Independence Realty Trust (IRT) 10-K 23 Feb 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Feb. 20, 2018	Jun. 30, 2017
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
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 Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		84,962,474
Entity Public Float			$ 678,966,666.63

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Investments in real estate:
Investments in real estate, at cost	$ 1,504,156	$ 1,249,356
Accumulated depreciation	(84,097)	(51,511)
Investments in real estate, net	1,420,059	1,197,845
Real estate held for sale (see Note 4)	0	60,786
Cash and cash equivalents	9,985	20,892
Restricted cash	4,634	5,518
Accounts receivable and other assets	7,556	5,211
Derivative assets	7,291	3,867
Intangible assets, net of accumulated amortization of $1,511 and $0, respectively	1,099	118
Total Assets	1,450,624	1,294,237
LIABILITIES AND EQUITY:
Indebtedness, net of unamortized discount and deferred financing costs of $6,198 and $6,371, respectively	778,442	743,817
Accounts payable and accrued expenses	17,216	14,028
Accrued interest payable	249	491
Dividends payable	5,245	4,297
Other liabilities	3,353	2,913
Total Liabilities	804,505	765,546
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, 84,708,551 and 68,996,070 shares issued and outstanding, including 295,847 and 281,005 unvested restricted common share awards, respectively	846	690
Additional paid in capital	703,849	564,633
Accumulated other comprehensive income (loss)	4,626	3,683
Retained earnings (accumulated deficit)	(85,221)	(62,181)
Total stockholders’ equity	624,100	506,825
Noncontrolling interests	22,019	21,866
Total Equity	646,119	528,691
Total Liabilities and Equity	$ 1,450,624	$ 1,294,237

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Statement Of Financial Position [Abstract]
Intangible assets, accumulated amortization	$ 1,511	$ 0
Indebtedness, unamortized discount and deferred financing costs	$ 6,198	$ 6,371
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	84,708,551	84,708,551
Common stock, shares outstanding	68,996,070	68,996,070
Unvested restricted common share awards	295,847	281,005

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
REVENUE:
Rental income	$ 143,473	$ 137,416	$ 98,216
Tenant reimbursement income	5,719	5,587	4,401
Other property income	11,305	10,356	6,959
Property management and other income	719	29
Total revenue	161,216	153,388	109,576
EXPENSES:
Property operating expenses	64,716	63,148	46,281
Property management expenses	6,006	4,847	3,674
General and administrative expenses	9,526	10,864	7,790
Acquisition and integration expenses	1,342	43	13,555
Depreciation and amortization expense	34,201	34,824	28,094
Total expenses	115,791	113,726	99,394
Operating income	45,425	39,662	10,182
Interest expense	(28,702)	(35,535)	(23,553)
Other income (expense)	89	(4)	19
Net gains (losses) on sale of assets	18,825	31,776	6,412
TSRE financing extinguishment and employee separation expenses			(27,508)
Gain (loss) on extinguishment of debt	(572)	(1,210)
Acquisition related debt extinguishment expenses	(3,624)
Management internalization expense		(44,976)
Gains (losses) on TSRE merger and property acquisitions		732	64,604
Net income (loss):	31,441	(9,555)	30,156
(Income) loss allocated to noncontrolling interest	(1,235)	(246)	(1,914)
Net income (loss) allocable to common shares	$ 30,206	$ (9,801)	$ 28,242
Earnings (loss) per share:
Basic	$ 0.41	$ (0.19)	$ 0.78
Diluted	$ 0.41	$ (0.19)	$ 0.78
Weighted-average shares:
Basic	73,338,219	52,182,427	36,153,673
Diluted	73,599,869	52,182,427	36,160,274

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 31,441	$ (9,555)	$ 30,156
Other comprehensive income (loss):
Change in fair value of interest rate hedges	845	3,354	(8)
Realized (gains) losses on interest rate hedges reclassified to earnings	107	492
Total other comprehensive income	952	3,846	(8)
Comprehensive income (loss) before allocation to noncontrolling interests	32,393	(5,709)	30,148
Allocation to noncontrolling interests	(1,244)	(401)	(1,914)
Comprehensive income (loss) allocable to common shares	$ 31,149	$ (6,110)	$ 28,234

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Shares	Additional Paid In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Accumulated 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		31,800,076
Net income (loss)	30,156				28,242	28,242	1,914
Distribution to noncontrolling interest declared	(1,300)						(1,300)
Common dividends declared	(26,014)				(26,014)	(26,014)
Other comprehensive income	(8)			$ (8)		(8)
Issuance of noncontrolling interests	13,998						13,998
Conversion of noncontrolling interest to common shares			493			493	(493)
Conversion of noncontrolling interest to common shares (in Shares)		52,933
Issuance of common shares, net	109,668	$ 152	109,516			109,668
Issuance of common shares, net (in Shares)		15,105,669
Stock compensation expense	496	$ 1	495			496
Stock compensation expense (in Shares)		112,000
Ending Balance at Dec. 31, 2015	390,030	$ 471	378,187	(8)	(14,500)	364,150	25,880
Ending Balance (in shares) at Dec. 31, 2015		47,070,678
Net income (loss)	(9,555)				(9,801)	(9,801)	246
Distribution to noncontrolling interest declared	(2,125)						(2,125)
Common dividends declared	(37,880)				(37,880)	(37,880)
Other comprehensive income	3,846			3,691		3,691	155
Common share activity related to equity compensation	(143)		(143)			(143)
Common share activity related to equity compensation(in Shares)		(28,869)
Conversion of noncontrolling interest to common shares	0	$ 2	2,288			2,290	(2,290)
Conversion of noncontrolling interest to common shares (in Shares)		245,980
Issuance of common shares, net	245,452	$ 288	245,164			245,452
Issuance of common shares, net (in Shares)		28,750,000
Repurchase of common shares	(62,156)	$ (73)	(62,083)			(62,156)
Repurchase of common shares (in Shares)		(7,269,719)
Stock compensation expense	1,222	$ 2	1,220			1,222
Stock compensation expense (in Shares)		228,000
Ending Balance at Dec. 31, 2016	$ 528,691	$ 690	564,633	3,683	(62,181)	506,825	21,866
Ending Balance (in shares) at Dec. 31, 2016	68,996,070	68,996,070
Net income (loss)	$ 31,441				30,206	30,206	1,235
Distribution to noncontrolling interest declared	(2,125)						(2,125)
Common dividends declared	(53,246)				(53,246)	(53,246)
Other comprehensive income	952			943		943	9
Issuance of noncontrolling interests	1,654						1,654
Conversion of noncontrolling interest to common shares		$ 1	619			620	(620)
Conversion of noncontrolling interest to common shares (in Shares)		64,202
Issuance of common shares, net	137,353	$ 155	137,198			137,353
Issuance of common shares, net (in Shares)		15,539,900
Stock compensation expense	1,968	$ 1	1,967			1,968
Stock compensation expense (in Shares)		168,010
Repurchase of shares related to equity award tax withholding	(569)	$ (1)	(568)			(569)
Repurchase of shares related to equity award tax withholding (in shares)		(59,631)
Ending Balance at Dec. 31, 2017	$ 646,119	$ 846	$ 703,849	$ 4,626	$ (85,221)	$ 624,100	$ 22,019
Ending Balance (in shares) at Dec. 31, 2017	68,996,070	84,708,551

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net income (loss)	$ 31,441	$ (9,555)	$ 30,156
Adjustments to reconcile net income to cash flow from operating activities:
Depreciation and amortization	34,201	34,824	28,094
Amortization of deferred financing costs, net	1,464	2,757	389
Stock compensation expense	1,968	1,222	495
Net (gains) losses on sale of assets	(18,825)	(31,776)	(6,412)
Net (gains) losses on extinguishment of debt	572	1,210
Acquisition related debt extinguishment expenses	3,624
TSRE financing extinguishment expenses			23,219
(Gains) losses on TSRE merger and property acquisitions		(732)	(64,604)
Changes in assets and liabilities:
Accounts receivable and other assets	(1,267)	(477)	5,570
Accounts payable and accrued expenses	1,578	(4,328)	3,362
Accrued interest payable	(242)	(715)	1,060
Other liabilities	(190)	37	(2,604)
Net cash provided by (used in) operating activities	54,324	(7,533)	18,725
Cash flows from investing activities:
Acquisition of real estate properties	(220,254)		(24,746)
Disposition of real estate properties	44,474	39,690	17,524
Acquisition of advisory and management contracts		(143)
TSRE merger, net of cash acquired			(137,096)
Capital expenditures	(14,370)	(10,663)	(8,941)
Deposits paid for future acquisitions	(1,617)	(1,000)
(Increase) decrease in restricted cash	942	(105)	(207)
Cash flow provided by (used in) investing activities	(190,825)	27,779	(153,466)
Cash flows from financing activities:
Proceeds (payments) from issuance of common stock	137,353	245,309	(188)
Payments related to repurchase of common stock		(62,156)
TSRE financing extinguishment expenses			(23,219)
Proceeds from unsecured credit facility and term loan	199,690	103,501	391,500
Credit facility repayments	(145,685)	(345,001)	(239,511)
Proceeds from mortgage		105,980	97,225
Mortgage principal repayments	(2,654)	(45,088)	(33,240)
Payments for deferred financing costs	(2,089)	(1,485)	(7,998)
Distributions on common stock	(52,304)	(36,575)	(25,103)
Distributions to noncontrolling interests	(2,119)	(2,140)	(1,187)
Payment for interest rate collar	(2,405)
Payments related to extinguishment of debt on acquisitions	(3,624)
Repurchase of shares related to equity award tax withholding	(569)
Net cash provided by (used in) financing activities	125,594	(37,655)	158,279
Net change in cash and cash equivalents	(10,907)	(17,409)	23,538
Cash and cash equivalents, beginning of period	20,892	38,301	14,763
Cash and cash equivalents, end of the period	9,985	20,892	38,301
Supplemental cash flow information:
Cash paid for interest	27,368	33,034	22,105
Supplemental disclosure of noncash investing and financing activities:
Decrease in noncontrolling interest from conversion of common limited partnership units to shares of common stock	620	2,290	493
Distributions declared but not paid	5,245	$ 4,297	3,006
Value of common stock issued			109,857
Value of limited partnership units issued in acquisitions	1,654		13,998
Mortgage debt assumed	$ 18,977		$ 121,885

Organization

Organization	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
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 became an internally managed REIT in December 2016. Prior to that date, we were 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” (referred to as our Advisor). On December 20, 2016, we completed our management internalization, which consisted of two parts: (i) our acquisition of our external advisor, which was a subsidiary of RAIT, and (ii) our acquisition of substantially all of the assets and the assumption of certain liabilities relating to the multifamily property management business of RAIT, including property management contracts relating to apartment properties owned by us, RAIT and third parties. Also, pursuant to the internalization agreement, on October 5, 2016, we repurchased all of the 7,269,719 shares of our common stock owned by certain of RAIT’s subsidiaries and retired these shares. As used herein, the terms “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 IROP, and their subsidiaries. We own apartment properties in geographic non-gateway markets 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 IROP, of which we are the sole general partner.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2: Summary of Significant Accounting Policies a. Basis of Presentation The consolidated financial statements have been prepared by management in accordance with generally accepted accounting principles in the United States, or GAAP. 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. b. Principles of Consolidation The consolidated financial statements reflect our accounts and the accounts of IROP and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Pursuant to FASB Accounting Standards Codification Topic 810, “Consolidation”, IROP is considered a variable interest entity. As our significant asset is our investment in IROP, substantially all of our assets and liabilities represent the assets and liabilities of IROP. 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. Cash and Cash Equivalents Cash and cash equivalents include cash held in banks and highly liquid investments with maturities of three months or less when purchased. Cash, including amounts restricted, may at times exceed the Federal Deposit Insurance Corporation deposit insurance limit of $250 per institution. We mitigate credit risk by placing cash and cash equivalents with major financial institutions. To date, we have not experienced any losses on cash and cash equivalents. e. Restricted Cash Restricted cash includes tenant escrows and our funds held by lenders to fund certain expenditures or to be released at our discretion upon the occurrence of certain pre-specified events. As of December 31, 2017 and 2016, we had $4,634 and $5,518, respectively, of restricted cash. f. Accounts Receivable and Allowance for Bad Debts We make estimates of the collectability of our accounts receivable related to base rents, expense reimbursements and other revenue. We analyze accounts receivable and historical bad debt levels, tenant credit worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants experiencing financial difficulties are analyzed and estimates are made in connection with expected uncollectible receivables. Our reported operating results are affected by management’s estimate of the collectability of accounts receivable. g. Investments in Real Estate Investments in real estate are recorded at cost less accumulated depreciation. Costs that both add value and appreciably extend the useful life of an asset are capitalized. Expenditures for repairs and maintenance are expensed as incurred. Investments in real estate are classified as held for sale in the period in which certain criteria are met including when the sale of the asset is probable and actions required to complete the plan of sale indicate that it is unlikely that significant changes to the plan of sale will be made or the plan of sale will be withdrawn. 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, generally consisting of land, building, and identified intangible assets and liabilities 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 acquisition are expensed as incurred. Transaction costs and fees incurred related to the financing of an acquisition are capitalized and amortized over the life of the related financing. 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 after the acquisition date. The aggregate value of in-place leases is determined by evaluating various factors, including the terms of the leases that are in place and assumed lease-up periods. During the year ended December 31, 2017, we acquired in-place leases with a value of $2,515 related to our acquisitions that are discussed further in NOTE 3: Investments in Real Estate. During the year ended December 31, 2016, we did not acquire any properties and, therefore, did not acquire any in-place leases. The value assigned to this intangible asset is amortized over the assumed lease up period, typically six months. For the years ended December 31, 2017, 2016 and 2015 we recorded $1,536, $3,735 and $7,206 of amortization expense for intangible assets, respectively. Based on the intangible assets identified above, we expect to record amortization expense of intangible assets of $1,024 for 2018, $10 for 2019, $10 for 2020, $10 for 2021, $10 for 2022 and $35 thereafter. 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 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. For the years ended December 31, 2017, 2016 and 2015 we recorded $32,665, $31,089 and $20,888 of depreciation expense, respectively. h. Revenue and Expenses Rental revenues are recognized on an accrual basis when due from residents. We primarily lease apartment units under operating leases generally with terms of one year or less. Rental payments are generally due monthly and recognized when earned. Rental income represents gross market rent less adjustments for concessions and vacancy loss. Tenant reimbursement income represents reimbursement from tenants for utility charges while other property income includes parking, trash, late fees, and other miscellaneous property related income. Our portfolio of properties consists primarily of apartment communities geographically concentrated in the Southeastern United States. North Carolina, Tennessee, Kentucky, Texas, Georgia, South Carolina, and Oklahoma comprised 14.70%, 13.09%, 11.51%, 9.95%, 9.09%, 8.61%, and 7.86%, respectively, of our rental revenue for the year ended December 31, 2017. We have no single customer that accounts for 10% or more of revenue. For the year ended December 31, 2017 and 2016, we recognized revenues of $110 and $189, respectively, related to recoveries of lost rental revenue due to natural disasters and other insurable events from our insurance providers. For the years ended December 31, 2017, 2016 and 2015, we incurred $1,806, $1,749, and $1,399 of advertising expenses, respectively. i. 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 our 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 : Valuations are based on unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. The types of assets carried at Level 1 fair value generally are equity securities listed in active markets. As such, valuations of these investments do not entail a significant degree of judgment. • Level 2 : Valuations are based on quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or for which all significant inputs are observable, either directly or indirectly. • Level 3 : Inputs are unobservable for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. 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. 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. Given that cash and cash equivalents and restricted cash are short term in nature with limited fair value volatility, the carrying amount is deemed to be a reasonable approximation of fair value and the fair value input is classified as a Level 1 fair value measurement. The fair value input for the derivatives is classified as a Level 2 fair value measurement within the fair value hierarchy. The fair value inputs for our unsecured credit facility and our former secured credit facility are classified as Level 2 fair value measurements within the fair value hierarchy. The fair value of mortgage indebtedness is based on a discounted cash flows valuation technique. As this technique utilizes current credit spreads, which are generally unobservable, this is classified as a Level 3 fair value measurement within the fair value hierarchy. We determine appropriate credit spreads based on the type of debt and its maturity. The following table summarizes the carrying amount and the fair value of our financial instruments as of the periods indicated: December 31, 2017 As of December 31, 2016 Financial Instrument Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets Cash and cash equivalents $ 9,985 $ 9,985 $ 20,892 $ 20,892 Restricted cash 4,634 4,634 5,518 5,518 Derivative assets 7,291 7,291 3,867 3,867 Liabilities Debt: Unsecured credit facility 101,629 104,005 147,280 150,000 Term loan 99,105 100,000 - - Mortgages 577,708 564,333 596,537 588,523 j. Deferred Financing Costs Costs incurred in connection with debt financing are deferred and classified within indebtedness and charged to interest expense over the terms of the related debt agreements, under the effective interest method. k. Income Taxes We have elected to be taxed as a REIT beginning with the taxable year ended December 31, 2011. Accordingly, we recorded no income tax expense for the years ended December 31, 2017, 2016 and 2015. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our ordinary taxable income to stockholders. As a REIT, we generally are not subject to federal income tax on taxable income that we distribute to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service grants us relief under certain statutory provisions. Such an event could materially adversely affect our net income and net cash available for distribution to stockholders; however, we believe that we are organized and operate in such a manner as to qualify and maintain treatment as a REIT and intend to operate in such a manner so that we will remain qualified as a REIT for federal income tax purposes. For the year ended December 31, 2017, 53% of dividends were characterized as total capital gain distribution, 36% were characterized as ordinary income and 11% were characterized as return of capital. For the year ended December 31, 2016, 93% of dividends were characterized as total capital gain distribution and 7% were characterized as ordinary income. For the year ended December 31, 2015, 17% of dividends were characterized as ordinary income and 83% were characterized as return of capital. l. Share-Based Compensation We account for stock-based compensation in accordance with FASB ASC Subtopic 505-50, “Equity – Equity Payments to Non-Employees” and FASB ASC Topic 718, “Compensation—Stock Compensation”. We did not have any employees prior to the management internalization on December 20, 2016 and therefore accounted for stock-based compensation as non-employee awards. Stock-based compensation cost for non-employee awards is measured at the grant date based on the fair value of the award and is revalued at the end of each accounting period. The expense is recognized over the requisite service period, which is the vesting period. Any share-based compensation awards granted to employees are measured based on the grant-date fair value of the award and we record compensation expense for the entire award on a straight-line basis, over the related vesting period. For awards granted to nonemployees who subsequently became employees, the fair values of the awards were revalued on the date the employment status change occurred and the resulting compensation expense is recognized on a straight-line basis over the remaining vesting period, for the entire award. m. Noncontrolling Interest Our noncontrolling interest represents limited partnership units of our operating partnership that were issued in connection with certain property acquisitions. We record limited partnership units issued in an acquisition at their fair value on the closing date of the acquisition. The holders of the limited partnership units have the right to redeem their limited partnership units for either shares of our common stock or for cash at our discretion. As the settlement of a redemption is in our sole discretion, we present noncontrolling interest in our consolidated balance sheet within equity but separate from stockholders’ equity. Any noncontrolling interests that fail to qualify as permanent equity will be presented as temporary equity and be carried at the greater of historical cost or their redemption value. n. Derivative Instruments We may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with our borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with our operating and financial structure as well as to hedge specific anticipated transactions. While these instruments may impact our periodic cash flows, they benefit us by minimizing the risks and/or costs previously described. The counterparties to these contractual arrangements are major financial institutions with which we and our affiliates may also have other financial relationships. In the event of nonperformance by the counterparties, we are potentially exposed to credit loss. However, because of the high credit ratings of the counterparties, we do not anticipate that any of the counterparties will fail to meet their obligations. In accordance with FASB ASC Topic 815, “Derivatives and Hedging”, we measure each derivative instrument (including certain derivative instruments embedded in other contracts) at fair value and record such amounts in our consolidated balance sheet as either an asset or liability. For derivatives designated as cash flow hedges, the changes in the fair value of the effective portions of the derivative are reported in other comprehensive income and changes in the ineffective portions of cash flow hedges, if any, are recognized in earnings. For derivatives not designated as hedges (or designated as fair value hedges), the changes in fair value of the derivative instrument are recognized in earnings. Any derivatives that we designate in hedge relationships are done so at inception. At inception, we determine whether or not the derivative is highly effective in offsetting changes in the designated interest rate risk associated with the identified indebtedness using regression analysis. At each reporting period, we update our regression analysis and use the hypothetical derivative method to measure any ineffectiveness. o. Recent Accounting Pronouncements Adopted Within these Financial Statements In March 2016, the FASB issued an accounting standard classified under FASB ASC Topic 718, “Compensation – Stock Compensation”. This accounting standard simplifies several aspects of the accounting for share-based payment award transactions, including: (i) income tax consequences; (ii) classification of awards as either equity or liabilities; and (iii) classification on the statement of cash flows. This standard is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The adoption of this accounting standard did not have a material impact on our consolidated financial statements. In August 2017, the FASB issued an accounting standard update under FASB ASC Topic 815, “Derivatives and Hedging.” The amendments in this update provide guidance about the application of the hedge accounting guidance in current GAAP based on the feedback received from preparers, auditors, and other stakeholders. As a result, the accounting for derivatives and hedging transactions could be impacted 2017. The adoption of this update did not have a material impact on our consolidated financial statements. In accordance with this accounting standard update, upon adoption, we revised our approach to recognizing interest expense for our interest rate swap that was designated an off-market cash flow hedge. Rather than record interest expense based on the hypothetical derivative method with differences from actual net settlements reflected as ineffectiveness, we will record actual net settlements to interest expense adjusted for the straight-line amortization of the inception clean value of the hedging instrument over the hedge term. The result will be that no ineffectiveness will be recorded in future periods related to our off-market interest rate swap. Since we entered into the off-market hedging relationship in 2017, no transition entry was necessary upon adoption. Not Yet Adopted Within these 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 accounting standard applies to all contracts with customers, except those that are within the scope of other Topics in the FASB ASC. Subsequently, the FASB issued amendments to this accounting standard that provided further clarification. These standards amending FASB ASC Topic 606 are currently effective for annual reporting periods beginning after December 15, 2017. We adopted these accounting standard updates on January 1, 2018 using the modified retrospective approach. A majority of our revenue is derived from real estate lease contracts, which are specifically excluded from the scope of these standards. The portion of our revenue that is impacted by these standards, including revenue recorded within the tenant reimbursement income, other property income, and property management and other income captions of our Consolidated Statements of Operations, will be accounted for under the standards amending FASB ASC Topic 606 in a manner consistent with existing GAAP. Therefore, the adoption of these standards will not have a material impact on our consolidated financial statements and no cumulative effect adjustment will be recorded upon adoption. In February 2016, the FASB issued an accounting standard classified under FASB ASC Topic 842, “Leases”. This accounting standard amends lease accounting by requiring the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases on the balance sheet and disclosing key information about leasing arrangements. This standard is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Early application of the amendments in this standard is permitted. Management is currently evaluating the impact that this standard may have on our consolidated financial statements. In August 2016, the FASB issued an accounting standard classified under FASB ASC Topic 230, “Statement of Cash Flows”. This accounting standard provides guidance on eight specific cash flow issues: (i) debt prepayment or debt extinguishment costs; (ii) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; (iii) contingent consideration payments made after a business combination; (iv) proceeds from the settlement of insurance claims; (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; (vi) distributions received from equity method investees; (vii) beneficial interests in securitization transactions; and (viii) separately identifiable cash flows and application of the predominance principle. The amendments are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We adopted these standards as of January 1, 2018. Management does not expect this standard to have a material impact to our consolidated statement of cash flows. In January 2017, the FASB issued an accounting standard update under FASB ASC Topic 805, “Business Combinations” that changes the definition of a business to assist entities with evaluating whether a set of transferred assets is a business. As a result, the accounting for acquisitions of real estate could be impacted. The updated standard will be effective for us on January 1, 2018. The new definition will be applied prospectively to any transactions occurring within the period of adoption. This standard was adopted on January 1, 2018. Management expects that the updated standard will result in fewer acquisitions of real estate meeting the definition of a business and fewer acquisition-related costs being expensed in the period incurred. In February 2017, the FASB issued an accounting standard update under FASB ASC Topic 610 “Other Income.” The amendments in this update provide guidance for partial sales of nonfinancial assets, including partial sales of real estate. Historically, GAAP contained several different accounting models to evaluate whether the transfer of certain assets qualified for sale treatment. This new standard reduces the number of potential accounting models that might apply and clarifies which model does apply in various circumstances. Partial sales of nonfinancial assets are common in the real estate industry and include transactions in which the seller retains an equity interest in the entity that owns the assets or has an equity interest in the buyer. This update is effective for interim and annual periods beginning after December 15, 2017. We adopted this standard as of January 1, 2018. While this is common in the real estate industry, we have never participated in a transaction of this nature. Taking this into consideration, management does not believe this standard will have any impact on our consolidated financial statements at the time of adoption. In May 2017, the FASB issued an accounting standard update under FASB ASC Topic 718, “Compensation – Stock Compensation.” The amendments in this update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. As a result, the accounting for share-based payment award transactions

