and 2015 is summarized below (amounts in thousands): Three Months Ended March 31, Property 2016 2015 Alexan CityCentre $ 243 $ 241 Alexan Southside Place 648 261 Cheshire Bridge 612 Domain 138 EOS 136 134 Flagler Village (2) Lake Boone Trail 371 Villas at Oak Crest 105 West Morehead 164 Whetstone 458 Other (11) Equity in income of unconsolidated real estate joint ventures $ 2,768 $ 730 |
Schedule Of Condensed Financial Statements [Table Text Block] | Summary combined financial information for the Company’s investments in unconsolidated real estate joint ventures as of March 31, 2016 and December 31, 2015 and for the three months ended March 31, 2016 and 2015, is as follows: March 31, December 31, 2016 2015 Balance Sheets: Real estate, net of depreciation $ 158,373 $ 132,265 Other assets 19,874 24,737 Total assets $ 178,247 $ 157,002 Mortgages payable $ 70,990 $ 55,066 Other liabilities 5,772 5,018 Total liabilities $ 76,762 $ 60,084 Members’ equity 101,485 96,918 Total liabilities and members’ equity $ 178,247 $ 157,002 Three Months Ended March 31, 2016 2015 Operating Statement: Rental revenues $ 1,146 $ 683 Operating expenses (729) (280) Income before debt service, acquisition costs, and depreciation and amortization 417 403 Interest expense, net (323) (181) Depreciation and amortization (759) (212) Operating (loss) income (665) 10 Gain on sale 29,197 Net (loss) income $ (665) $ 29,207 |
Mortgages Payable (Tables)
Mortgages Payable (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | The following table summarizes certain information as of March 31, 2016 and December 31, 2015, with respect to the Company’s indebtedness (amounts in thousands): Outstanding Principal As of March 31, 2016 December 31, Property March 31, 2016 2015 Interest Rate Fixed/ Floating Maturity Date ARIUM at Palmer Ranch $ 26,925 $ 2.61 % Floating (1) February 1, 2023 ARIUM Grandewood 29,444 29,444 2.11 % Floating (2) December 1, 2024 ARIUM Gulfshore 32,626 2.61 % Floating (3) February 1, 2023 ARIUM Palms 24,999 24,999 2.66 % Floating (4) September 1, 2022 Ashton Reserve I 31,900 31,900 4.67 % Fixed December 1, 2025 Ashton Reserve II 15,270 15,270 3.06 % Floating (5) January 1, 2026 Enders Place at Baldwin Park (6) 25,050 25,155 4.30 % Fixed November 1, 2022 Fox Hill 26,705 26,705 3.57 % Fixed April 1, 2022 Lansbrook Village 43,628 43,628 4.42 % Blended (7) March 31, 2018 MDA Apartments 37,515 37,600 5.35 % Fixed January 1, 2023 Park & Kingston 15,250 15,250 3.21 % Fixed April 1, 2020 Sorrel 38,684 38,684 2.73 % Floating (8) May 1, 2023 Sovereign 28,880 28,880 3.46 % Fixed November 10, 2022 Springhouse at Newport News 22,087 22,176 5.66 % Fixed January 1, 2020 The Preserve at Henderson Beach 37,476 4.65 % Fixed January 5, 2023 Village Green of Ann Arbor 42,132 42,326 3.92 % Fixed October 1, 2022 Total 478,571 382,017 Fair value adjustments 3,106 1,620 Subtotal 481,677 383,637 Deferred financing costs, net (4,969) (3,535) Total $ 476,708 $ 380,102 (1) bears interest at a floating rate of 2.17% plus one-month LIBOR 2.61 (2) ARIUM Grandewood Loan bears interest at a floating rate of 1.67% plus one month LIBOR 2.11 (3) ARIUM Gulfshore loan bears interest at a floating rate of 2.17% plus one month LIBOR 2.61 (4) ARIUM Palms loan bears interest at a floating rate of 2.22% plus one month LIBOR. 2.66 (5) Ashton Reserve II loan bears interest at a floating rate of 2.62% plus one-month LIBOR. 3.06 (6) The principal includes a $ 17.1 3.97 8.0 5.01 (7) The principal balance includes the initial advance of $ 42.0 4.45 1.6 three month LIBOR plus 3.00% 3.63 (8) Sorrel loan bears interest at a floating rate of 2.29% plus one-month LIBOR 2.73 |
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | As of March 31, 2016, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): Year Total 2016 (April 1-December 31) $ 2,631 2017 4,141 2018 46,473 2019 5,046 2020 41,895 Thereafter 378,385 $ 478,571 Add: Unamortized fair value debt adjustment 3,106 Subtract: Deferred financing costs, net (4,969) Total $ 476,708 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Schedule Of Related Party Transactions [Table Text Block] | Pursuant to the terms of the Management Agreement, summarized below are the related party amounts payable to our Manager, as of March 31, 2016 and December 31, 2015 (in thousands): March 31, December 31, 2016 2015 Amounts Payable to the Manager under the Management Agreement Base management fee $ 1,214 $ 1,133 Operating expense reimbursements and direct expense reimbursements 148 218 Total amounts payable to Manager $ 1,362 $ 1,351 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders Equity Note [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2016 2015 Net (loss) income from operations attributable to common stockholders $ (4,135) $ 3,313 Dividends on restricted stock expected to vest (3) (2) Basic net (loss) income from operations attributable to common stockholders $ (4,138) $ 3,311 Weighted average common shares outstanding (1) 20,521,596 12,547,895 Potential dilutive shares (2) Weighted average common shares outstanding and potential dilutive shares (1) 20,521,596 12,547,895 (Loss) income per common share, basic $ (0.20) $ 0.26 (Loss) income per common share, diluted $ (0.20) $ 0.26 (1) For 2016, amounts relate to shares of the Company’s Class A, B-3 common stock and LTIP Units outstanding. For 2015, amounts relate to shares of Class A, B-1, B-2 and B-3 common stock and LTIP Units outstanding. (2) Excludes 13,378 3,956 |
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 March 31, 2016 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, 2016 14,476 $ 209 Granted 7,500 78 Vested (19,998) (242) Forfeited Balance at March 31, 2016 1,978 $ 45 (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 Dividends Payable [Table Text Block] | Payable to stockholders Declaration Date of record as of Amount Date Paid Class A common stock October 7, 2015 December 25, 2015 $ 0.096667 January 5, 2016 January 13, 2016 January 25, 2016 $ 0.096666 February 5, 2016 January 13, 2016 February 25, 2016 $ 0.096667 March 5, 2016 January 13, 2016 March 24 2016 $ 0.096667 April 5, 2016 April 8, 2016 April 25, 2016 $ 0.096666 May 5, 2016 April 8, 2016 May 25, 2016 $ 0.096667 June 6, 2016 April 8, 2016 June 24, 2016 $ 0.096667 July 5, 2016 Class B-3 common stock October 7, 2015 December 25, 2015 $ 0.096667 January 5, 2016 January 13, 2016 January 25, 2016 $ 0.096666 February 5, 2016 January 13, 2016 February 25, 2016 $ 0.096667 March 5, 2016 Series A Preferred Stock December 14, 2015 December 24, 2015 $ 0.401000 January 5, 2016 March 11, 2016 March 24, 2016 $ 0.515625 April 5, 2016 |
Schedule of Distributions Made to Members or Limited Partners, by Distribution [Table Text Block] | Distributions declared and paid for the three months ended March 31, 2016 were as follows (amounts in thousands): Distributions 2016 Declared Paid First Quarter Class A Common Stock $ 5,604 $ 5,569 Class B-3 Common Stock 68 102 Series A Preferred Stock 1,482 1,153 OP Units 89 89 LTIP Units 283 270 Total first quarter 2016 $ 7,526 $ 7,183 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Dividends Declared [Table Text Block] | Declaration of Dividends Payable to stockholders Declaration Date of record as of Amount Payable Date Class A common stock April 8, 2016 April 25, 2016 $ 0.096666 May 5, 2016 April 8, 2016 May 25, 2016 $ 0.096667 June 6, 2016 April 8, 2016 June 24, 2016 $ 0.096667 July 5, 2016 Series B Preferred Stock April 15, 2016 April 25, 2016 $ 5.00 May 5, 2016 |
