Independence Realty Trust (IRT) 10-Q 7 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 07, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	IRT
Entity Registrant Name	INDEPENDENCE REALTY TRUST, INC
Entity Central Index Key	1,466,085
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		31,959,684

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Investments in real estate:
Investments in real estate, at cost	$ 716,581	$ 689,112
Accumulated depreciation	(31,188)	(23,376)
Investments in real estate, net	685,393	665,736
Cash and cash equivalents	21,568	14,763
Restricted cash	6,335	5,206
Accounts receivable and other assets	6,689	2,270
Intangible assets, net of accumulated amortization of $7,633 and $4,346, respectively	182	3,251
Deferred costs, net of accumulated amortization of $815 and $505, respectively	2,992	2,924
Total Assets	723,159	694,150
LIABILITIES AND EQUITY:
Indebtedness	457,202	418,901
Accounts payable and accrued expenses	10,922	8,353
Accrued interest payable	30	49
Dividends payable	1,982	1,982
Other liabilities	1,893	1,831
Total Liabilities	$ 472,029	$ 431,116
Stockholders' equity:
Preferred stock, $0.01 par value; 50,000,000 shares authorized, 0 and 0 shares issued and outstanding, respectively
Common stock, $0.01 par value; 300,000,000 shares authorized, 31,933,218 and 31,800,076 shares issued and outstanding, including 124,000 and 36,000 unvested restricted common share awards, respectively	$ 318	$ 318
Additional paid-in capital	267,566	267,683
Retained earnings (accumulated deficit)	(28,065)	(16,728)
Total stockholders' equity	239,819	251,273
Noncontrolling interests	11,311	11,761
Total Equity	251,130	263,034
Total Liabilities and Equity	$ 723,159	$ 694,150

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Intangible assets, accumulated amortization	$ 7,633	$ 4,346
Deferred costs, accumulated amortization	$ 815	$ 505
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	31,933,218	31,933,218
Common stock, shares outstanding	31,800,076	31,800,076
Unvested restricted common share awards	124,000	36,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
REVENUE:
Rental income	$ 20,268	$ 10,613	$ 39,711	$ 17,966
Tenant reimbursement income	991	436	1,941	802
Other income	1,553	600	2,860	1,016
Total revenue	22,812	11,649	44,512	19,784
EXPENSES:
Property operating expenses	10,611	5,585	20,749	9,573
General and administrative expenses	423	378	922	546
Asset management fees	1,260	501	2,472	647
Acquisition expenses	168	152	201	514
Depreciation and amortization	5,720	3,232	11,758	5,355
Total expenses	18,182	9,848	36,102	16,635
Operating income	4,630	1,801	8,410	3,149
Interest expense	(4,277)	(1,930)	(8,299)	(3,229)
Interest income		1	1	5
Gain (loss) on sale of assets				2,882
Net income (loss):	353	(128)	112	2,807
(Income) loss allocated to noncontrolling interest	(16)		(8)
Net income (loss) allocable to common shares	$ 337	$ (128)	$ 104	$ 2,807
Earnings (loss) per share:
Basic	$ 0.01	$ (0.01)	$ 0	$ 0.17
Diluted	$ 0.01	$ (0.01)	$ 0	$ 0.17
Weighted-average shares:
Basic	31,794,822	17,707,287	31,781,718	16,459,623
Diluted	33,066,770	17,707,287	33,060,578	16,484,357

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Total	Common Shares	Additional Paid In Capital	Retained Earnings (Deficit)	Total Stockholders' Equity	Noncontrolling Interests
Beginning Balance at Dec. 31, 2014	$ 263,034	$ 318	$ 267,683	$ (16,728)	$ 251,273	$ 11,761
Beginning Balance (in Shares) at Dec. 31, 2014	31,933,218	31,800,076
Net income	$ 112			104	104	8
Common dividends declared	(11,441)			(11,441)	(11,441)
Stock compensation expense	80		80		80
Common shares issued, net	(197)		(197)		(197)
Common shares issued, net (in Shares)		133,142
Issuance of noncontrolling interests	0	$ 0	0	0	0	0
Distributions to noncontrolling interests	(458)					(458)
Ending Balance at Jun. 30, 2015	$ 251,130	$ 318	$ 267,566	$ (28,065)	$ 239,819	$ 11,311
Ending Balance (in shares) at Jun. 30, 2015	31,933,218	31,933,218

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 112	$ 2,807
Adjustments to reconcile net income to cash flow from operating activities:
Depreciation and amortization	11,758	5,355
Amortization of deferred financing costs and premium on indebtedness, net	(315)	(265)
Stock compensation expense	80	143
(Gain) loss on assets		(2,882)
Changes in assets and liabilities:
Accounts receivable and other assets	(332)	(630)
Accounts payable and accrued expenses	2,081	1,455
Accrued interest payable	(19)	(33)
Other liabilities	(49)	(66)
Net cash provided by operating activities	13,316	5,884
Cash flows from investing activities:
Acquisition of real estate properties	(24,746)	(97,913)
Capital expenditures	(3,088)	(1,283)
(Increase) in restricted cash	(1,129)	(1,255)
Cash flow used in investing activities	(28,963)	(100,451)
Cash flows from financing activities:
Debt borrowings	58,275	50,421
Debt repayments	(19,362)	(8,093)
(Payments related to) proceeds from issuance of common stock	(197)	62,799
(Payments) for deferred financing costs	(365)
Financing commitment fee	(4,000)
Distributions on common stock	(11,441)	(5,827)
Distributions to noncontrolling interests	(458)	(13)
Cash flow provided by financing activities	22,452	99,287
Net change in cash and cash equivalents	6,805	4,720
Cash and cash equivalents, beginning of period	14,763	3,334
Cash and cash equivalents, end of the period	21,568	8,054
Supplemental cash flow information:
Cash paid for interest	$ 8,615	3,527
Mortgage debt assumed		$ 66,963

Organization

Organization	6 Months Ended
	Jun. 30, 2015
Organization	NOTE 1: Organization Independence Realty Trust, Inc. was formed on March 26, 2009 as a Maryland corporation that has elected to be taxed as a real estate investment trust, or REIT, commencing with the taxable year ended December 31, 2011. We are externally managed by a subsidiary of RAIT Financial Trust, or RAIT, a publicly traded Maryland REIT whose common shares are listed on the New York Stock Exchange under the symbol “RAS.” As used herein, the terms “IRT,” “we,” “our” and “us” refer to Independence Realty Trust, Inc. and, as required by context, Independence Realty Operating Partnership, LP, which we refer to as our operating partnership, and their subsidiaries. We own apartment properties in geographic submarkets that we believe support strong occupancy and have the potential for growth in rental rates. We seek to provide stockholders with attractive risk-adjusted returns, with an emphasis on distributions and capital appreciation. We own substantially all of our assets and conduct our operations through our operating partnership, of which we are the sole general partner. On May 11, 2015, IRT entered into a definitive merger agreement, or the IRT TSRE merger agreement, to acquire the common stock of Trade Street Residential, Inc., or TSRE, at $7.60 per share (NASDAQ: TSRE). After completing the merger, we will have over $1.4 billion of total capitalization and will own 14,044 units across 50 properties. Please see our Registration Statement on Form S-4