Investments in Real Estate

Investments in Real Estate	12 Months Ended
	Dec. 31, 2017
Banking And Thrift [Abstract]
Investments in Real Estate	NOTE 3: Investments in Real Estate As of December 31, 2017, our investments in real estate consisted of 52 apartment properties (unaudited). The table below summarizes our investments in real estate: 2017 2016 Depreciable (In years) Land $ 193,026 $ 165,120 - Building 1,279,777 1,066,611 40 Furniture, fixtures and equipment 31,353 17,625 5-10 Total investment in real estate $ 1,504,156 $ 1,249,356 Accumulated depreciation (84,097 ) (51,511 ) Investments in real estate, net $ 1,420,059 $ 1,197,845 As of December 31, 2017 and 2016, we had investments in real estate valued at $0 and $60,786, respectively, classified as held for sale. Acquisitions The below table summarizes the acquisitions for the year ended December 31, 2017: Property Name Date of Purchase Location Units (unaudited) Purchase Price Lakes of Northdale 2/27/2017 Tampa, FL 216 $ 29,750 Haverford Place 5/24/2017 Lexington, KY 160 $ 14,240 South Terrace (1) 6/30/2017 Durham, NC 328 $ 42,950 Cherry Grove (2) 9/26/2017 North Myrtle Beach, SC 172 $ 16,157 Riverchase (2) 9/26/2017 Indianapolis, IN 216 $ 18,899 Kensington (2) 9/26/2017 Canal Winchester, OH 264 $ 24,409 Schirm Farms (2) 9/26/2017 Canal Winchester, OH 264 $ 23,749 Live Oak Trace (2) 10/25/2017 Baton Rouge, LA 264 $ 28,501 Tides at Calabash (2) 11/14/2017 Wilmington, NC 168 $ 14,269 Brunswick Point (2) 12/12/2017 Wilmington, NC 288 $ 30,661 Total 2,340 $ 243,585 (1) This property was acquired from a joint venture of which our former advisor was a controlling member. See Note 8: Related Party Transactions and Arrangements. In conjunction with this acquisition, we issued IROP units to third parties that were members of the joint venture that owned the property. See Note 6: Stockholder Equity and Noncontrolling Interests. (2) These properties were acquired as a part of our acquisition of a nine-community portfolio (the HPI Portfolio), totaling 2,353 units (unaudited), which we agreed to acquire on September 3, 2017 for a total purchase price of $228,144. In connection with the acquisition of these properties, we incurred defeasance costs totaling $ 3,624 The following table summarizes the aggregate fair value of the assets and liabilities associated with the properties acquired, outside of the HPI Portfolio, during the year ended December 31, 2017, on the date of acquisition, accounted for under FASB ASC Topic 805. Description Fair Value of Asset Acquired During the Year Ended December Assets acquired: Investments in real estate $ 86,012 Accounts receivable and other assets 331 Intangible assets 928 Total assets acquired $ 87,271 Liabilities assumed: Indebtedness $ - Accounts payable and accrued expenses 398 Accrued interest payable - Other liabilities 150 Total liabilities assumed $ 548 Estimated fair value of net assets acquired $ 86,723 The following table summarizes the aggregate fair value of the assets and liabilities associated with the HPI Portfolio properties acquired during the year ended December 31, 2017, on the date of acquisition, accounted for under FASB ASC Topic 805. Description Fair Value of Asset Acquired During the Year Ended December Assets acquired: Investments in real estate $ 155,059 Accounts receivable and other assets 290 Intangible assets 1,587 Total assets acquired $ 156,936 Liabilities assumed: Indebtedness $ 18,977 Accounts payable and accrued expenses 1,479 Accrued interest payable - Other liabilities 607 Total liabilities assumed $ 21,063 Estimated fair value of net assets acquired $ 135,873 The table below presents the revenue and net income, excluding any acquisition and defeasance costs, for the properties acquired during the year ended December 31, 2017 as reported in our consolidated financial statements. For the Year Ended December Property Total revenue Net Income allocable to common shares Lakes of Northdale $ 2,603 $ 709 Haverford Place 1,078 302 South Terrace 2,071 379 Cherry Grove 526 140 Riverchase 533 70 Kensington 736 187 Schirm Farms 711 170 Live Oak Trace 424 108 Tides at Calabash 315 177 Brunswick Point 137 24 Total $ 9,134 $ 2,266 The table below represents the revenue, net income and earnings per share effect of the properties acquired during the year ended December 31, 2017, as reported in our consolidated financial statements and on a pro forma basis as if the acquisition occurred on January 1, 2016. These pro forma results are not necessarily indicative of the results that 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 Year Ended December For the Year Ended December Pro forma total revenue (unaudited) $ 177,642 $ 177,412 Pro forma net income (loss) allocable to common shares (unaudited) 36,219 (3,398 ) Earnings (loss) per share attributable to common shareholders: Basic-pro forma (unaudited) $ 0.49 $ (0.07 ) Diluted-pro forma (unaudited) $ 0.49 $ (0.07 ) On May 1, 2015 we acquired a 236 unit (unaudited) residential community located in Indianapolis, Indiana known as Bayview Club. We On September 17, 2015 the merger with Trade Street Residential, or TSRE, closed. As part of this merger we acquired 19 properties containing 4,989 units (unaudited). Net assets acquired was $328,240 and fair value of the consideration transferred totaled $263,636, consisting of $109,857 of common shares and $13,998 of IRT OP units, and cash consideration of $139,781. As the fair value of the net assets acquired exceeded the fair value of the consideration, we recognized a gain from a bargain purchase of $64,604. During 2016, we received additional information regarding estimates we had made for certain accrued expenses related to our acquisition of TSRE. This information led to an increase in the fair value of the net assets we acquired of $732, which was recognized during the year ended December 31, 2016. In January 2018, we acquired two properties, Creekside and Hartshire, that had a total of 716 units (unaudited) for a combined purchase price of $71,498. These properties were the final two remaining properties that were a part of the HPI Portfolio acquisition. These properties were in Indianapolis, IN and Atlanta, GA. In January 2018, we also acquired The Chelsea, a 312-unit (unaudited) property in Columbus, OH, for $36,750. Dispositions The below table summarizes the dispositions for the year ended December 31, 2017 and also presents each property’s contribution to net income allocable to common shares, excluding the impact of the gain on sale: Net income allocable to common shares Property Name Date of Sale Sale Price Gain (loss) on sale (1) For the Year Ended December 31, 2017 For the Year Ended December 31, 2016 Copper Mill 5/5/2017 $ 32,000 $ 15,595 $ 548 $ 1,105 Heritage Trace 6/1/2017 11,600 (1,256 ) 240 (47 ) Berkshire Square 6/9/2017 16,000 1,510 201 306 Crossings 11/28/2017 27,200 3,061 1,374 941 Total $ 86,800 $ 18,910 $ 2,363 $ 2,305 (1) The gain (loss) on sale for these properties is net of $4,251 of defeasance and debt prepayment premium costs. All properties were previously classified as held for sale. The below table summarizes the dispositions for the year ended December 31, 2016 and also presents each property’s contribution to net income (loss) allocable to common shares, excluding the impact of the gain (loss) on sale: Property Name Date of Sale Sale Price Gain (loss) on sale Cumberland Glen (1) 02/18/2016 $ 18,000 $ 2,452 Belle Creek 04/07/2016 23,000 14,191 Tresa 05/05/2016 47,000 15,142 Total $ 88,000 $ 31,785 (1) Gain (loss) on sale related to this property includes a defeasance premium of $1,343. On December 22, 2015, we disposed of one multi-family real estate property for a total sale price of $33,600. We recorded a gain on the sale of this asset of $6,420. On October 15, 2015, we sold a parcel of land acquired in the TSRE merger for $3,350. After considering actual closing costs, we recognized a loss on the sale of this asset of $8.

Indebtedness

Indebtedness	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Indebtedness	NOTE 4: Indebtedness The following tables contains summary information concerning our indebtedness as of December 31, 2017: Debt: Outstanding Unamortized Discount and Debt Issuance Costs Carrying Type Weighted Average Rate Weighted Average Maturity (in Unsecured credit facility (1) $ 104,005 $ (2,376 ) $ 101,629 Floating 3.0% 3.8 Term loan $ 100,000 $ (895 ) $ 99,105 Floating 3.2% 6.9 Mortgages-Fixed rate 580,635 (2,927 ) 577,708 Fixed 3.7% 5.8 Total Debt $ 784,640 $ (6,198 ) $ 778,442 3.6% 5.7 (1) The unsecured credit facility total capacity is $300,000, of which $104,005 was outstanding as of December 31, 2017. Original maturities on or before December 31, Debt: 2018 2019 2020 2021 2022 Thereafter Unsecured credit facility $ - $ - $ - $ 54,005 $ 50,000 $ - Term loan $ - $ - $ - $ - $ - $ 100,000 Mortgages-Fixed rate 3,251 4,660 7,611 102,598 73,757 388,758 Total $ 3,251 $ 4,660 $ 7,611 $ 156,603 $ 123,757 $ 488,758 As of December 31, 2017 we were in compliance with all financial covenants contained in our indebtedness. The following tables contains summary information concerning our indebtedness as of December 31, 2016: Debt: Outstanding Unamortized Discount and Debt Issuance Costs Carrying Type Weighted Average Rate Weighted Average Maturity (in Secured credit facility (1) $ 150,000 $ (2,720 ) $ 147,280 Floating 3.0% 1.7 Mortgages-Fixed rate 600,188 (3,651 ) 596,537 Fixed 3.8% 6.7 Total Debt $ 750,188 $ (6,371 ) $ 743,817 3.6% 5.7 (1) The secured credit facility total capacity was $312,500, of which $150,000 was outstanding as of December 31, 2016. Credit Facility On September 17, 2015, we entered into a credit agreement with KeyBank with respect to a $325,000 senior secured credit facility On December 21, 2016, we entered into an Increase Agreement with KeyBank which amended the terms of the previous secured credit facility On May 1, 2017, we closed on a new $300,000 unsecured credit facility, refinancing and terminating the previous secured credit facility. The new unsecured facility is comprised of a $50,000 term loan and a revolving commitment of up to $250,000. Additionally, we have the right to increase the aggregate amount of the unsecured credit facility to up to $500,000. We may prepay the unsecured credit facility, in whole or in part, at any time without prepayment fee or penalty. At our option, borrowings under the unsecured credit facility will bear interest at a rate equal to either (i) the 1-month LIBOR rate plus a margin of 130 to 220 basis points, or (ii) a base rate plus a margin of 30 to 120 basis points. The applicable margin is determined based upon our total consolidated leverage ratio. In addition, we pay a fee of either 15 basis points (if greater than or equal to 50% of the revolver is used) or 25 basis points (if less than 50% of the revolver is used) on the unused portion of the revolver. The unsecured credit facility requires regular interest only payments. In addition to certain negative covenants, our unsecured credit facility with Key Bank has financial covenants that require us to (i) maintain a consolidated leverage ratio below thresholds described in the debt agreement, (ii) maintain a minimum consolidated fixed charge coverage ratio, (iii) maintain a minimum consolidated tangible net worth, and (iv) maintain a minimum liquidity amount. Additionally, the covenants (i) limit (a) the amount of distributions that IRT can make to a percentage of Funds from Operations (as such term is described in the debt agreement), (b) the amount of recourse indebtedness that may be incurred by us, and (c) the amount of unhedged variable rate indebtedness that may be incurred by us, and (ii) require us to maintain a pool of unencumbered properties with an occupancy level of not less than 85%. In January 2018, we drew down $68,000 on the unsecured credit facility in connection with the acquisition of the final two properties in the HPI Portfolio and The Chelsea. Term Loan On September 17, 2015, we entered into a credit agreement with KeyBank with respect to a $120,000 senior interim term loan facility, or the interim facility. We incurred upfront deferred costs of $2,092 associated with this interim facility. On June 24, 2016, the interim facility was amended to replace the interim term loan facility with a $40,000 senior secured term loan. Upon entering into the senior secured term loan, we borrowed $40,000, using $416 to pay closing costs and $33,512 to repay the remaining balance under the interim facility. The maturity date of the senior secured term loan was September 17, 2018, subject to acceleration in the event of customary events of default. The term loan required monthly interest only payments. The senior secured term loan was repaid in October 2016. On November 20, 2017, we entered into a loan agreement for a $100,000 unsecured term loan that will mature in November 2024. We incurred upfront deferred costs of $917 associated with this facility. The unsecured term loan requires monthly interest only payments. The interest rate on the unsecured term loan is LIBOR plus a spread of 1.60% - 2.50% based on our consolidated leverage ratio. The proceeds from this loan reduced borrowings then outstanding under the revolving portion of our unsecured credit facility. Mortgages-Fixed Rate On December 12, 2017, in connection with our acquisition of our Brunswick Point property, we assumed a $19,000 loan secured by a first mortgage on the property. The loan bears interest at a rate of 4.4% per annum, provides for monthly payments of interest only through May 2019, when principal and interest payments will be due monthly based on a 30-year amortization schedule, and matures May 2025. This loan was recorded at its fair value of $18,977 based on a discounted cash flows valuation technique. As this technique utilizes current credit spreads, which are generally unobservable, this is classified as a Level 3 fair value measurement within the fair value hierarchy. On January 3, 2018, in connection with our acquisition of our Hartshire property, we assumed a $16,000 loan secured by a first mortgage on the property. The loan bears interest at a rate of 4.68% per annum, provides for monthly payments of interest only through January 2019, when principal and interest payments will be due monthly based on a 30-year amortization schedule, and matures January 2025. On January 3, 2018, in connection with our acquisition of our Creekside property, we assumed a $23,500 loan secured by a first mortgage on the property. The loan bears interest at a rate of 4.56% per annum, provides for monthly payments of interest only through January 2019, when principal and interest payments will be due monthly based on a 30-year amortization schedule, and matures January 2025. During the year ended December 31, 2017, in connection with four property dispositions, we extinguished property mortgages totaling $35,901. In February of 2016, we repaid $6,659 of mortgage indebtedness as part of the disposition of our Cumberland property. In March of 2016, we repaid $43,694 of mortgage indebtedness related to the Oklahoma City portfolio of properties we acquired in 2014 through a refinancing whereby IROP drew down on the secured credit facility. On May 26, 2016, we entered into a loan agreement for a $25,050 loan secured by a first mortgage on our Aston property. The loan bears interest at a rate of 3.4% per annum, provides for monthly payments of interest only through December 2019, when principal and interest payments will be due monthly based on a 30-year amortization schedule, and matures June 2023. On May 17, 2016, we entered into a loan agreement for a $31,250 loan secured by a first mortgage on our Avenues at Craig Ranch property. The loan bears interest at a rate of 3.3% per annum, provides for monthly payments of interest only through May 2019, when principal and interest payments will be due monthly based on a 30-year amortization schedule, and matures June 2023. On May 20, 2016, we entered into a loan agreement for a $49,680 loan secured by a first mortgage on our Waterstone at Big Creek property. The loan bears interest at a rate of 3.7% per annum, provides for monthly payments of interest only through June 2019, when principal and interest payments will be due monthly based on a 30-year amortization schedule, and matures June 2026. 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. On September 17, 2015, in connection with the TSRE Merger, we acquired Creekstone at RTP and assumed an existing loan secured by the property with a fair value of $23,250. The loan bears interest at a fixed rate of 3.9% per annum, provides for monthly payments of interest only through June 10, 2016 when principal and interest payments will be due monthly based on a 30-year amortization schedule, and matures on June 10, 2023. On September 17, 2015, in connection with the TSRE Merger, we acquired Fountains Southend and assumed an existing loan secured by the property with a fair value of $23,750. The loan bears interest at a fixed rate of 4.3% per annum, provides for monthly payments of interest only through February 5, 2017 when principal and interest payments will be due monthly based on a 30-year amortization schedule, and matures on February 5, 2024. On September 17, 2015, in connection with the TSRE Merger, we acquired IRT Millenia and assumed an existing loan secured by the property with a fair value of $25,000. The loan bears interest at a fixed rate of 3.8% per annum, provides for monthly payments of interest only through April 5, 2018 when principal and interest payments will be due monthly based on a 30-year amortization schedule, and matures on March 5, 2021. In connection with our acquisition of IRT Millenia, we also entered into a supplemental loan agreement for a $4,175 loan secured by the property. The supplemental loan bears interest at a fixed rate of 4.3% per annum, provides for monthly payments of interest only through May 5, 2018 when principal and interest payments will be due monthly based on a 30-year amortization schedule, and matures on March 5, 2021. On September 17, 2015, in connection with the TSRE Merger, we acquired Talison Row and assumed an existing loan secured by the property with a fair value of $33,635. The loan bears interest at a fixed rate of 4.1% per annum, provides for monthly payments of interest only through September 10, 2016. Beginning September 11, 2016 principal and interest payments are required monthly based on a 30 year amortization schedule until the maturity date of September 10, 2023. On September 17, 2015, in connection with the TSRE Merger, we acquired Aventine Greenville and entered into a loan agreement for $30,600 secured by the property. The loan bears interest at a fixed rate of 3.2% per annum, provides for monthly payments of interest only through November 4, 2016. Beginning November 5, 2016 principal and interest payments are required monthly based on a 30 year amortization schedule until the maturity date of March 5, 2021. On September 17, 2015, in connection with the TSRE Merger, we acquired Waterstone at Brier Creek and assumed an existing loan secured by the property with a fair value of $16,250. The loan bears interest at a fixed rate of 3.7% per annum, provides for monthly payments of interest only through the maturity date of April 5, 2022. In connection with our acquisition of Waterstone at Brier Creek, we also entered into a supplemental loan agreement for a $4,175 loan secured by the property. The supplemental loan bears interest at a fixed rate of 4.2% per annum, provides for monthly payments of interest only until the maturity date of April 5, 2022.

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2017
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	NOTE 5: Derivative Financial Instruments We have and may in the future use derivative financial instruments to hedge all or a portion of the interest rate risk associated with our borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with our operating and financial structure as well as to hedge specific anticipated transactions. While these instruments may impact our periodic cash flows, they benefit us by minimizing the risks and/or costs previously described. The counterparties to these contractual arrangements are major financial institutions with which we and our affiliates may also have other financial relationships. In the event of nonperformance by the counterparties, we are potentially exposed to credit loss. However, because of the high credit ratings of the counterparties, we do not anticipate that any of the counterparties will fail to meet their obligations. The following table summarizes the aggregate notional amount and estimated net fair value of our derivative instruments as of December 31, 2017 and December 31, 2016: December 31, 2017 As of December 31, 2016 Notional Fair Value of Assets Fair Value of Liabilities Notional Fair Value of Assets Fair Value of Liabilities Cash flow hedges: Interest rate swap $ 150,000 $ 4,700 $ — $ 150,000 $ 3,867 $ — Interest rate collar 50,000 1,297 — — — — 200,000 5,997 — 150,000 3,867 — Freestanding derivatives: Interest rate cap — — — 200,000 — — Interest rate collar 50,000 1,294 — — — — Net fair value $ 250,000 $ 7,291 $ — $ 350,000 $ 3,867 $ — Interest rate swap On June 24, 2016, we entered into an interest rate swap contract with a notional value of $150,000, a strike rate of 1.145% and a maturity date of June 17, 2021. We designated this interest rate swap as a cash flow hedge at inception and determined that the hedge is highly effective in offsetting interest rate fluctuations associated with the identified indebtedness. We did not recognize any ineffectiveness associated with this cash flow hedge through April 2017. On April 17, 2017, in conjunction with the refinance of our credit facility, we restructured our existing interest rate swap to remove the LIBOR floor. This resulted in a decrease in the strike rate to 1.1325%. The notional value and maturity date remained the same. We designated the restructured interest rate swap as a cash flow hedge at inception and determined that the hedge is highly effective in offsetting interest rate fluctuations associated with the identified indebtedness. Upon our early adoption of accounting standard updates to ASC Topic 815, “Derivatives and Hedging”, ineffectiveness is no longer measured or reported. Interest rate collar On November 17, 2017, in connection with our new $100,000 unsecured term loan, we purchased an interest rate collar with a notional value of $100,000, a 2.00% cap and 1.25% floor, and a maturity date of November 17, 2024. We designated $50,000 of the interest rate collar as a cash flow hedge at inception and determined that the hedge is highly effective in offsetting interest rate fluctuations associated with the identified indebtedness. We concluded that this hedging relationship was and will continue to be highly effective using the hypothetical derivative method. The other $50,000 notional value interest rate collar was accounted for as a freestanding derivative from inception. During the year ended December 31, 2017, we recognized a $94 gain within other income (expense) in our consolidated statements of operations reflecting the change in fair value of the instrument from its inception date through December 31, 2017. On January 4, 2018, we designated this other $50,000 notional value interest rate collar as a cash flow hedge and determined that the hedge is highly effective in offsetting interest rate fluctuations associated with the identified indebtedness. Interest rate cap On September 30, 2015, we entered into an interest rate cap contract with a notional value of $200,000, a strike rate of 3.0% based on 1-month LIBOR, which had a maturity date of October 17, 2017 and therefore was not outstanding as of December 31, 2017. Through June 23, 2016, this interest rate cap was designated as a cash flow hedge. Through that date, we concluded that this hedging relationship was highly effective in offsetting interest rate fluctuations associated with the identified indebtedness and, using the hypothetical derivative method, did not recognize any ineffectiveness. On June 24, 2016, this interest rate cap was de-designated and, as of June 30, 2016, this interest rate cap was accounted for as a freestanding derivative. Effective interest rate swaps, caps and collars are reported in accumulated other comprehensive income and the fair value of these hedge agreements is included in other assets or other liabilities. For interest rate swaps, caps, and collars that are considered effective hedges, we reclassified realized losses of $107, $492 and $0 to earnings within interest expense for the twelve months ended December 31, 2017, 2016 and 2015, respectively. For interest rate swaps and caps that are considered effective hedges, we expect $954 to be reclassified out of accumulated other comprehensive income to earnings over the next 12 months.

