Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 04, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Bluerock Residential Growth REIT, Inc. | |
Entity Central Index Key | 1,442,626 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | BRG | |
Entity Common Stock, Shares Outstanding | 24,191,302 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Net Real Estate Investments | ||
Land | $ 152,768 | $ 142,274 |
Buildings and improvements | 897,890 | 848,445 |
Furniture, fixtures and equipment | 28,774 | 27,617 |
Construction in progress | 16,768 | 10,878 |
Total Gross Real Estate Investments | 1,096,200 | 1,029,214 |
Accumulated depreciation | (44,535) | (42,137) |
Total Net Real Estate Investments | 1,051,665 | 987,077 |
Cash and cash equivalents | 109,971 | 82,047 |
Restricted cash | 22,954 | 45,402 |
Notes and accrued interest receivable from related parties | 56,847 | 21,267 |
Due from affiliates | 890 | 948 |
Accounts receivable, prepaid and other assets | 7,946 | 8,610 |
Preferred equity investments and investments in unconsolidated real estate joint ventures | 92,186 | 91,132 |
In-place lease intangible assets, net | 3,713 | 4,839 |
Total Assets | 1,346,172 | 1,241,322 |
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | ||
Mortgages payable | 750,811 | 710,575 |
Accounts payable | 1,862 | 1,669 |
Other accrued liabilities | 14,451 | 13,431 |
Due to affiliates | 3,587 | 2,409 |
Distributions payable | 8,089 | 7,328 |
Total Liabilities | 778,800 | 735,412 |
Stockholders' Equity | ||
Additional paid-in-capital | 317,665 | 257,403 |
Distributions in excess of cumulative earnings | (97,131) | (84,631) |
Total Stockholders' Equity | 289,486 | 241,728 |
Noncontrolling Interests | ||
Operating partnership units | 1,911 | 2,216 |
Partially owned properties | 41,753 | 48,617 |
Total Noncontrolling Interests | 43,664 | 50,833 |
Total Equity | 333,150 | 292,561 |
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | 1,346,172 | 1,241,322 |
Preferred Stock [Member] | ||
Stockholders' Equity | ||
Preferred Stock Value | 0 | 0 |
Common Class A [Member] | ||
Stockholders' Equity | ||
Common Stock Value | 242 | 196 |
Noncontrolling Interests | ||
Total Equity | 242 | 196 |
Redeemable Preferred Stock [Member] | Series B [Member] | ||
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | ||
Redeemable Preferred Stock | 39,653 | 18,938 |
Cumulative Preferred Stock [Member] | Series A [Member] | ||
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | ||
Redeemable Preferred Stock | 138,431 | 138,316 |
Cumulative Preferred Stock [Member] | Series C [Member] | ||
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | ||
Redeemable Preferred Stock | 56,138 | 56,095 |
Cumulative Preferred Stock [Member] | Series D [Member] | ||
Stockholders' Equity | ||
Preferred Stock Value | $ 68,710 | $ 68,760 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 10,875,000 | 10,875,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 747,586,185 | 747,586,185 |
Common stock, shares issued | 24,190,914 | 19,567,506 |
Common stock, shares outstanding | 24,190,914 | 19,567,506 |
Cumulative Preferred Stock [Member] | Series A [Member] | ||
Preferred Stock, Dividend Rate, Percentage | 8.25% | 8.25% |
Temporary Equity, Liquidation Preference Per Share | $ 25 | $ 25 |
Temporary Equity, Shares Authorized | 10,875,000 | 10,875,000 |
Temporary Equity, Shares Issued | 5,721,460 | 5,721,460 |
Temporary Equity, Shares Outstanding | 5,721,460 | 5,721,460 |
Cumulative Preferred Stock [Member] | Series C [Member] | ||
Preferred Stock, Dividend Rate, Percentage | 7.625% | 7.625% |
Temporary Equity, Liquidation Preference Per Share | $ 25 | $ 25 |
Temporary Equity, Shares Authorized | 4,000,000 | 4,000,000 |
Temporary Equity, Shares Issued | 2,323,750 | 2,323,750 |
Temporary Equity, Shares Outstanding | 2,323,750 | 2,323,750 |
Cumulative Preferred Stock [Member] | Series D [Member] | ||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ 25 | $ 25 |
Preferred Stock, Shares Authorized | 4,000,000 | 4,000,000 |
Preferred Stock, Shares Issued | 2,850,602 | 2,850,602 |
Preferred Stock, Shares Outstanding | 2,850,602 | 2,850,602 |
Preferred Stock, Dividend Rate, Percentage | 7.125% | 7.125% |
Cumulative 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 | 45,051 | 21,482 |
Temporary Equity, Shares Outstanding | 45,051 | 21,482 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Revenues | |||
Net rental income | $ 23,867 | $ 15,928 | |
Other property revenues | 1,272 | 706 | |
Interest income from related parties | 1,523 | 0 | |
Total revenues | 26,662 | 16,634 | |
Expenses | |||
Property operating | 9,830 | 6,593 | |
General and administrative | 1,449 | 1,273 | |
Management internalization process | 2,768 | 1,214 | |
Acquisition and pursuit costs | 3,182 | 1,209 | |
Management internalization | 481 | 0 | |
Depreciation and amortization | 10,944 | 7,510 | |
Total expenses | 28,654 | 17,799 | |
Operating loss | (1,992) | (1,165) | |
Other income (expense) | |||
Preferred returns and equity in income of unconsolidated real estate joint ventures | 2,572 | 2,768 | |
Gain on sale of real estate investments | 16,466 | 0 | |
Interest expense, net | (7,118) | (4,228) | |
Total other income (expense) | 11,920 | (1,460) | |
Net income (loss) | 9,928 | (2,625) | |
Preferred stock dividends | (5,851) | (1,482) | |
Preferred stock accretion | (338) | (125) | |
Net income (loss) attributable to noncontrolling interests | |||
Operating partnership units | (56) | (62) | |
Partially-owned properties | 8,785 | (35) | |
Net income (loss) attributable to noncontrolling interests | 8,729 | (97) | |
Net loss attributable to common stockholders | $ (4,990) | $ (4,135) | |
Net loss per common share - Basic | $ (0.20) | $ (0.20) | |
Net loss per common share - Diluted | $ (0.20) | $ (0.20) | |
Diluted Earnings Per Share | |||
Weighted average basic common shares outstanding | [1] | 24,989,621 | 20,521,596 |
Weighted average diluted common shares outstanding | 24,989,621 | 20,521,596 | |
[1] | For 2017, amounts relate to shares of the Company’s Class A common stock and LTIP Units outstanding. For 2016, amounts relate to shares of Class A and B-3 common stock and LTIP Units outstanding. |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 3 months ended Mar. 31, 2017 - USD ($) $ in Thousands | Total | Common Class A [Member] | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Series C Preferred Stock [Member] | Series D 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] | Additional Paid-in Capital [Member]Series C Preferred Stock [Member] | Additional Paid-in Capital [Member]Series D Preferred Stock [Member] | Cumulative Distributions [Member] | Cumulative Distributions [Member]Series A Preferred Stock [Member] | Cumulative Distributions [Member]Series B Preferred Stock [Member] | Cumulative Distributions [Member]Series C Preferred Stock [Member] | Cumulative Distributions [Member]Series D Preferred Stock [Member] | Net Loss to Common Stockholders [Member] | Net Loss to Common Stockholders [Member]Series A Preferred Stock [Member] | Net Loss to Common Stockholders [Member]Series B Preferred Stock [Member] | Net Loss to Common Stockholders [Member]Series C Preferred Stock [Member] | Net Loss to Common Stockholders [Member]Series D Preferred Stock [Member] | Non-controlling Interests [Member] | Non-controlling Interests [Member]Series A Preferred Stock [Member] | Non-controlling Interests [Member]Series B Preferred Stock [Member] | Non-controlling Interests [Member]Series C Preferred Stock [Member] | Non-controlling Interests [Member]Series D Preferred Stock [Member] |
Balance at Dec. 31, 2016 | $ 292,561 | $ 196 | $ 68,760 | $ 257,403 | $ (70,807) | $ (13,824) | $ 50,833 | |||||||||||||||||||
Balance (in shares) at Dec. 31, 2016 | 19,567,506 | 2,850,602 | ||||||||||||||||||||||||
Issuance of Class A common stock, net | 57,338 | $ 46 | $ 0 | 57,292 | 0 | 0 | 0 | |||||||||||||||||||
Issuance of Class A common stock, net (in shares) | 4,601,041 | 23,569 | 0 | |||||||||||||||||||||||
Issuance costs for Series D preferred stock, net | (50) | $ 0 | $ (50) | 0 | 0 | 0 | 0 | |||||||||||||||||||
Issuance costs for Series D preferred stock, net (in shares) | 0 | 0 | ||||||||||||||||||||||||
Vesting of restricted stock compensation | 4 | $ 0 | $ 0 | 4 | 0 | 0 | 0 | |||||||||||||||||||
Issuance of LTIP Units for director compensation | 100 | $ 0 | $ 0 | 100 | 0 | 0 | 0 | |||||||||||||||||||
Issuance of LTIP Units for director compensation (in shares) | 0 | 0 | ||||||||||||||||||||||||
Issuance of LTIP Units for compensation | 329 | $ 0 | $ 0 | 329 | 0 | 0 | 0 | |||||||||||||||||||
Issuance of LTIP Units for compensation (in share) | 0 | 0 | ||||||||||||||||||||||||
Issuance of Long-Term Incentive Plan ("LTIP") units | 2,015 | $ 0 | $ 0 | 2,015 | 0 | 0 | 0 | |||||||||||||||||||
Conversion of operating partnership units to Class A Common Stock | 0 | $ 0 | $ 0 | 167 | 0 | 0 | (167) | |||||||||||||||||||
Conversion of operating partnership units to Class A Common Stock (in shares) | 22,367 | 0 | ||||||||||||||||||||||||
Series B warrants | 355 | $ 0 | $ 0 | 355 | 0 | 0 | 0 | |||||||||||||||||||
Contributions from noncontrolling interests, nets | 91 | 0 | 0 | 0 | 0 | 0 | 91 | |||||||||||||||||||
Preferred Stock distributions declared | (7,592) | $ (2,950) | $ (525) | $ (1,107) | (1,269) | 0 | $ 0 | $ 0 | $ 0 | $ 0 | (7,510) | $ (2,950) | $ (525) | $ (1,107) | $ (1,269) | 0 | $ 0 | $ 0 | $ 0 | $ 0 | (82) | $ 0 | $ 0 | $ 0 | $ 0 | |
Distributions to noncontrolling interests | (15,740) | 0 | 0 | 0 | 0 | (15,740) | ||||||||||||||||||||
Net income | 9,928 | 0 | 0 | 0 | 0 | 1,199 | 8,729 | |||||||||||||||||||
Stock accretion | (338) | $ (115) | $ (180) | $ (43) | $ 0 | $ 0 | $ 0 | $ (115) | $ (180) | $ (43) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||
Balance at Mar. 31, 2017 | $ 333,150 | $ 242 | $ 68,710 | $ 317,665 | $ (84,506) | $ (12,625) | $ 43,664 | |||||||||||||||||||
Balance (in shares) at Mar. 31, 2017 | 24,190,914 | 2,850,602 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities | ||
Net income (loss) | $ 9,928 | $ (2,625) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 11,504 | 7,692 |
Amortization of fair value adjustments | (58) | (91) |
Preferred returns and equity in income of unconsolidated real estate joint ventures | (2,572) | (2,768) |
Gain on sale of real estate assets | (16,466) | 0 |
Distributions of income and preferred returns from preferred equity investments and unconsolidated real estate joint ventures | 2,633 | 2,709 |
Share-based compensation attributable to directors' stock compensation plan | 104 | 194 |
Share-based compensation to Manager - LTIP Units | 2,344 | 1,708 |
Changes in operating assets and liabilities: | ||
Due (from) to affiliates, net | 428 | (103) |
Accounts receivable, prepaid and other assets | 663 | (191) |
Accounts payable and other accrued liabilities | 1,215 | 1,821 |
Net cash provided by operating activities | 9,723 | 8,346 |
Cash flows from investing activities: | ||
Acquisitions of real estate investments | (116,610) | (99,907) |
Capital expenditures | (10,238) | (888) |
Investment in notes receivable from related parties | (20,395) | |
Proceeds from sale of real estate assets | 28,639 | 0 |
Investment in unconsolidated real estate joint venture interests | (15,718) | (6,862) |
Decrease in restricted cash | 22,448 | 3,029 |
Net cash used in investing activities | (111,874) | (104,628) |
Cash flows from financing activities: | ||
Distributions to common stockholders | (7,130) | (6,030) |
Distributions to noncontrolling interests | (15,740) | (504) |
Distributions to preferred stockholders | (5,552) | (1,153) |
Contributions from noncontrolling interests | 91 | 1,554 |
Borrowings on mortgages payable | 81,611 | 59,552 |
Repayments on mortgages payable | (664) | (473) |
Payments of deferred financing fees | (719) | (1,617) |
Net proceeds from issuance of common stock | 57,338 | 12 |
Net proceeds from issuance of Warrants underlying the Series B Redeemable Preferred Stock | 355 | 0 |
Net cash provided by financing activities | 130,075 | 51,341 |
Net increase (decrease) in cash and cash equivalents | 27,924 | (44,941) |
Cash and cash equivalents at beginning of period | 82,047 | 68,960 |
Cash and cash equivalents at end of period | 109,971 | 24,019 |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid during the period for interest | 6,548 | 3,827 |
Conversion of preferred equity investment to note receivable | (14,435) | 0 |
Distributions payable - declared and unpaid | 8,089 | 3,506 |
Mortgages assumed upon property acquisitions | 0 | 39,054 |
Mortgages assumed by buyer upon sale of real estate assets | 41,419 | 0 |
Series B Preferred Stock [Member] | ||
Cash flows from financing activities: | ||
Net proceeds from issuance of Series B Redeemable Preferred Stock | 20,535 | 0 |
Series D Preferred Stock [Member] | ||
Cash flows from operating activities | ||
Net income (loss) | 0 | |
Cash flows from financing activities: | ||
Net issuance costs from issuance of 7.125% Series D Cumulative Redeemable Preferred Stock | $ (50) | $ 0 |
CONSOLIDATED STATEMENTS OF CAS7
CONSOLIDATED STATEMENTS OF CASH FLOWS [Parenthetical] | 3 Months Ended |
Mar. 31, 2017 | |
Series D Preferred Stock [Member] | |
Preferred Stock, Dividend Rate, Percentage | 7.125% |
Organization and Nature of Busi
Organization and Nature of Business | 3 Months Ended |
Mar. 31, 2017 | |
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 and developing 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 March 31, 2017, the Company's portfolio consisted of interests in thirty-two properties (twenty-two operating properties and ten development properties). The Company’s thirty-two properties contain an aggregate of 9,732 7,137 2,595 95 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 | 3 Months Ended |
Mar. 31, 2017 | |