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Summary of Significant Accounting Policies	NOTE 2: Summary of Significant Accounting Policies a. Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles, or GAAP. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although we believe that the included disclosures are adequate to make the information presented not misleading. The unaudited interim consolidated financial statements should be read in conjunction with our audited financial statements as of and for the year ended December 31, 2014 included in our Annual Report on Form 10-K. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our consolidated financial position and consolidated results of operations and cash flows are included. The results of operations for the interim periods presented are not necessarily indicative of the results for the full year. b. Principles of Consolidation The consolidated financial statements reflect our accounts and the accounts of our operating partnership and other wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. c. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. d. Investments in Real Estate Allocation of Purchase Price of Acquired Assets We account for acquisitions of properties that meet the definition of a business pursuant to Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 805, “Business Combinations”. The fair value of the real estate acquired is allocated to the acquired tangible assets, consisting of land, building and improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases for acquired in-place leases and the value of tenant relationships, based in each case on their fair values. Purchase accounting is applied to assets and liabilities associated with the real estate acquired. Transaction costs and fees incurred related to acquisitions are expensed as incurred. Transaction costs and fees incurred related to the loan financing of an acquisition are capitalized and amortized over the life of the loan. Upon the acquisition of properties, we estimate the fair value of acquired tangible assets (consisting of land, building and improvements) and identified intangible assets and liabilities (consisting of above and below-market leases, in-place leases and tenant relationships), and assumed debt at the date of acquisition, based on the evaluation of information and estimates available at that date. Based on these estimates, we allocate the initial purchase price to the applicable assets and liabilities. As final information regarding fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments will be made to the purchase price allocation, in no case later than twelve months of the acquisition date. During the three and six month period ended June 30, 2015, we did not make any adjustments to purchase price allocations. In determining the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the differences between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease. The capitalized above-market lease values and the capitalized below-market lease values are amortized as an adjustment to rental income over the lease term. During the three and six month period ended June 30, 2015, we acquired above-market in-place leases with a value of $219 related to our acquisition that is discussed further in NOTE 3: Investments in Real Estate The aggregate value of in-place leases is determined by evaluating various factors, including an estimate of carrying costs during the expected lease-up periods, current market conditions and similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions, legal and other related costs. The value assigned to this intangible asset is amortized over the assumed lease up period, typically six months. For the three and six-months ended June 30, 2015 we recorded $1,380 and $3,289 of amortization expense for intangible assets, respectively. For the three and six-months ended June 30, 2014 we recorded $1,214 and $1,944 of amortization expense for intangible assets, respectively. As of June 30, 2015, we expect to record additional amortization expense on current in-place lease intangible assets of $182 for the remainder of 2015. Impairment of Long-Lived Assets Management evaluates the recoverability of its investment in real estate assets, including related identifiable intangible assets, in accordance with FASB ASC Topic 360, “Property, Plant and Equipment”. This statement requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that recoverability of the assets is not assured. Management reviews its long-lived assets on an ongoing basis and evaluates the recoverability of the carrying value when there is an indicator of impairment. An impairment charge is recorded when it is determined that the carrying value of the asset exceeds the fair value. The estimated cash flows used for the impairment analysis and the determination of estimated fair value are based on our plans for the respective assets and our views of market and economic conditions. The estimates consider matters such as current and historical rental rates, occupancies for the respective and/or comparable properties, and recent sales data for comparable properties. Changes in estimated future cash flows due to changes in our plans or views of market and economic conditions could result in recognition of impairment losses, which, under the applicable accounting guidance, could be substantial. Depreciation and Amortization Expense Depreciation expense for real estate assets is computed using a straight-line method based on a life of 40 years for buildings and improvements and five to ten years for equipment and fixtures. Expenditures for tenant improvements are capitalized and amortized over the initial term of each lease. For the three and six-months ended June 30, 2015 we recorded $4,340 and $8,469 of depreciation expense, respectively. For the three and six-months ended June 30, 2014 we recorded $2,018 and $3,412 of depreciation expense, respectively. e. Fair Value of Financial Instruments In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity for disclosure purposes. Assets and liabilities recorded at fair value in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined in FASB ASC Topic 820, “Fair Value Measurements and Disclosures” and directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, are as follows: • Level 1 • Level 2 • Level 3 The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors, including, for example, the type of investment, whether the investment is new, whether the investment is traded on an active exchange or in the secondary market, and the current market condition. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by us in determining fair value is greatest for instruments categorized in level 3. Fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, our own assumptions are set to reflect those that management believes market participants would use in pricing the asset or liability at the measurement date. We use prices and inputs that management believes are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be transferred from Level 1 to Level 2 or Level 2 to Level 3. Fair value for certain of our Level 3 financial instruments is derived using internal valuation models. These internal valuation models include discounted cash flow analyses developed by management using current interest rates, estimates of the term of the particular instrument, specific issuer information and other market data for securities without an active market. In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, the impact of our own credit spreads is also considered when measuring the fair value of financial assets or liabilities, including derivative contracts. Where appropriate, valuation adjustments are made to account for various factors, including bid-ask spreads, credit quality and market liquidity. These adjustments are applied on a consistent basis and are based on observable inputs where available. Management’s estimate of fair value requires significant management judgment and is subject to a high degree of variability based upon market conditions, the availability of specific issuer information and management’s assumptions. FASB ASC Topic 825, “Financial Instruments” requires disclosure of the fair value of financial instruments for which it is practicable to estimate that value. The fair value of mortgage indebtedness is based on a discounted cash flow valuation technique and is classified as a Level 3 fair value measurement within the fair value hierarchy. The carrying value and fair value of mortgage indebtedness as of June 30, 2015 was $442,354 and $446,113, respectively. The carrying value and fair value of mortgage indebtedness as of December 31, 2014 was $400,509 and $411,311, respectively. The fair value of our secured credit facility, cash and cash equivalents and restricted cash approximates cost due to the nature of these instruments. f. Recent Accounting Pronouncements On January 1, 2015, we adopted the accounting standard classified under FASB ASC Topic 205, “Presentation of Financial Statements”. This accounting standard amends existing guidance to change reporting requirements for discontinued operations by requiring the disposal of an entity to be reported in discontinued operations if the disposal represents a strategic shift that has or will have a major effect on an entity’s operations and financial results. This standard is effective for interim and annual reporting periods beginning on or after December 15, 2014. The adoption of this standard did not have a material effect on our consolidated financial statements. In May 2014, the FASB issued an accounting standard classified under FASB ASC Topic 606, “Revenue from Contracts with Customers”. This accounting standard generally replaces existing guidance by requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This standard is currently effective for annual reporting periods beginning after December 15, 2016. On July 9, 2015, the FASB affirmed its proposal to defer the effective date of this accounting standard by one year. Management is currently evaluating the impact that this standard may have on our consolidated financial statements. In February 2015, the FASB issued an accounting standard classified under FASB ASC Topic 810, “Consolidation”. This accounting standard amends the consolidation analysis required under GAAP and requires management to reevaluate all previous consolidation conclusions. This standard considers limited partnerships as VIEs, unless the limited partners have either substantive kick-out or participating rights. The presumption that a general partner should consolidate a limited partnership has also been eliminated. The standard amends the effect that fees paid to a decision maker or service provider have on the consolidation analysis, as well as amends how variable interests held by a reporting entity’s related parties affect the consolidation conclusion. This standard also clarifies how to determine whether equity holders as a group have power over an entity. This standard is effective for interim and annual reporting periods beginning after December 15, 2015, with an early adoption permitted. Management is currently evaluating the impact that this standard may have on our consolidated financial statements. In April 2015, the FASB issued an accounting standard classified under FASB ASC Topic 835, “Interest”. This accounting standard amends existing guidance to change reporting requirements for debt issuance costs by requiring debt issuance costs to be presented on the balance sheet as a direct deduction from the debt liability. This standard is effective for interim and annual reporting periods beginning after December 15, 2015, with an early adoption permitted. Retrospective application to prior periods is required. Management does not expect that this accounting standard will have a significant impact on our consolidated financial statements.

Investments in Real Estate

Investments in Real Estate	6 Months Ended
	Jun. 30, 2015
Investments in Real Estate	NOTE 3: Investments in Real Estate As of June 30, 2015, our investments in real estate consisted of 31 apartment properties with 9,055 units (unaudited). The table below summarizes our investments in real estate: As of June 30, 2015 As of December 31, Depreciable Lives Land $ 115,125 $ 112,600 — Building 592,981 570,475 40 Furniture, fixtures and equipment 8,475 6,037 5-10 Total investment in real estate 716,581 689,112 Accumulated depreciation (31,188 ) (23,376 ) Investments in real estate, net $ 685,393 $ 665,736 Acquisitions On May 1, 2015, we acquired a 236-unit (unaudited) apartment residential community located in Indianapolis, Indiana. We acquired the property for an aggregate purchase price of $25,250 exclusive of closing costs. Upon acquisition, we recorded the investment in real estate, including any related working capital and intangible assets, at fair value of $25,250 and did not record a gain. The following table summarizes the aggregate fair value of the assets and liabilities associated with the property acquired during the six-month period ended June 30, 2015, on the date of acquisition, accounted for under FASB ASC Topic 805. Description Fair Value Six-Month 2015 Assets acquired: Investments in real estate $ 25,031 Other assets 87 Intangible asset 219 Total assets acquired $ 25,337 Liabilities assumed: Loans payable on real estate $ — Accounts payable and accrued expenses 488 Other liabilities 103 Total liabilities assumed 591 Estimated fair value of net assets acquired $ 24,746 The table below presents the revenue, net income and earnings per share effect of the acquired property, as reported in our consolidated financial statements and on a pro forma basis as if the acquisition occurred on January 1, 2014. These pro forma results are not necessarily indicative of the results which actually would have occurred if the acquisition had occurred on the first day of the periods presented, nor does the pro forma financial information purport to represent the results of operations for future periods. Description For the Six-Month For the Six-Month Total revenue of real estate property acquired, as reported $ 597 $ — Net income (loss) allocable to common shares of real estate property acquired, as reported 228 — Earnings (loss) per share attributable to common shareholders of real estate property acquired Basic and diluted—as reported 0.01 0.00 Pro forma revenue of real estate property acquired (unaudited) 1,469 1,257 Pro forma net income (loss) allocable to common shares of real estate property acquired (unaudited) 550 424 Earnings (loss) per share attributable to common shareholders of real estate property acquired Basic and diluted—as pro forma (unaudited) 0.02 0.03 We did not make any purchase price allocation adjustments during the six month period ended June 30, 2015.