Schedule of Subsequent Events [Table Text Block] | The following distributions were paid to the Company's holders of Class A common stock, Series A Preferred Stock, as well as holders of OP and LTIP Units subsequent to March 31, 2016 (amounts in thousands): Declaration Distributions Total Shares Date Record Date Date Paid per Share Distribution Class A Common Stock January 13, 2016 March 25, 2016 April 5, 2016 $ 0.096667 $ 1,891 Series A Preferred Stock March 11, 2016 March 25, 2016 April 5, 2016 $ 0.515625 $ 1,482 OP Units January 13, 2016 March 25, 2016 April 5, 2016 $ 0.096667 $ 30 LTIP Units January 13, 2016 March 25, 2016 April 5, 2016 $ 0.096667 $ 103 Class A Common Stock April 8, 2016 April 25, 2016 May 5, 2016 $ 0.096666 $ 1,891 Series B Preferred Stock April 15, 2016 April 25, 2016 May 5, 2016 $ 5.000000 $ 3 OP Units April 8, 2016 April 25, 2016 May 5, 2016 $ 0.096666 $ 30 LTIP Units April 8, 2016 April 25, 2016 May 5, 2016 $ 0.096666 $ 103 Total $ 5,533 |
Organization and Nature of Bu28
Organization and Nature of Business (Details Textual) $ / shares in Units, $ in Thousands | Oct. 08, 2014USD ($)$ / shares | Apr. 02, 2014USD ($) | Sep. 09, 2013USD ($) | Feb. 24, 2016$ / sharesshares | Feb. 22, 2016$ / sharesshares | Dec. 17, 2015$ / sharesshares | Oct. 21, 2015USD ($)$ / sharesshares | May. 22, 2015USD ($)$ / sharesshares | Jan. 20, 2015USD ($)$ / sharesshares | Mar. 28, 2014USD ($)$ / sharesshares | Mar. 31, 2016USD ($)$ / sharesshares | Mar. 31, 2015USD ($) | Mar. 29, 2016USD ($) | Dec. 31, 2015$ / shares | Sep. 14, 2015$ / shares |
Organization and Nature of Business [Line Items] | |||||||||||||||
Proceeds From Issuance Of Common Stock | $ | $ 32,900 | $ 22,600 | $ 12 | $ 53,650 | |||||||||||
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 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). | ||||||||||||||
Stockholders Equity, Reverse Stock Split | 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. | ||||||||||||||
Percent of Real Estate Properties Occupied | 95.00% | ||||||||||||||
Number of Units in Real Estate Property | 7,709 | ||||||||||||||
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 | 6,348,000 | 4,600,000 | 3,035,444 | ||||||||||||
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 | $ 0.01 | ||||||||||
Series A Cumulative Redeemable Preferred Stock | |||||||||||||||
Organization and Nature of Business [Line Items] | |||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ | $ 69,200 | ||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 2,875,000 | ||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 0.01 | ||||||||||||||
Sale of Stock, Price Per Share | $ / shares | $ 25 | ||||||||||||||
Annual Distribution Percentage Rate | 8.25% | ||||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ / shares | $ 1,000 | $ 25 | |||||||||||||
Preferred Stock, Capital Shares Reserved for Future Issuance | shares | 150,000 | ||||||||||||||
Warrants to Purchase of Common Stock | shares | 3,000,000 | ||||||||||||||
Series B Preferred Stock [Member] | |||||||||||||||
Organization and Nature of Business [Line Items] | |||||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ / shares | $ 1,000 | ||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||
Organization and Nature of Business [Line Items] | |||||||||||||||
Preferred Stock, Value, Issued | $ | $ 100,000 | ||||||||||||||
Original Series B Preferred Stock [Member] | |||||||||||||||
Organization and Nature of Business [Line Items] | |||||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ / shares | $ 1,000 | $ 1,000 | |||||||||||||
Preferred Stock, Capital Shares Reserved for Future Issuance | shares | 150,000 | 150,000 | 150,000 | ||||||||||||
Warrants to Purchase of Common Stock | shares | 3,000,000 | 3,000,000 | 3,000,000 | ||||||||||||
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 | ||||||||||||||
December 2014 Shelf Registration Statement Offering [Member] | |||||||||||||||
Organization and Nature of Business [Line Items] | |||||||||||||||
Preferred Stock, Capital Shares Reserved for Future Issuance | shares | 150,000 | 150,000 | |||||||||||||
Operating Units [Member] | |||||||||||||||
Organization and Nature of Business [Line Items] | |||||||||||||||
Number of Units in Real Estate Property | 5,660 | ||||||||||||||
Under Development [Member] | |||||||||||||||
Organization and Nature of Business [Line Items] | |||||||||||||||
Number of Units in Real Estate Property | 2,049 |
Basis of Presentation and Sum29
Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Accounting Standards Update 2015-03 [Member] | ||
Accounting Policies [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 5 | $ 3.5 |
OP LTIP unit [Member] | ||
Accounting Policies [Line Items] | ||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 6.53% | |
OP Unit [Member] | ||
Accounting Policies [Line Items] | ||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 1.46% | |
LTIP Unit [Member] | ||
Accounting Policies [Line Items] | ||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 5.07% |
Sale of Unconsolidated Real E30
Sale of Unconsolidated Real Estate Joint Ventures (Details Textual) - USD ($) $ in Millions | Jan. 14, 2015 | Oct. 16, 2015 | Mar. 31, 2016 |
Estates at Perimeter/Augusta [Member] | |||
Real Estate Assets Held for Development and Sale [Line Items] | |||
Disposition Fees | $ 0.3 | ||
Proceeds from Sale of Real Estate Gross | 18.2 | ||
Payments for Mortgage on Real Estate Sold | $ 11.5 | ||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 100.00% | ||
Net Proceeds From Divestiture Of Interest In Joint Venture | $ 6.6 | ||
Gain On Sale Of Equity Interests | $ 2.7 | ||
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) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($) | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 2,049 | |
Pro Forma Average Rent | $ 1,832 | [1] |
% Occupied | 97.00% | [2] |
Alexan CityCentre, Houston, TX [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 340 | |
Initial Occupancy | 2Q 2017 | |
Final Units to be Delivered | 4Q 2017 | |
Pro Forma Average Rent | $ 2,144 | |
Alexan Southside Place, Houston, TX [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 269 | |
Initial Occupancy | 4Q 2017 | |
Final Units to be Delivered | 2Q 2018 | |
Pro Forma Average Rent | $ 2,019 | |
Cheshire Bridge, Atlanta, GA [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 285 | |
Initial Occupancy | 1Q 2017 | |
Final Units to be Delivered | 3Q 2017 | |
Pro Forma Average Rent | $ 1,559 | |
Flagler Village Ft Lauderdale FL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 326 | |
Initial Occupancy | 2Q 2019 | |
Final Units to be Delivered | 2Q 2020 | |
Pro Forma Average Rent | $ 2,483 | |
Lake Boone Trail Raleigh NC [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 245 | |
Initial Occupancy | 1Q 2018 | |
Final Units to be Delivered | 3Q 2018 | |
Pro Forma Average Rent | $ 1,402 | |
West Morehead, Charlotte, NC [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 283 | |
Initial Occupancy | 1Q 2018 | |
Final Units to be Delivered | 4Q 2018 | |
Pro Forma Average Rent | $ 1,601 | |
Domain GarlandTx [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 301 | |
Initial Occupancy | 4Q 2017 | |
Final Units to be Delivered | 3Q 2018 | |
Pro Forma Average Rent | $ 1,425 | |
MDA Apartments, Chicago, IL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 190 | |
Pro Forma Average Rent | $ 2,263 | [1] |
Date Build/Renovated | 2,006 | [3] |
Ownership Interest | 35.30% | |
% Occupied | 97.00% | [2] |
Enders at Baldwin Park, Orlando, FL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 220 | |
Pro Forma Average Rent | $ 1,609 | [1] |
Date Build/Renovated | 2,003 | [3] |
Ownership Interest | 89.50% | |
% Occupied | 98.00% | [2] |
Whetstone Durham N C [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 204 | [4] |
Pro Forma Average Rent | $ 1,325 | [1],[4] |
Date Build/Renovated | 2,015 | [3],[4] |
Ownership Interest | 0.00% | [4] |
% Occupied | 80.00% | [2],[4] |
Park Kingston, Charlotte [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 168 | |
Pro Forma Average Rent | $ 1,153 | [1] |