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 and investments made on the Company’s behalf. As of March 31, 2017, limited partners other than the Company owned approximately 7.77 1.05 6.72 Bluerock Real Estate, L.L.C., a Delaware limited liability company, is referred to as Bluerock (“Bluerock”), and the Company’s external manager, BRG Manager, LLC, a Delaware limited liability company, is referred to as its Manager (“Manager”). Both Bluerock and the Manager are related parties with respect to the Company, but are not within the Company’s control and are not consolidated in the Company’s financial statements. 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 also consolidates entities in which it controls more than 50 Certain amounts in prior year financial statement presentation have been reclassified to conform to the current period presentation. The 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 in value 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 an entity is not a VIE, 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. 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, 2016 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, 2016 contained in the Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on February 22, 2017. Other than the adoption of accounting pronouncements as described below, 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, 2016. 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 January 2017, the FASB issued ASU 2017-01, "Business Combinations; Clarifying the Definition of a Business" (“ASU 2017-01). ASU 2017-01 modifies the requirements to meet the definition of a business under Topic 805, "Business Combinations." The amendments provide a screen to determine when a set of identifiable assets and liabilities is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. The impact is expected to result in fewer transactions being accounted for as business combinations. The Company believes that this amendment will result in most of its real estate acquisitions being accounted for as asset acquisitions rather than business combinations. ASU 2017-01 is effective for the Company for annual and interim periods beginning after December 15, 2017 with early adoption permitted. The Company adopted this standard effective January 1, 2017. The impact to the Consolidated Financial Statements and related notes as a result of the adoption of this standard is primarily related to the difference in the accounting of acquisition costs. When accounting for these costs as a part of an asset acquisition, the Company is permitted to capitalize the costs. In November 2016, the FASB issued ASU No. 2016-18, "Statement of Cash Flows; Restricted Cash" (“ASU 2016-18”). This update requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company will adjust the consolidated statement of cash flows as required in conjunction with the adoption of ASU 2016-08. ASU 2016-18 is effective for the Company for annual and interim periods beginning after December 15, 2017 with early adoption permitted. In August 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”). The ASU provides guidance on the treatment of cash receipts and cash payments for certain types of cash transactions, to eliminate diversity in practice in the presentation of the cash flow statement. For public business entities, the amendments in ASU 2016-15 are effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Earlier application was permitted. The Company is still in the process of determining the impact that the implementation of ASU 2016-15 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” (“ASU 2016-07”), 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. ASU 2016-07 did not have a material impact on the Company’s financial statements when adopted. In June 2016, the FASB updated Accounting Standards Codification ("ASC") Topic 326 "Financial Instruments - Credit Losses" with 2016-13 “Measurement of Credit Losses on Financial Instruments” (“ASU 2016-03”). ASU 2016-13 enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better inform credit loss estimates. ASU 2016-13 is effective for annual periods (including interim periods within those periods) beginning after December 15, 2019. The Company is currently evaluating the guidance and has not determined the impact this standard may have on the Company’s financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). Under ASU 2016-02, an entity will be required to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. ASU 2016-02 offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. For public companies, ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, and requires a modified retrospective adoption, with early adoption permitted. The Company expects that, because of the ASU 2016-02’s emphasis on lessee accounting, ASU 2016-02 will not have a material impact on the Company’s accounting for leases. Consistent with present standards, the Company will continue to account for lease revenue on a straight-line basis. Also consistent with the Company’s current practice, under ASU 2016-02 only initial direct costs that are incremental to the lessor will be capitalized. 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 August 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. The Company’s revenue-producing contracts are primarily leases that are not within the scope of this standard. As a result, the Company does not expect the adoption of this standard to have a material impact the Company’s rental income. The Company is continuing to evaluate the impact on other revenue sources. |
Sale of Real Estate Asset and A
Sale of Real Estate Asset and Abandonment of Development Project | 3 Months Ended |
Mar. 31, 2017 | |
Real Estate Assets Held for Development and Sale [Abstract] | |
Sale of Real Estate Asset and Abandonment of Development Project Disclosure [Text Block] | Note 3 Sale of Real Estate Asset and Abandonment of Development Project Sale of Village Green Ann Arbor On February 22, 2017, the Company closed on the sale of the Village Green Ann Arbor property, located in Ann Arbor, Michigan. The property was sold for approximately $ 71.4 41.4 1.3 28.6 16.7 13.6 7.8 Election to Abandon East San Marco Development On November 24, 2015, the Company entered into a cost-sharing agreement to pursue the acquisition of a tract of real property located in Jacksonville, Florida for the development of a 266-unit, Class A multifamily apartment community with 44,276 2.9 . |
Investments in Real Estate
Investments in Real Estate | 3 Months Ended |
Mar. 31, 2017 | |
Real Estate [Abstract] | |
Real Estate Disclosure [Text Block] | Note 4 Investments in Real Estate As of March 31, 2017, the Company was invested in twenty-two operating real estate properties and ten development properties generally through joint ventures and mezzanine loans. The following tables provide summary information regarding our operating and development investments, which are either consolidated or presented on the equity method of accounting. Number of Date Ownership Multifamily Community Name/Location Units Built/Renovated (1) Interest 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 % ARIUM Pine Lakes, Port St. Lucie, FL 320 2003 85.0 % ARIUM Westside, Atlanta, GA 336 2008 90.0 % Ashton Reserve, Charlotte, NC 473 2015 100.0 % Enders Place at Baldwin Park, Orlando, FL 220 2003 89.5 % Fox Hill, Austin, TX 288 2010 94.6 % Lansbrook Village, Palm Harbor, FL 621 2004 90.0 % Legacy at Southpark, Austin, TX 250 2016 90.0 % MDA Apartment, Chicago, IL 190 2006 35.3 % Nevadan, Atlanta, GA 480 1990 90.0 % Park & Kingston, Charlotte, NC 168 2015 96.0 % Preston View, Morrisville, NC 382 2000 91.8 % Roswell City Walk, Roswell, GA 320 2015 98.0 % Sorrel, Frisco, TX 352 2015 95.0 % Sovereign, Fort Worth, TX 322 2015 95.0 % The Brodie, Austin, TX 324 2001 92.5 % The Preserve at Henderson Beach, Destin, FL 340 2009 100.0 % Wesley Village, Charlotte, NC 301 2010 91.8 % Whetstone, Durham, NC 204 2015 (2) Total 7,137 (1) (2) Depreciation expense was $ 7.8 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 $ 3.1 2.4 Planned Anticipated Anticipated Number of Initial Construction Multifamily Community Name/Location Units Occupancy Completion Alexan CityCentre, Houston, TX 340 2Q 2017 4Q 2017 Alexan Southside Place, Houston, TX 270 4Q 2017 2Q 2018 APOK Townhomes, Boca Raton, FL 90 3Q 2018 1Q 2019 Crescent Perimeter, Atlanta, GA 320 4Q 2018 2Q 2019 Domain, Garland, TX 299 4Q 2018 2Q 2019 Flagler Village, Ft. Lauderdale, FL 384 3Q 2019 3Q 2020 Helios, formerly known as Cheshire Bridge, Atlanta, GA 282 2Q 2017 4Q 2017 Lake Boone Trail, Raleigh, NC 245 1Q 2018 3Q 2018 Vickers Roswell, Roswell, GA 79 1Q 2018 3Q 2018 West Morehead, Charlotte, NC 286 4Q 2018 2Q 2019 Total 2,595 |
Acquisition of Real Estate
Acquisition of Real Estate | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Note 5 Acquisition of Real Estate The following describes the Company’s significant acquisition activity during the three months ended March 31, 2017: Acquisition of Bell Preston View On February 17, 2017, the Company, through subsidiaries of its Operating Partnership, acquired a 91.8% interest in a 382 59.5 41.1 Acquisition of Wesley Village On March 9, 2017, the Company, through subsidiaries of its Operating Partnership, acquired a 91.8% interest in a 301 57.2 40.5 Purchase Price Allocations The acquisitions of Wesley Village and Preston View have been accounted for as asset acquisitions. The purchase prices were allocated to the acquired assets and assumed liabilities based on their estimated fair values at the dates of acquisition. Purchase Price Allocation Land $ 14,665 Building 92,129 Building improvements 1,147 Land improvements 4,067 Furniture and fixtures 1,990 In-place leases 1,986 Other assets 666 Total assets acquired $ 116,650 Three Months Ended March 31, Three Months Ended March 31, 2017 2016 Pro-Forma Pro-Forma As Reported Adjustments Pro-Forma As Reported Adjustments Pro-Forma Revenues $ 26,662 $ 1,379 $ 28,041 $ 16,634 $ 9,947 $ 26,581 Net income (loss) $ 9,928 $ (2,979) $ 6,949 $ (2,625) $ (13,120) $ (15,745) Net loss attributable to common stockholders $ (4,990) $ (2,725) $ (7,715) $ (4,135) $ (12,140) $ (16,275) Loss per share, basic and diluted (1) $ (0.20) $ (0.31) $ (0.20) $ (0.79) (1) Aggregate property level revenues and net loss for Wesley Village and Preston View, since the properties’ respective acquisition dates, that are reflected in the Company’s consolidated statement of operations for the three months ended March 31, 2017 amounted to $ 0.9 0.01 |
Notes and Interest Receivable d
Notes and Interest Receivable due from Related Party | 3 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Notes And Interest Receivable Due From Related Party Disclosure [Text Block] | Note 6 Notes and Interest Receivable due from Related Party West Morehead Mezzanine Financing On December 29, 2016, the Company, through BRG Morehead NC, LLC, or BRG Morehead NC, an indirect subsidiary, provided a $ 21.3 The BRG West Morehead Mezz Loan matures on the earlier of January 5, 2020, or the maturity of the West Morehead Construction Loan, defined below, as extended 15.0 On January 5, 2017, the Company increased the amount of the BRG West Morehead Mezz Loan to approximately $ 24.6 In conjunction with the West Morehead development, on December 29, 2016, the West Morehead property owner, which is owned by an entity in which the Company owns an indirect interest, entered into a $ 34.5 0.01 December 29, 2019 The West Morehead Construction Loan bears interest on a floating basis on the amount drawn based on LIBOR plus 3.75%, subject to a minimum of 4.25%. Regular monthly payments are interest-only until September 2019, with further payments based on twenty-five-year amortization. The West Morehead Construction Loan can be prepaid without penalty. In addition, on December 29, 2016, the West Morehead property owner, which is owned by an entity in which the Company owns an indirect interest, entered into a $ 7.3 December 29, 2019 The loan bears interest on a fixed rate of 11.5%. Regular monthly payments are interest-only. The loan can be prepaid prior to maturity provided the lender receives a cumulative return of 30% of its loan amount including all principal and interest paid. APOK Townhomes Mezzanine Financing On January 6, 2017, the Company, through BRG Boca, LLC, or BRG Boca, an indirect subsidiary, provided a $ 11.2 January 6, 2020 15.0 In conjunction with the APOK Townhomes development, on December 29, 2016, the APOK Townhomes property owner, which is owned by an entity in which the Company owns an indirect interest, entered into a $ 18.7 2.6 June 29, 2019 The loan requires interest-only payments at prime plus 0.625%, subject to a floor of 4.125%. The loan can be prepaid without penalty. Domain Mezzanine Financing On March 3, 2017, the Company, through BRG Domain Phase 1, LLC, or BRG Domain 1, an indirect subsidiary, provided a $ 20.3 15.0 In conjunction with the Domain 1 development, on March 3, 2017, the Domain 1 property owner, which is owned by an entity in which the Company owns an indirect interest, entered into a $ 30.3 March 3, 2020 The Domain 1 Construction Loan bears interest on a floating basis on the amount drawn based on LIBOR plus 3.25%. Regular monthly payments are interest-only until March 2020, with further payments based on thirty-year amortization. The Domain 1 Construction Loan can be prepaid without penalty. In addition, on March 3, 2017, the Domain 1 property owner, which is owned by an entity in which the Company owns an indirect interest, entered into a $ 6.4 0.9 March 3, 2020 The loan bears interest on a fixed rate of 12.5%, with 9.5% paid currently. Regular monthly payments are interest-only. The loan can be prepaid prior to maturity provided the lender receives a minimum profit and 1% exit fee. |
Preferred Equity Investments an
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | 3 Months Ended |
Mar. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments Disclosure [Text Block] | Note 7 Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures March 31, December 31, Property 2017 2016 Alexan CityCentre $ 7,733 $ 7,733 Alexan Southside Place 19,015 17,322 APOK Townhomes 7 7,569 Domain 12 5,249 Flagler Village 24,184 14,035 Helios, formerly known as Cheshire Bridge 16,360 16,360 Lake Boone Trail 11,929 9,919 West Morehead 14 13 Whetstone 12,932 12,932 Total $ 92,186 $ 91,132 As of March 31, 2017, the Company had outstanding 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, Domain, West Morehead and APOK Townhomes, which are common interests, and West Morehead, APOK Townhomes and Domain, which are primarily mezzanine loan investments as discussed in Note 6. 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 preferred 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 March 31, 2017: Three Months Ended March 31, Property 2017 2016 Alexan CityCentre $ 301 $ 243 Alexan Southside Place 641 648 APOK Townhomes Domain 141 138 EOS (22) 136 Flagler Village (1) (2) Helios, formerly known as Cheshire Bridge 605 612 Lake Boone Trail 421 371 West Morehead 164 Whetstone 486 458 Preferred returns and equity in income of unconsolidated joint ventures $ 2,572 $ 2,768 March 31, December 31, 2017 2016 Balance Sheets: Real estate, net of depreciation $ 237,676 $ 197,742 Other assets 48,057 33,814 Total assets $ 285,733 $ 231,556 Mortgages payable $ 145,076 $ 97,598 Other liabilities 19,718 13,191 Total liabilities $ 164,794 $ 110,789 Members’ equity 120,939 120,767 Total liabilities and members’ equity $ 285,733 $ 231,556 Three Months Ended March 31, 2017 2016 Operating Statement: Rental revenues $ 759 $ 1,146 Operating expenses (441) (729) Income before debt service and depreciation and amortization 318 417 Interest expense, net (1,824) (323) Depreciation and amortization (354) (759) Net loss $ (1,860) $ (665) Alexan CityCentre Interests On July 1, 2014, through BRG T&C BLVD Houston, LLC, a wholly-owned subsidiary of the Operating Partnership, the Company made a convertible preferred equity investment in a multi-tiered joint venture along with Bluerock Growth Fund, LLC (“BGF”), Fund II and Bluerock Special Opportunity + Income Fund III, LLC (“Fund III”), affiliates of the Manager, and an affiliate of Trammell Crowe Residential, to develop a 340 7.7 100 1.2 20 On June 7, 2016, the Alexan CityCentre property owner, which is owned by an entity in which the Company owns an indirect interest, entered into a loan modification agreement to amend the terms of its construction loan financing the construction and development of the Alexan CityCentre property (the “Alexan Development”). The maximum principal amount available to the borrower under the terms of the modified loan is $ 55.1 34.7 January 1, 2020 60,000 2.6 0.6 2.2 0.7 1.3 20 Alexan Southside Place Interests On January 12, 2015, through BRG Southside, LLC, a wholly-owned subsidiary of its Operating Partnership, the Company made a convertible preferred equity investment in a multi-tiered joint venture, along with Fund II and Fund III, which are affiliates of the Manager, and an affiliate of Trammell Crow Residential, to develop an approximately 270 85 19.0 100 1.7 20 In conjunction with the Alexan Southside development, on April 7, 2015, the Alexan Southside leasehold interest holder, which is owned by an entity in which the Company owns an indirect interest, entered into a $ 31.8 1.5 April 7, 2019 APOK Townhomes Interests On September 1, 2016, through BRG Boca, LLC, or BRG Boca, a wholly-owned subsidiary of its Operating Partnership, the Company made an investment in a multi-tiered joint venture, along with Fund II, an affiliate of the Manager, and NCC Development Group, or the Boca JV, to develop a 90 7.3 0.5 11.2 Domain Phase 1 Interests 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 299 Flagler Village Interests On December 18, 2015, through BRG Flagler Village, LLC, 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 384 57.8 24.2 Helios 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 282-unit Class A apartment community located in Atlanta, Georgia, to be known as Helios Apartments. The Company has made a capital commitment of $ 16.4 100 In conjunction with the Helios development, on December 16, 2015, the Helios property owner, which is owned by an entity in which the Company owns an indirect interest, entered into a $ 38.1 20.8 December 16, 2018 Lake Boone Trail Interests On December 18, 2015, through BRG Lake Boone, LLC, 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 11.9 100 In conjunction with the Lake Boone Trail development, on June 23, 2016, the Lake Boone property owner, which is owned by an entity in which the Company owns an indirect interest, entered into a $ 25.2 2.9 December 23, 2019 West Morehead Interests On January 6, 2016, through BRG Morehead NC, LLC, 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 286 0.5 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 0.7 20 On October 6, 2016, the Whetstone property owner, which is owned by an entity in which the Company owns an indirect interest, entered into a mortgage loan of approximately $ 26.5 November 1, 2023 3.81 1 KeyBank Land Loan The KeyBank land loan, which had been reflected on the unconsolidated entities financial statements, was paid off during the three months ended March 31, 2017. |