Stockholder Equity and Noncontr

Stockholder Equity and Noncontrolling Interest	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Stockholder Equity and Noncontrolling Interest	NOTE 6: Stockholder Equity and Noncontrolling Interest Stockholder Equity On August 4, 2017, we entered into an At-the-Market Issuance Sales Agreement (the “ATM Sales Agreement”) with various sales agents. Pursuant to the ATM Sales Agreement, we may offer and sell shares of our common stock, $0.01 par value per share, having an aggregate offering price of up to $150,000, from time to time through the sales agents. The sales agents are entitled to compensation in an agreed amount not to exceed 2.0% of the gross sales price per share for any shares sold from time to time under the ATM Sales Agreement. We have no obligation to sell any of the shares under the ATM Sales Agreement and may at any time suspend solicitations and offers under the ATM Sales Agreement. During the year ended December 31, 2017, 1,164,900 shares were issued at an average price of $10.38 per share, resulting in $11,851 of net proceeds, after deducting $242 of commissions. On September 11, 2017, we issued 12,500,000 shares of our common stock at a public offering price of $9.25 per share. We also closed on the underwriters’ option to purchase an additional 1,875,000 shares of common stock at the public offering price. As a result of the offering and exercise or the underwriters’ option, we received approximately $126,100 in net proceeds, after deducting the underwriting discount and offering expenses. Effective the first quarter of 2018, we will be transitioning to a quarterly distribution of cash dividends on our common stock. Our board of directors declared the following dividends in 2017: Month Declaration Date Record Date Payment Date Dividend Declared Per Share January 2017 January 12, 2017 January 31, 2017 February 15, 2017 $ 0.06 February 2017 January 12, 2017 February 28, 2017 March 15, 2017 $ 0.06 March 2017 January 12, 2017 March 31, 2017 April 17, 2017 $ 0.06 April 2017 April 12, 2017 April 28, 2017 May 15, 2017 $ 0.06 May 2017 April 12, 2017 May 31, 2017 June 15, 2017 $ 0.06 June 2017 April 12, 2017 June 30, 2017 July 17, 2017 $ 0.06 July 2017 July 14, 2017 July 31, 2017 August 15, 2017 $ 0.06 August 2017 July 14, 2017 August 31, 2017 September 15, 2017 $ 0.06 September 2017 July 14, 2017 September 29, 2017 October 13, 2017 $ 0.06 October 2017 October 12, 2017 October 31, 2017 November 15, 2017 $ 0.06 November 2017 October 12, 2017 November 30, 2017 December 15, 2017 $ 0.06 December 2017 October 12, 2017 December 29, 2017 January 15, 2018 $ 0.06 Our board of directors declared the following dividends in 2016: Month Declaration Date Record Date Payment Date Dividend Declared Per Share January 2016 January 14, 2016 January 29, 2016 February 16, 2016 $ 0.06 February 2016 January 14, 2016 February 29, 2016 March 15, 2016 $ 0.06 March 2016 January 14, 2016 March 31, 2016 April 15, 2016 $ 0.06 April 2016 April 14, 2016 April 29, 2016 May 16, 2016 $ 0.06 May 2016 April 14, 2016 May 31, 2016 June 15, 2016 $ 0.06 June 2016 April 14, 2016 June 30, 2016 July 15, 2016 $ 0.06 July 2016 July 14, 2016 July 29, 2016 August 15, 2016 $ 0.06 August 2016 July 14, 2016 August 31, 2016 September 15, 2016 $ 0.06 September 2016 July 14, 2016 September 30, 2016 October 17, 2016 $ 0.06 October 2016 October 12, 2016 October 31, 2016 November 15, 2016 $ 0.06 November 2016 October 12, 2016 November 30, 2016 December 15, 2016 $ 0.06 December 2016 October 12, 2016 December 30, 2016 January 17, 2017 $ 0.06 Noncontrolling Interest In June 2017, we issued 166,604 IROP units in connection with our acquisition of South Terrace. The IROP units were valued at $1,654 based on the price of our common stock. See Note 3: Investments in Real Estate for details on the property acquisition. During 2017, holders of IROP units exchanged 64,202 units for 64,202 shares of our common stock. During 2016, holders of IROP units exchanged 245,982 units for 245,980 shares of our common stock. As of December 31, 2017, 3,011,351 IROP units held by unaffiliated third parties remain outstanding with a redemption value of $30,385, based on IRT’s stock price of $10.09 as of December 29, 2017. In January 2018, holders of IROP units exchanged 186,717 units for 186,717 shares of our common stock. Effective the first quarter of 2018, we will be transitioning to a quarterly distribution of cash dividends on our operating partnership’s LP units. Our board of directors declared the following distributions on our operating partnership’s LP units during 2017: Month Declaration Date Record Date Payment Date Dividend Declared Per Share January 2017 January 12, 2017 January 31, 2017 February 15, 2017 $ 0.06 February 2017 January 12, 2017 February 28, 2017 March 15, 2017 $ 0.06 March 2017 January 12, 2017 March 31, 2017 April 17, 2017 $ 0.06 April 2017 April 12, 2017 April 28, 2017 May 15, 2017 $ 0.06 May 2017 April 12, 2017 May 31, 2017 June 15, 2017 $ 0.06 June 2017 April 12, 2017 June 30, 2017 July 17, 2017 $ 0.06 July 2017 July 14, 2017 July 31, 2017 August 15, 2017 $ 0.06 August 2017 July 14, 2017 August 31, 2017 September 15, 2017 $ 0.06 September 2017 July 14, 2017 September 29, 2017 October 13, 2017 $ 0.06 October 2017 October 12, 2017 October 31, 2017 November 15, 2017 $ 0.06 November 2017 October 12, 2017 November 30, 2017 December 15, 2017 $ 0.06 December 2017 October 12, 2017 December 29, 2017 January 15, 2018 $ 0.06 Our board of directors declared the following distributions on our operating partnership’s LP units during 2016: Month Declaration Date Record Date Payment Date Dividend Declared Per Share January 2016 January 14, 2016 January 29, 2016 February 16, 2016 $ 0.06 February 2016 January 14, 2016 February 29, 2016 March 15, 2016 $ 0.06 March 2016 January 14, 2016 March 31, 2016 April 15, 2016 $ 0.06 April 2016 April 14, 2016 April 29, 2016 May 16, 2016 $ 0.06 May 2016 April 14, 2016 May 31, 2016 June 15, 2016 $ 0.06 June 2016 April 14, 2016 June 30, 2016 July 15, 2016 $ 0.06 July 2016 July 14, 2016 July 29, 2016 August 15, 2016 $ 0.06 August 2016 July 14, 2016 August 31, 2016 September 15, 2016 $ 0.06 September 2016 July 14, 2016 September 30, 2016 October 17, 2016 $ 0.06 October 2016 October 12, 2016 October 31, 2016 November 15, 2016 $ 0.06 November 2016 October 12, 2016 November 30, 2016 December 15, 2016 $ 0.06 December 2016 October 12, 2016 December 30, 2016 January 17, 2017 $ 0.06

Equity Compensation Plans

Equity Compensation Plans	12 Months Ended
	Dec. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity Compensation Plans	NOTE 7: Equity Compensation Plans Long Term Incentive Plan In May 2016, our shareholders approved and our board of directors adopted an amended and restated Long Term Incentive Plan, or the incentive plan, which provides for the grants of awards to our directors, officers and full-time employees, full-time employees of our former advisor and its affiliates, full-time employees of entities that provide services to our former advisor, directors of our former advisor or of entities that provide services to it, certain of our consultants and certain consultants to our former advisor and its affiliates or to entities that provide services to our former 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. In conjunction with the amendment, the number of shares of common stock issuable under the incentive plan was increased to 4,300,000 shares and the term of the incentive plan was extended to May 12, 2026. Under the incentive plan or predecessor incentive plans, we have granted restricted shares and stock appreciation rights, or SARs, to employees and employees of our former advisor. These awards generally vested over a three or four year period. In addition, we have granted unrestricted shares to our directors. These awards generally vested immediately. For the years ended December 31, 2017, 2016 and 2015 we recognized $1,968, $1,222 and $495 of stock compensation expense, respectively. A summary of the restricted common share awards activity of the incentive plan is presented below. 2017 2016 2015 Number of Shares Weighted Average Grant Date Fair Value Per Share Number of Shares Weighted Average Grant Date Fair Value Per Share Number of Shares Weighted Average Grant Date Fair Value Per Share Balance, January 1, 281,005 $ 6.99 117,000 $ 9.13 36,000 $ 8.20 Granted 168,010 9.17 228,000 6.33 112,000 9.30 Vested (142,748 ) 7.68 (60,661 ) 8.62 (24,000 ) 8.55 Forfeited (10,420 ) 8.56 (3,334 ) 7.47 (7,000 ) 9.02 Balance, December 31, 295,847 $ 7.84 281,005 $ 6.99 117,000 $ 9.13 As of December 31, 2017, the unearned compensation cost relating to unvested restricted common share awards was $1,463. The estimated fair value of restricted common share awards vested during 2017 and 2016 was $1,319 and $427, respectively. A summary of the SARs activity of the incentive plan is presented below. 2017 2016 2015 SARs Weighted Average Exercise Price SARs Weighted Average Exercise Price SARs Weighted Average Exercise Price Outstanding, January 1, 337,000 $ 9.15 351,000 $ 9.13 72,000 $ 8.20 Granted — — — — 300,000 9.35 Expired — — (2,000 ) 9 — — Exercised (84,000 ) 8.78 (8,000 ) 8.20 (2,000 ) 8.20 Forfeited (3,000 ) 9.35 (4,000 ) 9.35 (19,000 ) 9.11 Outstanding, December 31, 250,000 $ 9.28 337,000 $ 9.15 351,000 $ 9.13 SARs exercisable at December 31, 160,000 128,998 22,000 As of December 29, 2017, our closing common stock price was $10.09, which exceeds the exercise prices of all outstanding SARs. The exercise prices of outstanding SARs ranges from $8.20-$9.35. The weighted average contractual life of outstanding SARs is 2.07 years. The weighted average contractual life of exercisable SARs is 2.03 years. The total intrinsic value of SARs outstanding and exercisable at December 31, 2017 was $203. As of December 31, 2017, there was no unearned compensation cost relating to unvested SAR awards. Our assumptions used in computing the fair value of the SARs issued during the year ended December 31, 2015 using the Black-Scholes Option Pricing Model, are summarized below. There were no SARs issued during the years ended December 31, 2017 and 2016. As of December 31, 2015 Stock Price $ 7.51 Strike Price $ 8.20-9.35 Risk-free interest rate 1.1 - 1.2% Dividend yield 9.6 % Volatility 34 % Expected term 1.7 - 2.5 years The following table summarizes the PSUs granted for the year ended December 31, 2017: Grant Date Type of PSUs Granted Number of PSUs Granted Performance Period Commencement Date Performance Period End Date Grant Date Fair Value Number of PSUs Outstanding as of December 31, 2017 February 28, 2017 Relative 3-year TSR vs NAREIT Apartment Index 135,881 January 1, 2018 December 31, 2020 4.83 135,881 February 28, 2017 Absolute 3-Year TSR 45,294 January 1, 2018 December 31, 2020 3.13 45,294 July 26, 2017 Strategic Objectives 45,294 January 1, 2018 December 31, 2020 9.87 45,294 Our assumptions used in computing the fair value of the PSUs at the dates of their respective awards, using the Monte Carlo method, were as follows: For the year ended December 31, 2017 Dividend yield 8.1 % Volatility 27.0 % (a) Expected term 2.8 years (a) This represents the volatility assumption used for IRT. The volatility assumptions used for our peer group and the NAREIT Mortgage Index ranged from 19% to 28%. The Company estimates future expenses associated with PSUs outstanding at December 31, 2017 to be $751, which will be recognized over a weighted-average period of 2.2 years.

2016 Management Internalization

2016 Management Internalization	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
2016 Management Internalization	NOTE 8: 2016 Management Internalization On December 20, 2016, we completed our management internalization, which consisted of two parts: (i) our acquisition of our external advisor, which was a subsidiary of RAIT, and (ii) our acquisition of substantially all of its assets and the assumption of certain liabilities relating to the multifamily property management business of RAIT, including property management contracts relating to apartment properties owned by us, RAIT and third parties. In accounting for the management internalization transaction, we first evaluated the net assets that were acquired. We also considered pre-existing relationships that were settled as part of the transaction, which included the advisory agreement and our properties’ property management agreements. In evaluating the amount by which these contracts were favorable or unfavorable to us, we compared the actual amounts historically paid and that would be owed under these agreements to a range of potential market arrangements and then applying a discount rate to the two sets of cash flows. The most significant difference between our agreements and the potential markets arrangements observed was our inability to terminate the advisory agreement until October 1, 2020 as well as the advisory agreement’s termination fee. The impact of this difference led to the conclusion that these agreements were unfavorable to us, on a present value basis, by more than $43,000, which was the purchase price for the management internalization. Accordingly, the difference between estimated fair value of the net assets acquired of $143 and the consideration transferred of $43,000 represents the settlement of pre-existing relationships between us and RAIT. Accordingly, the difference of $42,857 was recognized as a loss in our income statement as management internalization expense. As part of our management internalization, we incurred $2,119 of acquisition-related expenses. These acquisition-related expenses were recognized in earnings immediately and are included within management internalization expense.

Related Party Transactions and

Related Party Transactions and Arrangements	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions and Arrangements	NOTE 9: Related Party Transactions and Arrangements Fees and Expenses Paid to Our Former Advisor On December 20, 2016, in connection with our management internalization, we acquired our former advisor and, therefore, fees and expenses to our former advisor are no longer incurred. For the years ended December 31, 2017, 2016 and 2015, our former advisor earned $0, $7,092, and $4,984 of asset management fees, respectively. These fees are included within general and administrative expenses in our consolidated statements of operations. For the years ended December 31, 2017, 2016 and 2015, our former advisor earned $0, $350 and $629 of incentive fees, respectively. These fees are included within general and administrative expenses in our consolidated statements of operations. For the years ended December 31, 2017, 2016 and 2015, we incurred costs of $727, $0 and $0, respectively, with respect to our shared services agreement with our former advisor, under which our former advisor provided us with certain back office support services. The term of the share services agreement was from December 21, 2016 to June 20, 2017, and the associated fees are included within general and administrative expenses in our consolidated statements of operations. Property Management Fees Paid to Our Former Property Manager and Earned from RAIT On December 20, 2016, in connection with our management internalization, we acquired property management agreements with respect to each of our properties from RAIT Residential, our former property manager, which is wholly owned by RAIT. Subsequent to this transaction, we earned $257 of property management fees from RAIT for the year ended December 31, 2017. For the years ended December 31, 2017, 2016 and 2015, our former property manager earned $0, $4,769, and $3,675, respectively, of property management and leasing fees. Dividends Paid to Affiliates of Our Former Advisor On October 5, 2016, we repurchased and retired all 7,269,719 shares of our common stock owned by subsidiaries of RAIT. Since October 5, 2016, RAIT has not owned any shares of our common stock. For the years ended December 31, 2017, 2016 and 2015, we declared and subsequently paid dividends of $0, $3,926 and $5,234, respectively, related to shares of common stock owned by subsidiaries of RAIT. RAIT Indebtedness In the second quarter of 2016, we repaid $38,075 of mortgage indebtedness with proceeds from two property dispositions. This indebtedness was held by RAIT. Total interest expense paid to RAIT for the years ended December 31, 2017, 2016 and 2015 was $0, $361 and $965, respectively. South Terrace Acquisition In June 2017, we acquired South Terrace, a 328-unit property in Durham, NC for $42,950 from a joint venture, of which a subsidiary of RAIT was a controlling member. For further information, see Note 3: Investment in Real Estate.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	NOTE 10: Earnings (Loss) Per Share The following table presents a reconciliation of basic and diluted earnings (loss) per share for the years ended December 31, 2017, 2016 and 2015: For the Years Ended December 31, 2017 2016 2015 Net Income (loss) $ 31,441 $ (9,555 ) $ 30,156 (Income) loss allocated to non-controlling interests (1,235 ) (246 ) (1,914 ) Net Income (loss) allocable to common shares 30,206 (9,801 ) 28,242 Weighted-average shares outstanding—Basic 73,338,219 52,182,427 36,153,673 Dilutive securities 261,650 - 6,601 Weighted-average shares outstanding—Diluted 73,599,869 52,182,427 36,160,274 Earnings (loss) per share—Basic $ 0.41 $ (0.19 ) $ 0.78 Earnings (loss) per share—Diluted $ 0.41 $ (0.19 ) $ 0.78 Certain IROP units and unvested shares totaling 3,011,351, 3,175,720, and 3,156,184 for the years ended December 31, 2017, 2016 and 2015, respectively, were excluded from the earnings (loss) per share computation because their effect would have been anti-dilutive.