Mortgage Indebtedness

Mortgage Indebtedness	6 Months Ended
	Jun. 30, 2015
Mortgage Indebtedness	NOTE 4: Mortgage Indebtedness The following table contains summary information concerning the indebtedness that encumbered our properties as of June 30, 2015: Outstanding Principal Carrying Amount Effective Interest Rate Maturity Date Belle Creek Apartments $ 10,575 $ 10,575 2.4 % (1) April 28, 2021 Berkshire Square Apartments 8,612 8,612 4.4 % (3) January 1, 2021 Centrepoint Apartments 17,441 17,441 3.7 % (2) January 1, 2019 Copper Mill Apartments 7,150 7,150 5.7 % May 1, 2021 Crestmont Apartments 6,566 6,566 5.7 % May 1, 2021 Cumberland Glen Apartments 6,712 6,712 5.7 % May 1, 2021 Heritage Trace Apartments 5,350 5,350 5.7 % May 1, 2021 Runaway Bay Apartments 9,935 9,935 3.6 % November 1, 2022 Tresa at Arrowhead 27,500 27,500 2.4 % (1) April 28, 2021 Reserve at Eagle Ridge 18,850 18,850 4.7 % March 1, 2024 OKC Portfolio 44,408 45,327 2.8 % (5) April 1, 2016 Kings’ Landing 21,200 21,200 4.0 % (6) June 1, 2022 Crossings 15,313 15,313 3.9 % June 1, 2024 Carrington Park 14,235 14,235 4.0 % August 1, 2024 Arbors at the Reservoir 13,150 13,150 4.0 % August 1, 2024 Walnut Hill 18,650 18,650 3.4 % October 1, 2021 Lenoxplace 15,991 15,991 3.7 % November 1, 2021 Bennington Pond 11,375 11,375 3.7 % December 1, 2024 Stonebridge Crossing 19,370 19,370 3.4 % January 1, 2022 Prospect Park 9,230 9,230 3.6 % January 1, 2025 Brookside 13,455 13,455 3.6 % January 1, 2025 Jamestown 22,880 22,880 3.6 % January 1, 2025 Meadows 24,245 24,245 3.6 % January 1, 2025 Oxmoor 35,815 35,815 3.6 % January 1, 2025 Iron Rock Ranch 22,900 22,900 3.4 % February 1, 2025 Stonebridge at the Ranch 20,527 20,527 3.2 % May 1,2025 Total mortgage debt/Weighted- Average $ 441,435 $ 442,354 3.6 % Secured Credit Facility 14,848 14,848 2.7 % (4) October 25, 2016 Total indebtedness/Weighted-Average $ 456,283 $ 457,202 3.6 % (1) Floating rate at 225 basis points over the 30-day London Interbank Offered Rate, or LIBOR. As of June 30, 2015, 30-day LIBOR was 0.19%. Interest only payments are due monthly. These mortgages are held by RAIT. (2) Fixed rate. Interest only payments are due monthly. Beginning February 1, 2015, principal and interest payments are required based on a 30-year amortization schedule. (3) Fixed rate. Interest only payments are due monthly. Beginning February 1, 2016, principal and interest payments are required based on a 30-year amortization schedule. (4) Floating rate at 250 basis points over 30-day LIBOR. As of June 30, 2015 30-day LIBOR was 0.19%. Interest only payments are due monthly. As of June 30, 2015 we were in compliance with all financial covenants contained in the secured credit facility. (5) Contractual interest rate is 5.6%. The debt was assumed and recorded at a premium that will be amortized to interest expense over the remaining term. Principal and interest payments are required based on a 30-year amortization schedule. (6) Fixed rate. Interest only payments are due monthly. Beginning June 1, 2017, principal and interest payments are required based on a 30-year amortization schedule. As of June 30, 2015 we were in compliance with all financial covenants contained in our indebtedness. The following table contains summary information concerning the indebtedness that encumbered our properties as of December 31, 2014: Outstanding Principal Carrying Amount Effective Interest Rate Maturity Date Belle Creek Apartments $ 10,575 $ 10,575 2.4 %(1) April 28, 2021 Berkshire Square Apartments 8,612 8,612 4.4 %(3) January 1, 2021 Centrepoint Apartments 17,600 17,600 3.7 %(2) January 1, 2019 Copper Mill Apartments 7,200 7,200 5.7 % May 1, 2021 Crestmont Apartments 6,612 6,612 5.7 % May 1, 2021 Cumberland Glen Apartments 6,759 6,759 5.7 % May 1, 2021 Heritage Trace Apartments 5,388 5,388 5.7 % May 1, 2021 Runaway Bay Apartments 10,033 10,033 3.6 % November 1, 2022 Tresa at Arrowhead 27,500 27,500 2.4 %(1) April 28, 2021 Reserve at Eagle Ridge 18,850 18,850 4.7 % March 1, 2024 OKC Portfolio 44,939 46,471 2.8 %(5) April 1, 2016 Kings’ Landing 21,200 21,200 4.0 %(6) June 1, 2022 Crossings 15,313 15,313 3.9 % June 1, 2024 Carrington Park 14,235 14,235 4.0 % August 1, 2024 Arbors at the Reservoir 13,150 13,150 4.0 % August 1, 2024 Walnut Hill 18,650 18,650 3.4 % October 1, 2021 Lenoxplace 15,991 15,991 3.7 % November 1, 2021 Bennington Pond 11,375 11,375 3.7 % December 1, 2024 Stonebridge Crossing 19,370 19,370 3.4 % January 1, 2022 Prospect Park 9,230 9,230 3.6 % January 1, 2025 Brookside 13,455 13,455 3.6 % January 1, 2025 Jamestown 22,880 22,880 3.6 % January 1, 2025 Meadows 24,245 24,245 3.6 % January 1, 2025 Oxmoor 35,815 35,815 3.6 % January 1, 2025 Total mortgage debt/Weighted-Average $ 398,977 $ 400,509 3.6 % Secured Credit Facility 18,392 18,392 2.7 %(4) October 25, 2016 Total indebtedness /Weighted-Average $ 417,369 $ 418,901 3.6 % (1) Floating rate at 225 basis points over 30-day LIBOR. As of December 31, 2014, 30-day LIBOR was 0.17%. Interest only payments are due monthly. These mortgages are held by RAIT. (2) Fixed rate. Interest only payments are due monthly. Beginning February 1, 2015, principal and interest payments are required based on a 30-year amortization schedule. (3) Fixed rate. Interest only payments are due monthly. Beginning February 1, 2016, principal and interest payments are required based on a 30-year amortization schedule. (4) Floating rate at 250 basis points over 30-day LIBOR. As of December 31, 2014, 30-day LIBOR was 0.17%. Interest only payments are due monthly. (5) Contractual interest rate is 5.6%. The debt was assumed and recorded at a premium that will be amortized to interest expense over the remaining term. Principal and interest payments are required based on a 30-year amortization schedule. (6) Fixed rate. Interest only payments are due monthly. Beginning June 1, 2017, principal and interest payments are required based on a 30-year amortization schedule. As of December 31, 2014 we were in compliance with all financial covenants contained in our indebtedness. The weighted average effective interest rate of our mortgage indebtedness was 3.6% as of June 30, 2015. As of June 30, 2015, RAIT held $38,075 of our mortgage debt while $403,360 was held by third parties. As of December 31, 2014, RAIT held $38,075 of our mortgage debt while $360,902 was held by third parties. For the three and six-month period ended June 30, 2015, we paid approximately $241 and $479 respectively, of interest to RAIT. For the three and six-month period ended June 30, 2014, we paid approximately $241 and $479 respectively, of interest to RAIT. Mortgage Indebtedness On January 27, 2015 we entered into a loan agreement for a $22,900 loan secured by a first mortgage on our Iron Rock Ranch property. The loan bears interest at a rate of 3.4% per annum, provides for monthly payments of interest only until the maturity date of February 1, 2025. On April 13, 2015 we entered into a loan agreement for a $20,527 loan secured by a first mortgage on our Stonebridge at the Ranch property. The loan bears interest at a rate of 3.2% per annum, provides for monthly payments of interest only until the maturity date of May 1, 2025. Secured Credit Facility During the three- and six-months ended June 30, 2015, we repaid $0 and $18,392, respectively, against our secured credit facility with The Huntington National Bank. During the three- and six-months ended June 30, 2015, we borrowed $14,848 against this facility. As of June 30, 2015, there was $15,152 of availability under this facility.

Stockholder Equity and NonContr

Stockholder Equity and NonControlling Interests	6 Months Ended
	Jun. 30, 2015
Stockholder Equity and NonControlling Interests	NOTE 5: Stockholder Equity and NonControlling Interests Stockholder Equity Common Shares On January 19, 2015, our board of directors declared the following dividends: Month Record Date Payment Date Dividend January 2015 January 30, 2015 February 17, 2015 $ 0.06 February 2015 February 27, 2015 March 16, 2015 $ 0.06 March 2015 March 31, 2015 April 15, 2015 $ 0.06 On April 13, 2015, our board of directors declared the following dividends: Month Record Date Payment Date Dividend April 2015 April 30, 2015 May 15, 2015 $ 0.06 May 2015 May 29, 2015 June 15, 2015 $ 0.06 June 2015 June 30, 2015 July 15, 2015 $ 0.06 On July 1, 2015 our board of directors declared the following dividends: Month Record Date Payment Date Dividend July 2015 July 31, 2015 August 17, 2015 $ 0.06 August 2015 August 31, 2015 September 15, 2015 $ 0.06 September 2015 September 30, 2015 October 15, 2015 $ 0.06

Equity Compensation Plans

Equity Compensation Plans	6 Months Ended
	Jun. 30, 2015
Equity Compensation Plans	NOTE 6: Equity Compensation Plans Long Term Incentive Plan On April 5, 2011, our board of directors approved and adopted the Long Term Incentive Plan, or the incentive plan, and the Independent Directors Compensation Plan, or the director plan. Our incentive plan provides for the grants of awards to our directors, officers and full-time employees (in the event we ever have employees), full-time employees of our advisor and its affiliates, full-time employees of entities that provide services to our advisor, directors of our advisor or of entities that provide services to it, certain of our consultants and certain consultants to our advisor and its affiliates or to entities that provide services to our advisor. The incentive plan authorizes the grant of restricted or unrestricted shares of our common stock, non-qualified and incentive stock options, restricted stock units, stock appreciation rights, dividend equivalents and other stock- or cash-based awards. On July 29, 2013, our board of directors and stockholders approved the amendment and restatement of our incentive plan to reduce the number of shares of common stock issuable thereunder to 800,000 shares. Under the director plan, which operates as a sub-plan of our incentive plan, each of our independent directors will receive 3,000 shares of common stock annually. In addition, our independent directors may elect to receive their annual cash fee in the form of our common shares or a combination of common shares and cash. On May 14, 2015, our compensation committee made a stock grant under the director plan so that our independence directors received 12,000 shares of our common stock, in the aggregate valued at $107 using our closing stock price of $8.89. These awards vested immediately. On February 18, 2015, the compensation committee of IRT awarded 100,000 shares of IRT restricted common stock, valued at $935 using IRT’s closing stock price of $9.35, to persons affiliated with our advisor, including our executive officers. These awards generally vest over three-year periods.