Mortgages Payable
Mortgages Payable | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable Disclosure [Text Block] | Note 8 Mortgages Payable Outstanding Principal As of March 31, 2017 December 31, Property March 31, 2017 2016 Interest Rate Fixed/ Floating Maturity Date ARIUM at Palmer Ranch $ 26,925 $ 26,925 2.96 % LIBOR + 2.17% (1) February 1, 2023 ARIUM Grandewood 34,294 34,294 2.61 % Floating (2) December 1, 2024 ARIUM Gulfshore 32,626 32,626 2.96 % LIBOR + 2.17% (1) February 1, 2023 ARIUM Palms 24,999 24,999 3.01 % LIBOR + 2.22% (1) September 1, 2022 ARIUM Pine Lakes 26,950 26,950 3.95 % Fixed November 1, 2023 ARIUM Westside 52,150 52,150 3.68 % Fixed August 1, 2023 Ashton Reserve I 31,777 31,900 4.67 % Fixed December 1, 2025 Ashton Reserve II 15,270 15,270 3.41 % LIBOR + 2.62% (1) January 1, 2026 Crescent Perimeter (3) N/A LIBOR + 3.00% December 12, 2020 Enders Place at Baldwin Park (4) 24,619 24,732 4.30 % Fixed November 1, 2022 Fox Hill 26,705 26,705 3.57 % Fixed April 1, 2022 Lansbrook Village 57,190 57,190 3.23 % LIBOR + 2.44% (1) August 1, 2026 Legacy at Southpark 26,500 26,500 4.35 % Fixed January 1, 2024 MDA Apartments 36,990 37,124 5.35 % Fixed January 1, 2023 Nevadan 48,431 48,431 3.27 % LIBOR + 2.48% (1) November 1, 2023 Park & Kingston (5) 18,432 18,432 3.41 % Fixed April 1, 2020 Preston View 41,066 2.86 % LIBOR + 2.07% (1) March 1, 2024 Roswell City Walk 51,000 51,000 3.63 % Fixed December 1, 2026 Sorrel 38,684 38,684 3.08 % LIBOR + 2.29% (1) May 1, 2023 Sovereign 28,880 28,880 3.46 % Fixed November 10, 2022 The Brodie 34,825 34,825 3.71 % Fixed December 1, 2023 The Preserve at Henderson Beach 36,823 36,989 4.65 % Fixed January 5, 2023 Vickers Roswell (6) N/A LIBOR + 3.00% December 1, 2020 Village Green of Ann Arbor 41,547 3.92 % Fixed October 1, 2022 Wesley Village 40,545 4.25 % Fixed April 1, 2024 Total 755,681 716,153 Fair value adjustments 2,224 1,364 Deferred financing costs, net (7,094) (6,942) Total $ 750,811 $ 710,575 (1) 0.79 (2) 29.44 floating rate of 1.67% 4.85 floating rate of 2.74% 2.46 3.53 (3) 44.7 (4) 16.8 3.97 7.8 5.01 (5) 15.3 3.21 3.2 4.34 (6) 18.0 Deferred financing costs Costs incurred in obtaining long-term financing, reflected as a reduction of 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. Preston View Mortgage Payable On February 17, 2017, the Company, through an indirect subsidiary, entered into an approximately $ 41.1 March 1, 2024 2.07 Wesley Village Mortgage Payable On March 9, 2017, the Company, through an indirect subsidiary, entered into an approximately $ 40.5 April 1, 2024 4.25 Debt maturities Year Total 2017 (April 1-December 31) $ 1,721 2018 2,800 2019 5,824 2020 28,141 2021 11,159 Thereafter 706,036 $ 755,681 Add: Unamortized fair value debt adjustment 2,224 Subtract: Deferred financing costs, net (7,094) Total $ 750,811 The net book value of real estate assets providing collateral for these above borrowings were $ 1,051.7 987.1 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 | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Note 9 Fair Value of Financial Instruments As of March 31, 2017 and December 31, 2016, 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. Based on the discounted amount of future cash flows currently available to the Company for similar liabilities, the fair value of the Company’s mortgages payable is estimated at $ 756.3 714.8 757.9 717.5 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 10 Related Party Transactions Management Agreement 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. 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 2.3 1.2 189,000 The Company also pays the Manager an incentive fee with respect to each calendar quarter in arrears. The incentive fee is equal to the difference between (1) the product of (x) 20 8 0.4 36,000 On July 2, 2015, the Company issued a grant of LTIP Units under the Amended 2014 Incentive Plans to the Manager. The equity grant consisted of 283,390 176,610 LTIP expense of $ 0.3 0.4 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. Reimbursements of $ 0.6 0.1 0.03 The initial term of the Management Agreement expired on April 2, 2017 (the third anniversary of the closing of the IPO), and automatically renewed for a one-year term expiring on April 2, 2018. The Management Agreement will automatically renew for a one-year term on each anniversary date thereafter unless previously terminated in accordance with the terms 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. The Company may also terminate the Management Agreement if the Board elects to internalize the Company’s management, although it is not obligated to do so. We have announced that we have begun the process of internalizing the external management functions that are currently provided to us by our Manager. The Manager may terminate the Management Agreement if it becomes required to register as an investment company under the Investment Company Act, with such termination deemed to occur immediately before such event, in which case the Company would not be required to pay a termination fee. In addition, if the Company defaults in the performance of any material term of the Management Agreement and the default continues for a period of 30 days after written notice to the Company, the Manager may terminate the Management Agreement upon 60 days’ written notice. If the Management Agreement is terminated by the Manager upon a breach by the Company, the Company is required to pay the Manager the termination fee described above. 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. 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 10 1.6 0.7 0.2 All of the Company’s executive officers, and some of its directors, are also executive officers, managers and/or holders of a direct or indirect controlling interest in the Manager and other Bluerock-affiliated entities. As a result, they owe fiduciary duties to each of these entities, their members, limited partners and investors, which fiduciary duties may from time to time conflict with the fiduciary duties that they owe to the Company and its stockholders. Some of the material conflicts that the Manager or its affiliates face are: 1) the determination of whether an investment opportunity should be recommended to us or another Bluerock-sponsored program or Bluerock-advised investor; 2) the allocation of the time of key executive officers, directors, and other real estate professionals among the Company, other Bluerock-sponsored programs and Bluerock-advised investors, and the activities in which they are involved; and 3) the fees received by the Manager and its affiliates. March 31, December 31, 2017 2016 Amounts Payable to the Manager under the Management Agreement Base management fee $ 2,326 $ 2,015 Incentive fee 442 - Operating expense reimbursements and direct expense reimbursements 584 274 Offering expense reimbursements 235 120 Total amounts payable to Manager $ 3,587 $ 2,409 As of both March 31, 2017 and December 31, 2016, the Company had $ 0.9 Notes and Interest Receivable due from Related Party; Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures The Company invests with related parties in various joint ventures in which the Company owns either preferred or common interests, and makes mezzanine loans to entities that are primarily owned by related parties. Please refer to Notes 6 and 7 for further information. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2017 | |
Stockholders Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 11 Stockholders’ Equity Net Loss Per Common Share Basic net loss per common share is computed by dividing net 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 loss per common share is computed by dividing net 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 loss attributable to common stockholders is computed by adjusting net 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 and B-3 common stock and LTIP Units participate in dividends on a one-for-one basis. Three Months Ended March 31, 2017 2016 Net loss attributable to common stockholders $ (4,990) $ (4,135) Dividends on restricted stock expected to vest - (3) Basic net loss attributable to common stockholders $ (4,990) $ (4,138) Weighted average common shares outstanding (1) 24,989,621 20,521,596 Potential dilutive shares (2) Weighted average common shares outstanding and potential dilutive shares (1) 24,989,621 20,521,596 Net loss per common share, basic $ (0.20) $ (0.20) Net loss per common share, diluted $ (0.20) $ (0.20) 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 2017, amounts relate to shares of the Company’s Class A common stock and LTIP Units outstanding. For 2016, amounts relate to shares of Class A and B-3 common stock and LTIP Units outstanding. (2) Excludes 661 13,378 Follow-On Equity Offerings On January 17, 2017, the Company completed an underwritten offering (the “January 2017 Class A Common Stock Offering”) of 4,000,000 0.01 13.15 49.8 600,000 7.5 Series B Preferred Stock Offering The Company issued 23,569 21.2 45,051 45,051 901,020 40.5 At-the-Market Offerings On March 29, 2016, the Company, its Operating Partnership and its Manager entered into an At Market Issuance Sales Agreement (the “Series A Sales Agreement”) with FBR Capital Markets & Co. (“FBR”), and MLV & Co. LLC (“MLV”). Pursuant to the Series A Sales Agreement, FBR and MLV will act as distribution agents with respect to the offering and sale of up to $ 100,000 146,460 3.6 On August 8, 2016, the Company, its Operating Partnership and its Manager entered into an At Market Issuance Sales Agreement (the “Class A Sales Agreement”) with FBR. Pursuant to the Class A Sales Agreement, FBR will act as distribution agent with respect to the offering and sale of up to $ 100,000 On September 14, 2016, the Company, its Operating Partnership and its Manager entered into an At Market Issuance Sales Agreement (the “Series C Sales Agreement”) with FBR. Pursuant to the Series C Sales Agreement, FBR will act as distribution agent with respect to the offering and sale of up to $ 36,000 23,750 0.6 Operating Partnership and Long-Term Incentive Plan Units As of March 31, 2017, limited partners other than the Company owned approximately 7.77 275,494 1.05 1,763,910 6.72 Equity Incentive Plans On March 24, 2016, the Company granted a total of 7,500 0.1 7,500 0.1 Weighted average grant-date Non-Vested shares Shares fair value Balance at January 1, 2017 659 $ 22.75 Granted Vested Forfeited Balance at March 31, 2017 659 $ 22.75 At March 31, 2017, there was $ 0.01 0.33 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 Manager. The equity grant consisted of 283,390 176,610 LTIP expense of $ 0.3 0.4 Payable to stockholders Declaration Date of record as of Amount Date Paid Class A common stock October 4, 2016 December 23, 2016 $ 0.096667 January 5, 2017 January 6, 2017 January 25, 2017 $ 0.096666 February 3, 2017 January 6, 2017 February 24, 2017 $ 0.096667 March 3, 2017 January 6, 2017 March 24, 2017 $ 0.096667 April 5, 2017 Series A Preferred Stock December 9, 2016 December 23, 2016 $ 0.515625 January 5, 2017 March 10, 2017 March 24, 2017 $ 0.515625 April 5, 2017 Series B Preferred Stock October 4, 2016 December 23, 2016 $ 5.00 January 5, 2017 January 6, 2017 January 25, 2017 $ 5.00 February 3, 2017 January 6, 2017 February 24, 2017 $ 5.00 March 3, 2017 January 6, 2017 March 24, 2017 $ 5.00 April 5, 2017 Series C Preferred Stock December 9, 2016 December 23, 2016 $ 0.4765625 January 5, 2017 March 10, 2017 March 24, 2017 $ 0.4765625 April 5, 2017 Series D Preferred Stock December 9, 2016 December 23, 2016 $ 0.3859 January 5, 2017 March 10, 2017 March 24, 2017 $ 0.4453125 April 5, 2017 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 2017 Declared Paid First Quarter Class A Common Stock $ 7,014 $ 6,566 Series A Preferred Stock 2,950 2,950 Series B Preferred Stock 525 395 Series C Preferred Stock 1,107 1,107 Series D Preferred Stock 1,269 1,100 OP Units 82 84 LTIP Units 496 480 Total first quarter 2017 $ 13,443 $ 12,682 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 12 Commitments and Contingencies The Company is subject to various legal actions and claims arising in the ordinary course of business. Although the outcome of any legal matter cannot be predicted with certainty, management does not believe that any of these legal proceedings or matters will have a material adverse effect on the consolidated financial position or results of operations or liquidity of the Company. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 13 Subsequent Events Declaration of Dividends Declaration Date Payable to stockholders Amount Payable Date Class A common stock April 7, 2017 April 25, 2017 $ 0.096666 May 5, 2017 April 7, 2017 May 25, 2017 $ 0.096667 June 5, 2017 April 7, 2017 June 23, 2017 $ 0.096667 July 5, 2017 Series B Preferred Stock April 7, 2017 April 25, 2017 $ 5.00 May 5, 2017 April 7, 2017 May 25, 2017 $ 5.00 June 5, 2017 April 7, 2017 June 23, 2017 $ 5.00 July 5, 2017 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 The following distributions were paid to the Company's stockholders, as well as holders of OP and LTIP Units subsequent to March 31, 2017 (amounts in thousands): Shares Declaration Record Date Date Paid Distributions Total Class A Common Stock January 6, 2017 March 24, 2017 April 5, 2017 $ 0.096667 $ 2,339 Series A Preferred Stock March 10, 2017 March 24, 2017 April 5, 2017 $ 0.515625 $ 2,950 Series B Preferred Stock January 6, 2017 March 24, 2017 April 5, 2017 $ 5.000000 $ 225 Series C Preferred Stock March 10, 2017 March 24, 2017 April 5, 2017 $ 0.4765625 $ 1,107 Series D Preferred Stock March 10, 2017 March 24, 2017 April 5, 2017 $ 0.4453125 $ 1,269 OP Units January 6, 2017 March 24, 2017 April 5, 2017 $ 0.096667 $ 27 LTIP Units January 6, 2017 March 24, 2017 April 5, 2017 $ 0.096667 $ 171 Class A Common Stock April 7, 2017 April 25, 2017 May 5, 2017 $ 0.096666 $ 2,338 Series B Preferred Stock April 7, 2017 April 25, 2017 May 5, 2017 $ 5.000000 $ 265 OP Units April 7, 2017 April 25, 2017 May 5, 2017 $ 0.096666 $ 26 LTIP Units April 7, 2017 April 25, 2017 May 5, 2017 $ 0.096666 $ 172 Total $ 10,889 Sale of Lansbrook Village On April 26, 2017, the Company closed on the sale of Lansbrook Village, located in Palm Harbor, Florida. The 90% owned property was sold for approximately $82.4 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for assumption of the existing mortgage indebtedness encumbering Lansbrook Village in the amount of $57.2 million and payment of closing costs and fees, the sale of the property generated net proceeds of approximately $19.1 million Agreement to acquire five property portfolio On March 22, 2017, the Company, through the Operating Partnership and its wholly-owned subsidiaries, entered into a multi-tiered joint venture. The joint venture was formed to acquire a portfolio of five apartment communities containing 1,408 units located in the San Antonio and Tyler, Texas markets for a purchase price of approximately $189 million, including the assumption of approximately $147 million of existing mortgage debt. Subsequent to March 31, 2017, due diligence activities are continuing, and the joint venture is actively seeking lender approval for the loan assumptions. The Company has made a capital commitment of approximately $48 million, of which approximately $2.3 million has been funded for earnest money deposits, which was included in accounts receivable, prepaid and other assets at March 31, 2017. The Company cannot provide any assurance that the acquisition of the apartment communities will be consummated as planned. Proposed sale of Fox Hill Subsequent to March 31, 2017, the Company entered into a purchase and sale agreement for the sale of Fox Hill. The buyer is completing due diligence procedures. The Company cannot provide any assurance that the transaction will be consummated as planned. |
Basis of Presentation and Sum21
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
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 and investments made on the Company’s behalf. As of March 31, 2017, limited partners other than the Company owned approximately 7.77 1.05 6.72 Bluerock Real Estate, L.L.C., a Delaware limited liability company, is referred to as Bluerock (“Bluerock”), and the Company’s external manager, BRG Manager, LLC, a Delaware limited liability company, is referred to as its Manager (“Manager”). Both Bluerock and the Manager are related parties with respect to the Company, but are not within the Company’s control and are not consolidated in the Company’s financial statements. 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 also consolidates entities in which it controls more than 50 Certain amounts in prior year financial statement presentation have been reclassified to conform to the current period presentation. |
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 in value 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 an entity is not a VIE, 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. 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, 2016 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, 2016 contained in the Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on February 22, 2017. |
Basis of Accounting, Policy [Policy Text Block] | Summary of Significant Accounting Policies Other than the adoption of accounting pronouncements as described below, 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, 2016. |
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 January 2017, the FASB issued ASU 2017-01, "Business Combinations; Clarifying the Definition of a Business" (“ASU 2017-01). ASU 2017-01 modifies the requirements to meet the definition of a business under Topic 805, "Business Combinations." The amendments provide a screen to determine when a set of identifiable assets and liabilities is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. The impact is expected to result in fewer transactions being accounted for as business combinations. The Company believes that this amendment will result in most of its real estate acquisitions being accounted for as asset acquisitions rather than business combinations. ASU 2017-01 is effective for the Company for annual and interim periods beginning after December 15, 2017 with early adoption permitted. The Company adopted this standard effective January 1, 2017. The impact to the Consolidated Financial Statements and related notes as a result of the adoption of this standard is primarily related to the difference in the accounting of acquisition costs. When accounting for these costs as a part of an asset acquisition, the Company is permitted to capitalize the costs. In November 2016, the FASB issued ASU No. 2016-18, "Statement of Cash Flows; Restricted Cash" (“ASU 2016-18”). This update requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company will adjust the consolidated statement of cash flows as required in conjunction with the adoption of ASU 2016-08. ASU 2016-18 is effective for the Company for annual and interim periods beginning after December 15, 2017 with early adoption permitted. In August 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”). The ASU provides guidance on the treatment of cash receipts and cash payments for certain types of cash transactions, to eliminate diversity in practice in the presentation of the cash flow statement. For public business entities, the amendments in ASU 2016-15 are effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Earlier application was permitted. The Company is still in the process of determining the impact that the implementation of ASU 2016-15 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” (“ASU 2016-07”), 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. ASU 2016-07 did not have a material impact on the Company’s financial statements when adopted. In June 2016, the FASB updated Accounting Standards Codification ("ASC") Topic 326 "Financial Instruments - Credit Losses" with 2016-13 “Measurement of Credit Losses on Financial Instruments” (“ASU 2016-03”). ASU 2016-13 enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better inform credit loss estimates. ASU 2016-13 is effective for annual periods (including interim periods within those periods) beginning after December 15, 2019. The Company is currently evaluating the guidance and has not determined the impact this standard may have on the Company’s financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). Under ASU 2016-02, an entity will be required to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. ASU 2016-02 offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. For public companies, ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, and requires a modified retrospective adoption, with early adoption permitted. The Company expects that, because of the ASU 2016-02’s emphasis on lessee accounting, ASU 2016-02 will not have a material impact on the Company’s accounting for leases. Consistent with present standards, the Company will continue to account for lease revenue on a straight-line basis. Also consistent with the Company’s current practice, under ASU 2016-02 only initial direct costs that are incremental to the lessor will be capitalized. 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 August 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. The Company’s revenue-producing contracts are primarily leases that are not within the scope of this standard. As a result, the Company does not expect the adoption of this standard to have a material impact the Company’s rental income. The Company is continuing to evaluate the impact on other revenue sources. |
Investments in Real Estate (Tab
Investments in Real Estate (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Real Estate [Abstract] | |
Schedule Of Equity Method Investments And Consolidation Accounting Investments [Table Text Block] | Number of Date Ownership Multifamily Community Name/Location Units Built/Renovated (1) Interest 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 % ARIUM Pine Lakes, Port St. Lucie, FL 320 2003 85.0 % ARIUM Westside, Atlanta, GA 336 2008 90.0 % Ashton Reserve, Charlotte, NC 473 2015 100.0 % Enders Place at Baldwin Park, Orlando, FL 220 2003 89.5 % Fox Hill, Austin, TX 288 2010 94.6 % Lansbrook Village, Palm Harbor, FL 621 2004 90.0 % Legacy at Southpark, Austin, TX 250 2016 90.0 % MDA Apartment, Chicago, IL 190 2006 35.3 % Nevadan, Atlanta, GA 480 1990 90.0 % Park & Kingston, Charlotte, NC 168 2015 96.0 % Preston View, Morrisville, NC 382 2000 91.8 % Roswell City Walk, Roswell, GA 320 2015 98.0 % Sorrel, Frisco, TX 352 2015 95.0 % Sovereign, Fort Worth, TX 322 2015 95.0 % The Brodie, Austin, TX 324 2001 92.5 % The Preserve at Henderson Beach, Destin, FL 340 2009 100.0 % Wesley Village, Charlotte, NC 301 2010 91.8 % Whetstone, Durham, NC 204 2015 (2) Total 7,137 (1) (2) |
Schedule Of Development Properties In Real Estate [Table Text Block] | Planned Anticipated Anticipated Number of Initial Construction Multifamily Community Name/Location Units Occupancy Completion Alexan CityCentre, Houston, TX 340 2Q 2017 4Q 2017 Alexan Southside Place, Houston, TX 270 4Q 2017 2Q 2018 APOK Townhomes, Boca Raton, FL 90 3Q 2018 1Q 2019 Crescent Perimeter, Atlanta, GA 320 4Q 2018 2Q 2019 Domain, Garland, TX 299 4Q 2018 2Q 2019 Flagler Village, Ft. Lauderdale, FL 384 3Q 2019 3Q 2020 Helios, formerly known as Cheshire Bridge, Atlanta, GA 282 2Q 2017 4Q 2017 Lake Boone Trail, Raleigh, NC 245 1Q 2018 3Q 2018 Vickers Roswell, Roswell, GA 79 1Q 2018 3Q 2018 West Morehead, Charlotte, NC 286 4Q 2018 2Q 2019 Total 2,595 |
Acquisition of Real Estate (Tab
Acquisition of Real Estate (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Schedule of Real Estate Properties [Table Text Block] | The following table summarizes the assets acquired and liabilities assumed at the acquisition date (amounts in thousands): Purchase Price Allocation Land $ 14,665 Building 92,129 Building improvements 1,147 Land improvements 4,067 Furniture and fixtures 1,990 In-place leases 1,986 Other assets 666 Total assets acquired $ 116,650 |
Business Acquisition, Pro Forma Information [Table Text Block] | Three Months Ended March 31, Three Months Ended March 31, 2017 2016 Pro-Forma Pro-Forma As Reported Adjustments Pro-Forma As Reported Adjustments Pro-Forma Revenues $ 26,662 $ 1,379 $ 28,041 $ 16,634 $ 9,947 $ 26,581 Net income (loss) $ 9,928 $ (2,979) $ 6,949 $ (2,625) $ (13,120) $ (15,745) Net loss attributable to common stockholders $ (4,990) $ (2,725) $ (7,715) $ (4,135) $ (12,140) $ (16,275) Loss per share, basic and diluted (1) $ (0.20) $ (0.31) $ (0.20) $ (0.79) (1) |
Preferred Equity Investments 24
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments [Table Text Block] | Following is a summary of the Company’s ownership interests in the investments reported under the equity method of accounting. The carrying amount of the Company’s investments in unconsolidated real estate joint ventures as of March 31, 2017 and December 31, 2016 is summarized in the table below (amounts in thousands): March 31, December 31, Property 2017 2016 Alexan CityCentre $ 7,733 $ 7,733 Alexan Southside Place 19,015 17,322 APOK Townhomes 7 7,569 Domain 12 5,249 Flagler Village 24,184 14,035 Helios, formerly known as Cheshire Bridge 16,360 16,360 Lake Boone Trail 11,929 9,919 West Morehead 14 13 Whetstone 12,932 12,932 Total $ 92,186 $ 91,132 |
Preferred Equity Method Investments [Table Text Block] | Three Months Ended March 31, Property 2017 2016 Alexan CityCentre $ 301 $ 243 Alexan Southside Place 641 648 APOK Townhomes Domain 141 138 EOS (22) 136 Flagler Village (1) (2) Helios, formerly known as Cheshire Bridge 605 612 Lake Boone Trail 421 371 West Morehead 164 Whetstone 486 458 Preferred returns and equity in income of unconsolidated joint ventures $ 2,572 $ 2,768 |
Equity Income Loss of Joint Ventures [Table Text Block] | Summary combined financial information for the Company’s investments in unconsolidated real estate joint ventures as of March 31, 2017 and December 31, 2016 and for the three months ended March 31, 2017 and 2016, is as follows: March 31, December 31, 2017 2016 Balance Sheets: Real estate, net of depreciation $ 237,676 $ 197,742 Other assets 48,057 33,814 Total assets $ 285,733 $ 231,556 Mortgages payable $ 145,076 $ 97,598 Other liabilities 19,718 13,191 Total liabilities $ 164,794 $ 110,789 Members’ equity 120,939 120,767 Total liabilities and members’ equity $ 285,733 $ 231,556 Three Months Ended March 31, 2017 2016 Operating Statement: Rental revenues $ 759 $ 1,146 Operating expenses (441) (729) Income before debt service and depreciation and amortization 318 417 Interest expense, net (1,824) (323) Depreciation and amortization (354) (759) Net loss $ (1,860) $ (665) |
Mortgages Payable (Tables)
Mortgages Payable (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Outstanding Principal As of March 31, 2017 December 31, Property March 31, 2017 2016 Interest Rate Fixed/ Floating Maturity Date ARIUM at Palmer Ranch $ 26,925 $ 26,925 2.96 % LIBOR + 2.17% (1) February 1, 2023 ARIUM Grandewood 34,294 34,294 2.61 % Floating (2) December 1, 2024 ARIUM Gulfshore 32,626 32,626 2.96 % LIBOR + 2.17% (1) February 1, 2023 ARIUM Palms 24,999 24,999 3.01 % LIBOR + 2.22% (1) September 1, 2022 ARIUM Pine Lakes 26,950 26,950 3.95 % Fixed November 1, 2023 ARIUM Westside 52,150 52,150 3.68 % Fixed August 1, 2023 Ashton Reserve I 31,777 31,900 4.67 % Fixed December 1, 2025 Ashton Reserve II 15,270 15,270 3.41 % LIBOR + 2.62% (1) January 1, 2026 Crescent Perimeter (3) N/A LIBOR + 3.00% December 12, 2020 Enders Place at Baldwin Park (4) 24,619 24,732 4.30 % Fixed November 1, 2022 Fox Hill 26,705 26,705 3.57 % Fixed April 1, 2022 Lansbrook Village 57,190 57,190 3.23 % LIBOR + 2.44% (1) August 1, 2026 Legacy at Southpark 26,500 26,500 4.35 % Fixed January 1, 2024 MDA Apartments 36,990 37,124 5.35 % Fixed January 1, 2023 Nevadan 48,431 48,431 3.27 % LIBOR + 2.48% (1) November 1, 2023 Park & Kingston (5) 18,432 18,432 3.41 % Fixed April 1, 2020 Preston View 41,066 2.86 % LIBOR + 2.07% (1) March 1, 2024 Roswell City Walk 51,000 51,000 3.63 % Fixed December 1, 2026 Sorrel 38,684 38,684 3.08 % LIBOR + 2.29% (1) May 1, 2023 Sovereign 28,880 28,880 3.46 % Fixed November 10, 2022 The Brodie 34,825 34,825 3.71 % Fixed December 1, 2023 The Preserve at Henderson Beach 36,823 36,989 4.65 % Fixed January 5, 2023 Vickers Roswell (6) N/A LIBOR + 3.00% December 1, 2020 Village Green of Ann Arbor 41,547 3.92 % Fixed October 1, 2022 Wesley Village 40,545 4.25 % Fixed April 1, 2024 Total 755,681 716,153 Fair value adjustments 2,224 1,364 Deferred financing costs, net (7,094) (6,942) Total $ 750,811 $ 710,575 (1) 0.79 (2) 29.44 floating rate of 1.67% 4.85 floating rate of 2.74% 2.46 3.53 (3) 44.7 (4) 16.8 3.97 7.8 5.01 (5) 15.3 3.21 3.2 4.34 (6) 18.0 |