Quarterly Financial Data (Unaud

Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Data (Unaudited)	NOTE 11: Quarterly Financial Data (Unaudited) The following table summarizes our quarterly financial data which, in the opinion of management, reflects all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of our results of operations: For the Three-Month Periods Ended March 31 June 30 September 30 December 31 2017: Total revenue $ 39,142 $ 39,561 $ 40,066 $ 42,447 Net income (loss) 4,245 19,521 1,156 6,519 Net income (loss) allocable to common shares 4,077 18,739 1,097 6,293 Total earnings (loss) per share—Basic (1) $ 0.06 $ 0.27 $ 0.02 $ 0.08 Total earnings (loss) per share—Diluted (1) $ 0.06 $ 0.27 $ 0.02 $ 0.08 2016: Total revenue $ 38,666 $ 38,327 $ 38,364 $ 38,031 Net income (loss) (46 ) 30,790 2,407 (42,706 ) Net income (loss) allocable to common shares (75 ) 28,987 2,267 (40,980 ) Total earnings (loss) per share—Basic (1) $ — $ 0.61 $ 0.05 $ (0.61 ) Total earnings (loss) per share—Diluted (1) $ — $ 0.61 $ 0.05 $ (0.61 ) (1) The summation of quarterly per share amounts do not equal the full year amounts.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Segment Reporting	NOTE 12: SEGMENT REPORTING Segments We have identified one operating segment and have determined that we have one reportable segment. As a group, our executive officers act as the Chief Operating Decision Maker or CODM. The CODM reviews operating results to make decisions about all investments and resources and to assess performance for the entire company. Our portfolio consists of one reportable segment, investments in real estate through the mechanism of ownership. The CODM manages and reviews our operations as one unit. Resources are allocated without regard to the underlying structure of any investment, but rather after evaluating such economic characteristics as returns on investment, leverage ratios, current portfolio mix, degrees of risk, income tax consequences and opportunities for growth.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 13: COMMITMENTS AND CONTINGENCIES Litigation We are subject to various legal proceedings and claims that arise in the ordinary course of our business operations. Matters which arise out of allegations of bodily injury, property damage, and employment practices are generally covered by insurance. While the resolution of these matters cannot be predicted with certainty, we currently believe the final outcome of such matters will not have a material adverse effect on our financial position, results of operations or cash flows . 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. Lease Obligations We lease office space in Philadelphia, PA and Chicago, IL. As of December 31, 2017, the annual minimum rent due pursuant to these leases for each of the next five years and thereafter is estimated to be $285, $189, $133, $0, $0, and $0, respectively.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2017
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	Schedule III - Real Estate and Accumulated Depreciation As of December 31, 2017 (Dollars in thousands) Cost of Gross Carrying Accumulated Encumbrances Property Initial Cost Improvements, Amount Depreciation- (Unpaid Year of Life of Name Location Land Building Land Building Land Building Building Principal) Acquisition Depreciation Crestmont Marietta, GA $ 3,254 $ 13,017 $ - $ 1,285 $ 3,254 $ 14,302 $ (3,800 ) $ (6,326 ) 2011 40 Runaway Bay Indianapolis, IN 3,079 12,318 - 869 3,079 13,187 (1,998 ) (9,423 ) 2012 40 Reserve at Eagle Ridge Waukegan, IL 5,800 22,743 - 908 5,800 23,651 (2,484 ) (18,850 ) 2014 40 Windrush Edmond, OK 1,677 7,464 - 452 1,677 7,916 (843 ) - 2014 40 Heritage Park Oklahoma, OK 4,234 12,232 - 1,328 4,234 13,560 (1,584 ) - 2014 40 Raindance Oklahoma, OK 3,503 10,051 - 1,187 3,503 11,238 (1,311 ) - 2014 40 Augusta Oklahoma, OK 1,296 9,930 - 619 1,296 10,549 (1,143 ) - 2014 40 Invitational Oklahoma, OK 1,924 16,852 - 868 1,924 17,720 (1,901 ) - 2014 40 Kings Landing Creve Coeur, MO 2,513 29,873 - 601 2,513 30,474 (2,914 ) (20,992 ) 2014 40 Carrington Little Rock, AR 1,715 19,526 - 1,208 1,715 20,734 (2,090 ) (14,235 ) 2014 40 Arbors Ridgeland, MS 4,050 15,946 - 1,134 4,050 17,080 (1,780 ) (13,150 ) 2014 40 Walnut Hill Cordova, TN 2,230 25,251 - 912 2,230 26,163 (2,400 ) (18,650 ) 2014 40 Lenox Place Raleigh, NC 3,480 20,482 - 682 3,480 21,164 (1,880 ) (15,991 ) 2014 40 Stonebridge Crossing Memphis, TN 3,100 26,223 - 1,356 3,100 27,579 (2,479 ) (19,370 ) 2014 40 Bennington Pond Groveport, OH 2,400 14,828 - 819 2,400 15,647 (1,375 ) (11,375 ) 2014 40 Prospect Park Louisville, KY 2,837 11,193 - 286 2,837 11,479 (911 ) (9,230 ) 2014 40 Brookside Louisville, KY 3,947 16,502 - 592 3,947 17,094 (1,380 ) (13,455 ) 2014 40 Jamestown Louisville, KY 7,034 27,730 - 2,373 7,034 30,103 (2,463 ) (22,880 ) 2014 40 Oxmoor Louisville, KY 7,411 47,095 - 1,230 7,411 48,325 (3,854 ) (35,815 ) 2014 40 Meadows Louisville, KY 6,857 30,030 - 1,337 6,857 31,367 (2,528 ) (24,245 ) 2014 40 Stonebridge at the Ranch Little Rock, AR 3,315 27,954 - 721 3,315 28,675 (2,213 ) (20,527 ) 2014 40 Iron Rock Ranch Austin, TX 5,860 28,911 - 819 5,860 29,730 (2,384 ) (22,900 ) 2014 40 Bayview Club Indianapolis, IN 2,525 22,506 - 989 2,525 23,495 (1,638 ) - 2015 40 Arbors River Oaks Memphis, TN 2,100 19,045 - 789 2,100 19,834 (1,228 ) - 2015 40 Aston Wake Forest, NC 3,450 34,333 - 222 3,450 34,555 (1,970 ) (25,050 ) 2015 40 Avenues at Craig Ranch McKinney, TX 5,500 42,054 - 259 5,500 42,313 (2,413 ) (31,250 ) 2015 40 Bridge Pointe Huntsville, AL 1,500 14,306 - 319 1,500 14,625 (860 ) - 2015 40 Creekstone at RTP Durham, NC 5,376 32,727 - 247 5,376 32,974 (1,887 ) (22,581 ) 2015 40 Fountains Southend Charlotte, NC 4,368 37,254 - 142 4,368 37,396 (2,118 ) (23,388 ) 2015 40 Fox Trails Plano, TX 5,700 21,944 - 669 5,700 22,613 (1,356 ) - 2015 40 Lakeshore on the Hill Chattanooga, TN 925 10,212 - 372 925 10,584 (634 ) - 2015 40 Millenia 700 Orlando, FL 5,500 41,752 - 401 5,500 42,153 (2,403 ) (29,175 ) 2015 40 Miller Creek at German Town Memphis, TN 3,300 53,504 - 244 3,300 53,748 (3,048 ) - 2015 40 Pointe at Canyon Ridge Atlanta, GA 11,100 36,995 - 1,855 11,100 38,850 (2,341 ) - 2015 40 St James at Goose Creek Goose Creek, SC 3,780 27,695 - 390 3,780 28,085 (1,661 ) - 2015 40 Talison Row at Daniel Island Daniel Island, SC 5,480 41,409 - 336 5,480 41,745 (2,392 ) (32,848 ) 2015 40 The Aventine Greenville Greenville, SC 4,150 43,905 - 178 4,150 44,083 (2,488 ) (29,825 ) 2015 40 Trails at Signal Mountain Chattanooga, TN 1,200 12,895 - 403 1,200 13,298 (806 ) - 2015 40 Vue at Knoll Trail Dallas, TX 3,100 6,077 - 178 3,100 6,255 (377 ) - 2015 40 Waterstone at Brier Creek Raleigh, NC 4,200 34,651 - 184 4,200 34,835 (1,985 ) (20,425 ) 2015 40 Waterstone Big Creek Alpharetta, GA 7,600 61,971 - 187 7,600 62,158 (3,518 ) (49,680 ) 2015 40 Westmont Commons Asheville, NC 2,750 25,225 - 344 2,750 25,569 (1,493 ) - 2015 40 Lakes at Northdale Tampa, FL 3,898 25,543 - 426 3,898 25,969 (546 ) - 2017 40 Haverford Place Lexington, KY 3,927 10,100 - 355 3,927 10,455 (158 ) - 2017 40 South Terrace Durham, NC 5,621 36,923 - 166 5,621 37,089 (467 ) - 2017 40 Cherry Grove North Myrtle Beach, SC 550 15,369 - 24 550 15,393 (96 ) - 2017 40 Kensington Commons Canal Winchester, OH 3,400 20,703 - 21 3,400 20,724 (130 ) - 2017 40 Schirm Farms Canal Winchester, OH 3,960 19,488 - 38 3,960 19,526 (122 ) - 2017 40 Riverchase Indianapolis, IN 1,460 17,250 - 17 1,460 17,267 (108 ) - 2017 40 Live Oak Trace Baton Rouge, LA 1,060 27,362 - 9 1,060 27,371 (114 ) - 2017 40 Tides at Calabash Wilmington, NC 1,880 12,214 - 3 1,880 12,217 (25 ) - 2017 40 Brunswick Point Wilmington, NC 2,150 28,214 - - 2,150 28,214 - (19,000 ) 2017 40 Total Investment in Real Estate $ 193,026 $ 1,279,777 $ - $ 31,353 $ 193,026 $ 1,311,130 $ (84,097 ) $ (580,635 ) Investments in Real Estate For the Year Ended December 31, For the Year Ended December 31, For the Year Ended December 31, Balance, beginning of period $ 1,319,350 $ 1,372,015 $ 689,112 Additions during period: Acquisitions 241,071 — 707,268 Improvements to land and building 14,368 10,664 8,941 Deductions during period: Dispositions of real estate (70,633 ) (63,329 ) (33,306 ) Reclassification to held for sale — (69,994 ) — Balance, end of period: $ 1,504,156 $ 1,249,356 $ 1,372,015 Balance, end of period - held for sale: $ — $ 69,994 $ — Accumulated Depreciation For the Year Ended December For the Year Ended December For the Year Ended December Balance, beginning of period $ 60,719 $ 39,638 $ 23,376 Depreciation expense 32,586 31,085 20,888 Dispositions of real estate (9,208 ) (10,004 ) (4,626 ) Reclassification to held for sale — (9,208 ) — Balance, end of period: $ 84,097 $ 51,511 $ 39,638 Balance, end of period - held for sale: $ — $ 9,208 $ —

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	a. Basis of Presentation The consolidated financial statements have been prepared by management in accordance with generally accepted accounting principles in the United States, or GAAP. 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.
Principles of Consolidation	b. Principles of Consolidation The consolidated financial statements reflect our accounts and the accounts of IROP and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Pursuant to FASB Accounting Standards Codification Topic 810, “Consolidation”, IROP is considered a variable interest entity. As our significant asset is our investment in IROP, substantially all of our assets and liabilities represent the assets and liabilities of IROP.
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.
Cash and Cash Equivalents	d. Cash and Cash Equivalents Cash and cash equivalents include cash held in banks and highly liquid investments with maturities of three months or less when purchased. Cash, including amounts restricted, may at times exceed the Federal Deposit Insurance Corporation deposit insurance limit of $250 per institution. We mitigate credit risk by placing cash and cash equivalents with major financial institutions. To date, we have not experienced any losses on cash and cash equivalents.
Restricted Cash	e. Restricted Cash Restricted cash includes tenant escrows and our funds held by lenders to fund certain expenditures or to be released at our discretion upon the occurrence of certain pre-specified events. As of December 31, 2017 and 2016, we had $4,634 and $5,518, respectively, of restricted cash.
Accounts Receivable and Allowance for Bad Debts	f. Accounts Receivable and Allowance for Bad Debts We make estimates of the collectability of our accounts receivable related to base rents, expense reimbursements and other revenue. We analyze accounts receivable and historical bad debt levels, tenant credit worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. In addition, tenants experiencing financial difficulties are analyzed and estimates are made in connection with expected uncollectible receivables. Our reported operating results are affected by management’s estimate of the collectability of accounts receivable.
Investments in Real Estate	g. Investments in Real Estate Investments in real estate are recorded at cost less accumulated depreciation. Costs that both add value and appreciably extend the useful life of an asset are capitalized. Expenditures for repairs and maintenance are expensed as incurred. Investments in real estate are classified as held for sale in the period in which certain criteria are met including when the sale of the asset is probable and actions required to complete the plan of sale indicate that it is unlikely that significant changes to the plan of sale will be made or the plan of sale will be withdrawn. 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, generally consisting of land, building, and identified intangible assets and liabilities 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 acquisition are expensed as incurred. Transaction costs and fees incurred related to the financing of an acquisition are capitalized and amortized over the life of the related financing. 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 after the acquisition date. The aggregate value of in-place leases is determined by evaluating various factors, including the terms of the leases that are in place and assumed lease-up periods. During the year ended December 31, 2017, we acquired in-place leases with a value of $2,515 related to our acquisitions that are discussed further in NOTE 3: Investments in Real Estate. During the year ended December 31, 2016, we did not acquire any properties and, therefore, did not acquire any in-place leases. The value assigned to this intangible asset is amortized over the assumed lease up period, typically six months. For the years ended December 31, 2017, 2016 and 2015 we recorded $1,536, $3,735 and $7,206 of amortization expense for intangible assets, respectively. Based on the intangible assets identified above, we expect to record amortization expense of intangible assets of $1,024 for 2018, $10 for 2019, $10 for 2020, $10 for 2021, $10 for 2022 and $35 thereafter. 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 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. For the years ended December 31, 2017, 2016 and 2015 we recorded $32,665, $31,089 and $20,888 of depreciation expense, respectively.
Revenue and Expenses	h. Revenue and Expenses Rental revenues are recognized on an accrual basis when due from residents. We primarily lease apartment units under operating leases generally with terms of one year or less. Rental payments are generally due monthly and recognized when earned. Rental income represents gross market rent less adjustments for concessions and vacancy loss. Tenant reimbursement income represents reimbursement from tenants for utility charges while other property income includes parking, trash, late fees, and other miscellaneous property related income. Our portfolio of properties consists primarily of apartment communities geographically concentrated in the Southeastern United States. North Carolina, Tennessee, Kentucky, Texas, Georgia, South Carolina, and Oklahoma comprised 14.70%, 13.09%, 11.51%, 9.95%, 9.09%, 8.61%, and 7.86%, respectively, of our rental revenue for the year ended December 31, 2017. We have no single customer that accounts for 10% or more of revenue. For the year ended December 31, 2017 and 2016, we recognized revenues of $110 and $189, respectively, related to recoveries of lost rental revenue due to natural disasters and other insurable events from our insurance providers. For the years ended December 31, 2017, 2016 and 2015, we incurred $1,806, $1,749, and $1,399 of advertising expenses, respectively.
Fair Value of Financial Instruments	i. 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 our 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 : Valuations are based on unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. The types of assets carried at Level 1 fair value generally are equity securities listed in active markets. As such, valuations of these investments do not entail a significant degree of judgment. • Level 2 : Valuations are based on quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or for which all significant inputs are observable, either directly or indirectly. • Level 3 : Inputs are unobservable for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. 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. 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. Given that cash and cash equivalents and restricted cash are short term in nature with limited fair value volatility, the carrying amount is deemed to be a reasonable approximation of fair value and the fair value input is classified as a Level 1 fair value measurement. The fair value input for the derivatives is classified as a Level 2 fair value measurement within the fair value hierarchy. The fair value inputs for our unsecured credit facility and our former secured credit facility are classified as Level 2 fair value measurements within the fair value hierarchy. The fair value of mortgage indebtedness is based on a discounted cash flows valuation technique. As this technique utilizes current credit spreads, which are generally unobservable, this is classified as a Level 3 fair value measurement within the fair value hierarchy. We determine appropriate credit spreads based on the type of debt and its maturity. The following table summarizes the carrying amount and the fair value of our financial instruments as of the periods indicated: December 31, 2017 As of December 31, 2016 Financial Instrument Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets Cash and cash equivalents $ 9,985 $ 9,985 $ 20,892 $ 20,892 Restricted cash 4,634 4,634 5,518 5,518 Derivative assets 7,291 7,291 3,867 3,867 Liabilities Debt: Unsecured credit facility 101,629 104,005 147,280 150,000 Term loan 99,105 100,000 - - Mortgages 577,708 564,333 596,537 588,523
Deferred Financing Costs	j. Deferred Financing Costs Costs incurred in connection with debt financing are deferred and classified within indebtedness and charged to interest expense over the terms of the related debt agreements, under the effective interest method.
Income Taxes	k. Income Taxes We have elected to be taxed as a REIT beginning with the taxable year ended December 31, 2011. Accordingly, we recorded no income tax expense for the years ended December 31, 2017, 2016 and 2015. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our ordinary taxable income to stockholders. As a REIT, we generally are not subject to federal income tax on taxable income that we distribute to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service grants us relief under certain statutory provisions. Such an event could materially adversely affect our net income and net cash available for distribution to stockholders; however, we believe that we are organized and operate in such a manner as to qualify and maintain treatment as a REIT and intend to operate in such a manner so that we will remain qualified as a REIT for federal income tax purposes. For the year ended December 31, 2017, 53% of dividends were characterized as total capital gain distribution, 36% were characterized as ordinary income and 11% were characterized as return of capital. For the year ended December 31, 2016, 93% of dividends were characterized as total capital gain distribution and 7% were characterized as ordinary income. For the year ended December 31, 2015, 17% of dividends were characterized as ordinary income and 83% were characterized as return of capital.
Share-Based Compensation	l. Share-Based Compensation We account for stock-based compensation in accordance with FASB ASC Subtopic 505-50, “Equity – Equity Payments to Non-Employees” and FASB ASC Topic 718, “Compensation—Stock Compensation”. We did not have any employees prior to the management internalization on December 20, 2016 and therefore accounted for stock-based compensation as non-employee awards. Stock-based compensation cost for non-employee awards is measured at the grant date based on the fair value of the award and is revalued at the end of each accounting period. The expense is recognized over the requisite service period, which is the vesting period. Any share-based compensation awards granted to employees are measured based on the grant-date fair value of the award and we record compensation expense for the entire award on a straight-line basis, over the related vesting period. For awards granted to nonemployees who subsequently became employees, the fair values of the awards were revalued on the date the employment status change occurred and the resulting compensation expense is recognized on a straight-line basis over the remaining vesting period, for the entire award.
Noncontrolling Interest	m. Noncontrolling Interest Our noncontrolling interest represents limited partnership units of our operating partnership that were issued in connection with certain property acquisitions. We record limited partnership units issued in an acquisition at their fair value on the closing date of the acquisition. The holders of the limited partnership units have the right to redeem their limited partnership units for either shares of our common stock or for cash at our discretion. As the settlement of a redemption is in our sole discretion, we present noncontrolling interest in our consolidated balance sheet within equity but separate from stockholders’ equity. Any noncontrolling interests that fail to qualify as permanent equity will be presented as temporary equity and be carried at the greater of historical cost or their redemption value.
Derivative Instruments	n. Derivative Instruments We may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with our borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with our operating and financial structure as well as to hedge specific anticipated transactions. While these instruments may impact our periodic cash flows, they benefit us by minimizing the risks and/or costs previously described. The counterparties to these contractual arrangements are major financial institutions with which we and our affiliates may also have other financial relationships. In the event of nonperformance by the counterparties, we are potentially exposed to credit loss. However, because of the high credit ratings of the counterparties, we do not anticipate that any of the counterparties will fail to meet their obligations. In accordance with FASB ASC Topic 815, “Derivatives and Hedging”, we measure each derivative instrument (including certain derivative instruments embedded in other contracts) at fair value and record such amounts in our consolidated balance sheet as either an asset or liability. For derivatives designated as cash flow hedges, the changes in the fair value of the effective portions of the derivative are reported in other comprehensive income and changes in the ineffective portions of cash flow hedges, if any, are recognized in earnings. For derivatives not designated as hedges (or designated as fair value hedges), the changes in fair value of the derivative instrument are recognized in earnings. Any derivatives that we designate in hedge relationships are done so at inception. At inception, we determine whether or not the derivative is highly effective in offsetting changes in the designated interest rate risk associated with the identified indebtedness using regression analysis. At each reporting period, we update our regression analysis and use the hypothetical derivative method to measure any ineffectiveness.
Recent Accounting Pronouncements	Adopted Within these Financial Statements In March 2016, the FASB issued an accounting standard classified under FASB ASC Topic 718, “Compensation – Stock Compensation”. This accounting standard simplifies several aspects of the accounting for share-based payment award transactions, including: (i) income tax consequences; (ii) classification of awards as either equity or liabilities; and (iii) classification on the statement of cash flows. This standard is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The adoption of this accounting standard did not have a material impact on our consolidated financial statements. In August 2017, the FASB issued an accounting standard update under FASB ASC Topic 815, “Derivatives and Hedging.” The amendments in this update provide guidance about the application of the hedge accounting guidance in current GAAP based on the feedback received from preparers, auditors, and other stakeholders. As a result, the accounting for derivatives and hedging transactions could be impacted 2017. The adoption of this update did not have a material impact on our consolidated financial statements. In accordance with this accounting standard update, upon adoption, we revised our approach to recognizing interest expense for our interest rate swap that was designated an off-market cash flow hedge. Rather than record interest expense based on the hypothetical derivative method with differences from actual net settlements reflected as ineffectiveness, we will record actual net settlements to interest expense adjusted for the straight-line amortization of the inception clean value of the hedging instrument over the hedge term. The result will be that no ineffectiveness will be recorded in future periods related to our off-market interest rate swap. Since we entered into the off-market hedging relationship in 2017, no transition entry was necessary upon adoption. Not Yet Adopted Within these 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 accounting standard applies to all contracts with customers, except those that are within the scope of other Topics in the FASB ASC. Subsequently, the FASB issued amendments to this accounting standard that provided further clarification. These standards amending FASB ASC Topic 606 are currently effective for annual reporting periods beginning after December 15, 2017. We adopted these accounting standard updates on January 1, 2018 using the modified retrospective approach. A majority of our revenue is derived from real estate lease contracts, which are specifically excluded from the scope of these standards. The portion of our revenue that is impacted by these standards, including revenue recorded within the tenant reimbursement income, other property income, and property management and other income captions of our Consolidated Statements of Operations, will be accounted for under the standards amending FASB ASC Topic 606 in a manner consistent with existing GAAP. Therefore, the adoption of these standards will not have a material impact on our consolidated financial statements and no cumulative effect adjustment will be recorded upon adoption. In February 2016, the FASB issued an accounting standard classified under FASB ASC Topic 842, “Leases”. This accounting standard amends lease accounting by requiring the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases on the balance sheet and disclosing key information about leasing arrangements. This standard is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Early application of the amendments in this standard is permitted. Management is currently evaluating the impact that this standard may have on our consolidated financial statements. In August 2016, the FASB issued an accounting standard classified under FASB ASC Topic 230, “Statement of Cash Flows”. This accounting standard provides guidance on eight specific cash flow issues: (i) debt prepayment or debt extinguishment costs; (ii) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; (iii) contingent consideration payments made after a business combination; (iv) proceeds from the settlement of insurance claims; (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; (vi) distributions received from equity method investees; (vii) beneficial interests in securitization transactions; and (viii) separately identifiable cash flows and application of the predominance principle. The amendments are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We adopted these standards as of January 1, 2018. Management does not expect this standard to have a material impact to our consolidated statement of cash flows. In January 2017, the FASB issued an accounting standard update under FASB ASC Topic 805, “Business Combinations” that changes the definition of a business to assist entities with evaluating whether a set of transferred assets is a business. As a result, the accounting for acquisitions of real estate could be impacted. The updated standard will be effective for us on January 1, 2018. The new definition will be applied prospectively to any transactions occurring within the period of adoption. This standard was adopted on January 1, 2018. Management expects that the updated standard will result in fewer acquisitions of real estate meeting the definition of a business and fewer acquisition-related costs being expensed in the period incurred. In February 2017, the FASB issued an accounting standard update under FASB ASC Topic 610 “Other Income.” The amendments in this update provide guidance for partial sales of nonfinancial assets, including partial sales of real estate. Historically, GAAP contained several different accounting models to evaluate whether the transfer of certain assets qualified for sale treatment. This new standard reduces the number of potential accounting models that might apply and clarifies which model does apply in various circumstances. Partial sales of nonfinancial assets are common in the real estate industry and include transactions in which the seller retains an equity interest in the entity that owns the assets or has an equity interest in the buyer. This update is effective for interim and annual periods beginning after December 15, 2017. We adopted this standard as of January 1, 2018. While this is common in the real estate industry, we have never participated in a transaction of this nature. Taking this into consideration, management does not believe this standard will have any impact on our consolidated financial statements at the time of adoption. In May 2017, the FASB issued an accounting standard update under FASB ASC Topic 718, “Compensation – Stock Compensation.” The amendments in this update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. As a result, the accounting for share-based payment award transactions

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Schedule of Carrying Amount and Fair Value of Financial Instrument	. The fair value of mortgage indebtedness is based on a discounted cash flows valuation technique. As this technique utilizes current credit spreads, which are generally unobservable, this is classified as a Level 3 fair value measurement within the fair value hierarchy. We determine appropriate credit spreads based on the type of debt and its maturity. The following table summarizes the carrying amount and the fair value of our financial instruments as of the periods indicated: December 31, 2017 As of December 31, 2016 Financial Instrument Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets Cash and cash equivalents $ 9,985 $ 9,985 $ 20,892 $ 20,892 Restricted cash 4,634 4,634 5,518 5,518 Derivative assets 7,291 7,291 3,867 3,867 Liabilities Debt: Unsecured credit facility 101,629 104,005 147,280 150,000 Term loan 99,105 100,000 - - Mortgages 577,708 564,333 596,537 588,523