Related Party Transactions and

Related Party Transactions and Arrangements	6 Months Ended
	Jun. 30, 2015
Related Party Transactions and Arrangements	NOTE 7: Related Party Transactions and Arrangements Fees and Expenses Paid to Our Advisor Effective as of May 7, 2013, we entered into the Second Amended and Restated Advisory Agreement, or the amended and restated advisory agreement. The amended and restated advisory agreement was adopted primarily to adjust the advisor’s compensation and modify its duties to us. Pursuant to the terms of the amended advisory agreement, our advisor is compensated as follows: • Quarterly base management fee of 0.1875% of average gross real estate assets as of the last day of such quarter. Average gross real estate assets means the average of the aggregate book value of our real estate assets before reserves for depreciation or other similar noncash reserves and excluding the book values attributable to the eight properties that were acquired prior to August 16, 2013. We compute average gross real estate assets by taking the average of these book values at the end of each month during the quarter for which we are calculating the fee. The fee is payable quarterly in an amount equal to 0.1875% of average gross real estate assets as of the last day of such quarter. For the three and six-month periods ended June 30, 2015, our advisor earned $1,046 and $2,047 of base management fees, respectively. For the three and six-month periods ended June 30, 2014, our advisor earned $347 and $493 of base management fees, respectively. • We pay our advisor an incentive fee based on our pre-incentive fee core funds from operations, or Core FFO, a non-GAAP measure, as defined in the advisory agreement. The incentive fee is computed at the end of each fiscal quarter as follows: • no incentive fee in any fiscal quarter in which our pre-incentive fee Core FFO does not exceed the hurdle rate of 1.75% (7% annualized) of the cumulative gross amount of equity capital we have obtained; and • 20% of the amount of our pre-incentive fee Core FFO that exceeds 1.75% (7% annualized) of the cumulative gross proceeds from the issuance of equity securities we have obtained. • For the three and six-month periods ended June 30, 2015, our advisor earned $214 and $425 of incentive fees, respectively. For the three and six-month periods ended June 30, 2014, our advisor earned $154 and $154 of incentive fees. These fees are included within asset management fees in our consolidated statements of operations. As of June 30, 2015 and December 31, 2014 we had liabilities payable to our advisor for base management fees and incentive fees of $1,260 and $644, respectively, which is included in accounts payable and accrued expenses in the accompanying consolidated balance sheets. Property Management Fees Paid to Our Property Manager We have entered into property management agreements with RAIT Residential, or our property manager, which is majority owned by RAIT, with respect to each of our properties. Pursuant to the property management agreements, we pay our property manager property management and leasing fees on a monthly basis of an amount up to 4.0% of the gross revenues from the property for each month. Additionally, we may pay our property manager a separate fee for the one-time initial rent-up or leasing-up of newly constructed properties in an amount not to exceed the fee customarily charged in arm’s length transactions by others rendering similar services in the same geographic area for similar properties as determined by a survey of brokers and agents in such area. Each management agreement has an initial one year term, subject to automatic one-year renewals unless either party gives prior notice of its desire to terminate the management agreement. For the three and six-month periods ended June 30, 2015 our property manager earned $764 and $1,519, respectively, of property management and leasing fees. For the three and six-month periods ended June 30, 2014 our property manager earned $411 and $732, respectively, of property management and leasing fees. As of June 30, 2015 and December 31, 2014, we had liabilities payable to our property manager for property management and leasing fees of $262 and $205, respectively, which is included in accounts payable and accrued expenses in the accompanying consolidated balance sheets.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 2015
Earnings (Loss) Per Share	NOTE 8: Earnings (Loss) Per Share The following table presents a reconciliation of basic and diluted earnings (loss) per share for the three and six-month periods ended June 30, 2015 and 2014: For the Three-Month For the Six-Month 2015 2014 2015 2014 Net Income (loss) $ 353 $ (128 ) $ 112 $ 2,807 (Income) loss allocated to non-controlling interests (16 ) — (8 ) — Net Income (loss) allocable to common shares $ 337 $ (128 ) $ 104 $ 2,807 Weighted-average shares outstanding—Basic 31,794,822 17,707,287 31,781,718 16,459,623 Weighted-average shares outstanding—Diluted 33,066,770 17,707,287 33,060,578 16,484,357 Earnings (loss) per share—Basic $ 0.01 $ (0.01 ) $ 0.00 $ 0.17 Earnings (loss) per share—Diluted $ 0.01 $ (0.01 ) $ 0.00 $ 0.17 Certain stock appreciation rights, or SARs, and unvested shares were excluded from the earnings (loss) per share computation because their effect would have been anti-dilutive, totaling 0 and 25,989 for the three and six-month period ended June 30, 2015, and 47,353 for the three-month period ended June 30, 2014.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies	NOTE 9: Commitments and Contingencies Litigation From time to time, we are party to various lawsuits, claims for negligence and other legal proceedings that arise in the ordinary course of our business. We are not currently a party, as plaintiff or defendant, to any legal proceedings which, individually or in the aggregate, would be expected to have a material effect on our business, financial condition, results of operations, or financial statements, taken as a whole, if determined adversely to us. Other Matters To the extent that a natural disaster or similar event occurs with more than a remote risk of having a material impact on the consolidated financial statements, we will disclose the estimated range of possible outcomes, and, if an outcome is probable, accrue an appropriate liability.

