Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 02, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
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 | 24,207,539 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Net Real Estate Investments | ||
Land | $ 157,420 | $ 142,274 |
Buildings and improvements | 1,015,262 | 848,445 |
Furniture, fixtures and equipment | 32,991 | 27,617 |
Construction in progress | 32,696 | 10,878 |
Total Gross Real Estate Investments | 1,238,369 | 1,029,214 |
Accumulated depreciation | (44,171) | (42,137) |
Total Net Real Estate Investments | 1,194,198 | 987,077 |
Cash and cash equivalents | 134,632 | 82,047 |
Restricted cash | 32,653 | 45,402 |
Notes and accrued interest receivable from related parties | 56,771 | 21,267 |
Due from affiliates | 1,756 | 948 |
Accounts receivable, prepaid and other assets | 15,945 | 8,610 |
Preferred equity investments and investments in unconsolidated real estate joint ventures | 94,912 | 91,132 |
In-place lease intangible assets, net | 4,330 | 4,839 |
Total Assets | 1,535,197 | 1,241,322 |
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | ||
Mortgages payable | 847,162 | 710,575 |
Accounts payable | 3,158 | 1,669 |
Other accrued liabilities | 25,159 | 13,431 |
Due to affiliates | 3,269 | 2,409 |
Distributions payable | 8,580 | 7,328 |
Total Liabilities | 887,328 | 735,412 |
Stockholders' Equity | ||
Additional paid-in-capital | 329,219 | 257,403 |
Distributions in excess of cumulative earnings | (106,838) | (84,631) |
Total Stockholders' Equity | 291,328 | 241,728 |
Noncontrolling Interests | ||
Operating partnership units | 1,799 | 2,216 |
Partially owned properties | 39,068 | 48,617 |
Total Noncontrolling Interests | 40,867 | 50,833 |
Total Equity | 332,195 | 292,561 |
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | 1,535,197 | 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 | 120,925 | 18,938 |
Cumulative Preferred Stock [Member] | Series A [Member] | ||
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | ||
Redeemable Preferred Stock | 138,622 | 138,316 |
Cumulative Preferred Stock [Member] | Series C [Member] | ||
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | ||
Redeemable Preferred Stock | 56,127 | 56,095 |
Cumulative Preferred Stock [Member] | Series D [Member] | ||
Stockholders' Equity | ||
Preferred Stock Value | $ 68,705 | $ 68,760 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 230,900,000 | 230,900,000 |
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 | 24,193,109 | 19,567,506 |
Common stock, shares outstanding | 24,193,109 | 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 | 225,000 | 225,000 |
Temporary Equity, Shares Issued | 137,708 | 21,482 |
Temporary Equity, Shares Outstanding | 137,708 | 21,482 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Revenues | |||||
Net rental income | $ 24,871 | $ 18,572 | $ 72,354 | $ 52,013 | |
Other property revenues | 3,072 | 2,005 | 8,639 | 5,376 | |
Interest income from related parties | 2,120 | 0 | 5,741 | 0 | |
Total revenues | 30,063 | 20,577 | 86,734 | 57,389 | |
Expenses | |||||
Property operating | 11,969 | 7,896 | 33,935 | 22,592 | |
Property management fees | 781 | 595 | 2,250 | 1,659 | |
General and administrative | 1,103 | 1,177 | 4,249 | 4,155 | |
Management fees | 2,802 | 1,866 | 11,733 | 4,495 | |
Acquisition and pursuit costs | 15 | 689 | 3,215 | 2,143 | |
Management internalization | 826 | 0 | 1,647 | 0 | |
Weather-related losses, net | 678 | 0 | 678 | 0 | |
Depreciation and amortization | 11,763 | 7,166 | 33,094 | 22,465 | |
Total expenses | 29,937 | 19,389 | 90,801 | 57,509 | |
Operating income (loss) | 126 | 1,188 | (4,067) | (120) | |
Other income (expense) | |||||
Other income | 0 | 26 | 17 | 26 | |
Preferred returns and equity in income of unconsolidated real estate joint ventures | 2,688 | 3,074 | 7,865 | 8,617 | |
Gain on sale of real estate investments | 0 | 4,947 | 50,040 | 4,947 | |
Gain on sale of real estate joint venture interest, net | 0 | 0 | 10,238 | 0 | |
Loss on early extinguishment of debt | 0 | (2,393) | (1,639) | (2,393) | |
Interest expense, net | (7,395) | (5,274) | (22,339) | (14,091) | |
Total other (expense) income | (4,707) | 380 | 44,182 | (2,894) | |
Net (loss) income | (4,581) | 1,568 | 40,115 | (3,014) | |
Preferred stock dividends | (7,038) | (3,940) | (19,271) | (8,391) | |
Preferred stock accretion | (905) | (275) | (1,889) | (568) | |
Net (loss) income attributable to noncontrolling interests | |||||
Operating partnership units | (125) | (37) | 4 | (173) | |
Partially-owned properties | (382) | (59) | 18,388 | (73) | |
Net (loss) income attributable to noncontrolling interests | (507) | (96) | 18,392 | (246) | |
Net (loss) income attributable to common stockholders | $ (12,017) | $ (2,551) | $ 563 | $ (11,727) | |
Net (loss) income per common share - Basic | $ (0.45) | $ (0.12) | $ 0.02 | $ (0.57) | |
Net (loss) income per common share - Diluted | $ (0.45) | $ (0.12) | $ 0.02 | $ (0.57) | |
Diluted Earnings Per Share | |||||
Weighted average basic common shares outstanding | [1] | 26,474,093 | 20,908,543 | 25,851,536 | 20,706,338 |
Weighted average diluted common shares outstanding | 26,474,093 | 20,908,543 | 25,852,059 | 20,706,338 | |
[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 - 9 months ended Sep. 30, 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 income (loss) to Common Stockholders [Member] | Net income (loss) to Common Stockholders [Member]Series A Preferred Stock [Member] | Net income (loss) to Common Stockholders [Member]Series B Preferred Stock [Member] | Net income (loss) to Common Stockholders [Member]Series C Preferred Stock [Member] | Net income (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 | 57,359 | $ 46 | $ 0 | 57,313 | 0 | 0 | 0 | |||||||||||||||||||
Issuance of Class A common stock, net (in shares) | 4,603,236 | 116,486 | 0 | |||||||||||||||||||||||
Issuance costs for Series D preferred stock, net | (55) | $ 0 | $ (55) | 0 | 0 | 0 | 0 | |||||||||||||||||||
Issuance costs for Series D preferred stock, net (in shares) | 0 | 0 | ||||||||||||||||||||||||
Vesting of restricted stock compensation | 9 | $ 0 | $ 0 | 9 | 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 | 1,208 | $ 0 | $ 0 | 1,208 | 0 | 0 | 0 | |||||||||||||||||||
Issuance of LTIP Units for compensation (in share) | 0 | 0 | ||||||||||||||||||||||||
Issuance of Long-Term Incentive Plan ("LTIP") units | 10,946 | $ 0 | $ 0 | 10,946 | 0 | 0 | 0 | |||||||||||||||||||
Series B warrants | 2,048 | 0 | 0 | 2,048 | 0 | 0 | 0 | |||||||||||||||||||
Contributions from noncontrolling interests, nets | 10,738 | 0 | 0 | 0 | 0 | 0 | 10,738 | |||||||||||||||||||
Preferred Stock distributions declared | (23,011) | 0 | $ (8,850) | $ (3,290) | $ (3,322) | (3,809) | 0 | $ 0 | $ 0 | $ 0 | $ 0 | (22,770) | $ (8,850) | $ (3,290) | $ (3,322) | $ (3,809) | 0 | $ 0 | $ 0 | $ 0 | $ 0 | (241) | $ 0 | $ 0 | $ 0 | $ 0 |
Stock accretion | (1,889) | $ (479) | $ (1,232) | $ (178) | $ 0 | $ 0 | $ 0 | $ (479) | $ (1,232) | $ (178) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||
Distributions to noncontrolling interests | (29,706) | 0 | 0 | 0 | 0 | 0 | (29,706) | |||||||||||||||||||
Redemption of operating partnership units | (19) | (6) | (13) | |||||||||||||||||||||||
Redemption of Series B Redeemable Preferred Stock | 31 | 31 | 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 | ||||||||||||||||||||||||
Noncontrolling Interest Related To Sale Of Fox Hill | (136) | (136) | ||||||||||||||||||||||||
Deconsolidation of MDA Apartments | (8,833) | (8,833) | ||||||||||||||||||||||||
Net income | 40,115 | $ 0 | $ 0 | 0 | 0 | 21,723 | 18,392 | |||||||||||||||||||
Balance at Sep. 30, 2017 | $ 332,195 | $ 242 | $ 68,705 | $ 329,219 | $ (114,737) | $ 7,899 | $ 40,867 | |||||||||||||||||||
Balance (in shares) at Sep. 30, 2017 | 24,193,109 | 2,850,602 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities | ||
Net income (loss) | $ 40,115 | $ (3,014) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 35,035 | 23,481 |
Amortization of fair value adjustments | (227) | (318) |
Preferred returns and equity in income of unconsolidated real estate joint ventures | (7,865) | (8,617) |
Gain on sale of real estate investments | (50,040) | (4,947) |
Gain on sale of real estate joint venture interest, net | (10,238) | 0 |
Loss on early extinguishment of debt | 0 | (1,104) |
Distributions of income and preferred returns from preferred equity investments and unconsolidated real estate joint ventures | 7,079 | 8,277 |
Share-based compensation attributable to directors' stock compensation plan | 109 | 207 |
Share-based compensation to Manager - LTIP Units | 12,154 | 5,898 |
Changes in operating assets and liabilities: | ||
Due (from) to affiliates, net | 170 | 707 |
Accounts receivable, prepaid and other assets | (7,247) | (3,570) |
Accounts payable and other accrued liabilities | 14,216 | 7,260 |
Net cash provided by operating activities | 33,261 | 24,260 |
Cash flows from investing activities: | ||
Acquisitions of real estate investments | (259,105) | (178,382) |
Capital expenditures | (33,525) | (3,992) |
Investment in notes receivable from related parties | (20,395) | 0 |
Proceeds from sale of real estate investments | 71,945 | 36,675 |
Proceeds from sale of real estate joint venture interest | 17,603 | 0 |
Deconsolidation of interest in MDA Apartments | (16) | 0 |
Purchase of interests from noncontrolling interests | (344) | (3,148) |
Investment in unconsolidated real estate joint venture interests | (18,448) | (17,135) |
Decrease (increase) in restricted cash | 12,285 | (13,081) |
Net cash used in investing activities | (230,000) | (179,063) |
Cash flows from financing activities: | ||
Distributions to common stockholders | (22,235) | (18,223) |
Distributions to noncontrolling interests | (29,948) | (2,844) |
Distributions to preferred stockholders | (18,550) | (5,647) |
Contributions from noncontrolling interests | 10,738 | 4,142 |
Borrowings on mortgages payable | 155,045 | 177,700 |
Repayments on mortgages payable | (1,841) | (68,141) |
Payments of deferred financing fees | (3,685) | (2,917) |
Net proceeds from issuance of common stock | 57,359 | 38 |
Net proceeds from issuance of Warrants underlying the Series B Redeemable Preferred Stock | 2,048 | 144 |
Payments to redeem Operating Partnership Units | (19) | (59) |
Net cash provided by financing activities | 249,324 | 216,364 |
Net increase in cash and cash equivalents | 52,585 | 61,561 |
Cash and cash equivalents at beginning of period | 82,047 | 68,960 |
Cash and cash equivalents at end of period | 134,632 | 130,521 |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid during the period for interest | 20,474 | 13,006 |
Conversion of preferred equity investment to note receivable | (14,435) | 0 |
Distributions payable - declared and unpaid | 8,580 | 5,973 |
Mortgages assumed upon property acquisitions | 146,377 | 39,054 |
Mortgages assumed by buyer upon sale of real estate assets | (41,419) | 0 |
Reduction of assets from deconsolidation | 53,574 | 0 |
Reduction of mortgages payable from deconsolidation | 36,854 | 0 |
Reduction of other liabilities from deconsolidation | 1,002 | 0 |
Reduction of noncontrolling interests from deconsolidation | 8,833 | 0 |
Series A Preferred Stock [Member] | ||
Cash flows from financing activities: | ||
Net proceeds from issuance of Redeemable Preferred Stock | (173) | 68,503 |
Series B Preferred Stock [Member] | ||
Cash flows from financing activities: | ||
Net proceeds from issuance of Redeemable Preferred Stock | 101,015 | 7,649 |
Payments to redeem Series B Redeemable Preferred Stock | (229) | 0 |
Series C Preferred Stock [Member] | ||
Cash flows from financing activities: | ||
Net proceeds from issuance of Redeemable Preferred Stock | (146) | 56,019 |
Series D Preferred Stock [Member] | ||
Cash flows from operating activities | ||
Net income (loss) | 0 | |
Cash flows from financing activities: | ||
Net proceeds from issuance of Redeemable Preferred Stock | $ (55) | $ 0 |
CONSOLIDATED STATEMENTS OF CAS7
CONSOLIDATED STATEMENTS OF CASH FLOWS [Parenthetical] | 9 Months Ended |
Sep. 30, 2017 | |
Series A Preferred Stock [Member] | |
Preferred Stock, Dividend Rate, Percentage | 8.25% |
Series C Preferred Stock [Member] | |
Preferred Stock, Dividend Rate, Percentage | 7.625% |
Series D Preferred Stock [Member] | |
Preferred Stock, Dividend Rate, Percentage | 7.125% |
Organization and Nature of Busi
Organization and Nature of Business | 9 Months Ended |
Sep. 30, 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 September 30, 2017, the Company's portfolio consisted of interests in thirty-five properties (twenty-five operating properties and ten development properties). The Company’s thirty-five properties contain an aggregate of 10,761 8,166 2,595 94 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 | 9 Months Ended |
Sep. 30, 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 September 30, 2017, limited partners other than the Company owned approximately 10.29 1.01 9.28 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 periods, related to tenant reimbursements for utility expenses amounting to $ 1.0 2.7 1.6 4.6 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 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 Accounting Standards Codification ("ASC") 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. Upon the adoption of ASU 2017-01 the Company evaluates each acquisition of real estate or in-substance real estate to determine if the integrated set of assets and activities acquired meet the definition of a business and need to be accounted as a business combination. All acquisitions of real estate by the Company during 2017 to date do not meet the new definition of a business. 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 in 2018. 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 will adjust the consolidated statement of cash flows as required in conjunction with the adoption of ASU 2016-15 in 2018. 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 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”). Under the new standard, revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable, and collectability is probable. Revenue is generally recognized net of allowances. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers-Deferral of the Effective Date which defers the effective date of the new revenue recognition standard until the first quarter of 2018. Therefore, ASU 2014-09 will become effective for the Company in the first quarter of the fiscal year ending December 31, 2018. Early adoption is permitted, but not earlier than the first quarter of the fiscal year ending December 31, 2017. The ASU allows for either full retrospective or modified retrospective adoption. The Company has selected the modified retrospective approach. 