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2017
Banking And Thrift [Abstract]
Summary of Investments in Real Estate	As of December 31, 2017, our investments in real estate consisted of 52 apartment properties (unaudited). The table below summarizes our investments in real estate: 2017 2016 Depreciable (In years) Land $ 193,026 $ 165,120 - Building 1,279,777 1,066,611 40 Furniture, fixtures and equipment 31,353 17,625 5-10 Total investment in real estate $ 1,504,156 $ 1,249,356 Accumulated depreciation (84,097 ) (51,511 ) Investments in real estate, net $ 1,420,059 $ 1,197,845
Summary of Acquisitions	The below table summarizes the acquisitions for the year ended December 31, 2017: Property Name Date of Purchase Location Units (unaudited) Purchase Price Lakes of Northdale 2/27/2017 Tampa, FL 216 $ 29,750 Haverford Place 5/24/2017 Lexington, KY 160 $ 14,240 South Terrace (1) 6/30/2017 Durham, NC 328 $ 42,950 Cherry Grove (2) 9/26/2017 North Myrtle Beach, SC 172 $ 16,157 Riverchase (2) 9/26/2017 Indianapolis, IN 216 $ 18,899 Kensington (2) 9/26/2017 Canal Winchester, OH 264 $ 24,409 Schirm Farms (2) 9/26/2017 Canal Winchester, OH 264 $ 23,749 Live Oak Trace (2) 10/25/2017 Baton Rouge, LA 264 $ 28,501 Tides at Calabash (2) 11/14/2017 Wilmington, NC 168 $ 14,269 Brunswick Point (2) 12/12/2017 Wilmington, NC 288 $ 30,661 Total 2,340 $ 243,585 (1) This property was acquired from a joint venture of which our former advisor was a controlling member. See Note 8: Related Party Transactions and Arrangements. In conjunction with this acquisition, we issued IROP units to third parties that were members of the joint venture that owned the property. See Note 6: Stockholder Equity and Noncontrolling Interests. (2) These properties were acquired as a part of our acquisition of a nine-community portfolio (the HPI Portfolio), totaling 2,353 units (unaudited), which we agreed to acquire on September 3, 2017 for a total purchase price of $228,144. In connection with the acquisition of these properties, we incurred defeasance costs totaling $ 3,624
Summary of Fair Value of Assets and Liabilities	The following table summarizes the aggregate fair value of the assets and liabilities associated with the properties acquired, outside of the HPI Portfolio, during the year ended December 31, 2017, on the date of acquisition, accounted for under FASB ASC Topic 805. Description Fair Value of Asset Acquired During the Year Ended December Assets acquired: Investments in real estate $ 86,012 Accounts receivable and other assets 331 Intangible assets 928 Total assets acquired $ 87,271 Liabilities assumed: Indebtedness $ - Accounts payable and accrued expenses 398 Accrued interest payable - Other liabilities 150 Total liabilities assumed $ 548 Estimated fair value of net assets acquired $ 86,723 The following table summarizes the aggregate fair value of the assets and liabilities associated with the HPI Portfolio properties acquired during the year ended December 31, 2017, on the date of acquisition, accounted for under FASB ASC Topic 805. Description Fair Value of Asset Acquired During the Year Ended December Assets acquired: Investments in real estate $ 155,059 Accounts receivable and other assets 290 Intangible assets 1,587 Total assets acquired $ 156,936 Liabilities assumed: Indebtedness $ 18,977 Accounts payable and accrued expenses 1,479 Accrued interest payable - Other liabilities 607 Total liabilities assumed $ 21,063 Estimated fair value of net assets acquired $ 135,873
Pro Forma of Financial Information Purport to Represent Results of Operations for Future Periods	The table below presents the revenue and net income, excluding any acquisition and defeasance costs, for the properties acquired during the year ended December 31, 2017 as reported in our consolidated financial statements. For the Year Ended December Property Total revenue Net Income allocable to common shares Lakes of Northdale $ 2,603 $ 709 Haverford Place 1,078 302 South Terrace 2,071 379 Cherry Grove 526 140 Riverchase 533 70 Kensington 736 187 Schirm Farms 711 170 Live Oak Trace 424 108 Tides at Calabash 315 177 Brunswick Point 137 24 Total $ 9,134 $ 2,266 The table below represents the revenue, net income and earnings per share effect of the properties acquired during the year ended December 31, 2017, as reported in our consolidated financial statements and on a pro forma basis as if the acquisition occurred on January 1, 2016. These pro forma results are not necessarily indicative of the results that 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 Year Ended December For the Year Ended December Pro forma total revenue (unaudited) $ 177,642 $ 177,412 Pro forma net income (loss) allocable to common shares (unaudited) 36,219 (3,398 ) Earnings (loss) per share attributable to common shareholders: Basic-pro forma (unaudited) $ 0.49 $ (0.07 ) Diluted-pro forma (unaudited) $ 0.49 $ (0.07 )
Summary of Disposition of Property's	Dispositions The below table summarizes the dispositions for the year ended December 31, 2017 and also presents each property’s contribution to net income allocable to common shares, excluding the impact of the gain on sale: Net income allocable to common shares Property Name Date of Sale Sale Price Gain (loss) on sale (1) For the Year Ended December 31, 2017 For the Year Ended December 31, 2016 Copper Mill 5/5/2017 $ 32,000 $ 15,595 $ 548 $ 1,105 Heritage Trace 6/1/2017 11,600 (1,256 ) 240 (47 ) Berkshire Square 6/9/2017 16,000 1,510 201 306 Crossings 11/28/2017 27,200 3,061 1,374 941 Total $ 86,800 $ 18,910 $ 2,363 $ 2,305 (1) The gain (loss) on sale for these properties is net of $4,251 of defeasance and debt prepayment premium costs. All properties were previously classified as held for sale. The below table summarizes the dispositions for the year ended December 31, 2016 and also presents each property’s contribution to net income (loss) allocable to common shares, excluding the impact of the gain (loss) on sale: Property Name Date of Sale Sale Price Gain (loss) on sale Cumberland Glen (1) 02/18/2016 $ 18,000 $ 2,452 Belle Creek 04/07/2016 23,000 14,191 Tresa 05/05/2016 47,000 15,142 Total $ 88,000 $ 31,785 (1) Gain (loss) on sale related to this property includes a defeasance premium of $1,343.

Indebtedness (Tables)

Indebtedness (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Summary Information Concerning Indebtedness	The following tables contains summary information concerning our indebtedness as of December 31, 2017: Debt: Outstanding Unamortized Discount and Debt Issuance Costs Carrying Type Weighted Average Rate Weighted Average Maturity (in Unsecured credit facility (1) $ 104,005 $ (2,376 ) $ 101,629 Floating 3.0% 3.8 Term loan $ 100,000 $ (895 ) $ 99,105 Floating 3.2% 6.9 Mortgages-Fixed rate 580,635 (2,927 ) 577,708 Fixed 3.7% 5.8 Total Debt $ 784,640 $ (6,198 ) $ 778,442 3.6% 5.7 (1) The unsecured credit facility total capacity is $300,000, of which $104,005 was outstanding as of December 31, 2017. Original maturities on or before December 31, Debt: 2018 2019 2020 2021 2022 Thereafter Unsecured credit facility $ - $ - $ - $ 54,005 $ 50,000 $ - Term loan $ - $ - $ - $ - $ - $ 100,000 Mortgages-Fixed rate 3,251 4,660 7,611 102,598 73,757 388,758 Total $ 3,251 $ 4,660 $ 7,611 $ 156,603 $ 123,757 $ 488,758 As of December 31, 2017 we were in compliance with all financial covenants contained in our indebtedness. The following tables contains summary information concerning our indebtedness as of December 31, 2016: Debt: Outstanding Unamortized Discount and Debt Issuance Costs Carrying Type Weighted Average Rate Weighted Average Maturity (in Secured credit facility (1) $ 150,000 $ (2,720 ) $ 147,280 Floating 3.0% 1.7 Mortgages-Fixed rate 600,188 (3,651 ) 596,537 Fixed 3.8% 6.7 Total Debt $ 750,188 $ (6,371 ) $ 743,817 3.6% 5.7 (1) The secured credit facility total capacity was $312,500, of which $150,000 was outstanding as of December 31, 2016.

Derivative Financial Instrume26

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2017
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Summary of Aggregate Amount and Estimated Net Fair Value of Our Derivative Instruments	The following table summarizes the aggregate notional amount and estimated net fair value of our derivative instruments as of December 31, 2017 and December 31, 2016: December 31, 2017 As of December 31, 2016 Notional Fair Value of Assets Fair Value of Liabilities Notional Fair Value of Assets Fair Value of Liabilities Cash flow hedges: Interest rate swap $ 150,000 $ 4,700 $ — $ 150,000 $ 3,867 $ — Interest rate collar 50,000 1,297 — — — — 200,000 5,997 — 150,000 3,867 — Freestanding derivatives: Interest rate cap — — — 200,000 — — Interest rate collar 50,000 1,294 — — — — Net fair value $ 250,000 $ 7,291 $ — $ 350,000 $ 3,867 $ —

Stockholder Equity and Noncon27

Stockholder Equity and Noncontrolling Interest (Tables)	12 Months Ended
	Dec. 31, 2017
Dividends Declared	Our board of directors declared the following dividends in 2017: Month Declaration Date Record Date Payment Date Dividend Declared Per Share January 2017 January 12, 2017 January 31, 2017 February 15, 2017 $ 0.06 February 2017 January 12, 2017 February 28, 2017 March 15, 2017 $ 0.06 March 2017 January 12, 2017 March 31, 2017 April 17, 2017 $ 0.06 April 2017 April 12, 2017 April 28, 2017 May 15, 2017 $ 0.06 May 2017 April 12, 2017 May 31, 2017 June 15, 2017 $ 0.06 June 2017 April 12, 2017 June 30, 2017 July 17, 2017 $ 0.06 July 2017 July 14, 2017 July 31, 2017 August 15, 2017 $ 0.06 August 2017 July 14, 2017 August 31, 2017 September 15, 2017 $ 0.06 September 2017 July 14, 2017 September 29, 2017 October 13, 2017 $ 0.06 October 2017 October 12, 2017 October 31, 2017 November 15, 2017 $ 0.06 November 2017 October 12, 2017 November 30, 2017 December 15, 2017 $ 0.06 December 2017 October 12, 2017 December 29, 2017 January 15, 2018 $ 0.06 Our board of directors declared the following dividends in 2016: Month Declaration Date Record Date Payment Date Dividend Declared Per Share January 2016 January 14, 2016 January 29, 2016 February 16, 2016 $ 0.06 February 2016 January 14, 2016 February 29, 2016 March 15, 2016 $ 0.06 March 2016 January 14, 2016 March 31, 2016 April 15, 2016 $ 0.06 April 2016 April 14, 2016 April 29, 2016 May 16, 2016 $ 0.06 May 2016 April 14, 2016 May 31, 2016 June 15, 2016 $ 0.06 June 2016 April 14, 2016 June 30, 2016 July 15, 2016 $ 0.06 July 2016 July 14, 2016 July 29, 2016 August 15, 2016 $ 0.06 August 2016 July 14, 2016 August 31, 2016 September 15, 2016 $ 0.06 September 2016 July 14, 2016 September 30, 2016 October 17, 2016 $ 0.06 October 2016 October 12, 2016 October 31, 2016 November 15, 2016 $ 0.06 November 2016 October 12, 2016 November 30, 2016 December 15, 2016 $ 0.06 December 2016 October 12, 2016 December 30, 2016 January 17, 2017 $ 0.06
Noncontrolling Interests
Dividends Declared	Our board of directors declared the following distributions on our operating partnership’s LP units during 2017: Month Declaration Date Record Date Payment Date Dividend Declared Per Share January 2017 January 12, 2017 January 31, 2017 February 15, 2017 $ 0.06 February 2017 January 12, 2017 February 28, 2017 March 15, 2017 $ 0.06 March 2017 January 12, 2017 March 31, 2017 April 17, 2017 $ 0.06 April 2017 April 12, 2017 April 28, 2017 May 15, 2017 $ 0.06 May 2017 April 12, 2017 May 31, 2017 June 15, 2017 $ 0.06 June 2017 April 12, 2017 June 30, 2017 July 17, 2017 $ 0.06 July 2017 July 14, 2017 July 31, 2017 August 15, 2017 $ 0.06 August 2017 July 14, 2017 August 31, 2017 September 15, 2017 $ 0.06 September 2017 July 14, 2017 September 29, 2017 October 13, 2017 $ 0.06 October 2017 October 12, 2017 October 31, 2017 November 15, 2017 $ 0.06 November 2017 October 12, 2017 November 30, 2017 December 15, 2017 $ 0.06 December 2017 October 12, 2017 December 29, 2017 January 15, 2018 $ 0.06 Our board of directors declared the following distributions on our operating partnership’s LP units during 2016: Month Declaration Date Record Date Payment Date Dividend Declared Per Share January 2016 January 14, 2016 January 29, 2016 February 16, 2016 $ 0.06 February 2016 January 14, 2016 February 29, 2016 March 15, 2016 $ 0.06 March 2016 January 14, 2016 March 31, 2016 April 15, 2016 $ 0.06 April 2016 April 14, 2016 April 29, 2016 May 16, 2016 $ 0.06 May 2016 April 14, 2016 May 31, 2016 June 15, 2016 $ 0.06 June 2016 April 14, 2016 June 30, 2016 July 15, 2016 $ 0.06 July 2016 July 14, 2016 July 29, 2016 August 15, 2016 $ 0.06 August 2016 July 14, 2016 August 31, 2016 September 15, 2016 $ 0.06 September 2016 July 14, 2016 September 30, 2016 October 17, 2016 $ 0.06 October 2016 October 12, 2016 October 31, 2016 November 15, 2016 $ 0.06 November 2016 October 12, 2016 November 30, 2016 December 15, 2016 $ 0.06 December 2016 October 12, 2016 December 30, 2016 January 17, 2017 $ 0.06

Equity Compensation Plans (Tabl

Equity Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2017
Summary of PSUs Granted	The following table summarizes the PSUs granted for the year ended December 31, 2017: Grant Date Type of PSUs Granted Number of PSUs Granted Performance Period Commencement Date Performance Period End Date Grant Date Fair Value Number of PSUs Outstanding as of December 31, 2017 February 28, 2017 Relative 3-year TSR vs NAREIT Apartment Index 135,881 January 1, 2018 December 31, 2020 4.83 135,881 February 28, 2017 Absolute 3-Year TSR 45,294 January 1, 2018 December 31, 2020 3.13 45,294 July 26, 2017 Strategic Objectives 45,294 January 1, 2018 December 31, 2020 9.87 45,294
Restricted Stock
Summary of Restricted Common Share Awards of Incentive Plan	A summary of the restricted common share awards activity of the incentive plan is presented below. 2017 2016 2015 Number of Shares Weighted Average Grant Date Fair Value Per Share Number of Shares Weighted Average Grant Date Fair Value Per Share Number of Shares Weighted Average Grant Date Fair Value Per Share Balance, January 1, 281,005 $ 6.99 117,000 $ 9.13 36,000 $ 8.20 Granted 168,010 9.17 228,000 6.33 112,000 9.30 Vested (142,748 ) 7.68 (60,661 ) 8.62 (24,000 ) 8.55 Forfeited (10,420 ) 8.56 (3,334 ) 7.47 (7,000 ) 9.02 Balance, December 31, 295,847 $ 7.84 281,005 $ 6.99 117,000 $ 9.13
SARs
Summary of SARs Activity of the Incentive Plan	As of December 31, 2017, the unearned compensation cost relating to unvested restricted common share awards was $1,463. The estimated fair value of restricted common share awards vested during 2017 and 2016 was $1,319 and $427, respectively. A summary of the SARs activity of the incentive plan is presented below. 2017 2016 2015 SARs Weighted Average Exercise Price SARs Weighted Average Exercise Price SARs Weighted Average Exercise Price Outstanding, January 1, 337,000 $ 9.15 351,000 $ 9.13 72,000 $ 8.20 Granted — — — — 300,000 9.35 Expired — — (2,000 ) 9 — — Exercised (84,000 ) 8.78 (8,000 ) 8.20 (2,000 ) 8.20 Forfeited (3,000 ) 9.35 (4,000 ) 9.35 (19,000 ) 9.11 Outstanding, December 31, 250,000 $ 9.28 337,000 $ 9.15 351,000 $ 9.13 SARs exercisable at December 31, 160,000 128,998 22,000
Schedule of Assumptions Used in Computing the Fair Value	Our assumptions used in computing the fair value of the SARs issued during the year ended December 31, 2015 using the Black-Scholes Option Pricing Model, are summarized below. There were no SARs issued during the years ended December 31, 2017 and 2016. As of December 31, 2015 Stock Price $ 7.51 Strike Price $ 8.20-9.35 Risk-free interest rate 1.1 - 1.2% Dividend yield 9.6 % Volatility 34 % Expected term 1.7 - 2.5 years
Performance Share Units
Schedule of Assumptions Used in Computing the Fair Value	Our assumptions used in computing the fair value of the PSUs at the dates of their respective awards, using the Monte Carlo method, were as follows: For the year ended December 31, 2017 Dividend yield 8.1 % Volatility 27.0 % (a) Expected term 2.8 years (a) This represents the volatility assumption used for IRT. The volatility assumptions used for our peer group and the NAREIT Mortgage Index ranged from 19% to 28%.

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
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 years ended December 31, 2017, 2016 and 2015: For the Years Ended December 31, 2017 2016 2015 Net Income (loss) $ 31,441 $ (9,555 ) $ 30,156 (Income) loss allocated to non-controlling interests (1,235 ) (246 ) (1,914 ) Net Income (loss) allocable to common shares 30,206 (9,801 ) 28,242 Weighted-average shares outstanding—Basic 73,338,219 52,182,427 36,153,673 Dilutive securities 261,650 - 6,601 Weighted-average shares outstanding—Diluted 73,599,869 52,182,427 36,160,274 Earnings (loss) per share—Basic $ 0.41 $ (0.19 ) $ 0.78 Earnings (loss) per share—Diluted $ 0.41 $ (0.19 ) $ 0.78

Quarterly Financial Data (Una30

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Data	The following table summarizes our quarterly financial data which, in the opinion of management, reflects all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of our results of operations: For the Three-Month Periods Ended March 31 June 30 September 30 December 31 2017: Total revenue $ 39,142 $ 39,561 $ 40,066 $ 42,447 Net income (loss) 4,245 19,521 1,156 6,519 Net income (loss) allocable to common shares 4,077 18,739 1,097 6,293 Total earnings (loss) per share—Basic (1) $ 0.06 $ 0.27 $ 0.02 $ 0.08 Total earnings (loss) per share—Diluted (1) $ 0.06 $ 0.27 $ 0.02 $ 0.08 2016: Total revenue $ 38,666 $ 38,327 $ 38,364 $ 38,031 Net income (loss) (46 ) 30,790 2,407 (42,706 ) Net income (loss) allocable to common shares (75 ) 28,987 2,267 (40,980 ) Total earnings (loss) per share—Basic (1) $ — $ 0.61 $ 0.05 $ (0.61 ) Total earnings (loss) per share—Diluted (1) $ — $ 0.61 $ 0.05 $ (0.61 ) (1) The summation of quarterly per share amounts do not equal the full year amounts.

Organization - Additional Infor

Organization - Additional Information (Detail) - Common Shares - shares	Oct. 05, 2016	Dec. 31, 2017
Class Of Stock [Line Items]
Common stock repurchased and retired shares		59,631
R A I T Financial Trust
Class Of Stock [Line Items]
Common stock repurchased and retired shares	7,269,719

Summary of Significant Accoun32

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Significant Accounting Policies [Line Items]
Federal Deposit Insurance Corporation deposit insurance limit per institution	$ 250,000
Restricted cash	4,634,000	$ 5,518,000
Bad debt expense	870,000	975,000	$ 746,000
Amortization expense for intangible assets	1,536,000	3,735,000	7,206,000
Amortization expense for intangible assets expected for 2018	1,024,000
Amortization expense for intangible assets expected for 2019	10,000
Amortization expense for intangible assets expected for 2020	10,000
Amortization expense for intangible assets expected for 2021	10,000
Amortization expense for intangible assets expected for 2022	10,000
Amortization expense for intangible assets expected thereafter	35,000
Depreciation expense	32,665,000	31,089,000	20,888,000
Advertising expenses	1,806,000	1,749,000	1,399,000
Income tax expense	$ 0	$ 0	$ 0
Taxable income distributable to stockholders	90.00%
Dividends characterized as capital gain distribution	53.00%	93.00%
Dividends characterized as ordinary income percentage	36.00%
Dividends characterized as return of capital	11.00%	7.00%	83.00%
Dividends characterized as ordinary taxable income			17.00%
Natural Disasters and Other Insurable Events
Significant Accounting Policies [Line Items]
Rent revenue recognized	$ 110,000	$ 189,000
North Carolina
Significant Accounting Policies [Line Items]
Percentage of rental revenue	14.70%
Tennessee
Significant Accounting Policies [Line Items]
Percentage of rental revenue	13.09%
Kentucky
Significant Accounting Policies [Line Items]
Percentage of rental revenue	11.51%
Texas
Significant Accounting Policies [Line Items]
Percentage of rental revenue	9.95%
South Carolina
Significant Accounting Policies [Line Items]
Percentage of rental revenue	9.09%
South Carolina
Significant Accounting Policies [Line Items]
Percentage of rental revenue	8.61%
Oklahoma
Significant Accounting Policies [Line Items]
Percentage of rental revenue	7.86%
Building and Building Improvements
Significant Accounting Policies [Line Items]
Depreciable Lives	40 years
Leases Acquired In Place
Significant Accounting Policies [Line Items]
Acquisition of above-market in-place leases	$ 2,515,000	$ 0
Minimum | Equipment and Fixtures
Significant Accounting Policies [Line Items]
Depreciable Lives	5 years
Maximum
Significant Accounting Policies [Line Items]
Cash And Cash Equivalents Maturity Period	3 months
Maximum | Equipment and Fixtures
Significant Accounting Policies [Line Items]
Depreciable Lives	10 years

Summary of Significant Accoun33

Summary of Significant Accounting Policies - Schedule of Carrying Amount and Fair Value (Detail) - USD ($) $ in Thousands	Dec. 31, 2017		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents, Carrying Amount	$ 9,985		$ 20,892	$ 38,301	$ 14,763
Restricted cash, Carrying Amount	4,634		5,518
Derivative assets, Carrying Amount	7,291		3,867
Cash and cash equivalents, Estimated Fair Value	9,985		20,892
Restricted cash, Estimated Fair Value	4,634		5,518
Derivative assets, Estimated Fair Value	7,291		3,867
Liabilities
Indebtedness, net of unamortized discount and deferred financing costs	778,442		743,817
Mortgages
Liabilities
Indebtedness, net of unamortized discount and deferred financing costs	577,708		596,537
Indebtedness, net of unamortized discount and deferred financing costs, estimated fair value	564,333		588,523
Unsecured Credit Facility
Liabilities
Indebtedness, net of unamortized discount and deferred financing costs	101,629	[1]	147,280
Indebtedness, net of unamortized discount and deferred financing costs, estimated fair value	104,005		$ 150,000
Term Loan
Liabilities
Indebtedness, net of unamortized discount and deferred financing costs	99,105
Indebtedness, net of unamortized discount and deferred financing costs, estimated fair value	$ 100,000
[1]	The unsecured credit facility total capacity is $300,000, of which $104,005 was outstanding as of December 31, 2017.

