Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 01, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
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 | 19,565,807 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Net Real Estate Investments | ||
Land | $ 80,637 | $ 65,057 |
Buildings and improvements | 562,769 | 474,608 |
Furniture, fixtures and equipment | 19,846 | 17,155 |
Total Gross Real Estate Investments | 663,252 | 556,820 |
Accumulated depreciation | (29,403) | (23,437) |
Total Net Operating Real Estate Investments | 633,849 | 533,383 |
Operating real estate held for sale, net | 30,931 | 0 |
Total Net Real Estate Investments | 664,780 | 533,383 |
Cash and cash equivalents | 91,110 | 68,960 |
Restricted cash | 9,642 | 11,669 |
Due from affiliates | 951 | 861 |
Accounts receivable, prepaid and other assets | 7,787 | 6,742 |
Preferred equity investments and investments in unconsolidated real estate joint ventures | 83,564 | 75,223 |
In-place lease intangible assets, net | 851 | 2,389 |
Non-real estate assets associated with operating real estate held for sale | 346 | 0 |
Total Assets | 859,031 | 699,227 |
LIABILITIES AND EQUITY | ||
Mortgages payable | 456,451 | 380,102 |
Mortgage payable associated with operating real estate held for sale | 23,505 | 0 |
Accounts payable | 691 | 587 |
Other accrued liabilities | 10,719 | 7,013 |
Due to affiliates | 1,680 | 1,485 |
Distributions payable | 4,994 | 3,163 |
Liabilities associated with operating real estate held for sale | 406 | 0 |
Total Liabilities | 498,446 | 392,350 |
Stockholders' Equity | ||
Additional paid-in-capital | 252,648 | 248,484 |
Distributions in excess of cumulative earnings | (62,633) | (41,496) |
Total Stockholders' Equity | 190,211 | 207,184 |
Noncontrolling Interests | ||
Operating partnership units | 2,595 | 2,908 |
Partially owned properties | 28,097 | 27,620 |
Total Noncontrolling Interests | 30,692 | 30,528 |
Total Equity | 220,903 | 237,712 |
TOTAL LIABILITIES AND EQUITY | 859,031 | 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 | ||
Common Stock Value | 196 | 192 |
Common Class B-3 [Member] | ||
Stockholders' Equity | ||
Common Stock Value | 0 | 4 |
Redeemable Preferred Stock [Member] | Series B [Member] | ||
LIABILITIES AND EQUITY | ||
Redeemable Preferred Stock | 1,658 | 0 |
Cumulative Preferred Stock [Member] | Series A [Member] | ||
LIABILITIES AND EQUITY | ||
Redeemable Preferred Stock | $ 138,024 | $ 69,165 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | 6 Months Ended | |
Jun. 30, 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 | 2,875,000 |
Temporary Equity, Shares Issued | 5,721,460 | 2,875,000 |
Temporary Equity, Shares Outstanding | 5,721,460 | 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 | 1,890 | 0 |
Temporary Equity, Shares Outstanding | 1,890 | 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 | 19,565,468 | 19,202,112 |
Common stock, shares outstanding | 19,565,468 | 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 | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Revenues | |||||
Net rental income | $ 17,513 | $ 9,918 | $ 33,441 | $ 18,562 | |
Other property revenues | 886 | 551 | 1,592 | 943 | |
Total revenues | 18,399 | 10,469 | 35,033 | 19,505 | |
Expenses | |||||
Property operating | 7,389 | 4,362 | 13,982 | 8,226 | |
General and administrative | 1,704 | 738 | 2,978 | 1,666 | |
Management fees | 1,415 | 706 | 2,629 | 2,155 | |
Acquisition costs | 249 | 221 | 1,457 | 670 | |
Depreciation and amortization | 7,789 | 3,741 | 15,298 | 6,506 | |
Total expenses | 18,546 | 9,768 | 36,344 | 19,223 | |
Operating (loss) income | (147) | 701 | (1,311) | 282 | |
Other income (expense) | |||||
Other income | 0 | 41 | 0 | 62 | |
Preferred returns and equity in income of unconsolidated real estate joint ventures | 2,775 | 1,295 | 5,543 | 2,025 | |
Equity in gain on sale of unconsolidated real estate joint venture interests | 0 | (15) | 0 | 11,292 | |
Interest expense, net | (4,589) | (2,726) | (8,817) | (5,018) | |
Total other (expense) income | (1,814) | (1,405) | (3,274) | 8,361 | |
Net (loss) income | (1,961) | (704) | (4,585) | 8,643 | |
Preferred stock dividends | (2,968) | (4,451) | |||
Preferred stock accretion | (168) | (293) | |||
Net (loss) income attributable to noncontrolling interests | |||||
Operating partnership units | (75) | (10) | (136) | 65 | |
Partially-owned properties | 21 | (112) | (14) | 5,847 | |
Net (loss) income attributable to noncontrolling interests | (54) | (122) | (150) | 5,912 | |
Net (loss) income attributable to common stockholders | $ (5,043) | $ (582) | $ (9,179) | $ 2,731 | |
Income (loss) per common share - Diluted | |||||
Net (loss) income per common share - Basic | $ (0.24) | $ (0.04) | $ (0.45) | $ 0.19 | |
Net (loss) income per common share - Diluted | $ (0.24) | $ (0.04) | $ (0.45) | $ 0.19 | |
Weighted average basic common shares outstanding | [1] | 20,686,652 | 16,353,209 | 20,604,124 | 14,461,064 |
Weighted average diluted common shares outstanding | 20,686,652 | 16,353,209 | 20,604,124 | 14,471,856 | |
[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 - 6 months ended Jun. 30, 2016 - USD ($) $ in Thousands | Total | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Common Class A [Member] | Common Class A [Member]Series A Preferred Stock [Member] | Common Class A [Member]Series B Preferred Stock [Member] | Common Class B-3 [Member] | Common Class B-3 [Member]Series A Preferred Stock [Member] | Common Class B-3 [Member]Series B Preferred Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Series A Preferred Stock [Member] | Additional Paid-in Capital [Member]Series B Preferred Stock [Member] | Cumulative Distributions [Member] | Cumulative Distributions [Member]Series A Preferred Stock [Member] | Cumulative Distributions [Member]Series B Preferred Stock [Member] | Net Income (Loss) to Common Stockholders [Member] | Net Income (Loss) to Common Stockholders [Member]Series A Preferred Stock [Member] | Net Income (Loss) to Common Stockholders [Member]Series B Preferred Stock [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member]Series A Preferred Stock [Member] | Noncontrolling Interests [Member]Series B 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 | 25 | $ 0 | $ 0 | 25 | 0 | 0 | 0 | ||||||||||||||
Issuance of Class A common stock, net (in shares) | 2,227 | 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 | 125 | $ 0 | $ 0 | 125 | 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 | 2,487 | $ 0 | $ 0 | 2,487 | 0 | 0 | 0 | ||||||||||||||
Issuance of LTIP units for compensation | 1,450 | $ 0 | $ 0 | 1,450 | 0 | 0 | 0 | ||||||||||||||
Issuance of LTIP units for compensation (in shares) | 0 | 0 | |||||||||||||||||||
Contributions from noncontrolling interests, nets | 1,677 | $ 0 | $ 0 | 0 | 0 | 0 | 1,677 | ||||||||||||||
Distributions declared | (12,135) | $ (4,433) | $ (18) | 0 | $ 0 | $ 0 | 0 | $ 0 | $ 0 | 0 | $ 0 | $ 0 | (11,958) | $ (4,433) | $ (18) | 0 | $ 0 | $ 0 | (177) | $ 0 | $ 0 |
Stock accretion | (293) | $ (284) | $ (9) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (284) | $ (9) | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
Distributions to noncontrolling interests | (1,186) | 0 | 0 | 0 | 0 | 0 | (1,186) | ||||||||||||||
Net loss | (4,585) | 0 | 0 | 0 | 0 | (4,435) | (150) | ||||||||||||||
Balance at Jun. 30, 2016 | $ 220,903 | $ 196 | $ 0 | $ 252,648 | $ (48,703) | $ (13,930) | $ 30,692 | ||||||||||||||
Balance (in shares) at Jun. 30, 2016 | 19,565,468 | 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities | ||
Net (loss) income | $ (4,585) | $ 8,643 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation and amortization | 15,698 | 6,694 |
Amortization of fair value adjustments | (240) | (130) |
Preferred returns and equity in income of unconsolidated real estate joint ventures | (5,543) | (2,025) |
Equity in gain on sale of real estate assets of unconsolidated joint ventures | 0 | (11,292) |
Distributions of income from preferred equity investments and unconsolidated real estate joint ventures | 5,438 | 1,716 |
Share-based compensation attributable to directors' stock compensation plan | 202 | 77 |
Share based compensation to Former Advisor - LTIP Units | 0 | 617 |
Share-based compensation to Manager - LTIP Units | 3,937 | 1,078 |
Changes in operating assets and liabilities: | ||
Due (from) to affiliates, net | 210 | 980 |
Accounts receivable, prepaid assets and other assets | (1,056) | (1,639) |
Accounts payable and other accrued liabilities | 4,217 | 2,129 |
Net cash provided by operating activities | 18,278 | 6,848 |
Cash flows from investing activities: | ||
Acquisitions of real estate investments | (103,894) | (66,964) |
Capital expenditures | (2,205) | (1,179) |
Proceeds from sale of unconsolidated real estate joint venture interests | 0 | 15,590 |
Purchases of interests from noncontrolling interests | 0 | (7,866) |
Investment in unconsolidated real estate joint venture interests | (8,342) | (45,192) |
Decrease in restricted cash | 1,692 | 6,567 |
Net cash used in investing activities | (112,749) | (99,044) |
Cash flows from financing activities: | ||
Distributions to common stockholders | (12,111) | (8,188) |
Distributions to noncontrolling interests | (1,186) | (1,202) |
Distributions to preferred stockholders | (2,643) | 0 |
Contributions from noncontrolling interests | 1,677 | 578 |
Borrowings on mortgages payable | 63,510 | 43,225 |
Repayments on mortgages payable | (1,142) | (694) |
Payments of deferred financing fees | (1,733) | (466) |
Net proceeds from issuance of common stock | 25 | 131,313 |
Net cash provided by financing activities | 116,621 | 164,566 |
Net increase in cash and cash equivalents | 22,150 | 72,370 |
Cash and cash equivalents at beginning of period | 68,960 | 23,059 |
Cash and cash equivalents at end of period | 91,110 | 95,429 |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid during the period for interest | 8,327 | 5,000 |
Distributions payable - declared and unpaid | 4,994 | 889 |
Mortgages assumed upon property acquisitions | 39,054 | 0 |
Series A Preferred Stock [Member] | ||
Cash flows from financing activities: | ||
Proceeds from Issuance of Preferred Stock and Preference Stock | 68,575 | 0 |
Series B Preferred Stock [Member] | ||
Cash flows from financing activities: | ||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 1,649 | $ 0 |
CONSOLIDATED STATEMENTS OF CAS7
CONSOLIDATED STATEMENTS OF CASH FLOWS [Parenthetical] | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Series A Preferred Stock [Member] | ||
Preferred Stock, Dividend Rate, Percentage | 8.25% | 8.25% |
Organization and Nature of Busi
Organization and Nature of Business | 6 Months Ended |