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 majority of the Company’s revenue is derived from rental income, which is scoped out from this standard and will be accounted for under ASU 2016-02, Leases, discussed above. The Company’s other revenue streams, which are being evaluated under this ASU, include but are not limited to other property revenues and interest income from related parties determined not to be within the scope of ASU 2016-02, and gains and losses from real estate dispositions. The Company will continue to assess the impact of the new standard and will adopt it as of January 1, 2018, however, the Company does expect additional disclosures that are required from the adoption of this standard. In March 2016, the FASB issued ASU 2016-08, “Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net) (Topic 606)” (“ASU 2016-08”),which updates the new revenue standard by clarifying the principal versus agent implementation guidance, but does not change the core principle of the new standard. The updates to the principal versus agent guidance (1) require an entity to determine whether it is a principal or an agent for each distinct good or service (or a distinct bundle of goods or services) to be provided to the customer; (2) illustrate how an entity that is a principal might apply the control principle to goods, services, or rights to services, when another party is involved in providing goods or services to a customer; (3) clarify that the purpose of certain specific control indicators is to support or assist in the assessment of whether an entity controls a specified good or service before it is transferred to the customer, provide more specific guidance on how the indicators should be considered, and clarify that their relevance will vary depending on the facts and circumstances; and (4) revise existing examples and add two new ones to more clearly depict how the guidance should be applied. The effective date and transition requirements for ASU 2016-08 are the same as the effective date and transition requirements of Topic 606, Revenue from Contracts with Customers (see ASU 2014-09 above). The majority of the Company’s revenue is derived from rental income, which is scoped out from this standard and will be accounted for under ASU 2016-02, Leases, discussed above. The Company will continue to assess the impact of the new standard and will adopt it as of January 1, 2018, however, as noted above in Note 2, the Company has reclassified certain tenant reimbursements as other property revenues and does expect additional disclosures from the adoption of this standard. In February 2017, the FASB issued ASU 2017-05 "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20)" ("ASU 2017-05"). ASU 2017-05 clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset. ASU 2017-05 also defines the term in substance nonfinancial asset. It is effective for annual periods beginning after December 15, 2017. The adoption of this standard is not anticipated to have a material impact on our consolidated financial statements. |
Sale of Real Estate Asset and A
Sale of Real Estate Asset and Abandonment of Development Project | 9 Months Ended |
Sep. 30, 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 Sale of Lansbrook Village On April 26, 2017, the Company closed on the sale of Lansbrook Village, located in Palm Harbor, Florida. The 90 82.4 57.2 1.2 24.1 22.8 19.1 16.1 Sale of Fox Hill On May 24, 2017, the Company closed on the sale of the Fox Hill property, located in Austin, Texas. The property was sold for approximately $ 46.5 26.7 1.6 0.5 19.2 10.7 16.4 10.3 Sale of MDA Apartments On June 30, 2017, the Company closed on the sale of its interest in MDA Apartments, located in Chicago, Illinois. The Company’s 35 18.3 0.7 17.6 10.2 11.0 6.4 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 | 9 Months Ended |
Sep. 30, 2017 | |
Real Estate [Abstract] | |
Real Estate Disclosure [Text Block] | Note 4 Investments in Real Estate As of September 30, 2017, the Company was invested in twenty-five operating real estate properties and ten development properties generally through joint ventures, including convertible preferred equity investments, 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 Year 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 % Citrus Tower, Orlando, FL 336 2006 96.8 % Enders Place at Baldwin Park, Orlando, FL 220 2003 89.5 % James on South First, formerly Legacy at Southpark, Austin, TX 250 2016 90.0 % Marquis at Crown Ridge, San Antonio, TX 352 2009 90.0 % Marquis at Stone Oak, San Antonio, TX 335 2007 90.0 % Marquis at The Cascades, Tyler, TX 582 2009 90.0 % Marquis at TPC, San Antonio, TX 139 2008 90.0 % 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 % Villages at Cypress Creek, Houston, TX 384 2001 80.0 % Wesley Village, Charlotte, NC 301 2010 91.8 % Whetstone, Durham, NC 204 2015 (2) Total 8,166 (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. Depreciation expense was $ 8.9 5.9 24.5 16.7 Intangibles related to the Company’s consolidated investments in real estate consist of the value of in-place leases. In-place leases are amortized over the remaining term of the in-place leases, which is approximately six months. Amortization expense related to the in-place leases was $ 2.9 1.3 8.6 5.8 Actual / Planned Anticipated Anticipated Number of Initial Construction Multifamily Community Name/Location Units Occupancy Completion Alexan CityCentre, Houston, TX 340 2Q 2017 4Q 2017 Helios, Atlanta, GA 282 2Q 2017 4Q 2017 Alexan Southside Place, Houston, TX 270 4Q 2017 2Q 2018 Lake Boone Trail, Raleigh, NC 245 3Q 2017 3Q 2018 Vickers Village, Roswell, GA 79 3Q 2018 4Q 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 West Morehead, Charlotte, NC 286 4Q 2018 2Q 2019 Flagler Village, Fort Lauderdale, FL 384 3Q 2019 3Q 2020 Total 2,595 |
Acquisition of Real Estate
Acquisition of Real Estate | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | The following describes the Company’s significant acquisition activity during the nine months ended September 30, 2017: Acquisition of Bell Preston View On February 17, 2017, the Company, through subsidiaries of its Operating Partnership, acquired a 91.8 382 59.5 41.1 Acquisition of Wesley Village On March 9, 2017, the Company, through subsidiaries of its Operating Partnership, acquired a 91.8 301 57.2 40.5 Acquisition of Texas Portfolio (“Texas Portfolio”) On June 9, 2017, the Company, through subsidiaries of its Operating Partnership, acquired a 90.0 1,408 188.9 146.4 Acquisition at Villages at Cypress Creek On September 8, 2017, the Company, through subsidiaries of its Operating Partnership, acquired an 80.0 384 40.7 26.2 Acquisition of Citrus Tower On September 28, 2017, the Company, through subsidiaries of its Operating Partnership, acquired a 96.8 336 55.3 41.4 Purchase Price Allocations The acquisitions of Wesley Village, Preston View, the Texas Portfolio, Villages at Cypress Creek, and Citrus Tower 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 $ 40,473 Building 312,884 Building improvements 19,615 Land improvements 17,039 Furniture and fixtures 7,014 In-place leases 8,021 Other assets 666 Total assets acquired $ 405,712 Mortgages assumed $ 146,377 Total liabilities assumed $ 146,377 Nine Months Ended September 30, Nine Months Ended September 30, 2017 2016 Pro-Forma Pro-Forma As Reported Adjustments Pro-Forma As Reported Adjustments Pro-Forma Revenues $ 86,734 $ 17,796 $ 104,530 $ 57,389 $ 52,256 $ 109,645 Net income (loss) $ 40,115 $ 10,128 $ 50,243 $ (3,014) $ (17,384) $ (20,398) Net income (loss) attributable to common stockholders $ 563 $ 9,220 $ 9,783 $ (11,727) $ (15,923) $ (27,650) Income (loss) per share, basic and diluted (1) $ 0.02 $ 0.38 $ (0.57) $ (1.34) (1) Pro-forma earnings (loss) per share, both basic and diluted, are calculated based on the net earnings (loss) attributable to the Company. Aggregate property level revenues and net loss for 2017 acquisitions of Wesley Village, Preston View, the Texas Portfolio, Villages at Cypress Creek, and Citrus Tower since the properties’ respective acquisition dates, that are reflected in the Company’s consolidated statement of operations for the nine months ended September 30, 2017 amounted to $ 12.4 3.9 |
Notes and Interest Receivable d
Notes and Interest Receivable due from Related Party | 9 Months Ended |
Sep. 30, 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 September 30, December 31, Property 2017 2016 APOK Townhomes $ 11,360 $ Domain 20,528 West Morehead 24,883 21,267 Total $ 56,771 $ 21,267 Three Months Ended Nine Months Ended September 30, September 30, Property 2017 2016 2017 2016 APOK Townhomes $ 424 $ $ 1,232 $ Domain 767 1,758 West Morehead 929 2,751 Interest income from related parties $ 2,120 $ $ 5,741 $ 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 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 34.5 In addition, on December 29, 2016 7.3 2.8 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 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. 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 2.7 June 29, 2019 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 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 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 2.5 March 3, 2020 |
Preferred Equity Investments an
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | 9 Months Ended |
Sep. 30, 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 September 30, December 31, Property 2017 2016 Alexan CityCentre $ 9,258 $ 7,733 Alexan Southside Place 19,015 17,322 APOK Townhomes 7 7,569 Domain 12 5,249 Flagler Village 25,384 14,035 Helios 16,360 16,360 Lake Boone Trail 11,930 9,919 West Morehead 14 13 Whetstone 12,932 12,932 Total $ 94,912 $ 91,132 As of September 30, 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. Three Months Ended Nine Months Ended September 30, September 30, Property 2017 2016 2017 2016 Alexan CityCentre $ 385 $ 294 $ 1,010 $ 791 Alexan Southside Place 740 655 2,113 1,950 APOK Townhomes 205 205 Domain 145 141 422 EOS (3) 137 (25) 409 Flagler Village (1) (4) (5) (4) Helios 619 619 1,835 1,842 Lake Boone Trail 451 375 1,319 1,117 West Morehead 141 435 Whetstone 497 507 1,477 1,450 Preferred returns and equity in income of unconsolidated joint venture $ 2,688 $ 3,074 $ 7,865 $ 8,617 September 30, December 31, 2017 2016 Balance Sheets: Real estate, net of depreciation $ 304,921 $ 197,742 Other assets 29,576 33,814 Total assets $ 334,497 $ 231,556 Mortgages payable $ 202,308 $ 97,598 Other liabilities 20,267 13,191 Total liabilities $ 222,575 $ 110,789 Members’ equity 111,922 120,767 Total liabilities and members’ equity $ 334,497 $ 231,556 Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Operating Statement: Rental revenues $ 1,344 $ 1,841 $ 2,930 $ 4,608 Operating expenses (1,466) (885) (2,870) (2,577) (Loss) income before debt service, acquisition costs, and depreciation and amortization (122) 956 60 2,031 Interest expense, net (2,924) (344) (7,395) (999) Acquisition costs (3) (3) Depreciation and amortization (939) (771) (1,922) (2,296) Operating (loss) (3,985) (162) (9,257) (1,267) Net loss $ (3,985) $ (162) $ (9,257) $ (1,267) 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 Crow Residential, to develop a 340 9.3 100 2.8 20 On June 7, 2016, the Alexan CityCentre property owner (the “Alexan borrower”), 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 Alexan borrower under the terms of the modified loan is $ 55.1 48.8 January 1, 2020 the prime rate plus 0.5%, or LIBOR plus 3.00% 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 19.4 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 49.9 25.4 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 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 32.8 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 10.8 December 23, 2019 based on one-month LIBOR plus 2.65% 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 6.5 1.0 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 | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable Disclosure [Text Block] | Note 8 Mortgages Payable Outstanding Principal As of September 30, 2017 September 30, December 31, Property 2017 2016 Interest Rate Fixed/ Floating Maturity Date ARIUM at Palmer Ranch $ 26,925 $ 26,925 3.40 % LIBOR + 2.17% (1) February 1, 2023 ARIUM Grandewood 34,294 34,294 3.05 % Floating (2) December 1, 2024 ARIUM Gulfshore 32,626 32,626 3.40 % LIBOR + 2.17% (1) February 1, 2023 ARIUM Palms 24,999 24,999 3.45 % 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 31,528 31,900 4.67 % Fixed December 1, 2025 Ashton Reserve II 15,270 15,270 3.85 % LIBOR + 2.62% (1) January 1, 2026 Citrus Tower 41,438 4.07 % Fixed October 1, 2024 Crescent Perimeter (3) 1,920 4.23 % LIBOR + 3.00% (1) December 12, 2020 Enders Place at Baldwin Park (4) 24,401 24,732 4.30 % Fixed November 1, 2022 Fox Hill 26,705 James on South First 26,500 26,500 4.35 % Fixed January 1, 2024 Lansbrook Village 57,190 Marquis at Crown Ridge 29,362 2.84 % LIBOR + 1.61% (1) June 1, 2024 Marquis at Stone Oak 43,125 2.84 % LIBOR + 1.61% (1) June 1, 2024 Marquis at The Cascades I 33,207 2.84 % LIBOR + 1.61% (1) June 1, 2024 Marquis at The Cascades II 23,175 2.84 % LIBOR + 1.61% (1) June 1, 2024 Marquis at TPC 17,273 2.84 % LIBOR + 1.61% (1) June 1, 2024 MDA Apartments 37,124 Nevadan 48,431 48,431 3.71 % LIBOR + 2.48% (1) November 1, 2023 Park & Kingston (5) 18,432 18,432 3.41 % Fixed April 1, 2020 Preston View 41,066 3.30 % 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 3.52 % 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 36,484 36,989 4.65 % Fixed January 5, 2023 Vickers Village (6) 3,875 4.23 % LIBOR + 3.00% (6) December 1, 2020 Village Green of Ann Arbor 41,547 Villages at Cypress Creek 26,200 3.23 % Fixed October 1, 2022 Wesley Village 40,545 4.25 % Fixed April 1, 2024 Total 853,565 716,153 Fair value adjustments 2,055 1,364 Deferred financing costs, net (8,458) (6,942) Total $ 847,162 $ 710,575 (1) One month LIBOR as of September 30, 2017 was 1.23 (2) ARIUM Grandewood principal balance includes the initial advance of $ 29.44 floating rate of 1.67% 4.85 floating rate of 2.74% 2.90 3.97 (3) Construction loan of up to $ 44.7 3.00 (4) The Enders Place at Baldwin Park principal balance includes a $ 16.6 3.97 7.8 5.01 (5) The Park & Kingston principal balance includes a $ 15.3 3.21 3.2 4.34 (6) Construction loan of up to $ 18.0 3.00% plus one month LIBOR 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 2.07 30 1 Wesley Village Mortgage Payable On March 9, 2017, the Company, through an indirect subsidiary, entered into an approximately $ 40.5 4.25 Marquis at Crown Ridge Mortgage Payable On June 9, 2017, the Company, through an indirect subsidiary, assumed a loan with a principal balance of approximately $ 29.5 LIBOR plus 1.61% with fixed monthly payments based on 30-year amortization. After February 29, 2024, the loan may be prepaid without prepayment fee or yield maintenance. Marquis at Stone Oak Mortgage Payable On June 9, 2017, the Company, through an indirect subsidiary, assumed a loan with a principal balance of approximately $ 43.1 LIBOR plus 1.61% with interest only payments until June 2018, and then fixed monthly payments based on 30-year amortization. After February 29, 2024, the loan may be prepaid without prepayment fee or yield maintenance. Marquis at The Cascades I Mortgage Payable On June 9, 2017, the Company, through an indirect subsidiary, assumed a loan with a principal balance of approximately $ 33.2 LIBOR plus 1.61% with interest only payments until June 2018, and then fixed monthly payments based on 30-year amortization. After February 29, 2024, the loan may be prepaid without prepayment fee or yield maintenance. Marquis at The Cascades II Mortgage Payable On June 9, 2017, the Company, through an indirect subsidiary, assumed a loan with a principal balance of approximately $ 23.2 LIBOR plus 1.61% with