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | As of March 31, 2017, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): Year Total 2017 (April 1-December 31) $ 1,721 2018 2,800 2019 5,824 2020 28,141 2021 11,159 Thereafter 706,036 $ 755,681 Add: Unamortized fair value debt adjustment 2,224 Subtract: Deferred financing costs, net (7,094) Total $ 750,811 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Schedule Of Related Party Transactions [Table Text Block] | Pursuant to the terms of the Management Agreement, summarized below are the related party amounts payable to our Manager, as of March 31, 2017 and December 31, 2016 (in thousands): March 31, December 31, 2017 2016 Amounts Payable to the Manager under the Management Agreement Base management fee $ 2,326 $ 2,015 Incentive fee 442 - Operating expense reimbursements and direct expense reimbursements 584 274 Offering expense reimbursements 235 120 Total amounts payable to Manager $ 3,587 $ 2,409 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 per common share (amounts in thousands, except share and per share amounts): Three Months Ended March 31, 2017 2016 Net loss attributable to common stockholders $ (4,990) $ (4,135) Dividends on restricted stock expected to vest - (3) Basic net loss attributable to common stockholders $ (4,990) $ (4,138) Weighted average common shares outstanding (1) 24,989,621 20,521,596 Potential dilutive shares (2) Weighted average common shares outstanding and potential dilutive shares (1) 24,989,621 20,521,596 Net loss per common share, basic $ (0.20) $ (0.20) Net loss per common share, diluted $ (0.20) $ (0.20) (1) For 2017, amounts relate to shares of the Company’s Class A common stock and LTIP Units outstanding. For 2016, amounts relate to shares of Class A and B-3 common stock and LTIP Units outstanding. (2) Excludes 661 13,378 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of the status of the Company’s non-vested shares as of March 31, 2017 is as follows (amounts in thousands, except share amounts): Weighted average grant-date Non-Vested shares Shares (1) fair value (1) Balance at January 1, 2017 659 $ 22.75 Granted Vested Forfeited Balance at March 31, 2017 659 $ 22.75 (1) |
Schedule of Dividends Payable [Table Text Block] | Payable to stockholders Declaration Date of record as of Amount Date Paid Class A common stock October 4, 2016 December 23, 2016 $ 0.096667 January 5, 2017 January 6, 2017 January 25, 2017 $ 0.096666 February 3, 2017 January 6, 2017 February 24, 2017 $ 0.096667 March 3, 2017 January 6, 2017 March 24, 2017 $ 0.096667 April 5, 2017 Series A Preferred Stock December 9, 2016 December 23, 2016 $ 0.515625 January 5, 2017 March 10, 2017 March 24, 2017 $ 0.515625 April 5, 2017 Series B Preferred Stock October 4, 2016 December 23, 2016 $ 5.00 January 5, 2017 January 6, 2017 January 25, 2017 $ 5.00 February 3, 2017 January 6, 2017 February 24, 2017 $ 5.00 March 3, 2017 January 6, 2017 March 24, 2017 $ 5.00 April 5, 2017 Series C Preferred Stock December 9, 2016 December 23, 2016 $ 0.4765625 January 5, 2017 March 10, 2017 March 24, 2017 $ 0.4765625 April 5, 2017 Series D Preferred Stock December 9, 2016 December 23, 2016 $ 0.3859 January 5, 2017 March 10, 2017 March 24, 2017 $ 0.4453125 April 5, 2017 |
Schedule of Distributions Made to Members or Limited Partners, by Distribution [Table Text Block] | Distributions declared and paid for the three months ended March 31, 2017 were as follows (amounts in thousands): Distributions 2017 Declared Paid First Quarter Class A Common Stock $ 7,014 $ 6,566 Series A Preferred Stock 2,950 2,950 Series B Preferred Stock 525 395 Series C Preferred Stock 1,107 1,107 Series D Preferred Stock 1,269 1,100 OP Units 82 84 LTIP Units 496 480 Total first quarter 2017 $ 13,443 $ 12,682 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Dividends Declared [Table Text Block] | Declaration of Dividends Payable to stockholders Declaration Date of record as of Amount Payable Date Class A common stock April 7, 2017 April 25, 2017 $ 0.096666 May 5, 2017 April 7, 2017 May 25, 2017 $ 0.096667 June 5, 2017 April 7, 2017 June 23, 2017 $ 0.096667 July 5, 2017 Series B Preferred Stock April 7, 2017 April 25, 2017 $ 5.00 May 5, 2017 April 7, 2017 May 25, 2017 $ 5.00 June 5, 2017 April 7, 2017 June 23, 2017 $ 5.00 July 5, 2017 |
Schedule of Subsequent Events [Table Text Block] | The following distributions were paid to the Company's stockholders, as well as holders of OP and LTIP Units subsequent to March 31, 2017 (amounts in thousands): Declaration Distributions Total Shares Date Record Date Date Paid per Share Distribution Class A Common Stock January 6, 2017 March 24, 2017 April 5, 2017 $ 0.096667 $ 2,339 Series A Preferred Stock March 10, 2017 March 24, 2017 April 5, 2017 $ 0.515625 $ 2,950 Series B Preferred Stock January 6, 2017 March 24, 2017 April 5, 2017 $ 5.000000 $ 225 Series C Preferred Stock March 10, 2017 March 24, 2017 April 5, 2017 $ 0.4765625 $ 1,107 Series D Preferred Stock March 10, 2017 March 24, 2017 April 5, 2017 $ 0.4453125 $ 1,269 OP Units January 6, 2017 March 24, 2017 April 5, 2017 $ 0.096667 $ 27 LTIP Units January 6, 2017 March 24, 2017 April 5, 2017 $ 0.096667 $ 171 Class A Common Stock April 7, 2017 April 25, 2017 May 5, 2017 $ 0.096666 $ 2,338 Series B Preferred Stock April 7, 2017 April 25, 2017 May 5, 2017 $ 5.000000 $ 265 OP Units April 7, 2017 April 25, 2017 May 5, 2017 $ 0.096666 $ 26 LTIP Units April 7, 2017 April 25, 2017 May 5, 2017 $ 0.096666 $ 172 Total $ 10,889 |
Organization and Nature of Bu29
Organization and Nature of Business (Details Textual) | 3 Months Ended |
Mar. 31, 2017 | |
Organization and Nature of Business [Line Items] | |
Percent of Real Estate Properties Occupied | 95.00% |
Number of Units in Real Estate Property | 9,732 |
Annual Distribution Percentage Rate | 90.00% |
Operating Units [Member] | |
Organization and Nature of Business [Line Items] | |
Number of Units in Real Estate Property | 7,137 |
Under Development [Member] | |
Organization and Nature of Business [Line Items] | |
Number of Units in Real Estate Property | 2,595 |
Basis of Presentation and Sum30
Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Line Items] | |
Percentage of Voting Equity | 50.00% |
OP LTIP unit [Member] | |
Accounting Policies [Line Items] | |
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 7.77% |
OP Unit [Member] | |
Accounting Policies [Line Items] | |
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 1.05% |
LTIP Unit [Member] | |
Accounting Policies [Line Items] | |
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 6.72% |
Sale of Real Estate Asset and31
Sale of Real Estate Asset and Abandonment of Development Project (Details Textual) $ in Millions | 1 Months Ended | |
Feb. 22, 2017USD ($) | Mar. 31, 2017USD ($)ft² | |
Real Estate Assets Held for Development and Sale [Line Items] | ||
Disposition Fees | $ 1.3 | |
Proceeds from Sale of Real Estate Gross | 71.4 | |
Payments for Mortgage on Real Estate Sold | 41.4 | |
Proceeds from Sale of Real Estate | 28.6 | |
Gain (Loss) on Disposition of Assets | 16.7 | |
East San Marco Property [Member] | ||
Real Estate Assets Held for Development and Sale [Line Items] | ||
Area of Real Estate Property | ft² | 44,276 | |
Real Estate Investment Property, Net | $ 2.9 | |
Bluerock Residential Growth REIT, Inc [Member] | ||
Real Estate Assets Held for Development and Sale [Line Items] | ||
Gain (Loss) on Disposition of Assets | 7.8 | |
Proceeds from Sale of Property Held-for-sale | $ 13.6 |
Investments in Real Estate (Det
Investments in Real Estate (Details) | 3 Months Ended | |
Mar. 31, 2017 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 2,595 | |
Alexan CityCentre, Houston, TX [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 340 | |
Anticipated Initial Occupancy | 2Q 2017 | |
Anticipated Construction Completion | 4Q 2017 | |
Alexan Southside Place, Houston, TX [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 270 | |
Anticipated Initial Occupancy | 4Q 2017 | |
Anticipated Construction Completion | 2Q 2018 | |
APOK Townhomes, Boca Raton, FL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 90 | |
Anticipated Initial Occupancy | 3Q 2018 | |
Anticipated Construction Completion | 1Q 2019 | |
Crescent Perimeter, Atlanta, GA [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 320 | |
Anticipated Initial Occupancy | 4Q 2018 | |
Anticipated Construction Completion | 2Q 2019 | |
Domain, Garland, TX [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 299 | |
Anticipated Initial Occupancy | 4Q 2018 | |
Anticipated Construction Completion | 2Q 2019 | |
Flagler Village, Ft. Lauderdale, FL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 384 | |
Anticipated Initial Occupancy | 3Q 2019 | |
Anticipated Construction Completion | 3Q 2020 | |
Helios, formerly known as Cheshire Bridge, Atlanta, GA [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 282 | |
Anticipated Initial Occupancy | 2Q 2017 | |
Anticipated Construction Completion | 4Q 2017 | |
Lake Boone Trail, Raleigh NC [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 245 | |
Anticipated Initial Occupancy | 1Q 2018 | |
Anticipated Construction Completion | 3Q 2018 | |
Vickers Village, Roswell, GA [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 79 | |
Anticipated Initial Occupancy | 1Q 2018 | |
Anticipated Construction Completion | 3Q 2018 | |
West Morehead, Charlotte, NC [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 286 | |
Anticipated Initial Occupancy | 4Q 2018 | |
Anticipated Construction Completion | 2Q 2019 | |
ARIUM at Palmer Ranch, Sarasota, FL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 320 | |
Year Build/Renovated | 2,016 | [1] |
Ownership Interest | 95.00% | |
ARIUM Grandewood, Orlando, FL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 306 | |
Year Build/Renovated | 2,005 | [1] |
Ownership Interest | 95.00% | |
ARIUM Gulfshore, Naples, FL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 368 | |
Year Build/Renovated | 2,016 | [1] |
Ownership Interest | 95.00% | |
ARIUM Palms, Orlando, FL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 252 | |
Year Build/Renovated | 2,008 | [1] |
Ownership Interest | 95.00% | |
ARIUM Pine Lakes, Port St. Lucie, FL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 320 | |
Year Build/Renovated | 2,003 | [1] |
Ownership Interest | 85.00% | |
ARIUM Westside, Atlanta, GA [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 336 | |
Year Build/Renovated | 2,008 | [1] |
Ownership Interest | 90.00% | |
Ashton Reserve, Charlotte, NC [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 473 | |
Year Build/Renovated | 2,015 | [1] |
Ownership Interest | 100.00% | |
Enders at Baldwin Park, Orlando, FL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 220 | |
Year Build/Renovated | 2,003 | [1] |
Ownership Interest | 89.50% | |
Fox Hill, Austin, TX [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 288 | |
Year Build/Renovated | 2,010 | [1] |
Ownership Interest | 94.60% | |
Lansbrook Village, Palm Harbor, FL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 621 | |
Year Build/Renovated | 2,004 | [1] |
Ownership Interest | 90.00% | |
Legacy at Southpark, Austin, TX [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 250 | |
Year Build/Renovated | 2,016 | [1] |
Ownership Interest | 90.00% | |
MDA Apartments, Chicago, IL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 190 | |
Year Build/Renovated | 2,006 | [1] |
Ownership Interest | 35.30% | |
Nevadan, Atlanta, GA [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 480 | |
Year Build/Renovated | 1,990 | [1] |
Ownership Interest | 90.00% | |
Park & Kingston, Charlotte, NC [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 168 | |
Year Build/Renovated | 2,015 | [1] |
Ownership Interest | 96.00% | |
Preston View, Morrisville, NC [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 382 | |
Year Build/Renovated | 2,000 | [1] |
Ownership Interest | 91.80% | |
Roswell City Walk, Roswell, GA [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 320 | |
Year Build/Renovated | 2,015 | [1] |
Ownership Interest | 98.00% | |
Sorrel, Frisco, TX [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 352 | |
Year 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 | |
Year Build/Renovated | 2,015 | [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 | |
Year Build/Renovated | 2,009 | [1] |
Ownership Interest | 100.00% | |
Average [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 7,137 | |
The Brodie, Austin, TX [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 324 | |
Year Build/Renovated | 2,001 | [1] |
Ownership Interest | 92.50% | |
Wesley Village, Charlotte, NC [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 301 | |
Year Build/Renovated | 2,010 | [1] |
Ownership Interest | 91.80% | |
Whetstone, Durham, NC [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 204 | [2] |
Year Build/Renovated | 2,015 | [2] |
Ownership Interest | [2] | |
[1] | Represents date of last significant renovation or year built if there were no renovations. | |
[2] | Whetstone is currently a preferred equity investment providing a stated investment return. |
Investments in Real Estate (D33
Investments in Real Estate (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Real Estate Property [Line Items] | ||
SEC Schedule III, Real Estate Accumulated Depreciation, Depreciation Expense | $ 7.8 | $ 5.1 |
Amortization of Deferred Leasing Fees | $ 3.1 | $ 2.4 |
Acquisition of Real Estate (Det
Acquisition of Real Estate (Details) $ in Thousands | Mar. 31, 2017USD ($) |
Preliminary Purchase Price Allocation | |
Land | $ 14,665 |
Building | 92,129 |
Building improvements | 1,147 |
Land improvements | 4,067 |
Furniture and fixtures | 1,990 |
In-place leases | 1,986 |
Other assets | 666 |
Total assets acquired | $ 116,650 |
Acquisition of Real Estate (D35
Acquisition of Real Estate (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Business Acquisition [Line Items] | |||
Revenues | $ 26,662 | $ 16,634 | |
Net income (loss) | 9,928 | (2,625) | |
Net loss attributable to common stockholders | (4,990) | (4,135) | |
Scenario, Previously Reported [Member] | |||
Business Acquisition [Line Items] | |||
Revenues | 26,662 | 16,634 | |
Net income (loss) | 9,928 | (2,625) | |
Net loss attributable to common stockholders | $ (4,990) | $ (4,135) | |
Loss per share, basic and diluted | [1] | $ (0.20) | $ (0.20) |
Scenario, Adjustment [Member] | |||
Business Acquisition [Line Items] | |||
Revenues | $ 1,379 | $ 9,947 | |
Net income (loss) | (2,979) | (13,120) | |
Net loss attributable to common stockholders | (2,725) | (12,140) | |
Pro Forma [Member] | |||
Business Acquisition [Line Items] | |||
Revenues | 28,041 | 26,581 | |
Net income (loss) | 6,949 | (15,745) | |
Net loss attributable to common stockholders | $ (7,715) | $ (16,275) | |
Loss per share, basic and diluted | [1] | $ (0.31) | $ (0.79) |
[1] | Pro-forma loss per share, both basic and diluted, are calculated based on the net loss attributable to the Company. |
Acquisition of Real Estate (D36
Acquisition of Real Estate (Details Textual) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2017USD ($) | Mar. 09, 2017USD ($) | Feb. 17, 2017USD ($) | Dec. 18, 2015 | |
Business Acquisition [Line Items] | ||||
Number of Real Estate Properties, Fee Simple | 245 | |||
Aggregate Property Level Revenues And Recent Acquisitions | $ 900 | |||
Aggregate Property Level Net Income And Recent Acquisitions | $ 10 | |||
Bell Preston View [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of Real Estate Properties, Fee Simple | 382 | |||