Date Build/Renovated | 2,015 | [3] |
Ownership Interest | 96.40% | |
% Occupied | 96.00% | [2] |
Lansbrook Village, Palm Harbor, FL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 609 | |
Pro Forma Average Rent | $ 1,200 | [1] |
Date Build/Renovated | 2,004 | [3] |
Ownership Interest | 90.00% | |
% Occupied | 92.00% | [2] |
ARIUM Grandewood, Orlando, FL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 306 | |
Pro Forma Average Rent | $ 1,200 | [1] |
Date Build/Renovated | 2,005 | [3] |
Ownership Interest | 95.00% | |
% Occupied | 96.00% | [2] |
Village Green of Ann Arbor, Ann Arbor, MI [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 520 | |
Pro Forma Average Rent | $ 1,173 | [1] |
Date Build/Renovated | 2,013 | [3] |
Ownership Interest | 48.60% | |
% Occupied | 95.00% | [2] |
Fox Hill, Austin, TX [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 288 | |
Pro Forma Average Rent | $ 1,148 | [1] |
Date Build/Renovated | 2,010 | [3] |
Ownership Interest | 94.60% | |
% Occupied | 98.00% | [2] |
Springhouse at Newport News, Newport News, VA [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 432 | |
Pro Forma Average Rent | $ 839 | [1] |
Date Build/Renovated | 1,985 | [3] |
Ownership Interest | 75.00% | |
% Occupied | 94.00% | [2] |
Average [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 5,660 | |
Pro Forma Average Rent | $ 1,189 | [1] |
% Occupied | 95.00% | [2] |
EOS Orlando F L [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 296 | [4] |
Pro Forma Average Rent | $ 1,211 | [1],[4] |
Date Build/Renovated | 2,015 | [3],[4] |
Ownership Interest | 0.00% | [4] |
% Occupied | 61.00% | [2],[4] |
ARIUM Palms Orlando, FL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 252 | |
Pro Forma Average Rent | $ 1,181 | [1] |
Date Build/Renovated | 2,008 | [3] |
Ownership Interest | 95.00% | |
% Occupied | 90.00% | [2] |
Ashton I Charlotte, NC [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 473 | |
Pro Forma Average Rent | $ 1,026 | [1] |
Date Build/Renovated | 2,015 | [3] |
Ownership Interest | 100.00% | |
% Occupied | 92.00% | [2] |
Sorrel Frisco TX [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 352 | [5] |
Pro Forma Average Rent | $ 1,288 | [1],[5] |
Date Build/Renovated | 2,015 | [3],[5] |
Ownership Interest | 95.00% | [5] |
% Occupied | 85.00% | [2],[5] |
Sovereign Fort Worth TX [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 322 | |
Pro Forma Average Rent | $ 1,240 | [1] |
Date Build/Renovated | 2,015 | [3] |
Ownership Interest | 95.00% | |
% Occupied | 93.00% | [2] |
ARIUM Gulfshore, Naples, FL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 368 | |
Pro Forma Average Rent | $ 1,071 | [1] |
Date Build/Renovated | 2,016 | [3] |
Ownership Interest | 95.00% | |
% Occupied | 99.00% | [2] |
ARIUM at Palmer Ranch [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 320 | |
Pro Forma Average Rent | $ 1,085 | [1] |
Date Build/Renovated | 2,016 | |
Ownership Interest | 95.00% | |
The Preserve at Henderson Beach, Destin, FL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 340 | |
Pro Forma Average Rent | $ 1,252 | [1] |
Date Build/Renovated | 2,009 | [3] |
Ownership Interest | 100.00% | |
% Occupied | 91.00% | [2] |
[1] | Represents the average effective monthly rent per occupied unit for all occupied units for the three months ended March 31, 2016. The average rent for Whetstone, Sorrel and EOS, which are still in lease-up, is pro forma based on underwriting. Total concessions for the three months ended March 31, 2016 amounted to approximately $430,000. | |
[2] | Percent occupied is calculated as (i) the number of units occupied as of March 31, 2016, divided by (ii) total number of units, expressed as a percentage, excluding Whetstone, Sorrel and EOS, which are still in lease-up. | |
[3] | Represents date of last significant renovation or year built if there were no renovations. | |
[4] | Whetstone and EOS are currently preferred equity investments providing a stated investment return and both properties are in lease-up and actual average rents were $1,268 and $1,107, respectively, net of upfront lease-up concessions. | |
[5] | Sorrel is in lease-up and actual average rents were $1,206, net of upfront lease-up concessions. |
Investments in Real Estate (D32
Investments in Real Estate (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Real Estate Property [Line Items] | ||
Concessions Costs | $ 430,000 | |
Average Effective Rent Excluding Property Rental Space | 1,206 | |
SEC Schedule III, Real Estate Accumulated Depreciation, Depreciation Expense | 5,100,000 | $ 2,300,000 |
Amortization of Deferred Leasing Fees | 2,400,000 | $ 500,000 |
Payments for Rent | 1,107 | |
Whetstone [Member] | ||
Real Estate Property [Line Items] | ||
Operating Leases, Rent Expense, Net, Total | $ 1,268 |
Acquisition of Real Estate (Det
Acquisition of Real Estate (Details) $ in Thousands | Mar. 31, 2016USD ($) |
Preliminary Purchase Price Allocation | |
Land | $ 21,900 |
Building | 110,637 |
Building improvements | 769 |
Land improvements | 2,875 |
Furniture and fixtures | 2,479 |
In-place leases | 2,868 |
Total assets acquired | 141,528 |
Mortgages assumed | 37,476 |
Fair value adjustments | 1,578 |
Total liabilities acquired | $ 39,054 |
Acquisition of Real Estate (D34
Acquisition of Real Estate (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Business Acquisition [Line Items] | |||
Revenues | $ 16,634 | $ 9,036 | |
Net (loss) income | (2,625) | 9,347 | |
Net (loss) income attributable to common stockholders | (4,135) | 3,313 | |
Scenario, Previously Reported [Member] | |||
Business Acquisition [Line Items] | |||
Revenues | 16,634 | 9,036 | |
Net (loss) income | (2,625) | 9,347 | |
Net (loss) income attributable to common stockholders | $ (4,135) | $ 3,313 | |
(Loss) earnings per share, basic and diluted (in dollars per share) | [1] | $ (0.20) | $ 0.26 |
Scenario, Adjustment [Member] | |||
Business Acquisition [Line Items] | |||
Revenues | $ 1,044 | $ 7,926 | |
Net (loss) income | (184) | (3,164) | |
Net (loss) income attributable to common stockholders | (182) | (3,027) | |
Pro Forma [Member] | |||
Business Acquisition [Line Items] | |||
Revenues | 17,678 | 16,962 | |
Net (loss) income | (2,809) | 6,183 | |
Net (loss) income attributable to common stockholders | $ (4,317) | $ 286 | |
(Loss) earnings per share, basic and diluted (in dollars per share) | [1] | $ (0.21) | $ 0.02 |
[1] | Pro-forma (loss) earnings per share, both basic and diluted, are calculated based on the net (loss) income attributable to BRG. |
Acquisition of Real Estate (D35
Acquisition of Real Estate (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 15, 2016 | Jan. 05, 2016 | |
Business Acquisition [Line Items] | ||||
Aggregate Property Level Revenues And Recent Acquisitions | $ 8,300 | |||
Aggregate Property Level Net Income And Recent Acquisitions | 3,200 | |||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 39,054 | $ 0 | ||
Sorrel [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition Indirect Ownership, Amount | $ 47,000 | |||
Long-term Investments, Total | $ 15,900 | |||
Equity Method Investment, Ownership Percentage | 95.00% | |||
Sorrel [Member] | Senior Secured Mortgage Loan [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition Indirect Ownership, Amount | $ 32,600 | |||
Sovereign [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition Indirect Ownership, Amount | 39,300 | |||
Sovereign [Member] | Senior Secured Mortgage Loan [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition Indirect Ownership, Amount | 26,900 | |||
Citation Club Apartments [Member] | ||||
Business Acquisition [Line Items] | ||||
Long-term Investments, Total | $ 13,600 | |||
Preserve At Henderson Beach [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition Indirect Ownership, Amount | $ 17,200 | |||