interest only payments until June 2018, and then fixed monthly payments based on 30-year amortization. After February 29, 2024, the loan may be prepaid without prepayment fee or yield maintenance. Marquis at TPC Mortgage Payable On June 9, 2017, the Company, through an indirect subsidiary, assumed a loan with a principal balance of approximately $ 17.4 LIBOR plus 1.61% with fixed monthly payments based on 30-year amortization. After February 29, 2024, the loan may be prepaid without prepayment fee or yield maintenance. Villages at Cypress Creek On September 8, 2017, the Company, through an indirect subsidiary, entered into an approximately $ 26.2 The loan matures October 1, 2022, with two-one year extensions subject to certain conditions 3.23 with interest only payments until October l, 2020, and then fixed monthly payments based on 30-year amortization. After July 1, 2022, the loan may be prepaid without prepayment fee or yield maintenance. Citrus Tower On September 28, 2017, the Company, through an indirect subsidiary, entered into an approximately $ 41.4 October 1, 2024 4.07 with interest only payments until October l, 2019, and then fixed monthly payments based on 30-year amortization. After July 1, 2024, the loan may be prepaid without prepayment fee or yield maintenance. Debt maturities Year Total 2017 (October 1-December 31) $ 738 2018 4,086 2019 7,652 2020 35,227 2021 12,173 Thereafter 793,689 $ 853,565 Add: Unamortized fair value debt adjustment 2,055 Subtract: Deferred financing costs, net (8,458 ) Total $ 847,162 The net book value of real estate assets providing collateral for these above borrowings were $1,194.2 million and $ 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 | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Note 9 Fair Value of Financial Instruments As of September 30, 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 $ 856.0 714.8 855.6 717.5 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 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 7.8 4.3 2.6 221,481 2.8 253,300 11.06 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 4.0 0.2 299,045 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 amortization of $ 0.1 0.5 1.2 2.0 The Company is also required to reimburse the Manager for certain expenses and pay all operating expenses, except those specifically required to be borne by the Manager under the Management Agreement. Reimbursements of $ 0.4 0.2 1.4 0.5 0.3 1.1 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. On August 4, 2017, we announced that we, our Manager and the Contributors had entered into definitive agreements, as amended, (the “Contribution Agreement”) providing for the acquisition (the “Internalization”) by the Company of a newly-formed entity that will own the assets that our Manager uses to operate the business of the Company. The consideration to be paid to the Contributors in connection with the Internalization is based on a formula agreed to at the time the parties originally entered into the Management Agreement in April 2014, in connection with the Company’s initial public offering, and The Consideration is to be paid in a combination of OP Units, shares of the Company’s common stock, newly reclassified as Class C common stock (“Class C Common Stock”), and a de minimis amount of cash, and otherwise on terms consistent with the Contribution Agreement. The number of shares of Class C Common Stock and the number of OP Units to be issued in the Internalization is based on a per share and per OP Unit price, which is based on the volume-weighted average price on the NYSE MKT of our Class A common stock for the twenty (20) trading days beginning on and including September 11, 2017 through and including October 6, 2017, per an amendment dated August 9, 2017 to the definitive agreement, which the Company determined to be $ 10.64 Upon closing of the Internalization, the Company will become a self-managed real estate investment trust. The following key executives and officers of our Manager will assume the following titles and duties with the Company: Mr. R. Ramin Kamfar will serve as our Chairman and Chief Executive Officer; Mr. James G, Babb, III, will serve as our Chief Investment Officer; Mr. Ryan S. MacDonald will serve as our Chief Acquisitions Officer; Mr. Jordan B. Ruddy will serve as our Chief Operating Officer and President; Mr. Christopher J. Vohs will serve as our Chief Financial Officer and Treasurer; and Mr. Michael L. Konig will serve as our Chief Legal Officer and Secretary. Messrs. Kamfar, Babb, MacDonald, Ruddy and Vohs have entered into employment agreements with an indirect subsidiary of the Company, and Mr. Konig has likewise entered into a services agreement with that subsidiary through his wholly-owned law firm, Konig & Associates, LLC on substantially the same terms as the employment agreements. Each such agreement will become effective upon Closing, and will have an initial term through and including December 31, 2020. As such, following the Internalization, our senior management team will continue to oversee, manage and operate the Company, and we will no longer be externally managed by the Manager. As an internally managed company, we will no longer pay the Manager any fees or expense reimbursements arising from the Management Agreement. A special committee comprised entirely of independent and disinterested members of our board of directors (the “Special Committee”), which retained independent legal and financial advisors, unanimously determined that the entry into the Contribution Agreement and the completion of the Internalization are in the best interests of the Company. Our board of directors, by unanimous vote, made a similar determination. The Internalization closed in the fourth quarter of 2017. See Note 13, Subsequent Events. The Manager may retain, at its sole cost and expense, the services of such persons and firms as the Manager deems necessary in connection with our management and operations (including accountants, legal counsel and other professional service providers), provided that such expenses are in amounts no greater than those that would be payable to third-party professionals or consultants engaged to perform such services pursuant to agreements negotiated on an arm’s-length basis. The Company incurred $ 0.5 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 8.2 3.5 0.6 All of the Company’s executive officers, and some of its directors, are also executive officers, managers and/or holders of a direct or indirect controlling interest in the Manager and other Bluerock-affiliated entities. As a result, they owe fiduciary duties to each of these entities, their members, limited partners and investors, which fiduciary duties may from time to time conflict with the fiduciary duties that they owe to the Company and its stockholders. Some of the material conflicts that the Manager or its affiliates face are: 1) the determination of whether an investment opportunity should be recommended to us or another Bluerock-sponsored program or Bluerock-advised investor; 2) the allocation of the time of key executive officers, directors, and other real estate professionals among the Company, other Bluerock-sponsored programs and Bluerock-advised investors, and the activities in which they are involved; and 3) the fees received by the Manager and its affiliates. September 30, December 31, 2017 2016 Amounts Payable to the Manager under the Management Agreement Base management fee $ 2,802 $ 2,015 Operating expense reimbursements and direct expense reimbursements 393 274 Offering expense reimbursements 74 120 Total amounts payable to Manager $ 3,269 $ 2,409 As of September 30, 2017 and December 31, 2016, the Company had $ 1.8 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 | 9 Months Ended |
Sep. 30, 2017 | |
Stockholders Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 11 Stockholders’ Equity Net Income (Loss) Per Common Share Basic net income (loss) per common share is computed by dividing net income (loss) attributable to common stockholders, less dividends on restricted stock expected to vest plus gains on redemptions on common stock, by the weighted average number of common shares outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) attributable to common stockholders by the sum of the weighted average number of common shares outstanding and any potential dilutive shares for the period. Net income (loss) attributable to common stockholders is computed by adjusting net income (loss) for the non-forfeitable dividends paid on non-vested restricted stock. The Company considers the requirements of the two-class method when preparing earnings per share. Earnings per share is not affected by the two-class method because the Company’s Class A and B-3 common stock and LTIP Units participate in dividends on a one-for-one basis. Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Net (loss) income attributable to common stockholders $ (12,017) $ (2,551) 563 $ (11,727) Dividends on restricted stock expected to vest (4) Basic net (loss) income attributable to common stockholders $ (12,017) $ (2,551) $ 563 $ (11,731) Weighted average common shares outstanding (1) 26,474,093 20,908,543 25,851,536 20,706,338 Potential dilutive shares (2) 523 Weighted average common shares outstanding and potential dilutive shares (1) 26,474,093 20,908,543 25,852,059 20,706,338 Net (loss) income per common share, basic $ (0.45) $ (0.12) $ 0.02 $ (0.57) Net (loss) income per common share, diluted $ (0.45) $ (0.12) $ 0.02 $ (0.57) 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 251 1,184 5,498 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 116,486 104.8 137,968 137,968 2,759,360 124.2 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 September 30, 2017, limited partners other than the Company owned approximately 10.29 273,688 1.01 2,502,389 9.28 OP Units are exchangeable for Class A common stock on a one-for-one basis. During the nine months ended September 30, 2017, 22,367 Equity Incentive Plans On March 24, 2016, the Company granted a total of 7,500 0.1 7,500 0.1 Weighted average Non-Vested shares Shares grant-date fair value Balance at January 1, 2017 659 $ 22.75 Granted Vested (659) 22.75 Forfeited Balance at September 30, 2017 $ At September 30, 2017, there was no unrecognized compensation cost related to unvested restricted stock granted under the independent director compensation plan. 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 amortization of $ 0.1 0.5 1.2 2.0 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 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 July 10, 2017 July 25, 2017 $ 0.096666 August 4, 2017 August 9, 2017 August 25, 2017 $ 0.096667 September 5, 2017 August 9, 2017 September 25, 2017 $ 0.096667 October 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 June 9, 2017 June 23, 2017 $ 0.515625 July 5, 2017 September 8, 2017 September 25, 2017 $ 0.515625 October 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 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 July 10, 2017 July 25, 2017 $ 5.00 August 4, 2017 July 10, 2017 August 25, 2017 $ 5.00 September 5, 2017 July 10, 2017 September 25, 2017 $ 5.00 October 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 June 9, 2017 June 23, 2017 $ 0.4765625 July 5, 2017 September 8, 2017 September 25, 2017 $ 0.4765625 October 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 June 9, 2017 June 23, 2017 $ 0.4453125 July 5, 2017 September 8, 2017 September 25, 2017 $ 0.4453125 October 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. Announcement of Review of Class A Common Stock Dividend Policy On August 4, 2017, the board of directors announced that it initiated, in conjunction with a financial advisor, a comprehensive review of the appropriate dividend policy for the Company's Class A Common Stock. The board's evaluation will consider factors including, but not limited to, achieving a sustainable dividend covered by current recurring AFFO (vs. pro forma AFFO), multifamily and small cap peer dividend rates, multifamily and small cap peer payout ratios, providing financial flexibility for the Company, and achieving an appropriate balance between the retention of capital to invest and grow net asset value, and the importance of current distributions. The board is expected to complete its review of the dividend policy for the Company's Class A Common Stock in the fourth quarter of 2017. 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 Second Quarter Class A Common Stock $ 7,016 $ 7,015 Series A Preferred Stock 2,950 2,950 Series B Preferred Stock 1,054 837 Series C Preferred Stock 1,108 1,107 Series D Preferred Stock 1,270 1,270 OP Units 80 80 LTIP Units 551 533 Total second quarter 2017 $ 14,029 $ 13,792 Third Quarter Class A Common Stock 7,017 7,016 Series A Preferred Stock 2,950 2,950 Series B Preferred Stock 1,711 1,508 Series C Preferred Stock 1,107 1,107 Series D Preferred Stock 1,270 1,269 OP Units 79 80 LTIP Units 676 625 Total third quarter 2017 $ 14,810 $ 14,555 Total $ 42,282 $ 41,029 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 13 Subsequent Events Payable to stockholders Declaration Date of record as of Amount Payable Date Class A common stock October 13, 2017 October 25, 2017 $ 0.096666 November 3, 2017 October 13, 2017 November 24, 2017 $ 0.096667 December 5, 2017 October 13, 2017 December 22, 2017 $ 0.096667 January 5, 2018 Series B Preferred Stock October 13, 2017 October 25, 2017 $ 5.00 November 3, 2017 October 13, 2017 November 24, 2017 $ 5.00 December 5, 2017 October 13, 2017 December 22, 2017 $ 5.00 January 5, 2018 Holders of OP and LTIP Units are entitled to receive "distribution equivalents" at the same time as dividends are paid to holders of the Company's Class A common stock. A portion of each dividend may constitute a return of capital for tax purposes. There is no assurance that the Company will continue to declare dividends or at this rate. Distributions Paid Declaration Distributions Total Shares Date Record Date Date Paid per Share Distribution Class A Common Stock August 9, 2017 September 25, 2017 October 5, 2017 $ 0.096667 $ 2,339 Series A Preferred Stock September 8, 2017 September 25, 2017 October 5, 2017 $ 0.515625 $ 2,950 Series B Preferred Stock July 10, 2017 September 25, 2017 October 5, 2017 $ 5.000000 $ 646 Series C Preferred Stock September 8, 2017 September 25, 2017 October 5, 2017 $ 0.4765625 $ 1,107 Series D Preferred Stock September 8, 2017 September 25, 2017 October 5, 2017 $ 0.4453125 $ 1,269 OP Units August 9, 2017 September 25, 2017 October 5, 2017 $ 0.096667 $ 26 LTIP Units August 9, 2017 September 25, 2017 October 5, 2017 $ 0.096667 $ 242 Class A Common Stock October 13, 2017 October 25, 2017 November 3, 2017 $ 0.096666 $ 2,340 Series B Preferred Stock October 13, 2017 October 25, 2017 November 3, 2017 $ 5.000000 $ 718 OP Units October 13, 2017 October 25, 2017 November 3, 2017 $ 0.096666 $ 240 LTIP Units October 13, 2017 October 25, 2017 November 3, 2017 $ 0.096666 $ 29 Total $ 11,906 Management Internalization On October 26, 2017, at the annual meeting of stockholders, the Company’s stockholders approved the issuance, pursuant to the Contribution Agreement, of (i) OP Units, and shares of the Company’s Class A Common Stock that may be issued in the Company’s discretion upon redemption of such OP Units in certain circumstances, and (ii) shares of the Company’s Class C Common Stock, and shares of the Company’s Class A Common Stock that may be issued upon conversion of such shares of Class C Common Stock in certain circumstances; in each case, to the applicable contributor and its affiliates and related persons (each, a “Contributor”) in connection with the Internalization. 