Business Acquisition, Percentage of Voting Interests Acquired | 91.80% | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 59,500 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 41,100 | |||
Wesley Village [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of Real Estate Properties, Fee Simple | 301 | |||
Business Acquisition, Percentage of Voting Interests Acquired | 91.80% | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 57,200 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 40,500 |
Notes and Interest Receivable37
Notes and Interest Receivable due from Related Party (Details Textual) - USD ($) $ in Thousands | Mar. 03, 2017 | Jan. 06, 2017 | Dec. 29, 2016 | Mar. 31, 2017 | Jan. 05, 2017 |
BR Morehead JV , LLC [Member] | |||||
Due from Related Parties | $ 21,300 | ||||
Related Party Transaction, Interest Rate Description | The Company has the right to exercise an option to purchase, at the greater of a 25 basis point discount to fair market value or 15% internal rate of return for Fund II, up to a 100% common membership interest in BR Morehead JV Member (the mezzanine borrower), which is 99.5% owned by Fund II and which currently holds an approximate 95.0% interest in the West Morehead JV and in the West Morehead property, subject to certain promote rights of our unaffiliated development partner. | ||||
Related Party Transaction, Rate | 15.00% | ||||
West Morehead Development [Member] | |||||
Due From Unaffiliated Lender | $ 34,500 | $ 10 | $ 24,600 | ||
Unaffiliated Lender Transaction Interest Rate Description | The West Morehead Construction Loan bears interest on a floating basis on the amount drawn based on LIBOR plus 3.75%, subject to a minimum of 4.25%. Regular monthly payments are interest-only until September 2019, with further payments based on twenty-five-year amortization. The West Morehead Construction Loan can be prepaid without penalty. | ||||
Unaffiliated Lender Transaction Date | Dec. 29, 2019 | ||||
West Morehead Property [Member] | |||||
Due From Unaffiliated Lender | $ 7,300 | ||||
Unaffiliated Lender Transaction Interest Rate Description | The loan bears interest on a fixed rate of 11.5%. Regular monthly payments are interest-only. The loan can be prepaid prior to maturity provided the lender receives a cumulative return of 30% of its loan amount including all principal and interest paid. | ||||
Unaffiliated Lender Transaction Date | Dec. 29, 2019 | ||||
APOK Townhomes Development [Member] | |||||
Due From Unaffiliated Lender | $ 18,700 | 2,600 | |||
Unaffiliated Lender Transaction Interest Rate Description | The loan requires interest-only payments at prime plus 0.625%, subject to a floor of 4.125%. The loan can be prepaid without penalty. | ||||
Unaffiliated Lender Transaction Date | Jun. 29, 2019 | ||||
BRG Boca, LLC [Member] | |||||
Due from Related Parties | $ 11,200 | ||||
Related Party Transaction, Date | Jan. 6, 2020 | ||||
Related Party Transaction, Interest Rate Description | The Company has the right to exercise an option to purchase, at the greater of a 25 basis point discount to fair market value or 15% internal rate of return for Fund II, up to a 100% common membership interest in BR Boca JV Member (the mezzanine borrower), which is 99.5% owned by Fund II and which currently holds an approximate 90.0% interest in the Boca JV and in the Boca property, subject to certain promote rights of our unaffiliated development partner. | ||||
Related Party Transaction, Rate | 15.00% | ||||
Domain 1 development [Member] | |||||
Due From Unaffiliated Lender | $ 30,300 | ||||
Unaffiliated Lender Transaction Interest Rate Description | The Domain 1 Construction Loan bears interest on a floating basis on the amount drawn based on LIBOR plus 3.25%. Regular monthly payments are interest-only until March 2020, with further payments based on thirty-year amortization. The Domain 1 Construction Loan can be prepaid without penalty. | ||||
Unaffiliated Lender Transaction Date | Mar. 3, 2020 | ||||
Domain 1 property Owner [Member] | |||||
Due From Unaffiliated Lender | $ 6,400 | $ 900 | |||
Unaffiliated Lender Transaction Interest Rate Description | The loan bears interest on a fixed rate of 12.5%, with 9.5% paid currently. Regular monthly payments are interest-only. The loan can be prepaid prior to maturity provided the lender receives a minimum profit and 1% exit fee. | ||||
Unaffiliated Lender Transaction Date | Mar. 3, 2020 | ||||
BRG Domain 1 [Member] | |||||
Due from Related Parties, Current | $ 20,300 | ||||
Related Party Transaction, Interest Rate Description | The Company has the right to exercise an option to purchase, at the greater of a 25 basis point discount to fair market value or 15% internal rate of return for Fund II, up to a 100% common membership interest in BR Domain 1 JV Member (the mezzanine borrower), which is 99.5% owned by Fund II and which currently holds an approximate 95.0% interest in the Domain 1 JV and in the Domain 1 property, subject to certain promote rights of our unaffiliated development partner. | ||||
Related Party Transaction, Rate | 15.00% | ||||
West Morehead, Charlotte, NC [Member] | |||||
Debt Instrument, Maturity Date, Description | The BRG West Morehead Mezz Loan matures on the earlier of January 5, 2020, or the maturity of the West Morehead Construction Loan, defined below, as extended |
Preferred Equity Investments 38
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 92,186 | $ 91,132 |
Alexan CityCentre [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 7,733 | 7,733 |
Alexan Southside Place [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 19,015 | 17,322 |
APOK Townhomes [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 7 | 7,569 |
Helios, formerly known as Cheshire Bridge [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 16,360 | 16,360 |
Name [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 12 | 5,249 |
Flagler Village [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 24,184 | 14,035 |
Lake Boone Trail [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 11,929 | 9,919 |
West Morehead Property [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 14 | 13 |
Whetstone [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 12,932 | $ 12,932 |
Preferred Equity Investments 39
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | ||
Preferred returns and equity in income of unconsolidated joint ventures | $ 2,572 | $ 2,768 |
Alexan CityCentre [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Preferred returns and equity in income of unconsolidated joint ventures | 301 | 243 |
Alexan Southside Place [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Preferred returns and equity in income of unconsolidated joint ventures | 641 | 648 |
APOK Townhomes [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Preferred returns and equity in income of unconsolidated joint ventures | 0 | 0 |
Name Domain [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Preferred returns and equity in income of unconsolidated joint ventures | 141 | 138 |
EOS [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Preferred returns and equity in income of unconsolidated joint ventures | (22) | 136 |
Flagler Village [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Preferred returns and equity in income of unconsolidated joint ventures | (1) | (2) |
Helios, formerly known as Cheshire Bridge [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Preferred returns and equity in income of unconsolidated joint ventures | 605 | 612 |
Lake Boone Trail [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Preferred returns and equity in income of unconsolidated joint ventures | 421 | 371 |
West Morehead Property [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Preferred returns and equity in income of unconsolidated joint ventures | 0 | 164 |
Whetstone [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Preferred returns and equity in income of unconsolidated joint ventures | $ 486 | $ 458 |
Preferred Equity Investments 40
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Details 2) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Balance Sheets: | |||
Real estate, net of depreciation | $ 237,676 | $ 197,742 | |
Other assets | 48,057 | 33,814 | |
Total assets | 285,733 | 231,556 | |
Mortgage payable | 145,076 | 97,598 | |
Other liabilities | 19,718 | 13,191 | |
Total liabilities | 164,794 | 110,789 | |
Members’ equity | 120,939 | 120,767 | |
Total liabilities and members’ equity | 285,733 | $ 231,556 | |
Operating Statements: | |||
Rental revenues | 759 | $ 1,146 | |
Operating expenses | (441) | (729) | |
Income before debt service and depreciation and amortization | 318 | 417 | |
Interest expense, net | (1,824) | (323) | |
Depreciation and amortization | (354) | (759) | |
Net loss | $ (1,860) | $ (665) |
Preferred Equity Investments 41
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Details Textual) | Mar. 03, 2017 | Jan. 06, 2017 | Jun. 07, 2016USD ($) | Apr. 07, 2015USD ($) | Jan. 12, 2015 | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Oct. 06, 2016USD ($) | Sep. 30, 2016USD ($) | Jan. 06, 2016 | Dec. 18, 2015 | Nov. 20, 2015 | May 20, 2015 |
Equity Method Investment And Joint Venture [Line Items] | |||||||||||||
Number of Real Estate Properties, Fee Simple | 245 | ||||||||||||
Preferred ship Interest Return At Annual Rate | 15.00% | ||||||||||||
Percentage Of Preferred ship Interest | 70.00% | ||||||||||||
Equity Method Investments | $ 92,186,000 | $ 91,132,000 | |||||||||||
Noncontrolling Interest, Description | (i) Fund II substantially redeemed the preferred equity investment held by BRG Domain 1 in BR Domain 1 JV Member for $7.1 million, (ii) BRG Domain 1 maintained a 0.5% common interest in BR Domain 1JV Member, and (iii) the Company, through BRG Domain 1, provided a mezzanine loan in the amount of $20.3 million to BR Domain 1 JV Member, or the BRG Domain 1 Mezz Loan. See Note 6 for further details regarding Domain Phase 1 and the BRG Domain 1 Mezz Loan. | ||||||||||||
Founded [Member] | |||||||||||||
Equity Method Investment And Joint Venture [Line Items] | |||||||||||||
Debt Instrument, Face Amount | $ 31,800,000 | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | based on the base rate plus 1.25% or LIBOR plus 2.25% | ||||||||||||
Debt Instrument, Maturity Date | Apr. 7, 2019 | ||||||||||||
Construction Loan | 1,500,000 | ||||||||||||
Bluerock Growth Fund II [Member] | |||||||||||||
Equity Method Investment And Joint Venture [Line Items] | |||||||||||||
Expected Return On Related Party Debt | 20.00% | ||||||||||||
Proceeds from Related Party Debt | $ 1,300,000 | ||||||||||||
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 | ||||||||||||
Percentage of Acquire Preferred Equity Interests | 100.00% | ||||||||||||
Expected Return On Related Party Debt | 20.00% | ||||||||||||
Equity Method Investments | $ 700,000 | ||||||||||||
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 | ||||||||||||
Alexan CityCentre [Member] | |||||||||||||
Equity Method Investment And Joint Venture [Line Items] | |||||||||||||
Number of Real Estate Properties, Fee Simple | 340 | ||||||||||||
BRG Southside LLC [Member] | |||||||||||||
Equity Method Investment And Joint Venture [Line Items] | |||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | $ 19,000,000 | ||||||||||||
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 | 270 | ||||||||||||
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 | 299 | ||||||||||||
Acquisition of Flagler Village Interest [Member] | |||||||||||||
Equity Method Investment And Joint Venture [Line Items] | |||||||||||||
Number of Real Estate Properties, Fee Simple | 384 | ||||||||||||
Capital Commitment | $ 57,800,000 | ||||||||||||
Funded Amount | $ 24,200,000 | ||||||||||||
Acquisition of Lake Boone Trail [Member] | |||||||||||||
Equity Method Investment And Joint Venture [Line Items] | |||||||||||||
Debt Instrument, Description of Variable Rate Basis | based on one-month LIBOR plus 2.65% | ||||||||||||
Capital Commitment | $ 16,400,000 | ||||||||||||
Percentage of Acquire Preferred Equity Interests | 100.00% | ||||||||||||
BR Morehead JV , LLC [Member] | |||||||||||||
Equity Method Investment And Joint Venture [Line Items] | |||||||||||||
Number of Real Estate Properties, Fee Simple | 286 | ||||||||||||
Alexan CityCentre Construction Loan Modification [Member] | |||||||||||||
Equity Method Investment And Joint Venture [Line Items] | |||||||||||||
Debt Instrument, Description of Variable Rate Basis | the prime rate plus 0.5%, or LIBOR plus 3.00% | ||||||||||||
Loans Receivable Additional Equity Contribution By Borrower To Development Cost | 700,000 | ||||||||||||
Construction Loan Allocated to Operating Expenses | $ 600,000 | ||||||||||||
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] | Construction Loan Payable [Member] | |||||||||||||
Equity Method Investment And Joint Venture [Line Items] | |||||||||||||
Debt Instrument, Maturity Date | Jan. 1, 2020 | ||||||||||||
Construction Loan | $ 34,700,000 | ||||||||||||
Loans Receivable Additional Equity Contribution By Borrower To Development Cost | 2,200,000 | ||||||||||||
Long-term Construction Loan | 55,100,000 | ||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 60,000 | ||||||||||||
BR TC BLVD JV,LLC [Member] | |||||||||||||
Equity Method Investment And Joint Venture [Line Items] | |||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | $ 7,700,000 | ||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 100.00% | ||||||||||||
Expected Return On Related Party Debt | 20.00% | ||||||||||||
Equity Method Investments | $ 1,200,000 | ||||||||||||
BR Boca JV, LLC [Member] | |||||||||||||
Equity Method Investment And Joint Venture [Line Items] | |||||||||||||
Number of Real Estate Properties, Fee Simple | 90 | ||||||||||||
Preferred ship Interest Return At Annual Rate | 0.50% | ||||||||||||
Capital Commitment | $ 11,200,000 | ||||||||||||
Funded Amount | $ 7,300,000 | ||||||||||||
Whetstone Apartment property [Member] | |||||||||||||
Equity Method Investment And Joint Venture [Line Items] | |||||||||||||
Debt Instrument, Maturity Date | Nov. 1, 2023 | ||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.81% | ||||||||||||
Percentage Of Prepayment Premium | 1.00% | ||||||||||||
Secured Debt, Current | $ 26,500,000 | ||||||||||||
Helios Interests [Member] | |||||||||||||
Equity Method Investment And Joint Venture [Line Items] | |||||||||||||
Debt Instrument, Face Amount | $ 38,100,000 | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | based on one-month LIBOR plus 2.50% | ||||||||||||
Debt Instrument, Maturity Date | Dec. 16, 2018 | ||||||||||||
Construction Loan | $ 20,800,000 | ||||||||||||
BRG Lake Boone, LLC [Member] | |||||||||||||
Equity Method Investment And Joint Venture [Line Items] | |||||||||||||
Debt Instrument, Face Amount | $ 25,200,000 | ||||||||||||
Debt Instrument, Maturity Date | Dec. 23, 2019 | ||||||||||||
Construction Loan | $ 2,900,000 | ||||||||||||
West Morehead [Member] | |||||||||||||
Equity Method Investment And Joint Venture [Line Items] | |||||||||||||
Preferred ship Interest Return At Annual Rate | 0.50% | ||||||||||||
BR Southside , LLC [Member] | |||||||||||||
Equity Method Investment And Joint Venture [Line Items] | |||||||||||||
Expected Return On Related Party Debt | 20.00% | ||||||||||||
Proceeds from Related Party Debt | $ 1,700,000 |
Mortgages Payable (Details)
Mortgages Payable (Details) - USD ($) $ in Thousands | Mar. 09, 2017 | Feb. 17, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