Summary of Significant Accoun16

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Basis of Presentation	a. Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles, or GAAP. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although we believe that the included disclosures are adequate to make the information presented not misleading. The unaudited interim consolidated financial statements should be read in conjunction with our audited financial statements as of and for the year ended December 31, 2014 included in our Annual Report on Form 10-K. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our consolidated financial position and consolidated results of operations and cash flows are included. The results of operations for the interim periods presented are not necessarily indicative of the results for the full year.
Principles of Consolidation	b. Principles of Consolidation The consolidated financial statements reflect our accounts and the accounts of our operating partnership and other wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	c. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.
Investments in Real Estate	d. Investments in Real Estate Allocation of Purchase Price of Acquired Assets We account for acquisitions of properties that meet the definition of a business pursuant to Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 805, “Business Combinations”. The fair value of the real estate acquired is allocated to the acquired tangible assets, consisting of land, building and improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases for acquired in-place leases and the value of tenant relationships, based in each case on their fair values. Purchase accounting is applied to assets and liabilities associated with the real estate acquired. Transaction costs and fees incurred related to acquisitions are expensed as incurred. Transaction costs and fees incurred related to the loan financing of an acquisition are capitalized and amortized over the life of the loan. Upon the acquisition of properties, we estimate the fair value of acquired tangible assets (consisting of land, building and improvements) and identified intangible assets and liabilities (consisting of above and below-market leases, in-place leases and tenant relationships), and assumed debt at the date of acquisition, based on the evaluation of information and estimates available at that date. Based on these estimates, we allocate the initial purchase price to the applicable assets and liabilities. As final information regarding fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments will be made to the purchase price allocation, in no case later than twelve months of the acquisition date. During the three and six month period ended June 30, 2015, we did not make any adjustments to purchase price allocations. In determining the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the differences between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease. The capitalized above-market lease values and the capitalized below-market lease values are amortized as an adjustment to rental income over the lease term. During the three and six month period ended June 30, 2015, we acquired above-market in-place leases with a value of $219 related to our acquisition that is discussed further in NOTE 3: Investments in Real Estate The aggregate value of in-place leases is determined by evaluating various factors, including an estimate of carrying costs during the expected lease-up periods, current market conditions and similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions, legal and other related costs. The value assigned to this intangible asset is amortized over the assumed lease up period, typically six months. For the three and six-months ended June 30, 2015 we recorded $1,380 and $3,289 of amortization expense for intangible assets, respectively. For the three and six-months ended June 30, 2014 we recorded $1,214 and $1,944 of amortization expense for intangible assets, respectively. As of June 30, 2015, we expect to record additional amortization expense on current in-place lease intangible assets of $182 for the remainder of 2015. Impairment of Long-Lived Assets Management evaluates the recoverability of its investment in real estate assets, including related identifiable intangible assets, in accordance with FASB ASC Topic 360, “Property, Plant and Equipment”. This statement requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that recoverability of the assets is not assured. Management reviews its long-lived assets on an ongoing basis and evaluates the recoverability of the carrying value when there is an indicator of impairment. An impairment charge is recorded when it is determined that the carrying value of the asset exceeds the fair value. The estimated cash flows used for the impairment analysis and the determination of estimated fair value are based on our plans for the respective assets and our views of market and economic conditions. The estimates consider matters such as current and historical rental rates, occupancies for the respective and/or comparable properties, and recent sales data for comparable properties. Changes in estimated future cash flows due to changes in our plans or views of market and economic conditions could result in recognition of impairment losses, which, under the applicable accounting guidance, could be substantial. Depreciation and Amortization Expense Depreciation expense for real estate assets is computed using a straight-line method based on a life of 40 years for buildings and improvements and five to ten years for equipment and fixtures. Expenditures for tenant improvements are capitalized and amortized over the initial term of each lease. For the three and six-months ended June 30, 2015 we recorded $4,340 and $8,469 of depreciation expense, respectively. For the three and six-months ended June 30, 2014 we recorded $2,018 and $3,412 of depreciation expense, respectively.
Fair Value of Financial Instruments	e. Fair Value of Financial Instruments In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity for disclosure purposes. Assets and liabilities recorded at fair value in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined in FASB ASC Topic 820, “Fair Value Measurements and Disclosures” and directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, are as follows: • Level 1 • Level 2 • Level 3 The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors, including, for example, the type of investment, whether the investment is new, whether the investment is traded on an active exchange or in the secondary market, and the current market condition. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by us in determining fair value is greatest for instruments categorized in level 3. Fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, our own assumptions are set to reflect those that management believes market participants would use in pricing the asset or liability at the measurement date. We use prices and inputs that management believes are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be transferred from Level 1 to Level 2 or Level 2 to Level 3. Fair value for certain of our Level 3 financial instruments is derived using internal valuation models. These internal valuation models include discounted cash flow analyses developed by management using current interest rates, estimates of the term of the particular instrument, specific issuer information and other market data for securities without an active market. In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, the impact of our own credit spreads is also considered when measuring the fair value of financial assets or liabilities, including derivative contracts. Where appropriate, valuation adjustments are made to account for various factors, including bid-ask spreads, credit quality and market liquidity. These adjustments are applied on a consistent basis and are based on observable inputs where available. Management’s estimate of fair value requires significant management judgment and is subject to a high degree of variability based upon market conditions, the availability of specific issuer information and management’s assumptions. FASB ASC Topic 825, “Financial Instruments” requires disclosure of the fair value of financial instruments for which it is practicable to estimate that value. The fair value of mortgage indebtedness is based on a discounted cash flow valuation technique and is classified as a Level 3 fair value measurement within the fair value hierarchy. The carrying value and fair value of mortgage indebtedness as of June 30, 2015 was $442,354 and $446,113, respectively. The carrying value and fair value of mortgage indebtedness as of December 31, 2014 was $400,509 and $411,311, respectively. The fair value of our secured credit facility, cash and cash equivalents and restricted cash approximates cost due to the nature of these instruments.
Recent Accounting Pronouncements	f. Recent Accounting Pronouncements On January 1, 2015, we adopted the accounting standard classified under FASB ASC Topic 205, “Presentation of Financial Statements”. This accounting standard amends existing guidance to change reporting requirements for discontinued operations by requiring the disposal of an entity to be reported in discontinued operations if the disposal represents a strategic shift that has or will have a major effect on an entity’s operations and financial results. This standard is effective for interim and annual reporting periods beginning on or after December 15, 2014. The adoption of this standard did not have a material effect on our consolidated financial statements. In May 2014, the FASB issued an accounting standard classified under FASB ASC Topic 606, “Revenue from Contracts with Customers”. This accounting standard generally replaces existing guidance by requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This standard is currently effective for annual reporting periods beginning after December 15, 2016. On July 9, 2015, the FASB affirmed its proposal to defer the effective date of this accounting standard by one year. Management is currently evaluating the impact that this standard may have on our consolidated financial statements. In February 2015, the FASB issued an accounting standard classified under FASB ASC Topic 810, “Consolidation”. This accounting standard amends the consolidation analysis required under GAAP and requires management to reevaluate all previous consolidation conclusions. This standard considers limited partnerships as VIEs, unless the limited partners have either substantive kick-out or participating rights. The presumption that a general partner should consolidate a limited partnership has also been eliminated. The standard amends the effect that fees paid to a decision maker or service provider have on the consolidation analysis, as well as amends how variable interests held by a reporting entity’s related parties affect the consolidation conclusion. This standard also clarifies how to determine whether equity holders as a group have power over an entity. This standard is effective for interim and annual reporting periods beginning after December 15, 2015, with an early adoption permitted. Management is currently evaluating the impact that this standard may have on our consolidated financial statements. In April 2015, the FASB issued an accounting standard classified under FASB ASC Topic 835, “Interest”. This accounting standard amends existing guidance to change reporting requirements for debt issuance costs by requiring debt issuance costs to be presented on the balance sheet as a direct deduction from the debt liability. This standard is effective for interim and annual reporting periods beginning after December 15, 2015, with an early adoption permitted. Retrospective application to prior periods is required. Management does not expect that this accounting standard will have a significant impact on our consolidated financial statements.

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	6 Months Ended
	Jun. 30, 2015
Summary of Investments in Real Estate	As of June 30, 2015, our investments in real estate consisted of 31 apartment properties with 9,055 units (unaudited). The table below summarizes our investments in real estate: As of June 30, 2015 As of December 31, Depreciable Lives Land $ 115,125 $ 112,600 — Building 592,981 570,475 40 Furniture, fixtures and equipment 8,475 6,037 5-10 Total investment in real estate 716,581 689,112 Accumulated depreciation (31,188 ) (23,376 ) Investments in real estate, net $ 685,393 $ 665,736
Summary of Aggregate Fair Value of Assets and Liabilities	The following table summarizes the aggregate fair value of the assets and liabilities associated with the property acquired during the six-month period ended June 30, 2015, on the date of acquisition, accounted for under FASB ASC Topic 805. Description Fair Value Six-Month 2015 Assets acquired: Investments in real estate $ 25,031 Other assets 87 Intangible asset 219 Total assets acquired $ 25,337 Liabilities assumed: Loans payable on real estate $ — Accounts payable and accrued expenses 488 Other liabilities 103 Total liabilities assumed 591 Estimated fair value of net assets acquired $ 24,746
Pro Forma of Financial Information Purport to Represent Results of Operations for Future Periods	The table below presents the revenue, net income and earnings per share effect of the acquired property, as reported in our consolidated financial statements and on a pro forma basis as if the acquisition occurred on January 1, 2014. These pro forma results are not necessarily indicative of the results which actually would have occurred if the acquisition had occurred on the first day of the periods presented, nor does the pro forma financial information purport to represent the results of operations for future periods. Description For the Six-Month For the Six-Month Total revenue of real estate property acquired, as reported $ 597 $ — Net income (loss) allocable to common shares of real estate property acquired, as reported 228 — Earnings (loss) per share attributable to common shareholders of real estate property acquired Basic and diluted—as reported 0.01 0.00 Pro forma revenue of real estate property acquired (unaudited) 1,469 1,257 Pro forma net income (loss) allocable to common shares of real estate property acquired (unaudited) 550 424 Earnings (loss) per share attributable to common shareholders of real estate property acquired Basic and diluted—as pro forma (unaudited) 0.02 0.03

Mortgage Indebtedness (Tables)