Preserve At Henderson Beach [Member] | Founded [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition Indirect Ownership, Amount | 53,700 | |||
Preserve At Henderson Beach [Member] | Senior Secured Mortgage Loan [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition Indirect Ownership, Amount | $ 37,500 |
Investments in Unconsolidated36
Investments in Unconsolidated Real Estate Joint Ventures (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 82,082 | $ 75,223 |
Alexan CityCentre [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 6,505 | 6,505 |
Alexan Southside Place [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 17,322 | 17,322 |
Cheshire Bridge [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 16,360 | 16,360 |
Domain [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 3,733 | 3,806 |
EOS [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 3,629 | 3,629 |
Flagler Village [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 8,189 | 5,451 |
Lake Boone Trail [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 9,919 | 9,919 |
West Morehead [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 3,493 | 0 |
Whetstone [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 12,932 | $ 12,231 |
Investments in Unconsolidated37
Investments in Unconsolidated Real Estate Joint Ventures (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||
Equity in income of unconsolidated real estate joint ventures | $ 2,768 | $ 730 |
Alexan CityCentre [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in income of unconsolidated real estate joint ventures | 243 | 241 |
Alexan Southside Place [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in income of unconsolidated real estate joint ventures | 648 | 261 |
Cheshire Bridge [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in income of unconsolidated real estate joint ventures | 612 | 0 |
Domain [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in income of unconsolidated real estate joint ventures | 138 | 0 |
EOS [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in income of unconsolidated real estate joint ventures | 136 | 134 |
Flagler Village [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in income of unconsolidated real estate joint ventures | (2) | 0 |
Lake Boone Trail [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in income of unconsolidated real estate joint ventures | 371 | 0 |
Villas at Oak Crest [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in income of unconsolidated real estate joint ventures | 0 | 105 |
Whetstone [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in income of unconsolidated real estate joint ventures | 458 | 0 |
Other [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in income of unconsolidated real estate joint ventures | 0 | (11) |
West Morehead [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in income of unconsolidated real estate joint ventures | $ 164 | $ 0 |
Investments in Unconsolidated38
Investments in Unconsolidated Real Estate Joint Ventures (Details 2) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Balance Sheets: | |||
Real estate, net of depreciation | $ 158,373 | $ 132,265 | |
Other assets | 19,874 | 24,737 | |
Total assets | 178,247 | 157,002 | |
Mortgages payable | 70,990 | 55,066 | |
Other liabilities | 5,772 | 5,018 | |
Total liabilities | 76,762 | 60,084 | |
Members' equity | 101,485 | 96,918 | |
Total liabilities and members' equity | 178,247 | $ 157,002 | |
Operating Statement: | |||
Rental revenues | 1,146 | $ 683 | |
Operating expenses | (729) | (280) | |
Income before debt service, acquisition costs, and depreciation and amortization | 417 | 403 | |
Interest expense, net | (323) | (181) | |
Depreciation and amortization | (759) | (212) | |
Operating (loss) income | (665) | 10 | |
Gain on sale | 0 | 29,197 | |
Net (loss) income | $ (665) | $ 29,207 |
Investments in Unconsolidated39
Investments in Unconsolidated Real Estate Joint Ventures (Details Textual) $ in Millions | Jan. 06, 2016USD ($) | Apr. 07, 2015 | Jan. 12, 2015 | Dec. 18, 2015USD ($) | Dec. 16, 2015USD ($) | Nov. 20, 2015USD ($) | May. 20, 2015USD ($) | Mar. 31, 2016USD ($) | May. 29, 2015 |
Equity Method Investment And Joint Venture [Line Items] | |||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 100.00% | ||||||||
Preferred ship Interest Return At Annual Rate | 15.00% | ||||||||
Percentage Of Preferred ship Interest | 70.00% | ||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | $ 19 | $ 3.5 | |||||||
Debt Instrument, Description of Variable Rate Basis | based on the base rate plus 1.25% or LIBOR plus 2.25% | ||||||||
Proceeds from Construction Loans Payable | $ 38.1 | ||||||||
Debt Instrument, Interest Rate Terms | one-month LIBOR plus 2.50% | ||||||||
Debt Instrument, Maturity Date | Apr. 7, 2019 | ||||||||
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% | ||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus 2.0%. | ||||||||
Bridge Loan | $ 25.2 | ||||||||
BRG Whetstone Durham LLC [Member] | Common Class A [Member] | |||||||||
Equity Method Investment And Joint Venture [Line Items] | |||||||||
Number of Real Estate Properties, Fee Simple | 204 | ||||||||
BRG Cheshire LLC [Member] | |||||||||
Equity Method Investment And Joint Venture [Line Items] | |||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | $ 16.4 | ||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 100.00% | ||||||||
BRG Cheshire LLC [Member] | Common Class A [Member] | |||||||||
Equity Method Investment And Joint Venture [Line Items] | |||||||||
Number of Real Estate Properties, Fee Simple | 285 | ||||||||
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% | ||||||||
Ground Lease Term | 85 years | ||||||||
BRG Southside LLC [Member] | Common Class A [Member] | |||||||||
Equity Method Investment And Joint Venture [Line Items] | |||||||||
Number of Real Estate Properties, Fee Simple | 269 | ||||||||
Acquisition of Phase 1 Interest [Member] | |||||||||
Equity Method Investment And Joint Venture [Line Items] | |||||||||
Capital Commitment | $ 18.6 | ||||||||
Percentage of Acquire Preferred Equity Interests | 100.00% | ||||||||
Funded Amount | $ 3.7 | ||||||||
Acquisition of Phase 1 Interest [Member] | Common Class A [Member] | |||||||||
Equity Method Investment And Joint Venture [Line Items] | |||||||||
Number of Real Estate Properties, Fee Simple | 301 | ||||||||
Acquisition of Flagler Village Interest [Member] | |||||||||
Equity Method Investment And Joint Venture [Line Items] | |||||||||
Capital Commitment | $ 41.5 | ||||||||
Funded Amount | $ 8.2 | ||||||||
Acquisition of Flagler Village Interest [Member] | Common Class A [Member] | |||||||||
Equity Method Investment And Joint Venture [Line Items] | |||||||||
Number of Real Estate Properties, Fee Simple | 326 | ||||||||
Acquisition of Lake Boone Trail [Member] | |||||||||
Equity Method Investment And Joint Venture [Line Items] | |||||||||
Number of Real Estate Properties, Fee Simple | 245 | ||||||||
Capital Commitment | $ 16.8 | ||||||||
Percentage of Acquire Preferred Equity Interests | 100.00% | ||||||||
Funded Amount | $ 9.9 |
Mortgages Payable (Details)
Mortgages Payable (Details) - USD ($) $ in Thousands | Mar. 15, 2016 | Jan. 05, 2016 | Apr. 07, 2015 | Dec. 16, 2015 | Mar. 31, 2016 | Dec. 31, 2015 | |
Line of Credit Facility [Line Items] | |||||||
Fixed/Floating | one-month LIBOR plus 2.50% | ||||||
Maturity Date | Apr. 7, 2019 | ||||||
Deferred financing costs, net | $ (4,969) | ||||||
Mortgages [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Total Outstanding Principal | 478,571 | $ 382,017 | |||||
Fair value adjustments | 3,106 | 1,620 | |||||
Subtotal | 481,677 | 383,637 | |||||
Total | 476,708 | 380,102 | |||||
Deferred financing costs, net | (4,969) | (3,535) | |||||