Jun. 30, 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. As of June 30, 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 7,717 units, comprised of 5,668 operating units and 2,049 units under development. As of June 30, 2016, these properties, exclusive of development properties, and Whetstone, Sorrel and EOS, the lease-up properties, were approximately 95% occupied. 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 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 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 the Operating Partnership’s wholly-owned subsidiaries, owns substantially all of the property interests acquired on the Company’s behalf. As of June 30, 2016, limited partners other than the Company owned approximately 7.01 1.45 5.56 Because the Company is the sole general partner of its Operating Partnership and has unilateral control over its management and major operating decisions (even if additional limited partners are admitted to the Operating Partnership), the accounts of the Operating Partnership are consolidated in its consolidated financial statements. The Company consolidates entities in which it controls more than 50% of the voting equity and in which control does not rest with other investors. Investments in real estate joint ventures over which the Company has the ability to exercise significant influence, but for which it does not have financial or operating control, are accounted for using the equity method of accounting. These entities are reflected on the Company’s consolidated financial statements as “Preferred equity investments and investments in unconsolidated real estate joint ventures.” All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. The Company will consider future joint ventures for consolidation in accordance with the provisions required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810: Consolidation. Certain amounts in prior year financial statement presentation have been reclassified to conform to the current period presentation The Company first analyzes its investments in joint ventures to determine if the joint venture is a variable interest entity (“VIE”) in accordance with ASC 810 and if so, whether the Company is the primary beneficiary requiring consolidation. A VIE is an entity that has (i) insufficient equity to permit it to finance its activities without additional subordinated financial support or (ii) equity holders that lack the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary, which is the entity that has both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the entity that potentially could be significant to the entity. Variable interests in a VIE are contractual, ownership, or other financial interests in a VIE that change with changes in the fair value of the VIE’s net assets. The Company continuously re-assesses at each level of the joint venture whether the entity is (i) a VIE, and (ii) if the Company is the primary beneficiary of the VIE. If it was determined an entity in which the Company holds a joint venture interest qualified as a VIE and the Company was the primary beneficiary, the entity would be consolidated. If, after consideration of the VIE accounting literature, the Company has determined that VIE accounting is not applicable to the joint ventures, the Company assesses the need for consolidation under all other provisions of ASC 810. These provisions provide for consolidation of majority-owned entities through a majority voting interest held by the Company providing control, or through determination of control by virtue of the Company being the general partner in a limited partnership or the controlling member of a limited liability company. In assessing whether the Company is in control of and requiring consolidation of the limited liability company and partnership venture structures, the Company evaluates the respective rights and privileges afforded each member or partner (collectively referred to as “member”). The Company’s member would not be deemed to control the entity if any of the other members have either (i) substantive kickout rights providing the ability to dissolve (liquidate) the entity or otherwise remove the managing member or general partner without cause or (ii) has substantive participating rights in the entity. Substantive participating rights (whether granted by contract or law) provide for the ability to effectively participate in significant decisions of the entity that would be expected to be made in the ordinary course of business that are not otherwise protective rights. If it has been determined that the Company does not have control, but does have the ability to exercise significant influence over the entity, the Company accounts for these unconsolidated investments under the equity method of accounting. The equity method of accounting requires these investments to be initially recorded at cost and subsequently increased (decreased) for the Company’s share of net income (loss), including eliminations for the Company’s share of intercompany transactions, and increased (decreased) for contributions (distributions). The Company’s proportionate share of the results of operations of these investments is reflected in the Company’s earnings or losses. 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 March 2016, the FASB issued ASU No. 2016-07, “Simplifying the Transition to the Equity Method of Accounting”, which eliminates the requirement to retroactively adjust an investment, results of operations, and retained earnings when the investment qualifies for the use of the equity method as a result of an increase in the level of ownership interest or degree of influence. The new standard is effective for annual reporting periods beginning after December 15, 2016 and early adoption is permitted. The Company is still in the process of determining the impact that the implementation of ASU 2016-07 will have 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. In April 2016, the FASB issued ASU No. 2016-10, “Revenue from Contracts with Customers” (Topic 606): Identifying Performance Obligations and Licensing, which adds guidance on identifying performance obligations within a contract. The Company has not selected a transition method, and is currently evaluating the effect that ASU 2014-09, as amended, will have on the consolidated financial statements and related disclosures. |
Sale of Unconsolidated Real Est
Sale of Unconsolidated Real Estate Joint Ventures and Held for Sale Property | 6 Months Ended |
Jun. 30, 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 and Held for Sale Property 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 Held for sale The Company has signed an agreement to sell the Springhouse at Newport News property at an amount in excess of its carrying value and has classified the property as held for sale as of June 30, 2016. Closing of the transaction is subject to the satisfactory completion of the purchaser’s due diligence and other customary closing conditions, and there is no assurance that the conditions will be satisfied or that the sale will occur as contemplated. |
Investments in Real Estate
Investments in Real Estate | 6 Months Ended |
Jun. 30, 2016 | |
Real Estate [Abstract] | |
Real Estate Disclosure [Text Block] | Note 4 Investments in Real Estate As of June 30, 2016, the Company was invested in seventeen operating real estate properties and seven development properties generally through joint ventures. The following tables provide summary information regarding our operating and development investments, which are either consolidated or presented on the equity method of accounting. Multifamily Community Name/Location Number of Date (1) Ownership ARIUM at Palmer Ranch, Sarasota, FL 320 2016 95.0 % ARIUM Grandewood, Orlando, FL 306 2005 95.0 % ARIUM Gulfshore, Naples, FL 368 2016 95.0 % ARIUM Palms, Orlando, FL 252 2008 95.0 % Ashton Reserve, Charlotte, NC 473 2015 100.0 % Enders Place at Baldwin Park, Orlando, FL 220 2003 89.5 % EOS, Orlando, FL 296 2015 Fox Hill, Austin, TX 288 2010 94.6 % Lansbrook Village, Palm Harbor, FL 617 2004 90.0 % MDA Apartment, Chicago, IL 190 2006 35.3 % Park & Kingston, Charlotte, NC 168 2015 96.0 % Sorrel, Frisco, TX 352 2015 95.0 % Sovereign, Fort Worth, TX 322 2015 95.0 % Springhouse at Newport News, Newport News, VA 432 1985 75.0 % The Preserve at Henderson Beach, Destin, FL 340 2009 100.0 % Village Green of Ann Arbor, Ann Arbor, MI 520 2013 48.6 % Whetstone, Durham, NC 204 2015 Total/Average 5,668 (1) Depreciation expense was $ 5.8 2.8 10.8 5.1 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 $ 2.0 0.9 4.5 1.4 Planned Anticipated Anticipated Number of Initial Final Units to Multifamily Community Name/Location Units Occupancy be Delivered Alexan CityCentre, Houston, TX 340 2Q 2017 4Q 2017 Alexan Southside Place, Houston, TX 269 4Q 2017 2Q 2018 Cheshire Bridge, Atlanta, GA 285 1Q 2017 3Q 2017 Domain, Garland, TX 301 2Q 2018 3Q 2018 Flagler Village, Ft. Lauderdale, FL 326 2Q 2019 2Q 2020 Lake Boone Trail, Raleigh, NC 245 1Q 2018 3Q 2018 West Morehead, Charlotte, NC 283 2Q 2018 4Q 2018 Total/Average 2,049 (1) |
Acquisition of Real Estate
Acquisition of Real Estate | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 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, acquired a 340-unit apartment community located in Destin, Florida, known as Alexan Henderson Beach to be rebranded as The Preserve at Henderson Beach (“Henderson Beach”) for approximately $ 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 assumed $ 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 Six Months Ended June 30, Six Months Ended June 30, 2016 2015 As Reported Pro-Forma Pro-Forma As Reported Pro-Forma Pro-Forma Revenues $ 35,033 $ 1,044 $ 36,077 $ 19,505 $ 14,300 $ 33,805 Net (loss) income $ (4,585) $ 4,201 $ (384) $ 8,643 $ (10,855) $ (2,212) Net (loss) income attributable to common stockholders $ (9,179) $ 4,045 $ (5,134) $ 2,731 $ (10,455) $ (7,724) (Loss) earnings per share, basic and diluted (1) $ (0.45) $ (0.25) $ 0.19 $ (0.53) (1) 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 six months ended June 30, 2016 amounted to $ 18.1 5.3 |
Preferred Equity Investments an
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | 6 Months Ended |
Jun. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | Note 6 Preferred Equity Investments and 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. Property June 30, December 31, Alexan CityCentre $ 7,395 $ 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 8,781 5,451 Lake Boone Trail 9,919 9,919 West Morehead 3,493 Whetstone 12,932 12,231 Total $ 83,564 $ 75,223 As of June 30, 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 and investments as of June 30, 2016: Three Months Ended June 30, Six Months Ended June 30, Property 2016 2015 2016 2015 Alexan CityCentre $ 253 $ 243 $ 496 $ 484 Alexan Southside Place 648 424 1,296 686 Cheshire Bridge 612 196 1,224 196 Domain 140 277 EOS 134 136 272 270 Flagler Village 2 (1) Lake Boone Trail 371 742 Villas at Oak Crest 106 212 West Morehead 131 294 Whetstone 484 206 943 206 Other (16) (29) Preferred returns and equity in earnings of unconsolidated joint venture $ 2,775 $ 1,295 $ 5,543 $ 2,025 June 30, December 31, Balance Sheets: Real estate, net of depreciation $ 170,974 $ 132,265 Other assets 18,354 24,737 Total assets $ 189,328 $ 157,002 Mortgages payable $ 65,521 $ 55,066 Other liabilities 16,129 5,018 Total liabilities $ 81,650 $ 60,084 Members’ equity 107,678 96,918 Total liabilities and members’ equity $ 189,328 $ 157,002 Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Operating Statement: Rental revenues $ 1,469 $ 643 $ 2,614 $ 1,327 Operating expenses (807) (352) (1,539) (631) Income before debt service, acquisition costs, and depreciation and amortization 662 291 1,075 696 Interest expense, net (331) (197) (655) (377) Acquisition costs (1) (65) (1) (66) Depreciation and amortization (767) (142) (1,526) (355) Operating (loss) (437) (113) (1,107) (102) Gain on sale - 2 - 29,200 Net (loss) income $ (437) $ (111) $ (1,107) $ 29,098 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, an indirect unconsolidated subsidiary, entered into a $31.8 million construction loan with Bank of America, NA which is secured by the leasehold interest in the Alexan Southside Place property. The loan matures on April 7, 2019 based on the base rate plus 1.25% or LIBOR plus 2.25% 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 12.9 100 25.2 LIBOR plus 2.0% 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, an indirect unconsolidated subsidiary, entered into a $ 38.1 one-month LIBOR plus 2.50% 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 20.6 100 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 37.5 8.8 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 12.1 100 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 20.2 100 3.5 Alexan CityCentre Construction Loan Modification On June 7, 2016, an indirectly owned unconsolidated subsidiary, entered into a loan modification agreement to amend the terms of its construction loan financing the construction and development of the 340 55.1 0.5 3.00 60,000 2.6 0.6 2.2 0.7 Lake Boone Construction Financing On June 23, 2016, an indirect unconsolidated subsidiary, entered into a $ 25.2 2.65 |