Mortgage Indebtedness (Tables)	6 Months Ended
	Jun. 30, 2015
Summary of Information Concerning Indebtedness that Encumbered our Properties	The following table contains summary information concerning the indebtedness that encumbered our properties as of June 30, 2015: Outstanding Principal Carrying Amount Effective Interest Rate Maturity Date Belle Creek Apartments $ 10,575 $ 10,575 2.4 % (1) April 28, 2021 Berkshire Square Apartments 8,612 8,612 4.4 % (3) January 1, 2021 Centrepoint Apartments 17,441 17,441 3.7 % (2) January 1, 2019 Copper Mill Apartments 7,150 7,150 5.7 % May 1, 2021 Crestmont Apartments 6,566 6,566 5.7 % May 1, 2021 Cumberland Glen Apartments 6,712 6,712 5.7 % May 1, 2021 Heritage Trace Apartments 5,350 5,350 5.7 % May 1, 2021 Runaway Bay Apartments 9,935 9,935 3.6 % November 1, 2022 Tresa at Arrowhead 27,500 27,500 2.4 % (1) April 28, 2021 Reserve at Eagle Ridge 18,850 18,850 4.7 % March 1, 2024 OKC Portfolio 44,408 45,327 2.8 % (5) April 1, 2016 Kings’ Landing 21,200 21,200 4.0 % (6) June 1, 2022 Crossings 15,313 15,313 3.9 % June 1, 2024 Carrington Park 14,235 14,235 4.0 % August 1, 2024 Arbors at the Reservoir 13,150 13,150 4.0 % August 1, 2024 Walnut Hill 18,650 18,650 3.4 % October 1, 2021 Lenoxplace 15,991 15,991 3.7 % November 1, 2021 Bennington Pond 11,375 11,375 3.7 % December 1, 2024 Stonebridge Crossing 19,370 19,370 3.4 % January 1, 2022 Prospect Park 9,230 9,230 3.6 % January 1, 2025 Brookside 13,455 13,455 3.6 % January 1, 2025 Jamestown 22,880 22,880 3.6 % January 1, 2025 Meadows 24,245 24,245 3.6 % January 1, 2025 Oxmoor 35,815 35,815 3.6 % January 1, 2025 Iron Rock Ranch 22,900 22,900 3.4 % February 1, 2025 Stonebridge at the Ranch 20,527 20,527 3.2 % May 1,2025 Total mortgage debt/Weighted- Average $ 441,435 $ 442,354 3.6 % Secured Credit Facility 14,848 14,848 2.7 % (4) October 25, 2016 Total indebtedness/Weighted-Average $ 456,283 $ 457,202 3.6 % (1) Floating rate at 225 basis points over the 30-day London Interbank Offered Rate, or LIBOR. As of June 30, 2015, 30-day LIBOR was 0.19%. Interest only payments are due monthly. These mortgages are held by RAIT. (2) Fixed rate. Interest only payments are due monthly. Beginning February 1, 2015, principal and interest payments are required based on a 30-year amortization schedule. (3) Fixed rate. Interest only payments are due monthly. Beginning February 1, 2016, principal and interest payments are required based on a 30-year amortization schedule. (4) Floating rate at 250 basis points over 30-day LIBOR. As of June 30, 2015 30-day LIBOR was 0.19%. Interest only payments are due monthly. As of June 30, 2015 we were in compliance with all financial covenants contained in the secured credit facility. (5) Contractual interest rate is 5.6%. The debt was assumed and recorded at a premium that will be amortized to interest expense over the remaining term. Principal and interest payments are required based on a 30-year amortization schedule. (6) Fixed rate. Interest only payments are due monthly. Beginning June 1, 2017, principal and interest payments are required based on a 30-year amortization schedule. As of June 30, 2015 we were in compliance with all financial covenants contained in our indebtedness. The following table contains summary information concerning the indebtedness that encumbered our properties as of December 31, 2014: Outstanding Principal Carrying Amount Effective Interest Rate Maturity Date Belle Creek Apartments $ 10,575 $ 10,575 2.4 %(1) April 28, 2021 Berkshire Square Apartments 8,612 8,612 4.4 %(3) January 1, 2021 Centrepoint Apartments 17,600 17,600 3.7 %(2) January 1, 2019 Copper Mill Apartments 7,200 7,200 5.7 % May 1, 2021 Crestmont Apartments 6,612 6,612 5.7 % May 1, 2021 Cumberland Glen Apartments 6,759 6,759 5.7 % May 1, 2021 Heritage Trace Apartments 5,388 5,388 5.7 % May 1, 2021 Runaway Bay Apartments 10,033 10,033 3.6 % November 1, 2022 Tresa at Arrowhead 27,500 27,500 2.4 %(1) April 28, 2021 Reserve at Eagle Ridge 18,850 18,850 4.7 % March 1, 2024 OKC Portfolio 44,939 46,471 2.8 %(5) April 1, 2016 Kings’ Landing 21,200 21,200 4.0 %(6) June 1, 2022 Crossings 15,313 15,313 3.9 % June 1, 2024 Carrington Park 14,235 14,235 4.0 % August 1, 2024 Arbors at the Reservoir 13,150 13,150 4.0 % August 1, 2024 Walnut Hill 18,650 18,650 3.4 % October 1, 2021 Lenoxplace 15,991 15,991 3.7 % November 1, 2021 Bennington Pond 11,375 11,375 3.7 % December 1, 2024 Stonebridge Crossing 19,370 19,370 3.4 % January 1, 2022 Prospect Park 9,230 9,230 3.6 % January 1, 2025 Brookside 13,455 13,455 3.6 % January 1, 2025 Jamestown 22,880 22,880 3.6 % January 1, 2025 Meadows 24,245 24,245 3.6 % January 1, 2025 Oxmoor 35,815 35,815 3.6 % January 1, 2025 Total mortgage debt/Weighted-Average $ 398,977 $ 400,509 3.6 % Secured Credit Facility 18,392 18,392 2.7 %(4) October 25, 2016 Total indebtedness /Weighted-Average $ 417,369 $ 418,901 3.6 % (1) Floating rate at 225 basis points over 30-day LIBOR. As of December 31, 2014, 30-day LIBOR was 0.17%. Interest only payments are due monthly. These mortgages are held by RAIT. (2) Fixed rate. Interest only payments are due monthly. Beginning February 1, 2015, principal and interest payments are required based on a 30-year amortization schedule. (3) Fixed rate. Interest only payments are due monthly. Beginning February 1, 2016, principal and interest payments are required based on a 30-year amortization schedule. (4) Floating rate at 250 basis points over 30-day LIBOR. As of December 31, 2014, 30-day LIBOR was 0.17%. Interest only payments are due monthly. (5) Contractual interest rate is 5.6%. The debt was assumed and recorded at a premium that will be amortized to interest expense over the remaining term. Principal and interest payments are required based on a 30-year amortization schedule. (6) Fixed rate. Interest only payments are due monthly. Beginning June 1, 2017, principal and interest payments are required based on a 30-year amortization schedule.

Stockholder Equity and NonCon19

Stockholder Equity and NonControlling Interests (Tables)	6 Months Ended
	Jun. 30, 2015
Dividends Declared	On January 19, 2015, our board of directors declared the following dividends: Month Record Date Payment Date Dividend January 2015 January 30, 2015 February 17, 2015 $ 0.06 February 2015 February 27, 2015 March 16, 2015 $ 0.06 March 2015 March 31, 2015 April 15, 2015 $ 0.06 On April 13, 2015, our board of directors declared the following dividends: Month Record Date Payment Date Dividend April 2015 April 30, 2015 May 15, 2015 $ 0.06 May 2015 May 29, 2015 June 15, 2015 $ 0.06 June 2015 June 30, 2015 July 15, 2015 $ 0.06 On July 1, 2015 our board of directors declared the following dividends: Month Record Date Payment Date Dividend July 2015 July 31, 2015 August 17, 2015 $ 0.06 August 2015 August 31, 2015 September 15, 2015 $ 0.06 September 2015 September 30, 2015 October 15, 2015 $ 0.06

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Reconciliation of Basic and Diluted Earnings (Loss) Per Share	The following table presents a reconciliation of basic and diluted earnings (loss) per share for the three and six-month periods ended June 30, 2015 and 2014: For the Three-Month For the Six-Month 2015 2014 2015 2014 Net Income (loss) $ 353 $ (128 ) $ 112 $ 2,807 (Income) loss allocated to non-controlling interests (16 ) — (8 ) — Net Income (loss) allocable to common shares $ 337 $ (128 ) $ 104 $ 2,807 Weighted-average shares outstanding—Basic 31,794,822 17,707,287 31,781,718 16,459,623 Weighted-average shares outstanding—Diluted 33,066,770 17,707,287 33,060,578 16,484,357 Earnings (loss) per share—Basic $ 0.01 $ (0.01 ) $ 0.00 $ 0.17 Earnings (loss) per share—Diluted $ 0.01 $ (0.01 ) $ 0.00 $ 0.17

Organization - Additional Infor

Organization - Additional Information (Detail) $ / shares in Units, $ in Billions	Jun. 30, 2015Property	May. 11, 2015USD ($)Property$ / shares
Class of Stock [Line Items]
Number of properties	31
Number of units	9,055
Trade Street Residential, Inc.
Class of Stock [Line Items]
Business Acquisition Share Price | $ / shares		$ 7.60
Number of properties		50
Number of units		14,044
Trade Street Residential, Inc. | Minimum
Class of Stock [Line Items]
Expected total capitalization after merger | $		$ 1.4

Summary of Significant Accoun22

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Significant Accounting Policies [Line Items]
Amortization expense for intangible assets	$ 1,380	$ 1,214	$ 3,289	$ 1,944
Amortization expense for intangible assets expected for remainder of 2015	182		182
Depreciation expense	4,340	$ 2,018	8,469	$ 3,412
Mortgage indebtedness, carrying amount	457,202		457,202		$ 400,509
Above Market Leases
Significant Accounting Policies [Line Items]
Acquisition of above-market in-place leases	219		$ 219
Building and Building Improvements
Significant Accounting Policies [Line Items]
Depreciable Lives			40 years
Equipment and Fixtures | Minimum
Significant Accounting Policies [Line Items]
Depreciable Lives			5 years
Equipment and Fixtures | Maximum
Significant Accounting Policies [Line Items]
Depreciable Lives			10 years
Mortgages
Significant Accounting Policies [Line Items]
Mortgage indebtedness, carrying amount	442,354		$ 442,354		400,509
Indebtedness fair value	$ 446,113		$ 446,113		$ 411,311

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Detail) $ in Thousands	May. 01, 2015USD ($)Property	Jun. 30, 2015USD ($)Property	Jun. 30, 2014USD ($)
Real Estate Properties [Line Items]
Number of multifamily property owned | Property		31
Number of units located with multifamily properties | Property		9,055
Number of multifamily property acquired | Property	236
Acquisition of real estate properties	$ 25,250	$ 24,746	$ 97,913
Investments in real estate		$ 25,031
Real Estate Investment
Real Estate Properties [Line Items]
Investments in real estate	$ 25,250

Summary of Investments in Real

Summary of Investments in Real Estate (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Real Estate Properties [Line Items]
Land	$ 115,125	$ 112,600
Building	592,981	570,475
Furniture, fixtures and equipment	8,475	6,037
Total investment in real estate	716,581	689,112
Accumulated depreciation	(31,188)	(23,376)
Investments in real estate, net	$ 685,393	$ 665,736
Building
Real Estate Properties [Line Items]
Depreciable Lives	40 years
Furniture, fixtures and equipment | Minimum
Real Estate Properties [Line Items]
Depreciable Lives	5 years
Furniture, fixtures and equipment | Maximum
Real Estate Properties [Line Items]
Depreciable Lives	10 years

Summery of Aggregate Fair Value

Summery of Aggregate Fair Value of Assets and Liabilities (Detail) $ in Thousands	Jun. 30, 2015USD ($)
Assets acquired:
Investments in real estate	$ 25,031
Other assets	87
Intangible asset	219
Total assets acquired	25,337
Liabilities assumed:
Loans payable on real estate	0
Accounts payable and accrued expenses	488
Other liabilities	103
Total liabilities assumed	591
Estimated fair value of net assets acquired	$ 24,746