Spring House [Member] | Mortgages [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Total Outstanding Principal | $ 22,087 | 22,176 | |||||
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] | $ 25,050 | 25,155 | ||||
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 | $ 37,515 | 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 | $ 42,132 | 42,326 | |||||
Interest Rate | 3.92% | ||||||
Fixed/Floating | Fixed | ||||||
Maturity Date | Oct. 1, 2022 | ||||||
Lansbrook Village [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest Rate | 3.63% | ||||||
Lansbrook Village [Member] | Mortgages [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Total Outstanding Principal | $ 43,628 | 43,628 | |||||
Interest Rate | 4.42% | ||||||
Fixed/Floating | [2] | Blended | |||||
Maturity Date | Mar. 31, 2018 | ||||||
ARIUM Grandewood [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest Rate | 2.11% | ||||||
ARIUM Grandewood [Member] | Mortgages [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Total Outstanding Principal | $ 29,444 | 29,444 | |||||
Interest Rate | 2.11% | ||||||
Fixed/Floating | [3] | Floating | |||||
Maturity Date | Dec. 1, 2024 | ||||||
Fox Hills [Member] | Mortgages [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Total Outstanding Principal | $ 26,705 | 26,705 | |||||
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 | 15,250 | |||||
Interest Rate | 3.21% | ||||||
Fixed/Floating | Fixed | ||||||
Maturity Date | Apr. 1, 2020 | ||||||
ARIUM Palms [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest Rate | 2.66% | ||||||
ARIUM Palms [Member] | Mortgages [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Total Outstanding Principal | $ 24,999 | 24,999 | |||||
Interest Rate | 2.66% | ||||||
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 | 31,900 | |||||
Interest Rate | 4.67% | ||||||
Fixed/Floating | Fixed | ||||||
Maturity Date | Dec. 1, 2025 | ||||||
Ashton II [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest Rate | 3.06% | ||||||
Ashton II [Member] | Mortgages [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Total Outstanding Principal | $ 15,270 | 15,270 | |||||
Interest Rate | 3.06% | ||||||
Fixed/Floating | [5] | Floating | |||||
Maturity Date | Jan. 1, 2026 | ||||||
Sorrel [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest Rate | 2.73% | ||||||
Sorrel [Member] | Mortgages [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Total Outstanding Principal | $ 38,684 | 38,684 | |||||
Interest Rate | 2.73% | ||||||
Fixed/Floating | [6] | Floating | |||||
Maturity Date | May 1, 2023 | ||||||
Sovereign [Member] | Mortgages [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Total Outstanding Principal | $ 28,880 | 28,880 | |||||
Interest Rate | 3.46% | ||||||
Fixed/Floating | Fixed | ||||||
Maturity Date | Nov. 10, 2022 | ||||||
ARIUM at Palmer Ranch [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest Rate | 2.61% | ||||||
Maturity Date | Feb. 1, 2023 | ||||||
ARIUM at Palmer Ranch [Member] | Mortgages [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Total Outstanding Principal | $ 26,925 | 0 | |||||
Interest Rate | 2.61% | ||||||
Fixed/Floating | [7] | Floating | |||||
Maturity Date | Feb. 1, 2023 | ||||||
The Preserve at Henderson Beach, Destin, FL [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Maturity Date | Jan. 5, 2023 | Jan. 5, 2023 | |||||
The Preserve at Henderson Beach, Destin, FL [Member] | Mortgages [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Total Outstanding Principal | $ 37,476 | 0 | |||||
Interest Rate | 4.65% | ||||||
Fixed/Floating | Fixed | ||||||
ARIUM Gulfshore [Member] | Mortgages [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Total Outstanding Principal | $ 32,626 | $ 0 | |||||
Interest Rate | 2.61% | ||||||
Fixed/Floating | [8] | Floating | |||||
Maturity Date | Feb. 1, 2023 | ||||||
[1] | The principal includes a $17.1 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 March 31, 2016, the additional advance had an interest rate of 3.63%. | ||||||
[3] | ARIUM Grandewood Loan bears interest at a floating rate of 1.67% plus one month LIBOR. At March 31, 2016, the interest rate was 2.11%. | ||||||
[4] | ARIUM Palms loan bears interest at a floating rate of 2.22% plus one month LIBOR. At March 31, 2016, the interest rate was 2.66%. | ||||||
[5] | Ashton Reserve II loan bears interest at a floating rate of 2.62% plus one-month LIBOR. At March 31, 2016, the interest rate was 3.06%. | ||||||
[6] | Sorrel loan bears interest at a floating rate of 2.29% plus one-month LIBOR. At March 31, 2016, the interest rate was 2.73%. | ||||||
[7] | ARIUM at Palmer Ranch loan bears interest at a floating rate of 2.17% plus one-month LIBOR. At March 31, 2016, the interest rate was 2.61%. | ||||||
[8] | ARIUM Gulfshore loan bears interest at a floating rate of 2.17% plus one month LIBOR. At March 31, 2016, the interest rate was 2.61%. |
Mortgages Payable (Details 1)
Mortgages Payable (Details 1) $ in Thousands | Mar. 31, 2016USD ($) |
Debt Disclosure [Abstract] | |
2016 (April 1-December 31) | $ 2,631 |
2,017 | 4,141 |
2,018 | 46,473 |
2,019 | 5,046 |
2,020 | 41,895 |
Thereafter | 378,385 |
Long-term Debt | 478,571 |
Add: Unamortized fair value debt adjustment | 3,106 |
Subtract: Deferred financing costs, net | (4,969) |
Total | $ 476,708 |
Mortgages Payable (Details Text
Mortgages Payable (Details Textual) - USD ($) $ in Thousands | Mar. 15, 2016 | Jan. 05, 2016 | Apr. 07, 2015 | Mar. 31, 2016 | Dec. 31, 2015 |
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Maturity Date | Apr. 7, 2019 | ||||
Debt Instrument, Description of Variable Rate Basis | based on the base rate plus 1.25% or LIBOR plus 2.25% | ||||
Real Estate Investments, Net, Total | $ 668,590 | $ 533,383 | |||
Enders [Member] | Loans Payable [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Face Amount | $ 17,100 | ||||
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 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.01% | ||||
Lansbrook [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.63% | ||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.45% | ||||
Debt Instrument, Description of Variable Rate Basis | three month LIBOR plus 3.00% | ||||
Lansbrook [Member] | Initial Advance [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Secured Long-term Debt, Noncurrent | $ 42,000 | ||||
Lansbrook [Member] | Supplemental Loan [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Secured Long-term Debt, Noncurrent | $ 1,600 | ||||
ARIUM Grandewood [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.11% | ||||
Debt Instrument, Description of Variable Rate Basis | bears interest at a floating rate of 1.67% plus one month LIBOR | ||||
ARIUM Palms [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.66% | ||||
Debt Instrument, Description of Variable Rate Basis | bears interest at a floating rate of 2.22% plus one month LIBOR. | ||||
Sorrel [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.73% | ||||
Debt Instrument, Description of Variable Rate Basis | bears interest at a floating rate of 2.29% plus one-month LIBOR | ||||
Ashton II [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.06% | ||||
Debt Instrument, Description of Variable Rate Basis | bears interest at a floating rate of 2.62% plus one-month LIBOR. | ||||
ARIUM Gulfshore, Naples, FL [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.61% | ||||
Secured Long-term Debt, Noncurrent | $ 32,600 | ||||
Debt Instrument, Maturity Date | Feb. 1, 2023 | ||||
Percentage Of Prepayment Premium | 1.00% | ||||
Debt Instrument, Description of Variable Rate Basis | bears interest at a floating rate of 2.17% plus one month LIBOR | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.17% | ||||
ARIUM at Palmer Ranch [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.61% | ||||