Mortgages [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Total | $ 755,681 | $ 716,153 | |||
Fair value adjustments | 2,224 | 1,364 | |||
Deferred financing costs, net | (7,094) | (6,942) | |||
Total mortgages payable | 750,811 | 710,575 | |||
ARIUM at Palmer Ranch [Member] | Mortgages [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Total Outstanding Principal | $ 26,925 | 26,925 | |||
Interest Rate | 2.96% | ||||
Fixed/Floating | [1] | LIBOR + 2.17% | |||
Maturity Date | Feb. 1, 2023 | ||||
ARIUM Grandewood [Member] | Mortgages [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Total Outstanding Principal | $ 34,294 | 34,294 | |||
Interest Rate | 2.61% | ||||
Fixed/Floating | [2] | Floating | |||
Maturity Date | Dec. 1, 2024 | ||||
ARIUM Gulfshore [Member] | Mortgages [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Total Outstanding Principal | $ 32,626 | 32,626 | |||
Interest Rate | 2.96% | ||||
Fixed/Floating | [1] | LIBOR + 2.17% | |||
Maturity Date | Feb. 1, 2023 | ||||
ARIUM Palms [Member] | Mortgages [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Total Outstanding Principal | $ 24,999 | 24,999 | |||
Interest Rate | 3.01% | ||||
Fixed/Floating | [1] | LIBOR + 2.22% | |||
Maturity Date | Sep. 1, 2022 | ||||
ARIUM Pine Lakes [Member] | Mortgages [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Total Outstanding Principal | $ 26,950 | 26,950 | |||
Interest Rate | 3.95% | ||||
Fixed/Floating | Fixed | ||||
Maturity Date | Nov. 1, 2023 | ||||
ARIUM Westside [Member] | Mortgages [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Total Outstanding Principal | $ 52,150 | 52,150 | |||
Interest Rate | 3.68% | ||||
Fixed/Floating | Fixed | ||||
Maturity Date | Aug. 1, 2023 | ||||
Ashton Reserve I [Member] | Mortgages [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Total Outstanding Principal | $ 31,777 | 31,900 | |||
Interest Rate | 4.67% | ||||
Fixed/Floating | Fixed | ||||
Maturity Date | Dec. 1, 2025 | ||||
Ashton Reserve II [Member] | Mortgages [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Total Outstanding Principal | $ 15,270 | 15,270 | |||
Interest Rate | 3.41% | ||||
Fixed/Floating | [1] | LIBOR + 2.62% | |||
Maturity Date | Jan. 1, 2026 | ||||
Crescent Perimeter [Member] | Mortgages [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Total Outstanding Principal | [3] | $ 0 | 0 | ||
Interest Rate | [3] | ||||
Fixed/Floating | [3] | LIBOR + 3.00% | |||
Maturity Date | [3] | Dec. 12, 2020 | |||
Enders Place at Baldwin Park [Member] | Mortgages [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Total Outstanding Principal | [4] | $ 24,619 | 24,732 | ||
Interest Rate | [4] | 4.30% | |||
Fixed/Floating | [4] | Fixed | |||
Maturity Date | [4] | Nov. 1, 2022 | |||
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 | ||||
Lansbrook Village [Member] | Mortgages [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Total Outstanding Principal | $ 57,190 | 57,190 | |||
Interest Rate | 3.23% | ||||
Fixed/Floating | [1] | LIBOR + 2.44% | |||
Maturity Date | Aug. 1, 2026 | ||||
Legacy At Southpark [Member] | Mortgages [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Total Outstanding Principal | $ 26,500 | 26,500 | |||
Interest Rate | 4.35% | ||||
Fixed/Floating | Fixed | ||||
Maturity Date | Jan. 1, 2024 | ||||
MDA Apartments [Member] | Mortgages [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Total Outstanding Principal | $ 36,990 | 37,124 | |||
Interest Rate | 5.35% | ||||
Fixed/Floating | Fixed | ||||
Maturity Date | Jan. 1, 2023 | ||||
Nevadan [Member] | Mortgages [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Total Outstanding Principal | $ 48,431 | 48,431 | |||
Interest Rate | 3.27% | ||||
Fixed/Floating | [1] | LIBOR + 2.48% | |||
Maturity Date | Nov. 1, 2023 | ||||
Preston View [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest Rate | 2.07% | ||||
Maturity Date | Mar. 1, 2024 | ||||
Preston View [Member] | Mortgages [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Total Outstanding Principal | $ 41,066 | 0 | |||
Interest Rate | 2.86% | ||||
Fixed/Floating | [1] | LIBOR + 2.07% | |||
Maturity Date | Mar. 1, 2024 | ||||
Park & Kingston [Member] | Mortgages [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Total Outstanding Principal | [5] | $ 18,432 | 18,432 | ||
Interest Rate | [5] | 3.41% | |||
Fixed/Floating | [5] | Fixed | |||
Maturity Date | [5] | Apr. 1, 2020 | |||
Roswell City Walk [Member] | Mortgages [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Total Outstanding Principal | $ 51,000 | 51,000 | |||
Interest Rate | 3.63% | ||||
Fixed/Floating | Fixed | ||||
Maturity Date | Dec. 1, 2026 | ||||
Sorrel [Member] | Mortgages [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Total Outstanding Principal | $ 38,684 | 38,684 | |||
Interest Rate | 3.08% | ||||
Fixed/Floating | [1] | LIBOR + 2.29% | |||
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 | ||||
The Brodie [Member] | Mortgages [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Total Outstanding Principal | $ 34,825 | 34,825 | |||
Interest Rate | 3.71% | ||||
Fixed/Floating | Fixed | ||||
Maturity Date | Dec. 1, 2023 | ||||
The Preserve at Henderson Beach [Member] | Mortgages [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Total Outstanding Principal | $ 36,823 | 36,989 | |||
Interest Rate | 4.65% | ||||
Fixed/Floating | Fixed | ||||
Maturity Date | Jan. 5, 2023 | ||||
Vickers Roswell [Member] | Mortgages [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Total Outstanding Principal | [6] | $ 0 | 0 | ||
Interest Rate | [6] | ||||
Fixed/Floating | [6] | LIBOR + 3.00% | |||
Maturity Date | [6] | Dec. 1, 2020 | |||
Village Green Ann Arbor [Member] | Mortgages [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Total Outstanding Principal | $ 0 | 41,547 | |||
Interest Rate | 3.92% | ||||
Fixed/Floating | Fixed | ||||
Maturity Date | Oct. 1, 2022 | ||||
Wesley Village [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest Rate | 4.25% | ||||
Maturity Date | Apr. 1, 2024 | ||||
Wesley Village [Member] | Mortgages [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Total Outstanding Principal | $ 40,545 | $ 0 | |||
Interest Rate | 4.25% | ||||
Fixed/Floating | Fixed | ||||
Maturity Date | Apr. 1, 2024 | ||||
[1] | One month LIBOR as of March 31, 2017 was 0.79%. | ||||
[2] | ARIUM Grandewood principal balance includes the initial advance of $29.44 million at a floating rate of 1.67% plus one month LIBOR and a $4.85 million supplemental loan at a floating rate of 2.74% plus one month LIBOR. At March 31, 2017, the interest rates on the initial advance and supplemental loan were 2.46% and 3.53%, respectively. | ||||
[3] | Construction loan of up to $44.7 million. The loan has a one-year extension option subject to certain conditions. | ||||
[4] | The Enders Place at Baldwin Park principal balance includes a $16.8 million loan at a fixed rate of 3.97% and a $7.8 million supplemental loan at a fixed rate of 5.01%. | ||||
[5] | The Park & Kingston principal balance includes a $15.3 million loan at a fixed rate of 3.21% and a $3.2 million supplemental loan at a fixed rate of 4.34%. | ||||
[6] | Construction loan of up to $18.0 million. |
Mortgages Payable (Details 1)
Mortgages Payable (Details 1) - ARIUM Grandewood [Member] $ in Thousands | Mar. 31, 2017USD ($) |
Debt Disclosure [Abstract] | |
2017 (April 1-December 31) | $ 1,721 |
2,018 | 2,800 |
2,019 | 5,824 |
2,020 | 28,141 |
2,021 | 11,159 |
Thereafter | 706,036 |
Long-term Debt | 755,681 |
Add: Unamortized fair value debt adjustment | 2,224 |
Subtract: Deferred financing costs, net | (7,094) |
Total | $ 750,811 |
Mortgages Payable (Details Text
Mortgages Payable (Details Textual) - USD ($) $ in Thousands | Mar. 09, 2017 | Feb. 17, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Line of Credit Facility [Line Items] | ||||
Real Estate Investments, Net, Total | $ 1,051,665 | $ 987,077 | ||
Debt Instrument, Basis Spread on Variable Rate | 0.79% | |||
Enders Place at Baldwin Park [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Secured Long-term Debt, Noncurrent | $ 16,800 | |||
Debt Instrument, Basis Spread on Variable Rate | 3.97% | |||
Enders Place at Baldwin Park [Member] | Supplemental Loan [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Secured Long-term Debt, Noncurrent | $ 7,800 | |||
Debt Instrument, Basis Spread on Variable Rate | 5.01% | |||
ARIUM Grandewood [Member] | Initial Advance [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.46% | |||
Secured Long-term Debt, Noncurrent | $ 29,440 | |||
Debt Instrument, Description of Variable Rate Basis | floating rate of 1.67% | |||
ARIUM Grandewood [Member] | Supplemental Loan [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.53% | |||
Secured Long-term Debt, Noncurrent | $ 4,850 | |||
Debt Instrument, Description of Variable Rate Basis | floating rate of 2.74% | |||
Park Kingston [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Secured Long-term Debt, Noncurrent | $ 15,300 | |||
Debt Instrument, Basis Spread on Variable Rate | 3.21% | |||
Park Kingston [Member] | Supplemental Loan [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Secured Long-term Debt, Noncurrent | $ 3,200 | |||
Debt Instrument, Basis Spread on Variable Rate | 4.34% | |||
Crescent Perimeter [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 44,700 | |||
Vickers Roswell [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 18,000 | |||
Preston View [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Face Amount | $ 41,100 | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.07% | |||
Debt Instrument, Maturity Date | Mar. 1, 2024 | |||
Debt Instrument, Payment Terms | with interest only payments until March 2019, and then monthly payments based on 30-year amortization. After March 31, 2018, the loan may be prepaid with a 1% prepayment fee through December 31, 2023, and thereafter at par. | |||
Wesley Village [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Face Amount | $ 40,500 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | |||
Debt Instrument, Maturity Date | Apr. 1, 2024 | |||
Debt Instrument, Payment Terms | with interest only payments until April 2019, and then fixed monthly payments based on 30-year amortization. After January 1, 2024, the loan may be prepaid without prepayment fee or yield maintenance. |
Fair Value of Financial Instr45
Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage Payable At Carrying Value | $ 757.9 | $ 717.5 |
Long-term Debt, Fair Value | $ 756.3 | $ 714.8 |
Related Party Transactions (Det
Related Party Transactions (Details) - Manager [Member] - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Related Party Transaction [Line Items] | ||
Total related-party amounts payable | $ 3,587 | $ 2,409 |
Base management fee [Member] | ||
Related Party Transaction [Line Items] | ||
Total related-party amounts payable | 2,326 | 2,015 |
Incentive fee [Member] | ||
Related Party Transaction [Line Items] | ||
Total related-party amounts payable | 442 | 0 |
Operating Expense Reimbursements and Direct Expense Reimbursements [Member] | ||
Related Party Transaction [Line Items] | ||
Total related-party amounts payable | 584 | 274 |
Offering expense reimbursements [Member] | ||
Related Party Transaction [Line Items] | ||
Total related-party amounts payable | $ 235 | $ 120 |
Related Party Transactions (D47
Related Party Transactions (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jul. 02, 2015 | Aug. 03, 2016 | Mar. 24, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 |
Related Party Transaction [Line Items] | ||||||
Due From Affiliates Excluding Former Advisor | $ 900 | $ 900 | ||||
Compensation Percent Of Stockholders Equity | 0.25% | |||||
Compensation Incentive Fee Product Percentage | 20.00% | |||||
Compensation Incentive Fee Base Percentage | 8.00% | |||||
Incentive Fee Expense | $ 400 | |||||
Reimbursement Of Organizational And Offering Costs | $ 600 | $ 100 | ||||
Issuance of Preferred Stock, Commission Fee Percentage | 10.00% | |||||
Issuance Of Preferred Stock Dealer Manager Fee Percentage | 10.00% | |||||
Due to Correspondent Brokers | $ 700 | |||||
Commissions Payable to Broker-Dealers and Clearing Organizations | $ 1,600 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | |||||
Long Term Incentive Plan Units Issued for Incentive Fees | 36,000 | |||||
General and Administrative Expense [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Allocated Share-based Compensation Expense | $ 300 | 400 | ||||
Long-term Incentive Plan Units [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Share Price | $ 12.31 | |||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 189,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 283,390 | |||||
Common Stock [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Reimbursement Of Organizational And Offering Costs | $ 30 | |||||
Manager [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Management Fees | $ 2,300 | $ 1,200 | ||||
External Manager [Member] | 2014 Inventive Plan [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 176,610 | |||||
Common Class A [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Compensation Percent Of Stockholders Equity | 1.50% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 7,500 | |||||
Series B Preferred Stock [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Reimbursement Of Offering Costs | $ 200 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Net loss attributable to common stockholders | $ (4,990) | $ (4,135) | |
Dividends on restricted stock expected to vest | 0 | (3) | |
Basic net loss attributable to common stockholders | $ (4,990) | $ (4,138) | |
Weighted average shares outstanding, basic (in shares) | [1] | 24,989,621 | 20,521,596 |
Potential dilutive shares | [2] | 0 | 0 |
Weighted average common shares outstanding and potential dilutive shares | [1] | 24,989,621 | 20,521,596 |
Net loss per common share, basic | $ (0.20) | $ (0.20) | |
Net loss per common share, diluted | $ (0.20) | $ (0.20) | |
[1] | For 2017, amounts relate to shares of the Company’s Class A common stock and LTIP Units outstanding. For 2016, amounts relate to shares of Class A and B-3 common stock and LTIP Units outstanding. | ||
[2] | Excludes 661 and 13,378 shares of common stock, for the three months ended March 31, 2017 and 2016, respectively, related to non-vested restricted stock, as the effect would be anti-dilutive. |
Stockholders' Equity (Details 1
Stockholders' Equity (Details 1) | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non Vested shares, Balance (in shares) | shares | 659 |
Non Vested shares, Granted (in shares) | shares | 0 |
Non Vested shares, Vested (in shares) | shares | 0 |
Non Vested shares, Forfeited (in shares) | shares | 0 |
Non Vested shares, Balance (in shares) | shares | 659 |
Weighted average grant-date fair value, Balance (in dollars) | $ / shares | $ 22.75 |
Weighted average grant-date fair value, Granted (in dollars) | $ / shares | 0 |
Weighted average grant-date fair value, Vested (in dollars) | $ / shares | 0 |
Weighted average grant-date fair value, Forfeited (in dollars) | $ / shares | 0 |
Weighted average grant-date fair value, Balance (in dollars) | $ / shares | $ 22.75 |
Stockholders' Equity (Details 2
Stockholders' Equity (Details 2) | 3 Months Ended |
Mar. 31, 2017$ / shares | |
Common Class A [Member] | |
Declaration Date | Oct. 4, 2016 |
Payable to stockholders of record as of | Dec. 23, 2016 |
Amount | $ 0.096667 |
Date Paid | Jan. 5, 2017 |
Common Class A One [Member] | |
Declaration Date | Jan. 6, 2017 |