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Detail) $ in Thousands	Dec. 22, 2015USD ($)Property	Oct. 15, 2015USD ($)	Sep. 17, 2015USD ($)Property	May 01, 2015USD ($)Property	Jan. 31, 2018USD ($)Property	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)Property	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Real Estate Properties [Line Items]
Number of multifamily properties owned | Property							52
Investment in real estate							$ 0	$ 60,786
Number of property acquired | Property							2,340
Acquisition of real estate properties							$ 220,254		$ 24,746
Net assets acquired							86,723
Fair value of equity consideration transferred						$ 1,654
Gains (losses) on TSRE merger and property acquisitions			$ 64,604					732	$ 64,604
Purchase Price							243,585
Number of Multifamily Property Disposed | Property	1
Sale Price of Real Estate Property	$ 33,600						$ 86,800	88,000
Gain (loss) on sale of assets	$ 6,420	$ 8
Parcel of land sold		$ 3,350
TSRE Properties
Real Estate Properties [Line Items]
Gains (losses) on TSRE merger and property acquisitions								$ 732
Trade Street Residential, Inc.
Real Estate Properties [Line Items]
Number of property acquired | Property			4,989
Number of properties acquired | Property			19
Net assets acquired			$ 328,240
Consideration transferred			263,636
Cash consideration for merger			139,781
Limited Partner | Trade Street Residential, Inc.
Real Estate Properties [Line Items]
Fair value of equity consideration transferred			13,998
Common Shares | Trade Street Residential, Inc.
Real Estate Properties [Line Items]
Fair value of equity consideration transferred			$ 109,857
Indianapolis, IN
Real Estate Properties [Line Items]
Number of property acquired | Property				236
Acquisition of real estate properties				$ 25,250
Indianapolis, IN and Atlanta, GA | Creekside and Hartshire | Subsequent Event
Real Estate Properties [Line Items]
Number of property acquired | Property					716
Purchase Price					$ 71,498
Columbus, OH | The Chelsea | Subsequent Event
Real Estate Properties [Line Items]
Number of property acquired | Property					312
Purchase Price					$ 36,750

Summary of Investments in Real

Summary of Investments in Real Estate (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Real Estate Properties [Line Items]
Land	$ 193,026	$ 165,120
Building	1,279,777	1,066,611
Furniture, fixtures and equipment	31,353	17,625
Total investment in real estate	1,504,156	1,249,356
Accumulated depreciation	(84,097)	(51,511)
Investments in real estate, net	$ 1,420,059	$ 1,197,845
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

Summary of Acquisitions (Detail

Summary of Acquisitions (Detail) $ in Thousands		12 Months Ended
		Dec. 31, 2017USD ($)Property	May 01, 2015Property
Business Acquisition [Line Items]
Units (unaudited)		2,340
Purchase Price | $		$ 243,585
Indianapolis, IN
Business Acquisition [Line Items]
Units (unaudited)			236
Lakes of Northdale | Tampa , FL
Business Acquisition [Line Items]
Date of Purchase		Feb. 27, 2017
Units (unaudited)		216
Purchase Price | $		$ 29,750
Haverford Place | Kentucky
Business Acquisition [Line Items]
Date of Purchase		May 24, 2017
Units (unaudited)		160
Purchase Price | $		$ 14,240
South Terrace | North Carolina
Business Acquisition [Line Items]
Date of Purchase	[1]	Jun. 30, 2017
Units (unaudited)	[1]	328
Purchase Price | $	[1]	$ 42,950
Cherry Grove | South Carolina
Business Acquisition [Line Items]
Date of Purchase	[2]	Sep. 26, 2017
Units (unaudited)	[2]	172
Purchase Price | $	[2]	$ 16,157
Riverchase | Indianapolis, IN
Business Acquisition [Line Items]
Date of Purchase	[2]	Sep. 26, 2017
Units (unaudited)	[2]	216
Purchase Price | $	[2]	$ 18,899
Kensington | Canal Winchester, OH
Business Acquisition [Line Items]
Date of Purchase	[2]	Sep. 26, 2017
Units (unaudited)	[2]	264
Purchase Price | $	[2]	$ 24,409
Schirm Farms | Canal Winchester, OH
Business Acquisition [Line Items]
Date of Purchase	[2]	Sep. 26, 2017
Units (unaudited)	[2]	264
Purchase Price | $	[2]	$ 23,749
Live Oak Trace | Baton Rouge, LA
Business Acquisition [Line Items]
Date of Purchase	[2]	Oct. 25, 2017
Units (unaudited)	[2]	264
Purchase Price | $	[2]	$ 28,501
Tides at Calabash | Wilmington, NC
Business Acquisition [Line Items]
Date of Purchase	[2]	Nov. 14, 2017
Units (unaudited)	[2]	168
Purchase Price | $	[2]	$ 14,269
Brunswick Point | Wilmington, NC
Business Acquisition [Line Items]
Date of Purchase	[2]	Dec. 12, 2017
Units (unaudited)	[2]	288
Purchase Price | $	[2]	$ 30,661
[1]	This property was acquired from a joint venture of which our former advisor was a controlling member. See Note 8: Related Party Transactions and Arrangements. In conjunction with this acquisition, we issued IROP units to third parties that were members of the joint venture that owned the property. See Note 6: Stockholder Equity and Noncontrolling Interests.
[2]	These properties were acquired as a part of our acquisition of a nine-community portfolio (the HPI Portfolio), totaling 2,353 units (unaudited), which we agreed to acquire on September 3, 2017 for a total purchase price of $228,144. In connection with the acquisition of these properties, we incurred defeasance costs totaling $3,624, which are included in Acquisition related debt extinguishment expenses within the Consolidated Statements of Operations.

Summary of Acquisitions (Parent

Summary of Acquisitions (Parenthetical) (Detail) $ in Thousands	Sep. 03, 2017USD ($)Property	Dec. 31, 2017USD ($)Property
Business Acquisition [Line Items]
Units (unaudited) | Property		2,340
Purchase Price		$ 243,585
Defeasance costs related to properties acquired	$ 3,624
HPI Portfolio
Business Acquisition [Line Items]
Units (unaudited) | Property	2,353
Purchase Price	$ 228,144

Summary of Aggregate Fair Value

Summary of Aggregate Fair Value of Assets and Liabilities (Detail) $ in Thousands	Dec. 31, 2017USD ($)
Assets acquired:
Investments in real estate	$ 86,012
Accounts receivable and other assets	331
Intangible assets	928
Total assets acquired	87,271
Liabilities assumed:
Accounts payable and accrued expenses	398
Other liabilities	150
Total liabilities assumed	548
Estimated fair value of net assets acquired	86,723
HPI Portfolio
Assets acquired:
Investments in real estate	155,059
Accounts receivable and other assets	290
Intangible assets	1,587
Total assets acquired	156,936
Liabilities assumed:
Indebtedness	18,977
Accounts payable and accrued expenses	1,479
Other liabilities	607
Total liabilities assumed	21,063
Estimated fair value of net assets acquired	$ 135,873

Summary of Revenue And Net Inco

Summary of Revenue And Net Income (Loss) for Properties Acquired (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Business Acquisition Pro Forma Information Nonrecurring Adjustment [Line Items]
Total revenue	$ 9,134
Net Income allocable to common shares	2,266
Lakes of Northdale
Business Acquisition Pro Forma Information Nonrecurring Adjustment [Line Items]
Total revenue	2,603
Net Income allocable to common shares	709
Haverford Place
Business Acquisition Pro Forma Information Nonrecurring Adjustment [Line Items]
Total revenue	1,078
Net Income allocable to common shares	302
South Terrace
Business Acquisition Pro Forma Information Nonrecurring Adjustment [Line Items]
Total revenue	2,071
Net Income allocable to common shares	379
Cherry Grove
Business Acquisition Pro Forma Information Nonrecurring Adjustment [Line Items]
Total revenue	526
Net Income allocable to common shares	140
Riverchase
Business Acquisition Pro Forma Information Nonrecurring Adjustment [Line Items]
Total revenue	533
Net Income allocable to common shares	70
Kensington
Business Acquisition Pro Forma Information Nonrecurring Adjustment [Line Items]
Total revenue	736
Net Income allocable to common shares	187
Schirm Farms
Business Acquisition Pro Forma Information Nonrecurring Adjustment [Line Items]
Total revenue	711
Net Income allocable to common shares	170
Live Oak Trace
Business Acquisition Pro Forma Information Nonrecurring Adjustment [Line Items]
Total revenue	424
Net Income allocable to common shares	108
Tides at Calabash
Business Acquisition Pro Forma Information Nonrecurring Adjustment [Line Items]
Total revenue	315
Net Income allocable to common shares	177
Brunswick Point
Business Acquisition Pro Forma Information Nonrecurring Adjustment [Line Items]
Total revenue	137
Net Income allocable to common shares	$ 24

Pro Forma of Financial Informat

Pro Forma of Financial Information Purport to Represent Result of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Real Estate Properties Base Purchase Price [Abstract]
Pro forma total revenue (unaudited)	$ 177,642	$ 177,412
Pro forma net income (loss) allocable to common shares (unaudited)	$ 36,219	$ (3,398)
Earnings (loss) per share attributable to common shareholders:
Basic-pro forma (unaudited)	$ 0.49	$ (0.07)
Diluted-pro forma (unaudited)	$ 0.49	$ (0.07)

Summary of Disposition of Prope

Summary of Disposition of Property's (Detail) - USD ($) $ in Thousands		Dec. 22, 2015	Dec. 31, 2017		Dec. 31, 2016
Real Estate Properties [Line Items]
Sale Price		$ 33,600	$ 86,800		$ 88,000
Gain (loss) on sale			18,910	[1]	31,785
Net income allocable to common shares			$ 2,363		2,305
Copper Mill
Real Estate Properties [Line Items]
Date of Sale			May 5, 2017
Sale Price			$ 32,000
Gain (loss) on sale	[1]		15,595
Net income allocable to common shares			$ 548		1,105
Heritage Trace
Real Estate Properties [Line Items]
Date of Sale			Jun. 1, 2017
Sale Price			$ 11,600
Gain (loss) on sale	[1]		(1,256)
Net income allocable to common shares			$ 240		(47)
Berkshire Square
Real Estate Properties [Line Items]
Date of Sale			Jun. 9, 2017
Sale Price			$ 16,000
Gain (loss) on sale	[1]		1,510
Net income allocable to common shares			$ 201		306
Crossings
Real Estate Properties [Line Items]
Date of Sale			Nov. 28, 2017
Sale Price			$ 27,200
Gain (loss) on sale	[1]		3,061
Net income allocable to common shares			$ 1,374		$ 941
Cumberland Glen
Real Estate Properties [Line Items]
Date of Sale	[2]				Feb. 18, 2016
Sale Price	[2]				$ 18,000
Gain (loss) on sale	[2]				$ 2,452
Belle Creek
Real Estate Properties [Line Items]
Date of Sale					Apr. 7, 2016
Sale Price					$ 23,000
Gain (loss) on sale					$ 14,191
Tresa
Real Estate Properties [Line Items]
Date of Sale					May 5, 2016
Sale Price					$ 47,000
Gain (loss) on sale					$ 15,142
[1]	The gain (loss) on sale for these properties is net of $4,251 of defeasance and debt prepayment premium costs. All properties were previously classified as held for sale.
[2]	Gain (loss) on sale related to this property includes a defeasance premium of $1,343.

Summary of Disposition of Pro42

Summary of Disposition of Property's (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Copper Mill
Real Estate Properties [Line Items]
Gain (loss) on sale related to property includes defeasance costs	$ 4,251
Cumberland Glen
Real Estate Properties [Line Items]
Gain (loss) on sale related to property includes defeasance costs		$ 1,343

Summary Information Concerning

Summary Information Concerning Indebtedness (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017		Dec. 31, 2016
Debt Instrument [Line Items]
Outstanding Principal		$ 784,640		$ 750,188
Unamortized Discount and Debt Issuance Costs		(6,198)		(6,371)
Carrying Amount		$ 778,442		$ 743,817
Weighted Average Rate		3.60%		3.60%
Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity (in years)		5 years 8 months 12 days		5 years 8 months 12 days
Mortgages-Fixed Rate
Debt Instrument [Line Items]
Outstanding Principal		$ 580,635		$ 600,188
Unamortized Discount and Debt Issuance Costs		(2,927)		(3,651)
Carrying Amount		$ 577,708		$ 596,537
Type		Fixed		Fixed
Weighted Average Rate		3.70%		3.80%
Mortgages-Fixed Rate | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity (in years)		5 years 9 months 18 days		6 years 8 months 12 days
Unsecured Credit Facility
Debt Instrument [Line Items]
Outstanding Principal	[1]	$ 104,005
Unamortized Discount and Debt Issuance Costs	[1]	(2,376)
Carrying Amount		$ 101,629	[1]	$ 147,280
Type	[1]	Floating
Weighted Average Rate	[1]	3.00%
Unsecured Credit Facility | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity (in years)	[1]	3 years 9 months 18 days
Term Loan
Debt Instrument [Line Items]
Outstanding Principal		$ 100,000
Unamortized Discount and Debt Issuance Costs		(895)
Carrying Amount		$ 99,105
Type		Floating
Weighted Average Rate		3.20%
Term Loan | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity (in years)		6 years 10 months 24 days
Secured Credit Facility
Debt Instrument [Line Items]
Outstanding Principal	[2]			150,000
Unamortized Discount and Debt Issuance Costs	[2]			(2,720)
Carrying Amount	[2]			$ 147,280
Type	[2]			Floating
Weighted Average Rate	[2]			3.00%
Secured Credit Facility | Weighted Average
Debt Instrument [Line Items]
Weighted Average Maturity (in years)	[2]			1 year 8 months 12 days
[1]	The unsecured credit facility total capacity is $300,000, of which $104,005 was outstanding as of December 31, 2017.
[2]	The secured credit facility total capacity was $312,500, of which $150,000 was outstanding as of December 31, 2016.

Summary Information Concernin44

Summary Information Concerning Indebtedness (Parenthetical) (Detail) - USD ($)		Dec. 31, 2017	May 01, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Outstanding Principal		$ 784,640,000		$ 750,188,000
Unsecured Credit Facility
Debt Instrument [Line Items]
Secured credit facility borrowing capacity		300,000,000	$ 300,000,000
Outstanding Principal	[1]	$ 104,005,000
Secured Credit Facility
Debt Instrument [Line Items]
Secured credit facility borrowing capacity				312,500,000
Outstanding Principal	[2]			$ 150,000,000
[1]	The unsecured credit facility total capacity is $300,000, of which $104,005 was outstanding as of December 31, 2017.
[2]	The secured credit facility total capacity was $312,500, of which $150,000 was outstanding as of December 31, 2016.

Maturity of Indebtedness (Detai

Maturity of Indebtedness (Detail) $ in Thousands	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
2,018	$ 3,251
2,019	4,660
2,020	7,611
2,021	156,603
2,022	123,757
Thereafter	488,758
Mortgages-Fixed Rate
Debt Instrument [Line Items]
2,018	3,251
2,019	4,660
2,020	7,611
2,021	102,598
2,022	73,757
Thereafter	388,758
Unsecured Credit Facility
Debt Instrument [Line Items]
2,021	54,005
2,022	50,000
Term Loan
Debt Instrument [Line Items]
Thereafter	$ 100,000

Indebtedness - Additional Infor

Indebtedness - Additional Information (Detail)

Jan. 03, 2018USD ($)

Dec. 12, 2017USD ($)

Nov. 20, 2017USD ($)

May 01, 2017USD ($)

Jun. 24, 2016USD ($)

May 26, 2016USD ($)

May 20, 2016USD ($)

May 17, 2016USD ($)

Sep. 17, 2015USD ($)

Apr. 13, 2015USD ($)

Jan. 27, 2015USD ($)

Jan. 31, 2018USD ($)

Mar. 31, 2016USD ($)

Feb. 29, 2016USD ($)

Dec. 31, 2017USD ($)Property

Dec. 31, 2016USD ($)

Nov. 17, 2017USD ($)

Dec. 21, 2016USD ($)

Debt Instrument [Line Items]

Loss on extinguishment of debt

$ 572,000

$ 572,000

$ 1,210,000

Outstanding Principal

$ 784,640,000

750,188,000

Number of property dispositions | Property

4

Mortgage loan related to property disposition

$ 35,901,000

Mortgages-Fixed Rate

Debt Instrument [Line Items]

Debt instrument repayment

$ 43,694,000

Outstanding Principal

$ 580,635,000

$ 600,188,000

Repayment of term loan facility

$ 6,659,000

Mortgages-Fixed Rate | Hartshire

Debt Instrument [Line Items]

Interest payment period

Monthly

Mortgages-Fixed Rate | Creekside

Debt Instrument [Line Items]

Interest payment period

Monthly

Subsequent Event | Mortgages-Fixed Rate | Hartshire

Debt Instrument [Line Items]

Outstanding Principal

$ 16,000,000

Debt interest rate

4.68%

Weighted Average Maturity (in years)

30 years

Maturity date

Jan. 31, 2025

Subsequent Event | Mortgages-Fixed Rate | Creekside

Debt Instrument [Line Items]

Outstanding Principal

$ 23,500,000

Debt interest rate

4.56%

Weighted Average Maturity (in years)

30 years

Maturity date

Jan. 31, 2025

Brunswick Point | Mortgages-Fixed Rate

Debt Instrument [Line Items]

Outstanding Principal

$ 19,000,000

Debt interest rate

4.40%

Interest payment period

Monthly

Weighted Average Maturity (in years)

30 years

Maturity date

May 31, 2025

Outstanding Principal, fair value

$ 18,977,000

Aston | Mortgages-Fixed Rate

Debt Instrument [Line Items]

Outstanding Principal

$ 25,050,000

Debt interest rate

3.40%

Interest payment period

Monthly

Weighted Average Maturity (in years)

30 years

Maturity date

Jun. 30, 2023

Principal date

Dec. 31, 2019

Craig Ranch | Mortgages-Fixed Rate

Debt Instrument [Line Items]

Outstanding Principal

$ 31,250,000

Debt interest rate

3.30%

Interest payment period

Monthly

Weighted Average Maturity (in years)

30 years

Maturity date

Jun. 30, 2023

Principal date

May 31, 2019

Big Creek | Mortgages-Fixed Rate

Debt Instrument [Line Items]

Outstanding Principal

$ 49,680,000

Debt interest rate

3.70%

Interest payment period

Monthly

Weighted Average Maturity (in years)

30 years

Maturity date

Jun. 30, 2026

Principal date

Jun. 30, 2019

Iron Rock Ranch | Mortgages-Fixed Rate

Debt Instrument [Line Items]

Outstanding Principal

$ 22,900,000

Debt interest rate

3.40%

Interest payment period

Monthly

Maturity date

Feb. 1, 2025

Stonebridge At The Ranch | Mortgages-Fixed Rate

Debt Instrument [Line Items]

Outstanding Principal

$ 20,527,000

Debt interest rate

3.20%

Interest payment period

Monthly

Maturity date

May 1, 2025

Creekstone At R T P | Mortgages-Fixed Rate

Debt Instrument [Line Items]

Outstanding Principal

$ 23,250,000

Debt interest rate

3.90%

Interest payment period

Monthly

Weighted Average Maturity (in years)

30 years

Maturity date

Jun. 10, 2023

Principal date

Jun. 10, 2016

Fountains Southend | Mortgages-Fixed Rate

Debt Instrument [Line Items]

Outstanding Principal

$ 23,750,000

Debt interest rate

4.30%

Interest payment period

Monthly

Weighted Average Maturity (in years)

30 years

Maturity date

Feb. 5, 2024

Principal date

Feb. 5, 2017

I R T Millenia | Mortgages-Fixed Rate

Debt Instrument [Line Items]

Outstanding Principal

$ 25,000,000

Debt interest rate

3.80%

Interest payment period

Monthly

Weighted Average Maturity (in years)

30 years

Maturity date

Mar. 5, 2021

Principal date

Apr. 5, 2018

I R T Millenia | Mortgages-Fixed Rate | Supplemental Loan Agreement

Debt Instrument [Line Items]

Outstanding Principal

$ 4,175,000

Debt interest rate

4.30%

Interest payment period

Monthly

Weighted Average Maturity (in years)

30 years

Maturity date

Mar. 5, 2021

Principal date

May 5, 2018

Talison Row | Mortgages-Fixed Rate

Debt Instrument [Line Items]

Outstanding Principal

$ 33,635,000

Debt interest rate

4.10%

Interest payment period

Monthly

Weighted Average Maturity (in years)

30 years

Maturity date

Sep. 10, 2023

Principal date

Sep. 10, 2016

Aventine Greenville | Mortgages-Fixed Rate

Debt Instrument [Line Items]

Outstanding Principal

$ 30,600,000

Debt interest rate

3.20%

Interest payment period

Monthly

Weighted Average Maturity (in years)

30 years

Maturity date

Mar. 5, 2021

Principal date

Nov. 4, 2016

Waterstone at Brier Creek | Mortgages-Fixed Rate

Debt Instrument [Line Items]

Outstanding Principal

$ 16,250,000

Debt interest rate

3.70%

Interest payment period

Monthly

Maturity date

Apr. 5, 2022

Waterstone at Brier Creek | Mortgages-Fixed Rate | Supplemental Loan Agreement

Debt Instrument [Line Items]

Outstanding Principal

$ 4,175,000

Debt interest rate

4.20%

Interest payment period

Monthly

Maturity date

Apr. 5, 2022

Secured Credit Facility

Debt Instrument [Line Items]

Secured credit facility borrowing capacity

$ 312,500,000

Outstanding Principal

[1]

$ 150,000,000

Revolving Commitment

Debt Instrument [Line Items]

Secured credit facility borrowing capacity

$ 250,000,000

Maturity date

May 1, 2021

Maturity date, option to extend the period

extend the revolving commitment for two additional 6-month periods

Term Loan

Debt Instrument [Line Items]

Secured credit facility borrowing capacity

$ 50,000,000

Maturity date

May 1, 2022

Outstanding Principal

$ 100,000,000

Unsecured Credit Facility

Debt Instrument [Line Items]

Secured credit facility borrowing capacity

$ 300,000,000

300,000,000

Outstanding Principal

[2]

$ 104,005,000

Unsecured Credit Facility | HPI Portfolio and The Chelsea | Subsequent Event

Debt Instrument [Line Items]

Amount drew down from credit facility

$ 68,000,000

Unsecured Credit Facility | If greater than or equal to 50% of the revolver is used

Debt Instrument [Line Items]

Percentage of fee on line of credit facility outstanding

0.15%

Unsecured Credit Facility | If less than 50% of the revolver is used

Debt Instrument [Line Items]

Percentage of fee on line of credit facility outstanding

0.25%

Unsecured Credit Facility | Maximum

Debt Instrument [Line Items]

Right to increase the credit facility

$ 500,000,000

Unsecured Credit Facility | Maximum | LIBOR

Debt Instrument [Line Items]

Debt interest rate

2.20%

Unsecured Credit Facility | Maximum | Base Rate

Debt Instrument [Line Items]

Debt interest rate

1.20%

Unsecured Credit Facility | Minimum | LIBOR

Debt Instrument [Line Items]

Debt interest rate

1.30%

Unsecured Credit Facility | Minimum | Base Rate

Debt Instrument [Line Items]

Debt interest rate

0.30%

Unsecured Term Loan

Debt Instrument [Line Items]

Secured credit facility borrowing capacity

$ 100,000,000

$ 100,000,000

Deferred financing costs

$ 917,000

Unsecured Term Loan | Maximum | LIBOR

Debt Instrument [Line Items]

Debt interest rate

2.50%

Unsecured Term Loan | Minimum | LIBOR

Debt Instrument [Line Items]

Debt interest rate

1.60%

Key Bank Senior Facility | Secured Credit Facility

Debt Instrument [Line Items]

Secured credit facility borrowing capacity

$ 325,000,000

Deferred financing costs

4,722,000

Pool of unencumbered properties occupancy level

85.00%

Key Bank Senior Facility | Revolving Commitment

Debt Instrument [Line Items]

Secured credit facility borrowing capacity

125,000,000

$ 312,500,000

$ 172,500,000

Key Bank Senior Facility | Term Loan

Debt Instrument [Line Items]

Secured credit facility borrowing capacity

200,000,000

Key Bank Interim Facility | Senior Interim Term Loan

Debt Instrument [Line Items]

Secured credit facility borrowing capacity

120,000,000

Deferred financing costs

$ 2,092,000

Key Bank Interim Facility | Senior Term Loan Facility

Debt Instrument [Line Items]

Secured credit facility borrowing capacity

$ 40,000,000

Maturity date

Sep. 17, 2018

Proceeds from credit facility

$ 40,000,000

Debt instrument closing costs

416,000

Debt instrument repayment

$ 33,512,000

[1]

The secured credit facility total capacity was $312,500, of which $150,000 was outstanding as of December 31, 2016.