Mortgages Payable
Mortgages Payable | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable Disclosure [Text Block] | Note 7 Mortgages Payable Outstanding Principal As of June 30, 2016 Property June 30, 2016 December 31, 2015 Interest Rate Fixed/ Floating Maturity Date ARIUM at Palmer Ranch $ 26,925 $ 2.64 % Floating (1) February 1, 2023 ARIUM Grandewood 29,444 29,444 2.14 % Floating (2) December 1, 2024 ARIUM Gulfshore 32,626 2.64 % Floating (3) February 1, 2023 ARIUM Palms 24,999 24,999 2.69 % 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 3.09 % Floating (5) January 1, 2026 Enders Place at Baldwin Park(6) 24,946 25,155 4.30 % Fixed November 1, 2022 Fox Hill 26,705 26,705 3.57 % Fixed April 1, 2022 Lansbrook Village 44,405 43,628 4.41 % Blended (7) March 31, 2018 MDA Apartments 37,386 37,600 5.35 % Fixed January 1, 2023 Park & Kingston (8) 18,432 15,250 3.41 % Fixed April 1, 2020 Sorrel 38,684 38,684 2.76 % Floating (9) May 1, 2023 Sovereign 28,880 28,880 3.46 % Fixed November 10, 2022 Springhouse at Newport News 22,176 The Preserve at Henderson Beach 37,318 4.65 % Fixed January 5, 2023 Village Green of Ann Arbor 41,940 42,326 3.92 % Fixed October 1, 2022 Total 459,860 382,017 Fair value adjustments 1,451 1,620 Deferred financing costs, net (4,860) (3,535) Total continuing operations $ 456,451 $ 380,102 Held for sale Springhouse at Newport News $ 22,001 $ 5.66 % Fixed January 1, 2020 Fair value adjustments 1,507 Deferred financing costs, net (3) Total held for sale $ 23,505 $ Total $ 479,956 $ 380,102 (1) bears interest at a floating rate of 2.17% plus one-month LIBOR 2.64 (2) bears interest at a floating rate of 1.67% plus one month LIBOR 2.14 (3) bears interest at a floating rate of 2.17% plus one month LIBOR 2.64 (4) bears interest at a floating rate of 2.22% plus one month LIBOR 2.69 (5) bears interest at a floating rate of 2.62% plus one-month LIBOR 3.09 (6) 17.0 3.97 7.9 5.01 (7) 42.0 4.45 2.4 bears interest at a floating rate of three month LIBOR plus 3.00% 3.69 (8) 15.3 3.21 3.1 4.34 (9) bears interest at a floating rate of 2.29% plus one-month LIBOR 2.76 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 Park & Kingston Mortgage Payable On May 27, 2016, the Company, through an indirect subsidiary (the “Park & Kingston II Borrower”), entered into an additional loan of approximately $ 3.2 April 1, 2020 4.34 1 Year Total 2016 (July 1-December 31) $ 1,720 2017 4,147 2018 47,394 2019 4,998 2020 45,050 Thereafter 378,552 $ 481,861 Add: Unamortized fair value debt adjustment 2,958 Subtract: Deferred financing costs, net (4,863) Total $ 479,956 The net book value of real estate assets providing collateral for these above borrowings were $ 664.8 530.6 The mortgage loans encumbering the Company’s properties are generally nonrecourse, subject to certain exceptions for which the Company would be liable for any resulting losses incurred by the lender. These exceptions vary from loan to loan but generally include fraud or a material misrepresentation, misstatement or omission by the borrower, intentional or grossly negligent conduct by the borrower that harms the property or results in a loss to the lender, filing of a bankruptcy petition by the borrower, either directly or indirectly and certain environmental liabilities. In addition, upon the occurrence of certain events, such as fraud or filing of a bankruptcy petition by the borrower, the Company or our joint ventures would be liable for the entire outstanding balance of the loan, all interest accrued thereon and certain other costs, including penalties and expenses. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Note 8 Fair Value of Financial Instruments As of June 30, 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 June 30, 2016 and December 31, 2015, the approximate fair value of mortgages payable were $ 500.7 387.1 484.8 383.6 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 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 100 152.3 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 is dependent on its Manager to provide these services that are essential to the Company. 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. The Company pays the Manager a base management fee in an amount equal to the sum of: (A) 0.25 1.5 0.5 0.7 59,077 0.9 77,497 1.1 115,304 1.2 108,045 1.4 108,833 13.00 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 $ 0.2 0.2 0.2 0.6 179,562 59,854 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 0.8 1.2 1.0 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 0.2 0.3 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 0.01 108,119 Selling Commissions and Dealer Manager Fees In conjunction with the offering of the Series B Preferred Stock, the Company engaged a related party, as dealer manager, and pays up to 10 0.13 0.06 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. June 30, December 31, Amounts Payable to the Manager under the Management Agreement Base management fee $ 1,415 $ 1,133 Operating expense reimbursements and direct expense reimbursements 160 218 Offering expense reimbursements 100 - Total amounts payable to Manager $ 1,675 $ 1,351 As of June 30, 2016 and December 31, 2015, the Company had no amounts and $ 0.1 As of June 30, 2016 and December 31, 2015, the Company had $ 1.0 0.9 Bluerock Property Management, LLC The Company incurred $ 0.09 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 Net (loss) income attributable to common stockholders $ (5,043) $ (582) (9,179) $ 2,731 Dividends on restricted stock expected to vest (1) (5) (4) (7) Basic net (loss) income attributable to common stockholders $ (5,044) $ (587) $ (9,183) $ 2,724 Weighted average common shares outstanding (1) 20,686,652 16,353,209 20,604,124 14,461,064 Potential dilutive shares (2) 10,792 Weighted average common shares outstanding and potential dilutive shares (1) 20,686,652 16,353,209 20,604,124 14,471,856 Net (loss) income per common share, basic $ (0.24) $ (0.04) $ (0.45) $ 0.19 Net (loss) income per common share, diluted $ (0.24) $ (0.04) $ (0.45) $ 0.19 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 1,979 7,679 16,454 Class A Common Stock and 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 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 Securities and Exchange Commission (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, 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 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 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 offering of 2,875,000 8.250 0.01 25.00 25.00 69.2 On April 25, 2016, the Company completed an underwritten offering of 2,300,000 25.00 55.3 On May 26, 2016, the Company completed an offering of 400,000 25.00 9.5 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 $ 100,000,000 146,460 3.6 Shelf Registration Statements On January 12, 2016, the Company filed, and on January 29, 2016, the SEC declared effective on Form S-3 (File No. 333-208956), 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 on Form S-3 (File No. 333-208988), 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 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 1,890 1,890 37,800 1.7 Series A Cumulative Redeemable Preferred Stock 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. Series B Cumulative Redeemable Preferred Stock 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 date of issuance, the carrying amount of the Series B 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. 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 were 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 7.01 305,568 1.45 1,169,881 5.56 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 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 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 On March 24, 2016, the Company granted a total of 7,500 0.1 Non-Vested shares Shares (1) Weighted average grant-date (1) Balance at January 1, 2016 14,476 $ 14.46 Granted 7,500 10.33 Vested (19,998) 12.09 Forfeited Balance at June 30, 2016 1,978 $ 22.75 (1) At June 30, 2016, there was $ 0.02 1.1 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 0.8 1.2 13.00 Declaration Date Payable to stockholders 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 June 10, 2016 June 24, 2016 $ 0.515625 July 5, 2016 Series B Preferred Stock April 15, 2016 April 25, 2016 $ 5.00 May 5, 2016 May 13, 2016 May 25, 2016 $ 5.00 June 3, 2016 June 10, 2016 June 24, 2016 $ 5.00 July 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 Second Quarter Class A Common Stock $ 5,674 $ 5,674 Series A Preferred Stock 2,951 1,481 Series B Preferred Stock 18 8 OP Units 89 89 LTIP Units 328 319 Total second quarter 2016 $ 9,060 $ 7,571 Total year-to-date $ 16,586 $ 14,754 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 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 10.5 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 12 Subsequent Events Declaration Date Payable to stockholders Amount Payable Date Class A common stock July 8, 2016 July 25, 2016 $ 0.096666 August 5, 2016 July 8, 2016 August 25, 2016 $ 0.096667 September 5, 2016 July 8, 2016 September 23, 2016 $ 0.096667 October 5, 2016 Series B Preferred Stock July 8, 2016 July 25, 2016 $ 5.00 August 5, 2016 July 8, 2016 August 25, 2016 $ 5.00 September 5, 2016 July 8, 2016 September 23, 2016 $ 5.00 October 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 Shares Declaration Record Date Date Paid Distributions Total Class A Common Stock April 8, 2016 June 24, 2016 July 5, 2016 $ 0.096667 $ 1,891 Series A Preferred Stock June 10, 2016 June 24, 2016 July 5, 2016 $ 0.515625 $ 2,950 Series B Preferred Stock June 10, 2016 June 24, 2016 July 5, 2016 $ 5.000000 $ 9 OP Units April 8, 2016 June 24, 2016 July 5, 2016 $ 0.096667 $ 30 LTIP Units April 8, 2016 June 24, 2016 July 5, 2016 $ 0.096667 $ 113 Class A Common Stock July 8, 2016 July 25, 2016 August 5, 2016 $ 0.096666 $ 1,891 Series B Preferred Stock July 8, 2016 July 25, 2016 August 5, 2016 $ 5.000000 $ 16 OP Units July 8, 2016 July 25, 2016 August 5, 2016 $ 0.096666 $ 30 LTIP Units July 8, 2016 July 25, 2016 August 5, 2016 $ 0.096666 $ 113 Total $ 7,043 Refinancing of Lansbrook Village property Subsequent to quarter end, on July 8, 2016, the Company, through an indirect subsidiary (the “Lansbrook Village Borrower”), entered into an approximately $ 57.2 August 1, 2026 2.44 92,671 1 July 2016 Offering of 7.625% Series C Cumulative Redeemable Preferred Stock Subsequent to quarter end, on July 19, 2016, the Company completed an underwritten offering (the “July 2016 Preferred Stock Offering”) of 2,300,000 7.625 0.01 25.00 25.00 55.3 Acquisition of ARIUM Westside On July 14, 2016, the Company, through joint venture subsidiaries of its Operating Partnership, acquired a leasehold interest in a 336-unit, Class A, mixed-use apartment community located in Atlanta, Georgia, known as Tenside Apartment Homes to be rebranded as ARIUM Westside (“Westside”). The Company’s indirect ownership interest in the joint venture that owns Westside is 90 74.5 52.2 August 1, 2023 3.68 Equity Incentive Plans - LTIP Grants On August 3 of 176,610 |
Basis of Presentation and Sum20