Pro Forma of Financial Informat

Pro Forma of Financial Information Purport to Represent Result of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Real Estate Properties [Line Items]
Total revenue of real estate property acquired, as reported	$ 597
Net income (loss) allocable to common shares of real estate property acquired, as reported	$ 228
Earnings (loss) per share attributable to common shareholders of real estate property acquired
Basic and diluted-as reported	$ 0.01	$ 0
Pro forma revenue of real estate properties acquired (unaudited)	$ 1,469	$ 1,257
Pro forma net income (loss) allocable to common shares of real estate property acquired (unaudited)	$ 550	$ 424
Earnings (loss) per share attributable to common shareholders of real estate property acquired
Basic and diluted-as pro forma (unaudited)	$ 0.02	$ 0.03

Summary of Information Concerni

Summary of Information Concerning Indebtedness that Encumbered our Properties (Detail) - USD ($) $ in Thousands		Apr. 13, 2015	Jan. 27, 2015	Jun. 30, 2015		Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal				$ 456,283		$ 398,977
Mortgage indebtedness, carrying amount				457,202		400,509
Indebtedness, outstanding principal				456,283		417,369
Indebtedness, carrying amount				$ 457,202		$ 418,901
Weighted Average
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, effective interest rate				3.60%		3.60%
Indebtedness, effective interest rate				3.60%		3.60%
Centrepoint Apartments
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal				$ 17,441		$ 17,600
Mortgage indebtedness, carrying amount				$ 17,441		$ 17,600
Mortgage indebtedness, effective interest rate	[1]			3.70%		3.70%
Mortgage indebtedness, maturity date				Jan. 1, 2019		Jan. 1, 2019
Berkshire Square Apartments
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal				$ 8,612		$ 8,612
Mortgage indebtedness, carrying amount				$ 8,612		$ 8,612
Mortgage indebtedness, effective interest rate	[2]			4.40%		4.40%
Mortgage indebtedness, maturity date				Jan. 1, 2021		Jan. 1, 2021
OKC Portfolio
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal				$ 44,408		$ 44,939
Mortgage indebtedness, carrying amount				$ 45,327		$ 46,471
Mortgage indebtedness, effective interest rate	[3]			2.80%		2.80%
Mortgage indebtedness, maturity date				Apr. 1, 2016		Apr. 1, 2016
King's Landing
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal				$ 21,200		$ 21,200
Mortgage indebtedness, carrying amount				$ 21,200		$ 21,200
Mortgage indebtedness, effective interest rate	[4]			4.00%		4.00%
Mortgage indebtedness, maturity date				Jun. 1, 2022		Jun. 1, 2022
Belle Creek Apartments
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal				$ 10,575		$ 10,575
Mortgage indebtedness, carrying amount				$ 10,575		$ 10,575
Mortgage indebtedness, effective interest rate				2.40%	[5]	2.40%	[6]
Mortgage indebtedness, maturity date				Apr. 28, 2021		Apr. 28, 2021
Tresa At Arrowhead
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal				$ 27,500		$ 27,500
Mortgage indebtedness, carrying amount				$ 27,500		$ 27,500
Mortgage indebtedness, effective interest rate				2.40%	[5]	2.40%	[6]
Mortgage indebtedness, maturity date				Apr. 28, 2021		Apr. 28, 2021
Copper Mill Apartments
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal				$ 7,150		$ 7,200
Mortgage indebtedness, carrying amount				$ 7,150		$ 7,200
Mortgage indebtedness, effective interest rate				5.70%		5.70%
Mortgage indebtedness, maturity date				May 1, 2021		May 1, 2021
Crestmont Apartments
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal				$ 6,566		$ 6,612
Mortgage indebtedness, carrying amount				$ 6,566		$ 6,612
Mortgage indebtedness, effective interest rate				5.70%		5.70%
Mortgage indebtedness, maturity date				May 1, 2021		May 1, 2021
Cumberland Glen Apartments
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal				$ 6,712		$ 6,759
Mortgage indebtedness, carrying amount				$ 6,712		$ 6,759
Mortgage indebtedness, effective interest rate				5.70%		5.70%
Mortgage indebtedness, maturity date				May 1, 2021		May 1, 2021
Heritage Trace Apartments
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal				$ 5,350		$ 5,388
Mortgage indebtedness, carrying amount				$ 5,350		$ 5,388
Mortgage indebtedness, effective interest rate				5.70%		5.70%
Mortgage indebtedness, maturity date				May 1, 2021		May 1, 2021
Runaway Bay Apartments
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal				$ 9,935		$ 10,033
Mortgage indebtedness, carrying amount				$ 9,935		$ 10,033
Mortgage indebtedness, effective interest rate				3.60%		3.60%
Mortgage indebtedness, maturity date				Nov. 1, 2022		Nov. 1, 2022
Reserve at Eagle Ridge
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal				$ 18,850		$ 18,850
Mortgage indebtedness, carrying amount				$ 18,850		$ 18,850
Mortgage indebtedness, effective interest rate				4.70%		4.70%
Mortgage indebtedness, maturity date				Mar. 1, 2024		Mar. 1, 2024
Crossings
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal				$ 15,313		$ 15,313
Mortgage indebtedness, carrying amount				$ 15,313		$ 15,313
Mortgage indebtedness, effective interest rate				3.90%		3.90%
Mortgage indebtedness, maturity date				Jun. 1, 2024		Jun. 1, 2024
Carrington Park
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal				$ 14,235		$ 14,235
Mortgage indebtedness, carrying amount				$ 14,235		$ 14,235
Mortgage indebtedness, effective interest rate				4.00%		4.00%
Mortgage indebtedness, maturity date				Aug. 1, 2024		Aug. 1, 2024
Arbors at the Reservoir
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal				$ 13,150		$ 13,150
Mortgage indebtedness, carrying amount				$ 13,150		$ 13,150
Mortgage indebtedness, effective interest rate				4.00%		4.00%
Mortgage indebtedness, maturity date				Aug. 1, 2024		Aug. 1, 2024
Walnut Hill
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal				$ 18,650		$ 18,650
Mortgage indebtedness, carrying amount				$ 18,650		$ 18,650
Mortgage indebtedness, effective interest rate				3.40%		3.40%
Mortgage indebtedness, maturity date				Oct. 1, 2021		Oct. 1, 2021
Lenoxplace
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal				$ 15,991		$ 15,991
Mortgage indebtedness, carrying amount				$ 15,991		$ 15,991
Mortgage indebtedness, effective interest rate				3.70%		3.70%
Mortgage indebtedness, maturity date				Nov. 1, 2021		Nov. 1, 2021
Bennington Pond
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal				$ 11,375		$ 11,375
Mortgage indebtedness, carrying amount				$ 11,375		$ 11,375
Mortgage indebtedness, effective interest rate				3.70%		3.70%
Mortgage indebtedness, maturity date				Dec. 1, 2024		Dec. 1, 2024
Stonebridge Crossing
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal				$ 19,370		$ 19,370
Mortgage indebtedness, carrying amount				$ 19,370		$ 19,370
Mortgage indebtedness, effective interest rate				3.40%		3.40%
Mortgage indebtedness, maturity date				Jan. 1, 2022		Jan. 1, 2022
Prospect Park
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal				$ 9,230		$ 9,230
Mortgage indebtedness, carrying amount				$ 9,230		$ 9,230
Mortgage indebtedness, effective interest rate				3.60%		3.60%
Mortgage indebtedness, maturity date				Jan. 1, 2025		Jan. 1, 2025
Brookside
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal				$ 13,455		$ 13,455
Mortgage indebtedness, carrying amount				$ 13,455		$ 13,455
Mortgage indebtedness, effective interest rate				3.60%		3.60%
Mortgage indebtedness, maturity date				Jan. 1, 2025		Jan. 1, 2025
Jamestown
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal				$ 22,880		$ 22,880
Mortgage indebtedness, carrying amount				$ 22,880		$ 22,880
Mortgage indebtedness, effective interest rate				3.60%		3.60%
Mortgage indebtedness, maturity date				Jan. 1, 2025		Jan. 1, 2025
Meadows
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal				$ 24,245		$ 24,245
Mortgage indebtedness, carrying amount				$ 24,245		$ 24,245
Mortgage indebtedness, effective interest rate				3.60%		3.60%
Mortgage indebtedness, maturity date				Jan. 1, 2025		Jan. 1, 2025
Oxmoor
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal				$ 35,815		$ 35,815
Mortgage indebtedness, carrying amount				$ 35,815		$ 35,815
Mortgage indebtedness, effective interest rate				3.60%		3.60%
Mortgage indebtedness, maturity date				Jan. 1, 2025		Jan. 1, 2025
Iron Rock Ranch
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal				$ 22,900
Mortgage indebtedness, carrying amount			$ 22,900	$ 22,900
Mortgage indebtedness, effective interest rate			3.40%	3.40%
Mortgage indebtedness, maturity date			Feb. 1, 2025	Feb. 1, 2025
Stonebridge At The Ranch
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal				$ 20,527
Mortgage indebtedness, carrying amount		$ 20,527		$ 20,527
Mortgage indebtedness, effective interest rate		3.20%		3.20%
Mortgage indebtedness, maturity date		May 1, 2025		May 1, 2025
Total mortgage debt/Weighted- Average
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, outstanding principal				$ 441,435
Mortgage indebtedness, carrying amount				$ 442,354
Mortgage indebtedness, effective interest rate				3.60%
Secured Credit Facility
Mortgage Loans on Real Estate [Line Items]
Secured credit facility, outstanding principal				$ 14,848		$ 18,392
Secured credit facility, carrying amount				$ 14,848		$ 18,392
Secured credit facility, effective interest rate				2.70%	[7]	2.70%	[8]
Secured credit facility, maturity date				Oct. 25, 2016		Oct. 25, 2016
[1]	Fixed rate. Interest only payments are due monthly. Beginning February 1, 2015, principal and interest payments are required based on a 30-year amortization schedule.
[2]	Fixed rate. Interest only payments are due monthly. Beginning February 1, 2016, principal and interest payments are required based on a 30-year amortization schedule.
[3]	Contractual interest rate is 5.6%. The debt was assumed and recorded at a premium that will be amortized to interest expense over the remaining term. Principal and interest payments are required based on a 30-year amortization schedule.
[4]	Fixed rate. Interest only payments are due monthly. Beginning June 1, 2017, principal and interest payments are required based on a 30-year amortization schedule.
[5]	Floating rate at 225 basis points over the 30-day London Interbank Offered Rate, or LIBOR. As of June 30, 2015, 30-day LIBOR was 0.19%. Interest only payments are due monthly. These mortgages are held by RAIT.
[6]	Floating rate at 225 basis points over 30-day LIBOR. As of December 31, 2014, 30-day LIBOR was 0.17%. Interest only payments are due monthly. These mortgages are held by RAIT.
[7]	Floating rate at 250 basis points over 30-day LIBOR. As of June 30, 2015 30-day LIBOR was 0.19%. Interest only payments are due monthly. As of June 30, 2015 we were in compliance with all financial covenants contained in the secured credit facility.
[8]	Floating rate at 250 basis points over 30-day LIBOR. As of December 31, 2014, 30-day LIBOR was 0.17%. Interest only payments are due monthly.