13,748,029 Total Internalization Consideration $ 41,244,086 Allocation of Internalization Consideration: Internalization expense reimbursement $ 450,000 Internalization Consideration paid in cash $ 40,794 Internalization Consideration paid in OP Units $ 39,938,226 Internalization Consideration paid in Class C common stock $ 815,066 Volume-Weighted Average Price (“VWAP”) $ 10.64 Number of OP Units Issued 3,753,593 Number of shares of Class C Common Stock Issued 76,603 Upon closing of the Internalization, the Company became a self-managed real estate investment trust. The following key executives and officers of the Manager assumed the following titles and duties with the Company: Mr. R. Ramin Kamfar serves as Chairman and Chief Executive Officer; Mr. James G, Babb, III, serves as Chief Investment Officer; Mr. Ryan S. MacDonald serves as Chief Acquisitions Officer; Mr. Jordan B. Ruddy serves as Chief Operating Officer and President; Mr. Christopher J. Vohs serves as Chief Financial Officer and Treasurer; and Mr. Michael L. Konig serves as Chief Legal Officer and Secretary. Messrs. Kamfar, Babb, MacDonald, Ruddy and Vohs have entered into employment agreements with an indirect subsidiary of the Company, and Mr. Konig has likewise entered into a services agreement with that subsidiary through his wholly-owned law firm, Konig & Associates, LLC on substantially the same terms as the employment agreements. Each such agreement became effective upon Closing, and has an initial term through and including December 31, 2020. As such, following the Internalization, the Company’s senior management team continues to oversee, manage and operate the Company, and the Company is no longer externally managed by the Manager. As an internally managed company, the Company no longer pays our Manager any fees or expense reimbursements arising from the Management Agreement. A special committee comprised entirely of independent and disinterested members of the Company’s board of directors (the “Special Committee”), which retained independent legal and financial advisors, unanimously determined that the entry into the Contribution Agreement and the completion of the Internalization are in the best interests of the Company. The Company’s board of directors, by unanimous vote, made a similar determination. In conjunction with the Internalization, 212,203 Second Amended 2014 Incentive Plans On October 26, 2017, at the annual meeting of stockholders, the Company’s stockholders approved the Second Amended 2014 Incentive Plans which provides for an aggregate of 1,550,000 1,075,000 Conversion of LTIP Units to OP Units On October 1, 2017, holders of 2,206,033 Entry into Senior secured revolving credit facility with KeyBank National Association On October 4, 2017, the Company, through its Operating Partnership, entered into a credit agreement (the “Senior Credit Facility”) with KeyBank National Association (“KeyBank”) and other lenders. The Senior Credit Facility provides for an initial loan commitment amount of $ 150 250 The Senior Credit Facility matures on October 4, 2020 1.80 2.45 0.80 1.45 0.20 0.25 Acquisition of Outlook at Greystone On October 19, 2017, the Company, through subsidiaries of its Operating Partnership, acquired a 100.0 300 36.3 Acquisition of ARIUM Hunter’s Creek and ARIUM Metrowest On October 30, 2017, the Company, through subsidiaries of its Operating Partnership, acquired a 100.0 532 510 The purchase price for ARIUM Hunter’s Creek of approximately $ 96.9 72.3 November 1, 2024 3.65 The purchase price for ARIUM Metrowest of approximately $ 86.0 |
Basis of Presentation and Sum21
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 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 September 30, 2017, limited partners other than the Company owned approximately 10.29 1.01 9.28 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 periods, related to tenant reimbursements for utility expenses amounting to $ 1.0 2.7 1.6 4.6 |
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 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 Accounting Standards Codification ("ASC") 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. Upon the adoption of ASU 2017-01 the Company evaluates each acquisition of real estate or in-substance real estate to determine if the integrated set of assets and activities acquired meet the definition of a business and need to be accounted as a business combination. All acquisitions of real estate by the Company during 2017 to date do not meet the new definition of a business. 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 in 2018. 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 will adjust the consolidated statement of cash flows as required in conjunction with the adoption of ASU 2016-15 in 2018. 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 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”). Under the new standard, revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable, and collectability is probable. Revenue is generally recognized net of allowances. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers-Deferral of the Effective Date which defers the effective date of the new revenue recognition standard until the first quarter of 2018. Therefore, ASU 2014-09 will become effective for the Company in the first quarter of the fiscal year ending December 31, 2018. Early adoption is permitted, but not earlier than the first quarter of the fiscal year ending December 31, 2017. The ASU allows for either full retrospective or modified retrospective adoption. The Company has selected the modified retrospective approach. 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 majority of the Company’s revenue is derived from rental income, which is scoped out from this standard and will be accounted for under ASU 2016-02, Leases, discussed above. The Company’s other revenue streams, which are being evaluated under this ASU, include but are not limited to other property revenues and interest income from related parties determined not to be within the scope of ASU 2016-02, and gains and losses from real estate dispositions. The Company will continue to assess the impact of the new standard and will adopt it as of January 1, 2018, however, the Company does expect additional disclosures that are required from the adoption of this standard. In March 2016, the FASB issued ASU 2016-08, “Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net) (Topic 606)” (“ASU 2016-08”),which updates the new revenue standard by clarifying the principal versus agent implementation guidance, but does not change the core principle of the new standard. The updates to the principal versus agent guidance (1) require an entity to determine whether it is a principal or an agent for each distinct good or service (or a distinct bundle of goods or services) to be provided to the customer; (2) illustrate how an entity that is a principal might apply the control principle to goods, services, or rights to services, when another party is involved in providing goods or services to a customer; (3) clarify that the purpose of certain specific control indicators is to support or assist in the assessment of whether an entity controls a specified good or service before it is transferred to the customer, provide more specific guidance on how the indicators should be considered, and clarify that their relevance will vary depending on the facts and circumstances; and (4) revise existing examples and add two new ones to more clearly depict how the guidance should be applied. The effective date and transition requirements for ASU 2016-08 are the same as the effective date and transition requirements of Topic 606, Revenue from Contracts with Customers (see ASU 2014-09 above). The majority of the Company’s revenue is derived from rental income, which is scoped out from this standard and will be accounted for under ASU 2016-02, Leases, discussed above. The Company will continue to assess the impact of the new standard and will adopt it as of January 1, 2018, however, as noted above in Note 2, the Company has reclassified certain tenant reimbursements as other property revenues and does expect additional disclosures from the adoption of this standard. In February 2017, the FASB issued ASU 2017-05 "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20)" ("ASU 2017-05"). ASU 2017-05 clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset. ASU 2017-05 also defines the term in substance nonfinancial asset. It is effective for annual periods beginning after December 15, 2017. The adoption of this standard is not anticipated to have a material impact on our consolidated financial statements. |
Investments in Real Estate (Tab
Investments in Real Estate (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Real Estate [Abstract] | |
Schedule Of Equity Method Investments And Consolidation Accounting Investments [Table Text Block] | Operating Properties Number of Year 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 % Citrus Tower, Orlando, FL 336 2006 96.8 % Enders Place at Baldwin Park, Orlando, FL 220 2003 89.5 % James on South First, formerly Legacy at Southpark, Austin, TX 250 2016 90.0 % Marquis at Crown Ridge, San Antonio, TX 352 2009 90.0 % Marquis at Stone Oak, San Antonio, TX 335 2007 90.0 % Marquis at The Cascades, Tyler, TX 582 2009 90.0 % Marquis at TPC, San Antonio, TX 139 2008 90.0 % 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 % Villages at Cypress Creek, Houston, TX 384 2001 80.0 % Wesley Village, Charlotte, NC 301 2010 91.8 % Whetstone, Durham, NC 204 2015 (2) Total 8,166 (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. |
Schedule Of Development Properties In Real Estate [Table Text Block] | Development Properties Actual / Planned Anticipated Anticipated Number of Initial Construction Multifamily Community Name/Location Units Occupancy Completion Alexan CityCentre, Houston, TX 340 2Q 2017 4Q 2017 Helios, Atlanta, GA 282 2Q 2017 4Q 2017 Alexan Southside Place, Houston, TX 270 4Q 2017 2Q 2018 Lake Boone Trail, Raleigh, NC 245 3Q 2017 3Q 2018 Vickers Village, Roswell, GA 79 3Q 2018 4Q 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 West Morehead, Charlotte, NC 286 4Q 2018 2Q 2019 Flagler Village, Fort Lauderdale, FL 384 3Q 2019 3Q 2020 Total 2,595 |
Acquisition of Real Estate (Tab
Acquisition of Real Estate (Tables) | 9 Months Ended |
Sep. 30, 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 $ 40,473 Building 312,884 Building improvements 19,615 Land improvements 17,039 Furniture and fixtures 7,014 In-place leases 8,021 Other assets 666 Total assets acquired $ 405,712 Mortgages assumed $ 146,377 Total liabilities assumed $ 146,377 |
Business Acquisition, Pro Forma Information [Table Text Block] | The pro-forma information presented below represents the change in consolidated revenue and earnings as if the Company's acquisitions of Wesley Village, Preston View, the Texas Portfolio, Villages at Cypress Creek, Citrus Tower and 2016 acquisitions, had occurred on January 1, 2016 (amounts in thousands, except per share amounts). Nine Months Ended September 30, Nine Months Ended September 30, 2017 2016 Pro-Forma Pro-Forma As Reported Adjustments Pro-Forma As Reported Adjustments Pro-Forma Revenues $ 86,734 $ 17,796 $ 104,530 $ 57,389 $ 52,256 $ 109,645 Net income (loss) $ 40,115 $ 10,128 $ 50,243 $ (3,014) $ (17,384) $ (20,398) Net income (loss) attributable to common stockholders $ 563 $ 9,220 $ 9,783 $ (11,727) $ (15,923) $ (27,650) Income (loss) per share, basic and diluted (1) $ 0.02 $ 0.38 $ (0.57) $ (1.34) (1) Pro-forma earnings (loss) per share, both basic and diluted, are calculated based on the net earnings (loss) attributable to the Company. |
Notes and Interest Receivable24
Notes and Interest Receivable due from Related Party (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Following is a summary of the Notes and interest receivable due from related parties as of September 30, 2017 and December 31, 2016 (amounts in thousands): September 30, December 31, Property 2017 2016 APOK Townhomes $ 11,360 $ Domain 20,528 West Morehead 24,883 21,267 Total $ 56,771 $ 21,267 |
Interest Income and Interest Expense Disclosure [Table Text Block] | The interest income from related parties for the three and nine months ended September 30, 2017 and 2016 are summarized below (amounts in thousands): Three Months Ended Nine Months Ended September 30, September 30, Property 2017 2016 2017 2016 APOK Townhomes $ 424 $ $ 1,232 $ Domain 767 1,758 West Morehead 929 2,751 Interest income from related parties $ 2,120 $ $ 5,741 $ |
Preferred Equity Investments 25
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2017 and December 31, 2016 is summarized in the table below (amounts in thousands): September 30, December 31, Property 2017 2016 Alexan CityCentre $ 9,258 $ 7,733 Alexan Southside Place 19,015 17,322 APOK Townhomes 7 7,569 Domain 12 5,249 Flagler Village 25,384 14,035 Helios 16,360 16,360 Lake Boone Trail 11,930 9,919 West Morehead 14 13 Whetstone 12,932 12,932 Total $ 94,912 $ 91,132 |
Preferred Equity Method Investments [Table Text Block] | The preferred returns and equity in income of the Company’s unconsolidated real estate joint ventures for the three and nine months ended September 30, 2017 and 2016 are summarized below (amounts in thousands): Three Months Ended Nine Months Ended September 30, September 30, Property 2017 2016 2017 2016 Alexan CityCentre $ 385 $ 294 $ 1,010 $ 791 Alexan Southside Place 740 655 2,113 1,950 APOK Townhomes 205 205 Domain 145 141 422 EOS (3) 137 (25) 409 Flagler Village (1) (4) (5) (4) Helios 619 619 1,835 1,842 Lake Boone Trail 451 375 1,319 1,117 West Morehead 141 435 Whetstone 497 507 1,477 1,450 Preferred returns and equity in income of unconsolidated joint venture $ 2,688 $ 3,074 $ 7,865 $ 8,617 |
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 September 30, 2017 and December 31, 2016 and for the three and nine months ended September 30, 2017 and 2016, is as follows: September 30, December 31, 2017 2016 Balance Sheets: Real estate, net of depreciation $ 304,921 $ 197,742 Other assets 29,576 33,814 Total assets $ 334,497 $ 231,556 Mortgages payable $ 202,308 $ 97,598 Other liabilities 20,267 13,191 Total liabilities $ 222,575 $ 110,789 Members’ equity 111,922 120,767 Total liabilities and members’ equity $ 334,497 $ 231,556 Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Operating Statement: Rental revenues $ 1,344 $ 1,841 $ 2,930 $ 4,608 Operating expenses (1,466) (885) (2,870) (2,577) (Loss) income before debt service, acquisition costs, and depreciation and amortization (122) 956 60 2,031 Interest expense, net (2,924) (344) (7,395) (999) Acquisition costs (3) (3) Depreciation and amortization (939) (771) (1,922) (2,296) Operating (loss) (3,985) (162) (9,257) (1,267) Net loss $ (3,985) $ (162) $ (9,257) $ (1,267) |
Mortgages Payable (Tables)