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 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 the Operating Partnership’s wholly-owned subsidiaries, owns substantially all of the property interests acquired on the Company’s behalf. As of June 30, 2016, limited partners other than the Company owned approximately 7.01 1.45 5.56 Because the Company is the sole general partner of its Operating Partnership and has unilateral control over its management and major operating decisions (even if additional limited partners are admitted to the Operating Partnership), the accounts of the Operating Partnership are consolidated in its consolidated financial statements. The Company consolidates entities in which it controls more than 50% of the voting equity and in which control does not rest with other investors. Investments in real estate joint ventures over which the Company has the ability to exercise significant influence, but for which it does not have financial or operating control, are accounted for using the equity method of accounting. These entities are reflected on the Company’s consolidated financial statements as “Preferred equity investments and investments in unconsolidated real estate joint ventures.” All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. The Company will consider future joint ventures for consolidation in accordance with the provisions required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810: Consolidation. Certain amounts in prior year financial statement presentation have been reclassified to conform to the current period presentation |
Investments in Unconsolidated Real Estate Joint Ventures [Policy Text Block] | Investments in Unconsolidated Real Estate Joint Ventures The Company first analyzes its investments in joint ventures to determine if the joint venture is a variable interest entity (“VIE”) in accordance with ASC 810 and if so, whether the Company is the primary beneficiary requiring consolidation. A VIE is an entity that has (i) insufficient equity to permit it to finance its activities without additional subordinated financial support or (ii) equity holders that lack the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary, which is the entity that has both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the entity that potentially could be significant to the entity. Variable interests in a VIE are contractual, ownership, or other financial interests in a VIE that change with changes in the fair value of the VIE’s net assets. The Company continuously re-assesses at each level of the joint venture whether the entity is (i) a VIE, and (ii) if the Company is the primary beneficiary of the VIE. If it was determined an entity in which the Company holds a joint venture interest qualified as a VIE and the Company was the primary beneficiary, the entity would be consolidated. If, after consideration of the VIE accounting literature, the Company has determined that VIE accounting is not applicable to the joint ventures, the Company assesses the need for consolidation under all other provisions of ASC 810. These provisions provide for consolidation of majority-owned entities through a majority voting interest held by the Company providing control, or through determination of control by virtue of the Company being the general partner in a limited partnership or the controlling member of a limited liability company. In assessing whether the Company is in control of and requiring consolidation of the limited liability company and partnership venture structures, the Company evaluates the respective rights and privileges afforded each member or partner (collectively referred to as “member”). The Company’s member would not be deemed to control the entity if any of the other members have either (i) substantive kickout rights providing the ability to dissolve (liquidate) the entity or otherwise remove the managing member or general partner without cause or (ii) has substantive participating rights in the entity. Substantive participating rights (whether granted by contract or law) provide for the ability to effectively participate in significant decisions of the entity that would be expected to be made in the ordinary course of business that are not otherwise protective rights. If it has been determined that the Company does not have control, but does have the ability to exercise significant influence over the entity, the Company accounts for these unconsolidated investments under the equity method of accounting. The equity method of accounting requires these investments to be initially recorded at cost and subsequently increased (decreased) for the Company’s share of net income (loss), including eliminations for the Company’s share of intercompany transactions, and increased (decreased) for contributions (distributions). The Company’s proportionate share of the results of operations of these investments is reflected in the Company’s earnings or losses. |
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 March 2016, the FASB issued ASU No. 2016-07, “Simplifying the Transition to the Equity Method of Accounting”, which eliminates the requirement to retroactively adjust an investment, results of operations, and retained earnings when the investment qualifies for the use of the equity method as a result of an increase in the level of ownership interest or degree of influence. The new standard is effective for annual reporting periods beginning after December 15, 2016 and early adoption is permitted. The Company is still in the process of determining the impact that the implementation of ASU 2016-07 will have 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. In April 2016, the FASB issued ASU No. 2016-10, “Revenue from Contracts with Customers” (Topic 606): Identifying Performance Obligations and Licensing, which adds guidance on identifying performance obligations within a contract. The Company has not selected a transition method, and is currently evaluating the effect that ASU 2014-09, as amended, will have on the consolidated financial statements and related disclosures. |
Investments in Real Estate (Tab
Investments in Real Estate (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Real Estate [Abstract] | |
Schedule Of Equity Method Investments And Consolidation Accounting Investments [Table Text Block] | Operating Properties Multifamily Community Name/Location Number of Date (1) Ownership ARIUM at Palmer Ranch, Sarasota, FL 320 2016 95.0 % ARIUM Grandewood, Orlando, FL 306 2005 95.0 % ARIUM Gulfshore, Naples, FL 368 2016 95.0 % ARIUM Palms, Orlando, FL 252 2008 95.0 % Ashton Reserve, Charlotte, NC 473 2015 100.0 % Enders Place at Baldwin Park, Orlando, FL 220 2003 89.5 % EOS, Orlando, FL 296 2015 Fox Hill, Austin, TX 288 2010 94.6 % Lansbrook Village, Palm Harbor, FL 617 2004 90.0 % MDA Apartment, Chicago, IL 190 2006 35.3 % Park & Kingston, Charlotte, NC 168 2015 96.0 % Sorrel, Frisco, TX 352 2015 95.0 % Sovereign, Fort Worth, TX 322 2015 95.0 % Springhouse at Newport News, Newport News, VA 432 1985 75.0 % The Preserve at Henderson Beach, Destin, FL 340 2009 100.0 % Village Green of Ann Arbor, Ann Arbor, MI 520 2013 48.6 % Whetstone, Durham, NC 204 2015 Total/Average 5,668 (1) |
Schedule Of Development Properties In Real Estate [Table Text Block] | Development Properties Planned Anticipated Anticipated Number of Initial Final Units to Multifamily Community Name/Location Units Occupancy be Delivered Alexan CityCentre, Houston, TX 340 2Q 2017 4Q 2017 Alexan Southside Place, Houston, TX 269 4Q 2017 2Q 2018 Cheshire Bridge, Atlanta, GA 285 1Q 2017 3Q 2017 Domain, Garland, TX 301 2Q 2018 3Q 2018 Flagler Village, Ft. Lauderdale, FL 326 2Q 2019 2Q 2020 Lake Boone Trail, Raleigh, NC 245 1Q 2018 3Q 2018 West Morehead, Charlotte, NC 283 2Q 2018 4Q 2018 Total/Average 2,049 (1) |
Acquisition of Real Estate (Tab
Acquisition of Real Estate (Tables) | 6 Months Ended |
Jun. 30, 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 assumed $ 39,054 |
Business Acquisition, Pro Forma Information [Table Text Block] | Six Months Ended June 30, Six Months Ended June 30, 2016 2015 As Reported Pro-Forma Pro-Forma As Reported Pro-Forma Pro-Forma Revenues $ 35,033 $ 1,044 $ 36,077 $ 19,505 $ 14,300 $ 33,805 Net (loss) income $ (4,585) $ 4,201 $ (384) $ 8,643 $ (10,855) $ (2,212) Net (loss) income attributable to common stockholders $ (9,179) $ 4,045 $ (5,134) $ 2,731 $ (10,455) $ (7,724) (Loss) earnings per share, basic and diluted (1) $ (0.45) $ (0.25) $ 0.19 $ (0.53) (1) |
Preferred Equity Investments 23
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2016 and December 31, 2015 is summarized in the table below (amounts in thousands): Property June 30, December 31, Alexan CityCentre $ 7,395 $ 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 8,781 5,451 Lake Boone Trail 9,919 9,919 West Morehead 3,493 Whetstone 12,932 12,231 Total $ 83,564 $ 75,223 |
Equity Income Loss of Joint Ventures [Table Text Block] | The preferred returns and equity in income of the Company’s unconsolidated real estate joint ventures for the three and six months ended June 30, 2016 and 2015 are summarized below (amounts in thousands): Three Months Ended June 30, Six Months Ended June 30, Property 2016 2015 2016 2015 Alexan CityCentre $ 253 $ 243 $ 496 $ 484 Alexan Southside Place 648 424 1,296 686 Cheshire Bridge 612 196 1,224 196 Domain 140 277 EOS 134 136 272 270 Flagler Village 2 (1) Lake Boone Trail 371 742 Villas at Oak Crest 106 212 West Morehead 131 294 Whetstone 484 206 943 206 Other (16) (29) Preferred returns and equity in earnings of unconsolidated joint venture $ 2,775 $ 1,295 $ 5,543 $ 2,025 |
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 June 30, 2016 and December 31, 2015 and for the three and six months ended June 30, 2016 and 2015, is as follows: June 30, December 31, Balance Sheets: Real estate, net of depreciation $ 170,974 $ 132,265 Other assets 18,354 24,737 Total assets $ 189,328 $ 157,002 Mortgages payable $ 65,521 $ 55,066 Other liabilities 16,129 5,018 Total liabilities $ 81,650 $ 60,084 Members’ equity 107,678 96,918 Total liabilities and members’ equity $ 189,328 $ 157,002 Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Operating Statement: Rental revenues $ 1,469 $ 643 $ 2,614 $ 1,327 Operating expenses (807) (352) (1,539) (631) Income before debt service, acquisition costs, and depreciation and amortization 662 291 1,075 696 Interest expense, net (331) (197) (655) (377) Acquisition costs (1) (65) (1) (66) Depreciation and amortization (767) (142) (1,526) (355) Operating (loss) (437) (113) (1,107) (102) Gain on sale - 2 - 29,200 Net (loss) income $ (437) $ (111) $ (1,107) $ 29,098 |
Mortgages Payable (Tables)
Mortgages Payable (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | The following table summarizes certain information as of June 30, 2016 and December 31, 2015, with respect to the Company’s indebtedness (amounts in thousands): Outstanding Principal As of June 30, 2016 Property June 30, 2016 December 31, 2015 Interest Rate Fixed/ Floating Maturity Date ARIUM at Palmer Ranch $ 26,925 $ 2.64 % Floating (1) February 1, 2023 ARIUM Grandewood 29,444 29,444 2.14 % Floating (2) December 1, 2024 ARIUM Gulfshore 32,626 2.64 % Floating (3) February 1, 2023 ARIUM Palms 24,999 24,999 2.69 % 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 3.09 % Floating (5) January 1, 2026 Enders Place at Baldwin Park(6) 24,946 25,155 4.30 % Fixed November 1, 2022 Fox Hill 26,705 26,705 3.57 % Fixed April 1, 2022 Lansbrook Village 44,405 43,628 4.41 % Blended (7) March 31, 2018 MDA Apartments 37,386 37,600 5.35 % Fixed January 1, 2023 Park & Kingston (8) 18,432 15,250 3.41 % Fixed April 1, 2020 Sorrel 38,684 38,684 2.76 % Floating (9) May 1, 2023 Sovereign 28,880 28,880 3.46 % Fixed November 10, 2022 Springhouse at Newport News 22,176 The Preserve at Henderson Beach 37,318 4.65 % Fixed January 5, 2023 Village Green of Ann Arbor 41,940 42,326 3.92 % Fixed October 1, 2022 Total 459,860 382,017 Fair value adjustments 1,451 1,620 Deferred financing costs, net (4,860) (3,535) Total continuing operations $ 456,451 $ 380,102 Held for sale Springhouse at Newport News $ 22,001 $ 5.66 % Fixed January 1, 2020 Fair value adjustments 1,507 Deferred financing costs, net (3) Total held for sale $ 23,505 $ Total $ 479,956 $ 380,102 (1) bears interest at a floating rate of 2.17% plus one-month LIBOR 2.64 (2) bears interest at a floating rate of 1.67% plus one month LIBOR 2.14 (3) bears interest at a floating rate of 2.17% plus one month LIBOR 2.64 (4) bears interest at a floating rate of 2.22% plus one month LIBOR 2.69 (5) bears interest at a floating rate of 2.62% plus one-month LIBOR 3.09 (6) 17.0 3.97 7.9 5.01 (7) 42.0 4.45 2.4 bears interest at a floating rate of three month LIBOR plus 3.00% 3.69 (8) 15.3 3.21 3.1 4.34 (9) bears interest at a floating rate of 2.29% plus one-month LIBOR 2.76 |