Secured Long-term Debt, Noncurrent | $ 26,900 | ||||
Debt Instrument, Maturity Date | Feb. 1, 2023 | ||||
Percentage Reduction In Prepayment Premium | 1.00% | ||||
Debt Instrument, Description of Variable Rate Basis | bears interest at a floating rate of 2.17% plus one-month LIBOR | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.17% | ||||
The Preserve at Henderson Beach, Destin, FL [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Secured Long-term Debt, Noncurrent | $ 37,500 | ||||
Debt Instrument, Maturity Date | Jan. 5, 2023 | Jan. 5, 2023 | |||
Percentage Reduction In Prepayment Premium | 1.00% | ||||
Debt Instrument, Basis Spread on Variable Rate | 4.65% |
Fair Value of Financial Instr43
Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage Payable At Carrying Value | $ 481.7 | $ 383.6 |
Interest Rate Derivative Liabilities, at Fair Value | $ 492.8 | $ 387.1 |
Related Party Transactions (Det
Related Party Transactions (Details) - Manager [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Related Party Transaction [Line Items] | ||
Total related-party amounts payable | $ 1,362 | $ 1,351 |
Asset management and oversight fees [Member] | ||
Related Party Transaction [Line Items] | ||
Total related-party amounts payable | 1,214 | 1,133 |
Operating Expense Reimbursements and Direct Expense Reimbursements [Member] | ||
Related Party Transaction [Line Items] | ||
Total related-party amounts payable | $ 148 | $ 218 |
Related Party Transactions (D45
Related Party Transactions (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jan. 06, 2016 | Aug. 13, 2015 | Jul. 02, 2015 | May. 14, 2015 | Feb. 29, 2016 | Dec. 31, 2015 | Nov. 18, 2015 | Sep. 30, 2015 | May. 31, 2015 | Apr. 30, 2015 | Feb. 18, 2015 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 14, 2015 | May. 22, 2015 | Jan. 20, 2015 |
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | $ 19,000 | $ 3,500 | ||||||||||||||||||||
Base Management Fee Expense | $ 500 | $ 3,300 | ||||||||||||||||||||
Due From Affiliates Excluding Former Advisor | $ 900 | $ 900 | $ 900 | $ 900 | 900 | |||||||||||||||||
Compensation Percent Of Stockholders Equity | 0.25% | |||||||||||||||||||||
Management Agreement, Agreement Termination Minimum Stockholders Equity | $ 250,000 | |||||||||||||||||||||
Due to Affiliates Excluding Manager and Former Advisor | $ 100 | 0 | 100 | 100 | 100 | |||||||||||||||||
Incentive Fee Expense | $ 700 | $ 150 | ||||||||||||||||||||
Management Fee Expense | $ 100 | $ 400 | 900 | |||||||||||||||||||
Long Term Incentive Plan Units Issued | 67,837 | 10,896 | ||||||||||||||||||||
Share Price | $ 10.88 | |||||||||||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 100.00% | |||||||||||||||||||||
Additional Collateral, Aggregate Fair Value | $ 152,300 | |||||||||||||||||||||
General and Administrative Expense [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Reimbursement Of Organizational And Offering Costs | 100 | $ 300 | ||||||||||||||||||||
Due to Related Parties | 1,180 | |||||||||||||||||||||
Allocated Share-based Compensation Expense | 400 | $ 1,000 | ||||||||||||||||||||
Long-term Incentive Plan Units [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Base Management Fee Expense | $ 1,200 | $ 1,100 | $ 900 | |||||||||||||||||||
Common Stock Closing Share Price | $ 10.88 | $ 11.85 | ||||||||||||||||||||
Long Term Incentive Plan Units Granted | 179,562 | |||||||||||||||||||||
Share Price | $ 11.85 | $ 10.88 | $ 11.85 | $ 11.85 | $ 11.85 | |||||||||||||||||
Long Term Incentive Plan Units Vested | 59,854 | |||||||||||||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 59,077 | 115,304 | 77,497 | 111,620 | ||||||||||||||||||
Partners' Capital Account, Units, Sale of Units, Total | 108,119 | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 283,390 | |||||||||||||||||||||
Manager [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Incentive Fee Expense | $ 900 | |||||||||||||||||||||
Due to Related Parties | $ 1,351 | $ 1,362 | $ 1,351 | $ 1,351 | $ 1,351 | |||||||||||||||||
Villas at Oak Crest [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | $ 300 | |||||||||||||||||||||
Park Kingston Phase I Units [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Business Acquisition Indirect Ownership, Amount | $ 6,500 | |||||||||||||||||||||
Fox Hill [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Business Acquisition Indirect Ownership, Amount | $ 1,100 | |||||||||||||||||||||
North Park Towers [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Management Fee Expense | $ 50 | |||||||||||||||||||||
Lansbrook [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Business Acquisition Indirect Ownership, Amount | $ 3,700 | $ 3,700 | $ 3,700 | $ 3,700 | ||||||||||||||||||
Fund II [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Repayments of Related Party Debt | $ 300 | |||||||||||||||||||||
Common Class A [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Compensation Percent Of Stockholders Equity | 1.50% | |||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||
Minimum [Member] | Park Kingston Phase I Units [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 46.95% | |||||||||||||||||||||
Minimum [Member] | Fox Hill [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 85.27% | |||||||||||||||||||||
Minimum [Member] | Lansbrook [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 76.80% | |||||||||||||||||||||
Maximum [Member] | Park Kingston Phase I Units [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 96.00% | |||||||||||||||||||||
Maximum [Member] | Fox Hill [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 94.62% | |||||||||||||||||||||
Maximum [Member] | Lansbrook [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 90.00% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Net (loss) income from operations attributable to common stockholders | $ (4,135) | $ 3,313 | |
Dividends on restricted stock expected to vest | (3) | (2) | |
Basic net (loss) income from operations attributable to common stockholders | $ (4,138) | $ 3,311 | |
Weighted average common shares outstanding (in shares) | [1] | 20,521,596 | 12,547,895 |
Potential dilutive shares (in shares) | [2] | 0 | 0 |
Weighted average common shares outstanding and potential dilutive shares (in shares) | [1] | 20,521,596 | 12,547,895 |
(Loss) income per common share, basic | $ (0.20) | $ 0.26 | |
Income (loss) per common share, diluted | |||
(Loss) income per common share, diluted | $ (0.20) | $ 0.26 | |
[1] | For 2016, amounts relate to shares of the Company’s Class A, B-3 common stock and LTIP Units outstanding. For 2015, amounts relate to shares of Class A, B-1, B-2 and B-3 common stock and LTIP Units outstanding. | ||
[2] | Excludes 13,378 shares of common stock, for the three months ended March 31, 2016 and 3,956 shares of common stock, for the three months ended March 31, 2015, related to non-vested restricted stock, as the effect would be anti-dilutive. |
Stockholders' Equity (Details 1
Stockholders' Equity (Details 1) | 3 Months Ended | |
Mar. 31, 2016$ / sharesshares | [1] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Non Vested shares, Balance (in shares) | shares | 14,476 | |
Non Vested shares, Granted (in shares) | shares | 7,500 | |
Non Vested shares, Vested (in shares) | shares | (19,998) | |
Non Vested shares, Forfeited (in shares) | shares | 0 | |
Non Vested shares, Balance (in shares) | shares | 1,978 | |
Weighted average grant-date fair value, Balance (in dollars) | $ / shares | $ 209 | |
Weighted average grant-date fair value, Granted (in dollars) | $ / shares | 78 | |
Weighted average grant-date fair value, Vested (in dollars) | $ / shares | (242) | |
Weighted average grant-date fair value, Forfeited (in dollars) | $ / shares | 0 | |