Payable to stockholders of record as of | Jan. 25, 2017 |
Amount | $ 0.096666 |
Date Paid | Feb. 3, 2017 |
Common Class A Two [Member] | |
Declaration Date | Jan. 6, 2017 |
Payable to stockholders of record as of | Feb. 24, 2017 |
Amount | $ 0.096667 |
Date Paid | Mar. 3, 2017 |
Common Class A Three [Member] | |
Declaration Date | Jan. 6, 2017 |
Payable to stockholders of record as of | Mar. 24, 2017 |
Amount | $ 0.096667 |
Date Paid | Apr. 5, 2017 |
Series A Preferred Stock [Member] | |
Declaration Date | Dec. 9, 2016 |
Payable to stockholders of record as of | Dec. 23, 2016 |
Amount | $ 0.515625 |
Date Paid | Jan. 5, 2017 |
Series A Preferred Stock One [Member] | |
Declaration Date | Mar. 10, 2017 |
Payable to stockholders of record as of | Mar. 24, 2017 |
Amount | $ 0.515625 |
Date Paid | Apr. 5, 2017 |
Series B Preferred Stock [Member] | |
Declaration Date | Oct. 4, 2016 |
Payable to stockholders of record as of | Dec. 23, 2016 |
Amount | $ 5 |
Date Paid | Jan. 5, 2017 |
Series B Preferred Stock One [Member] | |
Declaration Date | Jan. 6, 2017 |
Payable to stockholders of record as of | Jan. 25, 2017 |
Amount | $ 5 |
Date Paid | Feb. 3, 2017 |
Series B Preferred Stock Two [Member] | |
Declaration Date | Jan. 6, 2017 |
Payable to stockholders of record as of | Feb. 24, 2017 |
Amount | $ 5 |
Date Paid | Mar. 3, 2017 |
Series B Preferred Stock Three [Member] | |
Declaration Date | Jan. 6, 2017 |
Payable to stockholders of record as of | Mar. 24, 2017 |
Amount | $ 5 |
Date Paid | Apr. 5, 2017 |
Series C Preferred Stock [Member] | |
Declaration Date | Dec. 9, 2016 |
Payable to stockholders of record as of | Dec. 23, 2016 |
Amount | $ 0.4765625 |
Date Paid | Jan. 5, 2017 |
Series C Preferred Stock One [Member] | |
Declaration Date | Mar. 10, 2017 |
Payable to stockholders of record as of | Mar. 24, 2017 |
Amount | $ 0.4765625 |
Date Paid | Apr. 5, 2017 |
Series D Preferred Stock [Member] | |
Declaration Date | Dec. 9, 2016 |
Payable to stockholders of record as of | Dec. 23, 2016 |
Amount | $ 0.3859 |
Date Paid | Jan. 5, 2017 |
Series D Preferred Stock One [Member] | |
Declaration Date | Mar. 10, 2017 |
Payable to stockholders of record as of | Mar. 24, 2017 |
Amount | $ 0.4453125 |
Date Paid | Apr. 5, 2017 |
Stockholders' Equity (Details 3
Stockholders' Equity (Details 3) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |
Distributions Declared | $ 13,443 |
Distributions Paid | 12,682 |
Common Class A [Member] | |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |
Distributions Declared | 7,014 |
Distributions Paid | 6,566 |
Series A Preferred Stock [Member] | |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |
Distributions Declared | 2,950 |
Distributions Paid | 2,950 |
Series B Preferred Stock [Member] | |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |
Distributions Declared | 525 |
Distributions Paid | 395 |
Series C Preferred Stock [Member] | |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |
Distributions Declared | 1,107 |
Distributions Paid | 1,107 |
Series D Preferred Stock [Member] | |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |
Distributions Declared | 1,269 |
Distributions Paid | 1,100 |
Operating Partnership Units [Member] | |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |
Distributions Declared | 82 |
Distributions Paid | 84 |
Long-term Incentive Plan Units [Member] | |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |
Distributions Declared | 496 |
Distributions Paid | $ 480 |
Stockholders' Equity (Details T
Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jan. 11, 2017 | Sep. 14, 2016 | Aug. 03, 2016 | Jul. 02, 2015 | Feb. 14, 2017 | Jan. 24, 2017 | Jan. 17, 2017 | Mar. 24, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Aug. 08, 2016 | Mar. 29, 2016 |
Class of Stock [Line Items] | |||||||||||||
Unrecognized Stock Based Compensation | $ 10 | ||||||||||||
Proceeds From Issuance Of Common Stock | $ 57,338 | $ 12 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | ||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 months 29 days | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Grants in Period, Grant Date Fair Value | $ 100 | ||||||||||||
Class of Warrant or Right, Outstanding | 45,051 | ||||||||||||
General and Administrative Expense [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Allocated Share-based Compensation Expense | $ 300 | 400 | |||||||||||
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 | 7.77% | ||||||||||||
OP Unit holders [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 1.05% | ||||||||||||
Partners' Capital Account, Units, Beginning Balance | 275,494 | ||||||||||||
LTIP Unit holders [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 6.72% | ||||||||||||
Partners' Capital Account, Units, Beginning Balance | 1,763,910 | ||||||||||||
Common Class A [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Proceeds From Issuance Of Common Stock | $ 49,800 | ||||||||||||
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 | 600,000 | 4,000,000 | 4,601,041 | ||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||
Sale of Stock, Price Per Share | $ 13.15 | ||||||||||||
Preferred Stock, Value, Issued | $ 100,000 | ||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 7,500 | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 901,020 | ||||||||||||
Proceeds from Issuance or Sale of Equity | $ 40,500 | ||||||||||||
Series A Preferred Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Preferred Stock, Value, Issued | $ 100,000 | ||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | 3,600 | ||||||||||||
Stock Issued During Period, Shares, Other | 146,460 | ||||||||||||
Series B Preferred Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Stock Issued During Period, Shares, New Issues | 23,569 | ||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 20,535 | $ 0 | |||||||||||
Stock Issued During Period, Shares, Other | 45,051 | ||||||||||||
Series C Preferred Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Preferred Stock, Value, Issued | $ 36,000 | ||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 600 | ||||||||||||
Stock Issued During Period, Shares, Other | 23,750 | ||||||||||||
Long-term Incentive Plan Units [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 7,500 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Grants in Period, Grant Date Fair Value | $ 100 | ||||||||||||
Common Stock [Member] | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 661 | 13,378 | |||||||||||
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 | 176,610 | 283,390 |
Subsequent Events (Details)
Subsequent Events (Details) | 3 Months Ended |
Mar. 31, 2017$ / shares | |
Class A common stock [Member] | |
Subsequent Event [Line Items] | |
Declaration of Dividends, Declaration Date | Oct. 4, 2016 |
Declaration of Dividends, Payable to stockholders of record as of | Dec. 23, 2016 |
Declaration of Dividends, Date Paid | Jan. 5, 2017 |
Declaration of Dividends, Amount | $ 0.096667 |
Class A common stock [Member] | May 5, 2017 [Member] | Dividend Declared [Member] | |
Subsequent Event [Line Items] | |
Declaration of Dividends, Declaration Date | Apr. 7, 2017 |
Declaration of Dividends, Payable to stockholders of record as of | Apr. 25, 2017 |
Declaration of Dividends, Date Paid | May 5, 2017 |
Declaration of Dividends, Amount | $ 0.096666 |
Class A common stock [Member] | June 5, 2017 [Member] | Dividend Declared [Member] | |
Subsequent Event [Line Items] | |
Declaration of Dividends, Declaration Date | Apr. 7, 2017 |
Declaration of Dividends, Payable to stockholders of record as of | May 25, 2017 |
Declaration of Dividends, Date Paid | Jun. 5, 2017 |
Declaration of Dividends, Amount | $ 0.096667 |
Class A common stock [Member] | July 5, 2017 [Member] | Dividend Declared [Member] | |
Subsequent Event [Line Items] | |
Declaration of Dividends, Declaration Date | Apr. 7, 2017 |
Declaration of Dividends, Payable to stockholders of record as of | Jun. 23, 2017 |
Declaration of Dividends, Date Paid | Jul. 5, 2017 |
Declaration of Dividends, Amount | $ 0.096667 |
Series B Preferred Stock [Member] | |
Subsequent Event [Line Items] | |
Declaration of Dividends, Declaration Date | Oct. 4, 2016 |
Declaration of Dividends, Payable to stockholders of record as of | Dec. 23, 2016 |
Declaration of Dividends, Date Paid | Jan. 5, 2017 |
Declaration of Dividends, Amount | $ 5 |
Series B Preferred Stock [Member] | May 5, 2017 [Member] | Dividend Declared [Member] | |
Subsequent Event [Line Items] | |
Declaration of Dividends, Declaration Date | Apr. 7, 2017 |
Declaration of Dividends, Payable to stockholders of record as of | Apr. 25, 2017 |
Declaration of Dividends, Date Paid | May 5, 2017 |
Declaration of Dividends, Amount | $ 5 |
Series B Preferred Stock [Member] | June 5, 2017 [Member] | Dividend Declared [Member] | |
Subsequent Event [Line Items] | |
Declaration of Dividends, Declaration Date | Apr. 7, 2017 |
Declaration of Dividends, Payable to stockholders of record as of | May 25, 2017 |
Declaration of Dividends, Date Paid | Jun. 5, 2017 |
Declaration of Dividends, Amount | $ 5 |
Series B Preferred Stock [Member] | July 5, 2017 [Member] | Dividend Declared [Member] | |
Subsequent Event [Line Items] | |
Declaration of Dividends, Declaration Date | Apr. 7, 2017 |
Declaration of Dividends, Payable to stockholders of record as of | Jun. 23, 2017 |
Declaration of Dividends, Date Paid | Jul. 5, 2017 |
Declaration of Dividends, Amount | $ 5 |
Subsequent Events (Details 1)
Subsequent Events (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended |
May 04, 2017 | Mar. 31, 2017 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Total Distribution | $ 10,889 | |
Class A Common Stock One [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Jan. 6, 2017 | |
Dividends, Record Date | Jan. 25, 2017 | |
Dividends, Date paid | Feb. 3, 2017 | |
Declaration of Dividends, Amount | $ 0.096666 | |
Class A Common Stock One [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Jan. 13, 2017 | |
Dividends, Record Date | Mar. 24, 2017 | |
Dividends, Date paid | Apr. 5, 2017 | |
Declaration of Dividends, Amount | $ 0.096667 | |
Dividends, Total Distribution | $ 2,339 | |
Series A Preferred Stock [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Dec. 9, 2016 | |
Dividends, Record Date | Dec. 23, 2016 | |
Dividends, Date paid | Jan. 5, 2017 | |
Declaration of Dividends, Amount | $ 0.515625 | |
Series A Preferred Stock [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Mar. 10, 2017 | |
Dividends, Record Date | Mar. 24, 2017 | |
Dividends, Date paid | Apr. 5, 2017 | |
Declaration of Dividends, Amount | $ 0.515625 | |
Dividends, Total Distribution | $ 2,950 | |
Operating Partnership Units One [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Jan. 13, 2017 | |
Dividends, Record Date | Mar. 24, 2017 | |
Dividends, Date paid | Apr. 5, 2017 | |
Declaration of Dividends, Amount | $ 0.096667 | |
Dividends, Total Distribution | $ 27 | |
Long-term Incentive Plan Units One [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Jan. 13, 2017 | |
Dividends, Record Date | Mar. 24, 2017 | |
Dividends, Date paid | Apr. 5, 2017 | |
Declaration of Dividends, Amount | $ 0.096667 | |
Dividends, Total Distribution | $ 171 | |
Class A Common Stock Two [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Jan. 6, 2017 | |
Dividends, Record Date | Feb. 24, 2017 | |
Dividends, Date paid | Mar. 3, 2017 | |
Declaration of Dividends, Amount | $ 0.096667 | |
Class A Common Stock Two [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Apr. 7, 2017 | |
Dividends, Record Date | Apr. 25, 2017 | |
Dividends, Date paid | May 5, 2017 | |
Declaration of Dividends, Amount | $ 0.096666 | |
Dividends, Total Distribution | $ 2,338 | |
Series B Preferred Stock [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Oct. 4, 2016 | |
Dividends, Record Date | Dec. 23, 2016 | |
Dividends, Date paid | Jan. 5, 2017 | |
Declaration of Dividends, Amount | $ 5 | |
Series B Preferred Stock [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Jan. 13, 2017 | |
Dividends, Record Date | Mar. 24, 2017 | |
Dividends, Date paid | Apr. 5, 2017 | |
Declaration of Dividends, Amount | $ 5 | |
Dividends, Total Distribution | $ 225 | |
Operating Partnership Units Two [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Apr. 7, 2017 | |
Dividends, Record Date | Apr. 25, 2017 | |
Dividends, Date paid | May 5, 2017 | |
Declaration of Dividends, Amount | $ 0.096666 | |
Dividends, Total Distribution | $ 26 | |
Long-term Incentive Plan Units Two [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Apr. 7, 2017 | |
Dividends, Record Date | Apr. 25, 2017 | |
Dividends, Date paid | May 5, 2017 | |
Declaration of Dividends, Amount | $ 0.096666 | |
Dividends, Total Distribution | $ 172 | |
Series B Preferred Stock One [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Apr. 7, 2017 | |
Dividends, Record Date | Apr. 25, 2017 | |
Dividends, Date paid | May 5, 2017 | |
Declaration of Dividends, Amount | $ 5 | |
Dividends, Total Distribution | $ 265 | |
Series C Preferred Stock [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Dec. 9, 2016 | |
Dividends, Record Date | Dec. 23, 2016 | |
Dividends, Date paid | Jan. 5, 2017 | |
Declaration of Dividends, Amount | $ 0.4765625 | |
Series C Preferred Stock [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Mar. 10, 2017 | |
Dividends, Record Date | Mar. 24, 2017 | |
Dividends, Date paid | Apr. 5, 2017 | |
Declaration of Dividends, Amount | $ 0.4765625 | |
Dividends, Total Distribution | $ 1,107 | |
Series D Preferred Stock [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Dec. 9, 2016 | |
Dividends, Record Date | Dec. 23, 2016 | |
Dividends, Date paid | Jan. 5, 2017 | |
Declaration of Dividends, Amount | $ 0.3859 | |
Series D Preferred Stock [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Mar. 10, 2017 | |
Dividends, Record Date | Mar. 24, 2017 | |
Dividends, Date paid | Apr. 5, 2017 | |
Declaration of Dividends, Amount | $ 0.4453125 | |
Dividends, Total Distribution | $ 1,269 |
Subsequent Events (Details Text
Subsequent Events (Details Textual) $ in Thousands | 1 Months Ended | 3 Months Ended | |||||
Apr. 26, 2017USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Apr. 30, 2017USD ($) | Mar. 22, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 18, 2015 | |
Subsequent Event [Line Items] | |||||||
Number of Real Estate Properties, Fee Simple | 245 | ||||||
Proceeds from Sale of Real Estate Held-for-investment | $ 28,639 | $ 0 | |||||
Mortgages [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Mortgages Payable | 750,811 | $ 710,575 | |||||
Lansbrook Village Properties [Member] | Mortgages [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Mortgages Payable | $ 57,200 | ||||||
Five Property Apartments in San Antonio and Tyler [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 189,000 | ||||||
Number of Real Estate Properties, Fee Simple | 1,408 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 147,000 | ||||||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Net Proceeds from Sale of Real Estate Held-for-investment | $ 19,100 | ||||||
Subsequent Event [Member] | Lansbrook Village Properties [Member] | |||||||
Subsequent Event [Line Items] | |||||||
OwnershipPercentageOnInvestments | 90.00% | ||||||
Proceeds from Sale of Real Estate Held-for-investment | $ 82,400 | ||||||
Subsequent Event [Member] | Five Property Apartments in San Antonio and Tyler [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Long-term Investments, Total | $ 48,000 | ||||||
Earnest Money Deposits | $ 2,300 |