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | As of June 30, 2016, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): Year Total 2016 (July 1-December 31) $ 1,720 2017 4,147 2018 47,394 2019 4,998 2020 45,050 Thereafter 378,552 $ 481,861 Add: Unamortized fair value debt adjustment 2,958 Subtract: Deferred financing costs, net (4,863) Total $ 479,956 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2016 and December 31, 2015 (in thousands): June 30, December 31, Amounts Payable to the Manager under the Management Agreement Base management fee $ 1,415 $ 1,133 Operating expense reimbursements and direct expense reimbursements 160 218 Offering expense reimbursements 100 - Total amounts payable to Manager $ 1,675 $ 1,351 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Stockholders Equity Note [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table reconciles the components of basic and diluted net (loss) income per common share (amounts in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Net (loss) income attributable to common stockholders $ (5,043) $ (582) (9,179) $ 2,731 Dividends on restricted stock expected to vest (1) (5) (4) (7) Basic net (loss) income attributable to common stockholders $ (5,044) $ (587) $ (9,183) $ 2,724 Weighted average common shares outstanding (1) 20,686,652 16,353,209 20,604,124 14,461,064 Potential dilutive shares (2) 10,792 Weighted average common shares outstanding and potential dilutive shares (1) 20,686,652 16,353,209 20,604,124 14,471,856 Net (loss) income per common share, basic $ (0.24) $ (0.04) $ (0.45) $ 0.19 Net (loss) income per common share, diluted $ (0.24) $ (0.04) $ (0.45) $ 0.19 (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 1,979 7,679 16,454 |
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 June 30, 2016 is as follows (amounts in thousands, except share amounts): Non-Vested shares Shares (1) Weighted average grant-date (1) Balance at January 1, 2016 14,476 $ 14.46 Granted 7,500 10.33 Vested (19,998) 12.09 Forfeited Balance at June 30, 2016 1,978 $ 22.75 (1) |
Schedule of Dividends Payable [Table Text Block] | Distributions Declaration Date Payable to stockholders 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 June 10, 2016 June 24, 2016 $ 0.515625 July 5, 2016 Series B Preferred Stock April 15, 2016 April 25, 2016 $ 5.00 May 5, 2016 May 13, 2016 May 25, 2016 $ 5.00 June 3, 2016 June 10, 2016 June 24, 2016 $ 5.00 July 5, 2016 |
Schedule of Distributions Made to Members or Limited Partners, by Distribution [Table Text Block] | Distributions declared and paid for the six months ended June 30, 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 Second Quarter Class A Common Stock $ 5,674 $ 5,674 Series A Preferred Stock 2,951 1,481 Series B Preferred Stock 18 8 OP Units 89 89 LTIP Units 328 319 Total second quarter 2016 $ 9,060 $ 7,571 Total year-to-date $ 16,586 $ 14,754 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Dividends Declared [Table Text Block] | Declaration of Dividends Declaration Date Payable to stockholders Amount Payable Date Class A common stock July 8, 2016 July 25, 2016 $ 0.096666 August 5, 2016 July 8, 2016 August 25, 2016 $ 0.096667 September 5, 2016 July 8, 2016 September 23, 2016 $ 0.096667 October 5, 2016 Series B Preferred Stock July 8, 2016 July 25, 2016 $ 5.00 August 5, 2016 July 8, 2016 August 25, 2016 $ 5.00 September 5, 2016 July 8, 2016 September 23, 2016 $ 5.00 October 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 June 30, 2016 (amounts in thousands): Shares Declaration Record Date Date Paid Distributions Total Class A Common Stock April 8, 2016 June 24, 2016 July 5, 2016 $ 0.096667 $ 1,891 Series A Preferred Stock June 10, 2016 June 24, 2016 July 5, 2016 $ 0.515625 $ 2,950 Series B Preferred Stock June 10, 2016 June 24, 2016 July 5, 2016 $ 5.000000 $ 9 OP Units April 8, 2016 June 24, 2016 July 5, 2016 $ 0.096667 $ 30 LTIP Units April 8, 2016 June 24, 2016 July 5, 2016 $ 0.096667 $ 113 Class A Common Stock July 8, 2016 July 25, 2016 August 5, 2016 $ 0.096666 $ 1,891 Series B Preferred Stock July 8, 2016 July 25, 2016 August 5, 2016 $ 5.000000 $ 16 OP Units July 8, 2016 July 25, 2016 August 5, 2016 $ 0.096666 $ 30 LTIP Units July 8, 2016 July 25, 2016 August 5, 2016 $ 0.096666 $ 113 Total $ 7,043 |
Organization and Nature of Bu28
Organization and Nature of Business (Details Textual) | 6 Months Ended |
Jun. 30, 2016 | |
Organization and Nature of Business [Line Items] | |
Percent of Real Estate Properties Occupied | 95.00% |
Number of Units in Real Estate Property | 7,717 |
Annual Distribution Percentage Rate | 90.00% |
Operating Units [Member] | |
Organization and Nature of Business [Line Items] | |
Number of Units in Real Estate Property | 5,668 |
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) | 6 Months Ended |
Jun. 30, 2016 | |
OP LTIP unit [Member] | |
Accounting Policies [Line Items] | |
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 7.01% |
OP Unit [Member] | |
Accounting Policies [Line Items] | |
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 1.45% |
LTIP Unit [Member] | |
Accounting Policies [Line Items] | |
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 5.56% |
Sale of Unconsolidated Real E30
Sale of Unconsolidated Real Estate Joint Ventures and Held for Sale Property (Details Textual) - Berry Hill General Partnership [Member] - USD ($) $ in Millions | Jan. 14, 2015 | Jun. 30, 2016 | Jun. 30, 2015 |
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) | 6 Months Ended | |
Jun. 30, 2016 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 2,049 | |
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 | |
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 | |
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 | |
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 | |
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 | |
West Morehead, Charlotte, NC [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 283 | |
Initial Occupancy | 2Q 2018 | |
Final Units to be Delivered | 4Q 2018 | |
Domain GarlandTx [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 301 | |
Initial Occupancy | 2Q 2018 | |
Final Units to be Delivered | 3Q 2018 | |
MDA Apartments, Chicago, IL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 190 | |
Date Build/Renovated | 2,006 | [1] |
Ownership Interest | 35.30% | |
Enders at Baldwin Park, Orlando, FL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 220 | |
Date Build/Renovated | 2,003 | [1] |
Ownership Interest | 89.50% | |
Whetstone Durham N C [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 204 | |
Date Build/Renovated | 2,015 | [1] |
Ownership Interest | 0.00% | |
Park Kingston, Charlotte [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 168 | |
Date Build/Renovated | 2,015 | [1] |
Ownership Interest | 96.00% | |
Lansbrook Village, Palm Harbor, FL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 617 | |
Date Build/Renovated | 2,004 | [1] |
Ownership Interest | 90.00% | |
ARIUM Grandewood, Orlando, FL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 306 | |
Date Build/Renovated | 2,005 | [1] |
Ownership Interest | 95.00% | |
Village Green of Ann Arbor, Ann Arbor, MI [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 520 | |
Date Build/Renovated | 2,013 | [1] |
Ownership Interest | 48.60% | |
Fox Hill, Austin, TX [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 288 | |
Date Build/Renovated | 2,010 | [1] |
Ownership Interest | 94.60% | |
Springhouse at Newport News, Newport News, VA [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 432 | |
Date Build/Renovated | 1,985 | [1] |
Ownership Interest | 75.00% | |
Average [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 5,668 | |
EOS Orlando F L [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 296 | |
Date Build/Renovated | 2,015 | [1] |
Ownership Interest | 0.00% | |
ARIUM Palms Orlando, FL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 252 | |
Date Build/Renovated | 2,008 | [1] |
Ownership Interest | 95.00% | |
Ashton I Charlotte, NC [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 473 | |
Date Build/Renovated | 2,015 | [1] |
Ownership Interest | 100.00% | |
Sorrel Frisco TX [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 352 | |
Date Build/Renovated | 2,015 | [1] |
Ownership Interest | 95.00% | |
Sovereign Fort Worth TX [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 322 | |
Date Build/Renovated | 2,015 | [1] |
Ownership Interest | 95.00% | |
ARIUM Gulfshore, Naples, FL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 368 | |
Date Build/Renovated | 2,016 | [1] |
Ownership Interest | 95.00% | |
ARIUM at Palmer Ranch [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 320 | |
Date Build/Renovated | 2,016 | [1] |
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 | |
Date Build/Renovated | 2,009 | [1] |
Ownership Interest | 100.00% | |
[1] | Represents date of last significant renovation or year built if there were no renovations. |
Investments in Real Estate (D32
Investments in Real Estate (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Real Estate Property [Line Items] | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Depreciation Expense | $ 5.8 | $ 2.8 | $ 10.8 | $ 5.1 |
Amortization of Deferred Leasing Fees | $ 2 | $ 0.9 | $ 4.5 | $ 1.4 |
Acquisition of Real Estate (Det
Acquisition of Real Estate (Details) $ in Thousands | Jun. 30, 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 assumed | $ 39,054 |
Acquisition of Real Estate (D34
Acquisition of Real Estate (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Business Acquisition [Line Items] | |||||
Revenues | $ 18,399 | $ 10,469 | $ 35,033 | $ 19,505 | |
Net (loss) income | (1,961) | (704) | (4,585) | 8,643 | |
Net (loss) income attributable to common stockholders | $ (5,043) | $ (582) | (9,179) | 2,731 | |
Scenario, Previously Reported [Member] | |||||
Business Acquisition [Line Items] | |||||
Revenues | 35,033 | 19,505 | |||
Net (loss) income | (4,585) | 8,643 | |||
Net (loss) income attributable to common stockholders | $ (9,179) | $ 2,731 | |||
(Loss) earnings per share, basic and diluted (in dollars per share) | [1] | $ (0.45) | $ 0.19 | ||
Scenario, Adjustment [Member] | |||||
Business Acquisition [Line Items] | |||||
Revenues | $ 1,044 | $ 14,300 | |||
Net (loss) income | 4,201 | (10,855) | |||
Net (loss) income attributable to common stockholders | 4,045 | (10,455) | |||
Pro Forma [Member] | |||||
Business Acquisition [Line Items] | |||||
Revenues | 36,077 | 33,805 | |||
Net (loss) income | (384) | (2,212) | |||
Net (loss) income attributable to common stockholders | $ (5,134) | $ (7,724) | |||
(Loss) earnings per share, basic and diluted (in dollars per share) | [1] | $ (0.25) | $ (0.53) | ||
[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 | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Mar. 15, 2016 | Jan. 05, 2016 | |
Business Acquisition [Line Items] | ||||
Aggregate Property Level Revenues And Recent Acquisitions | $ 18,100 | |||
Aggregate Property Level Net Income And Recent Acquisitions | 5,300 | |||
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 | $ 53,700 | |||
Preserve At Henderson Beach [Member] | Senior Secured Mortgage Loan [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition Indirect Ownership, Amount | $ 37,500 |
Preferred Equity Investments 36
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 83,564 | $ 75,223 |
Alexan CityCentre [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 7,395 | 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 | 8,781 | 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 |
Preferred Equity Investments 37
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||||