[2]

The unsecured credit facility total capacity is $300,000, of which $104,005 was outstanding as of December 31, 2017.

Derivative Financial Instrume47

Derivative Financial Instruments - Summary of Aggregate Amount and Estimated Net Fair Value of Derivative Instruments (Detail) - USD ($)	Dec. 31, 2017	Nov. 17, 2017	Dec. 31, 2016	Jun. 24, 2016	Sep. 30, 2015
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount	$ 250,000,000		$ 350,000,000
Fair Value of Assets	7,291,000		3,867,000
Fair Value of Assets			3,867,000
Interest Rate Swap
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount				$ 150,000,000
Cash Flow Hedge
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount	200,000,000		150,000,000
Fair Value of Assets	5,997,000		3,867,000
Cash Flow Hedge | Interest Rate Swap
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount	150,000,000		150,000,000
Fair Value of Assets	4,700,000		3,867,000
Cash Flow Hedge | Interest Rate Collar
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount	50,000,000	$ 100,000,000
Fair Value of Assets	1,297,000
Cash Flow Hedge | Interest Rate Cap
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount					$ 200,000,000
Freestanding Derivatives | Interest Rate Collar
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount	50,000,000	$ 50,000,000
Fair Value of Assets	$ 1,294,000
Freestanding Derivatives | Interest Rate Cap
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount			$ 200,000,000

Derivative Financial Instrume48

Derivative Financial Instruments - Additional Information (Detail) - USD ($)	Nov. 17, 2017	Jun. 24, 2016	Sep. 30, 2015	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jan. 04, 2018	Nov. 20, 2017	Apr. 17, 2017
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount				$ 250,000,000		$ 250,000,000	$ 350,000,000
Derivative, strike rate for the interest rate swap contract		1.145%									1.1325%
Realized gains (losses) on interest rate hedges reclassified to earnings						(107,000)	(492,000)	$ 0
Unsecured Term Loan
Derivative Instruments Gain Loss [Line Items]
Secured credit facility borrowing capacity	$ 100,000,000									$ 100,000,000
Cash Flow Hedge
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount				200,000,000		200,000,000	150,000,000
Cash Flow Hedge | 1-month LIBOR
Derivative Instruments Gain Loss [Line Items]
Interest rate cap strike rate			3.00%
Freestanding Derivatives | Other Income (Expense)
Derivative Instruments Gain Loss [Line Items]
Recognized gain on derivatives				94,000
Interest Rate Swap
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount		$ 150,000,000
Derivative, maturity date		Jun. 17, 2021
Interest Rate Swap | Cash Flow Hedge
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount				150,000,000		150,000,000	150,000,000
Interest Rate Collar | Cash Flow Hedge
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount	$ 100,000,000			50,000,000		50,000,000
Derivative, maturity date	Nov. 17, 2024
Interest rate cap strike rate	2.00%
Floor interest rate	1.25%
Interest Rate Collar | Cash Flow Hedge | Designated
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount	$ 50,000,000
Interest Rate Collar | Freestanding Derivatives
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount	$ 50,000,000			$ 50,000,000		$ 50,000,000
Interest Rate Collar | Freestanding Derivatives | Designated | Subsequent Event
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount									$ 50,000,000
Interest Rate Cap | Cash Flow Hedge
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount			$ 200,000,000
Derivative, maturity date			Oct. 17, 2017
Interest Rate Cap | Freestanding Derivatives
Derivative Instruments Gain Loss [Line Items]
Derivative, notional amount							$ 200,000,000
Interest Rate Swaps and Caps | Cash Flow Hedge | Scenario, Forecast
Derivative Instruments Gain Loss [Line Items]
Reclassified out of accumulated other comprehensive income to earnings, amount					$ 954,000

Stockholder Equity and Noncon49

Stockholder Equity and Noncontrolling Interest - Additional Information (Detail) - USD ($)	Sep. 11, 2017	Jan. 31, 2018	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Aug. 04, 2017
Class Of Stock [Line Items]
At-the-market sales agreement, common stock par value per share							$ 0.01
At-the-market agreement to sell common shares, maximum offer price							$ 150,000,000
At-the-market agreement to sell common shares, compensation to sales agents							2.00%
At-the-market sales agreement, obligation to sell common shares							$ 0
OP Units issued			166,604
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable			$ 1,654,000
Limited partnership interest received in exchange for issuance of common stock				64,202	245,982
OP Units outstanding				3,011,351
OP Units redemption value				$ 30,385,000
Share price				$ 10.09		$ 7.51
Subsequent Event
Class Of Stock [Line Items]
Limited partnership interest received in exchange for issuance of common stock		186,717
Common Shares
Class Of Stock [Line Items]
Common stock issued				15,539,900	28,750,000	15,105,669
Exchange of units to common stock				64,202	245,980	52,933
Common Shares | Subsequent Event
Class Of Stock [Line Items]
Exchange of units to common stock		186,717
ATM Sales Agreement
Class Of Stock [Line Items]
Shares issued				1,164,900
Average price per share				$ 10.38
Net proceeds after deducting commissions				$ 11,851,000
Commissions				$ 242,000
Underwritten public offering
Class Of Stock [Line Items]
Common stock issued	12,500,000
Common stock, par value	$ 9.25
Public offering price per share	$ 1,875,000
Net proceeds of public offering	$ 126,100,000

Dividends Declared (Detail)

Dividends Declared (Detail) - Dividend Declared - $ / shares

1 Months Ended

Dec. 31, 2017

Nov. 30, 2017

Oct. 31, 2017

Sep. 30, 2017

Aug. 31, 2017

Jul. 31, 2017

Jun. 30, 2017

May 31, 2017

Apr. 30, 2017

Mar. 31, 2017

Feb. 28, 2017

Jan. 31, 2017

Dec. 31, 2016

Nov. 30, 2016

Oct. 31, 2016

Sep. 30, 2016

Aug. 31, 2016

Jul. 31, 2016

Jun. 30, 2016

May 31, 2016

Apr. 30, 2016

Mar. 31, 2016

Feb. 29, 2016

Jan. 31, 2016

Dividends Payable [Line Items]

Declaration Date

Oct. 12, 2017

Oct. 12, 2017

Oct. 12, 2017

Jul. 14, 2017

Jul. 14, 2017

Jul. 14, 2017

Apr. 12, 2017

Apr. 12, 2017

Apr. 12, 2017

Jan. 12, 2017

Jan. 12, 2017

Jan. 12, 2017

Oct. 12, 2016

Oct. 12, 2016

Oct. 12, 2016

Jul. 14, 2016

Jul. 14, 2016

Jul. 14, 2016

Apr. 14, 2016

Apr. 14, 2016

Apr. 14, 2016

Jan. 14, 2016

Jan. 14, 2016

Jan. 14, 2016

Record Date

Dec. 29, 2017

Nov. 30, 2017

Oct. 31, 2017

Sep. 29, 2017

Aug. 31, 2017

Jul. 31, 2017

Jun. 30, 2017

May 31, 2017

Apr. 28, 2017

Mar. 31, 2017

Feb. 28, 2017

Jan. 31, 2017

Dec. 30, 2016

Nov. 30, 2016

Oct. 31, 2016

Sep. 30, 2016

Aug. 31, 2016

Jul. 29, 2016

Jun. 30, 2016

May 31, 2016

Apr. 29, 2016

Mar. 31, 2016

Feb. 29, 2016

Jan. 29, 2016

Payment Date

Jan. 15, 2018

Dec. 15, 2017

Nov. 15, 2017

Oct. 13, 2017

Sep. 15, 2017

Aug. 15, 2017

Jul. 17, 2017

Jun. 15, 2017

May 15, 2017

Apr. 17, 2017

Mar. 15, 2017

Feb. 15, 2017

Jan. 17, 2017

Dec. 15, 2016

Nov. 15, 2016

Oct. 17, 2016

Sep. 15, 2016

Aug. 15, 2016

Jul. 15, 2016

Jun. 15, 2016

May 16, 2016

Apr. 15, 2016

Mar. 15, 2016

Feb. 16, 2016

Dividend Declared Per Share

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

Noncontrolling Interests

Dividends Payable [Line Items]

Declaration Date

Oct. 12, 2017

Oct. 12, 2017

Oct. 12, 2017

Jul. 14, 2017

Jul. 14, 2017

Jul. 14, 2017

Apr. 12, 2017

Apr. 12, 2017

Apr. 12, 2017

Jan. 12, 2017

Jan. 12, 2017

Jan. 12, 2017

Oct. 12, 2016

Oct. 12, 2016

Oct. 12, 2016

Jul. 14, 2016

Jul. 14, 2016

Jul. 14, 2016

Apr. 14, 2016

Apr. 14, 2016

Apr. 14, 2016

Jan. 14, 2016

Jan. 14, 2016

Jan. 14, 2016

Record Date

Dec. 29, 2017

Nov. 30, 2017

Oct. 31, 2017

Sep. 29, 2017

Aug. 31, 2017

Jul. 31, 2017

Jun. 30, 2017

May 31, 2017

Apr. 28, 2017

Mar. 31, 2017

Feb. 28, 2017

Jan. 31, 2017

Dec. 30, 2016

Nov. 30, 2016

Oct. 31, 2016

Sep. 30, 2016

Aug. 31, 2016

Jul. 29, 2016

Jun. 30, 2016

May 31, 2016

Apr. 29, 2016

Mar. 31, 2016

Feb. 29, 2016

Jan. 29, 2016

Payment Date

Jan. 15, 2018

Dec. 15, 2017

Nov. 15, 2017

Oct. 13, 2017

Sep. 15, 2017

Aug. 15, 2017

Jul. 17, 2017

Jun. 15, 2017

May 15, 2017

Apr. 17, 2017

Mar. 15, 2017

Feb. 15, 2017

Jan. 17, 2017

Dec. 15, 2016

Nov. 15, 2016

Oct. 17, 2016

Sep. 15, 2016

Aug. 15, 2016

Jul. 15, 2016

Jun. 15, 2016

May 16, 2016

Apr. 15, 2016

Mar. 15, 2016

Feb. 16, 2016

Dividend Declared Per Share

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

$ 0.06

Equity Compensation Plans - Add

Equity Compensation Plans - Additional Information (Detail) - USD ($)	Feb. 08, 2018	May 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized		4,300,000	300,000,000	300,000,000
Expiration date of Incentive Plan				May 12, 2026
Stock compensation expense			$ 1,968,000	$ 1,222,000	$ 495,000
Share price			$ 10.09		$ 7.51
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unearned compensation cost			$ 1,463,000
Estimated fair value of restricted common share awards vested			$ 1,319,000	$ 427,000
Exercise price of outstanding SARs			$ 7.84	$ 6.99	$ 9.13	$ 8.20
Common Share awards, granted			168,010	228,000	112,000
Weighted average fair value, granted			$ 9.17	$ 6.33	$ 9.30
Restricted Stock | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vesting period	3 years
Common Share awards, granted	93,700
Weighted average fair value, granted	$ 8.37
Grant date fair value	$ 784,000
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unearned compensation cost			$ 0
Intrinsic value exercisable			203,000
Intrinsic value outstanding			$ 203,000
Exercise price of outstanding SARs			$ 9.28	$ 9.15	$ 9.13	$ 8.20
Weighted average contractual life of outstanding SARs			2 years 10 days
Weighted average contractual life of exercisable SARs			2 years 10 days
Stock issued			0	0
Common Share awards, granted					300,000
Weighted average fair value, granted					$ 9.35
Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense			$ 751,000
Weighted average recognition period			2 years 2 months 12 days
Minimum | SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of outstanding SARs			$ 8.20
Maximum | SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of outstanding SARs			$ 9.35
Long Term Incentive Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vesting period		3 years
Long Term Incentive Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vesting period		4 years

Summary of Restricted Common Sh

Summary of Restricted Common Share Awards of Incentive Plan (Detail) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Number of Shares
Number of Shares, beginning balance	281,005	117,000	36,000
Common Share awards, granted	168,010	228,000	112,000
Common Share awards, vested	(142,748)	(60,661)	(24,000)
Common Share awards, forfeited	(10,420)	(3,334)	(7,000)
Number of Shares, ending balance	295,847	281,005	117,000
Weighted Average Grant Date FairValue Per Share
Weighted average fair value, Balance at beginning of period	$ 6.99	$ 9.13	$ 8.20
Weighted average fair value, granted	9.17	6.33	9.30
Weighted average fair value, vested	7.68	8.62	8.55
Weighted average fair value, forfeited	8.56	7.47	9.02
Weighted average fair value, Balance at end of period	$ 7.84	$ 6.99	$ 9.13

Summary of SARs Activity of the

Summary of SARs Activity of the Incentive Plan (Detail) - SARs - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Number of Shares
Number of Shares, beginning balance	337,000	351,000	72,000
Granted			300,000
Expired		(2,000)
Exercised	(84,000)	(8,000)	(2,000)
Forfeited	(3,000)	(4,000)	(19,000)
Number of Shares, ending balance	250,000	337,000	351,000
SARs exercisable	160,000	128,998	22,000
Weighted Average Grant Date FairValue Per Share
Weighted average fair value, Balance at beginning of period	$ 9.15	$ 9.13	$ 8.20
Granted			9.35
Expired		9
Exercised	8.78	8.20	8.20
Forfeited	9.35	9.35	9.11
Weighted average fair value, Balance at end of period	$ 9.28	$ 9.15	$ 9.13

Summary of Assumptions Used in

Summary of Assumptions Used in Computing fair value of the SARs (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price	$ 7.51	$ 10.09
Risk-free interest rate minimum	1.10%
Risk-free interest rate maximum	1.20%
Dividend yield	9.60%
Volatility	34.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Strike Price	$ 8.20
Expected term	1 year 8 months 12 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Strike Price	$ 9.35
Expected term	2 years 6 months

Summary of PSUs Granted (Detail

Summary of PSUs Granted (Detail) - Performance Share Units	12 Months Ended
	Dec. 31, 2017$ / sharesshares
Relative 3-year TSR vs NAREIT Apartment Index
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date	Feb. 28, 2017
Type of PSUs Granted	Relative 3-year TSR vs NAREIT Apartment Index
Number of PSUs Granted	135,881
Performance Period Commencement Date	Jan. 1, 2018
Performance Period End Date	Dec. 31, 2020
Grant Date Fair Value | $ / shares	$ 4.83
Number of PSUs Outstanding as of December 31, 2017	135,881
Absolute 3-Year TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date	Feb. 28, 2017
Type of PSUs Granted	Absolute 3-Year TSR
Number of PSUs Granted	45,294
Performance Period Commencement Date	Jan. 1, 2018
Performance Period End Date	Dec. 31, 2020
Grant Date Fair Value | $ / shares	$ 3.13
Number of PSUs Outstanding as of December 31, 2017	45,294
Strategic Objectives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date	Jul. 26, 2017
Type of PSUs Granted	Strategic Objectives
Number of PSUs Granted	45,294
Performance Period Commencement Date	Jan. 1, 2018
Performance Period End Date	Dec. 31, 2020
Grant Date Fair Value | $ / shares	$ 9.87
Number of PSUs Outstanding as of December 31, 2017	45,294

Summary of Assumptions Used i56

Summary of Assumptions Used in Computing fair value of the PSUs (Detail)		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield			9.60%
Volatility			34.00%
Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield		8.10%
Volatility	[1]	27.00%
Expected term		2 years 9 months 18 days
[1]	This represents the volatility assumption used for IRT. The volatility assumptions used for our peer group and the NAREIT Mortgage Index ranged from 19% to 28%

Summary of Assumptions Used i57

Summary of Assumptions Used in Computing fair value of the PSUs (Parenthetical) (Detail)		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility			34.00%
Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	[1]	27.00%
Minimum | Performance Share Units | Peer Group and NAREIT
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility		19.00%
Maximum | Performance Share Units | Peer Group and NAREIT
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility		28.00%
[1]	This represents the volatility assumption used for IRT. The volatility assumptions used for our peer group and the NAREIT Mortgage Index ranged from 19% to 28%

2016 Management Internalizati58

2016 Management Internalization - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 20, 2016	Dec. 31, 2016	Dec. 31, 2017
Business Acquisition [Line Items]
Net assets acquired			$ 86,723
Management internalization expense	$ 2,119	$ 44,976
Management Internalization
Business Acquisition [Line Items]
Present value of unfavorable difference between actual and potential payment based on agreements.	43,000
Net assets acquired	143
Consideration transferred	43,000
Business acquisition loss recognized amount	$ 42,857

Related Party Transactions an59

Related Party Transactions and Arrangements - Additional Information (Detail)	Oct. 05, 2016shares	Jun. 30, 2017USD ($)Property	Jun. 30, 2016USD ($)Property	Dec. 31, 2017USD ($)Propertyshares	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Related Party Transaction [Line Items]
Dividends paid, common stock				$ 53,246,000	$ 37,880,000	$ 26,014,000
Number of property dispositions | Property				4
Total interest expense paid				$ 27,368,000	33,034,000	22,105,000
Number of property acquired | Property				2,340
Acquisition of real estate properties				$ 220,254,000		24,746,000
Common Shares
Related Party Transaction [Line Items]
Common stock repurchased and retired shares | shares				59,631
R A I T Financial Trust
Related Party Transaction [Line Items]
Asset management fees earned				$ 257,000
Dividends paid, common stock				0	3,926,000	5,234,000
Repayment of term loan facility			$ 38,075,000
Number of property dispositions | Property			2
R A I T Financial Trust | Common Shares
Related Party Transaction [Line Items]
Common stock repurchased and retired shares | shares	7,269,719
Former Advisor
Related Party Transaction [Line Items]
Asset management fees earned				0	7,092,000	4,984,000
Incentive fee earned by the former advisor				0	350,000	629,000
Former Advisor | Shares Services Agreement
Related Party Transaction [Line Items]
Cost incurred for service provided				$ 727,000	0	0
Term of agreement				December 21, 2016 to June 20, 2017
Property Manager
Related Party Transaction [Line Items]
Property management and leasing fees				$ 0	4,769,000	3,675,000
Sponsor | R A I T Financial Trust
Related Party Transaction [Line Items]
Total interest expense paid				$ 0	$ 361,000	$ 965,000
R A I T Financial Trust | North Carolina
Related Party Transaction [Line Items]
Number of property acquired | Property		328
Acquisition of real estate properties		$ 42,950,000
R A I T Financial Trust | Common Shares
Related Party Transaction [Line Items]
Common stock repurchased and retired shares | shares	7,269,719

Reconciliation of Basic and Dil

Reconciliation of Basic and Diluted Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended															12 Months Ended
	Dec. 31, 2017		Sep. 30, 2017		Jun. 30, 2017		Mar. 31, 2017		Dec. 31, 2016		Sep. 30, 2016		Jun. 30, 2016		Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share [Abstract]
Net income (loss)	$ 6,519		$ 1,156		$ 19,521		$ 4,245		$ (42,706)		$ 2,407		$ 30,790		$ (46)	$ 31,441	$ (9,555)	$ 30,156
(Income) loss allocated to non-controlling interests																(1,235)	(246)	(1,914)
Net income (loss) allocable to common shares																$ 30,206	$ (9,801)	$ 28,242
Weighted-average shares outstanding—Basic																73,338,219	52,182,427	36,153,673
Dilutive securities																261,650		6,601
Weighted-average shares outstanding—Diluted																73,599,869	52,182,427	36,160,274
Basic	$ 0.08	[1]	$ 0.02	[1]	$ 0.27	[1]	$ 0.06	[1]	$ (0.61)	[1]	$ 0.05	[1]	$ 0.61	[1]		$ 0.41	$ (0.19)	$ 0.78
Diluted	$ 0.08	[1]	$ 0.02	[1]	$ 0.27	[1]	$ 0.06	[1]	$ (0.61)	[1]	$ 0.05	[1]	$ 0.61	[1]		$ 0.41	$ (0.19)	$ 0.78
[1]	The summation of quarterly per share amounts do not equal the full year amounts.

Earning (Loss) Per Share - Addi

Earning (Loss) Per Share - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings (loss) per share, amount	3,011,351	3,175,720	3,156,184

Quarterly Financial Data (Detai

Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended															12 Months Ended
	Dec. 31, 2017		Sep. 30, 2017		Jun. 30, 2017		Mar. 31, 2017		Dec. 31, 2016		Sep. 30, 2016		Jun. 30, 2016		Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
Total revenue	$ 42,447		$ 40,066		$ 39,561		$ 39,142		$ 38,031		$ 38,364		$ 38,327		$ 38,666	$ 161,216	$ 153,388	$ 109,576
Net income (loss)	6,519		1,156		19,521		4,245		(42,706)		2,407		30,790		(46)	$ 31,441	$ (9,555)	$ 30,156
Net income (loss) allocable to common shares	$ 6,293		$ 1,097		$ 18,739		$ 4,077		$ (40,980)		$ 2,267		$ 28,987		$ (75)
Total earnings (loss) per share—Basic	$ 0.08	[1]	$ 0.02	[1]	$ 0.27	[1]	$ 0.06	[1]	$ (0.61)	[1]	$ 0.05	[1]	$ 0.61	[1]		$ 0.41	$ (0.19)	$ 0.78
Total earnings (loss) per share—Diluted	$ 0.08	[1]	$ 0.02	[1]	$ 0.27	[1]	$ 0.06	[1]	$ (0.61)	[1]	$ 0.05	[1]	$ 0.61	[1]		$ 0.41	$ (0.19)	$ 0.78
[1]	The summation of quarterly per share amounts do not equal the full year amounts.