Mortgages Payable (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | The following table summarizes certain information as of September 30, 2017 and December 31, 2016, with respect to the Company’s senior mortgage indebtedness (amounts in thousands): Outstanding Principal As of September 30, 2017 September 30, December 31, Property 2017 2016 Interest Rate Fixed/ Floating Maturity Date ARIUM at Palmer Ranch $ 26,925 $ 26,925 3.40 % LIBOR + 2.17% (1) February 1, 2023 ARIUM Grandewood 34,294 34,294 3.05 % Floating (2) December 1, 2024 ARIUM Gulfshore 32,626 32,626 3.40 % LIBOR + 2.17% (1) February 1, 2023 ARIUM Palms 24,999 24,999 3.45 % 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 31,528 31,900 4.67 % Fixed December 1, 2025 Ashton Reserve II 15,270 15,270 3.85 % LIBOR + 2.62% (1) January 1, 2026 Citrus Tower 41,438 4.07 % Fixed October 1, 2024 Crescent Perimeter (3) 1,920 4.23 % LIBOR + 3.00% (1) December 12, 2020 Enders Place at Baldwin Park (4) 24,401 24,732 4.30 % Fixed November 1, 2022 Fox Hill 26,705 James on South First 26,500 26,500 4.35 % Fixed January 1, 2024 Lansbrook Village 57,190 Marquis at Crown Ridge 29,362 2.84 % LIBOR + 1.61% (1) June 1, 2024 Marquis at Stone Oak 43,125 2.84 % LIBOR + 1.61% (1) June 1, 2024 Marquis at The Cascades I 33,207 2.84 % LIBOR + 1.61% (1) June 1, 2024 Marquis at The Cascades II 23,175 2.84 % LIBOR + 1.61% (1) June 1, 2024 Marquis at TPC 17,273 2.84 % LIBOR + 1.61% (1) June 1, 2024 MDA Apartments 37,124 Nevadan 48,431 48,431 3.71 % LIBOR + 2.48% (1) November 1, 2023 Park & Kingston (5) 18,432 18,432 3.41 % Fixed April 1, 2020 Preston View 41,066 3.30 % 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 3.52 % 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 36,484 36,989 4.65 % Fixed January 5, 2023 Vickers Village (6) 3,875 4.23 % LIBOR + 3.00% (6) December 1, 2020 Village Green of Ann Arbor 41,547 Villages at Cypress Creek 26,200 3.23 % Fixed October 1, 2022 Wesley Village 40,545 4.25 % Fixed April 1, 2024 Total 853,565 716,153 Fair value adjustments 2,055 1,364 Deferred financing costs, net (8,458) (6,942) Total $ 847,162 $ 710,575 (1) One month LIBOR as of September 30, 2017 was 1.23 (2) ARIUM Grandewood principal balance includes the initial advance of $ 29.44 floating rate of 1.67% 4.85 floating rate of 2.74% 2.90 3.97 (3) Construction loan of up to $ 44.7 3.00 (4) The Enders Place at Baldwin Park principal balance includes a $ 16.6 3.97 7.8 5.01 (5) The Park & Kingston principal balance includes a $ 15.3 3.21 3.2 4.34 (6) Construction loan of up to $ 18.0 3.00% plus one month LIBOR |
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | As of September 30, 2017, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): Year Total 2017 (October 1-December 31) $ 738 2018 4,086 2019 7,652 2020 35,227 2021 12,173 Thereafter 793,689 $ 853,565 Add: Unamortized fair value debt adjustment 2,055 Subtract: Deferred financing costs, net (8,458 ) Total $ 847,162 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2017 and December 31, 2016 (in thousands): September 30, December 31, 2017 2016 Amounts Payable to the Manager under the Management Agreement Base management fee $ 2,802 $ 2,015 Operating expense reimbursements and direct expense reimbursements 393 274 Offering expense reimbursements 74 120 Total amounts payable to Manager $ 3,269 $ 2,409 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Net (loss) income attributable to common stockholders $ (12,017) $ (2,551) 563 $ (11,727) Dividends on restricted stock expected to vest (4) Basic net (loss) income attributable to common stockholders $ (12,017) $ (2,551) $ 563 $ (11,731) Weighted average common shares outstanding (1) 26,474,093 20,908,543 25,851,536 20,706,338 Potential dilutive shares (2) 523 Weighted average common shares outstanding and potential dilutive shares (1) 26,474,093 20,908,543 25,852,059 20,706,338 Net (loss) income per common share, basic $ (0.45) $ (0.12) $ 0.02 $ (0.57) Net (loss) income per common share, diluted $ (0.45) $ (0.12) $ 0.02 $ (0.57) 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 251 1,184 5,498 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of the status of the Company’s non-vested shares as of September 30, 2017 is as follows (amounts in thousands, except share amounts): Weighted average Non-Vested shares Shares grant-date fair value Balance at January 1, 2017 659 $ 22.75 Granted Vested (659) 22.75 Forfeited Balance at September 30, 2017 $ |
Schedule of Dividends Payable [Table Text Block] | Distributions 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 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 July 10, 2017 July 25, 2017 $ 0.096666 August 4, 2017 August 9, 2017 August 25, 2017 $ 0.096667 September 5, 2017 August 9, 2017 September 25, 2017 $ 0.096667 October 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 June 9, 2017 June 23, 2017 $ 0.515625 July 5, 2017 September 8, 2017 September 25, 2017 $ 0.515625 October 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 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 July 10, 2017 July 25, 2017 $ 5.00 August 4, 2017 July 10, 2017 August 25, 2017 $ 5.00 September 5, 2017 July 10, 2017 September 25, 2017 $ 5.00 October 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 June 9, 2017 June 23, 2017 $ 0.4765625 July 5, 2017 September 8, 2017 September 25, 2017 $ 0.4765625 October 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 June 9, 2017 June 23, 2017 $ 0.4453125 July 5, 2017 September 8, 2017 September 25, 2017 $ 0.4453125 October 5, 2017 |
Schedule of Distributions Made to Members or Limited Partners, by Distribution [Table Text Block] | Distributions declared and paid for the nine months ended September 30, 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 Second Quarter Class A Common Stock $ 7,016 $ 7,015 Series A Preferred Stock 2,950 2,950 Series B Preferred Stock 1,054 837 Series C Preferred Stock 1,108 1,107 Series D Preferred Stock 1,270 1,270 OP Units 80 80 LTIP Units 551 533 Total second quarter 2017 $ 14,029 $ 13,792 Third Quarter Class A Common Stock 7,017 7,016 Series A Preferred Stock 2,950 2,950 Series B Preferred Stock 1,711 1,508 Series C Preferred Stock 1,107 1,107 Series D Preferred Stock 1,270 1,269 OP Units 79 80 LTIP Units 676 625 Total third quarter 2017 $ 14,810 $ 14,555 Total $ 42,282 $ 41,029 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Dividends Declared [Table Text Block] | Declaration of Dividends Payable to stockholders Declaration Date of record as of Amount Payable Date Class A common stock October 13, 2017 October 25, 2017 $ 0.096666 November 3, 2017 October 13, 2017 November 24, 2017 $ 0.096667 December 5, 2017 October 13, 2017 December 22, 2017 $ 0.096667 January 5, 2018 Series B Preferred Stock October 13, 2017 October 25, 2017 $ 5.00 November 3, 2017 October 13, 2017 November 24, 2017 $ 5.00 December 5, 2017 October 13, 2017 December 22, 2017 $ 5.00 January 5, 2018 |
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 September 30, 2017 (amounts in thousands): Declaration Distributions Total Shares Date Record Date Date Paid per Share Distribution Class A Common Stock August 9, 2017 September 25, 2017 October 5, 2017 $ 0.096667 $ 2,339 Series A Preferred Stock September 8, 2017 September 25, 2017 October 5, 2017 $ 0.515625 $ 2,950 Series B Preferred Stock July 10, 2017 September 25, 2017 October 5, 2017 $ 5.000000 $ 646 Series C Preferred Stock September 8, 2017 September 25, 2017 October 5, 2017 $ 0.4765625 $ 1,107 Series D Preferred Stock September 8, 2017 September 25, 2017 October 5, 2017 $ 0.4453125 $ 1,269 OP Units August 9, 2017 September 25, 2017 October 5, 2017 $ 0.096667 $ 26 LTIP Units August 9, 2017 September 25, 2017 October 5, 2017 $ 0.096667 $ 242 Class A Common Stock October 13, 2017 October 25, 2017 November 3, 2017 $ 0.096666 $ 2,340 Series B Preferred Stock October 13, 2017 October 25, 2017 November 3, 2017 $ 5.000000 $ 718 OP Units October 13, 2017 October 25, 2017 November 3, 2017 $ 0.096666 $ 240 LTIP Units October 13, 2017 October 25, 2017 November 3, 2017 $ 0.096666 $ 29 Total $ 11,906 |
Internatization [Member] | |
Schedule Of Internalization Consideration [Table Text Block] | The Internalization transaction closed on October 31, 2017, and the following table shows the Internalization Consideration paid in aggregate to the Contributors based on the trailing twelve-month base management and incentive fees of $ 13,748,029 Total Internalization Consideration $ 41,244,086 Allocation of Internalization Consideration: Internalization expense reimbursement $ 450,000 Internalization Consideration paid in cash $ 40,794 Internalization Consideration paid in OP Units $ 39,938,226 Internalization Consideration paid in Class C common stock $ 815,066 Volume-Weighted Average Price (“VWAP”) $ 10.64 Number of OP Units Issued 3,753,593 Number of shares of Class C Common Stock Issued 76,603 |
Organization and Nature of Bu30
Organization and Nature of Business (Details Textual) | 9 Months Ended |
Sep. 30, 2017 | |
Organization and Nature of Business [Line Items] | |
Percent of Real Estate Properties Occupied | 94.00% |
Number of Units in Real Estate Property | 10,761 |
Annual Distribution Percentage Rate | 90.00% |
Operating Units [Member] | |
Organization and Nature of Business [Line Items] | |
Number of Units in Real Estate Property | 8,166 |
Under Development [Member] | |
Organization and Nature of Business [Line Items] | |
Number of Units in Real Estate Property | 2,595 |
Basis of Presentation and Sum31
Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Accounting Policies [Line Items] | ||||
Percentage of Voting Equity | 50.00% | |||
Prior Period Reclassification Adjustment | $ 1.6 | $ 1 | $ 4.6 | $ 2.7 |
OP LTIP unit [Member] | ||||
Accounting Policies [Line Items] | ||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 10.29% | |||
OP Unit [Member] | ||||
Accounting Policies [Line Items] | ||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 1.01% | |||
LTIP Unit [Member] | ||||
Accounting Policies [Line Items] | ||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 9.28% |
Sale of Real Estate Asset and32
Sale of Real Estate Asset and Abandonment of Development Project (Details Textual) $ in Millions | 1 Months Ended | |||||
Jun. 30, 2017USD ($) | May 24, 2017USD ($) | Apr. 26, 2017USD ($) | Feb. 22, 2017USD ($) | Sep. 30, 2017USD ($) | Nov. 24, 2015a | |
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 | a | 44,276 | |||||
Real Estate Investment Property, Net | $ 2.9 | |||||
Fox Hill Property [Member] | ||||||
Real Estate Assets Held for Development and Sale [Line Items] | ||||||
Disposition Fees | $ 0.5 | |||||
Proceeds from Sale of Real Estate Gross | 46.5 | |||||
Proceeds from Sale of Real Estate | 19.2 | |||||
Gain (Loss) on Disposition of Assets | 10.7 | |||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 1.6 | |||||
Fox Hill Property [Member] | Mortgages [Member] | ||||||
Real Estate Assets Held for Development and Sale [Line Items] | ||||||
Payments for Mortgage on Real Estate Sold | 26.7 | |||||
Fox Hill Property [Member] | Pro Rata [Member] | ||||||
Real Estate Assets Held for Development and Sale [Line Items] | ||||||
Gain (Loss) on Disposition of Assets | 10.3 | |||||
Proceeds from Sale of Property Held-for-sale | $ 16.4 | |||||
MDA Apartments [Member] | ||||||
Real Estate Assets Held for Development and Sale [Line Items] | ||||||
Disposition Fees | $ 0.7 | |||||
Proceeds from Sale of Real Estate | 17.6 | |||||
Gain (Loss) on Disposition of Assets | $ 6.4 | |||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 35.00% | |||||
Gain On Sale Of Equity Interests | $ 10.2 | |||||
Proceeds from Sale of Property Held-for-sale | 18.3 | |||||
MDA Apartments [Member] | Pro Rata [Member] | ||||||
Real Estate Assets Held for Development and Sale [Line Items] | ||||||
Proceeds from Sale of Property Held-for-sale | $ 11 | |||||
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 | |||||
Lansbrook Village Properties [Member] | ||||||
Real Estate Assets Held for Development and Sale [Line Items] | ||||||
Disposition Fees | $ 1.2 | |||||
Proceeds from Sale of Real Estate | 24.1 | |||||
Gain (Loss) on Disposition of Assets | 22.8 | |||||
Proceeds from Sale of Property Held-for-sale | $ 82.4 | |||||
Ownership Percentage On Investments | 90.00% | |||||
Lansbrook Village Properties [Member] | Mortgages [Member] | ||||||
Real Estate Assets Held for Development and Sale [Line Items] | ||||||
Payments for Mortgage on Real Estate Sold | $ 57.2 | |||||
Lansbrook Village Properties [Member] | Pro Rata [Member] | ||||||
Real Estate Assets Held for Development and Sale [Line Items] | ||||||
Gain (Loss) on Disposition of Assets | 16.1 | |||||
Proceeds from Sale of Property Held-for-sale | $ 19.1 |
Investments in Real Estate (Det
Investments in Real Estate (Details) | 9 Months Ended | |
Sep. 30, 2017NumberofUnits | ||
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 | |
Actual Or Anticipated Initial Occupancy | 2Q 2017 | |
Anticipated Construction Completion | 4Q 2017 | |
Helios, Atlanta, GA [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 282 | |
Actual Or 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 | |
Actual Or Anticipated Initial Occupancy | 4Q 2017 | |
Anticipated Construction Completion | 2Q 2018 | |
Lake Boone Trail, Raleigh NC [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 245 | |
Actual Or Anticipated Initial Occupancy | 3Q 2017 | |
Anticipated Construction Completion | 3Q 2018 | |
Vickers Village, Roswell, GA [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 79 | |
Actual Or Anticipated Initial Occupancy | 3Q 2018 | |
Anticipated Construction Completion | 4Q 2018 | |
APOK Townhomes, Boca Raton, FL [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 90 | |
Actual Or 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 | |
Actual Or 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 | |
Actual Or Anticipated Initial Occupancy | 4Q 2018 | |
Anticipated Construction Completion | 2Q 2019 | |
West Morehead, Charlotte, NC [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 286 | |
Actual Or 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 | |
Actual Or Anticipated Initial Occupancy | 3Q 2019 | |
Anticipated Construction Completion | 3Q 2020 | |
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% | |
Citrus Tower Orlando, Fl [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 336 | |
Year Build/Renovated | 2,006 | [1] |
Ownership Interest | 96.80% | |
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% | |
James on South First, formerly 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% | |
Marquis at Crown Ridge, San Antonio, TX [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 352 | |
Year Build/Renovated | 2,009 | [1] |
Ownership Interest | 90.00% | |
Marquis at Stone Oak, San Antonio, TX [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 335 | |
Year Build/Renovated | 2,007 | [1] |
Ownership Interest | 90.00% | |
Marquis at The Cascades I, Tyler, TX [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 582 | |
Year Build/Renovated | 2,009 | [1] |
Ownership Interest | 90.00% | |
Marquis at TPC, San Antonio, TX [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 139 | |
Year Build/Renovated | 2,008 | [1] |
Ownership Interest | 90.00% | |
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 Brodie, formerly referred to as Deerfield, Austin, TX [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Year Build/Renovated | 2,001 | [1] |