Equity in income of unconsolidated real estate joint ventures | $ 2,775 | $ 1,295 | $ 5,543 | $ 2,025 |
Alexan CityCentre [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in income of unconsolidated real estate joint ventures | 253 | 243 | 496 | 484 |
Alexan Southside Place [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in income of unconsolidated real estate joint ventures | 648 | 424 | 1,296 | 686 |
Cheshire Bridge [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in income of unconsolidated real estate joint ventures | 612 | 196 | 1,224 | 196 |
Domain [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in income of unconsolidated real estate joint ventures | 140 | 0 | 277 | 0 |
EOS [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in income of unconsolidated real estate joint ventures | 134 | 136 | 272 | 270 |
Flagler Village [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in income of unconsolidated real estate joint ventures | 2 | 0 | (1) | 0 |
Lake Boone Trail [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in income of unconsolidated real estate joint ventures | 371 | 0 | 742 | 0 |
Villas at Oak Crest [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in income of unconsolidated real estate joint ventures | 0 | 106 | 0 | 212 |
Whetstone [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in income of unconsolidated real estate joint ventures | 484 | 206 | 943 | 206 |
Other [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in income of unconsolidated real estate joint ventures | 0 | (16) | 0 | (29) |
West Morehead [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in income of unconsolidated real estate joint ventures | $ 131 | $ 0 | $ 294 | $ 0 |
Preferred Equity Investments 38
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Balance Sheets: | |||||
Real estate, net of depreciation | $ 170,974 | $ 170,974 | $ 132,265 | ||
Other assets | 18,354 | 18,354 | 24,737 | ||
Total assets | 189,328 | 189,328 | 157,002 | ||
Mortgages payable | 65,521 | 65,521 | 55,066 | ||
Other liabilities | 16,129 | 16,129 | 5,018 | ||
Total liabilities | 81,650 | 81,650 | 60,084 | ||
Members' equity | 107,678 | 107,678 | 96,918 | ||
Total liabilities and members' equity | 189,328 | 189,328 | $ 157,002 | ||
Operating Statement: | |||||
Rental revenues | 1,469 | $ 643 | 2,614 | $ 1,327 | |
Operating expenses | (807) | (352) | (1,539) | (631) | |
Income before debt service, acquisition costs, and depreciation and amortization | 662 | 291 | 1,075 | 696 | |
Interest expense, net | (331) | (197) | (655) | (377) | |
Acquisition costs | (1) | (65) | (1) | (66) | |
Depreciation and amortization | (767) | (142) | (1,526) | (355) | |
Operating (loss) | (437) | (113) | (1,107) | (102) | |
Gain on sale | 0 | 2 | 0 | 29,200 | |
Net (loss) income | $ (437) | $ (111) | $ (1,107) | $ 29,098 |
Preferred Equity Investments 39
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Details Textual) | Jul. 08, 2016 | Jun. 07, 2016USD ($) | Jan. 06, 2016USD ($) | Apr. 07, 2015USD ($) | Jan. 12, 2015 | Jun. 23, 2016USD ($) | Dec. 16, 2015USD ($) | Jun. 30, 2016USD ($) | Dec. 18, 2015 | Nov. 20, 2015 | May 29, 2015 | May 20, 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 | $ 3,500,000 | |||||||||||
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 | $ 38,100,000 | |||||||||||
Debt Instrument, Interest Rate Terms | one-month LIBOR plus 2.50% | |||||||||||
Debt Instrument, Maturity Date | Apr. 7, 2019 | |||||||||||
Founded [Member] | ||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||
Debt Instrument, Face Amount | $ 31,800,000 | |||||||||||
BRG Whetstone Durham LLC [Member] | ||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | $ 12,900,000 | |||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 100.00% | |||||||||||
Bridge Loan | $ 25,200,000 | |||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus 2.0% | |||||||||||
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 | $ 16,400,000 | |||||||||||
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 | $ 17,300,000 | |||||||||||
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 | $ 20,600,000 | |||||||||||
Percentage of Acquire Preferred Equity Interests | 100.00% | |||||||||||
Funded Amount | $ 3,700,000 | |||||||||||
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 | 37,500,000 | |||||||||||
Funded Amount | 8,800,000 | |||||||||||
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 | 12,100,000 | |||||||||||
Percentage of Acquire Preferred Equity Interests | 100.00% | |||||||||||
Funded Amount | 9,900,000 | |||||||||||
BR Morehead JV , LLC [Member] | ||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 100.00% | |||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | $ 20,200,000 | |||||||||||
BR Morehead JV , LLC [Member] | Common Class A [Member] | ||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||
Number of Real Estate Properties, Fee Simple | 283 | |||||||||||
Alexan CityCentre Construction Loan Modification [Member] | ||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||
Loans Receivable Amount Funded By Lender To Development Cost | $ 700,000 | |||||||||||
Alexan CityCentre Construction Loan Modification [Member] | Interest Reserve [Member] | ||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||
Loans and Leases Receivable, Collateral for Secured Borrowings | $ 2,600,000 | |||||||||||
Alexan CityCentre Construction Loan Modification [Member] | Prime Rate [Member] | ||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||
Loans Receivable, Basis Spread on Variable Rate | 0.50% | |||||||||||
Loans Receivable, Description of Variable Rate Basis | prime rate plus 0.5% | |||||||||||
Alexan CityCentre Construction Loan Modification [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||
Loans Receivable, Basis Spread on Variable Rate | 3.00% | |||||||||||
Loans Receivable, Description of Variable Rate Basis | LIBOR plus 3.00% | |||||||||||
Alexan CityCentre Construction Loan Modification [Member] | Construction Loan Payable [Member] | ||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||
Debt Instrument, Maturity Date | Jan. 1, 2020 | |||||||||||
Loans Receivable Additional Equity Contribution By Borrower To Development Cost | $ 2,200,000 | |||||||||||
Construction Loan Allocated to Operating Expenses | 600,000 | |||||||||||
Long-term Construction Loan | 55,100,000 | |||||||||||
Debt Instrument, Periodic Payment, Principal | $ 60,000 | |||||||||||
Alexan CityCentre Construction Loan Modification [Member] | Common Class A [Member] | ||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||
Number of Real Estate Properties, Fee Simple | 340 | |||||||||||
Walker Dunlop, LLC [Member] | Africa [Member] | Lansbrook Village Properties [Member] | ||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||
Debt Instrument, Maturity Date | Aug. 1, 2026 | |||||||||||
Citizens Bank [Member] | Lake Boone Construction Financing [Member] | ||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | one-month LIBOR plus 2.65% | |||||||||||
Debt Instrument, Maturity Date | Dec. 23, 2019 | |||||||||||
Construction Loan | $ 25,200,000 | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.65% |
Mortgages Payable (Details)
Mortgages Payable (Details) - USD ($) $ in Thousands | Mar. 15, 2016 | Jan. 05, 2016 | Apr. 07, 2015 | May 27, 2016 | Dec. 16, 2015 | Jun. 30, 2016 | Dec. 31, 2015 | |
Line of Credit Facility [Line Items] | ||||||||
Deferred financing costs, net | $ (4,863) | |||||||
Fixed/Floating | one-month LIBOR plus 2.50% | |||||||
Maturity Date | Apr. 7, 2019 | |||||||
Mortgages [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Total Outstanding Principal | 459,860 | $ 382,017 | ||||||
Fair value adjustments | 1,451 | 1,620 | ||||||
Deferred financing costs, net | (4,860) | (3,535) | ||||||
Total | 479,956 | 380,102 | ||||||
Spring House [Member] | Mortgages [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Total Outstanding Principal | 22,001 | 0 | ||||||
Fair value adjustments | 1,507 | 0 | ||||||
Deferred financing costs, net | $ (3) | 0 | ||||||
Interest Rate | 5.66% | |||||||
Fixed/Floating | Fixed | |||||||
Maturity Date | Jan. 1, 2020 | |||||||
Total continuing operations | $ 456,451 | 380,102 | ||||||
Mortgage Notes Payable Held For Sale [Abstract] | ||||||||
Total held for sale | 23,505 | 0 | ||||||
Enders Place at Baldwin Park [Member] | Mortgages [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Total Outstanding Principal | [1] | $ 24,946 | 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 | $ 37,386 | 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 | $ 41,940 | 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 | 3.69% | |||||||
Lansbrook Village [Member] | Mortgages [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Total Outstanding Principal | $ 44,405 | 43,628 | ||||||
Interest Rate | 4.41% | |||||||
Fixed/Floating | [2] | Blended | ||||||
Maturity Date | Mar. 31, 2018 | |||||||
ARIUM Grandewood [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Interest Rate | 2.14% | |||||||
ARIUM Grandewood [Member] | Mortgages [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Total Outstanding Principal | $ 29,444 | 29,444 | ||||||
Interest Rate | 2.14% | |||||||
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] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Interest Rate | 4.34% | |||||||
Maturity Date | Apr. 1, 2020 | |||||||
Park Kingston [Member] | Mortgages [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Total Outstanding Principal | [4] | $ 18,432 | 15,250 | |||||
Interest Rate | [4] | 3.41% | ||||||
Fixed/Floating | [4] | Fixed | ||||||
Maturity Date | [4] | Apr. 1, 2020 | ||||||
ARIUM Palms [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Interest Rate | 2.69% | |||||||
ARIUM Palms [Member] | Mortgages [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Total Outstanding Principal | $ 24,999 | 24,999 | ||||||
Interest Rate | 2.69% | |||||||
Fixed/Floating | [5] | 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 | 3.09% | |||||||
Ashton II [Member] | Mortgages [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Total Outstanding Principal | $ 15,270 | 15,270 | ||||||
Interest Rate | 3.09% | |||||||
Fixed/Floating | [6] | Floating | ||||||
Maturity Date | Jan. 1, 2026 | |||||||
Sorrel [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Interest Rate | 2.76% | |||||||
Sorrel [Member] | Mortgages [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Total Outstanding Principal | $ 38,684 | 38,684 | ||||||
Interest Rate | 2.76% | |||||||
Fixed/Floating | [7] | 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 | |||||||
Springhouse at Newport News [Member] | Mortgages [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Total Outstanding Principal | $ 0 | 22,176 | ||||||
ARIUM at Palmer Ranch [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Interest Rate | 2.64% | |||||||
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 | 2.64% | |||||||
Fixed/Floating | [8] | 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 | |||||||
The Preserve at Henderson Beach, Destin, FL [Member] | Mortgages [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Total Outstanding Principal | $ 37,318 | 0 | ||||||
Interest Rate | 4.65% | |||||||
Fixed/Floating | Fixed | |||||||
Maturity Date | Jan. 5, 2023 | |||||||
ARIUM Gulfshore [Member] | Mortgages [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Total Outstanding Principal | $ 32,626 | $ 0 | ||||||
Interest Rate | 2.64% | |||||||
Fixed/Floating | [9] | Floating | ||||||
Maturity Date | Feb. 1, 2023 | |||||||
[1] | The principal includes a $17.0 million loan at a fixed rate of 3.97% and a $7.9 million supplemental loan at a fixed rate of 5.01%. | |||||||
[2] | The principal balance includes the initial advance of $42.0 million at a fixed rate of 4.45% and an additional advance of $2.4 million that bears interest at a floating rate of three month LIBOR plus 3.00%, as of June 30, 2016, the additional advance had an interest rate of 3.69%. | |||||||