Summary of Information Concer28

Summary of Information Concerning Indebtedness that Encumbered our Properties (Parenthetical) (Detail)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Centrepoint Apartments
Mortgage Loans on Real Estate [Line Items]
Interest payment period	Monthly
Principal date	Feb. 1, 2015	Feb. 1, 2015
Amortization schedule	30 years	30 years
Berkshire Square Apartments
Mortgage Loans on Real Estate [Line Items]
Interest payment period	Monthly
Principal date	Feb. 1, 2016	Feb. 1, 2016
Amortization schedule	30 years	30 years
OKC Portfolio
Mortgage Loans on Real Estate [Line Items]
Amortization schedule	30 years	30 years
Contractual interest rate	5.60%	5.60%
King's Landing
Mortgage Loans on Real Estate [Line Items]
Interest payment period	Monthly
Principal date	Jun. 1, 2017	Jun. 1, 2017
Amortization schedule	30 years	30 years
Belle Creek Apartments | Floating Rate
Mortgage Loans on Real Estate [Line Items]
Debt instrument interest rate	2.25%	2.25%
Belle Creek Apartments | 30-Day LIBOR
Mortgage Loans on Real Estate [Line Items]
Debt instrument interest rate	0.19%	0.17%
Tresa At Arrowhead | Floating Rate
Mortgage Loans on Real Estate [Line Items]
Debt instrument interest rate	2.25%	2.25%
Tresa At Arrowhead | 30-Day LIBOR
Mortgage Loans on Real Estate [Line Items]
Debt instrument interest rate	0.19%	0.17%
Secured Credit Facility | Floating Rate
Mortgage Loans on Real Estate [Line Items]
Debt instrument interest rate	2.50%	2.50%
Secured Credit Facility | 30-Day LIBOR
Mortgage Loans on Real Estate [Line Items]
Debt instrument interest rate	0.19%	0.17%

Mortgage Indebtedness - Additio

Mortgage Indebtedness - Additional Information (Detail) - USD ($) $ in Thousands	Apr. 13, 2015	Jan. 27, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Cash paid for interest					$ 8,615	$ 3,527
Mortgage indebtedness, carrying amount			$ 457,202		457,202		$ 400,509
Sponsor
Mortgage Loans on Real Estate [Line Items]
Debt			38,075		38,075		38,075
Cash paid for interest			241	$ 241	479	$ 479
Third Parties
Mortgage Loans on Real Estate [Line Items]
Debt			403,360		403,360		$ 360,902
The Huntington National Bank
Mortgage Loans on Real Estate [Line Items]
Repayment of secured credit facility			0		18,392
Proceed of secured credit facility			14,848		14,848
Remaining of secured credit facility			15,152		$ 15,152
Weighted Average
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, effective interest rate					3.60%		3.60%
Iron Rock Ranch
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, effective interest rate		3.40%			3.40%
Mortgage indebtedness, carrying amount		$ 22,900	22,900		$ 22,900
Mortgage indebtedness, maturity date		Feb. 1, 2025			Feb. 1, 2025
Stonebridge At The Ranch
Mortgage Loans on Real Estate [Line Items]
Mortgage indebtedness, effective interest rate	3.20%				3.20%
Mortgage indebtedness, carrying amount	$ 20,527		$ 20,527		$ 20,527
Mortgage indebtedness, maturity date	May 1, 2025				May 1, 2025

Dividends Declared (Detail)

Dividends Declared (Detail) - $ / shares	Jul. 31, 2015	Apr. 13, 2015	Jan. 19, 2015
January 2,015
Dividends Payable [Line Items]
Record Date			Jan. 30, 2015
Payment Date			Feb. 17, 2015
Dividend Declared Per Share			$ 0.06
February 2,015
Dividends Payable [Line Items]
Record Date			Feb. 27, 2015
Payment Date			Mar. 16, 2015
Dividend Declared Per Share			$ 0.06
March 2,015
Dividends Payable [Line Items]
Record Date			Mar. 31, 2015
Payment Date			Apr. 15, 2015
Dividend Declared Per Share			$ 0.06
April 2,015
Dividends Payable [Line Items]
Record Date		Apr. 30, 2015
Payment Date		May 15, 2015
Dividend Declared Per Share		$ 0.06
May 2,015
Dividends Payable [Line Items]
Record Date		May 29, 2015
Payment Date		Jun. 15, 2015
Dividend Declared Per Share		$ 0.06
June 2,015
Dividends Payable [Line Items]
Record Date		Jun. 30, 2015
Payment Date		Jul. 15, 2015
Dividend Declared Per Share		$ 0.06
July 2015 | Subsequent event
Dividends Payable [Line Items]
Record Date	Jul. 31, 2015
Payment Date	Aug. 17, 2015
Dividend Declared Per Share	$ 0.06
August 2015 | Subsequent event
Dividends Payable [Line Items]
Record Date	Aug. 31, 2015
Payment Date	Sep. 15, 2015
Dividend Declared Per Share	$ 0.06
September 2015 | Subsequent event
Dividends Payable [Line Items]
Record Date	Sep. 30, 2015
Payment Date	Oct. 15, 2015
Dividend Declared Per Share	$ 0.06

Equity Compensation Plans - Add

Equity Compensation Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Feb. 18, 2015	May. 14, 2014	Jun. 30, 2015	Dec. 31, 2014	Jul. 29, 2013	Apr. 05, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized			300,000,000	300,000,000
Shares issued to Directors						3,000
Directors Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock granted, shares		12,000
Stock granted, value		$ 107
Stock granted, stock price		$ 8.89
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock granted in period	100,000
Common stock grant date value	$ 935
Share price	$ 9.35
Awards vesting period	3 years
Amended and Restated Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized					800,000

Related Party Transactions an32

Related Party Transactions and Arrangements - Additional Information (Detail) $ in Thousands	May. 07, 2013Property	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Related Party Transaction [Line Items]
Quarterly management fee as percentage of average real estate assets	0.1875%
Quarterly management fee payment rate as percentage of average real estate assets	0.1875%
Base management fees earned		$ 1,046	$ 347	$ 2,047	$ 493
Number of properties excluded from computation of base management fee | Property	8
Incentive fees incurred to advisor		214	154	$ 425	154
Percentage of gross revenues from the property				4.00%
Property management and leasing fees		764	$ 411	$ 1,519	$ 732
Incentive Fees
Related Party Transaction [Line Items]
Incentive fees payable to advisor		1,260		1,260		$ 644
Other Liabilities
Related Party Transaction [Line Items]
Property management and leasing fees payable		$ 262		$ 262		$ 205
if pre-incentive fee Core FFO does not exceed hurdle rate
Related Party Transaction [Line Items]
Advisor incentive fee	0.00%
if pre-incentive fee Core FFO does not exceed hurdle rate | Maximum
Related Party Transaction [Line Items]
Cumulative gross amount of equity capital, hurdle rate	1.75%
Cumulative gross amount of equity capital, annual hurdle rate	7.00%
if pre-incentive fee Core FFO exceeds hurdle rate
Related Party Transaction [Line Items]
Advisor incentive fee	20.00%
if pre-incentive fee Core FFO exceeds hurdle rate | Minimum
Related Party Transaction [Line Items]
Cumulative gross amount of equity capital, hurdle rate	1.75%
Cumulative gross amount of equity capital, annual hurdle rate	7.00%

Reconciliation of Basic and Dil

Reconciliation of Basic and Diluted Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Reconciliation Of Earning Per Share Statement [Line Items]
Net Income (loss)	$ 353	$ (128)	$ 112	$ 2,807
(Income) loss allocated to non-controlling interests	(16)		(8)
Net Income (loss) allocable to common shares	$ 337	$ (128)	$ 104	$ 2,807
Weighted-average shares outstanding-Basic	31,794,822	17,707,287	31,781,718	16,459,623
Weighted-average shares outstanding-Diluted	33,066,770	17,707,287	33,060,578	16,484,357
Earnings (loss) per share-Basic	$ 0.01	$ (0.01)	$ 0	$ 0.17
Earnings (loss) per share-Diluted	$ 0.01	$ (0.01)	$ 0	$ 0.17

Earning (Loss) Per Share - Addi

Earning (Loss) Per Share - Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings (loss) per share, amount	0	47,353	25,989