Average [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 8,166 | |
The Brodie, Austin, TX [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 324 | |
Ownership Interest | 92.50% | |
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% | |
Villages At Cypress Creek, Houston Tx [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 384 | |
Year Build/Renovated | 2,001 | [1] |
Ownership Interest | 80.00% | |
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 | |
Year Build/Renovated | 2,015 | [1] |
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 (D34
Investments in Real Estate (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Real Estate Property [Line Items] | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Depreciation Expense | $ 8.9 | $ 5.9 | $ 24.5 | $ 16.7 |
Amortization of Deferred Leasing Fees | $ 2.9 | $ 1.3 | $ 8.6 | $ 5.8 |
Acquisition of Real Estate (Det
Acquisition of Real Estate (Details) $ in Thousands | Sep. 30, 2017USD ($) |
Preliminary Purchase Price Allocation | |
Land | $ 40,473 |
Building | 312,884 |
Building improvements | 19,615 |
Land improvements | 17,039 |
Furniture and fixtures | 7,014 |
In-place leases | 8,021 |
Other assets | 666 |
Total assets acquired | 405,712 |
Mortgages assumed | 146,377 |
Total liabilities assumed | $ 146,377 |
Acquisition of Real Estate (D36
Acquisition of Real Estate (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Business Acquisition [Line Items] | |||||
Revenues | $ 30,063 | $ 20,577 | $ 86,734 | $ 57,389 | |
Net income (loss) | (4,581) | 1,568 | 40,115 | (3,014) | |
Net income (loss) attributable to common stockholders | $ (12,017) | $ (2,551) | 563 | (11,727) | |
Scenario, Previously Reported [Member] | |||||
Business Acquisition [Line Items] | |||||
Revenues | 86,734 | 57,389 | |||
Net income (loss) | 40,115 | (3,014) | |||
Net income (loss) attributable to common stockholders | $ 563 | $ (11,727) | |||
Income (loss) per share, basic and diluted | [1] | $ 0.02 | $ (0.57) | ||
Scenario, Adjustment [Member] | |||||
Business Acquisition [Line Items] | |||||
Revenues | $ 17,796 | $ 52,256 | |||
Net income (loss) | 10,128 | (17,384) | |||
Net income (loss) attributable to common stockholders | 9,220 | (15,923) | |||
Pro Forma [Member] | |||||
Business Acquisition [Line Items] | |||||
Revenues | 104,530 | 109,645 | |||
Net income (loss) | 50,243 | (20,398) | |||
Net income (loss) attributable to common stockholders | $ 9,783 | $ (27,650) | |||
Income (loss) per share, basic and diluted | [1] | $ 0.38 | $ (1.34) | ||
[1] | Pro-forma earnings (loss) per share, both basic and diluted, are calculated based on the net earnings (loss) attributable to the Company. |
Acquisition of Real Estate (D37
Acquisition of Real Estate (Details Textual) $ in Millions | Sep. 08, 2017USD ($) | Sep. 28, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 09, 2017USD ($) | 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 | $ 12.4 | ||||||
Aggregate Property Level Net Income And Recent Acquisitions | $ 3.9 | ||||||
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 | $ 59.5 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 41.1 | ||||||
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 | $ 57.2 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 40.5 | ||||||
Texas Portfolio [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of Real Estate Properties, Fee Simple | 1,408 | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 90.00% | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 188.9 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 146.4 | ||||||
Cypress Creek Villages [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of Real Estate Properties, Fee Simple | 384 | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 80.00% | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 40.7 | ||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 26.2 | ||||||
Citrus Tower [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of Real Estate Properties, Fee Simple | 336 | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 96.80% | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 55.3 | ||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 41.4 |
Notes and Interest Receivable38
Notes and Interest Receivable due from Related Party (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Notes Receivable, Related Parties | $ 56,771 | $ 21,267 |
APOK Townhomes [Member] | ||
Notes Receivable, Related Parties | 11,360 | 0 |
Domain [Member] | ||
Notes Receivable, Related Parties | 20,528 | 0 |
West Morehead [Member] | ||
Notes Receivable, Related Parties | $ 24,883 | $ 21,267 |
Notes and Interest Receivable39
Notes and Interest Receivable due from Related Party (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Interest Income, Related Party | $ 2,120 | $ 0 | $ 5,741 | $ 0 |
APOK Townhomes [Member] | ||||
Interest Income, Related Party | 424 | 0 | 1,232 | 0 |
Domain [Member] | ||||
Interest Income, Related Party | 767 | 0 | 1,758 | 0 |
West Morehead [Member] | ||||
Interest Income, Related Party | $ 929 | $ 0 | $ 2,751 | $ 0 |
Notes and Interest Receivable40
Notes and Interest Receivable due from Related Party (Details Textual) - USD ($) $ in Millions | Mar. 03, 2017 | Jan. 06, 2017 | Dec. 29, 2016 | Sep. 30, 2017 | Jan. 05, 2017 |
BR Morehead JV , LLC [Member] | |||||
Due from Related Parties | $ 21.3 | ||||
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 Related Parties | $ 34.5 | ||||
Related Party Transaction, Date | Dec. 29, 2016 | ||||
Related Party Transaction, Interest Rate Description | The West Morehead Construction Loan matures on December 29, 2019, and contains two one-year extension options, subject to certain conditions including a debt service coverage, loan to value ratio and payment of an extension fee. 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. | ||||
Due From Unaffiliated Lender | $ 24.6 | ||||
West Morehead Property [Member] | |||||
Due from Related Parties, Current | $ 2.8 | ||||
Related Party 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. | ||||
Due From Unaffiliated Lender | $ 7.3 | ||||
Unaffiliated Lender Transaction Date | Dec. 29, 2016 | ||||
APOK Townhomes Development [Member] | |||||
Due From Unaffiliated Lender | $ 18.7 | $ 2.7 | |||
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 | $ 11.2 | ||||
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. | ||||
Domain 1 development [Member] | |||||
Due From Unaffiliated Lender | $ 30.3 | ||||
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 Related Parties | $ 20.3 | ||||
Due From Unaffiliated Lender | $ 6.4 | $ 2.5 | |||
Debt Instrument, Maturity Date, 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] | |||||
Unaffiliated Lender 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. |
Preferred Equity Investments 41
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 94,912 | $ 91,132 |
Alexan CityCentre [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 9,258 | 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 [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 16,360 | 16,360 |
Domain [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 12 | 5,249 |
Flagler Village [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 25,384 | 14,035 |
Lake Boone Trail [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 11,930 | 9,919 |
West Morehead [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 42
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Schedule of Equity Method Investments [Line Items] | ||||
Preferred returns and equity in income of unconsolidated joint venture | $ 2,688 | $ 3,074 | $ 7,865 | $ 8,617 |
Alexan CityCentre [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Preferred returns and equity in income of unconsolidated joint venture | 385 | 294 | 1,010 | 791 |
Alexan Southside Place [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Preferred returns and equity in income of unconsolidated joint venture | 740 | 655 | 2,113 | 1,950 |
APOK Townhomes [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Preferred returns and equity in income of unconsolidated joint venture | 0 | 205 | 0 | 205 |
Domain [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Preferred returns and equity in income of unconsolidated joint venture | 0 | 145 | 141 | 422 |
EOS [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Preferred returns and equity in income of unconsolidated joint venture | (3) | 137 | (25) | 409 |
Flagler Village [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Preferred returns and equity in income of unconsolidated joint venture | (1) | (4) | (5) | (4) |
Helios [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Preferred returns and equity in income of unconsolidated joint venture | 619 | 619 | 1,835 | 1,842 |
Lake Boone Trail [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Preferred returns and equity in income of unconsolidated joint venture | 451 | 375 | 1,319 | 1,117 |
West Morehead [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Preferred returns and equity in income of unconsolidated joint venture | 0 | 141 | 0 | 435 |
Whetstone [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Preferred returns and equity in income of unconsolidated joint venture | $ 497 | $ 507 | $ 1,477 | $ 1,450 |
Preferred Equity Investments 43
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Details 2) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Balance Sheets: | |||||
Real estate, net of depreciation | $ 304,921 | $ 304,921 | $ 197,742 | ||
Other assets | 29,576 | 29,576 | 33,814 | ||
Total assets | 334,497 | 334,497 | 231,556 | ||
Mortgage payable | 202,308 | 202,308 | 97,598 | ||
Other liabilities | 20,267 | 20,267 | 13,191 | ||
Total liabilities | 222,575 | 222,575 | 110,789 | ||
Members’ equity | 111,922 | 111,922 | 120,767 | ||
Total liabilities and members’ equity | 334,497 | 334,497 | $ 231,556 | ||
Operating Statements: | |||||
Rental revenues | 1,344 | $ 1,841 | 2,930 | $ 4,608 | |
Operating expenses | (1,466) | (885) | (2,870) | (2,577) | |
(Loss) income before debt service, acquisition costs, and depreciation and amortization | (122) | 956 | 60 | 2,031 | |
Interest expense, net | (2,924) | (344) | (7,395) | (999) | |
Acquisition costs | 0 | (3) | 0 | (3) | |
Depreciation and amortization | (939) | (771) | (1,922) | (2,296) | |
Operating (loss) | (3,985) | (162) | (9,257) | (1,267) | |
Net loss | $ (3,985) | $ (162) | $ (9,257) | $ (1,267) |
Preferred Equity Investments 44
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Details Textual) | Mar. 03, 2017 | Jun. 07, 2016USD ($) | Apr. 07, 2015USD ($) | Jan. 12, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Oct. 06, 2016USD ($) | Oct. 02, 2016 | Jan. 06, 2016 | Dec. 18, 2015 | Dec. 16, 2015USD ($) | Nov. 20, 2015 | May 29, 2015 | May 20, 2015USD ($) | Jul. 01, 2014 |
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 | $ 94,912,000 | $ 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 1 JV 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. | |||||||||||||||
Due From Affiliates | 1,756,000 | $ 948,000 | ||||||||||||||
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% | |||||||||||||||
Construction Loan | $ 19,400,000 | |||||||||||||||
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% | 6.50% | ||||||||||||||
Equity Method Investments | $ 700,000 | |||||||||||||||
Due From Affiliates | $ 1,000,000 | |||||||||||||||
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 | 49,900,000 | |||||||||||||||
Funded Amount | $ 25,400,000 | |||||||||||||||
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 | $ 11,900,000 | |||||||||||||||
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 | 48,800,000 | |||||||||||||||
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 | $ 9,300,000 | |||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 100.00% | |||||||||||||||
Expected Return On Related Party Debt | 20.00% | |||||||||||||||
Equity Method Investments | $ 2,800,000 | |||||||||||||||
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] | ||||||||||||||||
Number of Real Estate Properties, Fee Simple | 282 | |||||||||||||||
Debt Instrument, Face Amount | $ 38,100,000 | |||||||||||||||
Debt Instrument, Description of Variable Rate Basis | based on one-month LIBOR plus 2.50% | |||||||||||||||
Capital Commitment | $ 16,400,000 | |||||||||||||||
Percentage of Acquire Preferred Equity Interests | 100.00% | |||||||||||||||
Debt Instrument, Maturity Date | Dec. 16, 2018 | |||||||||||||||
Construction Loan | $ 32,800,000 | |||||||||||||||
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 | $ 10,800,000 | |||||||||||||||
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) - Mortgages [Member] - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2017 | Dec. 31, 2016 | ||
Line of Credit Facility [Line Items] | |||
Total | $ 853,565 | $ 716,153 | |
Fair value adjustments | 2,055 | 1,364 | |
Deferred financing costs, net | (8,458) | (6,942) | |
Total | 847,162 | 710,575 | |
ARIUM at Palmer Ranch [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 26,925 | 26,925 | |
Interest Rate | 3.40% | ||
Fixed/Floating | [1] | LIBOR + 2.17% | |
Maturity Date | Feb. 1, 2023 | ||
ARIUM Grandewood [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 34,294 | 34,294 | |
Interest Rate | 3.05% | ||
Fixed/Floating | [2] | Floating | |
Maturity Date | Dec. 1, 2024 | ||
ARIUM Gulfshore [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 32,626 | 32,626 | |
Interest Rate | 3.40% | ||
Fixed/Floating | [1] | LIBOR + 2.17% | |
Maturity Date | Feb. 1, 2023 | ||
ARIUM Palms [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 24,999 | 24,999 | |
Interest Rate | 3.45% | ||
Fixed/Floating | [1] | LIBOR + 2.22% | |
Maturity Date | Sep. 1, 2022 | ||
ARIUM Pine Lakes [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] | |||
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] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 31,528 | 31,900 | |
Interest Rate | 4.67% | ||
Fixed/Floating | Fixed | ||
Maturity Date | Dec. 1, 2025 | ||
Ashton Reserve II [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 15,270 | 15,270 | |
Interest Rate | 3.85% | ||
Fixed/Floating | [1] | LIBOR + 2.62% | |
Maturity Date | Jan. 1, 2026 | ||
Citrus Tower [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 41,438 | 0 | |
Interest Rate | 4.07% | ||
Fixed/Floating | Fixed | ||
Maturity Date | Oct. 1, 2024 | ||
Crescent Perimeter [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | [3] | $ 1,920 | 0 |
Interest Rate | [3] | 4.23% | |
Fixed/Floating | [1],[3] | LIBOR + 3.00% | |
Maturity Date | [3] | Dec. 12, 2020 | |
Enders Place at Baldwin Park [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | [4] | $ 24,401 | 24,732 |
Interest Rate | [4] | 4.30% | |
Fixed/Floating | [4] | Fixed | |
Maturity Date | [4] | Nov. 1, 2022 | |
Fox Hills [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 0 | 26,705 | |
James on South First [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 | ||
Lansbrook Village [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 0 | 57,190 | |
Marquis at Crown Ridge [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 29,362 | 0 | |
Interest Rate | 2.84% | ||
Fixed/Floating | [1] | LIBOR + 1.61% | |
Maturity Date | Jun. 1, 2024 | ||
Marquis at Stone Oak [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 43,125 | 0 | |
Interest Rate | 2.84% | ||
Fixed/Floating | [1] | LIBOR + 1.61% | |