[3] | ARIUM Grandewood Loan bears interest at a floating rate of 1.67% plus one month LIBOR. At June 30, 2016, the interest rate was 2.14%. | |||||||
[4] | The principal includes a $15.3 million loan at a fixed rate of 3.21% and a $3.1 million supplemental loan at a fixed rate of 4.34%. | |||||||
[5] | ARIUM Palms loan bears interest at a floating rate of 2.22% plus one month LIBOR. At June 30, 2016, the interest rate was 2.69%. | |||||||
[6] | Ashton Reserve II loan bears interest at a floating rate of 2.62% plus one-month LIBOR. At June 30, 2016, the interest rate was 3.09%. | |||||||
[7] | Sorrel loan bears interest at a floating rate of 2.29% plus one-month LIBOR. At June 30, 2016, the interest rate was 2.76%. | |||||||
[8] | ARIUM at Palmer Ranch loan bears interest at a floating rate of 2.17% plus one-month LIBOR. At June 30, 2016, the interest rate was 2.64% | |||||||
[9] | ARIUM Gulfshore loan bears interest at a floating rate of 2.17% plus one month LIBOR. At June 30, 2016, the interest rate was 2.64%. |
Mortgages Payable (Details 1)
Mortgages Payable (Details 1) $ in Thousands | Jun. 30, 2016USD ($) |
Debt Disclosure [Abstract] | |
2016 (July 1-December 31) | $ 1,720 |
2,017 | 4,147 |
2,018 | 47,394 |
2,019 | 4,998 |
2,020 | 45,050 |
Thereafter | 378,552 |
Long-term Debt | 481,861 |
Add: Unamortized fair value debt adjustment | 2,958 |
Subtract: Deferred financing costs, net | (4,863) |
Total | $ 479,956 |
Mortgages Payable (Details Text
Mortgages Payable (Details Textual) - USD ($) $ in Thousands | Mar. 15, 2016 | Jan. 05, 2016 | Apr. 07, 2015 | May 27, 2016 | Jun. 30, 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 | $ 664,780 | $ 533,383 | ||||
Enders [Member] | Loans Payable [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt Instrument, Face Amount | $ 17,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.97% | |||||
Enders [Member] | Supplemental Loan [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt Instrument, Face Amount | $ 7,900 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.01% | |||||
Lansbrook [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.69% | |||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.45% | |||||
Debt Instrument, Description of Variable Rate Basis | bears interest at a floating rate of 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 | $ 2,400 | |||||
ARIUM Grandewood [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.14% | |||||
Debt Instrument, Description of Variable Rate Basis | bears interest at a floating rate of 1.67% plus one month LIBOR | |||||
Park Kingston [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.34% | |||||
Secured Long-term Debt, Noncurrent | $ 3,200 | |||||
Debt Instrument, Maturity Date | Apr. 1, 2020 | |||||
Percentage Of Prepayment Premium | 1.00% | |||||
Park Kingston [Member] | Loans Payable [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt Instrument, Face Amount | $ 15,300 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.21% | |||||
Park Kingston [Member] | Supplemental Loan [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt Instrument, Face Amount | $ 3,100 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.34% | |||||
ARIUM Palms [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.69% | |||||
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 | 2.76% | |||||
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 | 3.09% | |||||
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 | 2.64% | |||||
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 | 2.64% | |||||
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 | |||||
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 | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage Payable At Carrying Value | $ 484.8 | $ 383.6 |
Interest Rate Derivative Liabilities, at Fair Value | $ 500.7 | $ 387.1 |
Related Party Transactions (Det
Related Party Transactions (Details) - Manager [Member] - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Related Party Transaction [Line Items] | ||
Total related-party amounts payable | $ 1,675 | $ 1,351 |
Asset management and oversight fees [Member] | ||
Related Party Transaction [Line Items] | ||
Total related-party amounts payable | 1,415 | 1,133 |
Operating Expense Reimbursements and Direct Expense Reimbursements [Member] | ||
Related Party Transaction [Line Items] | ||
Total related-party amounts payable | 160 | 218 |
Reimbursable Offering Expenses [Member] | ||
Related Party Transaction [Line Items] | ||
Total related-party amounts payable | $ 100 | $ 0 |
Related Party Transactions (D45
Related Party Transactions (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | May 10, 2016 | Sep. 14, 2015 | Aug. 13, 2015 | Jul. 02, 2015 | May 14, 2015 | Apr. 30, 2016 | Feb. 29, 2016 | Dec. 31, 2015 | Nov. 18, 2015 | Sep. 30, 2015 | May 31, 2015 | Apr. 30, 2015 | Feb. 18, 2015 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | ||||||||||||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | $ 3,500 | |||||||||||||||||||||||
Base Management Fee Expense | $ 500 | |||||||||||||||||||||||
Due From Affiliates Excluding Former Advisor | $ 900 | $ 1,000 | $ 900 | $ 1,000 | $ 900 | $ 900 | ||||||||||||||||||
Compensation Percent Of Stockholders Equity | 0.25% | 0.25% | ||||||||||||||||||||||
Management Agreement, Agreement Termination Minimum Stockholders Equity | $ 250,000 | $ 250,000 | ||||||||||||||||||||||
Due to Affiliates Excluding Manager and Former Advisor | 100 | 100 | 100 | 100 | ||||||||||||||||||||
Incentive Fee Expense | $ 700 | $ 150 | ||||||||||||||||||||||
Management Fee Expense | $ 200 | $ 200 | $ 200 | $ 600 | ||||||||||||||||||||
Long Term Incentive Plan Units Issued | 67,837 | 10,896 | ||||||||||||||||||||||
Share Price | $ 13 | $ 13 | ||||||||||||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 100.00% | |||||||||||||||||||||||
Additional Collateral, Aggregate Fair Value | $ 152,300 | $ 152,300 | ||||||||||||||||||||||
Issuance of Preferred Stock, Commission Fee Percentage | 10.00% | |||||||||||||||||||||||
Issuance Of Preferred Stock Dealer Manager Fee Percentage | 10.00% | |||||||||||||||||||||||
Due to Correspondent Brokers | 60 | $ 60 | ||||||||||||||||||||||
Commissions Payable to Broker-Dealers and Clearing Organizations | 130 | 130 | ||||||||||||||||||||||
General and Administrative Expense [Member] | ||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||
Reimbursement Of Organizational And Offering Costs | $ 200 | 300 | 300 | |||||||||||||||||||||
Due to Related Parties | 1,180 | 1,180 | ||||||||||||||||||||||
Allocated Share-based Compensation Expense | 800 | 1,200 | $ 1,000 | |||||||||||||||||||||
Long-term Incentive Plan Units [Member] | ||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||
Base Management Fee Expense | $ 1,400 | 1,100 | $ 900 | $ 1,200 | ||||||||||||||||||||
Long Term Incentive Plan Units Granted | 179,562 | |||||||||||||||||||||||
Share Price | $ 13 | $ 13 | ||||||||||||||||||||||
Long Term Incentive Plan Units Vested | 59,854 | 59,854 | ||||||||||||||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 108,045 | 59,077 | 115,304 | 77,497 | 108,833 | |||||||||||||||||||
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 | $ 1,675 | 1,351 | $ 1,675 | 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 | $ 90 | |||||||||||||||||||||||
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% | 1.50% | ||||||||||||||||||||||
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 | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||
Net (loss) income from operations attributable to common stockholders | $ (5,043) | $ (582) | $ (9,179) | $ 2,731 | |
Dividends on restricted stock expected to vest | (1) | (5) | (4) | (7) | |
Basic net (loss) income attributable to common stockholders | $ (5,044) | $ (587) | $ (9,183) | $ 2,724 | |
Weighted average common shares outstanding (in shares) | [1] | 20,686,652 | 16,353,209 | 20,604,124 | 14,461,064 |
Potential dilutive shares | [2] | 0 | 0 | 0 | 10,792 |
Weighted average common shares outstanding and potential dilutive shares | [3] | 20,686,652 | 16,353,209 | 20,604,124 | 14,471,856 |
Net (loss) income per common share, basic | $ (0.24) | $ (0.04) | $ (0.45) | $ 0.19 | |
Income (loss) per common share, diluted | |||||
Net (loss) income per common share, diluted | $ (0.24) | $ (0.04) | $ (0.45) | $ 0.19 | |
[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 1,979 and 7,679 shares of common stock for the three and six months ended June 30, 2016 and 16,454 shares of common stock, for the three months ended June 30, 2015, related to non-vested restricted stock, as the effect would be anti-dilutive. | ||||
[3] | 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. |
Stockholders' Equity (Details 1
Stockholders' Equity (Details 1) | 6 Months Ended | |
Jun. 30, 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 | $ 14.46 | |
Weighted average grant-date fair value, Granted (in dollars) | $ / shares | 10.33 | |
Weighted average grant-date fair value, Vested (in dollars) | $ / shares | 12.09 | |
Weighted average grant-date fair value, Forfeited (in dollars) | $ / shares | 0 | |
Weighted average grant-date fair value, Balance (in dollars) | $ / shares | $ 22.75 | |
[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) | 6 Months Ended |
Jun. 30, 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 | $ 0.401 |
Date Paid | Jan. 5, 2016 |
Series A Preferred Stock One [Member] | |
Declaration Date | Mar. 11, 2016 |
Amount | $ 0.515625 |
Date Paid | Apr. 5, 2016 |
Series A Preferred Stock Two [Member] | |
Declaration Date | Jun. 10, 2016 |
Payable to stockholders of record as of | Jun. 24, 2016 |
Amount | $ 0.515625 |
Date Paid | Jul. 5, 2016 |
Series B Preferred Stock [Member] | |
Declaration Date | Apr. 15, 2016 |
Payable to stockholders of record as of | Apr. 25, 2016 |
Amount | $ 5 |
Date Paid | May 5, 2016 |
Series B Preferred Stock One [Member] | |
Declaration Date | May 13, 2016 |
Payable to stockholders of record as of | May 25, 2016 |
Amount | $ 5 |
Date Paid | Jun. 3, 2016 |
Series B Preferred Stock Two [Member] | |
Declaration Date | Jun. 10, 2016 |
Payable to stockholders of record as of | Jun. 24, 2016 |
Amount | $ 5 |
Date Paid | Jul. 5, 2016 |
Stockholders' Equity (Details 3
Stockholders' Equity (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2016 | |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |||
Distributions Declared | $ 9,060 | $ 7,526 | $ 16,586 |
Distributions Paid | 7,571 | 7,183 | $ 14,754 |
Common Class A [Member] | |||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |||
Distributions Declared | 5,674 | 5,604 | |
Distributions Paid | 5,674 | 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 | 89 | |
Distributions Paid | 89 | 89 | |
Long-term Incentive Plan Units [Member] | |||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |||
Distributions Declared | 328 | 283 | |
Distributions Paid | 319 | 270 | |
Series A Preferred Stock [Member] | |||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |||
Distributions Declared | 2,951 | 1,482 | |
Distributions Paid | 1,481 | $ 1,153 | |
Series B Preferred Stock [Member] | |||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |||
Distributions Declared | 18 | ||
Distributions Paid | $ 8 |
Stockholders' Equity (Details T
Stockholders' Equity (Details Textual) - USD ($) | Jul. 02, 2015 | Sep. 09, 2013 | Aug. 05, 2013 | May 26, 2016 | Apr. 25, 2016 | Mar. 17, 2016 | Feb. 24, 2016 | Dec. 17, 2015 | Oct. 21, 2015 | Sep. 19, 2015 | May 22, 2015 | Mar. 24, 2015 | Mar. 23, 2015 | Jan. 20, 2015 | Mar. 28, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2014 | Mar. 29, 2016 | Feb. 22, 2016 | Jan. 13, 2016 | Jan. 11, 2016 | Dec. 31, 2015 | May 28, 2015 | |
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Share- Based Compensation Restricted Stock Issued To Directors (in shares) | 2,500 | 5,000 | |||||||||||||||||||||||||
Unrecognized Stock Based Compensation | $ 20,000 | ||||||||||||||||||||||||||