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2017Segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	Dec. 31, 2017USD ($)
Commitments And Contingencies Disclosure [Abstract]
Estimated annual minimum rent due in next year	$ 285
Estimated annual minimum rent due in two years	189
Estimated annual minimum rent due in three years	133
Estimated annual minimum rent due in four years	0
Estimated annual minimum rent due in five years	0
Estimated annual minimum rent due thereafter	$ 0

Schedule III - Real Estate an65

Schedule III - Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate And Accumulated Depreciation [Line Items]
Balance, beginning of period	$ 1,319,350	$ 1,372,015	$ 689,112
Additions during period:
Acquisitions	241,071		707,268
Improvements to land and building	14,368	10,664	8,941
Deductions during period:
Dispositions of real estate	(70,633)	(63,329)	(33,306)
Reclassification to held for sale		(69,994)
Balance, end of period		1,319,350	1,372,015
Balance, beginning of period	60,719	39,638	23,376
Depreciation expense	32,586	31,085	20,888
Dispositions of real estate	(9,208)	(10,004)	(4,626)
Reclassification to held for sale		(9,208)
Balance, end of period		60,719	39,638
Investment in Real Estate
Real Estate And Accumulated Depreciation [Line Items]
Initial Cost, Land	193,026
Initial Cost, Building	1,279,777
Cost of Improvements, net of Retirements	31,353
Gross Carrying Amount, Land	193,026
Accumulated Depreciation- Building	(84,097)
Encumbrances (Unpaid Principal)	(580,635)
Balance, beginning of period	1,249,356	1,372,015
Deductions during period:
Balance, end of period	1,504,156	1,249,356	1,372,015
Balance, beginning of period	51,511	39,638
Balance, end of period	84,097	51,511	$ 39,638
Investment in Real Estate | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 1,311,130
Investment in Real Estate | Crestmont Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Marietta, GA
Initial Cost, Land	$ 3,254
Initial Cost, Building	13,017
Cost of Improvements, net of Retirements	1,285
Gross Carrying Amount, Land	3,254
Accumulated Depreciation- Building	(3,800)
Encumbrances (Unpaid Principal)	$ (6,326)
Year of Acquisition	2,011
Life of Depreciation	40 years
Investment in Real Estate | Crestmont Apartments | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 14,302
Investment in Real Estate | Runaway Bay Apartments
Real Estate And Accumulated Depreciation [Line Items]
Location	Indianapolis, IN
Initial Cost, Land	$ 3,079
Initial Cost, Building	12,318
Cost of Improvements, net of Retirements	869
Gross Carrying Amount, Land	3,079
Accumulated Depreciation- Building	(1,998)
Encumbrances (Unpaid Principal)	$ (9,423)
Year of Acquisition	2,012
Life of Depreciation	40 years
Investment in Real Estate | Runaway Bay Apartments | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 13,187
Investment in Real Estate | Reserve at Eagle Ridge
Real Estate And Accumulated Depreciation [Line Items]
Location	Waukegan, IL
Initial Cost, Land	$ 5,800
Initial Cost, Building	22,743
Cost of Improvements, net of Retirements	908
Gross Carrying Amount, Land	5,800
Accumulated Depreciation- Building	(2,484)
Encumbrances (Unpaid Principal)	$ (18,850)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Reserve at Eagle Ridge | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 23,651
Investment in Real Estate | Windrush
Real Estate And Accumulated Depreciation [Line Items]
Location	Edmond, OK
Initial Cost, Land	$ 1,677
Initial Cost, Building	7,464
Cost of Improvements, net of Retirements	452
Gross Carrying Amount, Land	1,677
Accumulated Depreciation- Building	$ (843)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Windrush | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 7,916
Investment in Real Estate | Heritage Park
Real Estate And Accumulated Depreciation [Line Items]
Location	Oklahoma, OK
Initial Cost, Land	$ 4,234
Initial Cost, Building	12,232
Cost of Improvements, net of Retirements	1,328
Gross Carrying Amount, Land	4,234
Accumulated Depreciation- Building	$ (1,584)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Heritage Park | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 13,560
Investment in Real Estate | Raindance
Real Estate And Accumulated Depreciation [Line Items]
Location	Oklahoma, OK
Initial Cost, Land	$ 3,503
Initial Cost, Building	10,051
Cost of Improvements, net of Retirements	1,187
Gross Carrying Amount, Land	3,503
Accumulated Depreciation- Building	$ (1,311)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Raindance | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 11,238
Investment in Real Estate | Augusta
Real Estate And Accumulated Depreciation [Line Items]
Location	Oklahoma, OK
Initial Cost, Land	$ 1,296
Initial Cost, Building	9,930
Cost of Improvements, net of Retirements	619
Gross Carrying Amount, Land	1,296
Accumulated Depreciation- Building	$ (1,143)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Augusta | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 10,549
Investment in Real Estate | Invitational
Real Estate And Accumulated Depreciation [Line Items]
Location	Oklahoma, OK
Initial Cost, Land	$ 1,924
Initial Cost, Building	16,852
Cost of Improvements, net of Retirements	868
Gross Carrying Amount, Land	1,924
Accumulated Depreciation- Building	$ (1,901)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Invitational | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 17,720
Investment in Real Estate | Kings Landing
Real Estate And Accumulated Depreciation [Line Items]
Location	Creve Coeur, MO
Initial Cost, Land	$ 2,513
Initial Cost, Building	29,873
Cost of Improvements, net of Retirements	601
Gross Carrying Amount, Land	2,513
Accumulated Depreciation- Building	(2,914)
Encumbrances (Unpaid Principal)	$ (20,992)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Kings Landing | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 30,474
Investment in Real Estate | Carrington
Real Estate And Accumulated Depreciation [Line Items]
Location	Little Rock, AR
Initial Cost, Land	$ 1,715
Initial Cost, Building	19,526
Cost of Improvements, net of Retirements	1,208
Gross Carrying Amount, Land	1,715
Accumulated Depreciation- Building	(2,090)
Encumbrances (Unpaid Principal)	$ (14,235)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Carrington | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 20,734
Investment in Real Estate | ArborsAtTheReservoirMember
Real Estate And Accumulated Depreciation [Line Items]
Location	Ridgeland, MS
Initial Cost, Land	$ 4,050
Initial Cost, Building	15,946
Cost of Improvements, net of Retirements	1,134
Gross Carrying Amount, Land	4,050
Accumulated Depreciation- Building	(1,780)
Encumbrances (Unpaid Principal)	$ (13,150)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | ArborsAtTheReservoirMember | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 17,080
Investment in Real Estate | Walnut Hill
Real Estate And Accumulated Depreciation [Line Items]
Location	Cordova, TN
Initial Cost, Land	$ 2,230
Initial Cost, Building	25,251
Cost of Improvements, net of Retirements	912
Gross Carrying Amount, Land	2,230
Accumulated Depreciation- Building	(2,400)
Encumbrances (Unpaid Principal)	$ (18,650)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Walnut Hill | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 26,163
Investment in Real Estate | Lenoxplace
Real Estate And Accumulated Depreciation [Line Items]
Location	Raleigh, NC
Initial Cost, Land	$ 3,480
Initial Cost, Building	20,482
Cost of Improvements, net of Retirements	682
Gross Carrying Amount, Land	3,480
Accumulated Depreciation- Building	(1,880)
Encumbrances (Unpaid Principal)	$ (15,991)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Lenoxplace | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 21,164
Investment in Real Estate | Stonebridge Crossing
Real Estate And Accumulated Depreciation [Line Items]
Location	Memphis, TN
Initial Cost, Land	$ 3,100
Initial Cost, Building	26,223
Cost of Improvements, net of Retirements	1,356
Gross Carrying Amount, Land	3,100
Accumulated Depreciation- Building	(2,479)
Encumbrances (Unpaid Principal)	$ (19,370)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Stonebridge Crossing | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 27,579
Investment in Real Estate | Bennington Pond
Real Estate And Accumulated Depreciation [Line Items]
Location	Groveport, OH
Initial Cost, Land	$ 2,400
Initial Cost, Building	14,828
Cost of Improvements, net of Retirements	819
Gross Carrying Amount, Land	2,400
Accumulated Depreciation- Building	(1,375)
Encumbrances (Unpaid Principal)	$ (11,375)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Bennington Pond | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 15,647
Investment in Real Estate | Prospect Park
Real Estate And Accumulated Depreciation [Line Items]
Location	Louisville, KY
Initial Cost, Land	$ 2,837
Initial Cost, Building	11,193
Cost of Improvements, net of Retirements	286
Gross Carrying Amount, Land	2,837
Accumulated Depreciation- Building	(911)
Encumbrances (Unpaid Principal)	$ (9,230)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Prospect Park | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 11,479
Investment in Real Estate | Brookside
Real Estate And Accumulated Depreciation [Line Items]
Location	Louisville, KY
Initial Cost, Land	$ 3,947
Initial Cost, Building	16,502
Cost of Improvements, net of Retirements	592
Gross Carrying Amount, Land	3,947
Accumulated Depreciation- Building	(1,380)
Encumbrances (Unpaid Principal)	$ (13,455)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Brookside | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 17,094
Investment in Real Estate | Jamestown
Real Estate And Accumulated Depreciation [Line Items]
Location	Louisville, KY
Initial Cost, Land	$ 7,034
Initial Cost, Building	27,730
Cost of Improvements, net of Retirements	2,373
Gross Carrying Amount, Land	7,034
Accumulated Depreciation- Building	(2,463)
Encumbrances (Unpaid Principal)	$ (22,880)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Jamestown | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 30,103
Investment in Real Estate | Oxmoor
Real Estate And Accumulated Depreciation [Line Items]
Location	Louisville, KY
Initial Cost, Land	$ 7,411
Initial Cost, Building	47,095
Cost of Improvements, net of Retirements	1,230
Gross Carrying Amount, Land	7,411
Accumulated Depreciation- Building	(3,854)
Encumbrances (Unpaid Principal)	$ (35,815)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Oxmoor | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 48,325
Investment in Real Estate | Meadows
Real Estate And Accumulated Depreciation [Line Items]
Location	Louisville, KY
Initial Cost, Land	$ 6,857
Initial Cost, Building	30,030
Cost of Improvements, net of Retirements	1,337
Gross Carrying Amount, Land	6,857
Accumulated Depreciation- Building	(2,528)
Encumbrances (Unpaid Principal)	$ (24,245)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Meadows | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 31,367
Investment in Real Estate | Stonebridge At The Ranch
Real Estate And Accumulated Depreciation [Line Items]
Location	Little Rock, AR
Initial Cost, Land	$ 3,315
Initial Cost, Building	27,954
Cost of Improvements, net of Retirements	721
Gross Carrying Amount, Land	3,315
Accumulated Depreciation- Building	(2,213)
Encumbrances (Unpaid Principal)	$ (20,527)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Stonebridge At The Ranch | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 28,675
Investment in Real Estate | Iron Rock Ranch
Real Estate And Accumulated Depreciation [Line Items]
Location	Austin, TX
Initial Cost, Land	$ 5,860
Initial Cost, Building	28,911
Cost of Improvements, net of Retirements	819
Gross Carrying Amount, Land	5,860
Accumulated Depreciation- Building	(2,384)
Encumbrances (Unpaid Principal)	$ (22,900)
Year of Acquisition	2,014
Life of Depreciation	40 years
Investment in Real Estate | Iron Rock Ranch | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 29,730
Investment in Real Estate | Bayview Club
Real Estate And Accumulated Depreciation [Line Items]
Location	Indianapolis, IN
Initial Cost, Land	$ 2,525
Initial Cost, Building	22,506
Cost of Improvements, net of Retirements	989
Gross Carrying Amount, Land	2,525
Accumulated Depreciation- Building	$ (1,638)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | Bayview Club | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 23,495
Investment in Real Estate | Arbors River Oaks
Real Estate And Accumulated Depreciation [Line Items]
Location	Memphis, TN
Initial Cost, Land	$ 2,100
Initial Cost, Building	19,045
Cost of Improvements, net of Retirements	789
Gross Carrying Amount, Land	2,100
Accumulated Depreciation- Building	$ (1,228)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | Arbors River Oaks | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 19,834
Investment in Real Estate | Aston
Real Estate And Accumulated Depreciation [Line Items]
Location	Wake Forest, NC
Initial Cost, Land	$ 3,450
Initial Cost, Building	34,333
Cost of Improvements, net of Retirements	222
Gross Carrying Amount, Land	3,450
Accumulated Depreciation- Building	(1,970)
Encumbrances (Unpaid Principal)	$ (25,050)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | Aston | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 34,555
Investment in Real Estate | Avenues At Craig Ranch
Real Estate And Accumulated Depreciation [Line Items]
Location	McKinney, TX
Initial Cost, Land	$ 5,500
Initial Cost, Building	42,054
Cost of Improvements, net of Retirements	259
Gross Carrying Amount, Land	5,500
Accumulated Depreciation- Building	(2,413)
Encumbrances (Unpaid Principal)	$ (31,250)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | Avenues At Craig Ranch | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 42,313
Investment in Real Estate | Bridge Pointe
Real Estate And Accumulated Depreciation [Line Items]
Location	Huntsville, AL
Initial Cost, Land	$ 1,500
Initial Cost, Building	14,306
Cost of Improvements, net of Retirements	319
Gross Carrying Amount, Land	1,500
Accumulated Depreciation- Building	$ (860)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | Bridge Pointe | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 14,625
Investment in Real Estate | Creekstone At R T P
Real Estate And Accumulated Depreciation [Line Items]
Location	Durham, NC
Initial Cost, Land	$ 5,376
Initial Cost, Building	32,727
Cost of Improvements, net of Retirements	247
Gross Carrying Amount, Land	5,376
Accumulated Depreciation- Building	(1,887)
Encumbrances (Unpaid Principal)	$ (22,581)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | Creekstone At R T P | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 32,974
Investment in Real Estate | Fountains Southend
Real Estate And Accumulated Depreciation [Line Items]
Location	Charlotte, NC
Initial Cost, Land	$ 4,368
Initial Cost, Building	37,254
Cost of Improvements, net of Retirements	142
Gross Carrying Amount, Land	4,368
Accumulated Depreciation- Building	(2,118)
Encumbrances (Unpaid Principal)	$ (23,388)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | Fountains Southend | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 37,396
Investment in Real Estate | Fox Trails
Real Estate And Accumulated Depreciation [Line Items]
Location	Plano, TX
Initial Cost, Land	$ 5,700
Initial Cost, Building	21,944
Cost of Improvements, net of Retirements	669
Gross Carrying Amount, Land	5,700
Accumulated Depreciation- Building	$ (1,356)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | Fox Trails | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 22,613
Investment in Real Estate | Lakeshore on the Hill
Real Estate And Accumulated Depreciation [Line Items]
Location	Chattanooga, TN
Initial Cost, Land	$ 925
Initial Cost, Building	10,212
Cost of Improvements, net of Retirements	372
Gross Carrying Amount, Land	925
Accumulated Depreciation- Building	$ (634)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | Lakeshore on the Hill | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 10,584
Investment in Real Estate | Millenia 700
Real Estate And Accumulated Depreciation [Line Items]
Location	Orlando, FL
Initial Cost, Land	$ 5,500
Initial Cost, Building	41,752
Cost of Improvements, net of Retirements	401
Gross Carrying Amount, Land	5,500
Accumulated Depreciation- Building	(2,403)
Encumbrances (Unpaid Principal)	$ (29,175)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | Millenia 700 | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 42,153
Investment in Real Estate | Miller Creek At German Town
Real Estate And Accumulated Depreciation [Line Items]
Location	Memphis, TN
Initial Cost, Land	$ 3,300
Initial Cost, Building	53,504
Cost of Improvements, net of Retirements	244
Gross Carrying Amount, Land	3,300
Accumulated Depreciation- Building	$ (3,048)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | Miller Creek At German Town | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 53,748
Investment in Real Estate | Pointe At Canyon Ridge
Real Estate And Accumulated Depreciation [Line Items]
Location	Atlanta, GA
Initial Cost, Land	$ 11,100
Initial Cost, Building	36,995
Cost of Improvements, net of Retirements	1,855
Gross Carrying Amount, Land	11,100
Accumulated Depreciation- Building	$ (2,341)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | Pointe At Canyon Ridge | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 38,850
Investment in Real Estate | St James At Goose Creek
Real Estate And Accumulated Depreciation [Line Items]
Location	Goose Creek, SC
Initial Cost, Land	$ 3,780
Initial Cost, Building	27,695
Cost of Improvements, net of Retirements	390
Gross Carrying Amount, Land	3,780
Accumulated Depreciation- Building	$ (1,661)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | St James At Goose Creek | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 28,085
Investment in Real Estate | Talison Row At Daniel Island
Real Estate And Accumulated Depreciation [Line Items]
Location	Daniel Island, SC
Initial Cost, Land	$ 5,480
Initial Cost, Building	41,409
Cost of Improvements, net of Retirements	336
Gross Carrying Amount, Land	5,480
Accumulated Depreciation- Building	(2,392)
Encumbrances (Unpaid Principal)	$ (32,848)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | Talison Row At Daniel Island | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 41,745
Investment in Real Estate | Aventine Greenville
Real Estate And Accumulated Depreciation [Line Items]
Location	Greenville, SC
Initial Cost, Land	$ 4,150
Initial Cost, Building	43,905
Cost of Improvements, net of Retirements	178
Gross Carrying Amount, Land	4,150
Accumulated Depreciation- Building	(2,488)
Encumbrances (Unpaid Principal)	$ (29,825)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | Aventine Greenville | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 44,083
Investment in Real Estate | Trails At Signal Mountain
Real Estate And Accumulated Depreciation [Line Items]
Location	Chattanooga, TN
Initial Cost, Land	$ 1,200
Initial Cost, Building	12,895
Cost of Improvements, net of Retirements	403
Gross Carrying Amount, Land	1,200
Accumulated Depreciation- Building	$ (806)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | Trails At Signal Mountain | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 13,298
Investment in Real Estate | Vue At Knoll Trail
Real Estate And Accumulated Depreciation [Line Items]
Location	Dallas, TX
Initial Cost, Land	$ 3,100
Initial Cost, Building	6,077
Cost of Improvements, net of Retirements	178
Gross Carrying Amount, Land	3,100
Accumulated Depreciation- Building	$ (377)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | Vue At Knoll Trail | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 6,255
Investment in Real Estate | Waterstone at Brier Creek
Real Estate And Accumulated Depreciation [Line Items]
Location	Raleigh, NC
Initial Cost, Land	$ 4,200
Initial Cost, Building	34,651
Cost of Improvements, net of Retirements	184
Gross Carrying Amount, Land	4,200
Accumulated Depreciation- Building	(1,985)
Encumbrances (Unpaid Principal)	$ (20,425)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | Waterstone at Brier Creek | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 34,835
Investment in Real Estate | Waterstone Big Creek
Real Estate And Accumulated Depreciation [Line Items]
Location	Alpharetta, GA
Initial Cost, Land	$ 7,600
Initial Cost, Building	61,971
Cost of Improvements, net of Retirements	187
Gross Carrying Amount, Land	7,600
Accumulated Depreciation- Building	(3,518)
Encumbrances (Unpaid Principal)	$ (49,680)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | Waterstone Big Creek | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 62,158
Investment in Real Estate | Westmont Commons
Real Estate And Accumulated Depreciation [Line Items]
Location	Asheville, NC
Initial Cost, Land	$ 2,750
Initial Cost, Building	25,225
Cost of Improvements, net of Retirements	344
Gross Carrying Amount, Land	2,750
Accumulated Depreciation- Building	$ (1,493)
Year of Acquisition	2,015
Life of Depreciation	40 years
Investment in Real Estate | Westmont Commons | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 25,569
Investment in Real Estate | Lakes at Northdale
Real Estate And Accumulated Depreciation [Line Items]
Location	Tampa, FL
Initial Cost, Land	$ 3,898
Initial Cost, Building	25,543
Cost of Improvements, net of Retirements	426
Gross Carrying Amount, Land	3,898
Accumulated Depreciation- Building	$ (546)
Year of Acquisition	2,017
Life of Depreciation	40 years
Investment in Real Estate | Lakes at Northdale | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 25,969
Investment in Real Estate | Haverford Place
Real Estate And Accumulated Depreciation [Line Items]
Location	Lexington, KY
Initial Cost, Land	$ 3,927
Initial Cost, Building	10,100
Cost of Improvements, net of Retirements	355
Gross Carrying Amount, Land	3,927
Accumulated Depreciation- Building	$ (158)
Year of Acquisition	2,017
Life of Depreciation	40 years
Investment in Real Estate | Haverford Place | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 10,455
Investment in Real Estate | South Terrace
Real Estate And Accumulated Depreciation [Line Items]
Location	Durham, NC
Initial Cost, Land	$ 5,621
Initial Cost, Building	36,923
Cost of Improvements, net of Retirements	166
Gross Carrying Amount, Land	5,621
Accumulated Depreciation- Building	$ (467)
Year of Acquisition	2,017
Life of Depreciation	40 years
Investment in Real Estate | South Terrace | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 37,089
Investment in Real Estate | Cherry Grove
Real Estate And Accumulated Depreciation [Line Items]
Location	North Myrtle Beach, SC
Initial Cost, Land	$ 550
Initial Cost, Building	15,369
Cost of Improvements, net of Retirements	24
Gross Carrying Amount, Land	550
Accumulated Depreciation- Building	$ (96)
Year of Acquisition	2,017
Life of Depreciation	40 years
Investment in Real Estate | Cherry Grove | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 15,393
Investment in Real Estate | Kensington Commons
Real Estate And Accumulated Depreciation [Line Items]
Location	Canal Winchester, OH
Initial Cost, Land	$ 3,400
Initial Cost, Building	20,703
Cost of Improvements, net of Retirements	21
Gross Carrying Amount, Land	3,400
Accumulated Depreciation- Building	$ (130)
Year of Acquisition	2,017
Life of Depreciation	40 years
Investment in Real Estate | Kensington Commons | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 20,724
Investment in Real Estate | Schirm Farms
Real Estate And Accumulated Depreciation [Line Items]
Location	Canal Winchester, OH
Initial Cost, Land	$ 3,960
Initial Cost, Building	19,488
Cost of Improvements, net of Retirements	38
Gross Carrying Amount, Land	3,960
Accumulated Depreciation- Building	$ (122)
Year of Acquisition	2,017
Life of Depreciation	40 years
Investment in Real Estate | Schirm Farms | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 19,526
Investment in Real Estate | Riverchase
Real Estate And Accumulated Depreciation [Line Items]
Location	Indianapolis, IN
Initial Cost, Land	$ 1,460
Initial Cost, Building	17,250
Cost of Improvements, net of Retirements	17
Gross Carrying Amount, Land	1,460
Accumulated Depreciation- Building	$ (108)
Year of Acquisition	2,017
Life of Depreciation	40 years
Investment in Real Estate | Riverchase | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 17,267
Investment in Real Estate | Live Oak Trace
Real Estate And Accumulated Depreciation [Line Items]
Location	Baton Rouge, LA
Initial Cost, Land	$ 1,060
Initial Cost, Building	27,362
Cost of Improvements, net of Retirements	9
Gross Carrying Amount, Land	1,060
Accumulated Depreciation- Building	$ (114)
Year of Acquisition	2,017
Life of Depreciation	40 years
Investment in Real Estate | Live Oak Trace | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 27,371
Investment in Real Estate | Tides at Calabash
Real Estate And Accumulated Depreciation [Line Items]
Location	Wilmington, NC
Initial Cost, Land	$ 1,880
Initial Cost, Building	12,214
Cost of Improvements, net of Retirements	3
Gross Carrying Amount, Land	1,880
Accumulated Depreciation- Building	$ (25)
Year of Acquisition	2,017
Life of Depreciation	40 years
Investment in Real Estate | Tides at Calabash | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 12,217
Investment in Real Estate | Brunswick Point
Real Estate And Accumulated Depreciation [Line Items]
Location	Wilmington, NC
Initial Cost, Land	$ 2,150
Initial Cost, Building	28,214
Gross Carrying Amount, Land	2,150
Encumbrances (Unpaid Principal)	$ (19,000)
Year of Acquisition	2,017
Life of Depreciation	40 years
Investment in Real Estate | Brunswick Point | Building
Real Estate And Accumulated Depreciation [Line Items]
Gross Carrying Amount, Building	$ 28,214
Real Estate Held for Sale
Real Estate And Accumulated Depreciation [Line Items]
Balance, beginning of period	69,994
Deductions during period:
Balance, end of period		69,994
Balance, beginning of period	$ 9,208
Balance, end of period		$ 9,208