Maturity Date | Jun. 1, 2024 | ||
Marquis at The Cascades I [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 33,207 | 0 | |
Interest Rate | 2.84% | ||
Fixed/Floating | [1] | LIBOR + 1.61% | |
Maturity Date | Jun. 1, 2024 | ||
Marquis at The Cascades II [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 23,175 | 0 | |
Interest Rate | 2.84% | ||
Fixed/Floating | [1] | LIBOR + 1.61% | |
Maturity Date | Jun. 1, 2024 | ||
Marquis at TPC [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 17,273 | 0 | |
Interest Rate | 2.84% | ||
Fixed/Floating | [1] | LIBOR + 1.61% | |
Maturity Date | Jun. 1, 2024 | ||
MDA Apartments [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 0 | 37,124 | |
Nevadan [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 48,431 | 48,431 | |
Interest Rate | 3.71% | ||
Fixed/Floating | [1] | LIBOR + 2.48% | |
Maturity Date | Nov. 1, 2023 | ||
Park & Kingston [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 | |
Preston View [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 41,066 | 0 | |
Interest Rate | 3.30% | ||
Fixed/Floating | [1] | LIBOR + 2.07% | |
Maturity Date | Mar. 1, 2024 | ||
Roswell City Walk [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] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 38,684 | 38,684 | |
Interest Rate | 3.52% | ||
Fixed/Floating | [1] | LIBOR + 2.29% | |
Maturity Date | May 1, 2023 | ||
Sovereign [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] | |||
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] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 36,484 | 36,989 | |
Interest Rate | 4.65% | ||
Fixed/Floating | Fixed | ||
Maturity Date | Jan. 5, 2023 | ||
Vickers Roswell [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | [6] | $ 3,875 | 0 |
Interest Rate | [6] | 4.23% | |
Fixed/Floating | [6] | LIBOR + 3.00% | |
Maturity Date | [6] | Dec. 1, 2020 | |
Village Green Ann Arbor [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 0 | 41,547 | |
Cypress Creek Villages [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 26,200 | 0 | |
Interest Rate | 3.23% | ||
Fixed/Floating | Fixed | ||
Maturity Date | Oct. 1, 2022 | ||
Wesley Village [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 September 30, 2017 was 1.23%. | ||
[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 September 30, 2017, the interest rates on the initial advance and supplemental loan were 2.90% and 3.97%, respectively. | ||
[3] | Construction loan of up to $44.7 million, with interest at a floating rate of 3.00% plus one month LIBOR. The loan has a one-year extension option subject to certain conditions. | ||
[4] | The Enders Place at Baldwin Park principal balance includes a $16.6 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, with interest at a floating rate of 3.00% plus one month LIBOR. |
Mortgages Payable (Details 1)
Mortgages Payable (Details 1) - ARIUM Grandewood [Member] $ in Thousands | Sep. 30, 2017USD ($) |
Debt Disclosure [Abstract] | |
2017 (October 1-December 31) | $ 738 |
2,018 | 4,086 |
2,019 | 7,652 |
2,020 | 35,227 |
2,021 | 12,173 |
Thereafter | 793,689 |
Long-term Debt | 853,565 |
Add: Unamortized fair value debt adjustment | 2,055 |
Subtract: Deferred financing costs, net | (8,458) |
Total | $ 847,162 |
Mortgages Payable (Details Text
Mortgages Payable (Details Textual) - USD ($) $ in Thousands | Sep. 08, 2017 | Jun. 09, 2017 | Mar. 09, 2017 | Sep. 28, 2017 | Feb. 17, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Line of Credit Facility [Line Items] | |||||||
Real Estate Investments, Net, Total | $ 1,194,198 | $ 987,077 | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.23% | ||||||
Enders Place at Baldwin Park [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Secured Long-term Debt, Noncurrent | $ 16,600 | ||||||
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 | 2.90% | ||||||
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 | 3.97% | ||||||
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] | |||||||
Debt Instrument, Description of Variable Rate Basis | 3.00% plus one month LIBOR | ||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||||
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, Basis Spread on Variable Rate | 2.07% | ||||||
Debt Instrument, Term | 30 years | ||||||
Debt Instrument Prepayment Fee Percentage | 1.00% | ||||||
Wesley Village [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, Face Amount | $ 40,500 | ||||||
Debt Instrument, Basis Spread on Variable Rate | 4.25% | ||||||
Marquis at Crown Ridge [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, Face Amount | $ 29,500 | ||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus 1.61% | ||||||
Debt Instrument, Payment Terms | with fixed monthly payments based on 30-year amortization. After February 29, 2024, the loan may be prepaid without prepayment fee or yield maintenance. | ||||||
Marquis at Stone Oak [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, Face Amount | $ 43,100 | ||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus 1.61% | ||||||
Debt Instrument, Payment Terms | with interest only payments until June 2018, and then fixed monthly payments based on 30-year amortization. After February 29, 2024, the loan may be prepaid without prepayment fee or yield maintenance. | ||||||
Marquis at The Cascades I [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, Face Amount | $ 33,200 | ||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus 1.61% | ||||||
Debt Instrument, Payment Terms | with interest only payments until June 2018, and then fixed monthly payments based on 30-year amortization. After February 29, 2024, the loan may be prepaid without prepayment fee or yield maintenance. | ||||||
Marquis at The Cascades II [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, Face Amount | $ 23,200 | ||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus 1.61% | ||||||
Debt Instrument, Payment Terms | with interest only payments until June 2018, and then fixed monthly payments based on 30-year amortization. After February 29, 2024, the loan may be prepaid without prepayment fee or yield maintenance. | ||||||
Marquis at TPC [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, Face Amount | $ 17,400 | ||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus 1.61% | ||||||
Debt Instrument, Payment Terms | with fixed monthly payments based on 30-year amortization. After February 29, 2024, the loan may be prepaid without prepayment fee or yield maintenance. | ||||||
Cypress Creek Villages [Member] | Secured Debt [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, Face Amount | $ 26,200 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.23% | ||||||
Debt Instrument, Payment Terms | with interest only payments until October l, 2020, and then fixed monthly payments based on 30-year amortization. After July 1, 2022, the loan may be prepaid without prepayment fee or yield maintenance. | ||||||
Debt Instrument, Maturity Date, Description | The loan matures October 1, 2022, with two-one year extensions subject to certain conditions | ||||||
Citrus Tower [Member] | Secured Debt [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, Face Amount | $ 41,400 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.07% | ||||||
Debt Instrument, Maturity Date | Oct. 1, 2024 | ||||||
Debt Instrument, Payment Terms | with interest only payments until October l, 2019, and then fixed monthly payments based on 30-year amortization. After July 1, 2024, the loan may be prepaid without prepayment fee or yield maintenance. |
Fair Value of Financial Instr48
Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage Payable At Carrying Value | $ 855.6 | $ 717.5 |
Long-term Debt, Fair Value | $ 856 | $ 714.8 |
Related Party Transactions (Det
Related Party Transactions (Details) - Manager [Member] - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Related Party Transaction [Line Items] | ||
Total related-party amounts payable | $ 3,269 | $ 2,409 |
Base management fee [Member] | ||
Related Party Transaction [Line Items] | ||
Total related-party amounts payable | 2,802 | 2,015 |
Operating Expense Reimbursements and Direct Expense Reimbursements [Member] | ||
Related Party Transaction [Line Items] | ||
Total related-party amounts payable | 393 | 274 |
Offering expense reimbursements [Member] | ||
Related Party Transaction [Line Items] | ||
Total related-party amounts payable | $ 74 | $ 120 |
Related Party Transactions (D50
Related Party Transactions (Details Textual) - USD ($) | Aug. 09, 2017 | Jul. 02, 2015 | Aug. 03, 2016 | Mar. 24, 2016 | Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Aug. 04, 2017 | Dec. 31, 2016 |
Related Party Transaction [Line Items] | |||||||||||
Due From Affiliates Excluding Former Advisor | $ 1,800,000 | $ 1,800,000 | $ 900,000 | ||||||||
Compensation Percent Of Stockholders Equity | 0.25% | 0.25% | |||||||||
Compensation Incentive Fee Product Percentage | 20.00% | 20.00% | |||||||||
Compensation Incentive Fee Base Percentage | 8.00% | 8.00% | |||||||||
Incentive Fee Expense | $ 0 | $ 4,000,000 | $ 200,000 | ||||||||
Reimbursement Of Organizational And Offering Costs | 400,000 | $ 1,400,000 | $ 200,000 | 500,000 | |||||||
Issuance of Preferred Stock, Commission Fee Percentage | 10.00% | ||||||||||
Issuance Of Preferred Stock Dealer Manager Fee Percentage | 10.00% | ||||||||||
Due to Correspondent Brokers | 3,500,000 | $ 3,500,000 | |||||||||
Commissions Payable to Broker-Dealers and Clearing Organizations | 8,200,000 | $ 8,200,000 | |||||||||
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 | 299,045 | ||||||||||
Business Acquisition, Share Price | $ 10.64 | ||||||||||
General and Administrative Expense [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Allocated Share-based Compensation Expense | 100,000 | $ 1,200,000 | $ 500,000 | 2,000,000 | |||||||
Reimbursement Of Offering Costs | $ 300,000 | $ 1,100,000 | |||||||||
Long-term Incentive Plan Units [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Share Price | $ 11.06 | $ 11.06 | |||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 253,300 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 221,481 | 283,390 | |||||||||
Common Stock [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Reimbursement Of Organizational And Offering Costs | $ 30,000 | ||||||||||
Manager [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Management Fees | $ 2,800,000 | $ 2,600,000 | 7,800,000 | $ 4,300,000 | |||||||
Legal Fees | $ 500,000 | ||||||||||
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% | 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 | $ 600,000 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||
Net (loss) income attributable to common stockholders | $ (12,017) | $ (2,551) | $ 563 | $ (11,727) | |
Dividends on restricted stock expected to vest | 0 | 0 | 0 | (4) | |
Basic net (loss) income attributable to common stockholders | $ (12,017) | $ (2,551) | $ 563 | $ (11,731) | |
Weighted average common shares outstanding (in shares) | [1] | 26,474,093 | 20,908,543 | 25,851,536 | 20,706,338 |
Potential dilutive shares | [2] | 0 | 0 | 523 | 0 |
Weighted average common shares outstanding and potential dilutive shares | [1] | 26,474,093 | 20,908,543 | 25,852,059 | 20,706,338 |
Net (loss) income per common share, basic | $ (0.45) | $ (0.12) | $ 0.02 | $ (0.57) | |
Net (loss) income per common share, diluted | $ (0.45) | $ (0.12) | $ 0.02 | $ (0.57) | |
[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 251 shares of common stock, for the three months ended September 30, 2017, and 1,184 and 5,498 shares of common stock, for the three and nine months ended September 30, 2016, respectively, related to non-vested restricted stock, as the effect would be anti-dilutive. |
Stockholders' Equity (Details 1
Stockholders' Equity (Details 1) shares in Thousands | 9 Months Ended |
Sep. 30, 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 | (659) |
Non Vested shares, Forfeited (in shares) | shares | 0 |
Non Vested shares, Balance (in shares) | shares | 0 |
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 | 22.75 |
Weighted average grant-date fair value, Forfeited (in dollars) | $ / shares | 0 |
Weighted average grant-date fair value, Balance (in dollars) | $ / shares | $ 0 |
Stockholders' Equity (Details 2
Stockholders' Equity (Details 2) | 9 Months Ended |
Sep. 30, 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 |
Common Class A Four [Member] | |
Declaration Date | Apr. 7, 2017 |
Payable to stockholders of record as of | Apr. 25, 2017 |
Amount | $ 0.096666 |
Date Paid | May 5, 2017 |
Common Class A Five [Member] | |
Declaration Date | Apr. 7, 2017 |
Payable to stockholders of record as of | May 25, 2017 |
Amount | $ 0.096667 |
Date Paid | Jun. 5, 2017 |
Common Class A Six [Member] | |
Declaration Date | Apr. 7, 2017 |
Payable to stockholders of record as of | Jun. 23, 2017 |
Amount | $ 0.096667 |
Date Paid | Jul. 5, 2017 |
Common Class A Seven [Member] | |
Declaration Date | Jul. 10, 2017 |
Payable to stockholders of record as of | Jul. 25, 2017 |
Amount | $ 0.096666 |
Date Paid | Aug. 4, 2017 |
Common Class A Eight [Member] | |
Declaration Date | Aug. 9, 2017 |
Payable to stockholders of record as of | Aug. 25, 2017 |
Amount | $ 0.096667 |
Date Paid | Sep. 5, 2017 |
Common Class A Nine [Member] | |
Declaration Date | Aug. 9, 2017 |
Payable to stockholders of record as of | Sep. 25, 2017 |
Amount | $ 0.096667 |
Date Paid | Oct. 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 A Preferred Stock Two [Member] | |
Declaration Date | Jun. 9, 2017 |
Payable to stockholders of record as of | Jun. 23, 2017 |
Amount | $ 0.515625 |
Date Paid | Jul. 5, 2017 |
Series A Preferred Stock Three [Member] | |
Declaration Date | Sep. 8, 2017 |
Payable to stockholders of record as of | Sep. 25, 2017 |
Amount | $ 0.515625 |
Date Paid | Oct. 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 B Preferred Stock Four [Member] | |
Declaration Date | Apr. 7, 2017 |
Payable to stockholders of record as of | Apr. 25, 2017 |
Amount | $ 5 |
Date Paid | May 5, 2017 |
Series B Preferred Stock Five [Member] | |
Declaration Date | Apr. 7, 2017 |
Payable to stockholders of record as of | May 25, 2017 |
Amount | $ 5 |
Date Paid | Jun. 5, 2017 |
Series B Preferred Stock Six [Member] | |
Declaration Date | Apr. 7, 2017 |
Payable to stockholders of record as of | Jun. 23, 2017 |
Amount | $ 5 |
Date Paid | Jul. 5, 2017 |
Series B Preferred Stock Seven [Member] | |
Declaration Date | Jul. 10, 2017 |
Payable to stockholders of record as of | Jul. 25, 2017 |
Amount | $ 5 |
Date Paid | Aug. 4, 2017 |
Series B Preferred Stock Eight [Member] | |
Declaration Date | Jul. 10, 2017 |
Payable to stockholders of record as of | Aug. 25, 2017 |
Amount | $ 5 |
Date Paid | Sep. 5, 2017 |
Series B Preferred Stock Nine [Member] | |
Declaration Date | Jul. 10, 2017 |
Payable to stockholders of record as of | Sep. 25, 2017 |
Amount | $ 5 |
Date Paid | Oct. 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 C Preferred Stock Two [Member] | |
Declaration Date | Jun. 9, 2017 |
Payable to stockholders of record as of | Jun. 23, 2017 |
Amount | $ 0.4765625 |
Date Paid | Jul. 5, 2017 |
Series C Preferred Stock Three [Member] | |
Declaration Date | Sep. 8, 2017 |
Payable to stockholders of record as of | Sep. 25, 2017 |
Amount | $ 0.4765625 |
Date Paid | Oct. 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 |