Proceeds From Issuance Of Common Stock | $ 22,600,000 | $ 25,000 | $ 131,313,000 | ||||||||||||||||||||||||
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 1 month 6 days | ||||||||||||||||||||||||||
Share Price | $ 13 | $ 13 | |||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 25,000 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Class of Warrant or Right, Outstanding | 1,890 | 1,890 | |||||||||||||||||||||||||
December 2014 Shelf Registration Statement Offering [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Preferred Stock, Capital Shares Reserved for Future Issuance | 150,000 | ||||||||||||||||||||||||||
Public Offering [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Shares Issued, Price Per Share | $ 25 | $ 25 | $ 25 | ||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 9,500,000 | $ 55,300,000 | $ 69,200,000 | ||||||||||||||||||||||||
General and Administrative Expense [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Allocated Share-based Compensation Expense | $ 800,000 | $ 1,200,000 | |||||||||||||||||||||||||
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 | 7.01% | 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 | 1.45% | 4.59% | |||||||||||||||||||||||||
Partners' Capital Account, Units, Beginning Balance | 282,759 | 305,568 | |||||||||||||||||||||||||
LTIP Unit holders [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 5.56% | 5.28% | |||||||||||||||||||||||||
Partners' Capital Account, Units, Beginning Balance | 325,578 | 1,169,881 | |||||||||||||||||||||||||
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, 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. | ||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 7,500 | ||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 6,348,000 | 4,600,000 | |||||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||||||||||
Sale of Stock, Price Per Share | $ 13 | $ 12.50 | |||||||||||||||||||||||||
Common Stock, Shares Authorized | 747,586,185 | 747,586,185 | 2,262,621 | 747,586,185 | |||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 37,800 | 37,800 | |||||||||||||||||||||||||
Proceeds from Issuance or Sale of Equity | $ 1,700,000 | ||||||||||||||||||||||||||
Proceeds from Issuance Initial Public Offering | $ 44,000,000 | ||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Grants in Period, Grant Date Fair Value | $ 100,000 | ||||||||||||||||||||||||||
Common Class A [Member] | IPO [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 3,448,276 | ||||||||||||||||||||||||||
Shares Issued, Price Per Share | $ 14.50 | ||||||||||||||||||||||||||
Proceeds From Issuance Initial Public Offering Gross | $ 50,000,000 | ||||||||||||||||||||||||||
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] | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Preferred Stock, Capital Shares Reserved for Future Issuance | 150,000 | ||||||||||||||||||||||||||
Warrants to Purchase of Common Stock | 3,000,000 | ||||||||||||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 400,000 | 2,300,000 | |||||||||||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 8.25% | 8.25% | |||||||||||||||||||||||||
Preferred Stock, Value, Issued | $ 100,000,000 | ||||||||||||||||||||||||||
Proceeds from Issuance of Redeemable Convertible Preferred Stock | $ 3,600,000 | ||||||||||||||||||||||||||
Stock Issued During Period, Shares, Other | 146,460 | ||||||||||||||||||||||||||
Series B Preferred Stock [Member] | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Stock Issued During Period, Shares, Other | 1,890 | ||||||||||||||||||||||||||
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 was 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 | 1,979 | 16,454 | 7,679 | ||||||||||||||||||||||||
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 | Jun. 30, 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 | $ 10.5 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 14.9 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Aug. 15, 2016 | Jun. 30, 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] | August 5, 2016 [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Declaration of Dividends, Declaration Date | Jul. 8, 2016 | |
Declaration of Dividends, Payable to stockholders of record as of | Jul. 25, 2016 | |
Declaration of Dividends, Amount | $ 0.096666 | |
Declaration of Dividends, Date Paid | Aug. 5, 2016 | |
Class A common stock [Member] | September 5, 2016 [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Declaration of Dividends, Declaration Date | Jul. 8, 2016 | |
Declaration of Dividends, Payable to stockholders of record as of | Aug. 25, 2016 | |
Declaration of Dividends, Amount | $ 0.096667 | |
Declaration of Dividends, Date Paid | Sep. 5, 2016 | |
Class A common stock [Member] | October 5, 2016 [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Declaration of Dividends, Declaration Date | Jul. 8, 2016 | |
Declaration of Dividends, Payable to stockholders of record as of | Sep. 23, 2016 | |
Declaration of Dividends, Amount | $ 0.096667 | |
Declaration of Dividends, Date Paid | Oct. 5, 2016 | |
Series B Preferred Stock [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 | |
Series B Preferred Stock [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Declaration of Dividends, Declaration Date | Jun. 10, 2016 | |
Declaration of Dividends, Payable to stockholders of record as of | Jun. 24, 2016 | |
Declaration of Dividends, Amount | $ 5 | |
Declaration of Dividends, Date Paid | Jul. 5, 2016 | |
Series B Preferred Stock [Member] | August 5, 2016 [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Declaration of Dividends, Declaration Date | Jul. 8, 2016 | |
Declaration of Dividends, Payable to stockholders of record as of | Jul. 25, 2016 | |
Declaration of Dividends, Amount | $ 5 | |
Declaration of Dividends, Date Paid | Aug. 5, 2016 | |
Series B Preferred Stock [Member] | September 5, 2016 [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Declaration of Dividends, Declaration Date | Jul. 8, 2016 | |
Declaration of Dividends, Payable to stockholders of record as of | Aug. 25, 2016 | |
Declaration of Dividends, Amount | $ 5 | |
Declaration of Dividends, Date Paid | Sep. 5, 2016 | |
Series B Preferred Stock [Member] | October 5, 2016 [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Declaration of Dividends, Declaration Date | Jul. 8, 2016 | |
Declaration of Dividends, Payable to stockholders of record as of | Sep. 23, 2016 | |
Declaration of Dividends, Amount | $ 5 | |
Declaration of Dividends, Date Paid | Oct. 5, 2016 |
Subsequent Events (Details 1)
Subsequent Events (Details 1) - USD ($) $ / shares in Units, $ in Thousands | Aug. 15, 2016 | Jun. 30, 2016 |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Total Distribution | $ 7,043 | |
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 | Apr. 8, 2016 | |
Dividends, Record Date | Jun. 24, 2016 | |
Dividends, Date paid | Jul. 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) | $ 0.401 | |
Series A Preferred Stock [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Jun. 10, 2016 | |
Dividends, Record Date | Jun. 24, 2016 | |
Dividends, Date paid | Jul. 5, 2016 | |
Dividends, Distributions per Share (in dollars per share) | $ 0.515625 | |
Dividends, Total Distribution | $ 2,950 | |
Operating Partnership Units One [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Apr. 8, 2016 | |
Dividends, Record Date | Jun. 24, 2016 | |
Dividends, Date paid | Jul. 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 | Apr. 8, 2016 | |
Dividends, Record Date | Jun. 24, 2016 | |
Dividends, Date paid | Jul. 5, 2016 | |
Dividends, Distributions per Share (in dollars per share) | $ 0.096667 | |
Dividends, Total Distribution | $ 113 | |
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 | Jul. 8, 2016 | |
Dividends, Record Date | Jul. 25, 2016 | |
Dividends, Date paid | Aug. 5, 2016 | |
Dividends, Distributions per Share (in dollars per share) | $ 0.096666 | |
Dividends, Total Distribution | $ 1,891 | |
Series B Preferred Stock [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 | |
Series B Preferred Stock [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Jun. 10, 2016 | |
Dividends, Record Date | Jun. 24, 2016 | |
Dividends, Date paid | Jul. 5, 2016 | |
Dividends, Distributions per Share (in dollars per share) | $ 5 | |
Dividends, Total Distribution | $ 9 | |
Operating Partnership Units Two [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Jul. 8, 2016 | |
Dividends, Record Date | Jul. 25, 2016 | |
Dividends, Date paid | Aug. 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 | Jul. 8, 2016 | |
Dividends, Record Date | Jul. 25, 2016 | |
Dividends, Date paid | Aug. 5, 2016 | |
Dividends, Distributions per Share (in dollars per share) | $ 0.096666 | |
Dividends, Total Distribution | $ 113 | |
Series A Preferred Stock Two [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Jun. 10, 2016 | |
Dividends, Record Date | Jun. 24, 2016 | |
Dividends, Date paid | Jul. 5, 2016 | |
Dividends, Distributions per Share (in dollars per share) | $ 0.515625 | |
Series A Preferred Stock Two [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Jul. 8, 2016 | |
Dividends, Record Date | Jul. 25, 2016 | |
Dividends, Date paid | Aug. 5, 2016 | |
Dividends, Distributions per Share (in dollars per share) | $ 5 | |
Dividends, Total Distribution | $ 16 |
Subsequent Events (Details Text
Subsequent Events (Details Textual) - USD ($) | Aug. 03, 2016 | Jul. 14, 2016 | Jul. 08, 2016 | Apr. 07, 2015 | Jul. 31, 2016 | Jul. 19, 2016 | May 26, 2016 | Apr. 25, 2016 | Dec. 16, 2015 | Oct. 21, 2015 | Jun. 30, 2016 | Dec. 17, 2015 | |
Subsequent Event [Line Items] | |||||||||||||
Debt Instrument, Description of Variable Rate Basis | based on the base rate plus 1.25% or LIBOR plus 2.25% | ||||||||||||
Stock Issued During Period, Value, New Issues | $ 25,000 | ||||||||||||
Proceeds from Construction Loans Payable | $ 38,100,000 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | [1] | 7,500 | |||||||||||
Debt Instrument, Maturity Date | Apr. 7, 2019 | ||||||||||||
Public Offering [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Stock Issued During Period, Value, New Issues | $ 9,500,000 | $ 55,300,000 | $ 69,200,000 | ||||||||||
Shares Issued, Price Per Share | $ 25 | $ 25 | $ 25 | ||||||||||
Redeemable Preferred Stock [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
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] | Westside Loan [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.68% | ||||||||||||
Debt Instrument, Maturity Date | Aug. 1, 2023 | ||||||||||||
Subsequent Event [Member] | ARIUM Westside [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Equity Method Investment, Ownership Percentage | 90.00% | ||||||||||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 52,200,000 | ||||||||||||
Subsequent Event [Member] | Senior Mortgage Loan [Member] | ARIUM Westside [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Business Combination, Consideration Transferred | $ 74,500,000 | ||||||||||||
Subsequent Event [Member] | Public Offering [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Stock Issued During Period, Value, New Issues | $ 55,300,000 | ||||||||||||
Shares Issued, Price Per Share | $ 25 | ||||||||||||
Subsequent Event [Member] | Lansbrook Village Properties [Member] | Walker Dunlop, LLC [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus 2.44% | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.44% | ||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 92,671 | ||||||||||||
Percentage Of Prepayment Premium | 1.00% | ||||||||||||
Proceeds from Construction Loans Payable | $ 57,200,000 | ||||||||||||
Subsequent Event [Member] | 2014 inventive plan [Member] | External Manager [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 176,610 | ||||||||||||
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 | 7.625% | ||||||||||||
[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. |