Weighted average grant-date fair value, Balance (in dollars) | $ / shares | $ 45 | |
[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) | 3 Months Ended |
Mar. 31, 2016$ / shares | |
Common Class A [Member] | |
Declaration Date | Oct. 7, 2015 |
Payable to stockholders of record as of | Dec. 25, 2015 |
Amount | $ 0.096667 |
Date Paid | Jan. 5, 2016 |
Common Class A One [Member] | |
Declaration Date | Jan. 13, 2016 |
Payable to stockholders of record as of | Jan. 25, 2016 |
Amount | $ 0.096666 |
Date Paid | Feb. 5, 2016 |
Common Class A Two [Member] | |
Declaration Date | Jan. 13, 2016 |
Payable to stockholders of record as of | Feb. 25, 2016 |
Amount | $ 0.096667 |
Date Paid | Mar. 5, 2016 |
Common Class A Three [Member] | |
Declaration Date | Jan. 13, 2016 |
Payable to stockholders of record as of | Mar. 24, 2016 |
Amount | $ 0.096667 |
Date Paid | Apr. 5, 2016 |
Common Class A Four [Member] | |
Declaration Date | Apr. 8, 2016 |
Payable to stockholders of record as of | Apr. 25, 2016 |
Amount | $ 0.096666 |
Date Paid | May 5, 2016 |
Common Class A Five [Member] | |
Declaration Date | Apr. 8, 2016 |
Payable to stockholders of record as of | May 25, 2016 |
Amount | $ 0.096667 |
Date Paid | Jun. 6, 2016 |
Common Class A Six [Member] | |
Declaration Date | Apr. 8, 2016 |
Payable to stockholders of record as of | Jun. 24, 2016 |
Amount | $ 0.096667 |
Date Paid | Jul. 5, 2016 |
Common Class B Three [Member] | |
Declaration Date | Oct. 7, 2015 |
Payable to stockholders of record as of | Dec. 25, 2015 |
Amount | $ 0.096667 |
Date Paid | Jan. 5, 2016 |
Common Class B Three One [Member] | |
Declaration Date | Jan. 13, 2016 |
Payable to stockholders of record as of | Jan. 25, 2016 |
Amount | $ 0.096666 |
Date Paid | Feb. 5, 2016 |
Common Class B Three Two [Member] | |
Declaration Date | Jan. 13, 2016 |
Payable to stockholders of record as of | Feb. 25, 2016 |
Amount | $ 0.096667 |
Date Paid | Mar. 5, 2016 |
Series A Preferred Stock [Member] | |
Declaration Date | Dec. 14, 2015 |
Payable to stockholders of record as of | Dec. 24, 2015 |
Amount | $ 0.401000 |
Date Paid | Jan. 5, 2016 |
Series A Preferred Stock One [Member] | |
Declaration Date | Mar. 11, 2016 |
Payable to stockholders of record as of | Mar. 24, 2016 |
Amount | $ 0.515625 |
Date Paid | Apr. 5, 2016 |
Stockholders' Equity (Details 3
Stockholders' Equity (Details 3) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |
Distributions Declared | $ 7,526 |
Distributions Paid | 7,183 |
Common Class A [Member] | |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |
Distributions Declared | 5,604 |
Distributions Paid | 5,569 |
Common Class B-3 [Member] | |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |
Distributions Declared | 68 |
Distributions Paid | 102 |
Operating Partnership Units [Member] | |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |
Distributions Declared | 89 |
Distributions Paid | 89 |
Long-term Incentive Plan Units [Member] | |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |
Distributions Declared | 283 |
Distributions Paid | 270 |
Series A Preferred Stock [Member] | |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |
Distributions Declared | 1,482 |
Distributions Paid | $ 1,153 |
Stockholders' Equity (Details T
Stockholders' Equity (Details Textual) - USD ($) | Jan. 06, 2016 | Jul. 02, 2015 | Oct. 08, 2014 | Sep. 09, 2013 | Aug. 05, 2013 | Mar. 17, 2016 | Feb. 24, 2016 | Feb. 22, 2016 | Dec. 17, 2015 | Oct. 21, 2015 | Sep. 19, 2015 | May. 22, 2015 | Mar. 24, 2015 | Mar. 23, 2015 | Jan. 20, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 29, 2016 | Jan. 13, 2016 | Jan. 11, 2016 | Sep. 14, 2015 | May. 28, 2015 | |
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 | $ 0.03 | ||||||||||||||||||||||||
Proceeds From Issuance Of Common Stock | $ 32,900,000 | $ 22,600,000 | $ 12,000 | $ 53,650,000 | |||||||||||||||||||||
Stockholders' Equity, Reverse Stock Split | 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. | ||||||||||||||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 100.00% | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | [1] | 7,500 | |||||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 3 months 18 days | ||||||||||||||||||||||||
Share Price | $ 10.88 | ||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 12,000 | ||||||||||||||||||||||||
Preferred Stock, Redemption Fee,Percentage | 13.00% | ||||||||||||||||||||||||
Preferred Stock, Redemption Fee,Percentage,After One Year | 10.00% | ||||||||||||||||||||||||
Preferred Stock, Redemption Fee,Percentage,After Three Year | 5.00% | ||||||||||||||||||||||||
Preferred Stock, Redemption Fee,Percentage,After Four Year | 3.00% | ||||||||||||||||||||||||
Maximum Amount Of Securities To Be Issued | $ 1,000,000,000 | ||||||||||||||||||||||||
December 2014 Shelf Registration Statement Offering [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Preferred Stock, Capital Shares Reserved for Future Issuance | 150,000 | 150,000 | |||||||||||||||||||||||
Public Offering [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Shares Issued, Price Per Share | $ 25 | ||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 69,200,000 | ||||||||||||||||||||||||
General and Administrative Expense [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Allocated Share-based Compensation Expense | $ 400,000 | $ 1,000,000 | |||||||||||||||||||||||
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 | 6.53% | 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 | 1.46% | 4.59% | |||||||||||||||||||||||
Partners' Capital Account, Units, Beginning Balance | 305,568 | 282,759 | |||||||||||||||||||||||
LTIP Unit holders [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 5.07% | 5.28% | |||||||||||||||||||||||
Partners' Capital Account, Units, Beginning Balance | 1,061,836 | 325,578 | |||||||||||||||||||||||
Common Class B One [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Conversion of Stock, Shares Converted | 353,630 | ||||||||||||||||||||||||
Common Class B Two [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Conversion of Stock, Shares Converted | 353,630 | ||||||||||||||||||||||||
Common Class B Three [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Conversion of Stock, Shares Converted | 353,629 | ||||||||||||||||||||||||
Common Class A [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Proceeds From Issuance Of Common Stock | $ 77,600,000 | $ 53,700,000 | |||||||||||||||||||||||
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. | ||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 6,348,000 | 4,600,000 | 3,035,444 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
Common Stock, Shares Authorized | 747,586,185 | 747,586,185 | 2,262,621 | ||||||||||||||||||||||
Cumulative Preferred Stock [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 2,875,000 | ||||||||||||||||||||||||
Redeemable Preferred Stock [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 2,875,000 | ||||||||||||||||||||||||
Sale of Stock, Price Per Share | $ 25 | ||||||||||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 8.25% | ||||||||||||||||||||||||
Shares Issued, Price Per Share | $ 0.01 | ||||||||||||||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | $ 25 | |||||||||||||||||||||||
Preferred Stock, Capital Shares Reserved for Future Issuance | 150,000 | ||||||||||||||||||||||||
Preferred Stock, Increase in Annual Dividend Rate | 2.00% | ||||||||||||||||||||||||
Preferred Stock, Redemption Price Per Share | $ 25 | ||||||||||||||||||||||||
Warrants to Purchase of Common Stock | 3,000,000 | ||||||||||||||||||||||||
Original Series B Preferred Stock [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | $ 1,000 | |||||||||||||||||||||||
Preferred Stock, Capital Shares Reserved for Future Issuance | 150,000 | 150,000 | 150,000 | ||||||||||||||||||||||