Series D Preferred Stock Two [Member] | |
Declaration Date | Jun. 9, 2017 |
Payable to stockholders of record as of | Jun. 23, 2017 |
Amount | $ 0.4453125 |
Date Paid | Jul. 5, 2017 |
Series D Preferred Stock Three [Member] | |
Declaration Date | Sep. 8, 2017 |
Payable to stockholders of record as of | Sep. 25, 2017 |
Amount | $ 0.4453125 |
Date Paid | Oct. 5, 2017 |
Stockholders' Equity (Details 3
Stockholders' Equity (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2017 | |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ||||
Distributions Declared | $ 14,810 | $ 14,029 | $ 13,443 | $ 42,282 |
Distributions Paid | 14,555 | 13,792 | 12,682 | $ 41,029 |
Common Class A [Member] | ||||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ||||
Distributions Declared | 7,017 | 7,016 | 7,014 | |
Distributions Paid | 7,016 | 7,015 | 6,566 | |
Series A Preferred Stock [Member] | ||||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ||||
Distributions Declared | 2,950 | 2,950 | 2,950 | |
Distributions Paid | 2,950 | 2,950 | 2,950 | |
Series B Preferred Stock [Member] | ||||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ||||
Distributions Declared | 1,711 | 1,054 | 525 | |
Distributions Paid | 1,508 | 837 | 395 | |
Series C Preferred Stock [Member] | ||||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ||||
Distributions Declared | 1,107 | 1,108 | 1,107 | |
Distributions Paid | 1,107 | 1,107 | 1,107 | |
Series D Preferred Stock [Member] | ||||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ||||
Distributions Declared | 1,270 | 1,270 | 1,269 | |
Distributions Paid | 1,269 | 1,270 | 1,100 | |
Operating Partnership Units [Member] | ||||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ||||
Distributions Declared | 79 | 80 | 82 | |
Distributions Paid | 80 | 80 | 84 | |
Long-term Incentive Plan Units [Member] | ||||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ||||
Distributions Declared | 676 | 551 | 496 | |
Distributions Paid | $ 625 | $ 533 | $ 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 | Sep. 30, 2017 | Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Aug. 08, 2016 | Mar. 29, 2016 |
Class of Stock [Line Items] | ||||||||||||||||
Proceeds From Issuance Of Common Stock | $ 57,359 | $ 38 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | |||||||||||||||
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 | 137,968 | 137,968 | ||||||||||||||
General and Administrative Expense [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Allocated Share-based Compensation Expense | $ 100 | $ 1,200 | $ 500 | $ 2,000 | ||||||||||||
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 | 10.29% | |||||||||||||||
OP Unit holders [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 1.01% | |||||||||||||||
Partners' Capital Account, Units, Beginning Balance | 273,688 | 273,688 | ||||||||||||||
LTIP Unit holders [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 9.28% | |||||||||||||||
Partners' Capital Account, Units, Beginning Balance | 2,502,389 | 2,502,389 | ||||||||||||||
LTIP Unit holders [Member] | Limited Partner [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Partners' Capital Account, Units, Converted | 22,367 | |||||||||||||||
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 | 4,603,236 | |||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 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 | 2,759,360 | 2,759,360 | ||||||||||||||
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 | 116,486 | |||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 104,800 | |||||||||||||||
Stock Issued During Period, Shares, Other | 137,968 | |||||||||||||||
Proceeds from Issuance or Sale of Equity | $ 124,200 | |||||||||||||||
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 | 251 | 1,184 | 5,498 | |||||||||||||
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) | 9 Months Ended |
Sep. 30, 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, Amount | $ 0.096667 |
Declaration of Dividends, Date Paid | Jan. 5, 2017 |
Class A common stock [Member] | November 03, 2017 [Member] | Dividend Declared [Member] | |
Subsequent Event [Line Items] | |
Declaration of Dividends, Declaration Date | Oct. 13, 2017 |
Declaration of Dividends, Payable to stockholders of record as of | Oct. 25, 2017 |
Declaration of Dividends, Amount | $ 0.096666 |
Declaration of Dividends, Date Paid | Nov. 3, 2017 |
Class A common stock [Member] | December 05, 2017 [Member] | Dividend Declared [Member] | |
Subsequent Event [Line Items] | |
Declaration of Dividends, Declaration Date | Oct. 13, 2017 |
Declaration of Dividends, Payable to stockholders of record as of | Nov. 24, 2017 |
Declaration of Dividends, Amount | $ 0.096667 |
Declaration of Dividends, Date Paid | Dec. 5, 2017 |
Class A common stock [Member] | January 05, 2018 [Member] | Dividend Declared [Member] | |
Subsequent Event [Line Items] | |
Declaration of Dividends, Declaration Date | Oct. 13, 2017 |
Declaration of Dividends, Payable to stockholders of record as of | Dec. 22, 2017 |
Declaration of Dividends, Amount | $ 0.096667 |
Declaration of Dividends, Date Paid | Jan. 5, 2018 |
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, Amount | $ 5 |
Declaration of Dividends, Date Paid | Jan. 5, 2017 |
Series B Preferred Stock [Member] | November 03, 2017 [Member] | Dividend Declared [Member] | |
Subsequent Event [Line Items] | |
Declaration of Dividends, Declaration Date | Oct. 13, 2017 |
Declaration of Dividends, Payable to stockholders of record as of | Oct. 25, 2017 |
Declaration of Dividends, Amount | $ 5 |
Declaration of Dividends, Date Paid | Nov. 3, 2017 |
Series B Preferred Stock [Member] | December 05, 2017 [Member] | Dividend Declared [Member] | |
Subsequent Event [Line Items] | |
Declaration of Dividends, Declaration Date | Oct. 13, 2017 |
Declaration of Dividends, Payable to stockholders of record as of | Nov. 24, 2017 |
Declaration of Dividends, Amount | $ 5 |
Declaration of Dividends, Date Paid | Dec. 5, 2017 |
Series B Preferred Stock [Member] | January 05, 2018 [Member] | Dividend Declared [Member] | |
Subsequent Event [Line Items] | |
Declaration of Dividends, Declaration Date | Oct. 13, 2017 |
Declaration of Dividends, Payable to stockholders of record as of | Dec. 22, 2017 |
Declaration of Dividends, Amount | $ 5 |
Declaration of Dividends, Date Paid | Jan. 5, 2018 |
Subsequent Events (Details 1)
Subsequent Events (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 9 Months Ended |
Nov. 04, 2017 | Sep. 30, 2017 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Total Distribution | $ 11,906 | |
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 | Oct. 13, 2017 | |
Dividends, Record Date | Oct. 25, 2017 | |
Dividends, Date paid | Nov. 3, 2017 | |
Declaration of Dividends, Amount | $ 0.096666 | |
Dividends, Total Distribution | $ 2,340 | |
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 | Sep. 8, 2017 | |
Dividends, Record Date | Sep. 25, 2017 | |
Dividends, Date paid | Oct. 5, 2017 | |
Declaration of Dividends, Amount | $ 0.515625 | |
Dividends, Total Distribution | $ 2,950 | |
Series B Preferred Stock One [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Jun. 9, 2017 | |
Dividends, Record Date | Jun. 23, 2017 | |
Dividends, Date paid | Jul. 5, 2017 | |
Declaration of Dividends, Amount | $ 0.515625 | |
Series B Preferred Stock One [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Oct. 13, 2017 | |
Dividends, Record Date | Oct. 25, 2017 | |
Dividends, Date paid | Nov. 3, 2017 | |
Declaration of Dividends, Amount | $ 5 | |
Dividends, Total Distribution | $ 718 | |
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 | Sep. 8, 2017 | |
Dividends, Record Date | Sep. 25, 2017 | |
Dividends, Date paid | Oct. 5, 2017 | |
Declaration of Dividends, Amount | $ 0.4765625 | |
Dividends, Total Distribution | $ 1,107 | |
Operating Partnership Units One [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Aug. 9, 2017 | |
Dividends, Record Date | Sep. 25, 2017 | |
Dividends, Date paid | Oct. 5, 2017 | |
Declaration of Dividends, Amount | $ 0.096667 | |
Dividends, Total Distribution | $ 26 | |
Long-term Incentive Plan Units One [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Aug. 9, 2017 | |
Dividends, Record Date | Sep. 25, 2017 | |
Dividends, Date paid | Oct. 5, 2017 | |
Declaration of Dividends, Amount | $ 0.096667 | |
Dividends, Total Distribution | $ 242 | |
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 | Jul. 10, 2017 | |
Dividends, Record Date | Sep. 25, 2017 | |
Dividends, Date paid | Oct. 5, 2017 | |
Declaration of Dividends, Amount | $ 5 | |
Dividends, Total Distribution | $ 646 | |
Operating Partnership Units Two [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Oct. 13, 2017 | |
Dividends, Record Date | Oct. 25, 2017 | |
Dividends, Date paid | Nov. 3, 2017 | |
Declaration of Dividends, Amount | $ 0.096666 | |
Dividends, Total Distribution | $ 240 | |
Long-term Incentive Plan Units Two [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Oct. 13, 2017 | |
Dividends, Record Date | Oct. 25, 2017 | |
Dividends, Date paid | Nov. 3, 2017 | |
Declaration of Dividends, Amount | $ 0.096666 | |
Dividends, Total Distribution | $ 29 | |
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 | Sep. 8, 2017 | |
Dividends, Record Date | Sep. 25, 2017 | |
Dividends, Date paid | Oct. 5, 2017 | |
Declaration of Dividends, Amount | $ 0.4453125 | |
Dividends, Total Distribution | $ 1,269 | |
Common Class A [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 | $ 0.096667 | |
Common Class A [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividends, Declaration Date | Aug. 9, 2017 | |
Dividends, Record Date | Sep. 25, 2017 | |
Dividends, Date paid | Oct. 5, 2017 | |
Declaration of Dividends, Amount | $ 0.096667 | |
Dividends, Total Distribution | $ 2,339 |
Subsequent Events (Details 2)
Subsequent Events (Details 2) - USD ($) | 1 Months Ended | |
Oct. 31, 2017 | Aug. 04, 2017 | |
Allocation of Internalization Consideration: | ||
Volume-Weighted Average Price (“VWAP”) | $ 10.64 | |
Internatization [Member] | ||
Allocation of Internalization Consideration: | ||
Internalization expense reimbursement | $ 450,000 | |
Volume-Weighted Average Price (“VWAP”) | $ 10.64 | |
Internatization [Member] | Subsequent Event [Member] | ||
Total Internalization Consideration | $ 41,244,086 | |
Allocation of Internalization Consideration: | ||
Internalization expense reimbursement | 40,794 | |
Internalization Consideration paid in cash | $ 39,938,226 | |
Volume-Weighted Average Price (“VWAP”) | $ 0 | |
Internatization [Member] | Subsequent Event [Member] | Opertating Partnership Units [Member] | ||
Allocation of Internalization Consideration: | ||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 815,066 | |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 3,753,593 | |
Common Class C [Member] | Internatization [Member] | Subsequent Event [Member] | ||
Allocation of Internalization Consideration: | ||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 0 | |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 76,603 |
Subsequent Events (Details Text
Subsequent Events (Details Textual) | Oct. 30, 2017USD ($) | Oct. 04, 2017USD ($) | Oct. 31, 2017USD ($)shares | Oct. 26, 2017shares | Oct. 01, 2017shares | Jan. 24, 2017shares | Jan. 17, 2017shares | Sep. 30, 2017USD ($) | Sep. 30, 2017USD ($)shares | Sep. 30, 2016USD ($) | Oct. 19, 2017USD ($) | Dec. 18, 2015 |
Subsequent Event [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.23% | |||||||||||
Number of Real Estate Properties, Fee Simple | 245 | |||||||||||
Incentive Fee Expense | $ 0 | $ 4,000,000 | $ 200,000 | |||||||||
Common Class A [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 600,000 | 4,000,000 | 4,603,236 | |||||||||
Subsequent Event [Member] | Internatization [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Incentive Fee Expense | $ 13,748,029 | |||||||||||
Subsequent Event [Member] | Long-term Incentive Plan Units [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Conversion of Stock, Shares Converted | shares | 2,206,033 | |||||||||||
Subsequent Event [Member] | Long-term Incentive Plan Units [Member] | Management [Member] | Internatization [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 212,203 | |||||||||||
Subsequent Event [Member] | Senior Secured Mortgage Loan [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Debt Instrument, Face Amount | $ 72,300,000 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.65% | |||||||||||
Debt Instrument, Maturity Date | Nov. 1, 2024 | |||||||||||
Subsequent Event [Member] | Greystone Outlook [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 36,300,000 | |||||||||||
Number of Real Estate Properties, Fee Simple | 300 | |||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||
Subsequent Event [Member] | ARIUM Hunter’s Creek and ARIUM Metrowest [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||
Subsequent Event [Member] | ARIUM Hunter’s Creek [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 96,900,000 | |||||||||||
Number of Real Estate Properties, Fee Simple | 532 | |||||||||||
Subsequent Event [Member] | ARIUM Metrowest [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 86,000,000 | |||||||||||
Number of Real Estate Properties, Fee Simple | 510 | |||||||||||
Subsequent Event [Member] | Common Class A [Member] | Second Amended 2014 Incentive Plans [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 1,550,000 | |||||||||||
Subsequent Event [Member] | Common Class A [Member] | Incentive Plan [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | shares | 1,075,000 | |||||||||||
Subsequent Event [Member] | Key Bank National Association [Member] | Minimum [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | |||||||||||
Subsequent Event [Member] | Key Bank National Association [Member] | Maximum [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |||||||||||
Subsequent Event [Member] | Key Bank National Association [Member] | Revolving Credit Facility [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 150,000,000 | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000,000 | |||||||||||
Subsequent Event [Member] | Key Bank National Association [Member] | Line of Credit [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Debt Instrument, Maturity Date | Oct. 4, 2020 | |||||||||||
Subsequent Event [Member] | Key Bank National Association [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus 1.80% to 2.45% | |||||||||||
Subsequent Event [Member] | Key Bank National Association [Member] | Line of Credit [Member] | Base Rate [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | base rate plus 0.80% to 1.45% | |||||||||||
Subsequent Event [Member] | Key Bank National Association [Member] | Line of Credit [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.80% | |||||||||||
Subsequent Event [Member] | Key Bank National Association [Member] | Line of Credit [Member] | Minimum [Member] | Base Rate [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.80% | |||||||||||
Subsequent Event [Member] | Key Bank National Association [Member] | Line of Credit [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.45% | |||||||||||
Subsequent Event [Member] | Key Bank National Association [Member] | Line of Credit [Member] | Maximum [Member] | Base Rate [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.45% |