Warrants to Purchase of Common Stock | 3,000,000 | 3,000,000 | 3,000,000 | ||||||||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Preferred Stock, Value, Issued | $ 100,000,000 | ||||||||||||||||||||||||
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 was 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 | 13,378 | 3,956 | |||||||||||||||||||||||
Incentive Plan [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 283,390 | ||||||||||||||||||||||||
[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. |
Commitments and Contingencies (
Commitments and Contingencies (Details Textual) - Line of Credit [Member] - USD ($) $ in Millions | Mar. 15, 2016 | Mar. 31, 2016 |
Proceeds from Lines of Credit | $ 10.4 | |
Line of Credit Facility, Interest Rate During Period | 3.75% | |
Line of Credit Facility, Interest Rate Description | base rate plus 2.75% | |
Line of Credit Facility, Interest Rate at Period End | 2.75% | |
Line of Credit Facility, Average Outstanding Amount | $ 10.4 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 14.9 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | 1 Months Ended | 3 Months Ended |
May. 10, 2016 | Mar. 31, 2016 | |
Class A common stock [Member] | ||
Subsequent Event [Line Items] | ||
Declaration of Dividends, Declaration Date | Oct. 7, 2015 | |
Declaration of Dividends, Payable to stockholders of record as of | Dec. 25, 2015 | |
Declaration of Dividends, Amount | $ 0.096667 | |
Declaration of Dividends, Date Paid | Jan. 5, 2016 | |
Class A common stock [Member] | May 5, 2016 [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Declaration of Dividends, Declaration Date | Apr. 8, 2016 | |
Declaration of Dividends, Payable to stockholders of record as of | Apr. 25, 2016 | |
Declaration of Dividends, Amount | $ 0.096666 | |
Declaration of Dividends, Date Paid | May 5, 2016 | |
Class A common stock [Member] | June 6, 2016 [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Declaration of Dividends, Declaration Date | Apr. 8, 2016 | |
Declaration of Dividends, Payable to stockholders of record as of | May 25, 2016 | |
Declaration of Dividends, Amount | $ 0.096667 | |
Declaration of Dividends, Date Paid | Jun. 6, 2016 | |
Class A common stock [Member] | July 5, 2016 [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Declaration of Dividends, Declaration Date | Apr. 8, 2016 | |
Declaration of Dividends, Payable to stockholders of record as of | Jun. 24, 2016 | |
Declaration of Dividends, Amount | $ 0.096667 | |
Declaration of Dividends, Date Paid | Jul. 5, 2016 | |
Series B Preferred Stock [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Declaration of Dividends, Declaration Date | Apr. 15, 2016 | |
Declaration of Dividends, Payable to stockholders of record as of | Apr. 25, 2016 | |
Declaration of Dividends, Amount | $ 5 | |
Declaration of Dividends, Date Paid | May 5, 2016 |
Subsequent Events (Details 1)
Subsequent Events (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended |
May. 10, 2016 | Mar. 31, 2016 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Total Distribution | $ 5,533 | |
Class A Common Stock One [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Jan. 13, 2016 | |
Dividends, Record Date | Jan. 25, 2016 | |
Dividends, Date paid | Feb. 5, 2016 | |
Dividends, Distributions per Share (in dollars per share) | $ 0.096666 | |
Class A Common Stock One [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Jan. 13, 2016 | |
Dividends, Record Date | Mar. 25, 2016 | |
Dividends, Date paid | Apr. 5, 2016 | |
Dividends, Distributions per Share (in dollars per share) | $ 0.096667 | |
Dividends, Total Distribution | $ 1,891 | |
Series A Preferred Stock [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Dec. 14, 2015 | |
Dividends, Record Date | Dec. 24, 2015 | |
Dividends, Date paid | Jan. 5, 2016 | |
Dividends, Distributions per Share (in dollars per share) | $ 0.401000 | |
Series A Preferred Stock [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Mar. 11, 2016 | |
Dividends, Record Date | Mar. 25, 2016 | |
Dividends, Date paid | Apr. 5, 2016 | |
Dividends, Distributions per Share (in dollars per share) | $ 0.515625 | |
Dividends, Total Distribution | $ 1,482 | |
Operating Partnership Units One [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Jan. 13, 2016 | |
Dividends, Record Date | Mar. 25, 2016 | |
Dividends, Date paid | Apr. 5, 2016 | |
Dividends, Distributions per Share (in dollars per share) | $ 0.096667 | |
Dividends, Total Distribution | $ 30 | |
Long-term Incentive Plan Units One [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Jan. 13, 2016 | |
Dividends, Record Date | Mar. 25, 2016 | |
Dividends, Date paid | Apr. 5, 2016 | |
Dividends, Distributions per Share (in dollars per share) | $ 0.096667 | |
Dividends, Total Distribution | $ 103 | |
Class A Common Stock Two [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Jan. 13, 2016 | |
Dividends, Record Date | Feb. 25, 2016 | |
Dividends, Date paid | Mar. 5, 2016 | |
Dividends, Distributions per Share (in dollars per share) | $ 0.096667 | |
Class A Common Stock Two [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Apr. 8, 2016 | |
Dividends, Record Date | Apr. 25, 2016 | |
Dividends, Date paid | May 5, 2016 | |
Dividends, Distributions per Share (in dollars per share) | $ 0.096666 | |
Dividends, Total Distribution | $ 1,891 | |
Series B Preferred Stock [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Apr. 15, 2016 | |
Dividends, Record Date | Apr. 25, 2016 | |
Dividends, Date paid | May 5, 2016 | |
Dividends, Distributions per Share (in dollars per share) | $ 5 | |
Dividends, Total Distribution | $ 3 | |
Operating Partnership Units Two [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Apr. 8, 2016 | |
Dividends, Record Date | Apr. 25, 2016 | |
Dividends, Date paid | May 5, 2016 | |
Dividends, Distributions per Share (in dollars per share) | $ 0.096666 | |
Dividends, Total Distribution | $ 30 | |
Long-term Incentive Plan Units Two [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Apr. 8, 2016 | |
Dividends, Record Date | Apr. 25, 2016 | |
Dividends, Date paid | May 5, 2016 | |
Dividends, Distributions per Share (in dollars per share) | $ 0.096666 | |
Dividends, Total Distribution | $ 103 |
Subsequent Events (Details Text
Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |||||
Apr. 30, 2016 | Apr. 25, 2016 | Oct. 21, 2015 | Mar. 31, 2016 | Apr. 08, 2016 | Dec. 31, 2015 | Dec. 17, 2015 | |
Subsequent Event [Line Items] | |||||||
Stock Issued During Period, Value, New Issues | $ 12 | ||||||
Preferred Stock, Shares Issued | 0 | 0 | |||||
Public Offering [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Stock Issued During Period, Value, New Issues | $ 69,200 | ||||||
Shares Issued, Price Per Share | $ 25 | ||||||
Redeemable Preferred Stock [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Stock Issued During Period, Shares, New Issues | 2,875,000 | ||||||
Preferred Stock, Liquidation Preference Per Share | $ 25 | $ 1,000 | |||||
Shares Issued, Price Per Share | $ 0.01 | ||||||
Preferred Stock, Dividend Rate, Percentage | 8.25% | ||||||
Subsequent Event [Member] | Public Offering [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Stock Issued During Period, Value, New Issues | $ 55,300 | ||||||
Shares Issued, Price Per Share | $ 25 | ||||||
Subsequent Event [Member] | Redeemable Preferred Stock [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Stock Issued During Period, Shares, New Issues | 2,300,000 | ||||||
Preferred Stock, Liquidation Preference Per Share | $ 25 | ||||||
Shares Issued, Price Per Share | $ 0.01 | ||||||
Preferred Stock, Dividend Rate, Percentage | 8.25% | ||||||
Subsequent Event [Member] | Preferred Class A [Member] | ATM Offering [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Preferred Stock, Shares Issued | 146,460 |